Inhofe Joins Effort to Hold Unconstitutional Consumer Agency Accountable

U.S. Sen. Jim Inhofe (R-Okla.) joined U.S. Sen. David Perdue (R-Ga.) and 16 other U.S. Senators in an effort to hold the Consumer Financial Protection Bureau (CFPB) accountable to the American people by bringing it under the Congressional appropriations process.

“For the last eight years, under Dodd-Frank, the CFPB has held far too much power with virtually no Congressional oversight,” said Inhofe. “We’ve seen how Oklahoma banks are being forced to spend more and more of their time and resources on complying with federal government mandates, and less on their customers—driving up costs for families, small businesses, farmers and ranchers.

“Oklahomans deserve to have Congress act to alleviate the regulatory overreach established by Dodd-Frank, and this bill is the right start.”

Background:

  • Dodd-Frank established the CFPB’s budget at as much as 12% of the Federal Reserve’s annual operating expense. That is roughly $680 million without any Congressional oversight of the agency’s funds.
  • The CFPB Accountability Act of 2019 would subject the CFPB to the annual Congressional funding process and provides oversight for an agency that has evaded Congressional review since its inception.
  • Senator Perdue first took action to rein in the CFPB in 2015 and has since introduced this proposal in every Congress.

The CFPB Accountability Act of 2019 is also cosponsored by U.S. Sens. Ben Sasse (R-Neb.), Marco Rubio (R-Fla.), Ted Cruz (R-Texas), John Hoeven (R-N.D.), Johnny Isakson (R-Ga.), Joni Ernst (R-Iowa), Cindy Hyde-Smith (R-Miss.), Marsha Blackburn (R-Tenn.), James Lankford (R-Okla.), Mike Rounds (R-S.D.), Chuck Grassley (R-Iowa), John Kennedy (R-La.), Jerry Moran (R-Kan.), John Boozman (R-Ark.), John Barrasso (R-Wyo.) and Dan Sullivan (R-Alaska).