In a letter delivered to Chairman French Hill (R-AR) during a full Committee Markup, Congresswoman Maxine Waters (D-CA), the leading Democrat on the House Financial Services Committee, urged him to fulfill the Committee’s legal duty under the Dodd-Frank Act, which requires the Director of the Consumer Financial Protection Bureau (CFPB) to appear before Congress for a semi-annual report.
Chairman Hill rejected the Congresswoman’s formal request in February, which is followed by this letter.
Congresswoman Waters emphasizes in the letter how crucial it is to abide by Section 1016 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires the CFPB Director to testify before Congress twice annually. The CFPB uses these semiannual hearings as a vital platform to inform lawmakers about its work, be transparent, and show the American public that it is accountable.
The Congresswoman also emphasizes how urgent the hearing is, especially in view of the Trump Administration’s ongoing illegal shutdown of the CFPB and the current Republican bill that defunds the agency’s budget, both of which will significantly impair the Bureau’s capacity to safeguard American consumers. Waters goes on to say that there are significant doubts regarding the Bureau’s dedication to its consumer protection purpose because Acting CFPB Director Russell Vought has taken a number of concerning steps since taking office, including stopping important agency functions.
“During the week of the 15th anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), I write again to respectfully request that you, as our Chairman, work to ensure our Committee complies with Section 1016 of that Act requiring semiannual hearings with the Consumer Financial Protection Bureau (CFPB) Director, and promptly invite Acting Director Russell Vought to testify before our Committee,” wrote Ranking Member Waters. “The need for convening this hearing and some basic oversight grows by the day. The Republican Congress recently slashed the CFPB’s budget in nearly half without getting any kind of analysis from Acting Director Vought or other CFPB officials what the implications are for this terrible policy. Meanwhile, Acting Director Vought has claimed the CFPB is prioritizing protecting servicemembers, and yet he recently let a bad actor off the hook for harming servicemembers and their families.”
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