WASHINGTON – Sen. John Kennedy (R-La.) joined Sen. Thom Tillis (R-N.C.) in introducing the CFPB Pay Fairness Act of 2023, which would increase accountability at the Consumer Financial Protection Bureau (CFPB) by requiring the agency to pay its employees according to the same standards that apply to other federal employees.

“The CFPB’s funding scheme reveals much about what’s wrong with big government. Our bill would do away with the CFPB’s unfair pay advantage and begin to put the agency’s staff on equal footing with other hardworking federal employees,” said Kennedy.

“Those who created the CFPB continually sought to remove the agency from meaningful oversight and provide it with preferential treatment, all the way down to ignoring the widely-used federal government GS pay scale for CFPB employees. This legislation is a common-sense step to reigning in exorbitant pay at the CFPB and restoring parity among federal agencies,” said Tillis.

The CFPB’s funding mechanism operates outside the regular congressional oversight process. As a result, many CFPB employees receive salaries comparable with those of members of Congress and cabinet secretaries. The CFPB Pay Fairness Act of 2023 would give the CFPB 90 days to bring its employee salaries in line with the General Schedule (GS) pay scale for federal employees.

Full text of the CFPB Pay Fairness Act of 2023 is available here.