Neugebauer Wants To Cut Funding For Bureau Of Consumer Financial Protection

Congressman Randy Neugebauer (R-Lubbock) has joined the right-wing fray of legislators who want to dump the sweeping reforms of the Dodd-Frank Act.

Neugebauer, however, isn’t claiming he wants to dump the whole act, but rather calls it “overreaching,” and wants to slash funding for the Bureau of Consumer Financial Protection:

Rep. Randy Neugebauer, R-Texas, the panel’s current vice ranking member, agreed a top priority was to revamp some of the Dodd-Frank provisions, calling the law “overreaching.” “One of our bigger fears is that when the regulations and implementation are started, that they’ll even be more far-reaching than the legislation. And if that’s the case, then I think you are going to see us try to take some action to make some corrections there,” he says.

Specifically, Neugebauer says he would like to separate the consumer bureau from the Federal Reserve Board, where it is housed, cut its funding and increase congressional oversight.

He says Republicans are also focused on housing finance reform, but would be careful to move forward in a way that doesn’t spook the markets.

Keep in mind that the Bureau regulates consumer financial products and that the lax regulation of consumer financial products (thank you former Texas Senator Phil Gramm) is what led to the financial meltdown in 2008.

Why Neugebauer wants to basically re-deregulate the financial services industry is anyone’s guess.