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Washington
Obama threatens to veto CFPB funding cuts
WASHINGTON (7/15/11)--Limiting the Federal Reserve’s funding of the Consumer Financial Protection Bureau (CFPB) to $200 million in 2012, as proposed in H.R. 2434, would "severely undercut" the agency's oversight responsibilities, the Office on Management and Budget said in a recent release. The funding limit for 2012 is $600 million. Under the bill, the CFPB would be subjected to the annual appropriations process beginning in 2013. The Dodd-Frank Act prescribes that the CFPB receive a percentage of the Federal Reserve budget and is not subject to the appropriations process. “Not only would the bill's funding limitation severely curtail hiring and start-up investments that are already underway, but it would also impede supervision, limit the Bureau's consumer response services, prevent the ramping up of citizen financial literacy improvements, and delay the implementation of financial protection programs for older Americans,” the administration release added. The administration statement added that President Barack Obama would likely veto legislative attempts to undermine the Dodd-Frank Act “through funding limits or other restrictions,” The administration also objected to proposed cuts in the Community Development Financial Institutions (CDFI) Fund budget. Community development credit unions are among those that have received grants under the CDFI fund. Further financial restrictions for the Department of the Treasury, the Internal Revenue Service, the Securities and Exchange Commission, and the Financial Research Fund are also proposed in the legislation. H.R. 2434, the Financial Services and General Government Appropriations Act, passed the House Appropriations Committee in late June. For the administration release, use the resource link.
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