Rep Cmte Financial Services

Media Buzz: House Passes Bill with Bipartisan Support to Bring Accountability, Transparency to CFPB

Washington, Feb 28 -

The House passed the Consumer Financial Freedom and Washington Accountability Act (H.R. 3193) with bipartisan support yesterday to bring greater accountability and transparency to the powerful and uniquely unaccountable CFPB.

VIDEO: Chairman Hensarling’s Floor Statement on H.R. 3193:

 “Today, the CFPB is spending $145 million to renovate a $150 million headquarter building they don’t even own. And the renovation rate is three times the average Washington, D.C. luxury, class-A renovation rate.”

“Well, what does $145 million buy? Well, it’s $461 dollars per square foot in office renovations. Mr. Chairman, that is more per square foot than was spent to build the Trump World Tower. And at $461 per square foot, that was more money than it cost to spend to build the Bellagio Hotel and Casino in Las Vegas – which at the time, I’m told, was the most expensive hotel ever built. And Mr. Chairman, this is more money to renovate a building they don’t own than Dubai’s Burj Khalifa, the single-tallest skyscraper in the world. Now ironically enough, the architectural firm which designed the Burj Khalifa in Dubai is the same world-renowned architectural firm that the CFPB paid over $7 million to design their headquarter renovations.”

H.R. 3193 Sponsor Rep. Sean Duffy’s Floor Statement:

 “This is a bill about accountability and transparency," said Rep. Duffy. CFPB Director Richard Cordray claims that in order for the agency to do their job, they must monitor 80% of all credit cards in circulation, or nearly one billion credit cards. One provision in this bill would require the CFPB to first ask the American people's permission before accessing their personal information. Rep. Duffy argued, "If you are here to protect the consumer, why don't you ask the consumer for permission and consent to take their information?

"This is the right thing to do. Let's empower Congress and the American people. Let's reform the CFPB and actually make it work."

Wall Street Journal: House Passes Bill Limiting Consumer Regulator

 “The CFPB is perhaps the single most powerful and least accountable federal agency in all of Washington,” said Rep. Jeb Hensarling (R., Texas), chairman of the House Financial Services Committee. “Consumers don’t just need to be protected from Wall Street. They need to be protected from Washington as well.”

HousingWire: House Passes CFPB Reform Bill

 U.S. Rep. Randy Neugebauer, R-Texas, authored parts of the measure that would subject CFPB to the normal appropriations process like other regulators.
“Right now, CFPB can simply draw money from the Fed whenever it needs,” Neugebauer explained. “This bill is important not only because it makes the budget accountable to taxpayers, but also because it allows Congress to regularly evaluate CFPB’s performance and detect waste, fraud, and abuse.”

The Hill: GOP Slams Dodd-Frank Panel, Votes for Reform

"We've seen what happens when bureaucrats so powerful are left so unaccountable," said Rep. Marlin Stutzman (R-Ind.). "In its three short years, the CFPB has burned through its budgets and rifled through the private financial data of millions of Americans." 

Reuters: Bill to Revamp Consumer Agency Passes U.S. House

 "The Consumer Financial Protection Bureau is not responsive to Congress because it doesn't get its funding from Congress," said Wisconsin Republican Sean Duffy, who sponsored the bill.

"We think it is appropriate when you have an agency that is so powerful and so unaccountable that we give the elected members of the American people the power to say how much money they should have."