Warren, Castigating GOP, Says CFPB Can't Do Its Job on a Thin Budget

Elizabeth Warren, the Obama administration official in charge of setting up the Consumer Financial Protection Bureau, attacked Republican efforts to cut the agency's funding, while also previewing efforts to reform credit card disclosures.

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"Many of those who have opposed the CFPB are still trying to chip away at its independence by subjecting it entirely to Congressional appropriations without any dedicated funding from the Federal Reserve," Warren said. "Politicizing the funding of bank supervision would be a dangerous precedent, and it would deprive the CFPB of the predictable funding it will need to examine large and powerful banks consistently and to provide a level playing field with their nonbank competitors."