Consumers First Act

Floor Speech

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Mr. BURCHETT. Madam Chair, I rise today to speak on behalf of Dr. Burgess' Amendment to H.R. 1500, the Consumers First Act.

The Consumer Financial Protection Bureau (CFPB) has two primary flaws. First, Congress does not oversee the agency, and a sole director determines its priorities. Second, instead of securing funding through the Congressional appropriations process, the CFPB receives money from the Federal Reserve. This funding method exempts it from budgetary limitations and is a prime candidate for the irresponsible use of tax dollars.

These practices do not serve the American people, those that this agency was designed to protect. Because of this current lack of oversight and accountability, the agency is vulnerable to political whims. An agency this powerful should have Congressional oversight.

Dr. Burgess' amendment, which I am proud to cosponsor, would help to right these wrongs. It would subject the CFBP to the Congressional appropriations process, just like other federal agencies of similar scope and size. This is not a partisan amendment: The simple change would increase resistance to political impulses and accountability to the American people.

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