HR-2798 : Still Just a Bill

CFPB Transparency and Accountability Reform Act

This bill changes the structure, funding, and rulemaking procedures of the Consumer Financial Protection Bureau.

The bill removes the bureau from the Federal Reserve System and reestablishes it as an independent agency. The bill also changes the leadership structure by establishing a five-person commission led by a chair rather than a director as under current law. The bill eliminates the bureau's ability to receive funding through transfers from the Federal Reserve and brings the bureau under the regular appropriations process. The bill also establishes a separate inspector general for the bureau. Currently, the bureau is under the supervision of the Federal Reserve's Inspector General.

Additionally, the bill creates within the bureau the Office of Economic Analysis that must review all proposed and existing guidance, orders, rules, and regulations. In the course of a rulemaking, the office must publish an assessment of all anticipated direct and indirect costs and benefits of the proposed regulation and of any reasonable alternatives. As part of the required analysis under the Regulatory Flexibility Act, the bureau must describe the impact on small businesses of proposed and final rules and a justification for the rejection of any alternatives.

Finally, the bill requires the bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.

Action Timeline

Action DateTypeTextSource
2023-12-04CalendarsPlaced on the Union Calendar, Calendar No. 241.House floor actions
2023-12-04DischargeCommittee on Small Business discharged.House floor actions
2023-12-04DischargeCommittee on the Judiciary discharged.House floor actions
2023-12-04DischargeCommittee on Oversight and Accountability discharged.House floor actions
2023-12-04CommitteeReported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.House floor actions
2023-04-26CommitteeOrdered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 23.House committee actions
2023-04-26CommitteeCommittee Consideration and Mark-up Session Held.House committee actions
2023-04-24IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2023-04-24IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2023-04-24IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2023-04-24IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2023-04-24IntroReferralIntroduced in HouseLibrary of Congress

Policy Area :

Finance and Financial Sector
See Subjects
  • Administrative law and regulatory procedures
  • Advisory bodies
  • Appropriations
  • Banking and financial institutions regulation
  • Civil actions and liability
  • Congressional oversight
  • Consumer affairs
  • Economic performance and conditions
  • Executive agency funding and structure
  • Federal officials
  • Government employee pay, benefits, personnel management
  • Government ethics and transparency, public corruption
  • Government studies and investigations
  • Performance measurement
  • Presidents and presidential powers, Vice Presidents
  • Small business
  • Wages and earnings
  • Department of the Treasury
  • Consumer Financial Protection Bureau