GOP lawmakers vie to slash CFPB employees’ pay

by Ryan Smith05 Dec 2017
Two Republican lawmakers have introduced bills in both the House and Senate to dramatically slash the salaries of Consumer Financial Protection Bureau Employees.

The bill, called the CFPB Pay Fairness Act of 2017, was introduced in the Senate by Sen. Mike Enzi (R-Wyo.), chair of the Senate Budget Committee, and in the House by Rep. Sean Duffy (R-Wis.), chair of the House Financial Services Subcommittee on Housing and Insurance, according to a HousingWire report.

The legislation stems from the fact that the CFPB’s pay scale differs from the scale on the General Schedule – the scale by which most federal employees are paid. With its funding coming from the Federal Reserve, the CFPB determines its salaries on a different scale. CFPB employees, in some cases, make significantly more than other government workers. In some cases, they make more than prominent elected and appointed officials, Enzi said.

“The need for Congress to bring accountability to the Consumer Financial Protection Bureau is long overdue, and the bureau’s lavish spending on employee salaries is a key example of why,” Enzi said in a statement. “There are hundreds of employees at the Consumer Financial Protection Bureau making more than governors, Supreme Court justices and senior White House staff, and Congress lacks the usual constitutional checks to rein in this behavior.”

The bill Enzi and Duffy have introduced would require the CFPB’s director to set employee salaries by the General Schedule, as most other government departments must do, HousingWire reported.

“Although it might sound like common sense, this bill would ensure the bureau is keeping employees’ salaries in line with the regular government pay scale,” Enzi said. “Hopefully this is the start of many needed reforms.”


Related stories:
Democrats not backing down against Trump’s CFPB pick
Legal dispute brewing over CFPB leadership
 

COMMENTS

  • by Don O | 12/5/2017 11:16:23 AM

    The CFPB is a bunch of crooked lawyers ripping off the general public with the mission to protect the consumer. I'm not surprised they are paying themselves absorbent salaries at the expense of the taxpayer. They are unregulated regulators that are a corrupt as they come. Single highhandedly destroyed the independent mortgage brokers in the mortgage lending space. Shut them down and shut them up.

  • by Paul | 12/5/2017 11:38:18 AM

    @Don O, The CFPB has its problems (like any other Government entity) but your assessment is a bit off. I suggest that you actually investigate exactly what the CFPB does before you accuse them of destroying the mortgage broker. The entire industry (not just brokers) destroyed itself and would have with or without the CFPB. I am a Broker and I am thriving. Brokers need to reassess themselves and stop blaming everyone else.

  • by Marty | 12/5/2017 11:52:57 AM

    It's about time someone watch out for my money. Now the Dems know why Trump was elected.

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