United States 116th Congress Status: Died 43 R cosponsors

HR 969 — TABS Act of 2019

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Taking Account of Bureaucrats' Spending Act of 2019 or the TABS Act of 2019 This bill eliminates provisions in the Consumer Financial Protection Act of 2010 that fund the Consumer Financial Protection Bureau (CFPB) using transfers from the earnings of the Federal Reserve System. The transfers under current law permit the CFPB to be funded outside of the annual appropriations process, and this bill brings the CFPB into the regular process.

Bill Text

Sections of law this bill changes

1 section in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Wall street reform and consumer protection · 12 U.S.C. ch. 53 1 section
  • § 5497 Funding; penalties and fines Amends

    12 U.S.C. § 5497

    The law today

    (a) Transfer of funds from Board Of Governors (1) In general Each year (or quarter of such year), beginning on the designated transfer date, and each quarter thereafter, the Board of Governors shall transfer to the Bureau from the combined earnings of the Federal Reserve System, the amount determined by the Director to be reasonably necessary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year). (2) Funding cap (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 not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to— (i) 10 percent of such expenses in fiscal year 2011; (ii) 11 percent of such expenses in fiscal year 2012; and (iii) 6.5 percent of such expenses in fiscal year 2013, and in each year thereafter. (B) Adjustment of amount The dollar amount referred to in subparagraph (A)(iii) shall be adjusted annually, using the percent increase, if any, in the employment cost index for total compensation for State and local government workers published by the Federal Government, or the successor index thereto, for the 12-month period ending on September 30 of the year preceding the transfer. (C) Reviewability Notwithstanding any other provision in this title,1 the funds derived from the Federal Reserve System pursuant to this subsection shall not be subject to review by the Committees on Appropriations of the House of Representatives and the Senate. (3) Transition period Beginning on July 21, 2010, and until the designated transfer date, the Board of Governors shall transfer to the Bureau the amount estimated by the Secretary needed to carry out the authorities granted to the Bureau under Federal consumer financial law, from July 21, 2010 until the designated transfer date. (4) Budget and financial management (A) Financial operating plans and forecasts The Director shall provide to the Director of the Office of Management and Budget copies of the financial operating plans and forecasts of the Director, as prepared by the Director in the ordinary course of the operations of the Bureau, and copies of the quarterly reports of the financial condition and results of operations of the Bureau, as prepared by the Director in the ordinary course of the operations of the Bureau. (B) Financial statements The Bureau shall prepare annually a statement of— (i) assets and liabilities and surplus or deficit; (ii) income and expenses; and (iii) sources and application of funds. (C) Financial management systems The Bureau shall implement and maintain financial management systems that comply substantially with Federal financial management systems requirements and applicable Federal accounting standards. (D) Assertion of internal controls The Director shall provide to the Comptroller General of the United States an assertion as to the effectiveness of the internal controls that apply to financial reporting by the Bureau, using the standards established in section 3512(c) of title 31. (E) Rule of construction This subsection may not be construed as implying any obligation on the part of the Director to consult with or obtain the consent or approval of the Director of the Office of Management and Budget with respect to any report, plan, forecast, or other information referred to in subparagraph (A) or any jurisdiction or oversight over the affairs or operations of the Bureau. (F) Financial statements The financial statements of the Bureau shall not be consolidated with the financial statements of either the Board of Governors or the Federal Reserve System. (5) Audit of the Bureau (A) In general The Comptroller General shall annually audit the financial transactions of the Bureau in accord...

    37 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

How this bill changes current law

5 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill brings the Bureau of Consumer Financial Protection into the regular appropriations process, altering its funding structure.

  • 12 U.S.C. § 5497(a)

    Each year (or quarter of such year), beginning on the designated transfer date, and each quarter thereafter, the Board of Governors shall transfer to the Bureau from the combined earnings of the Federal Reserve System, the amount determined by the Director to be reasonably necessary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year).

    The Bureau will no longer receive a transfer from the Federal Reserve, changing its funding mechanism.

  • 12 U.S.C. § 5497(a)

    Notwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to— (i) 10 percent of such expenses in fiscal year 2011; (ii) 11 percent of such expenses in fiscal year 2012; and (iii) 6.5 percent of such expenses in fiscal year 2013, and in each year thereafter.

    Removes the previous fiscal caps on the Bureau's funding based on Federal Reserve operating expenses.

  • 12 U.S.C. § 5497(a)

    Beginning on July 21, 2010, and until the designated transfer date, the Board of Governors shall transfer to the Bureau the amount estimated by the Secretary needed to carry out the authorities granted to the Bureau under Federal consumer financial law, from July 21, 2010 until the designated transfer date.

    Eliminates any transitional funding process from the Federal Reserve to the Bureau.

  • 12 U.S.C. § 5497(b)

    Subsection (b) and (c) are entirely struck.

    Removes existing provisions on budget and financial management that do not align with the appropriations process.

  • 12 U.S.C. § 5497(c)

    (1) In general (i) Financial operating plans and forecasts (ii) Financial statements (iii) Sources and application of funds (1) Financial management systems (2) Assertion of internal controls (3) Rule of construction (4) Financial statements → (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 2019 and 2020.

    Changes the Bureau's funding structure to allow appropriations rather than transfers from the Federal Reserve.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 42 co-sponsors · 504 not signed on

Sponsors (1)

Co-sponsors (42)

Not signed on (504)

504 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 969 do?
Taking Account of Bureaucrats' Spending Act of 2019 or the TABS Act of 2019 This bill eliminates provisions in the Consumer Financial Protection Act of 2010 that fund the Consumer Financial Protection Bureau (CFPB) using transfers from the earnings of the Federal Reserve System. The transfers under current law permit the CFPB to be funded outside of the annual appropriations process, and this bill brings the CFPB into the regular process.
Who sponsors HR 969?
HR 969 is sponsored by Barr, Andy (Republican), Hill, J. French (Republican), Stivers, Steve (Republican), Tipton, Scott R. (Republican), Loudermilk, Barry (Republican), Huizenga, Bill (Republican), Zeldin, Lee M. (Republican), Weber, Randy K. Sr. (Republican), Posey, Bill (Republican), Dunn, Neal P. (Republican), Scott, Austin (Republican), Allen, Rick W. (Republican), Emmer, Tom (Republican), Duffy, Sean P. (Republican), Rouzer, David (Republican), Davidson, Warren (Republican), Riggleman, Denver (Republican), Budd, Ted (Republican), Walberg, Tim (Republican), Abraham, Ralph Lee (Republican), Kelly, Trent (Republican), Babin, Brian (Republican), Roe, David P. (Republican), Norman, Ralph (Republican), Crenshaw, Dan (Republican), Rose, John W. (Republican), LaMalfa, Doug (Republican), Gallagher, Mike (Republican), Hice, Jody B. (Republican), Steil, Bryan (Republican), Hollingsworth, Trey (Republican), Burgess, Michael C. (Republican), Flores, Bill (Republican), Williams, Roger (Republican), Kustoff, David (Republican), Taylor, Van (Republican), Wagner, Ann (Republican), Timmons, William R. (Republican), Lucas, Frank D. (Republican), Mooney, Alexander X. (Republican), Luetkemeyer, Blaine (Republican), Gooden, Lance (Republican), and Gonzalez, Anthony (Republican).
What is the current status of HR 969?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 969?
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