1. Short title
This Act may be cited as the “Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013”.
Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013
A BILL
To amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent agency.
2. Making the Bureau an independent agency
The Consumer Financial Protection Act of 2010 is amended—
in section 1011—
in subsection (a), by striking “in the Federal Reserve System, ”; and
in subsection (e), by striking “, including in cities in which the Federal reserve banks, or branches of such banks, are located,”;
in section 1012(c), by striking paragraphs (2), (3), (4), and (5); and
in section 1014(b), by striking “Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis.”.
3. Bringing the Bureau into the regular appropriations process
Section 1017 of the Consumer Financial Protection Act of 2010 is amended—
in subsection (a)—
by amending the heading of such subsection to read as follows: “Budget, financial management, and audit.—”;
by striking paragraphs (1), (2), and (3);
by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and
by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated;
by striking subsections (b) and (c);
by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and
in subsection (c), as so redesignated—
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 2014 and 2015.”
by redesignating paragraph (4) as paragraph (2).