Consumer Law

Will the CFPB Budget Be Cut?

By Jeff Sovern

Remember last year when Congress enacted Dodd-Frank and provided that the Consumer Financial Protection Bureau would not be subject to annual appropriations, but would instead be able to claim a portion of the Fed's budget, thus apparently insulating it from the vicissitudes of the political process?  "Apparently" turns out to be the operative word.  Ed Mierzwinski reports here and Politico here that the House budget resolution slashes the CFPB budget.  It's still subject to negotiation with the Senate and the President.  It turns out that all those people who voted for Republican House members were also voting against consumer protection.

Full post as published by CL&P Blog on February 18, 2011 (boomark / email).