House Republicans on Wednesday advanced legislation that seeks to significantly limit the funding the Consumer Financial Protection Bureau (CFPB) is able to access, a move Democrats say would “dismantle” the agency.

The GOP-led House Financial Services Committee on Wednesday afternoon voted 32-20 along party lines to make major changes to the funding structure for the consumer watchdog, which was established during the Obama administration in the aftermath of the 2008 financial crisis.

The measure would also add to the chopping block a key audit watchdog created in 2002 off the heels of the Enron scandal, among other changes.

The markup is just one of a series that House Republicans have held this week as they work to assemble a significant package to advance President Trump’s tax agenda and spending cuts.

For its role in the process, the Financial Services Committee was instructed to find at least $1 billion in savings as Republicans seek well more than a trillion dollars in cuts to government funding as part of the evolving plan.

While key details of that plan are still coming into view, Republicans won’t be counting on any Democratic support for the emerging package as their colleagues across the aisle have ramped up their opposition campaign to the slew of partisan proposals.

In their hearing on Wednesday, Democrats criticized proposals that they said could lead to the CFPB’s budget being slashed by 70 percent, while describing the proposed cuts as offsets to pay for Trump’s proposed tax cuts.

“The bill before us, as you know, would........

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