After the U.S. Court of Appeals for the District of Columbia Circuit ruled that President Barack Obama’s January 2012 recess appointment of three National Labor Relations Board (NLRB) members was unconstitutional, many have questioned whether Consumer Financial Protection Bureau Director, Richard Cordray’s, appointment was invalid as well. Congress isn’t waiting for a legal action to question Cordray’s position. Instead, some members of the legislature have decided to take matters into their own hands.
Three bills have been introduced recently that seek to make changes to the CFPB.
S 205, a bill to replace director Cordray with a five-person commission, was introduced on Jan. 31 by Sen. Jerry Moran, R-Kan. The bill also seeks to bring the bureau into the regular appropriations process and provide a safety and soundness check. S 205 was referred to the Committee on Banking, Housing and Urban Affairs.
S 190, a bill to prohibit the use of federal funds for certain activities of the CFPB, was introduced on Jan. 31 by Sen. Mike Johanns, R-Neb. The bill also prohibits using federal funds for certain NLRB activities. It was referred to the Committee on Health, Education, Labor and Pensions.
HR 450, a bill seeking to bring the CFPB into the regular appropriations process, was introduced by Rep. Bill Posey, R-Fla. The bill was referred to the House Committee on Financial Services.
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