Title: TABS Act of 2021
Policy area: Finance and Financial Sector

Summary:
Taking Account of Bureaucrats' Spending Act of 2021 or the TABS Act of 2021
This bill eliminates provisions that fund the Consumer Financial Protection Bureau (CFPB) using transfers from the earnings of the Federal Reserve System. The transfers under current law permit the CFPB to be funded outside of the annual appropriations process, and this bill brings the CFPB into the regular process.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 790 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 790

  To amend the Consumer Financial Protection Act of 2010 to bring the 
Bureau of Consumer Financial Protection into the regular appropriations 
                    process, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2021

Mr. Barr (for himself, Mr. Williams of Texas, Mrs. Wagner, Mr. Timmons, 
 Mr. Davidson, Mr. Taylor, Mr. Loudermilk, Mr. Gallagher, Mr. Gonzalez 
    of Ohio, Mr. Zeldin, Mr. Budd, Mr. Gooden of Texas, Mr. Hice of 
Georgia, Mr. Kustoff, Mr. LaMalfa, Mr. Steil, Mr. Mooney, Mr. Rose, Mr. 
    Luetkemeyer, Mr. Emmer, Mr. Hill, and Mr. Lucas) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Consumer Financial Protection Act of 2010 to bring the 
Bureau of Consumer Financial Protection into the regular appropriations 
                    process, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Taking Account of Bureaucrats' 
Spending Act of 2021'' or the ``TABS Act of 2021''.

SEC. 2. BRINGING THE BUREAU INTO THE REGULAR APPROPRIATIONS PROCESS.

    Section 1017 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5497) is amended--
            (1) in subsection (a)--
                    (A) by amending the heading of such subsection to 
                read as follows: ``Budget, Financial Management, and 
                Audit.--'';
                    (B) by striking paragraphs (1), (2), and (3);
                    (C) by redesignating paragraphs (4) and (5) as 
                paragraphs (1) and (2), respectively; and
                    (D) by striking subparagraphs (E) and (F) of 
                paragraph (1), as so redesignated;
            (2) by striking subsections (b) and (c);
            (3) by redesignating subsections (d) and (e) as subsections 
        (b) and (c), respectively; and
            (4) in subsection (c), as so redesignated--
                    (A) by striking paragraphs (1), (2), and (3) and 
                inserting the following:
            ``(1) Authorization of appropriations.--There are 
        authorized to be appropriated such sums as may be necessary to 
        carry out this title for each of fiscal years 2021 and 2022.''; 
        and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).
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