WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03), Ranking Member of the House Consumer Protection and Financial Institutions Subcommittee introduced a bill with 16 colleagues that would establish an independent Inspector General at the Consumer Financial Protection Bureau (CFPB) and require the Inspector General to testify in front of Congress on a semi-annual basis.

“The political nature of the CFPB continues to cause problems and the lack of a designated Inspector General to conduct proper oversight of the Bureau only exacerbates these problems. Establishing an independent Inspector General specifically for the CFPB would minimize politically motivated actions and drastically improve transparency at the Bureau,” said Congressman Luetkemeyer.

Background: Currently, there is only one Inspector General office for both the Federal Reserve and the CFPB. Across the federal government, there are 72 statutory IGs, but only 5 inspectors general are affiliated with multiple federal entities, including the CFPB and Federal Reserve, Department of Transportation and National Transportation Safety Board, and the Department of State and Broadcasting Board of Governors.

Read the full bill text HERE.