Bill Summary – FastDemocracy

FIRST REGULAR SESSION
                HOUSE RESOLUTION NO. 116
                             103RD GENERAL ASSEMBLY
                              INTRODUCED BY REPRESENTATIVE OWEN.

    2412H.01I                                                               JOSEPH ENGLER, Chief Clerk



            WHEREAS, the Constitution of the United States and the Constitution of Missouri
 2 establish systems of checks and balances by dividing governmental powers between the
 3 executive, the legislative, and judicial branches; and
 4
 5          WHEREAS, the federal Consumer Financial Protection Bureau was established
 6 under the Dodd-Frank Act of 2010 in such a manner as to unduly concentrate powers of
 7 government in a single agency; and
 8
 9          WHEREAS, the Consumer Financial Protection Bureau operates under the direction
10 of a single director appointed by the President of the United States; and
11
12          WHEREAS, the single-director structure of the Consumer Financial Protection
13 Bureau leads to a loss of continuity, consistency, and accountability for policy and law over
14 the course of years and a lack of balance in the performance of duties; and
15
16          WHEREAS, the conduct of the Consumer Financial Protection Bureau has increased
17 the costs of financial services, reduced the availability of financial services, and reduced the
18 utility of financial services without preserving protections for consumers:
19
20          NOW THEREFORE BE IT RESOLVED that the members of the House of
21 Representatives of the One Hundred Third General Assembly, First Regular Session, hereby
22 urge Congress to abolish or reform the Consumer Financial Protection Bureau; and
23
24          BE IT FURTHER RESOLVED that if abolished, the duties and responsibilities of
25 the Consumer Financial Protection Bureau should be returned to the financial, regulatory, and
26 supervisory agencies as they existed before the Dodd-Frank Act and, if reformed, such
27 reforms should reflect proposals contained in HR 2798 from the 118th Congress; and
28
HR 116                                            2

29          BE IT FURTHER RESOLVED that the Chief Clerk of the Missouri House of
30   Representatives be instructed to prepare a properly inscribed copy of this resolution for the
31   Department of Government Efficiency, the members of the Missouri congressional
32   delegation, the United States Senate Banking Committee, and the United States House of
33   Representatives Financial Services Committee.
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