House Financial Services Committee Advances Legislation that would Amend the Dodd-Frank Act

CFPB U.S. House

On April 13, the House Financial Services Committee voted by a 33-20 margin to advance H.R. 1486, the “Taking Account of Bureaucrats’ Spending Act.” The Act would amend the Dodd-Frank Act to strike provisions that allow for direct funding from Federal Reserve earnings to the CFPB. Supporters of the Act comment that it simply holds the CFPB accountable to Congressional oversight, subjecting it to the more conventional appropriations process, while those in opposition to the Act argue that it aims to defund, or dismantle, the CFPB.