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Protecting American Consumers Act
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.
Summary
The bill establishes a mandatory minimum level of annual funding for the Consumer Financial Protection Bureau (CFPB). Specifically, the CFPB must receive at least 12 percent of the Federal Reserve System's total operating expenses each year. This sets a funding floor that prevents the bureau's budget from falling below this amount, though it may receive additional funding beyond this minimum.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
10 cosponsors
- Sen. Alsobrooks, Angela D. [D-MD] (D-MD)
- Sen. Blunt Rochester, Lisa [D-DE] (D-DE)
- Sen. Cortez Masto, Catherine [D-NV] (D-NV)
- Sen. Gallego, Ruben [D-AZ] (D-AZ)
- Sen. Kim, Andy [D-NJ] (D-NJ)
- Sen. Reed, Jack [D-RI] (D-RI)
- Sen. Smith, Tina [D-MN] (D-MN)
- Sen. Van Hollen, Chris [D-MD] (D-MD)
- Sen. Warner, Mark R. [D-VA] (D-VA)
- Sen. Warnock, Raphael G. [D-GA] (D-GA)
Actions (2)
- Jun 4, 2026 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Jun 4, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
June 4, 2026
Ms. Warren (for herself, Mr. Reed, Mr. Warner, Mr. Van Hollen, Ms. Cortez Masto, Ms. Smith, Mr. Warnock, Mr. Kim, Mr. Gallego, Ms. Blunt Rochester, and Ms. Alsobrooks) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Protecting American Consumers Act”.
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—
(1) 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.”; and
(2) in subparagraph (B), by striking “(A)(iii)” and inserting “(A)”. <all>
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