President Trump’s fiscal 2019 budget would realign the Consumer Financial Protection Bureau (CFPB) away from its current independent status and make it accountable to Congress.
According to a budget analysis published by The Hill
, the CFPB would cease being funded by the Federal Reserve and would connect its funding to the congressional appropriations process. The budget would also give Congress control over the budgets for the Financial Stability Oversight Council and the Office of Financial Research, which are both funded by the Department of the Treasury.
“These changes would allow CFPB to focus its efforts on enforcing enacted consumer protection laws and eliminate the functions that allowed the Agency to become an unaccountable bureaucracy with unchecked regulatory authority,” said the White House in a statement.