Fischer Introduces Bills to Reform CFPB

Statement

U.S. Senator Deb Fischer (R-Neb.) has introduced two bills offering structural reforms to the Consumer Financial Protection Bureau (CFPB). The Consumer Financial Protection Commission Act of 2014 (S. 2213) would replace the agency's single director position with a five-member, bipartisan commission. Fischer's second bill, The CFPB Improvement Act of 2014 (S. 2212), would change the requirement for the Financial Stability Oversight Council's (FSOC) voting members to overturn CFPB regulations.

"The CFPB has an enormous amount of influence impacting all sectors of our economy and every consumer nationwide. Decisions governing such a powerful agency should reflect input from all sides, rather than placing broad regulatory authority in the hands of a single unelected official with little oversight from Congress," said Fischer. "Similarly, the approval process for regulations issued by the CFPB requires changes to strengthen oversight. These two bills reform CFPB and FSOC's structure to ensure greater accountability and enable the agency to more effectively carry out its mission of consumer protection."

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