Texas Insider Report: WASHINGTON DC Congressman Roger Williams (RAustin) a member of the House Financial Services Committee today introduced his bill the CFPB (Consumer Financial Protection Bureau) Rule Accountability Act to require congressional authorization for any CFPB ruling that would have an economic impact of $100 million or greater.
Despite its title President Obamas CFPB does nothing to protect consumers but rather gives lawmaking authority to unelected government workers who are oblivious to the effects their policies have on millions of hardworking American families said Williams.
Since the CFPBs inception we have witnessed unnecessary costly standards come out of a closed door agency that have the effect of law. As the Obama Administrations days come to an end its time to restore the decision making power to the lawmakers who are held accountable to the people who sent them to Washington.
The chairman of the Financial Services Committee Congressman Jeb Hensarling (at right RDallas) offered his support for Williams bill.
The American people are tired of out-of-control unaccountable Washington bureaucrats passing unnecessary rules without their consent that shackle the economy and rob them of a higher standard of living. Nowhere is this more true than at the CFPB where a single unelected director is granted unprecedented power to arbitrarily decide what mortgages credit cards and back accounts Americans can have access to.
I commend Rep. Williams for introducing the CFPB Rule Accountability Act which applies the House-passed REINS Act to CFPB rules ensuring that Congress has the final say on the rules proposed by this unaccountable bureaucracy. It is far past time to put the American people through their elected representatives back in charge of writing federal law.
The CFPB was created in 2011 after President Barack Obama signed the Dodd Frank Act.
