WASHINGTON, D.C. – Yesterday, Congressman Blaine Luetkemeyer (MO-03) introduced a bill that would remove the Consumer Financial Protection Bureau Director from the Federal Deposit Insurance Corporation (FDIC) Board of Directors, and put term limits in place for FDIC Board of Directors members’ service. All House Financial Services Committee Republicans signed onto this bill.

“The recent actions of Director Chopra and Director Gruenberg illustrate that the FDIC Board of Directors is in serious need of reform. Mr. Gruenberg first served on the Board during the George W. Bush-era and has been sitting on the Board for nearly twenty years, with no end to his tenure in sight. He has not been through the nomination or confirmation process since 2012.

“And as I have repeatedly stated, as the Director of the CFPB, Mr. Chopra wields unchecked power over our economy. In this position he should be focused on ensuring consumers are protected in our financial system, not interfering with safety and soundness requirements such as liquidity and capital for America’s financial institutions.

“The unprecedented actions of these individuals have upended nearly 90 years of sound FDIC regulation and supervision. They have clearly shown that the FDIC Board needs reform to ensure the Corporation remains an independent agency removed from the political whims of partisan ideologues we saw on December 9th.”

Background:
On December 9^th, Congressman Luetkemeyer released a statement regarding this unprecedented action from Director Chopra. Read the full statement HERE.

Full bill text can be found HERE.