Senate GOP seeks to cut off funding source for top consumer watchdog https://t.co/FWbDt0X212
Scoop: Warren will try to restore CFPB funding in GOP bill https://t.co/U2I6Z4kPgG
NEWS — Elizabeth Warren plans to try to strip the GOP’s plan to zero out CFPB funding in the BBB, Axios has learned. Internal GOP memo this week said the party plans to cut the CFPB’s funding cap from the Fed from 12% to 0%. The CFPB is principally funded by the Fed. It would
The Senate Banking Committee is advancing a proposal to eliminate all mandatory funding for the Consumer Financial Protection Bureau (CFPB) and to impose pay restrictions on many Federal Reserve employees. The CFPB, which is primarily funded through a cap on Federal Reserve earnings, faces a reduction in its funding cap from 12% to zero under the GOP plan. Senator Elizabeth Warren has criticized the legislation, identifying four provisions she deems in violation of Senate rules, and is actively working to restore the CFPB's funding in the bill. The GOP's move to cut off the CFPB's funding source has raised concerns about the future of this key consumer watchdog agency.
