The House Financial Services Committee yesterday approved by a 31-26 party-line vote a legislative package that is intended to cut the budget deficit by $35 billion.
Provisions in the package would, among other things, repeal the FDIC's Dodd-Frank Act-mandated authority to resolve large, failing financial institutions and subject the CFPB’s budget to annual congressional approval.
An amendment (no. 7) was offered by Mr. Canseco and agreed to by voice vote to abolish the Office of Financial Research (OFR).
The deficit-reduction legislation has little chance of becoming law this year because of Senate opposition.
Read a committee press release on the package.
Read more about the hearing.