Congress Should Handle CFPB’s Funding, Mnuchin Says

By Rob Tricchinelli

Treasury secretary nominee Steven Mnuchin said he supports altering the Consumer Financial Protection Bureau’s funding to give Congress more influence, a change long advocated by Republican lawmakers.

“The biggest issue I have with the CFPB is that I don’t believe that they should be funded out of profits from the Federal Reserve,” Mnuchin said during his Jan. 19 nomination hearing, in response to a question from Sen. Tom Carper (D-Del.). “I think they should be funded out of an appropriation process.”

He said he favored keeping the bureau rather than abolishing it.

To contact the reporter on this story: Rob Tricchinelli in Washington at rtricchinelli@bna.com

To contact the editors responsible for this story: Seth Stern at sstern@bna.com

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