In the News | The Committee on Financial Services
PRESS RELEASE
March 17, 2017
For Immediate Release | Contacts: Jeff Emerson (202) 226-0471; Sarah Rozier (202) 226-2467

Chairman Hensarling: CFPB Mission Important, But No Bureaucracy Should Evade Checks and Balances

WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) today issued the following statement about the Department of Justice’s decision to oppose the Consumer Financial Protection Bureau (CFPB) in a landmark case challenging the constitutionality of the Bureau’s structure:

“Republicans have said for years that the Bureau is unconstitutionally structured.  Its lack of accountability and the unparalleled authority placed in the hands of the Bureau’s unaccountable sole director make the CFPB arguably the most powerful and least accountable bureaucracy in American history.  Owing to its unconstitutional structure, the Bureau’s sole unaccountable director, unlike bipartisan commissions, can act unilaterally to eliminate access to credit options and increase consumer costs.  In addition, the Bureau does not recognize core constitutional principles like the right to due process.  Instead, it relies almost exclusively on its vague or undefined enforcement authority to practice regulation by enforcement.  The Bureau’s consumer protection mission is important, but no government agency – no matter how well-intentioned – should be able to evade common sense checks and balances that are necessary for accountability.  I applaud the Department of Justice for recognizing this unconstitutional CFPB must not stand and must not continue to harm the very consumers it is supposed to protect.”

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