Washington, DC – Today, the House of Representatives passed Rep. Ron DeSantis’ (FL-06) amendment to H.R. 3193, the Consumer Financial Protection and Soundness Improvement Act. This amendment repeals the exclusive rulemaking authority of the Consumer Financial Protection Bureau (CFPB) and restores the judiciary’s jurisdiction over the rules promulgated by the agency.
“The CFPB has vast powers over the American economy, yet it is not accountable to traditional legislative, judicial, and executive checks,” DeSantis said. “Despite the agency’s wide-reaching impact, the courts lack the ability under the law to review agency actions in an effective way. Our government is built upon a system of checks and balances; allowing an agency to live outside the bounds of traditional forms of accountability is not consistent with our constitutional tradition."
The amended Consumer Financial Protection and Soundness Improvement Act was subsequently passed by the House of Representatives by a vote of 232 to 182 and now awaits consideration by the Senate.