Sen. Jerry Moran (R-Kan.), a member of the Senate Committee on Banking, Housing and Urban Affairs, Friday reintroduced legislation to replace Consumer Financial Protection Bureau Director Richard Cordray with a five-person commission.
"Allowing a single unelected official to define their own jurisdiction and regulate vast segments of our economy without accountability or restraint is irresponsible regardless of political party," Moran said in a release.
"This common-sense legislation brings a variety of perspectives to the bureau and gives Congress the oversight authority required for such a powerful agency. We stand ready to work with the president to make certain the CFPB's mission of consumer protection is both effective and accountable," Moran said.
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