Consumer Financial Protection Board established as FR 2.?
Answer ID 3629 |
Published 07/21/2011 04:33 PM |
Updated 04/02/2015 10:37 AM
Why was the Consumer Financial Protection Board established as FR 2. instead of being provided its own agency code?
The Consumer Financial Protection Board was created via the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This law states that "there is established in the Federal Reserve System, an independent bureau to be known as the "Bureau of Consumer Financial Protection"…". Further on, the law indicates that the Bureau will derive its funding from the Federal Reserve System. As this was established by an Act of Congress, and is in the Executive Branch, the most appropriate place for this Bureau was deemed to be under the Federal Reserve System.
