Congressman Gary Palmer (R-AL), is an original co-sponsor of H.R. 3118, the Repeal CFPB Act, introduced this week by Rep. John Ratcliffe (R-TX). This bill would repeal the misleadingly named Consumer Financial Protection Bureau (CFPB), a federal agency fundamentally unaccountable to Congress, the President, and the Courts.
"I support repealing the CFPB because it has too much power and is insufficiently accountable," said Palmer. "It's accountability to the President is limited, as the head of the agency can be removed only for cause. It has little accountability to Congress, because it is not subject to Congressional funding, and instead funded directly by the Federal Reserve. It is also insulated from accountability to the courts, as the laws governing it specifically grant its interpretations of consumer protection law deference over other interpretations. History teaches us that power which is not held accountable, no matter how well intentioned, is often abused."
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