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Tag: Sarbanes-Oxley Act
Congress Advances First Major Consumer Oversight Cuts of 2025 in Budget Shake-Up
In a significant move that could reshape the landscape of financial regulation in the United States, the House Financial Services Committee is deliberating on legislation aimed at reducing funding for the Consumer Financial Protection Bureau (CFPB) and dissolving the Public Company Accounting Oversight Board (PCAOB). These proposals are part of a broader Republican initiative to curtail federal spending and streamline government functions. The CFPB, established in the aftermath of the 2008 financial crisis, serves as a watchdog for consumer financial products, while the PCAOB oversees the audits of public companies to protect investors and the public interest. The proposed changes have sparked a debate over the balance between regulatory oversight and economic efficiency.