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Wednesday, April 13, 2016

ABA Voices Support for CFPB Budget Reform Bill

The ABA sent a memo to members of the House Financial Services Committee expressing its support of H.R. 1486, a bill that would stop direct funding of the CFPB by the Federal Reserve and instead subject the bureau to the regular appropriations process. The committee is expected to vote on the measure today.

ABA wrote:
The bureau has been given broad authority that can alter financial markets, but it lacks accountability that comes from budget oversight. An important principle that underlies this and other bills the Committee is working on, is that there needs to be an effective check and balance on the bureau's authority.
Read the memo.
Read H.R. 1486

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