If Republicans take back the Senate, Texas Rep. Jeb Hensarling hopes to use his power as Financial Services Committee chairman to roll back unnecessary regulations and government red tape.
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The Consumer Financial Protection Bureau, a creation of the Dodd-Frank law, is high on his list.
The CFPB is “the single most unaccountable agency in the history of America” Rep. Hensarling told the Wall Street Journal in an interview, noting it is funded by the Federal Reserve, but is not accountable to Fed officials, Congress or a bipartisan commission. Only the president can remove its director, under certain conditions. Even the courts are required by the Supreme Court to defer to its judgments.