Senator David Perdue Calls for Congressional Oversight of Overreaching CFPB Regulators

WASHINGTON, D.C. – Senator David Perdue (R-GA) today responded to President Obama’s remarks regarding the Consumer Financial Protection Bureau (CFPB). Last week, Senator Perdue offered a budget amendment to assure Congressional oversight of the CFPB. Senator Perdue’s amendment was approved by the Budget Committee and included in the underlying Senate Budget Resolution.

“President Obama today called the Consumer Financial Protection Bureau an independent consumer watchdog. As a consumer watchdog, the CFPB should not be exempt from the Congressional appropriations process for political purposes. Former CFPB architect, Senator Elizabeth Warren, and her Democrat colleagues are clearly more concerned with preserving political power than protecting consumers. By design, Dodd-Frank established a dangerous precedent allowing this rogue agency to be unaccountable to Congress. No executive rulemaking agency or regulator should have this kind of autonomy.

“Getting the CFPB under Congressional oversight should not be a partisan issue. It’s a part of a broader goal to make government more accountable. Washington should not dictate the specific financial decisions consumers and families must make every day. Other financial institutions – such as the SEC, CFTC, and FTC – are subject to the appropriations process and Congressional oversight, and the CFPB should be no different. This is just a first step in reining in overreaching regulators who have been acting outside of any Congressional approval.”