The House Financial Services Committee has approved legislation to significantly reduce the funding for the Consumer Financial Protection Bureau (CFPB) by nearly 60 percent. The decision, which passed with a 30-22 vote along party lines, is part of a larger reconciliation package that congressional Republicans are developing to support President Trump's priorities.
During the nine-hour session, Democrats proposed over 30 amendments addressing various financial services issues, but all were rejected.
The Senate Banking Committee has not yet presented its version of the legislative text for the reconciliation bill. For any changes to the CFPB's funding structure to take effect, both the Senate and House must pass identical budget reconciliation legislation before it can be signed by the President.