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Wednesday, November 5, 2014

CBO Releases Cost for CFPB Inspector General

According to the CBO, the Inspector General Reform Act of 2013 (H.R. 3770) would increase the budget deficit by $49 million. The Act, introduced by Rep. Steve Stivers (R-OH), would direct the President to appoint an Inspector General for the CFPB within 60 days of enactment, and would require the CFPB to set aside 2% of its annual funding to operate the office of the Inspector General. H.R. 3770 would authorize the Federal Reserve OIG to continue to serve as the OIG to the CFPB until a new Inspector General for the CFPB has been confirmed.

Read the budget estimate.

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