All 11 Democrats on the Senate Banking Committee have introduced legislation that would
“automatically and fully fund” the Consumer Financial Protection Bureau, seeking to shield the agency from future funding cuts and political interference.

The bill, introduced June 4 and led by Ranking Member Sen. Elizabeth Warren, would require mandatory transfers to the CFPB equal to at least 12% of the Federal Reserve’s total operating expenses. The Federal Reserve is typically the agency’s primary source of funding.

Funding would continue up to the amount deemed reasonably necessary for the agency to carry out its responsibilities under federal consumer financial laws.

“The details ⇒

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