Consumer Financial Protection Bureau Accountability Act of 2016

Bill: 114-s-3318
Sponsor: full_name: Sen. Perdue, David [R-GA]
Introduced: 2016-09-13
Policy area: Finance and Financial Sector
Subjects: Appropriations

Consumer Financial Protection Bureau

Executive agency funding and structure

Federal Reserve System
Latest action: action_date: 2016-09-14
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 627.

Summaries:
action_date: 2016-09-13
action_desc: Introduced in Senate
text: <p><b>Consumer Financial Protection Bureau Accountability Act of </b> <b>2016</b></p> <p>This bill amends the Consumer Financial Protection Act of 2010 to change the source of funding for the Consumer Financial Protection Bureau (CFPB) from Federal Reserve System transfers to annual appropriations. Under current law, the transfers from the Federal Reserve System permit the CFPB to be funded outside of the annual appropriations process. </p>

tv_txt: II Calendar No. 627 114th CONGRESS 2d Session S. 3318 IN THE SENATE OF THE UNITED STATES September 13, 2016 Mr. Perdue introduced the following bill; which was read the first time September 14, 2016 Read the second time and placed on the calendar A BILL To amend the Consumer Financial Protection Act of 2010 to subject the Bureau of Consumer Financial Protection to the regular appropriations process, and for other purposes.

1. Short title This Act may be cited as the Consumer Financial Protection Bureau Accountability Act of 2016 . 2. Subjecting the Bureau of Consumer Financial Protection to 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) in the subsection heading, by striking “ Transfer of Funds From Board Of Governors.— ” and inserting Budget and Financial Management.— ; (B) by striking paragraphs (1) through (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) in paragraph (1), as so redesignated— (i) in the paragraph heading, by striking Budget and financial management.— and inserting In general.— ; (ii) by striking subparagraph (E); and (iii) by redesignating subparagraph (F) as subparagraph (E); (2) by striking subsections (b) through (d); (3) by redesignating subsection (e) as subsection (b); and (4) in subsection (b), as so redesignated— (A) by striking paragraphs (1) through (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 2018. ; and (B) by redesignating paragraph (4) as paragraph (2).

September 14, 2016 Read the second time and placed on the calendar