The House Appropriations Committee yesterday released a proposed fiscal year 2012 financial services appropriations bill that would limit mandatory funds for the Consumer Financial Protection Bureau (CFPB) to $200 million and subject the CFPB to the annual appropriations process beginning in 2013.
The CFPB currently has a funding limit of $600 million, receives a percentage of the Federal Reserve’s budget, and is independent of the appropriations process.
“This new agency created by the Dodd-Frank legislation has not yet been fully constituted and many questions remain as to its authority and mission,” the Committee said.
The proposed appropriations bill also would limit funding for the Office of Financial Stability to $200 million, and end the Home Affordable Modification Program that the House already has voted to eliminate.
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