House Votes to Reduce Pay for Employees at Financial Regulator


2/28/14: Late Thursday night, the House of Representatives voted on HR 3193, a bill that would reduce the rate of pay for employees of the new Consumer Financial Protection Bureau (CFPB) to that of the General Schedule. The bill would also make the agency subject to the appropriations process and make other detrimental and unneeded changes to its function and structure. The result of this would be disruption and harm to CFPB’s ability to protect consumers. 

NTEU strongly opposed this legislation,which constituted an unprecedented attack on the pay and benefits of a federal financial regulatory agency. We are very concerned about this trend.

The House vote was 232 - 182. NTEU legislative action was critical in winning the number of votes against this measure. Representative Maxine Waters (CA) spoke on the floor defending the NTEU represented employees at CFPB.  The White House has also stated that if this bill were to be sent to the President, he would veto it.  NTEU, however, will be working to make sure the bill does not pass the Senate.