Taking Account of Bureaucrats' Spending Act of 2025 or the TABS Act of 2025
This bill restructures the Consumer Financial Protection Bureau and renames it as the Consumer Financial Empowerment Agency. The new agency is established as an independent agency outside of the Federal Reserve System.
The bill also changes the funding structure of the agency by prohibiting the transfer of funds to the agency from the Federal Reserve System and by authorizing congressional appropriations for FY2026-FY2027.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 654 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 654
To change the Bureau of Consumer Financial Protection into an
independent agency named the Consumer Financial Empowerment Agency, to
transition the Agency to the regular appropriations process, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 23, 2025
Mr. Barr introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To change the Bureau of Consumer Financial Protection into an
independent agency named the Consumer Financial Empowerment Agency, to
transition the Agency to the regular appropriations process, and for
other purposes.
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 ``Taking Account of Bureaucrats'
Spending Act of 2025'' or the ``TABS Act of 2025''.
SEC. 2. CONSUMER FINANCIAL EMPOWERMENT AGENCY.
(a) Making the Bureau an Independent Consumer Financial Empowerment
Agency.--The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481
et seq.) is amended--
(1) in section 1011--
(A) in the heading of such section, by striking
``bureau of consumer financial protection'' and
inserting ``consumer financial empowerment agency'';
(B) in subsection (a)--
(i) in the heading of such subsection, by
striking ``Bureau'' and inserting ``Agency'';
(ii) by striking ``in the Federal Reserve
System,'';
(iii) by striking ``independent bureau''
and inserting ``independent agency''; and
(iv) by striking ```Bureau of Consumer
Financial Protection''' and inserting
```Consumer Financial Empowerment Agency'
(hereinafter in this section referred to as the
`Agency')'';
(C) in subsection (b)(5), by amending subparagraph
(A) to read as follows:
``(A) shall be appointed by the President; and'';
(D) in subsection (c), by striking paragraph (3);
(E) in subsection (e), by striking ``, including in
cities in which the Federal reserve banks, or branches
of such banks, are located,''; and
(F) by striking ``Bureau'' each place such term
appears and inserting ``Agency''; and
(2) in section 1012--
(A) in subsection (a)(10), by striking
``examinations,''; and
(B) by striking subsection (c).
(b) Deeming of Name.--Any reference in a law, regulation, document,
paper, or other record of the United States to the Bureau of Consumer
Financial Protection shall be deemed a reference to the Consumer
Financial Empowerment Agency.
(c) Conforming Amendments.--
(1) Dodd-frank wall street reform and consumer protection
act.--The Dodd-Frank Wall Street Reform and Consumer Protection
Act (12 U.S.C. 5301 et seq.) is amended--
(A) in the table of contents in section 1(b)--
(i) by striking ``Bureau of Consumer
Financial Protection'' each place such term
appears and inserting ``Consumer Financial
Empowerment Agency''; and
(ii) in the table of contents relating to
title X, in the items relating to subtitle B,
subtitle C, and section 1027, by striking
``Bureau'' each place such term appears and
inserting ``Agency'';
(B) in section 2, by amending paragraph (4) to read
as follows:
``(4) Agency.--The term `Agency' means the Consumer
Financial Empowerment Agency established under title X.'';
(C) in section 342 by striking ``Bureau'' each
place such term appears in headings and text and
inserting ``Agency'';
(D) in section 1400(b)--
(i) by striking ``Bureau of Consumer
Financial Protection'' and inserting ``Consumer
Financial Empowerment Agency''; and
(ii) in the subsection heading, by striking
``Bureau of Consumer Financial Protection'' and
inserting ``Consumer Financial Empowerment
Agency'';
(E) in section 1411(a)(1), by striking ``Bureau''
and inserting ``Agency''; and
(F) in section 1447, by striking ``Director of the
Bureau'' each place such term appears and inserting
``Director of the Consumer Financial Empowerment
Agency''.
(2) Alternative mortgage transaction parity act of 1982.--
The Alternative Mortgage Transaction Parity Act of 1982 (12
U.S.C. 3801 et seq.) is amended--
(A) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears and inserting
``Consumer Financial Empowerment Agency''; and
(B) in the subsection heading of subsection (d) of
section 804 (12 U.S.C. 3803(d)), by striking ``Bureau''
and inserting ``Agency''.
(3) Electronic fund transfer act.--The Electronic Fund
Transfer Act (15 U.S.C. 1693 et seq.) is amended--
(A) by amending the second paragraph (4) (defining
the term ``Bureau'') to read as follows:
``(4) the term `Agency' means the Consumer Financial
Empowerment Agency;'';
(B) in section 916(d)(1), by striking ``Bureau of
Consumer Financial Protection'' and inserting
``Consumer Financial Empowerment Agency''; and
(C) by striking ``Bureau'' each place that term
appears in heading or text and inserting ``Agency''.
