Blaine Luetkemeyer: “Since its inception, the Consumer Financial Protection Bureau has disregarded congressional intent in a number of…”

“Since its inception, the Consumer Financial Protection Bureau has disregarded congressional intent in a number of alarming ways. Under the previous Director, Richard Cordray, the agency took it upon itself to essentially write law through guidance and regulate through enforcement. Bureaucrats at the CFPB worked diligently to eliminate options for Americans, arrogantly believing they were better equipped to make financial decisions than consumers themselves. Thankfully, under Acting Director Mulvaney and Director Kraninger, the CFPB is striving to foster an environment that promotes transparency, legitimacy, and great consumer choice. The American people deserve a Bureau that enforces law rather than creates it, while placing power and choice back in the hands of consumers themselves. Unfortunately, the legislation we are considering today accomplishes the exact opposite. I appreciate the chairwoman's attempt to reform the Bureau and share the belief that it needs significant reform. However, instead of solving underlying issues that make the CFPB an unaccountable bureaucracy with little oversight, this legislation cherry-picks specific actions of former Acting Director Mulvaney and attempts to reverse his decisions.…”