Rep. Barr Reintroduces the TABS Act
Congressman Andy Barr (KY-06) today reintroduced the Taking Account of Bureaucrats’ Spending (TABS) Act. The legislation would make the budget of the Consumer Financial Protection Bureau (CFPB) subject to congressional appropriations and therefore give Congress the power of the purse over this unaccountable agency, its regulatory overreaches, and lavish spending for the first time.
“I am reintroducing the TABS Act because the Bureau deserves the same scrutiny and the same checks and balances as any other federal agency,” said Congressman Barr. “Congressional oversight and accountability will ensure that the Bureau stays true to its mission of consumer protection, and avoids politically motivated overreaches, wasteful spending, and unnecessary regulations.”
The CFPB is currently funded directly by the Federal Reserve with no oversight and little transparency.
In response to a question from Congressman Barr during a Committee on Financial Services hearing last year, Federal Reserve Chair Janet Yellen confirmed that the Fed does not approve or even oversee the budget of more than $600 million a year it gives to the Consumer Financial Protection Bureau. Click here for video of the exchange.