TABS Act of 2021

Bill: 117-hr-790
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2021-02-04
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: 2021-02-04
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-02-04
action_desc: Introduced in House
text: <p><b>Taking Account of Bureaucrats' Spending Act of 2021 or the TABS Act of 2021</b></p> <p>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. </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 790 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.

1. Short title This Act may be cited as the Taking Account of Bureaucrats’ Spending Act of 2021 or the TABS Act of 2021 . 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).