Protecting American Consumers Act

TL;DR (AI)

• The bill establishes a minimum funding level for the Bureau of Consumer Financial Protection, requiring a transfer of at least 12 percent of the Federal Reserve System’s total operating expenses annually.
• This funding calculation will be based on the Federal Reserve System’s operating expenses as reported in the 2009 Annual Report of the Board of Governors.
• The bill amends the Consumer Financial Protection Act of 2010 to implement this compulsory funding floor.