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Is Congress Crippling Consumer Finance Reform?

Congress has found a way to exercise its political will on the supposedly independent Federal Reserve Board? And in the process, killing the infant Financial Consumer Protection Bureau?

If yes, say goodbye to the future, extensive actions to save consumers against credit cards and other financial abuses, including the application of laws. The government's action against the deception could be even weaker than it was before the financial collapse. The Fed may be weakened, too.

The recent budget proposed by House Republicans whacks the office of news consumers, eliminating nearly half the money needed this year to get the operational headquarters. Instead of $ 143 million regulatory waiting, the House wants to limit the CFPB no more than $ 80 million. (To put that number in context, JP Morgan Chase gave its CEO, Jamie Dimon, a bonus of $ 17 million of shares this year. It's almost a fifth of the amount of money the GOP would spend to protect Americans against abuse by the banks in general.)

Starve CFPB is not supposed to be possible.The office is located in the Federal Reserve System independent. The Fed does not depend on appropriations from Congress to do its business, it funds itself mainly to the interest it earns Treasury securities in the United States. The Dodd-Frank legislation directs that up to 10 percent of the income of the Fed being used this year to establish and operate the new CFPB. In 2012, the office will be entitled to as much as 12 percent of income from the Fed - estimated at about $ 500 million per year.

For legislators who supported the CFPB, which looked like a way to protect against an attack by the lackeys of the powerful financial industry.The office needs a predictable budget if it will stand up for yourself against predatory lending and unfair contracts and fees.

But the GOP believes he has found a weapon in the House Committee credits. They have not reduced the budget directly, which is certainly not authorized by law Dodd-Frank. Instead, they ordered the Federal Reserve not to transfer more than $ 80,000,000 in the account of CFPB. If successful, this would slow hiring and enforcement of existing regulations hinder, let alone allow the Office to take action against new forms of abuse and fraud.

The Appropriations Committee has the power to do that? GOP argument is that the Dodd-Frank Act itself opened the door to congressional action. The CFPB has the right to ask Congress for an additional $ 200 million, if it deems it needs money. So even though the office did not ask the Republicans argue that this clause puts all his expenses under the supervision of Congress.

What is a no annual fee credit card? « Credit Card Questions & Answers

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