U.S. SENATE —U.S. Senator Steve Daines today introduced the Consumer Financial Protection Bureau (CFPB) Accountability Act of 2017 to make the bureau accountable to the American people by bringing it under the Congressional appropriations process.
“Regulations associated with Dodd-Frank have cost our economy $36 billion and created 73 million paperwork hours,” Daines stated. “We can’t create more high paying jobs and grow the economy by suffocating it with red tape.”
This effort has earned support from consumer advocacy and industry groups:
Taxpayers Protection Alliance: “Currently, the CFPB operates outside of the jurisdiction of Congress (that most agencies operate in) and continues to be appropriated taxpayer funds without the proper Congressional oversight. This is an agency that demands scrutiny like any other federal agency and should be held accountable for their actions by moving into the proper process for Congressional appropriations,” said David Williams, President, Taxpayers Protection Alliance.
American Bankers Association: “Oversight by Congress would allow the very consumers who the Consumer Financial Protection Bureau was designed to protect to hold it accountable through their elected officials. An important principle that underlies this bill is that there needs to be an effective check and balance on the Bureau’s authority. The American Bankers Association supports the principle of accountability and balance and commends [the senators] for introducing this measure,” said James Ballentine, Executive Vice President of Congressional Relations and Political Affairs, American Bankers Association.
Credit Union National Association: “We appreciate Congress considering common-sense reforms to the CFPB so that it will focus on Wall Street and get out of the way of Main Street. Over the last six years, the new mortgage rules, the rule on international remittances, the proposals on small dollar lending and arbitration, and CFPB enforcement actions have impeded credit unions’ delivery of consumer-friendly products and services. Congress and regulators can, and should, provide greater consumer protection by ensuring that local, member-owned credit unions and small banks are able to thrive in a balanced, common-sense regulatory environment that is not rigged in favor of those who prey on consumers and the too-big-too-fail banks that caused the financial crisis,” said Jim Nussle, President & CEO, Credit Union National Association.
Before serving in Congress, Daines spent 13 years in a management role for Procter and Gamble and worked in the technology sector for more than twelve years. He served as vice president of Montana-based RightNow Technologies, a global leader in cloud computing and multi-billion dollar technology company that became Bozeman, Montana’s largest commercial employer.