Section 1 Short title
This Act may be cited as the “Consumer Financial Protection Bureau Accountability Act of 2016”.
Consumer Financial Protection Bureau Accountability Act of 2016
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.
Sec. 2 Subjecting the Bureau of Consumer Financial Protection to the regular appropriations process
Section 1017 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497) is amended—
in subsection (a)—
in the subsection heading, by striking “Transfer of Funds From Board Of Governors.—” and inserting “Budget and Financial Management.—”;
by striking paragraphs (1) through (3);
by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and
in paragraph (1), as so redesignated—
in the paragraph heading, by striking “Budget and financial management.—” and inserting “In general.—”;
by striking subparagraph (E); and
by redesignating subparagraph (F) as subparagraph (E);
by striking subsections (b) through (d);
by redesignating subsection (e) as subsection (b); and
in subsection (b), as so redesignated—
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 2018.”
by redesignating paragraph (4) as paragraph (2).