Calling the Dodd-Frank Act “a huge mistake,” Senate Minority Leader Mitch McConnell (R-Ky.) told attendees at ABA’s Government Relations Summit how Congress can mitigate the law’s harm to the banking industry -- especially through the Consumer Finance Protection Bureau.
“We need to change the structure of [the CFPB] to make it responsible to someone,” he explained. “We’ve said we need a supervisory board to which the director reports. We think the agency should come to Congress for its funding. And we think it needs to operate within the context of safety and soundness.”
“If we’re stuck with it,” McConnell added, “let’s try to make it better.”