Saying she is "executing a fatally flawed plan," the lawmaker in charge of overseeing the new consumer agency asked point person Elizabeth Warren four pages of organizational and policy questions on the new consumer bureau.
Rep. Randy Neugebauer (R-Texas) asked Warren, who is coordinating the set up of the Consumer Financial Protection Bureau before it begins operating in July, to explain which policies "are in place to avoid potential duplicative, conflicting or overlapping rulemakings that are currently under way, but will ultimately be under the regulatory authority of the CFPB?"
He also asked Warren how the new bureau plans to evaluate the impact of its regulatory efforts so as to "avoid the over-regulation that might stifle financial innovation and leave some market participants worse off."
Neugebauer, who chairs the House Financial Services Committee's Subcommittee on Oversight and Investigations, also asked Warren about the bureau's hiring practices and its budget. He requested a response by Jan. 31.
President Obama hasn't named a director of the bureau, which is housed in the Treasury Department while it is being set up and then will be housed at the Federal Reserve.
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