Patrick McHenryChairman

Washington, April 26, 2011 - The Responsible Consumer Financial Protection Regulations Act establishes a bipartisan commission of five members at the Consumer Financial Protection Bureau (CFPB). H.R. 1121, introduced by Chairman Spencer Bachus facilitates robust consumer financial protection by empanelling a  five-member Commission to carry out all of the duties that would otherwise fall to the Director of the CFPB. This proposed structure of the CFPB is the same structure that has worked well for nearly every other regulatory body in this country, including the FTC, FDIC and SEC.

H.R. 1121 is identical to the bipartisan approach the House took to consumer protection during debate on financial regulatory reform in the last Congress.  However, that approach, which  received strong bipartisan support, was later dropped by the Democratic Conferees to the Dodd-Frank Act.