WASHINGTON, D.C. – This week, Senator Thom Tillis (R-NC) joined Mike Enzi (R-WY), Ben Sasse (R-NE) and David Perdue (R-GA) in introducing legislation that would require the Consumer Financial Protection Bureau (CFPB) to set salary rates according to the government’s standard pay scale.
Currently, the CFPB pays employees significantly more than other government agencies because it is not bound to the federal government’s General Schedule (GS) scale. In 2018, almost one in five employees at the CFPB were compensated more than the highest-paid individuals on the GS scale. Unlike other financial regulatory agencies, the CFPB operates outside of the regular congressional appropriations process because most of its funding comes directly from the Federal Reserve.
“The CFPB is long-overdue for more accountable and oversight from Congress, and allowing their federal bureaucrats to make significantly more money than other federal workers should end immediately,” said Senator Tillis. “This legislation would rightfully end this senseless waste and ensure CFPB employees are under the federal pay scale like every other government agency.”
Full text of the legislation is available here.