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House GOP Votes to Advance CFPB-Restricting Bills

House Republicans voted Wednesday to advance three bills that would reshape the Consumer Financial Protection Bureau by restricting its authority and power.

The bills would alter the leadership of the CFPB from a having a single director to having a five-member bipartisan commission; would ease the ability of regulators on the Financial Stability oversight Council to overturn CFPB regulations; and would limit the work the CFPB can do without an appointed and confirmed director.

A House subcommittee voted in favor of the bills 13-7. The full committee will meet to consider the bills on May 12, according to reports.

President Obama has yet to name a nominee for the position, although wide speculation includes Elizabeth Warren, special advisor to the president, as a frontrunner. (Do you think Elizabeth Warren is fit for the director seat? Take our poll.)

Democrats have argued that these bills attempt to take down the agency before it officially launches in July.

Written by Elizabeth Ecker