Congressional Budget Office Releases Costs of Adding Inspector General at CFPB

From: ACA International

Bills proposed in the House and Senate last year, if passed, would end the Federal Reserve inspector general’s role of providing oversight for the CFPB.

The Congressional Budget Office has released cost estimates for appointing an inspector general at the Consumer Financial Protection Bureau. The estimates are the result of a request by the House Financial Services Committee and legislation proposed in the House and Senate last year.

In 2013, Reps. Steve Sivers (R-Ohio) and Tim Walz (D-Minn.) introduced H.R. 3770 in  the House as a measure to increase oversight of the CFPB. Currently, the CFPB shares an inspector general with the Federal Reserve, an unconfirmed position appointed by the Fed chairman.

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