Fed’s Bullard ‘Concerned’ About Funding for New Consumer Agency
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Federal Reserve Bank of St. Louis President James Bullard said the funding level for the Consumer Financial Protection Bureau to be housed within the Fed appears arbitrary and not necessarily suited to the agency’s needs.
“The amount of money allocated in the law is not based on any careful assessment of what the needs of the bureau will be as it attempts to fulfill the mandate of the Congress with regard to consumer protection,” Bullard said today at a conference at the St. Louis Fed. “Nor is there any mechanism for changing these amounts going forward.”