Bill 119 HR 814, also known as the "Zero CFPB Funding Act," aims to amend the Consumer Financial Protection Act of 2010 by limiting the amount that the Director of the Bureau of Consumer Financial Protection can request to fund the activities of the Bureau to $0. This means that the Bureau would no longer be able to request any funding from Congress to carry out its responsibilities.
The bill is a response to concerns about the size and scope of the Bureau, which some critics argue has overstepped its authority and become too powerful. By limiting the Bureau's funding to zero, supporters of the bill hope to rein in what they see as excessive regulation and government intervention in the financial sector.
If passed, the bill would have significant implications for the Bureau's ability to enforce consumer protection laws and regulations. Without funding, the Bureau would likely struggle to carry out its mission effectively, potentially leaving consumers vulnerable to financial fraud and abuse.
Supporters of the bill argue that limiting the Bureau's funding is necessary to promote a more free market approach to financial regulation. Critics, however, warn that defunding the Bureau could weaken consumer protections and harm the financial well-being of American consumers.
Overall, Bill 119 HR 814 represents a contentious debate over the role of government in regulating the financial industry and protecting consumers. The outcome of this bill will have far-reaching implications for the future of financial regulation in the United States.