The cuts the pair objected to are part of a series of spending cuts Republican leaders put together to secure support from GOP members for BoehnerJohn BoehnerBoehner endorses DeVos for Education secretary Trump, House GOP could clash over 'Buy America' Lobbying World MORE's measure, which would permanently extend tax cuts for income under $1 million and is slated for a vote Thursday evening.
The new legislation replacing the sequester cuts is similar to a bill approved by the House in May. It would reduce the deficit by $243 billion, leave cuts to Medicare in place and turn off $72 billion in defense and non-defense spending, while adding $300 billion in new cuts. Only 16 Republicans voted against the bill in the May vote.
Included in that package are a series of cuts, first proposed by Republicans on the House Financial Services Committee in April, that take aim squarely at a number of Dodd-Frank's most contentious provisions.
One measure would bring the more than halve the CFPB's budget and bring it under the power of congressional appropriators. Bringing the bureau's budget under congressional control has long been a top priority of Republicans, who argue the agency's independent budget-setting power makes it unaccountable.
Frank accused the GOP of doing "a big favor for financial interest without having to do so in a way that constituents can identify" in pushing that measure.
Another would repeal a Dodd-Frank provision that gives banking regulators the "orderly liquidation" power to temporarily use taxpayer dollars to step in and wind down a failing institution. The Congressional Budget Office (CBO) has scored the repeal as saving the government $22 billion, but Democrats have cried foul at that accounting. Any taxpayer funds used during a liquidation would ultimately be paid back via fees imposed on the nation's largest financial institutions.
A third measure would eliminate the Office of Financial Research, another Dodd-Frank creation housed in the Treasury Department that collects data on financial markets in an effort to identify threats. A fourth originally cleared by the financial panel would eliminate a cornerstone of the White House's housing relief efforts, the Home Affordable Modification Program (HAMP). The program has failed to live up to original expectations, and Republicans contend it should be scrapped.
This post updated at 4:50 pm.