Quote-Worthy: Bachus Says CFPB Leadership Structure is “Radical”

“…what is actually radical is the current leadership structure of the [Consumer Financial Protection Bureau]. It is unlike any other found in the Federal bureaucracy. The CFPB director serves for a fixed term, and therefore is exempt from presidential control; exercises sole authority over the agency; and has the singular power to spend hundreds of millions of dollars outside the congressional appropriations process. Although some regulatory bodies have some of these features, no other entity in Federal government combines all of them.”

—Rep. Spencer Bachus, House Financial Services Committee Chairman

Rep. Bachus made the statement during the consideration of three bills yesterday by a House Financial Services subcommittee. Bachus made a larger statement of support for the bills, which passed through the subcommittee yesterday, and aim to restrict the Consumer Financial Protection Bureau’s power. One such bill favors a five-member bipartisan commission rather than the director structure that the bureau would have under Dodd-Frank.

Advertisement

While the bills will now advance, it is speculated that they will not pass through the Senate.

View Bachus’s full statement.

Written by Elizabeth Ecker

 

 

Join the Conversation (1)

see all

This is a professional community. Please use discretion when posting a comment.

  • Hey, no one said Ms. Warren was not smart. She has designed exactly what she intended. She just needs a few billion annually to get it all done. No one is sure what exactly that is but that does not stop her from campaigning across the US for something she vaguely defines.

string(106) "https://reversemortgagedaily.com/2011/05/05/quote-worthy-bachus-says-cfpb-leadership-structure-is-radical/"

Share your opinion

[wpli_login_link redirect="https://reversemortgagedaily.com/2011/05/05/quote-worthy-bachus-says-cfpb-leadership-structure-is-radical/"]