Republican Representative French Hill of Arkansas, chairman of the U.S. House Financial Services Committee, and Kentucky Republican Congressman Andy Barr, who heads the committee's Financial Institutions Subcommittee, introduced a bill on Tuesday seeking major reforms to the Consumer Financial Protection Authority. The CFPB has long been the Republican Party's main reform target. The bill will fund the CFPB through Congress, making this agency more directly controlled by members of Congress. Currently, the Consumer Financial Protection Agency's funds are transferred from the Federal Reserve, and this funding arrangement has always been disputed. The bill will also establish a new regulatory fence for the CFPB's rule-making process. This includes allowing White House Office of Management and Budget Director Russell Watt to retroactively review major rules for up to eight years after they officially come into effect.

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