President Trump has ordered the Office of Management and Budget to determine whether the CFPB’s benefit to the public can justify the agency’s existence
The CFPB is included in a new presidential executive order to reorganize the executive branch, according to the CFPB Monitor.
Issued on March 13, the order is aimed on improving the “efficiency, effectiveness and accountability of the executive branch” by instructing the director of the Office of Management and Budget “to propose a plan to reorganize governmental functions and eliminate unnecessary agencies … components of agencies and agency programs.”
Proposed changes or the elimination of the CFPB, which was formed by the Dodd-Frank Act, cannot be solely implemented by the president; the Congress must amend the Dodd-Frank Act first.
The public is invited to put in suggestions on how to improve the “organization and functioning of the executive branch” which will be due in 180 days.
The executive order states that factors the director must consider in developing the proposed plan include “whether some or all of the functions of an agency, a component, or a program are appropriate for the Federal Government or would be better left to State or local governments or to the private sector through free enterprise,” if functions and/or administrative capabilities are redundant with another agency, whether operation costs are worth the benefit of the public, and the price of closing or merging agencies, components, programs and the equities of the affected agency staff.
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Issued on March 13, the order is aimed on improving the “efficiency, effectiveness and accountability of the executive branch” by instructing the director of the Office of Management and Budget “to propose a plan to reorganize governmental functions and eliminate unnecessary agencies … components of agencies and agency programs.”
Proposed changes or the elimination of the CFPB, which was formed by the Dodd-Frank Act, cannot be solely implemented by the president; the Congress must amend the Dodd-Frank Act first.
The public is invited to put in suggestions on how to improve the “organization and functioning of the executive branch” which will be due in 180 days.
The executive order states that factors the director must consider in developing the proposed plan include “whether some or all of the functions of an agency, a component, or a program are appropriate for the Federal Government or would be better left to State or local governments or to the private sector through free enterprise,” if functions and/or administrative capabilities are redundant with another agency, whether operation costs are worth the benefit of the public, and the price of closing or merging agencies, components, programs and the equities of the affected agency staff.
Related stories:
PHH to appeals court: The CFPB should be dissolved
NAHB applauds Trump’s Dodd-Frank rollback
