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Topics: CFPB

Senators propose independent IG to keep watch on financial oversight board

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Watchdog Blog,Senate,Treasury,Federal Budget,Corruption,Kelly Cohen,CFPB,Inspectors General,Waste and Fraud

A new leader for the Consumer Financial Protection Bureau may be happening after all -- but some Senators want someone else watching over his shoulder.

The U.S. Senate voted Tuesday to move closer to a confirmation vote on Richard Cordray, but Sen. Rob Portman, R-Ohio, wasted no time in offering legislation to create an inspector general to monitor the CFPB.

Senators Mike Crapo, R-Idaho, and Susan Collins, R-Maine, joined Portman as original co-sponsors of the legislation to be introduced Tuesday, the Ohio senator's press office announced via Twitter. Portman and Collins voted yes to end debate over Cordray's confirmation, while Crapo voted no, the press offices confirmed.

Portman said the CFPB currently shares an IG with the rest of the Federal Reserve, but the Ohio senator believes the "CFPB's isolation from congressional oversight" requires an independent IG.

"Given the important role we've seen an IG play in the IRS scandal, creating an independent IG dedicated to this large bureaucracy with vast powers is a common-sense step we can take to ensure greater transparency and accountability at the CFPB," Portman said.

Go here to read the Portman news release.

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