This story appeared in Bank Digest.
As part of an ICYMI article, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) called for the end of the Consumer Financial Protection Bureau. In the article, Hensarling said the CFPB was "arguably the most powerful, least accountable agency in U.S. history." He added, "The agency defines its own powers and can launch investigations without cause, imposing virtually any fine or remedy, devoid of due process.
He said that "President Trump should immediately fire CFPB Director Richard Cordray" but that "even with good policy, the CFPB would still be unconstitutional." Hensarling said the CFPB "must be functionally terminated," which he said could be achieved by ending the bureau's funding through a reconciliation bill.
In addition, Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) has issued a statement on Hensarling's proposal to undo the Dodd-Frank Act, saying it showed that House Republicans intend to "renege on candidate Trump's campaign promises to hold Wall Street accountable and help working Americans." Brown said that "71 percent of Americans approve of the Consumer Financial Protection Bureau's mission. The Hensarling proposal would transform the bureau from an effective watchdog into a toy poodle--nice enough if that's your taste, but not very useful."