U.S. House Majority Whip Tom Emmer (R-MN) last week sponsored two bills that would hold the Consumer Financial Protection Bureau (CFPB) accountable to the American people.
“These bills are an important step towards redirecting its mission on what actually matters: the everyday Americans who fuel Main Street America and strengthen our local communities,” Rep. Emmer said.
The congressman on April 6 introduced the CFPB Dual Mandate and Economic Analysis Act, H.R. 2489, with six Republican original cosponsors to amend the Consumer Financial Protection Act of 2010 to update the purpose of the CFPB.
Rep. Emmer also on April 6 offered the CFPB Whistleblower Incentives and Protection Act, H.R. 2490, alongside four GOP original cosponsors to amend the same law to provide for whistleblower incentives and protection, according to the texts of the bills.
“The CFPB cannot continue its trend of haphazard rulemaking that often does little but find solutions in search of problems. The CFPB should work to empower everyday Americans rather than pursue initiatives that empower the federal government,” said Rep. Emmer. “To do so, the agency must require the input of the American people, both to help guide federal policy towards greater competition and ensure bureaucrats at the CFPB are advancing the needs of everyday Americans.
“To that end,” he added, “instead of fear of retribution, retaliation, or financial ruin, whistleblowers should be supported as they come forward and help ensure the Bureau is protecting American consumers.”
If enacted, H.R. 2489 would establish an Office of Economic Analysis (OEA) at the CFPB to review all proposed and existing rules, orders, guidance, and regulations toward identifying the problem solved by the action and how the action would impact consumer choice, price, and access to financial products, according to a bill summary provided by Rep. Emmer’s office.
The OEA’s findings then would be published in the Federal Register and the CFPB would be required to review and solicit public comment on all of its actions, according to the summary.
Likewise, H.R. 2490 would require the CFPB to award whistleblowers who report information about a violation of consumer financial law resulting in sanctions exceeding $1 million dollars, the summary says, and would establish requirements regarding the legal representation of whistleblowers, including allowing for whistleblower confidentiality.
Both measures have been referred to the U.S. House Financial Services Committee for consideration.