Rounds Introduces Legislation to Dismantle CFPB

WASHINGTON – U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Banking Committee, today announced he introduced legislation to dismantle the Consumer Financial Protection Bureau (CFPB) by eliminating its funding stream from the Federal Reserve.

“A product of the ill-advised Dodd-Frank Reform Act, the CFPB is an unaccountable regulatory agency ran by unelected bureaucrats with no oversight from Congress,” said Rounds. “No unchecked federal agency should have the power to dramatically alter the financial choices of consumers through the rules it promulgates. Dismantling the CFPB is but one step we can take to ease the regulatory burdens of Dodd-Frank, the cost of which continues to be handed down to American families. I look forward to working with my colleagues to roll back the CFPB’s power and prevent the agency from imposing any further harmful regulations.”

Rounds’ legislation amends the Consumer Financial Protection Act of 2010 to bar the transfer of funds from the Board of Governors of the Federal Reserve System to the CFPB. The bill also requires the CFPB to turn over all penalty funding and other money it has received to the Treasury of the United States. Text of the bill can be found below.