TABS Act of 2019

Bill: 116-hr-969
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2019-02-05
Policy area: Finance and Financial Sector
Subjects: Appropriations

Consumer Financial Protection Bureau

Consumer credit

Executive agency funding and structure

Federal Reserve System

Financial services and investments
Latest action: action_date: 2019-02-05
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2019-02-05
action_desc: Introduced in House
text: <p><b>Taking Account of Bureaucrats' Spending Act of 2019 or the TABS Act of 201</b><b>9</b></p> <p>This bill eliminates provisions in the Consumer Financial Protection Act of 2010 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. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 969 IN THE HOUSE OF REPRESENTATIVES February 5, 2019 Mr. Barr (for himself, Mr. Hill of Arkansas , Mr. Stivers , Mr. Tipton , Mr. Loudermilk , Mr. Huizenga , Mr. Zeldin , Mr. Weber of Texas , Mr. Posey , Mr. Dunn , Mr. Austin Scott of Georgia , Mr. Allen , Mr. Emmer , Mr. Duffy , Mr. Rouzer , Mr. Davidson of Ohio , Mr. Riggleman , Mr. Budd , Mr. Walberg , Mr. Abraham , Mr. Kelly of Mississippi , Mr. Babin , Mr. David P. Roe of Tennessee , Mr. Norman , Mr. Crenshaw , Mr. John W. Rose of Tennessee , Mr. LaMalfa , Mr. Gallagher , and Mr. Hice of Georgia ) 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 Taking Account of Bureaucrats’ Spending Act of 2019 or the TABS Act of 2019 . 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 2019 and 2020. ; and (B) by redesignating paragraph (4) as paragraph (2).