The Leader Board

Argue That 'No Single Person Who's Unaccountable To The American People Should Have That Much Power,' 45 Sign Letter To President

'We Don't Need Any More Unelected, Unaccountable Czars In Washington'

SEN. MITCH MCCONNELL (R-KY): "…the Director of the CFPB, by design, is set to lead one of the least accountable and most powerful agencies in Washington. What we're saying is no single person who's unaccountable to the American people should have that much power. We are asking for the same structure as the SEC, the CFTC, and the FDIC, the FTC, the NLRB, and the Consumer Product Safety Commission — the same structure we use anytime we give unelected bureaucrats new powers that need to be checked to protect against abuse. … We don't need any more unelected, unaccountable czars in Washington." (Sen. McConnell, Floor Remarks, 12/6/11)

SEN. RICHARD SHELBY (R-AL): "This is about accountability. The Bureau, as currently structured, lacks any semblance of the checks and balances inherent in the Constitution.  Everyone supports consumer protection, but we should never entrust a single person with this much power and public money.  We are simply asking the President to support common sense reforms that provide the accountability absent in the current structure." (Sen. Shelby, Press Release, 5/5/11)


LETTER TO PRESIDENT OBAMA: "No person should have the unfettered authority presently granted to the director of the Consumer Financial Protection Bureau. Therefore, we believe that the Senate should not consider any nominee to be CFPB director until the CFPB is properly reformed. We urge the adoption of the following reforms…" (GOP Senators, Letter To President Obama, 5/2/11)

1)       "Establish a board of directors to oversee the Consumer Financial Protection Bureau. To prevent a single individual from dominating the actions of the CFPB it should be governed by a board of directors. Diversifying the leadership of the CFPB would also reduce the potential for the politicization of the CFPB and ensure the consideration of multiple viewpoints in the CFPB's decision-making. This structure is consistent with the organization of the Federal Reserve Board, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation." (GOP Senators, Letter To President Obama, 5/2/11)

2)       "Subject the Consumer Financial Protection Bureau to the appropriations process. To ensure that the CFPB does not engage in wasteful or inappropriate spending and has effective oversight, the CFPB should be subject to the Congressional appropriations process. The Securities and Exchange Commission, Commodity Futures Trading Commission, and the Federal Trade Commission have long been subject to the appropriations process for the same reasons." (GOP Senators, Letter To President Obama, 5/2/11)

3)       "Establish a safety-and-soundness check for the prudential regulators. Federal bank regulators should be given meaningful tools to prevent the CFPB's regulations from needlessly causing a bank failure. After all, one of the best consumer protections is a safe and sound bank. Such a check by the prudential regulators will provide a reasonable restraint on the CFPB's authority and ensure that the CFPB's regulations strike the right balance between consumer protection and safety-and-soundness." (GOP Senators, Letter To President Obama, 5/2/11)