U.S. Senators Mike Enzi, R-Wyo., Thom Tillis, R-N.C., Ben Sasse, R-Neb., and David Perdue, R-Ga., introduced legislation today that would require the Consumer Financial Protection Bureau (CFPB) to set salary rates according to the government’s standard pay scale.
Currently, the CFPB pays employees significantly more than other government agencies because it is not bound to the federal government’s General Schedule (GS) scale. In 2018, almost one in five employees at the CFPB were compensated more than the highest-paid individuals on the GS scale. Unlike other financial regulatory agencies, the CFPB operates outside of the regular congressional appropriations process because most of its funding comes directly from the Federal Reserve.
“The CFPB is a dangerously unaccountable agency, and its lavish spending on employee salaries is just one example,” Enzi said. “There is little that elected representatives can do to oversee the unelected bureaucrats in charge of CFPB’s operations, except to ask questions and hope to get answers. The agency essentially runs on autopilot, unaccountable to any branch of government. This common-sense legislation would be one step toward bringing much-needed oversight and transparency to the CFPB.”
“The CFPB is long-overdue for more accountable and oversight from Congress, and allowing their federal bureaucrats to make significantly more money than other federal workers should end immediately,” said Tillis. “This legislation would rightfully end this senseless waste and ensure CFPB employees are under the federal pay scale like every other government agency.”
“Folks shouldn’t get into government to make a quick buck,” Sasse said. “Public service is about serving for a time and making things better. The CFPB has gotten out of control and wants to become our fourth branch of government. We need to make sure that CFPB salaries match public servants’ at other agencies. The workers at this powerful agency are not above any other government employee.”
“The CFPB is a rogue agency that’s more focused on expanding its power than protecting the public,” Perdue said. “Time and again, the agency has dished out malicious financial policy and created new rules and regulations without any oversight from Congress. No regulator should ever have this kind of autonomy. Senator Enzi’s bill is part of a broader goal to restore accountability and transparency to the federal government, and the CFPB needs a major dose of both.”
The CFPB Pay Fairness Act is also cosponsored by U.S. Senator John Barrasso, R-Wyo.
Full text of the legislation is available here.