02.12.19

Senator David Perdue Leads Effort To Hold Unconstitutional Consumer Agency Accountable

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) is leading 17 other U.S. Senators in an effort to hold the Consumer Financial Protection Bureau (CFPB) accountable to the American people by bringing it under the Congressional appropriations process.

“Dodd-Frank gave the CFPB unprecedented power with no Congressional oversight whatsoever,” said Senator Perdue, member of the Senate Banking Committee. “Despite the new Director’s efforts to bring transparency to the Bureau, its structure is still completely unconstitutional. The American people deserve a closer look at the CFPB to understand how its actions will impact consumers.”

Background:

  • Dodd-Frank established the CFPB’s budget at as much as 12% of the Federal Reserve’s annual operating expense. That is roughly $680 million without any Congressional oversight of the agency’s funds.
  • The CFPB Accountability Act of 2019 would subject the CFPB to the annual Congressional funding process and provides oversight for an agency that has evaded Congressional review since its inception.
  • Senator Perdue first took action to rein in the CFPB in 2015 and has since introduced this proposal in every Congress.

The CFPB Accountability Act of 2019 is cosponsored by U.S. Senators Ben Sasse (R-NE), Marco Rubio (R-FL), Ted Cruz (R-TX), John Hoeven (R-N.D.), Johnny Isakson (R-GA), Joni Ernst (R-IA), Jim Inhofe (R-OK), Cindy Hyde-Smith (R-MS), Marsha Blackburn (R-TN), James Lankford (R-OK), Mike Rounds (R-S.D.), Chuck Grassley (R-IA), John Kennedy (R-LA), Jerry Moran (R-KS), John Boozman (R-AR), John Barrasso (R-WY), and Dan Sullivan (R-AK).

###

Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.