Congressman Andy Barr (R-KY) today introduced the Taking Account of Bureaucrats’ Spending (TABS) Act, which will move the Consumer Financial Protection Bureau (CFPB) into the appropriations process. In doing so, Congress would be able to oversee the Bureau’s budget for the first time.
“The TABS Act is essential to assert Congress’s constitutional authority to use the power of the purse over the Bureau’s reckless regulatory overreaches, which are hurting communities across the country,” said Congressman Barr. “Federal agencies should be subject to congressional oversight, and this unaccountable Bureau is no different.”
The CFPB is currently funded directly by the Federal Reserve with no oversight and little transparency. Given the lack of congressional leverage, the Bureau has not proven to be a responsible steward of taxpayer dollars. For example, the Bureau is reportedly spending more than $215 million to renovate its headquarters, in a building it does not own and which is only worth $153 million.
A November 2014 review by the non-partisan Government Accountability Office found serious internal accounting deficiencies in the Bureau’s control of its own budget.