House Financial Services Committee Holds Hearing After 15 Years of the Dodd-Frank Act

FOR IMMEDIATE RELEASE

Contact: Kara Zupkus (224)-456-0257

WASHINGTON, D.C. — On Tuesday, the House Financial Services Committee held a hearing reflecting on a decade and a half of financial regulation under the Dodd-Frank Act. The bill’s enactment in 2010 brought on a period of ill-conceived regulation and market distortions, damaging the dynamism of the financial-services industry and hamstringing the American economy.

The Dodd-Frank Act also created the Consumer Financial Protection Bureau (CFPB), which has proved to be an ineffectual regulatory instrument, prone to abuse and mission creep. The Financial Services Committee had multiple bills to reform the CFPB on the hearing agenda, many of which would establish greater accountability at the agency.

These bills include:

• R. 2183, the CFPB Dual Mandate and Economic Analysis Act: Adds to the CFPB’s mandate the goal of “strengthening private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice.”
• R. 2331, the Transparency in CFPB Cost-Benefit Analysis Act: Establishes more robust cost-benefit calculation for agency actions.
• R. 2513, the CFPB–IG Reform Act of 2025: Establishes an independent office of inspector general for the CFPB.

Following the hearing, Taxpayers Protection Alliance (TPA) President David Williams offered the following comment:

“The CFPB was sold to the public as a watchdog for the little guy. But, in reality, it’s been operating as a rogue and unaccountable agency, imposing upon Americans’ lives and making it more difficult for businesses to get the financial services they need. The CFPB is more concerned with regulatory overreach rather than consumer protection. No agency should have that kind of power without real accountability.

“Thankfully, the House Financial Services Committee is stepping up to rein in the CFPB. Its efforts to bring the CFPB back under control of Congress are exactly what’s needed. This isn’t about left vs. right; it’s about ensuring basic accountability and good governance. If agencies are to actually serve the public, they must be submitted to basic oversight. The Committee deserves credit for its efforts on this front.”