Created as part of the 2010 Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) is possibly the biggest and most financially infuriating failed experiment to come out of Dodd-Frank. While the CFPB claims to be a voice for the “little guy” the Bureau’s exorbitant salary’s and spending practices highlight just how out of touch CFPB officials are with those on Main Street America.
As a result of power granted under Dodd-Frank and the Obama administration’s push to regulate every nook and cranny of American’s lives and the economy, the CFPB has evolved into one of the most extreme examples of unaccountable bureaucracy’s to date. The CFPB Director is not only immune from standard removal processes by the president, but lacks any Congressional oversight because the CFPB is not subject to the appropriations process, as they receive their funding straight from the Federal Reserve, leaving the taxpayers and their elected representatives in the dust.
Recently released public data shows that the lack of Congressional oversight and other factors have amounted to exorbitant salaries at the CFPB, among other wreck less spending issues. A troubling amount of CFPB employees are being paid more than members of the Senate, the Cabinet, and even the Vice President of the United States.
CFPB employees are enjoying some of the most fluffed salaries in all of D.C., especially when one considers they are a group of unelected bureaucrats supposedly working with the interests of the common American at heart.
Currently, 39 CFPB employees earn more than Vice President Mike Pence’s annual salary of $230,000. Additionally, 201 CFPB employees make more than Senate majority and minority leaders Mitch McConnell and Charles Schumer, who earn $193,000 annually. It does not stop there, 54 CFPB employees earn more than Paul Ryan’s $223,000 annual earnings. Finally, another 170 CFPB employees earn more than the Attorney General, the Director of National Intelligence, and the Secretaries of Defense and State.
It’s all to ironic that the agency that is supposed to be looking out for the little guy is actually padding the pockets of their own employees with exorbitant salaries that rival those of some of Washington’s most powerful leaders.
The cherry on top of the paradox that is the CFPB is the Bureau has been plagued in the past for overspending such as headlines last year highlighting the cost of the Bureau’s $150,000,000 lair, situated across of the White House. With a purchase price of $150,000,000, it would be fair to assume that this building would come with everything a government agency would need right? Not for the CFPB, in fact, the CFPB ordered up a grand $216,000,000 renovation for the building.
The CFPB website claims, “We arm people with the information, steps, and tools that they need to make smart financial decisions.” Funny, when according to CFPB, their office renovations were to include a public plaza featuring “sunken gardens, cascading waterfalls on reflective carnelian granite, a ‘living wall,’ timber lounges, sculptural seating, a reflecting fountain, a covered ‘porch’ canopy with wisteria and a bronze kiosk,” costing the taxpayers $285.32 per square foot.
Rep. Sean Duffy (R-WI), former Chairman of the House Financial Services Oversight Subcommittee, criticized the CFPB last year on this issue saying, “DC may be the only place on Earth where it is considered ‘reasonable’ for a federal bureaucracy to spend over $200,000,000 to renovate a building it doesn’t own — a full $50,000,000 more than the building is worth.”
The exorbitant salaries, the expensive downtown building, the $216,000,000 renovation, and the “public plaza” are just a few symptoms of an out of control agency that is not subject to congressional oversight or appropriations. The 115th Congress should look to reign in the CFPB by placing the Bureau under the Congressional appropriations process.
Photo Credit: Ted Eytan