Washington D.C. – Today the House Financial Services Committee led by Republican Chairman and friend of Wall Street Patrick McHenry rubber-stamped a package of several bills to weaken the Consumer Financial Protection Bureau and leave millions of Americans vulnerable to financial industry abuse and predatory behavior. It was the latest assault in a long-running campaign by conservatives in Congress to defund, defang and destroy the agency that has been so successful at protecting consumers to the chagrin of the right-wing’s major donors in the financial industry. Bills moved today include Congressman Andy Barr (R-KY)’s TABS Act which leaves CFPB funding beholden to the political whims of Congress and undermines the CFPB’s enforcement capabilities – all at the expense of consumers.
A review by Accountable.US found the original sponsors of anti-CFPB bills rammed through committee today have received $9.3 million from commercial banks, securities & investment companies, and finance & credit companies – industries they are supposed to oversee, not enrich. These Committee Republicans see the CFPB’s successful track record obtaining nearly $16 billion in relief for over 190 million consumers as a drag on the bottom line of their biggest industry benefactors, not the clear benefit to the economy it is.
Since its inception, the CFPB’s independence has drawn the ire of conservatives in Congress because they’d prefer the agency have zero funding to protect consumers from their major industry donors like predatory lenders and greedy Wall Street banks. The CFPB has been so effective at recouping billions of ill-gotten dollars on behalf of wronged consumers precisely because it has always been free from political influence. The multitude of lawsuits and legislation aimed at the CFPB are all about weakening the agency and leaving consumers more vulnerable to abuse from bad actors in the financial industry that fuel right-wing political coffers.”