Sen. Perdue (R-GA) Introduces Bill to Change CFPB’s Funding Source for Third Time

On February 12, Sen. David Perdue (R-GA), a member of the Senate Banking Committee, introduced Senate Bill 453, also known as the CFPB Accountability Act of 2019. According to the text of the bill, it would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau (CFPB) to the regular appropriations process.

A press release issued the same day that the newest bill was introduced, Sen. Perdue stated:

Dodd-Frank gave the CFPB unprecedented power with no Congressional oversight. Despite the new Director’s efforts to bring transparency to the Bureau, its structure is still completely unconstitutional. The American people deserve a closer look at the CFPB to understand how its actions will impact consumers.

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