On June 23, the House Appropriations Committee approved a $19.9 billion FY2012 Financial Services Appropriations bill (currently unnumbered) that puts significant restrictions on the Consumer Financial Protection Bureau (CFPB). The bill provides $2 billion less that last year’s measure and $6 billion less than the administration’s budget request.
The measure would subject the CFPB to the annual appropriations process beginning in 2013. The CFPB currently receives funding through the Federal Reserve. The measure would cap CFPB funding for 2012 at $200 million, nearly half of what the administration requested.
Financial Services Subcommittee Chairwoman Emerson (R-MO) indicated that the bill was a compromise between CFPB proponents and those that urged for its outright elimination.
For more information on the mark up, Click here
For additional information, members can contact Jason Boehlert at 703-558-0660 or jboehlert@mfghome.org.
