WASHINGTON — Reuters, which has shown its liberal bias over the years, called out House Republicans for being politically motivated. The House Republicans passed a bill to protect consumers from the U.S. Consumer Financial Protection Bureau (CFPB).
Reuters reported that the CFPB was created in 2010 as a result of the Dodd-Frank law to help prevent financial scams. But, the bureau is not accountable to lawmakers or the American people, which is the focus of the House bill.
The funding for the bureau comes from the U.S. Federal Reserve and not Congress, which worries Republicans. Democrats insist that this is a good thing to get around congressional gridlock and partisanship. Reuters called this bill “politically-motivated.”
Wisconsin Republican Sean Duffy (pictured above) said:
“The Consumer Financial Protection Bureau is not responsive to Congress because it doesn’t get its funding from Congress…We think it is appropriate when you have an agency that is so powerful and so unaccountable that we give the elected members of the American people the power to say how much money they should have.”
The bill passed by a vote of 232-182 and would replace the bureau’s director with a commissioner and would be accountable to lawmakers to receive funding.