Citing the broad new powers of the Conumser Financial Protection Bureau, Rep. Randy Neugebauer, R-Texas, is proposing that the Consumer Financial Protection Bureau (CFPB) be moved into the Treasury to improve accountability and transparency. From a statement:
“The Consumer Financial Protection Bureau currently resides within the purview of the Federal Reserve Board, without any Congressional oversight or financial accountability guiding the agency’s actions. Given the significant and perhaps over-regulating powers the CFPB has been given by the Obama Administration, Congress must have a say on the appropriation of taxpayer money funding this agency’s operation.
“Last November’s elections sent a clear message to Washington: Government agencies that spend taxpayer money must show true transparency and must explain the intent of their processes.
We recently reported that Warren has been flouting the spirit of Dodd-Frank by establishing CFPB's basic functions without being nominated and confirmed. When I called Treasury's inspector general office a few months ago to understand why, staffers had no idea who actually was expected to do the watchdog work.
The vast amount of power in that agency's hands mustn't go unchecked.