House Passes Bill to Require OMB to Review Some CFPB Regs Before Issuance

by Jeff Sovern

As an independent agency, the CFPB can issue regulations without approval from the Office of Management and Budget.  But the House has now passed a bill that would require OMB to review major regulations promulgated by independent agencies, including the CFPB and the FTC (though the FTC seldom produces regulations, a topic for another day).  The bill is presumably subject to the filibuster in the Senate, unless the Senate changes those rules.  The bill and a summary can be found here.  This looks like an attempt to prevent or delay issuance of significant regulations from a body that opposes regulations. 

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