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S. 453 (116th): Consumer Financial Protection Bureau Accountability Act of 2019


The text of the bill below is as of Feb 12, 2019 (Introduced). The bill was not enacted into law.


II

116th CONGRESS

1st Session

S. 453

IN THE SENATE OF THE UNITED STATES

February 12, 2019

(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.