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Republicans introduce bill targeting CFPB funding structure
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Financial Stability, Government Oversight, Legislation, Nonbank Financial
Friday, September 30, 2022
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Sen. Bill Hagerty (R-Tenn.) and Rep. French Hill (R-Ark.) introduced companion legislation entitled the Federal Reserve Loss Transparency Act. The bill is designed to inhibit the Federal Reserve from transferring money to the Consumer Financial Protection Bureau (CFPB) if the Fed incurs an operating loss.
The proposed legislation brings forward the ongoing debate of the constitutionality of the CFPB’s finding structure.
Reads on for more details.
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