03.19.15

Senator David Perdue Introduces Budget Amendment To Rein In Rogue Agency

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) today introduced an amendment to the Senate’s 2015 Budget Resolution regarding the Consumer Financial Protection Bureau (CFPB). Given the expansive reach of the CFPB, Senator Perdue’s budget amendment will provide critical Congressional oversight.

“The reckless Consumer Finance Protection Bureau was spawned from the disastrous Dodd-Frank financial regulation law,” said Senator Perdue. “Right now, the CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations without any oversight from Congress. On top of that, the agency itself has failed to operate within its own budget and proven it is more concerned with preserving its own power than protecting the public. Ultimately, I believe the CFPB should be dismantled, but an important first step is bringing it into the light for the American people to see its harmful effects on consumers.”  

Background:

  • Senator Perdue’s budget amendment will ensure the Consumer Financial Protection Bureau (CFPB) is subject to the Congressional appropriations process. Currently, the CFPB operates under the Federal Reserve and is unaccountable to Congress.
  • Dodd-Frank established the CFPB’s budget at as much as 12% of the Fed’s annual operating expense. That is roughly $600 million without any Congressional oversight over the agency’s functions.