Only three agencies are exempt from the open meeting provisions of FACA—the Central Intelligence Agency, the Office of Director of National Intelligence and the Federal Reserve. Because it is not involved in intelligence gathering or monetary formation policy, the question remains why its committee and subcommittee meetings are not held in public.
CFPB Director Richard Cordray says FACA does not apply to the CFPB. Sen. David Perdue (R-GA) said, “Right now, the CFPB is a rogue agency that dishes out malicious financial policy and creates new rules and regulations without any oversight from Congress. On top of that, the agency itself has failed to operate within its own budget and proven it is more concerned with preserving its own power than protecting the public.” The CFPB operates under the Federal Reserve and is therefore not accountable to Congress.
House Financial Services Committee Chairman Jeb Hensarling (R-TX) saidin a hearing last month the agency needs to be more transparent. “The CFPB undoubtedly remains the single most powerful and least accountable Federal agency in all of Washington,” Hensarling said. “When it comes to the credit cards, auto loans and mortgages of hardworking taxpayers the CFPB has unbridled, discretionary power not only to make those less available and more expensive, but to absolutely take them away.”
H. R. 1625 now moves over to the Senate for consideration. ##
(Image credit: wikipedia)
