Senate Republicans’ proposed budget would threaten autonomy of CFPB

The Hill reports that on a party-line vote, "[t]he Senate Budget Committee added an amendment to the GOP budget that would subject the agency’s budget to the congressional appropriations process. Currently, the CFPB receives its funding directly from the Federal Reserve, and bureau advocates argue that giving appropriators control would allow Republicans to starve the agency of funds."

Leading the opposition to this measure are Democratic Sens. Warren, Merkley, and Franken. The Hill quotes Sen. Warren: “The Republicans are doing everything they can to weaken financial regulation. To find ways to give Wall Street the permission to take everything they can from the American people.”

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