GOP senators unveil bill to give Congress control of consumer bureau budget

GOP senators unveil bill to give Congress control of consumer bureau budget

More than a dozen Republican senators are backing a bill to give Congress greater control and oversight of the Consumer Financial Protection Bureau (CFPB).

Sen. David Perdue (R-Ga.) will introduce a bill Wednesday to let Congress control the CFPB’s budget, his office told The Hill on Wednesday.

Called the Consumer Financial Protection Bureau Accountability Act of 2017, the bill would place the CFPB under the congressional appropriations process, letting lawmakers control its budget. That would give Congress the ability to drastically limit the scope and size of the bureau, regardless of who controls it.

The CFPB, opened in 2011 per a section of the Dodd-Frank financial reform law mandating its creation, is currently independently funded by the Federal Reserve.

ADVERTISEMENT
The bill is co-sponsored by Republican Sens. John BarrassoJohn Anthony BarrassoWatchdog to probe EPA email preservation Overnight Energy: EPA moves to roll back chemical plant safety rule | NASA chief says humans contribute to climate change | Pruitt gets outside lawyer House lawmakers to unveil water resources bill on Friday MORE (Wyo.), John BoozmanJohn Nichols BoozmanHouse lawmakers to unveil water resources bill on Friday Spending talks face new pressure Bill to bolster gun background checks gains enough support to break filibuster MORE (Ark.), Ted CruzRafael (Ted) Edward CruzTed Cruz and Bill Nelson give NASA a reality check on privatizing International Space Station Ten dead after shooting at Texas high school Hillicon Valley: Lawmakers target Chinese tech giants | Dems move to save top cyber post | Trump gets a new CIA chief | Ryan delays election security briefing | Twitter CEO meets lawmakers MORE (Texas), Steve Daines (Mont.), Mike EnziMichael (Mike) Bradley EnziSinger Jason Mraz: Too much political 'combat' in Washington Lobbying world Ethics watchdog calls for probe into Mulvaney over 'real estate dealings' MORE (Wyo.), John HoevenJohn Henry HoevenGOP lawmakers want Trump to stop bashing Congress Chao names participants selected for drone pilot program Lobbying World MORE (N.D.), Johnny IsaksonJohn (Johnny) Hardy IsaksonThe Hill's Morning Report - Sponsored by CVS Health - A pivotal day for House Republicans on immigration GOP, Dem lawmakers come together for McCain documentary Not only do we need to support veterans, but their caregivers, too MORE (Ga.), Ron JohnsonRonald (Ron) Harold JohnsonContinued efforts to pass 'right to try' legislation should fail GOP, Dem lawmakers come together for McCain documentary House to vote to send 'right to try' bill to Trump’s desk next week MORE (Wis.), John Kennedy (La.), Mike LeeMichael (Mike) Shumway LeeSenate panel advances Trump's CIA nominee Doug Jones to oppose Haspel as CIA chief This week: Trump heads to Capitol Hill MORE (Utah), Rand PaulRandal (Rand) Howard PaulKentucky Dems look to vault themselves in deep-red district Overnight Defense: Senate confirms Haspel as CIA chief | Trump offers Kim 'protections' if he gives up nukes | Dem amendments target Trump military parade Hillicon Valley: Lawmakers target Chinese tech giants | Dems move to save top cyber post | Trump gets a new CIA chief | Ryan delays election security briefing | Twitter CEO meets lawmakers MORE (Ky.), Marco RubioMarco Antonio RubioCongress — when considering women’s health, don’t forget about lung cancer Anti-Maduro Venezuelans not unlike anti-Castro Cubans of yore Tax reform postmortem reveals lethal dose of crony capitalism MORE (Fla.) and Thom TillisThomas (Thom) Roland TillisOvernight Defense: Over 500 amendments proposed for defense bill | Measures address transgender troops, Yemen war | Trump taps acting VA chief as permanent secretary Trump to nominate acting VA secretary to lead department Dem urges House Oversight to subpoena Cambridge Analytica MORE (N.C.).

Key industry groups also back the bill, including the American Bankers Association, the Taxpayers Protection Alliance and the Credit Union National Association.

Perdue, member of the Senate Banking Committee, called the CFPB “a rogue agency more focused on expanding its power than protecting the public.”

“The CFPB should be subject to more Congressional oversight so we know what they are doing and how they are using all the personal financial information they collect on American consumers,” said Perdue.

Republicans have sought drastic changes to the CFPB since it opened. They say the bureau — controlled by an independent director with regulatory and punitive power — is unaccountable and too powerful.

Perdue’s bill is one of several Republican initiatives to reshape the bureau. Cruz introduced a bill Tuesday to eliminate the CFPB entirely, and the House Financial Services Committee is expected to release an updated version of a Dodd-Frank revamp within weeks.

The House passed a bill last year to subject the CFPB to congressional appropriations. Giving Congress control of the bureau’s budget is a high priority for Republicans and a likely starting point for Dodd-Frank reform.

Democrats have fiercely defended the CFPB and have opposed multiple Republican reform attempts. Democrats say the bureau is an essential tool for cracking down on predatory financial services and cite the $11 billion CFPB won in resolution for slighted consumers.