Bryan Steil: “The Consumer Financial Protection Bureau has a duty to the American people. Congress established the Bureau almost a…”

“The Consumer Financial Protection Bureau has a duty to the American people. Congress established the Bureau almost a decade ago to protect consumers from abuse and empower people to make good financial choices, regardless of who the President is. That is a very important responsibility. With that in mind, Chairwoman Waters is right to call attention to the governance of the CFPB. CFPB actions and interpretations can vary significantly from one administration to another, and because the CFPB is unaccountable, there isn't much Congress can do about it. In fact, the Bureau was built to be unaccountable and unresponsive, and this has given its Directors free rein to take actions that many of us do not support. There are many ideas on both sides of the aisle on how best to reform the CFPB, and this is something Congress should consider soon. Today, I have an amendment. My amendment sets aside the politically charged findings in the bill and takes us one step closer to transparency and accountability. Some of these findings target former Acting Director Mick Mulvaney by name. One disparages Mulvaney by referencing a political article that includes a critical quote from an anonymous source. Another criticizes him for rearranging the initials of the CFPB. Let me repeat that: Another criticizes him for rearranging the initials of the CFPB. Only in Washington.…”