House GOP Seeks To Change CFPB Funding Source

Posted by Orb Staff on June 06, 2012 No Comments
Categories : Residential Mortgage

11720_cfpb House GOP Seeks To Change CFPB Funding Source The Republican leadership of the House Appropriations Committee has presented its fiscal year 2013 Financial Services and General Government Appropriations bill, which seeks to change the funding source for the Consumer Financial Protection Bureau (CFPB) in fiscal year 2014 from the Federal Reserve to the congressional appropriations process.

‘This will allow for increased accountability and transparency of the agency's activities and use of tax dollars,’ said the committee leadership in a press statement. ‘The legislation also requires quarterly reports on CFPB's activities and spending, and allows Congress to review any funding transfers the agency receives from the Federal Reserve.’

The House Financial Services Subcommittee is scheduled to consider the bill today. Rep. Jo Ann Emerson, R-Mo., the subcommittee's chairwoman, has already voiced her support of the bill.

‘In addition to common-sense reductions in federal spending, the American people deserve accountability from the taxpayer-funded offices, which are supposed to act in the nation's best interests,’ Emerson says.

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