Republicans are ramping up their efforts to restructure the Consumer Financial Protection Bureau (CFPB), saying that the agency lacks the transparency needed to regulate the financial industry.
Representative Randy Neugebauer (R-TX) announced plans to introduce legislation that would restructure the CFPB by replacing the agency's director position with a bipartisan, five-member commission appointed by the President. "Many bureau actions demonstrate a regulatory paternalism that assumes the American consumer doesn’t know how to make choices for themselves", Neugebauer stated at a House Financial Services Committee (HFSC) hearing on Tuesday. "It is a dangerous scenario when government bureaucrats start making financial choices for people."
While Senator Warren strongly supports the single director model at the CFPB, Republicans believe the agency has suppressed economic growth by enforcing too many regulations. HFSC Chairman Jeb Hensarling (R-TX) offered support for the proposal stating that "the bureau regrettably remains unaccountable to the American people, that is why we need the CFPB on budget and led by a bipartisan commission; mere testimony is not the equivalent to accountability."
Read The Hill full article.