An agreement between the Obama administration and lawmakers over this year's fiscal budget includes audits of the newly created Consumer Financial Protection Bureau.
The budget would subject the CFPB to yearly audits by the private sector and the Government Accountability Office to "monitor its impact on the economy, including its impact on jobs, by examining whether sound cost-benefit analyses are being used with rulemakings," according to a summary from House Speaker John Boehner.
It's unclear how this new requirement will work with the Dodd-Frank law, which already requires the GAO to annually audit the "financial transactions of the bureau."
The White House said in a blog post that it was able to fight off proposed budget cuts to the CFPB. Republicans had sought to include a provision that would limit the CFPB's annual budget to $80 million. The agency has requested $134 million from the Federal Reserve Board budget for fiscal 2011.
"They also wanted to limit funding for the establishment of the new Consumer Financial Protection Bureau and block the Environmental Protection Agency from enforcing clean air and water rules," the blog post said. "While we made significant cuts, we just couldn't afford to cut these important programs that are critical to our nation."
Language on the agreement is expected to be released late Monday with the House voting on the bill Wednesday. A CFPB spokesman declined to comment.
