Chairman Wagner: CFPB is an Unconstitutional Behemoth
WASHINGTON –Today, Congresswoman Ann Wagner (R-MO-02) held the first Oversight and Investigations Subcommittee hearing of the 115th Congress. The hearing, “The Bureau of Consumer Financial Protection’s Unconstitutional Design,” examined whether the structure of the CFPB violates the Constitution as well as the structural changes needed to resolve any constitutional vulnerabilities.
"Created under the Obama-era, 'Washington knows best' mindset, the Consumer Financial Protection Bureau is an unconstitutional behemoth that side-steps accountability to Congress and the President,” said Chairman Wagner following the hearing. “With an imperial Director, the CFPB continually expands and overreaches its regulatory authority at the expense of American families who are desperate for economic relief. It is time we hold Director Cordray responsible and restructure the CFPB within the framework of our Constitution."