Luetkemeyer Introduces Much Needed CFPB Reform Bills
Washington, March 8, 2023
Tags: Financial Services
WASHINGTON, D.C. – Yesterday, Congressman Blaine Luetkemeyer (MO-03), introduced three bills to bring much needed reform to the Consumer Financial Protection Bureau (CFPB).
“The CFPB is our country’s most economically dangerous government agency. It’s led by a sole director who, as we’ve seen especially with Director Chopra, wields an enormous amount of unchecked power. My bills would rein in that power by establishing an independent Inspector General at the Bureau, replacing the director with a bipartisan commission, and removing the director from the FDIC Board,” said Luetkemeyer.
“While these would be noticeable changes to the director’s power, they would put the Bureau in line with other financial regulators. Further, they will eliminate the ability to use the Bureau as a tool to carry out political vendettas and prevent massive policy swings with each Administration.”
1. Consumer Financial Protection Commission Act
2. FDIC Board Accountability Act
3. Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023