Jay Powell declines to give GOP cover on CFPB shutdown

The chair of the Federal Reserve declined to downplay the potential impacts of the Trump administration's efforts to shutter the Consumer Financial Protection Bureau.

Addressing the Senate Banking Committee this morning, Fed Chair Jay Powell was asked by members of both parties to weigh in on the peril facing the CFPB, including whether the agency’s examination work could be picked up by other federal agencies. The answer, per Powell, is no.