(4) Equal credit opportunity act.--The Equal Credit
Opportunity Act (15 U.S.C. 1691 et seq.) is amended--
(A) in section 702 (15 U.S.C. 1691a), by amending
subsection (c) to read as follows:
``(c) The term `Agency' means the Consumer Financial Empowerment
Agency.''; and
(B) by striking ``Bureau'' each place that term
appears in heading or text and inserting ``Agency''.
(5) Expedited funds availability act.--The Expedited Funds
Availability Act (12 U.S.C. 4001 et seq.) is amended--
(A) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears and inserting
``Consumer Financial Empowerment Agency''; and
(B) in the heading of section 605(f)(1), by
striking ``board and bureau'' and inserting ``Board and
agency''.
(6) Fair and accurate credit transactions act of 2003.--The
Fair and Accurate Credit Transactions Act of 2003 (Public Law
108-159) is amended by striking ``Bureau'' each place such term
appears in heading and text and inserting ``Agency''.
(7) Fair credit reporting act.--The Fair Credit Reporting
Act (15 U.S.C. 1681 et seq.) is amended--
(A) by amending section 603(w) to read as follows:
``(w) Agency.--The term `Agency' means the Consumer Financial
Empowerment Agency.''; and
(B) by striking ``Bureau'' each place such term
appears, other than in sections 626 and 603(v), and
inserting ``Agency''.
(8) Fair debt collection practices act.--The Fair Debt
Collection Practices Act (15 U.S.C. 1692 et seq.) is amended--
(A) by amending section 803(1) to read as follows:
``(1) The term `Agency' means the Consumer Financial
Empowerment Agency.''; and
(B) by striking ``Bureau'' each place such term
appears in heading or text and inserting ``Agency''.
(9) Federal deposit insurance act.--The Federal Deposit
Insurance Act (12 U.S.C. 1811 et seq.) is amended--
(A) in the second paragraph (6) (with the heading
``Referral to bureau of consumer financial
protection'') of section 8(t) (12 U.S.C. 1818(t))--
(i) in the paragraph heading, by striking
``bureau of consumer financial protection'';
and inserting ``Consumer financial empowerment
agency''; and
(ii) by striking ``Bureau of Consumer
Financial Protection'' and inserting ``Consumer
Financial Empowerment Agency'';
(B) by amending clause (vi) of section 11(t)(2)(A)
(12 U.S.C. 1821(t)(2)(A)(vi)) to read as follows:
``(vi) The Consumer Financial Empowerment
Agency.'';
(C) in section 18(x) (12 U.S.C. 1828(x)), by
striking ``Bureau of Consumer Financial Protection''
each place such term appears and inserting ``Consumer
Financial Empowerment Agency'';
(D) by striking ``Bureau'' each place such term
appears and inserting ``Agency''; and
(E) in section 43(e) (12 U.S.C. 1831t(e)), by
amending paragraph (5) to read as follows:
``(5) Agency.--The term `Agency' means the Consumer
Financial Empowerment Agency.''.
(10) Federal financial institutions examination council act
of 1978.--The Federal Financial Institutions Examination
Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended--
(A) in section 1004(a)(4), by striking ``Consumer
Financial Protection Bureau'' and inserting ``Consumer
Financial Empowerment Agency''; and
(B) in section 1011, by striking ``Bureau of
Consumer Financial Protection'' and inserting
``Consumer Financial Empowerment Agency''.
(11) Financial institutions reform, recovery, and
enforcement act of 1989.--The Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (Public Law 101-73; 103
Stat. 183) is amended--
(A) in section 1112(b) (12 U.S.C. 3341), by
striking ``Bureau of Consumer Financial Protection''
and inserting ``Consumer Financial Empowerment
Agency'';
(B) in section 1124 (12 U.S.C. 3353), by striking
``Bureau of Consumer Financial Protection'' each place
such term appears and inserting ``Consumer Financial
Empowerment Agency'';
(C) in section 1125 (12 U.S.C. 3354), by striking
``Bureau of Consumer Financial Protection'' each place
such term appears and inserting ``Consumer Financial
Empowerment Agency''; and
(D) in section 1206(a) (12 U.S.C. 1833b(a)), by
striking ``Federal Housing Finance Board'' and all that
follows through ``Farm Credit Administration'' and
inserting ``Federal Housing Finance Agency, the
Consumer Financial Empowerment Agency, and the Farm
Credit Administration''.
