The White House on Wednesday threatened to veto this bill, saying it would delay the transfer of authority to the CFPB, weaken the body by making it a five-person commission rather than a single director, and limit its ability to regulate.
"H.R. 1315 would significantly interfere with the CFPB's charge to make consumer financial markets operate more efficiently and effectively, facilitate innovation in the marketplace, protect consumers’ interests and ensure that consumers have the information they need to make prudent financial decisions," the White House said in a Statement of Administration Policy.
The House will also begin work on H.R. 2551, the Legislative Branch Appropriations Act. That bill would cut $227 million from the budget of Congress and congressional agencies, and is meant to put pressure on the agencies to trim spending by cutting back on bonuses and other merit pay.
The House seems likely to approve rules for both bills at about 3 p.m., and then complete work on H.R. 1315 by Thursday night. The rules make in order 11 amendments to H.R. 1315, and 16 amendments to H.R. 2551.
The Senate meets at 9:30 a.m. to continue work on H.R. 2560, the Cut, Cap and Balance bill that the House approved on Tuesday. Senate Majority Leader Harry Reid (D-Nev.) scheduled a Saturday vote on the bill, which is expected to fail in the Senate due to complete opposition from Senate Democrats.
Reid said he would be open to a Friday vote, but Republicans said they wanted the full time available to debate the bill, and welcomed the Saturday vote.