The CFPB has seen dramatic changes lately, and it may see one more – huge pay cuts
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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
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
