Recent Press Releases
Jul 25 2013
WASHINGTON, D.C. - The Senate Appropriations Committee today approved report language, authored by Senator Susan Collins, which directs the Consumer Financial Protection Bureau to provide a full briefing, at least annually, to the relevant Appropriations subcommittee on the Bureau's finances and expenditures. The amendment was approved by the committee with a voice vote.
"There is a lack of accountability for how money will be spent by this agency. Under the Dodd-Frank law, the CFPB's budget can be as high as $500 million, and it's actually up to the head of the agency to decide what his or her budget should be without any input from or accountability to Congress," Senator Collins said.
"Allowing public money to be spent without input or oversight by Congress erodes the 'power of the purse' - one of Congress's most important powers, and one central to the role of this Committee. My amendment helps preserve the Committee's role in the oversight of public spending and brings much needed accountability to this agency."
The report language as approved by the committee is as follows:
Given the need for transparency and accountability in the federal budgeting process, and that the Consumer Financial Protection Bureau's budget is funded independently of the annual appropriations spending bills, the Committee directs the Bureau to provide an informal, non-public full briefing, at least annually, before the relevant Appropriations subcommittee on the Bureau's finances and expenditures.
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