Rep. Steve Stivers (R-Ohio) recently introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2013, which would establish an independent inspector general position at the Consumer Financial Protection Bureau.
“Government accountability is important now more than ever,” Stivers said. “This legislation will allow for increased oversight of an agency that has been given broad authority. It is important that we take the necessary steps to ensure the CFPB is accountable to the American people.”
The measure, which Stivers introduced with Rep. Tim Walz (D-Minn.), would amend the Inspector General Act of 1978 to create an independent inspector general for the CFPB that would be appointed by the president and subject to Senate confirmation.
Currently, the CFPB is not subject to the appropriations process because its funded through the Federal Reserve’s budget. The Federal Reserve’s inspector general, a position that is not subject to congressional confirmation, is responsible for oversight of the agency.
Sen. Rob Portman (R-Ohio) introduced similar legislation in the Senate in July.
“Given the CFPB’s insulation from congressional oversight, it is critical that it have a dedicated, Senate-confirmed internal watchdog – just as the IRS Restructuring and Reform Act of 1998 created an independent IG for tax administration to ensure robust oversight,” Portman said.