Calling the CFPB a "rogue agency," Georgia Senator David Perdue introduced a bill in the Senate last week to bring the rogue to heel. The Consumer Financial Protection Bureau Accountability Act of 2015 is a companion bill to one that passed the House with substantial bipartisan support.
"Right now, the CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations at whim without real Congressional oversight. The American people, through Congress, deserve a closer look at the CFPB and how its actions will impact consumers," he said. "Additionally, 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. Ultimately, I believe the CFPB should be eliminated, but an important first step is bringing it into the light for the American people."
As expected, financial institution trade groups supported the bill. In addition, taxpayer advocacy also voiced support.
A statement from the Taxpayers Protection Alliance charges that the CFPB operates outside of the jurisdiction of Congress that most agencies operate in and continues to be appropriated by taxpayer funds without the proper Congressional oversight. "This is an agency that demands scrutiny like any other federal agency and should be held accountable for their actions by moving into the proper process for Congressional appropriations," said David Williams, President of the Taxpayers Protection Alliance. "Any federal agency operating with the use of taxpayer funds must be subject to oversight by the elected officials that represent those taxpayers in Washington."
Expect Senators Darth Warren, Vladimir Ilyich Sanders, and their comrades in the Senate to fight tooth-and-nail to derail this bill. Even if it passes the Senate, expect the president to veto it. At that point, we'll see how extensive the "bipartisan" support for the law might be, because I would be surprised to see such a veto overridden this year or next.
Still, a boy can dream.