June 24, 2011
The House Appropriations Committee voted 27-21 on Thursday to curtail the budget for the fledgling Consumer Financial Protection Bureau, according to the Wall Street Journal.
“The consumer bureau would see its budget cut to $200 million from the $329 million that the agency estimates it would need to operate in fiscal 2012,” reports the newspaper. “Republicans defeated an amendment to fund the agency at the $329 million level on a 20-28 party-line vote.”
Instead of being funded by the Federal Reserve, independent of lawmakers, the bill would bring the CFPB’s budget under the authority of appropriators beginning in 2013.
“This bill makes smart, sensible reductions in nearly all areas,” said committee Chairman Hal Rogers (R-KY).
Click here to read more comments on the vote for congressional committee members.
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