Bill Details
S.303 - 119th Congress
Status
Latest action
2025-01-29 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced Date
2025-01-29
Policy Area
Finance and Financial Sector
Committees
View committees (1)
Sponsors
Cosponsors
8
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would change the law so the head of the Consumer Financial Protection Bureau could ask for no money at all to run the agency. In simple terms, it would block the bureau from receiving federal funding through its normal process, which would likely stop or sharply limit its work protecting people from unfair financial practices.
- It changes the funding rules for the Consumer Financial Protection Bureau.
- It sets the amount the bureau director may request for operations at $0.
- It removes older language in the law that now allows the bureau to request funding based on its needs.
- The bill was introduced in the Senate and sent to the Banking, Housing, and Urban Affairs Committee.
Official Summaries
Defund the CFPB Act
This bill caps funding of the Consumer Financial Protection Bureau at $0.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 303 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 303
To amend the Consumer Financial Protection Act of 2010 to limit to $0
the amount that the Director of the Bureau of Consumer Financial
Protection may request to fund the activities of the Bureau.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 29, 2025
Mr. Cruz (for himself, Mr. Barrasso, Mr. Scott of Florida, Mr. Daines,
Mrs. Blackburn, Mr. Rounds, and Mr. Lee) 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 limit to $0
the amount that the Director of the Bureau of Consumer Financial
Protection may request to fund the activities of the Bureau.
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 ``Defund the CFPB Act''.
SEC. 2. LIMITING FUNDING OF BUREAU OF CONSUMER FINANCIAL PROTECTION.
Section 1017(a) of the Consumer Financial Protection Act of 2010
(12 U.S.C. 5497(a)) is amended--
(1) in paragraph (1), by striking ``taking into account''
and all that follows through the period at the end and
inserting ``which shall be not more than $0.'';
(2) by striking paragraphs (2) and (3); and
(3) by redesignating paragraphs (4) and (5) as paragraphs
(2) and (3), respectively.
<all>