ACA International supports the legislation from U.S. Rep. Blaine Luetkemeyer.
U.S. Rep. Blaine Luetkemeyer, R-Mo., continues to seek a change in the Consumer Financial Protection Bureau’s leadership structure with the introduction of legislation to replace the director position with a five-member bipartisan commission on Thursday.
Luetkemeyer, ranking member of the House Subcommittee on Consumer Protection and Financial Institutions, introduced the Consumer Financial Protection Act while the U.S. Supreme Court is debating a case also focused on the bureau’s leadership structure, Seila Law v. Consumer Financial Protection Bureau. Republicans on the House Financial Services Committee, where Luetkemeyer also serves, are cosponsors of the bill.
The Supreme Court held oral arguments in March 3.
“Regardless of the court’s decision, the fact of the matter is no single person should wield such unabated power over our economy, which is the exact reason many financial regulators are guided by a commission,” Luetkemeyer said in a news release from his Missouri office. “My bill eliminates the director position in favor of a commission to ensure the CPFB can be held accountable and maintain the transparency the American people expect.”
ACA International continues to support legislation to implement a commission leadership structure at the bureau and increase its accountability and transparency, including Luetkemeyer’s proposal.