(12) Financial literacy and education improvement act.--
Section 513 of the Financial Literacy and Education Improvement
Act (20 U.S.C. 9702) is amended by striking ``Bureau of
Consumer Financial Protection'' each place such term appears
and inserting ``Consumer Financial Empowerment Agency''.
(13) Gramm-leach-bliley act.--Title V of the Gramm-Leach-
Bliley Act (15 U.S.C. 6801 et seq.) is amended--
(A) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears and inserting
``Consumer Financial Empowerment Agency''; and
(B) in section 505(a)(8) (15 U.S.C. 6805(a)(8)), by
striking ``Bureau'' and inserting ``Agency''.
(14) Home mortgage disclosure act of 1975.--The Home
Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is
amended--
(A) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears and inserting
``Consumer Financial Empowerment Agency'';
(B) by striking ``Bureau'' each place such term
appears and inserting ``Agency''; and
(C) in section 303, by amending paragraph (1) to
read as follows:
``(1) the term `Agency' means the Consumer Financial
Empowerment Agency;''.
(15) Homeowners protection act of 1998.--Section 10(a)(4)
of the Homeowners Protection Act of 1998 (12 U.S.C. 4909(a)(4))
is amended by striking ``Bureau of Consumer Financial
Protection'' and inserting ``Consumer Financial Empowerment
Agency''.
(16) Home ownership and equity protection act of 1994.--
Section 158(a) of the Home Ownership and Equity Protection Act
of 1994 (15 U.S.C. 1601 note) is amended by striking ``Bureau''
and inserting ``Consumer Financial Empowerment Agency''.
(17) Interstate land sales full disclosure act.--The
Interstate Land Sales Full Disclosure Act (12 U.S.C. 1701 et
seq.) is amended--
(A) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears and inserting
``Agency'';
(B) in section 1402, by amending paragraph (12) to
read as follows:
``(12) `Agency' means the Consumer Financial Empowerment
Agency.''; and
(C) in section 1416, by striking ``Bureau'' each
place such term appears and inserting ``Agency''.
(18) Real estate settlement procedures act of 1974.--The
Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601
et seq.) is amended--
(A) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears and inserting
``Consumer Financial Empowerment Agency'';
(B) by striking ``Bureau'' each place such term
appears and inserting ``Agency''; and
(C) in section 3, by amending paragraph (9) to read
as follows:
``(9) the term `Agency' means the Consumer Financial
Empowerment Agency.''.
(19) Revised statues of the united states.--Section
5136C(b)(3)(B) of the Revised Statutes of the United States (12
U.S.C. 25b(b)(3)(B)) is amended by striking ``Bureau of
Consumer Financial Protection'' and inserting ``Consumer
Financial Empowerment Agency''.
(20) Right to financial privacy act of 1978.--The Right to
Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is
amended--
(A) by amending subparagraph (B) of section 1101(7)
(12 U.S.C. 3401(7)(B)) to read as follows:
``(B) the Consumer Financial Empowerment Agency;'';
and
(B) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears in heading or
text and inserting ``Consumer Financial Empowerment
Agency''.
(21) S.A.F.E. mortgage licensing act of 2008.--The S.A.F.E.
Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is
amended--
(A) in section 1507, by striking ``Bureau, and the
Bureau of Consumer Financial Protection'' each place
such term appears and inserting ``Consumer Financial
Empowerment Agency'';
(B) by striking ``Bureau of Consumer Financial
Protection'' each place such term appears and inserting
``Consumer Financial Empowerment Agency'';
(C) by striking ``Bureau'' each place such appears,
other than in sections 1505(a)(1), 1507(a)(2)(A), and
1511(b), and inserting ``Agency'';
(D) in section 1503, by amending paragraph (1) to
read as follows:
``(1) Agency.--The term `Agency' means the Consumer
Financial Empowerment Agency.'';
(E) in the heading of section 1508, by striking
``bureau of consumer financial protection'' and
inserting ``consumer financial empowerment agency'';
and
(F) in the heading of section 1514, by striking
``bureau'' and inserting ``agency''.
(22) Telemarketing and consumer fraud and abuse prevention
act.--The Telemarketing and Consumer Fraud and Abuse Prevention
Act (15 U.S.C. 6101 et seq.) is amended by striking ``Bureau of
Consumer Financial Protection'' each place such term appears in
heading or text and inserting ``Consumer Financial Empowerment
Agency''.
