Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking Committee, joined Senator Bill Hagerty (R-TN) in introducing the Consumer Financial Protection Bureau (CFPB) Accountability Act to bring increased accountability to the CFPB.
“The Consumer Financial Protection Bureau is a single-director agency that is less accountable to Congress because it is not subject to the regular appropriations process like other federal agencies,” said Senator Cramer.“Our legislation would allow for increased congressional oversight of this aggressive agency and ensure the people’s elected representatives have more say over the decisions coming out of Washington.”
Currently, the Federal Reserve is required to provide practically whatever funding the CFPB requests.
Senators Cramer and Hagerty are joined on the bill by Senators Cynthia Lummis (R-WY), Tim Scott (R-SC), John Kennedy (R-LA), Marsha Blackburn (R-TN), Ted Cruz (R-TX), John Barrasso (R-WY), John Hoeven (R-ND), Chuck Grassley (R-IA), Mike Braun (R-IN), Marco Rubio (R-FL), Shelley Moore Capito (R-WV), Susan Collins (R-ME), Tom Cotton (R-AR), John Boozman (R-AR), and Rick Scott (R-FL).