Legislation introduced by U.S. Rep. Tom Emmer (R-MN) on Thursday would amend the mission of the Consumer Financial Protection Bureau (CFPB) to focus on competition and consumer choice.
Emmer introduced the CFPB Dual Mandate and Economic Analysis Act, H.R. 5211, with original cosponsors U.S. Reps. Robert Pittenger (R-NC), Andy Barr (R-KY), Randy Neugebauer (R-TX) and Steve Stivers (R-OH) to ensure that consumers have access to a range of financial service providers and products.
“It is time that we reform our government to help American consumers,” Emmer said. “By requiring the CFPB to focus more on competition and consumer choice, Minnesotans win. Ensuring that consumers and businesses can weigh in on actions by the CFPB before they are implemented increases the transparency and accountability of our federal government, which the American people deserve. Finally, once the CFPB implements a rule it only makes sense that our government studies its effectiveness so that it can be reformed or removed if it does harm.”
The bill would establish an Office of Economic Analysis (OEA) within the CFPB to assess the impact of proposed guidance, orders, rules and regulations, with its findings published in the Federal Register. The findings would then be subject to public comment.
The OEA would also be required to review CFPB actions one, two, five and 10 years after they’re implemented to verify their effectiveness to Congress.