The budget for the Consumer Financial Protection Bureau would be moved under Congressional control if President Donald Trump’s budget proposal is adopted.
Currently, the CFPB’s budget is allocated by the Federal Reserve Board and is not controlled by Congress.
Under President Trump’s proposed budget, the CFPB would receive $6.4 billion less during the next 10 years. In the 2019 fiscal year, the CFPB’s budget would be $485 million, the same as it received in 2015. This year, the CFPB’s budget is $630 million.
CFPB Acting Director Mick Mulvaney made headlines last month when he told the Fed that his agency would not need any money for the current quarter and instead would draw down on a discretionary fund maintained by former Director Richard Cordray.
From a published report: “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,” said the White House.
Never one to back away from putting the agency in its place, the White House described the CFPB as an “unaccountable bureaucracy with unchecked regulatory authority.”
