The latest piece of congressional legislation seeking to reconfigure the Consumer Financial Protection Bureau (CFPB) was introduced by Sen. Rob Portman (R-OH)
, who is seeking to create a new dedicated, Senate-confirmed Inspector General (IG) to monitor the agency.
In its current set-up, the CFPB shares an IG with the Federal Reserve. However, the Fed’s IG is hired by the central bank’s chairman and is not appointed by the president or confirmed by the Senate. Sen. Portman, who introduced similar legislation in the last Congress, stated this new IG would enable greater accountability and transparency at the CFPB.
“Installing a dedicated, Senate-confirmed internal watchdog at the CFPB will provide greater transparency and accountability at the CFPB,” he said. “Given the vast powers of this large bureaucracy and the CFPB’s insulation from congressional oversight, it is critical that it have an independent IG to ensure robust oversight. Every federal agency should be responsive and accountable to the American people, and this bill will help ensure we have an independent IG in place like we do at other federal agencies.”
Joining Sen. Portman as co-sposnors on the bill are Sens. John Barrasso (R-WY), Roy Blunt (R-MO), Thad Cochran (R-MS), Susan Collins (R-ME), Mike Enzi (R-WY), Dean Heller (R-NV), John Hoeven (R-ND) and Johnny Isakson (R-GA).