US EditionUnder court order, Trump administration to fund beleaguered consumer financial watchdog
The $145 million request follows a court order to prevent insolvency after 11 months of funding disputes, matching the Consumer Financial Protection Bureau's average quarterly budget.
- On Friday the Trump administration said it will fund the Consumer Financial Protection Bureau with $145 million, ending an 11-month funding battle in Washington.
- Facing dwindling reserves, the Consumer Financial Protection Bureau warned a federal judge last year it could not guarantee funding after December 31, while this year the administration alternated between efforts to shut the CFPB down or reduce it significantly.
- Russell Vought wrote to Fed Chair Jerome Powell requesting $145 million to sustain the CFPB in a Friday letter, citing the Federal Reserve's historical precedent of supplying requested funding.
- The funding will serve as a near-term lifeline to the Consumer Financial Protection Bureau , averting imminent insolvency after suspending most activities and losing CFPB staff.
- Reversing course, the administration cited a federal judge's rejection of its funding ban and an appeals court decision last month overturning a mass firing ruling.
11 Articles
11 Articles
Under court order, Trump administration to fund beleaguered consumer financial watchdog
Citing a court order, the Trump administration said on Friday it will fund the Consumer Financial Protection Bureau with $145 million, a reversal that ends an 11-month battle that pushed the consumer watchdog toward insolvency.
DNyuz
Breaking OneConsumer Bureau Leader Requests $145 Million for Agency He Wants to Eliminate
To comply with a federal judge’s order that funding for the Consumer Financial Protection Bureau cannot lapse, Russell T. Vought, the agency’s acting director, sent a request on Friday to the Federal Reserve for $145 million to fund the bureau’s operations — but he made sure to note his displeasure. Mr. Vought, the White House budget office director who also runs the consumer bureau, has been trying to shut down the financial watchdog since he t…
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Investing.comUnder court order, Trump administration agrees to fund beleaguered consumer financial watchdog
WASHINGTON, Jan 9 (Reuters) - Citing a court order, President Donald Trump's budget director on Friday asked the U.S. Federal Reserve to supply $145 million to fund the operations of the Consumer Financial Protection Bureau, ending an 11-month stret...
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