Ranking Member McHenry: Congress Created One of the Most Powerful and Unaccountable Bureaucracies Ever
Republican leader welcomes Kraninger’s pledge to improve CFPB, stresses the need for bipartisan reform
March 7, 2019 –
WASHINGTON – Today, the House Financial Services Committee held its semi-annual hearing to receive testimony from the Consumer Financial Protection Bureau (CFPB) Director, Kathy Kraninger.
Republican leader of the Committee, Patrick McHenry (NC-10), began by highlighting the flawed organization of the Bureau under the Dodd-Frank Wall Street Reform and Consumer Protection Act, “creating one of the most powerful, and unaccountable bureaucracies ever.” The Ranking Member went on to express his appreciation for Director Kraninger’s pledge “to provide more transparency, and stop the Bureau’s ugly history of regulation by enforcement,” but acknowledged that the agency still lacks oversight, accountability, an Inspector General, and is in need of reform.
Watch Ranking Member McHenry’s opening remarks here or by clicking on the image below.
In his questioning of Director Kraninger, Ranking Member McHenry noted the Director’s far-reaching decision making power to implement many of the provisions detailed in Chairwoman Water’s (CA-43) proposed legislation to reform the CFPB. McHenry also highlighted that the Director, under current law, is not accountable to Congress and can continue to operate independently, unless “we have a structure that is a bipartisan board and a structure that puts you on budget,” as the Ranking Member, and several Republicans, have previously proposed.
Watch Ranking Member McHenry’s questioning of Director Kraninger here or by clicking on the image below.
Ranking Member McHenry went on to question Scott Weltman, Managing Shareholder of Weltman, Weinberg & Reis Co., on the second panel of the hearing. Weltman experienced firsthand the “harm Richard Cordray’s CFPB pushed upon consumers, and individuals, and companies.” The Ranking Member again stressed the need for structural reform of the CFPB to keep this from happening again.
Watch Ranking Member McHenry’s questioning of Scott Weltman here or by clicking on the image below.
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