Congress Would Control CFPB Under White House Budget Proposal
The proposal includes a $6.4 billion budget cut for the bureau over 10 years.
2/12/2018 1:00 PM
President Donald Trump’s budget for fiscal year 2019 would subject the Consumer Financial Protection Bureau to the congressional appropriations process, The Hill reports.
“The White House budget proposes placing the agencies, all independently funded from other federal entities, under Congress’s control by 2020. The budget proposes steep cuts to the regulators, which have been fiercely defended by Democrats. Trump offered similar proposals in his fiscal 2018 budget released last year,” according to the article.
Republicans have long sought to include the CFPB in the congressional appropriations process, rather than allowing it to be funded through the Federal Reserve.
The CFPB would receive a $6.4 billion cut in budget dollars over 10 years, The Hill reports.
“These changes would allow CFPB to focus its efforts on enforcing enacted consumer protection laws and eliminate the functions that allowed the Agency to become an unaccountable bureaucracy with unchecked regulatory authority,” the White House said, according to The Hill.
CFPB Acting Director Mick Mulvaney has already taken steps to rein in the CFPB’s funding.
Related Content from ACA International:
Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to firstname.lastname@example.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse. Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training website to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.