Republicans Wanted CFPB to Have a Single Director! Who Knew?

by Jeff Sovern

We have blogged many times about the Republican call for the CFPB to have a commission-structure, rather than a director (see, for example, here). That call has been spearheaded by Senator Shelby. So that makes it all the more surprising to note that during the Senate's consideration of what became the Dodd-Frank Act, Senator Shelby, along with other Republican senators, proposed that the Bureau be headed by--you guessed it--a single director! Senator Shelby's proposed amendment appears in the Congressional Record of May 5, 2010, at page S3217 and following. In fairness to the Senator, the amendment, which would have housed the Bureau (called a division in the amendment) in the FDIC, would have given the FDIC the power to vote down Bureau rulemakings (the Dodd-Frank Act provides that Bureau rules can be vetoed by a two-thirds vote of the Financial Stability Oversight Council). I guess Senator Shelby was for a director before he was against it.