U.S. Senator Jerry Moran has introduced a bill to the Financial Services and General Government Subcommittee of the Appropriations Committee that seeks to change the leadership structure of the Consumer Financial Protection Bureau (CFPB). The bill would change the single director position of the agency to a five-person commission.
“While my concerns with Dodd-Frank extend beyond the structure of the CFPB, this legislation is an important first step toward making sure Congress has the oversight authority necessary for such a powerful agency,” said Sen. Moran. “Allowing a single unelected official to define their own jurisdiction and regulate vast segments of our economy without accountability or restraint is a ‘reform’ that should be rejected.”
The conversion to a commission to lead the CFPB would mirror leadership structures of other agencies such as the Securities and Exchange Commission, Commodity Futures Trade Commission and the Federal Trade Commission.
The bill, entitled, "The Responsible Consumer Financial Protection Regulations Act of 2011," would also seek to bring the CFPB under the regular congressional appropriations process. The Dodd-Frank Act provides for the agency to be funded through the Federal Reserve. Senator Moran expressed concern that the lack of congressional oversight on appropriations for the new agency would restrict accountability for their actions. The bill includes authorizing funding levels for fiscal years 2011 and 2012 at the amounts estimated by the President.