Republican senators are broadly supportive of the House Financial Services Committee’s plan to defund the Consumer Financial Protection Bureau by as much as 60%. But they do have some thoughts on the particulars.
The Financial Services panel convenes tomorrow for what’s expected to be a marathon markup of its reconciliation text. The CFPB will see its statutory budget cap limited from 12% of the Federal Reserve’s operating budget to 5% under the committee’s plan.
“I thought it would be closer to zero,” Sen. Mike Rounds (R-S.D.) said. He’s not alone.
