Portman Introduces Bill to Create CFPB Inspector General to Improve Transparency & Accountability
WASHINGTON, D.C. – U.S. Senator Rob Portman (R-Ohio) introduced legislation to create a dedicated, Senate-confirmed Inspector General (IG) for the Consumer Financial Protection Bureau (CFPB). Under current law, the CFPB shares an IG with the Federal Reserve. Unlike most major agency IGs, the Federal Reserve IG is a “designated federal entity IG” hired by the Fed Chairman, rather than appointed by the president with the advice and consent of the Senate. Portman issued the following statement:
“Installing a dedicated, Senate-confirmed internal watchdog at the CFPB will provide greater transparency and accountability at the CFPB. Given the vast powers of this large bureaucracy and the CFPB’s insulation from congressional oversight, it is critical that it have an independent IG to ensure robust oversight. Every federal agency should be responsive and accountable to the American people, and this bill ensures we have an independent IG in place like we do at other federal agencies.”
NOTE: Senators John Barrasso (R-WY), Roy Blunt (R-MO), John Boozman (R-AR), Susan Collins (R-ME), Mike Enzi (R-WY), John Hoeven (R-ND) and Johnny Isakson (R-GA) are original cosponsors of the legislation.
Portman also introduced this legislation in the 114th and 115th Congresses.