WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (R-MO), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, introduced legislation to replace the position of the Director at the Consumer Financial Protection Bureau (CFPB) with a five-member bipartisan commission. This legislation has been cosigned by every Republican member of the House Financial Services Committee.

“The Bureau is constantly being used as a political football due to the almost limitless power of its director. Allowing one person to wield such unchecked authority over our economy is irresponsible and verges on negligence, which is precisely why many financial regulators are governed by a commission. The CFPB is currently being overseen by a single Acting Director who continues to make major, partisan policy decisions as he sees fit. The need for a bipartisan commission has never been clearer,” said Congressman Luetkemeyer.

“My bill provides increased accountability and transparency so the American people can trust the CFPB to do its job without political motivation.”

Full text of the bill can be found HERE.