2/25/2010
First, House Republican proposed cutting funding for the new Consumer Financial Protection Bureau by more than half in a budget that passed last Saturday. Now, CNN reports many Republicans are looking for Congress to have greater control over the new organization.
“Providing half a billion dollars a year without any congressional oversight to the bureau is, I believe, a very irresponsible abdication of a constitutional check and balance,” said Rep. Jo Anne Emerson (R-MO) during debate on the budget last week, according to CNN.
A House Financial Services subcommittee has scheduled a hearing for March 16 to discuss the CFPB, including the issue that the bureau could deter credit flow, CNN reports a spokeswoman for that panel said.
Previously, Rep. Randy Neugebauer (R-TX) filed a bill to make the bureau part of the Treasury, which would allow Congress to have more input into how the organization is run.
Consumer advocate Elizabeth Warren, who is leading efforts to get the bureau up and running in her role as special advisor to the Treasury Department, told the Consumer’s Union last week that politicizing funds for bank supervision would be a “dangerous precedent,” according to CNN.
“It would deprive the CFPB of the predictable funding it will need to examine large and powerful banks consistently and to provide a level playing field with their nonbank competitors,” said Warren.
Click here to read more on the GOP’s efforts to gain greater regulatory control of the CFPB.
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