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Consumer Financial Protection Bureau (CFPB)
- The budget proposes to restructure the CFPB by limiting the Agency’s mandatory funding. The budget proposes a $110 million decrease in funding to the CFPB. Currently, the CFPB is funded by the Federal Reserve, not by Congressional appropriations. Under the 2021 Budget proposal, the CFPB’s mandatory funding would be limited and would provide discretionary appropriations to the agency beginning in 2022, and not through the current process. The budget proposal would cap transfers from the Federal Reserve to the CFPB to $595 million in 2021.
Department of Labor
- The Budget proposes 11.1 billion for the Department of Labor (DOL) for 2021. This is a 10.5 percent ($1.3 billion) decrease in DOL’s 2020 enacted level funding in an effort to eliminate duplicative, unnecessary, or ineffective programs and promote efficiency within the Agency through modernization and reorganization.
- The Budget proposes an increase to support the Employee Benefits Security Administration’s development of policy, regulations, and enforcement capacity to promote the President’s Executive Order (EO 13813) that promotes association health plans (AHPs), short-term limited duration insurance, and health reimbursement accounts.
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