Rep. Tom Emmer
U.S. Rep. Tom Emmer (R-MN) on Jan. 28 sponsored two separate bills that aim to improve the oversight of federal financial services agencies.
“Our government must work for Americans, supporting consumers and our economy. The initiatives I have introduced today will be central to my focus on the Financial Services Committee,” Rep. Emmer said. “We must promote more competition, consumer choice, and transparency in our financial services agencies.”
The Financial Stability Oversight Council Reform Act, H.R. 528, would promote additional transparency and stricter handling of financial regulators.
If enacted, H.R. 528 would place the Financial Stability Oversight Council and the Office of Financial Research under the regular appropriations process and would provide for certain quarterly reporting and public notice and comment requirements for the Office of Financial Research, according to the congressional record bill summary.
H.R. 528 is endorsed by the Securities Industry and Financial Markets Association (SIFMA) and the Small Business and Entrepreneurship Council.
The second bill, the CFPB Dual Mandate and Economic Analysis Act, H.R. 527, would set a focus on competition and consumer choice at the Consumer Financial Protection Bureau (CFPB) by amending the Consumer Financial Protection Act of 2010 to update the purpose of the bureau, according to the text of the bill.
H.R. 527 is endorsed by the Independent Community Bankers of America.
“The financial services industry is incredibly important to Minnesota, and while regulators certainly have their place, Congress must ensure that the appropriate checks and balances are in place to oversee the power of regulators in order to protect consumers and the rights of Americans,” said Rep. Emmer. “Prosperity and consumer choice should be our primary focus as we rebuild our economy.”
The congressman noted that under these bills, lawmakers also “can assist law enforcement and financial services providers, secure easier access to financial services, and keep our government accountable.”