Senator Proposes Amendment to Reign In ‘Rogue’ CFPB
Proposed last week, an amendment to the Senate’s 2015 Budget Resolution would give Congress oversight of the CFPB, which currently has a budget of about $600 million and operates under the Federal Reserve.
WASHINGTON, D.C. — U.S. Senator David Perdue (R-Ga.) introduced an amendment to the Senate’s 2015 Budget Resolution last week that would give Congress oversight of the Consumer Financial Protection Bureau (CFPB).
Currently, the CFPB operates under the Federal Reserve, but the amendment proposed by Perdue on March 19 would ensure that the bureau is subject to the Congressional appropriations process.
“The reckless Consumer Finance Protection Bureau was spawned from the disastrous Dodd-Frank financial regulation law,” said Senator Perdue in a press release posted on his website. "Right now, the CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations without any oversight from Congress.
"On top of that, the agency itself has failed to operate within its own budget and proven it is more concerned with preserving its own power than protecting the public," he added. "Ultimately, I believe the CFPB should be dismantled, but an important first step is bringing it into the light for the American people to see its harmful effects on consumers."
The regulator was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which gave it a budget of as much as 12% of the Fed’s annual operating expense. That is roughly $600 million without any Congressional oversight over the agency’s functions, Perdue noted.
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