WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today reintroduced the CFPB Pay Fairness Act, 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 convoluted funding scheme gives them an unfair pay advantage over other agencies. That’s a waste of taxpayer money, and it needs to stop. My bill would put CFPB salaries on equal footing with the rest of the government and end the accounting trick that let them avoid the standard federal pay scale,” said Kennedy. 

Background:

• 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 would give the CFPB 90 days to bring its employee salaries in line with the General Schedule pay scale for federal employees. 

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