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Committee debates deep cuts to Consumer Financial Protection Bureau funding as Democrats warn of consumer harm
Summary
Republicans’ committee print would sharply limit the Consumer Financial Protection Bureau’s funding and carryover authority; Democrats said cuts would cripple enforcement and rulemaking, and they offered several amendments to preserve CFPB functions.
Members of the House Financial Services Committee spent substantial time debating proposals in the reconciliation committee print that would limit funding and carryover authority for the Consumer Financial Protection Bureau (CFPB), with Democrats arguing the changes would undermine the agency’s ability to protect consumers and enforce federal consumer‑finance laws.
Representative Nydia Velasquez led a detailed floor appeal to preserve the CFPB’s rulemaking and enforcement functions, urging colleagues to block a proposed funding cap. “The new proposed funding cap of $249,000,000 fails to provide the bureau with the resources necessary to carry out all its obligations,” Velasquez said, describing the scale of the reductions in the committee print and citing the bureau’s track record…
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