Consumer Financial Protection Bureau Accountability Act of 2019

Consumer Financial Protection Bureau Accountability Act of 2019

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.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 453 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 453

 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.


_______________________________________________________________________


                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Financial Protection Bureau 
Accountability Act of 2019''.

SEC. 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.
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