U.S. Sen. Mark R. Warner, a member of the Senate Banking Committee, and Sen. Tim Kaine (both D-VA) joined a group of 40 Senate Democrats in standing up for the Consumer Financial Protection Bureau’s (CFPB) independence and power to obtain justice for consumers who have been wronged by large financial institutions.
In a letter today, the Senators urged Senate leaders Mitch McConnell and Chuck Schumer to preserve the agency’s independent funding stream and protect the CFPB from political interference. The Consumer Financial Protection Bureau’s independent funding structure has been key to its success, which in just six years has returned nearly $12 billion to more than 29 million impacted consumers.
“The administration has already undermined the effectiveness of the CFPB by appointing Office of Management and Budget Director Mick Mulvaney as part-time Director of the Bureau,” the Senators wrote in a letter. “Altering the funding stream of the Consumer Financial Protection Bureau would further jeopardize the agency and its ability to conduct independent investigations into financial wrongdoing. The Dodd-Frank Wall Street Reform and Consumer Protection Act established the CFPB as an independent agency to protect it from political interference by Congress or the Executive Branch.”
In addition to Warner and Kaine, the letter was signed by Sens. Jeff Merkley (D-OR), Sherrod Brown (D-OH), Elizabeth Warren (D-MA), Catherine Cortez Masto (D-NV), Bernie Sanders (I-VT), Kirsten Gillibrand (D-NY), Edward J. Markey (D-MA), Mazie K. Hirono (D-HI), Jack Reed (D-RI), Sheldon Whitehouse (D-RI), Bob Menendez (D-NJ), Maggie Hassan (D-NH), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Debbie Stabenow (D-MI), Cory Booker (D-NJ), Chris Van Hollen (D-MD), Bob Casey (D-PA), Gary Peters (D-MI), Tammy Duckworth (D-IL), Ben Cardin (D-MD), Maria Cantwell (D-WA), Dianne Feinstein (D-CA), Bill Nelson (D-FL), Ron Wyden (D-OR), Michael Bennet (D-CO), Brian Schatz (D-HI), Patty Murray (D-WA), Kamala Harris (D-CA), Tom Udall (D-NM), Dick Durbin (D-IL), Chris Murphy (D-CT), Tina Smith (D-MN), Tom Carper (D-DE), Jeanne Shaheen (D-NH), Martin Heinrich (D-NM), Joe Donnelly (D-IN), and Amy Klobuchar (D-MN).
Sens. Warner and Kaine have urged President Trump to swiftly nominate a permanent director of the CFPB who will put working families ahead of Wall Street.
The full text of the letter is available here.
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