Trump Budget Would Give Congress Control of CFPB

cfpbPresident Trump’s fiscal 2019 budget would give Congress control over key financial regulators created by the Dodd-Frank Act.

The budget proposes subjecting the Consumer Financial Protection Bureau (CFPB), the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) to the congressional appropriations process.

That would give lawmakers broad authority to change those agencies, something Republicans have long sought to do. 

The White House budget proposes placing the agencies, all independently funded from other federal entities, under Congress’s control by 2020.

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