Foes Revise Plan to Curb New Agency

Edward Wyatt and Ben Protess (New York Times)

May 5, 2011

“Legislators also have called for the consumer bureau to be subject to the Congressional appropriations process. As established, its budget is set as a percentage of the Federal Reserve’s budget and is not subject to approval by Congress.

Consumer groups responded angrily Thursday to the Republican letter. “It’s sort of breathtaking,” said Lisa Donner, executive director of Americans for Financial Reform, which lobbied for the creation of the consumer bureau. “They’re saying, ‘We’re not O.K. with an effective consumer bureau.’ ” Click here for more.