U.S. Senator Mike Enzi, R-Wyo., cosponsored two bills that would either increase accountability or eliminate the Consumer Financial Protection Bureau (CFPB).
Currently, the CFPB is funded outside of the regular congressional appropriations process, which Enzi said gives the bureau unprecedented power with no oversight from Congress. The CFPB Accountability Act, led by U.S. Senator David Perdue, R-Ga., would change the CFPB’s source of funding from the Federal Reserve to the regular appropriations process like a majority of other federal agencies.
“It’s long past time to rein in the Consumer Financial Protection Bureau,” Enzi said. “I have opposed this bureau since its creation and believe it operates with little or no public accountability. This bill would let Congress set realistic and responsible guidelines for this agency. It’s important that every agency is consistent and does not have less oversight than another.
Enzi also signed on to the Repeal CFPB Act, which would eliminate the CFPB altogether. Enzi said abolishing the CFPB would result in a decrease in the federal deficit over 10 years which the Congressional Budget Office previously estimated to be around $5 billion. This bill is led by U.S. Senator Ted Cruz, R-Texas.