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CFPB Funding Could Be Gutted By Up to 70% to Offset Tax Cuts for Ultra-Rich

HFSC Chair French Hill holds over $9 million in assets—including at least $1.8 million in stock from companies facing CFPB enforcement and oversight. 

WASHINGTON, DC – As President Trump and congressional Republicans advance a budget that betrays the American people, House Financial Services Committee (HFSC) Republicans are set to gut up to 70% of the Consumer Financial Protection Bureau’s (CFPB) – an agency designed to protect consumers and has put $20 billion back into the pockets of Americans.

These cuts are designed to, in part, pay for congressional Republicans and Trump’s tax cuts for the ultra-rich and corporations – a gift to the wealthy that would personally benefit the Members overseeing the budget. A new review from Accountable.US revealed today that HFSC Chair French Hill reported over $9 million in assets, including at least $1.8 million in stock in companies that have faced CFPB enforcement actions or are overseen by the consumer watchdog. 

Between the pass through deduction and repealing the estate tax, Chair Hill could benefit enormously from extending the Trump tax scam while his constituents feel the burden of cuts to SNAP, Medicaid, and consumer protection from the CFPB, per Accountable.US’ Cash in Congress project. The CFPB has returned millions to defrauded or wrongfully charged Arkansas residents alone. 

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The same guy in charge of gutting the CFPB has a personal financial incentive to cut as much as he can — a flagrant conflict of interest that should enrage everyday Americans feeling the price crunch under President Trump. With investments in businesses facing CFPB scrutiny and assets that will tremendously benefit from these tax cuts, Chairman Hill is putting his own self-enrichment ahead of his constituents who will see devastating cuts to the programs they rely on every day to lower costs, provide healthcare, and protect them from predatory business practices. Rather than protect his constituents, Chairman Hill and his Republican peers have used their short time with trifecta power to shamelessly plan to pass a tax plan and budget rigged in their favor.” 

Accountable.US Executive Director Tony Carrk.

Chairman Hill has received nearly $8 million over his congressional career from the finance, insurance, and real estate sectors, including over $1.4 million from commercial banks.

Accountable.US’ Cash in Congress the only comprehensive database detailing every Congressional Republican members’ personal financial stake in extending the pass-through and estate tax changes from the Trump tax scam. Including Chair Hill, a staggering 70% of congressional Republicans could financially benefit themselves with their own tax plan.

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