04.14.16

Senator David Perdue Applauds Action To Make Consumer Agency Accountable

“Currently, this rogue agency has access to an alarming amount of confidential consumer financial information.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) today applauded the advancement of legislation to make the Consumer Financial Protection Bureau (CFPB) more accountable to the American people:

“The CFPB is a product of big, misguided government and the American people deserve a closer look at its activities,” said Senator Perdue. “Currently, this rogue agency has access to an alarming amount of confidential consumer financial information, including: mortgage, car, and student loan data, as well as debit and credit card transactions. Even more concerning, it is unclear exactly what the agency is doing with this personal data because of the lack of oversight. Georgians and the American people expect their representatives in Congress to hold the federal government accountable and monitor the federal agencies that monitor us, like the CFPB. I applaud the House for taking action to hold the CFPB accountable, and I hope the Senate considers similar legislation that I’ve been working on soon.”

The U.S. House of Representatives Financial Services Committee yesterday passed the Taking Account of Bureaucrats’ Spending Act, legislation similar to a bill Senator Perdue introduced last year to increase oversight of the CFPB by making it subject to the Congressional appropriations process. Currently, the CFPB operates under the Federal Reserve.