Last week, bills were introduced in the House and Senate to cut the pay and benefits by as much as one-third of NTEU-represented employees working at the Consumer Financial Protection Bureau (CFPB) by moving them to the General Schedule (GS) pay system. NTEU had previously voiced our objection to this legislation when it was introduced in the House of Representatives in prior sessions of Congress and remains opposed. This bill would significantly harm CFBP’s ability to hire and retain knowledgeable and experienced professionals. No other financial regulatory agency is under the GS schedule.
As in previous years, the House bill (HR 4499) was introduced by Representative Sean Duffy (R-WI). For the first time, there is also a Senate companion bill. That bill (S. 2171) has been introduced by Senator Mike Enzi (R-WY).
NTEU will continue to work with key pro-federal employee and pro-consumer members of Congress to win their opposition to these bills. Chapter involvement will be essential in NTEU’s efforts to see that these bills do not progress further in Congress. The union encourages all members to click here to learn more about how they can become involved with our efforts.
Should this legislation be passed, our other financial regulators such as the SEC would be next in line. This is a threat not just to the pay and benefits of NTEU members working at CFPB, but to all of our FIRREA agencies represented by NTEU.