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GOP bill targets CFPB regulatory powers

House Republicans are looking to rein in the Consumer Financial Protection Bureau (CFPB) with new legislation that would handicap the agency’s rule-making abilities.

The CFPB Rule Accountability Act, introduced Friday by Rep. Roger WilliamsJohn (Roger) Roger WilliamsDemocrats don't trust GOP on 1/6 commission: 'These people are dangerous' READ: The Republicans who voted to challenge election results Trump Georgia call divides House GOP MORE (R-Texas), would give Congress the power to reject controversial rules from the agency.

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It would only apply to the CFPB’s major rules that could have an impact of more than $100 million on the economy. 

The bill is similar to the Regulations from the Executive in Need of Scrutiny Act, which also requires federal agencies to obtain congressional approval before issuing major rules, but only applies to the CFPB.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said the bill would make sure “Congress has the final say on the rules proposed by this unaccountable bureaucracy.”

At the CFPB, “a single unelected director is granted unprecedented power to arbitrarily decide what mortgages, credit cards and bank accounts Americans can have access to,” Hensarling said.

“Despite its title, President Obama’s CFPB does nothing to protect consumers but rather gives lawmaking authority to unelected government workers who are oblivious to the effects their policies have on millions of hardworking American families,” Williams said.

"As the Obama Administration’s days come to an end, it’s time to restore the decision-making power to the lawmakers who are held accountable to the people who sent them to Washington,” he added.