Protecting American Consumers Act

This bill would change how the Bureau of Consumer Financial Protection receives its funding from the Federal Reserve System. It would require that the amount transferred to the Bureau each fiscal year be at least 12 percent of the Federal Reserve System's total operating expenses as reported in its 2009 Annual Report. This replaces the current language, which sets 12 percent as a maximum, with a minimum amount. The bill also makes a related wording change to another part of the same section of law.

Full text and official record on Congress.gov

Sponsors

• Elizabeth Warren Democrat sponsor
• 16 cosponsors