This bill would change the Consumer Financial Protection Act of 2010 to set a minimum annual funding level for the Bureau of Consumer Financial Protection. It says that each fiscal year the amount transferred to the Bureau must be not less than 12 percent of the total operating expenses of the Federal Reserve System, as reported in the Board of Governors' 2009 Annual Report. The bill also makes a minor technical change in a subparagraph reference.
If enacted, the bill would guarantee a minimum funding percentage for the Bureau each year. The actual dollar amount would depend on the Federal Reserve System's operating expenses as reported in the 2009 Annual Report. The bill was introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.
No publicly available information on estimated federal cost or budgetary effects. The bill specifies the funding formula: transfers must be at least 12 percent of the Federal Reserve System's total operating expenses as reported in 2009, but it does not state a specific dollar amount.
No publicly available information.
No publicly available information.