Kennedy, Hagerty introduce legislation to subject CFPB to regular Congressional appropriations process
Sep 22 2021
WASHINGTON – Sen. John Kennedy (R-La.) today joined Sen. Bill Hagerty (R-Tenn.) in introducing the Consumer Financial Protection Bureau (CFPB) Accountability Act of 2021 to bring fiscal accountability to the CFPB. The legislation comes as Senate Democrats advanced the nomination of Rohit Chopra to be CFPB Director for final confirmation.
“The bureaucratic state is always trying to increase its power and decrease its accountability to the Americans it’s supposed to serve. CFPB bureaucrats don’t rely on elected officials in Congress for funding—which means the bureau isn’t accountable to American taxpayers in key ways. That needs to change,” said Kennedy.
“Should Democrats choose to confirm President Biden’s radical nominee, who has dodged questions throughout the confirmation process and is likely to continue the anti-job-creation, unaccountable CFPB conduct of the Obama Administration, the CFPB must be required to go through the regular congressional appropriations process to ensure public accountability. As a lifelong businessman, protecting consumers in the financial marketplace is important, but handing vast government regulatory power to an agency that is not accountable to the American people’s elected representatives is improper. Americans deserve to have far greater input in this agency,” said Hagerty.
Currently, the Federal Reserve is responsible for funding the CFPB. This unusual arrangement allows the CFPB to avoid fiscal accountability to elected officials in Congress. This bill would make the CFPB accountable to taxpayers by requiring Congress, not the Federal Reserve, to fund the bureau’s budget.