House Gives CFPB a Haircut
The House Financial Services Committee approved legislation this week to reduce by almost 60 percent the funding the Consumer Financial Protection Bureau can receive from the Federal Reserve. The committee voted along party lines, 30-22, to advance its portion of a broader reconciliation package congressional Republicans are crafting to implement President Trump’s priorities. Democrats offered more than 30 amendments on various financial-services topics, but all were rejected during the nine-hour session.
The Senate Banking Committee has yet to unveil its legislative text for the reconciliation bill. The Senate and House eventually need to pass the same budget reconciliation legislation to implement any funding structure changes to the CFPB before the President can approve.
May 7th, 2025
