WASHINGTON — The House Financial Services Committee is asking the new consumer bureau for a detailed account of its spending to date, and plans for funds it has received but not yet spent.
The Nov. 22 letter said the committee had received information from the Federal Reserve that the bureau has requested $28 million more from the Fed for fiscal year 2011, a 21% increase from the $142 million budget estimated by the White House.
The committee asked for a detailed account of transfers from the Fed, by quarter; expenses by quarter, by kind of service; expenses by each department, office or subdivision of the bureau; number of positions filled by quarter and by pay band, as well as detailed salary information and organizational charts; a detailed construction and renovation budget for its future offices, which will be located at the former Office of Thrift Supervision.
The letter from Chairman Spencer Bachus also asked for quarterly reports of Fed transfers on an ongoing basis, a five-year capital plan, and a detail construction report for fiscal year 2012.
"Our goal is to be open and transparent about the way we spend our funds," Jennifer Howard, a CFPB spokesperson, said in an email. "We will continue to inform Congress and the public about the activities of the bureau."
