House Financial Services Committee Approves Bill to Place the CFPB on a Budget

The House Financial Services Committee approved a bill that would require the Consumer Financial Protection Bureau (CFPB) on a budget. A relatively new federal agency, the CFPB was created under the Dodd-Frank Act – legislation that was crafted in response to the financial crisis.

Chairman HensarlingCommittee Chair Representative Jeb Hensarling commented on the vote;

“Every government agency should be accountable to the elected representatives of ‘We the People’ and the CFPB should not be an exception to that rule.  We have the Pentagon which is on budget. We have the Justice Department which is on budget. There is certainly no greater duty we have than to provide for the common defense, and we do not let the Pentagon write its own budget. We should not let the CFPB write its own budget. It is a base matter of congressional oversight and of Article I authority.”

The Committee simultaneously approved a budget of $485.1 million for the CFPB, matching the request delivered by CFPB Director Richard Cordray.