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Republicans introduce legislation to reform CFPB's employee pay structure

Republicans introduced bicameral legislation on Nov. 30 proposing to align the Consumer Financial Protection Bureau's employee pay structure with the federal government's "general schedule" used to compensate most federal employees. Rep. Sean Duffy, R-Wis., and Sen. Mike Enzi, R-Wyo., introduced bills that would apply the general schedule to the CFPB's employees within 90 days of the bill's enactment.

Duffy and Enzi argue that the CFPB pays "lavish" salaries above that of other public servants, according to a news release.

"The agency must be reined in and held accountable," Duffy said in the statement.

The Federal Reserve, which currently funds the CFPB, also does not use the general schedule, and uses its own salary structure.