WASHINGTON, D.C. – Congressman Steve Stivers (R – OH) this week introduced the Bureau of Consumer Financial Protection-Inspector General Act of 2013, legislation that creates the position of an independent Inspector General (IG) at the Consumer Financial Protection Bureau (CFPB). Stivers introduced the bipartisan legislation with Congressman Tim Walz (D-MN).
“Government accountability is important now, more than ever,” Stivers said. “This legislation will allow for increased oversight of an agency that has been given broad authority. It is important that we take the necessary steps to ensure the CFPB is accountable to the American people.”
The CFPB currently has very little Congressional oversight. The agency is not subject to the appropriations process, receiving funds for their budget from the Federal Reserve, and the CFPB does not have an independent, Senate-confirmed Inspector General (IG).
Instead, the Consumer Financial Protection Bureau shares an Inspector General with the Federal Reserve. The IG of the Federal Reserve is an unconfirmed position appointed by the Fed Chairman.
Stivers’ legislation amends the Inspector General Act of 1978 to establish an independent Inspector General for the CFPB. The position would be appointed by the President and then confirmed with the advice and consent of the Senate.
There are currently more than 30 federal departments or agencies that have an independent IG.