Texas Congressman: Expose the Consumer Financial Protection Bureau's Waste

Texas Congressman: Expose the Consumer Financial Protection Bureau's Waste

WASHINGTON, D.C.–The U.S. House of Representatives recently passed Lubbock Congressman Randy Neugebauer’s amendments to the Consumer Financial Freedom and Washington Accountability Act–in an effort to block over-budgeted spending by the Consumer Financial Protection Bureau (CFPB).  

The CFPB, which was created by the Dodd-Frank Act, has a track record of over-spending with no consequences. During the last fiscal year alone, the agency spent $100 million more than its budget allowed. Year after year, no one at the CFPB is held accountable for the out-of-control spending.

Rep. Neugebauer (R-Lubbock, Big Spring, Abilene) argued the bill was long overdue. He said, “The CFPB has unusually broad regulatory authority that reaches across our economy. But since it operates outside the normal budgeting process, it has almost no accountability to our taxpayers. That worries me.” 

Included in H.R. 3193 is a bill authored by Neugebauer called the Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013. The intention of this legislation, he argues, is to make the CFPB more financially responsible. “Right now, CFPB can simply draw money from the Fed whenever it needs,” the Lubbock Congressman said. “This bill is important not only because it makes the budget accountable to taxpayers, but also because it allows Congress to regularly evaluate CFPB’s performance and detect waste, fraud, and abuse.”

He also noted that “the CFPB will soon hold financial data of 10 million Americans – without their permission or knowledge.  It’s as if they’re competing with NSA to see which agency can gather more information. Large-scale government data collection like this raises red flags about privacy and security.”

Other recent steps by Neugebauer to increase government accountability include his promotion of Texas’ participation in a pilot program for food stamp reform. 

As Breitbart Texas reported earlier last week, the program is a part of a larger effort to help families in the private sector while decreasing dependency on food stamps. In a letter to the Texas Workforce Commission, Neugebauer wrote, “Spending on SNAP has grown tremendously over the past few years.  Instead of just bandaging the problem, we should focus on creating genuine opportunity that will improve the quality of life for the families who need it most… This pilot program includes work requirements and employment training to create opportunities for Americans to move off food stamps. I would be proud if my home state could be a forerunner in demonstrating the success of these reforms.”

Neugebauer told Breitbart Texas, “Texas is already doing great work to create jobs and reduce unemployment.  So our state is a natural fit for this pilot program, which combines work requirements and employment training to help people find employment and move off nutrition assistance.  I think this is a great program because it changes the focus of food stamps from sustenance to success.”

Follow Kristin Tate on Twitter @KristinBTate