The House Financial Services Committee voted yesterday to reduce the amount of annual funding the Consumer Financial Protection Bureau receives by more than half.
The committee voted largely along party lines to advance a concurrent budget resolution as part of a larger budget reconsolidation package under consideration by Congress. The CFPB is unique among federal agencies in that its funding comes directly from the Federal Reserve based on a request from the bureau’s director. Currently, annual transfers to the CFPB may not exceed an amount equal to 12% of the Fed’s operating expenses. The budget resolution would reduce that amount to 5%,
Other provisions in the resolution would eliminate the Public Company Accounting Oversight Board and transfer its duties io the Securities and Exchange Commission, and eliminate the Department of Housing and Urban Development’s Green and Resilient Program for multifamily housing.
