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The CFPB Should Be Eliminated

April 22, 2015
Press Release


Contact: Katherine Rosario, 202-226-8414

Washington – Today, the House passed H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act, which amends the Consumer Financial Protection Act to create a Small Business Advisory Board at Consumer Financial Protection Bureau (CFPB). Congressman Ken Buck (R-CO) voted against the legislation and released the following statement:

“The last thing the CFPB needs is more bureaucracy. In order to truly allow small business owners to innovate and protect investment, we should get rid of the CFPB entirely,” said Congressman Buck.

H.R. 1195 codifies two other advisory committees that have already been created by the CFPB: the Credit Union Advisory Council and the Community Bank Advisory Council. Each board or council advises and consults with the Bureau on relevant issues and provides information on emerging practices and concerns. It requires the CFPB Director to appoint at least 15, but no more than 20, members to the board and sets forth eligibility criteria for such appointments.

Rep. Ken Buck (CO-04) is the Freshman Class President. He serves on the House Judiciary Committee and the House Committee on Oversight and Government Reform.  He serves on the OGR Subcommittees on Government Operations and the Interior and is a member of the Judiciary Subcommittees on Immigration and Border Security and Crime, Terrorism, Homeland Security and Investigations.

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