Bill > S303

This bill seeks to completely defund the Consumer Financial Protection Bureau (CFPB), a federal agency established by the Consumer Financial Protection Act of 2010 to protect consumers in the financial sector. Specifically, the bill would amend Section 1017(a) of the original Act to limit the amount of funding the CFPB's Director can request to $0, effectively eliminating the agency's ability to operate. The bill would remove existing language that previously allowed the CFPB to request funding from the Federal Reserve based on its operating expenses, and replace it with a provision that caps funding at zero dollars. By doing so, the legislation would prevent the CFPB from receiving any financial resources to conduct its regulatory and consumer protection activities, which include supervising banks, credit unions, securities firms, and other financial companies, and enforcing federal consumer financial laws.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/303/all-info