Congressman Duffy & Senator Enzi Introduce Bicameral Legislation To Rein In CFPB’s Pay Structure
Washington DC – Wisconsin Congressman Sean Duffy, Chairman of the Financial Services Subcommittee on Housing & Insurance, and Wyoming Senator Mike Enzi, Chairman of the Senate Budget Committee, today introduced bicameral legislation to rein in the Consumer Financial Protection Bureau’s rates of pay. Specifically, the legislation requires the CFPB’s Director to set the basic rates of pay for employees in accordance with the Federal Government’s General Schedule. The new rates of pay would be in effect for all employees 90 days after the enactment of the bill.
Congressman Duffy: “The CFPB is dangerously unaccountable to the American people because Democrats intentionally designed it that way,” said Congressman Duffy. “As a result, they can act as a bully to small banks and credit unions, push a far-left agenda, and spend lavishly on bureaucrat salaries that are obscenely higher than the vast majority of public servants. The agency must be reined in and held accountable, and the Pay Fairness Act, which sets basic pay rates in accordance with the federal government’s General Schedule, is an important step in giving the American people a say in how this rogue agency functions.”
Senator Enzi: “The need for Congress to bring accountability to the Consumer Financial Protection Bureau is long overdue and the bureau’s lavish spending on employee salaries is a key example of why,” Enzi said. “There are hundreds of employees at the Consumer Financial Protection Bureau making more than governors, Supreme Court justices and senior White House Staff, and Congress lacks the usual constitutional checks to rein in this behavior. Although it might just sound like common sense, this bill would ensure the bureau is keeping employees’ salaries in line with the regular government pay scale. Hopefully this is the start of many needed reforms.”
Click HERE for a copy of the bill.