CFPB Appropriations Bill Introduced in Senate

Another effort to reshape the Consumer Financial Protection Bureau (CFPB) has been introduced in the U.S. Senate.

On Tuesday, Sen. David Perdue (R-GA) introduced S.3318, which would amend the Consumer Financial Protection Act of 2010 to make the CFPB subject the Congressional appropriations process. As it stands, the CFPB receives funding through the Federal Reserve and does not have to answer to Congress on how it spends its money. Sen. Purdue did not offer any public statement on his bill, which currently has no-cosponsors.

According to a Morning Consult report, the bill measure was added to the Senate calendar after Sen. Cory Gardner (R-CO) invoked a Senate rule for bills to bypass their committees of jurisdiction. However, the bill is not scheduled for consideration on the Senate floor, nor does it have any companion bill in the House of Representatives.