Portman Introduces Bill Creating Inspector General for the CFPB, Says It Will 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 has to share 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 will help ensure we have an independent IG in place like we do at other federal agencies.”
NOTE: Senators John Barrasso (R-WY), Roy Blunt (R-MO), Thad Cochran (R-MS), Susan Collins (R-ME), Mike Enzi (R-WY), Dean Heller (R-NV), John Hoeven (R-ND) and Johnny Isakson (R-GA) joined Portman as original cosponsors of the legislation.
This is the same legislation Portman has introduced in previous Congresses. He supported the nomination of Richard Cordray to be the director of the Consumer Financial Protection Bureau, but has long said there must be greater accountability and transparency at the agency.