The House Financial Services Committee passed two Republican-sponsored bills Wednesday that took aim at the CFPB and Dodd-Frank Act.
In a 34-22 vote, H.R. 4894 passed out of the committee. Sponsored by Rep. Lynn Westmoreland (R-Ga.), the bill would repeal Title II – the orderly liquidation authority – of the Dodd-Frank Act.
Additionally, the committee approved the Taking Account of Bureaucrats' Spending Act, H.R. 1486, sponsored by Rep. Andy Barr (R-Ky.), in a vote of 33-20. This bill would bring the CFPB's budget under appropriations by Congress. Also contained within the bill was an approval of $485.1 million for the CFPB, the amount CFPB Director Richard Cordray said was necessary to fund the bureau.
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