The Trump administration’s 2019 budget highlights the administration’s goal of reining in the post-crisis regulatory apparatus, with proposed cuts for several agencies including the Consumer Financial Protection Bureau.
The White House budget has been a mostly ceremonial document for much of the last 10 years, with Congress primarily relying on continuing resolutions to fund the government. This year’s budget is especially moot, since Congress passed and the president signed a deal last week that would fund the government through 2019.
But if the budget document allows President Trump to state where his priorities are, he made a point in his second budget — his first budget was released in mid-May of 2017 — of calling for a reduction in the various means by which financial regulators are funded.
The administration is proposing significant curbs to how the CFPB is funded, as well as further cuts to the Securities and Exchange Commission, and the Office of Financial Research.
Read more in American Banker.