This bill would cut off all funding to the Consumer Financial Protection Bureau by changing the law so the Bureau can only request $0 to fund its activities. In short, it would defund the agency by amending Section 1017(a) of the Consumer Financial Protection Act and removing related funding language. A summary from the Library of Congress confirms the bill “caps funding of the Consumer Financial Protection Bureau at $0”.

Key points:

• Who is affected: The Consumer Financial Protection Bureau and anyone who depends on its funded activities.
• What changes: The Bureau’s allowable funding request is set to $0, and certain funding paragraphs in the law are removed.
• When: This would apply if the bill is passed into law.