House to Assess Bills That Limit CFPB’s Power

A House Financial Services subcommittee hearing Wednesday, April 6, will examine several bills that seek to rein in the Consumer Financial Protection Bureau, according to Rep. Shelley Moore Capito (R-WV).
 
“I believe, as do many of my colleagues, that the current framework does not allow for necessary and proper oversight of such a massive agency,” she said, reports The Hill.
 
The blog states that the legislation scheduled for discussion would give Republicans greater control over the CFPB’s work and the power to reject the agency’s regulations.
 
A bill from Capito and committee Chairman Spencer Bachus (R-AL) would replace the CFPB director with a bipartisan five-member panel, thus securing that GOP leadership would play a direct role in governing the new agency. Their legislation states that only three members of the coalition, which would be appointed by the president, could be from the same party.
 
First-year Republican Representative Sean Duffy of Wisconsin also introduced a bill last week that would give the new Financial Stability Oversight Council (FSOC) greater ability to reverse rules introduced by the CFPB.
 
“The FSOC is an inter-agency government working group charged with protecting the stability of the financial system as a whole,” reports The Hill.
 
Click here to read more about the bills up for consideration at Wednesday’s House hearing.