WASHINGTON – U.S. Senator John Kennedy (R-La.), a member of the Senate Banking Committee, has reintroduced the CFPB Pay Fairness Act, aimed at increasing accountability within the Consumer Financial Protection Bureau (CFPB) by requiring the agency to adhere to the same federal pay scale used across the rest of the government.
“The CFPB’s convoluted funding scheme gives them an unfair pay advantage over other agencies,” Kennedy said. “That’s a waste of taxpayer money, and it needs to stop. My bill would put CFPB salaries on equal footing with the rest of the government and end the accounting trick that let them avoid the standard federal pay scale.”
Background on the Bill
The CFPB operates with a unique funding structure that bypasses the traditional congressional appropriations process. Because of this, many of the agency’s employees are paid at rates comparable to members of Congress or cabinet-level officials, well above what is typical for federal agencies.
Kennedy’s bill would give the CFPB 90 days to align its employee salaries with the General Schedule (GS) pay scale, which governs the vast majority of federal workers. The proposed change is intended to curb excessive compensation and increase financial transparency within the bureau.
Supporters of the bill argue that leveling the pay structure is a step toward restoring fairness and ensuring more responsible use of taxpayer funds.
The legislation now awaits further consideration in the Senate.