Section 1 Short title
This Act may be cited as the “Protecting American Consumers Act”.
Protecting American Consumers Act
A BILL
To amend the Consumer Financial Protection Act of 2010 to set a compulsory funding floor for the Bureau of Consumer Financial Protection, and for other purposes.
Sec. 2 Funding floor for Bureau of Consumer Financial Protection
Section 1017(a)(2) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497(a)(2)) is amended—
by amending subparagraph (A) to read as follows:
“(A) In general—Notwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall be not less than 12 percent of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors.”
in subparagraph (B), by striking “(A)(iii)” and inserting “(A)”.