S. 5280 · 117th Congress
CFPB Stability Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ToomeySponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill restructures the leadership and funding of the Consumer Financial Protection Bureau.
What it does: CRS summary · Introduced in Senate · Dec 15, 2022
CFPB Stability Act of 2022
This bill restructures the leadership and funding of the Consumer Financial Protection Bureau.
Specifically, the bill removes the bureau from the Federal Reserve System. Additionally, the bill eliminates the positions of director and deputy director and establishes a five-person panel appointed by the President and confirmed by the Senate, with not more than three members belonging to any one political party.
Under the bill, the inspector general of the bureau must be appointed by the President and confirmed by the Senate. Under current law, the inspector general of the Federal Reserve Board also serves as the inspector general of the bureau.
Further, the source of funding for the bureau is changed from Federal Reserve System transfers to annual appropriations. Under current law, the transfers from the Federal Reserve System permit the bureau to be funded outside of the annual appropriations process.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: CFPB Stability Act of 2022
Latest action (Dec 15, 2022): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 15, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.