Bureau of Consumer Financial Protection Accountability Act

Bill: 113-hr-450
Sponsor: full_name: Rep. Posey, Bill [R-FL-8]
Introduced: 2013-02-01
Policy area: Finance and Financial Sector
Subjects: Appropriations

Consumer Financial Protection Bureau

Consumer affairs

Executive agency funding and structure

Federal Reserve System

Financial services and investments
Latest action: action_date: 2013-10-29
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

Summaries:
action_date: 2013-02-01
action_desc: Introduced in House
text: <p>Bureau of Consumer Financial Protection Accountability Act - Amends the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau (CFPB) to regular appropriations.</p> <p>Repeals the requirement of an annual transfer to the CFPB of funds from the Board of Governors of the Federal Reserve System. Subjects the CFPB to the regular authorization, budget, and appropriations process of the Department of the Treasury.</p> <p>Repeals establishment of the CFPB Fund.</p> <p>Replaces the authorization of appropriations for FY2010-FY2014 with an authorization for FY2013 only.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 450 IN THE HOUSE OF REPRESENTATIVES February 1, 2013 Mr. Posey 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.

1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Accountability Act . 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) in paragraph (1), as so redesignated— (i) by striking subparagraph (E); and (ii) by redesignating subparagraph (F) as subparagraph (E); (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 is authorized to be appropriated such funds as may be necessary to carry out this title for fiscal year 2013. ; and (B) by redesignating paragraph (4) as paragraph (2).