(23) Title 5, united states code.--Title 5, United States
Code, is amended--
(A) in section 552a(w)--
(i) in the subsection heading, by striking
``Bureau of Consumer Financial Protection'' and
inserting ``Consumer Financial Empowerment
Agency''; and
(ii) by striking ``Bureau of Consumer
Financial Protection'' and inserting ``Consumer
Financial Empowerment Agency'';
(B) in section 609(d)(2), by striking ``Consumer
Financial Protection Bureau of the Federal Reserve
System'' and inserting ``Consumer Financial Empowerment
Agency''; and
(C) in section 3132(a)(1)(D), by striking ``Bureau
of Consumer Financial Protection'' and inserting
``Consumer Financial Empowerment Agency''.
(24) Title 10, united states code.--
(A) Section 987.--Section 987(h)(3)(E) of title 10,
United States Code, is amended by striking ``Bureau of
Consumer Financial Protection'' and inserting
``Consumer Financial Empowerment Agency''.
(B) NDAA fy 2015.--Section 557(a) of the Carl Levin
and Howard P. ``Buck'' McKeon National Defense
Authorization Act for Fiscal Year 2015 (Public Law 113-
29; 128 Stat. 3381; 10 U.S.C. 1144 note), is amended by
striking ``Consumer Financial Protection Bureau'' each
place such term appears and inserting ``Consumer
Financial Empowerment Agency''.
(25) Title 44, united states code.--Title 44, United States
Code, is amended--
(A) in section 3502(5), by striking ``the Bureau of
Consumer Financial Protection,''; and
(B) in section 3513(c), by striking ``Bureau of
Consumer Financial Protection'' and inserting
``Consumer Financial Empowerment Agency''.
(26) Truth in lending act.--The Truth in Lending Act (15
U.S.C. 1601 et seq.) is amended--
(A) by amending section 103(b) (15 U.S.C. 1602(b))
to read as follows:
``(b) Agency.--The term `Agency' means the Consumer Financial
Empowerment Agency.'';
(B) by amending section 103(c) (15 U.S.C. 1602(c))
to read as follows:
``(c) Board.--The term `Board' means the Board of Governors of the
Federal Reserve System.'';
(C) in section 128(f) (15 U.S.C. 1638(f)), by
striking ``Board'' each place such term appears and
inserting ``Agency'';
(D) in sections 129B (15 U.S.C. 1639b) and 129C (15
U.S.C. 1639c), by striking ``Board'' each place such
term appears and inserting ``Agency'';
(E) in section 140A (15 U.S.C. 1651), by striking
``in consultation with the Bureau'' and inserting ``in
consultation with the Federal Trade Commission'';
(F) by striking ``Bureau'' each place such term
appears in heading or text and inserting ``Agency'';
and
(G) by striking ``bureau'' and inserting ``Agency''
in the paragraph headings for--
(i) section 122(d)(2) (15 U.S.C.
1632(d)(2));
(ii) section 127(c)(5) (15 U.S.C.
1637(c)(5));
(iii) section 127(r)(3) (15 U.S.C.
1637(r)(3)); and
(iv) section 127A(a)(14) (15 U.S.C.
1637a(a)(14)).
(27) Truth in savings act.--The Truth in Savings Act (12
U.S.C. 4301 et seq.) is amended--
(A) by amending paragraph (4) of section 274 (12
U.S.C. 4313(4)) to read as follows:
``(4) Agency.--The term `Agency' means the Consumer
Financial Empowerment Agency.'';
(B) by striking ``National Credit Union
Administration Bureau'' each place such term appears
and inserting ``National Credit Union Administration
Board''; and
(C) by striking ``Bureau'' each place such term
appears and inserting ``Agency'', except in section
233(b)(4)(B).
SEC. 3. BRINGING THE AGENCY INTO THE REGULAR APPROPRIATIONS PROCESS.
Section 1017 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5497) is amended--
(1) in subsection (a)--
(A) by amending the heading of such subsection to
read as follows: ``Budget, Financial Management, and
Audit.--'';
(B) by striking paragraphs (1), (2), and (3);
(C) by redesignating paragraphs (4) and (5) as
paragraphs (1) and (2), respectively; and
(D) by striking subparagraphs (E) and (F) of
paragraph (1), as so redesignated;
(2) by striking subsections (b) and (c);
(3) by redesignating subsections (d) and (e) as subsections
(b) and (c), respectively; and
(4) in subsection (c), as so redesignated--
(A) by striking paragraphs (1), (2), and (3) and
inserting the following:
``(1) Authorization of appropriations.--There are
authorized to be appropriated such sums as may be necessary to
carry out this title for each of fiscal years 2026 and 2027.'';
and
(B) by redesignating paragraph (4) as paragraph
(2).
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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