Duffy’s CFPB Reform Bill Receives Bipartisan Support In the House
H.R. 3193 Passes 232-182
WASHINGTON, DC –The U.S. House of Representatives passed H.R. 3193, The Consumer Financial Freedom and Washington Accountability Act, by a strong bipartisan vote of 232 to 182. During Floor debate, the bill’s sponsor, U.S. Representative Sean Duffy (WI-07), argued for much needed reforms to the CFPB; a dangerously powerful and dangerously unaccountable agency:
“This is a bill about accountability and transparency," said Rep. Duffy. CFPB Director Richard Cordray claims that in order for the agency to do their job, they must monitor 80% of all credit cards in circulation, or nearly one billion credit cards. One provision in this bill would require the CFPB to first ask the American people's permission before accessing their personal information. Rep. Duffy argued, "If you are here to protect the consumer, why don't you ask the consumer for permission and consent to take their information?
"This is the right thing to do. Let's empower Congress and the American people. Let's reform the CFPB and actually make it work."
Click on the image to view Rep. Duffy’s remarks from debate on H.R. 3193:
Background on H.R. 3193 courtesy of the House Financial Services Committee:
H.R. 3193 is a package of bills to bring greater accountability and transparency to the powerful CFPB. These bills passed the Financial Services Committee on November 21, 2013. H.R. 3193 does the following:
- Replaces the single, unaccountable CFPB Director with an accountable, five-member Commission appointed by the president and confirmed by the Senate to ensure that a diversity of viewpoints inform the CFPB’s regulatory and enforcement agenda, and to conform the CFPB’s governance to that of other federal agencies charged with consumer or investor protection.
- Subjects the CFPB to the regular appropriations process and makes the CFPB a stand-alone independent agency rather than a bureau within the Federal Reserve System.
- Prohibits the CFPB from using a consumer’s private, personal financial information without the consumer’s knowledge and consent. The CFPB is currently engaged in a massive, multi-million dollar data collection effort of consumers’ financial information.
- Prevents the CFPB from undermining the safety and soundness of U.S. financial institutions through regulatory overreach.
- Sets the basic rates of pay for CFPB employees in accordance with the General Services (GS) scale.