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119-hr-2183119th CongressWALLET

CFPB Dual Mandate and Economic Analysis Act

Sponsored By: Representative Emmer, Tom [R-MN-6]

Introduced

Summary

Promoting private-sector participation and consumer choice — this bill would recast the Consumer Financial Protection Bureau's mission to emphasize fair and transparent markets that strengthen private-sector participation and limit government interference.

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  • Consumers: Requires the Bureau to measure and publish how rules affect consumer access to and the cost of financial products, with follow-ups reported at 1, 2, 5, and 10 years.
  • Financial firms and markets: Reorients enforcement language to prioritize increasing private-sector participation and competition and to avoid government interference or subsidies in markets.
  • Bureau process and transparency: Creates an Office of Economic Analysis to review all proposed guidance, orders, rules, and regulations and to publish assessments in the Federal Register. The Director must consider those assessments and must explain any disagreement, and must identify the problem and success metrics for each rulemaking.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 0 costs, 2 mixed.

CFPB mission shifts toward private markets

This bill would change the CFPB’s purpose statement. It would remove “competitive” from “fair, transparent, and competitive,” leaving “fair and transparent.” It would direct the Bureau to implement and, when needed, enforce consumer laws to strengthen private‑sector participation without government interference or subsidies, to increase competition and consumer choice. This could shift how the Bureau designs and enforces rules.

New economic review office at CFPB

If enacted, the CFPB would have to set up an Office of Economic Analysis. The office would review every proposed rule, order, or guidance and assess effects on consumer choice, prices, and access to credit. It would publish each review in the Federal Register. It would also recheck each action after 1, 2, 5, and 10 years and publish results. Before issuing anything, the Director would need to consider the office’s review and explain any disagreement. Each proposal would need a clear problem statement and success metrics, including changes in cost and access for consumers.

Sponsors & CoSponsors

Sponsor

Emmer, Tom [R-MN-6]

MN • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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