Rep. Randy Neugebauer (R-Texas) has announced plans to introduce legislation that would replace the CFPB’s director position with a bipartisan, five-member commission appointed by the president. Republicans argue that the agency has stifled economic growth with too many regulations and lacks accountability. But Democrats have raised concerns that a commission would politicize the agency and reduce its power. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) offered support for the proposal, which failed to gain traction when Democrats controlled the upper chamber in the last Congress. "The bureau regrettably remains unaccountable to the American people," Hensarling said. "That is why we need the CFPB on budget and led by a bipartisan commission."