U.S. Rep. Andy Barr (KY-06) recently reintroduced legislation that, for the first time, would subject the budget of the Consumer Financial Protection Bureau (CFPB) to the Congressional appropriations process.

This legislation, the Taking Account of Bureaucrats’ Spending (TABS) Act, would give Congress the power of the purse over the agency by allowing it to set annual funding levels for the CFPB as it does for other federal agencies. 

“Over the last few years, oversight by the House Financial Services Committee has exposed the mismanagement and waste of spending by the CFPB, including a $215 million renovation of its headquarters and a $600 million blank check from the Federal Reserve,” Barr said.  “It is critical that we subject the budget of the CFPB to the Congressional appropriations process to ensure accountable, responsible spending that stays true to the mission of consumer protection without imposing unnecessary or harmful regulations on communities across Kentucky and beyond.

“During Acting Director Mick Mulvaney’s time at the CFPB, significant efforts were made to shed light on the CFPB’s spending.  I look forward to working with newly confirmed Director Kathy Kraninger to continue these efforts while continuing to prioritize reforms to the CFPB’s unconstitutional structure.”

The CFPB is a federal government agency that regulates consumer financial products or services under the federal consumer financial laws.

Since its creation in 2011, the CFPB has made it more difficult for Main Street businesses, households and individuals to access credit to grow their business, obtain a mortgage to purchase a home or finance their American dream. 

Currently, the CFPB is funded directly by the Federal Reserve with limited Congressional oversight and little transparency about its spending practices.

The TABS Act was included in the Financial CHOICE Act last Congress, which passed the House June 8, 2017.