Washington, D.C. – Today, House Majority Whip Tom Emmer (MN-06) announced his introduction of two bills to hold the Consumer Financial Protection Bureau (CFPB) accountable to the American people: the CFPB Dual Mandate and Economic Analysis Act and the CFPB Whistleblower Incentives and Protection Act.
“The CFPB cannot continue its trend of haphazard rulemaking that often does little but find solutions in search of problems. The CFPB should work to empower everyday Americans rather than pursue initiatives that empower the federal government,” Emmer said. “To do so, the agency must require the input of the American people, both to help guide federal policy towards greater competition and ensure bureaucrats at the CFPB are advancing the needs of everyday Americans. To that end, instead of fear of retribution, retaliation, or financial ruin, whistleblowers should be supported as they come forward and help ensure the Bureau is protecting American consumers."
“These bills are an important step towards redirecting its mission on what actually matters: the everyday Americans who fuel Main Street America and strengthen our local communities,” concluded Emmer.
The CFPB Dual Mandate and Economic Analysis Act amends the mission of the CFPB to direct its attention to competition and consumer choice while maintaining an emphasis on fairness and transparency. The bill establishes an Office of Economic Analysis at the agency to review all proposed and existing rules, orders, guidance and regulations to identify both the problem solved by the action and how the action would impact consumer choice, price and access to financial products.
The OEA’s findings on these actions would be published in the Federal Register, enabling the public to respond, and going forward, the CFPB would be required to review and solicit public comment on all of its actions.
The CFPB Whistleblower Incentives and Protection Act will require the agency to provide awards to whistleblowers who report information in relation to a violation of consumer financial law resulting in sanctions exceeding one million dollars. The bill would also establish requirements regarding the legal representation of whistleblowers, including allowing for whistleblower confidentiality.
Text of the CFPB Dual Mandate and Economic Analysis Act can be found here.
Text of the CFPB Whistleblower Incentives and Protection Act can be found here.