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

Congress Would Control CFPB Under White House Budget Proposal

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:

Mick Mulvaney’s Budget Request for the CFPB? $0.

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