Consumer activists pushed for the creation of the CFPB to reign in the perceived excesses of the financial industry and service providers. But the very agency charged with keeping the financial industry in check is now spending recklessly with federal funding.
To demonstrate the CFPB’s financial excesses, just take a quick look at its employee pay scale, where top salaries can average more than a quarter of a million dollars per year. Specifically, this $259,000 salary is over $100,000 per year more than the top salary most other government employees could earn in their agencies. In fact, top CFPB staffers earn more than every government official other than the President of the United States.
The CFPB’s heavy spending expands to other areas as well. The agency is also over-spending on luxurious renovations to its office building. Estimates for a similar office building renovation in Washington total about $100 per square foot, but the CFPB is doling out more than $300 per square foot—more than twice the average amount of D.C.’s high-end, Class “A” office building renovations. All of the CFPB’s financial extravagances lack any Congressional oversight or accountability.