Today, Congressman Kevin Brady, who is the leading Republican on the House Ways and Means Committee, released the following statement after voting against H.R. 1500, the Consumers First Act:
“The Consumer Financial Protection Bureau (CFPB) is a Democrat created, politicized agency that is accountable to no one. H.R. 1500 would undo reforms made under the Trump administration that reign in the CFPB’s excessive regulatory overreach power, and increase the agency’s transparency and accountability. Instead of making this a partisan issue, Democrats should work with Republicans to reform the CFPB in a way that truly puts consumers first.”
The Congressman also provided background on the CFPB:
H.R. 1500, the Consumers First Act, was introduced by Representative Maxine Waters (D-CA) and seeks to reform the Consumer Financial Protection Bureau:
- Republicans on the Financial Services Committee offered several common sense reforms as amendments to the legislation, including subjecting the CFPB to the appropriations process, and the establishment of a CFPB Commission and an independent Inspector General position, but the amendments were not accepted by Democrats on the Committee.
- Democrats instead decided to move forward with legislation that is nothing more than an attempt to advance political priorities and undermine efforts to bring greater transparency and accountability to the Bureau.
- Under the Obama administration, the CFPB used its broad authority to regulate through enforcement, resulting in a chilling effect on the introduction of new financial products, causing harm to consumers.
- Remove the Director’s power to limit the activities of the Office of Fair Lending and Equal Opportunity.
- Increase direct spending by $19 million over the 2020-2029 period.