U.S. Rep. Andy Barr takes away CFPB slush fund from Fed earnings with legislation

May 6, 2016, Fairfax, Va.—Americans for Limitd Government President Rick Manning today issued the following statement praising U.S. Rep. Andy Barr (R-Ky.) and the House Financial Services Committee for moving legislation last month that will take away the Consumer Financial Protection Bureau’s (CFPB) funding stream from the earnings of the Federal Reserve System:

“There is absolutely no excuse for the CFPB, an unaccountable government agency, to have unlimited resources from the nation’s central bank. It is little more than a slush fund linked to a printing press. We praise the work of Rep. Andy Barr bringing this unconstitutional funding mechanism to heel. Article I, Section 7 requires all legislation spending money originate in the House of Repesentatives, and Rep. Barr’s bill will finally bring the CFPB out of the shadow funding of the Fed and into the sunlight of the appropriations process where it belongs.

“Rep. Andy Barr’s language is also incorporated into as part of Rep. Ken Buck’s Article I supplemental, which includes more than 50 riders that should be put onto any must-pass legislation the House considers this year.”

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