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Monday, January 28, 2013

House Financial Services Committee Will Advance CFPB Restructuring Proposal

Financial Services Committee Chairman Jeb Hensarling today released a statement regarding the need for accountability and oversight of the CFPB.
As it is currently structured, the CFPB is the most powerful and least accountable agency in all of Washington. The Dodd-Frank Act places the CFPB under the control of a single person who has sole authority to command more than 1,000 government employees and spend hundreds of millions of dollars – no questions asked.

Congress and the Administration should…make common sense reforms to the CFPB so it is transparent and accountable to the American people. At a bare minimum, the CFPB should be governed by a bipartisan commission ... And to ensure there is proper oversight of this massive bureaucracy, the CFPB should be subject to the same appropriations process as other agencies.
Read Chairman Hensarling’s full statement.

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