Republicans seeking to restructure the Consumer Financial Protection Bureau claim that the agency will be too indpedendent, allowing it to issue regulations and take enforcement actions without adequate congressional oversight, budget restraints, and controls on its regulatory powers. Adam Levitin says that's not so. In this post, he compares CFPB oversight with other prominent agencies, including major financial regulators such as the Federal Reserve Board, the Office of the Controllor of the Currency, and the Office and Thrift Supervision. He concludes:
that the CFPB is subject to an extensive battery of oversight mechanisms--more than any of the other financial regulators included in [his] comparison. At the very least, th[e] chart [included in his post] provides pretty good evidence that claims that the CFPB is the least accountable agency ever just don't hold water, and that it is at least as accountable as the existing bank regulators.
Check out Levitin's chart.
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