House panel passes bills to ramp up CFPB oversight

first_imgThe House Financial Services committee approved two bills Wednesday that would repeal a post-recession bailout fund and give Congress control of the Consumer Financial Protection Bureau’s (CFPB) budget.The committee passed, 33-20, the Taking Account of Bureaucrats’ Spending (TABS) Act which would subject the CFPB to the congressional appropriations process. The CFPB is currently funded by a dedicated revenue stream from the Federal Reserve and operates on a budget requested by the director.Republicans, most of whom oppose the CFPB’s existence, have long been critical of the bureau’s funding process and Congress’s limited control. The TABS Act would give legislators more say over CFPB operations and opens the door to defunding the agency all together. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more