The Senate Banking Committee is planning to eliminate all mandatory funding for the Consumer Financial Protection Bureau and restrict the pay of many Federal Reserve employees as part of the Senate’s big tax and spending bill, according to a person familiar with the matter.
The proposal, outlined in a committee memo, would require the CFPB to seek funding in the regular appropriations process rather than receive it from the Fed.
Many Republicans have objected to the CFPB’s automatic funding through the Fed as unconstitutional, arguing since its inception that the bureau face annual scrutiny from Congress.
What the person described ...