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Protecting Consumers Could Cost $448 Million
The federal budget for 2013 includes $448 million for supporting the Consumer Financial Protection Bureau.
That total would represent a 26% increase from 2012 spending, which is slated to reach $356 million, according to Housingwire.
Per the Dodd-Frank Act, the CFPB’s budget is not subject to the House appropriations committee. But that’s not preventing legislators from asking about how the CFPB plans to spend its resources.
"Despite the obstacles created by Dodd Frank, the committee is still hoping to get some idea of how CFPB programs are being run and at what cost," Rep. Randy Neugebauer, R-Texas, told Housingwire.
In addition to his current inquiries, Neugebauer has recently gone beyond asking questions about the CFPB. Last year, the Texan introduced a bill that would make the CFPB part of the Treasury Department — and thus subject to the appropriations committee’s control.
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