The political equivalent of a Halley’s Comet sighting occurred during a House hearing last week: Consumer Financial Protection Bureau acting director Mick Mulvaney asked Congress to dilute his power by turning the CFPB into a bipartisan commission. Even stranger, congressional leaders of both parties seem uninterested.

Mulvaney argued that a bipartisan, multi-member structure would prevent “wild swings” in regulations. Indeed, his proposal would move the CFPB’s structure closer to that of multi-member agencies like the SEC, FTC, and FCC, which have long been considered effective. In this view, these agencies are populated by technocratic experts and benefit from a multi-member structure that promotes deliberation.

Yet congressional Democrats are leery. They argue that agencies without a single leader at the top can become rudderless and ripe for capture by regulated entities.

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