Senate Banking Committee member Jerry Moran (R-Kan.) on Friday introduced a bill (S. 205) that would replace the Consumer Financial Protection Bureau’s director with a five-member commission. The legislation also would subject the CFPB to the same congressional appropriations process that most federal agencies undergo.
“Allowing a single unelected official to define their own jurisdiction and regulate vast segments of our economy without accountability or restraint is irresponsible regardless of political party,” he said. “This common-sense legislation brings a variety of perspectives to the bureau and gives Congress the oversight authority required for such a powerful agency.”
Moran introduced an identical bill in the previous Congress. Meanwhile, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said on Jan. 25 that his panel also would advance legislation to reform the CFPB’s structure.