Representative Andy Barr (KY-06) led the House Financial Services Subcommittee on Financial Institutions and Monetary Policy in a hearing to review the financial reporting and transparency of the Consumer Financial Protection Bureau (CFPB).
During the hearing, Chairman Barr expressed concerns about the lack of transparency and accountability within the CFPB, stating, “The CFPB is increasingly out of control and lacks transparency because there are virtually no checks on the agency’s power.” He also highlighted the agency's refusal to provide a witness for the hearing, emphasizing the need for greater oversight.
Chairman Barr criticized the CFPB's financial audits, pointing out that while the Government Accountability Office (GAO) monitors the agency's financial condition, there are limitations to the audits that do not cover policy or budgeting decisions. He also raised issues with the CFPB's independent audit, noting that the recent audit lacked substance and failed to address key findings or recommendations.
Concerns were raised about the CFPB's unilateral actions outside its mandate, which have led to enforcement threats without proper adjudication. Chairman Barr highlighted the negative impact of Director Chopra's leadership, stating, “A rogue CFPB under Director Chopra is no help to consumers.”
The hearing also discussed the need for congressional intervention to rein in the CFPB's overreach and ensure accountability. Chairman Barr urged Congress to assert its power of the purse and prevent unelected bureaucrats from disregarding consumer and business rights.
In conclusion, Chairman Barr emphasized the importance of addressing the unchecked power of the CFPB and implementing measures to protect citizens from a federal bureaucracy operating without sufficient oversight.