U.S. Rep. Dennis A. Ross (R-FL-15), Senior Deputy Majority Whip, joined with U.S. Reps. Kyrsten Sinema (D-AZ-09), Ann Wagner (R-MO-02), and David Scott (D-GA-13) to introduce H.R. 5266, the Financial Product Safety Commission Act of 2018, a bill to replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission.
“The idea that civil servants in positions of immense power should be isolated from debate and protected from dissent is antithetical to our nation’s founding principles,” said Congressman Ross. “Our system of governance is rooted in the belief that robust competition for ideas and vigorous engagement between those with whom we disagree, is the best way to make laws and regulations and to serve the American people. As one of the most powerful agencies ever created, the CFPB should not be exempt from this principle of good governance, and, with this legislation, we can ensure that it no longer will be – regardless of who holds the White House.”
“We need a watchdog that looks out for everyday Arizonans and puts consumer protection first,” said Congresswoman Sinema. “That’s why I’ve sponsored this bill under both Democratic and Republican presidents. CFPB’s ability to carry out its mission should not be subjected to the whims of any one person or political party. Our bill requires qualified people in both parties to work together to get things done – that’s how we deliver results for Arizona that stand the test of time.”
“As Chairman of the Oversight and Investigations Subcommittee, I saw firsthand the abuses and lack of accountability at the CFPB under the leadership of Former Director Richard Cordray,” said Congresswoman Ann Wagner. “The Financial Product Safety Commission Act of 2018 provides a layer of stability and transparency for an agency that has lacked both. I commend my good friend from Florida, Dennis Ross for his leadership and support on this issue.”
The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to provide oversight of the financial services industry. The agency is currently run by a sole director who may be removed by the President only for cause. Under the Financial Product Safety Commission Act of 2018, the President would appoint, subject to Senate confirmation, five individuals who have strong competencies and experiences in consumer financial products and services to serve on the Commission for staggered 5 year terms.