Congresswoman Claudia Tenney: CFPB Must be Restructured, Accountable to Taxpayers and Congress
Washington, D.C.—Today, Congresswoman Claudia Tenney (R—NY), a member of the House Financial Services Committee and the Subcommittee on Oversight and Investigations, questioned witnesses at a hearing on the structure of the Consumer Financial Protection Bureau (CFPB).
Recently, the D.C. Court of Appeals declared the Bureau’s structure unconstitutional, as the unelected director “enjoys more unilateral authority than any other officer in any of the three branches of government of the U.S. Government, other than the President.”
“In the history of the U.S. there has never been a federal agency structured quite like the CFPB. Although the agency issues regulations that impact consumers and businesses throughout the country, it lacks accountability to Congress and the American people. In 2010, President Obama and the Democrat controlled Congress passed the Dodd-Frank Act which purposely created this agency’s ability to act without proper congressional oversight,” said Congresswoman Claudia Tenney. “An agency that employs nearly 1,500 unelected, unaccountable bureaucrats must be subject to the same oversight and accountability measures as any other federal agency. Under the CFPB’s current structure, we have seen abuses of power, unaccountable spending and lack of oversight. Despite it’s important mission of protecting consumers, the overreach of the CFPB has actually harmed consumer’s choice, freedom and ability to achieve financial independence.”
View Rep. Tenney’s comments here: https://youtu.be/pH6Gsf3VJRI.