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House subcommittee debates converting CFPB to bipartisan commission and subjecting it to annual appropriations
Summary
Republican lawmakers and industry witnesses urged changing the Consumer Financial Protection Bureau from a single director to a bipartisan commission and moving its funding to the congressional appropriations process; Democratic members and former CFPB officials warned such reforms would weaken consumer enforcement and protections.
The Financial Institutions Subcommittee of the House Financial Services Committee heard competing views Tuesday on structural reforms to the Consumer Financial Protection Bureau, focusing on proposals to convert the bureau’s single-director leadership into a multi-member bipartisan commission and to subject the agency to annual congressional appropriations.
The debate framed who should set CFPB priorities and how the agency should be held accountable. “I recently reintroduced the TABS Act, which would require the CFPB to go through the traditional congressional appropriations process,” Representative Andy Barr, chair of the subcommittee, said in his opening remarks, arguing the change would “restore the power of the purse to Congress.”
Supporters of reform included witnesses from the financial sector. Brian Schneider, a former CFPB associate director now…
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