House Passes Bipartisan Bill Curbing CFPB Budget; Veto Expected
The House of Representatives on Feb. 4 passed bipartisan legislation sponsored by Rep. Virginia Foxx (R-N.C.) that she says would require greater transparency in government and would cap the CFPB budget for FY2016 at $550 million, $36 million below its expected funding.
The Unfunded Mandates Information and Transparency Act, H.R. 50, passed by a vote of 250 to 173. The bill, which is expected to have a tougher time in the Senate, would: “increase transparency about the costs imposed by unfunded mandates, and would hold the federal government accountable for considering those costs before passing them on to local governments and small businesses,” according to a Rep. Foxx press release.
The legislation also would expand the scope of the Unfunded Mandates Reform Act of 1995 (UMRA) and “close loopholes [that] allow certain regulatory bodies to escape public reporting requirements and incentivize others to forego publicizing regulatory proposals.”
If the bill passes both houses, the White House has promised a veto, according to a Reuters report. Republicans have made several attempts to change the CFPB’s organizational structure and increase oversight of its funding since the agency was created from the Dodd-Frank Act.
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