Hoeven Helps Introduce Legislation to Subject CFPB to Appropriations Process
WASHINGTON – Senator John Hoeven, a member of the Senate Appropriations Committee, joined Senator Bill Hagerty (R-Tenn.) in introducing the Consumer Financial Protection Bureau (CFPB) Accountability Act of 2021. This legislation holds the agency accountable to the American taxpayer by requiring its annual funding to be appropriated by Congress. Currently, the CFPB receives its funding from the Federal Reserve, which allows the Bureau to avoid the fiscal accountability to which the rest of the Executive Branch is subject.
“It’s important Congress is able to hold each agency accountable to the American taxpayer and as a member of the Senate Appropriations Committee, I believe that funding should go through the appropriations process,” said Hoeven. “The current arrangement largely makes the CFPB unaccountable to Congress, and infringes upon important checks and balances inherent to good governance.”
Along with Hoeven and Hagerty, the legislation is cosponsored by Senators Kevin Cramer (R-N.D.), Cynthia Lummis (R-Wyo.), Tim Scott (R-S.C.), John Kennedy (R-La.), Marsha Blackburn (R-Tenn.), Ted Cruz (R-Texas), John Barrasso (R-Wyo.), Chuck Grassley (R-Iowa), Mike Braun (R-Ind.), Marco Rubio (R-Fla.), Shelley Moore Capito (R-W.Va.), Susan Collins (R-Maine), Tom Cotton (R-Ark.), John Boozman (R-Ark.) and Rick Scott (R-Fla.).
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