The House Appropriations Committee yesterday released a bill that would require the Consumer Financial Protection Bureau, among other regulatory agencies, to have its budget approved by Congress, instead of being allocated by the Federal Reserve Board.
Published reports said the bill is likely to become law because it is considered to be “must-pass” legislation.
Under the measure, the budgets for the Federal Deposit Insurance Corp., the National Credit Union Association, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency and certain regulatory functions of the Federal Reserve Board would be subject to Congressional approval.
The $20.2 billion appropriated in the bill is $1.3 billion less than last year and more than $2 billion less than President Trump’s budget request.
The spending bill did not include any of the sweeping changes that are part of the Financial Choice Act, which would dramatically overhaul the regulatory authority of the CFPB.
The House Appropriations Committee yesterday released a bill that would require the Consumer Financial Protection Bureau, among other regulatory agencies, to have its budget approved by Congress, instead of being allocated by the Federal Reserve Board.
Published reports said the bill is likely to become law because it is considered to be “must-pass” legislation.
Under the measure, the budgets for the Federal Deposit Insurance Corp., the National Credit Union Association, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency and certain regulatory functions of the Federal Reserve Board would be subject to Congressional approval.
The $20.2 billion appropriated in the bill is $1.3 billion less than last year and more than $2 billion less than President Trump’s budget request.
The spending bill did not include any of the sweeping changes that are part of the Financial Choice Act, which would dramatically overhaul the regulatory authority of the CFPB.
