Sen. Mike Rounds (R-S.D.) recently introduced a bill that could accomplish the Trump administration’s goal of dismantling the Consumer Financial Protection Bureau (CFPB) by eliminating the Federal Reserve’s statutory obligation to fund it. If passed, the bill would eliminate or replace several paragraphs from the Consumer Financial Protection Act requiring the allocation of funds to the bureau.
Read on to learn more about Rounds’ bill and why it is different from others targeting the CFPB.