House Republicans Target Consumer Bureau Funding in Budget Bill

U.S. House Republicans moved to cut the budget of the nascent Consumer Financial Protection Bureau by 40 percent under a temporary spending bill being considered this week.

Republicans lawmakers, who took control of the House after the CFPB was created, put a provision in the so-called continuing resolution that would limit Federal Reserve transfers to $80 million. That would be a sharp cut from the $134 million the bureau would get in President Barack Obama’s 2011 budget.