Consumer Financial Protection Bureau Accountability Act of 2019

Bill: 116-s-453
Sponsor: full_name: Sen. Perdue, David [R-GA]
Introduced: 2019-02-12
Policy area: Finance and Financial Sector
Subjects: Appropriations

Consumer Financial Protection Bureau

Executive agency funding and structure

Federal Reserve System
Latest action: action_date: 2019-02-12
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-02-12
action_desc: Introduced in Senate
text: <p><b>Consumer Financial Protection Bureau Accountability Act of </b> <b>201</b><b>9</b></p> <p>This bill changes 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 116th CONGRESS 1st Session S. 453 IN THE SENATE OF THE UNITED STATES February 12, 2019 Mr. Perdue (for himself, Mr. Barrasso , Mrs. Blackburn , Mr. Boozman , Mr. Cruz , Ms. Ernst , Mr. Grassley , Mr. Hoeven , Mrs. Hyde-Smith , Mr. Inhofe , Mr. Isakson , Mr. Kennedy , Mr. Lankford , Mr. Moran , Mr. Rounds , Mr. Rubio , Mr. Sasse , and Mr. Sullivan ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 2019 . 2. Subjecting the Bureau of Consumer Financial Protection to the regular appropriations process (a) In general 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 2021. ; and (B) by redesignating paragraph (4) as paragraph (2). (b) Effective date The amendments made by this Act shall take effect on October 1, 2020.