WASHINGTON, DC —  House Majority Whip and House Financial Services Committee member Tom Emmer (R-MN) announced his introduction of two pieces of legislation designed to undermine the Consumer Financial Protection Bureau’s (CFPB) rulemaking authority and diminish the agency’s ability to defend the interests of American consumers. Emmer claims the introduced legislation would “redirect” the CFPB’s mission to be better aligned with the needs of “everyday Americans,” but his campaign contribution records reveal a close relationship with Wall Street donors and other industries with an ax to grind against the Bureau. Over his career, Emmer has accepted over $500k from commercial banks, $209k from finance and credit companies, and $956k from the securities and investment industry — all staunch opponents of the CFPB. 

The House Financial Services Committee Majority has made a career out of amplifying the financial industry’s grievances against the CFPB. They are not shy about their desire to sabotage the agency, despite its role in recouping billions of dollars for victims of financial abuse. It’s no surprise that Emmer is joining the ranks of Chair Patrick McHenry and Rep. Luetkemeyer as they do the bidding of their industry donors while American consumers face the consequences.”

Liz Zelnick, Director, Economic Security & Corporate Power.
back to top