Lafayette Reporter

WASHINGTON – In an effort to increase accountability at the Consumer Financial Protection Bureau (CFPB), Senator John Kennedy (R-La.) has joined Senator Thom Tillis (R-N.C.) in introducing the CFPB Pay Fairness Act of 2023. The bill aims to ensure that CFPB employees are paid according to the same standards that apply to other federal employees.

"The CFPB's funding scheme reveals much about what's wrong with big government. Our bill would do away with the CFPB's unfair pay advantage and begin to put the agency's staff on equal footing with other hardworking federal employees," said Senator Kennedy.

Highlighting the need for this legislation, Senator Tillis stated, "Those who created the CFPB continually sought to remove the agency from meaningful oversight and provide it with preferential treatment, all the way down to ignoring the widely-used federal government GS pay scale for CFPB employees. This legislation is a common-sense step to reigning in exorbitant pay at the CFPB and restoring parity among federal agencies."

The CFPB's funding mechanism operates outside the regular congressional oversight process, resulting in many CFPB employees receiving salaries comparable to those of members of Congress and cabinet secretaries. The CFPB Pay Fairness Act of 2023 would require the CFPB to align its employee salaries with the General Schedule (GS) pay scale for federal employees within 90 days.

For more information, the full text of the CFPB Pay Fairness Act of 2023 is available here.