WASHINGTON, D.C. – Last night, two of Congressman Blaine Luetkemeyer’s (MO-03) bills to reform the Consumer Financial Protection Bureau (CFPB) passed the House Financial Services Committee in a full committee markup. The Consumer Financial Protection Commission Act would replace the CFPB Director position with a bipartisan, five-person commission and the Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023 to establish an independent Inspector General specifically for the CFPB. Both of these bills would minimize politically motivated actions and drastically improve transparency at the Bureau.

“The CFPB is our country’s most economically dangerous government agency. It’s led by a sole director who, as we’ve seen especially with Director Chopra, wields an enormous amount of unchecked power over the U.S. economy. My bills would rein in that power by establishing an independent Inspector General at the Bureau and replacing the director with a bipartisan commission,” said Luetkemeyer.

“These bills would bring notable changes to the director’s power and put the Bureau in line with other financial regulators. Further, they will eliminate the ability to use the Bureau as a tool to carry out political vendettas and prevent massive policy swings with each Administration.”  

Legislation: 

1.      Consumer Financial Protection Commission Act
Congressman Luetkemeyer’s bill to establish a bipartisan, five-person commission would put an end to the CFPB’s capacity to be used as a political football, which is currently possible with the limitless power of its sole director.

2.      Bureau of Consumer Financial Protection-Inspector General Reform Act of 2023
Currently, there is only one Inspector General office for both the Federal Reserve and the CFPB. Across the federal government, there are 74 statutory IGs, but only 6 inspectors general are affiliated with multiple federal entities, including the CFPB and Federal Reserve. Congressman Luetkemeyer’s bill to establish an independent Inspector General specifically for the CFPB.