I
119THCONGRESS
1
STSESSION H. R. 654
To change the Bureau of Consumer Financial Protection into an independent
agency named the Consumer Financial Empowerment Agency, to transi-
tion the Agency to the regular appropriations process, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY23, 2025
Mr. B
ARRintroduced 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 Finan-
cial Empowerment Agency, to transition the Agency to
the regular appropriations process, and for other pur-
poses.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Taking Account of Bu-4
reaucrats’ Spending Act of 2025’’ or the ‘‘TABS Act of 5
2025’’. 6
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SEC. 2. CONSUMER FINANCIAL EMPOWERMENT AGENCY. 1
(a) M
AKING THEBUREAU ANINDEPENDENT CON-2
SUMERFINANCIALEMPOWERMENT AGENCY.—The Con-3
sumer Financial Protection Act of 2010 (12 U.S.C. 5481 4
et seq.) is amended— 5
(1) in section 1011— 6
(A) in the heading of such section, by 7
striking ‘‘
BUREAU OF CONSUMER FINAN -8
CIAL PROTECTION ’’ and inserting ‘‘CON-9
SUMER FINANCIAL EMPOWERMENT AGEN -10
CY’’; 11
(B) in subsection (a)— 12
(i) in the heading of such subsection, 13
by striking ‘‘B
UREAU’’ and inserting 14
‘‘A
GENCY’’; 15
(ii) by striking ‘‘in the Federal Re-16
serve System,’’; 17
(iii) by striking ‘‘independent bureau’’ 18
and inserting ‘‘independent agency’’; and 19
(iv) by striking ‘‘‘Bureau of Con-20
sumer Financial Protection’’’ and insert-21
ing ‘‘‘Consumer Financial Empowerment 22
Agency’ (hereinafter in this section re-23
ferred to as the ‘Agency’)’’; 24
(C) in subsection (b)(5), by amending sub-25
paragraph (A) to read as follows: 26
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‘‘(A) shall be appointed by the President; 1
and’’; 2
(D) in subsection (c), by striking para-3
graph (3); 4
(E) in subsection (e), by striking ‘‘, includ-5
ing in cities in which the Federal reserve banks, 6
or branches of such banks, are located,’’; and 7
(F) by striking ‘‘Bureau’’ each place such 8
term appears and inserting ‘‘Agency’’; and 9
(2) in section 1012— 10
(A) in subsection (a)(10), by striking ‘‘ex-11
aminations,’’; and 12
(B) by striking subsection (c). 13
(b) D
EEMING OFNAME.—Any reference in a law, 14
regulation, document, paper, or other record of the United 15
States to the Bureau of Consumer Financial Protection 16
shall be deemed a reference to the Consumer Financial 17
Empowerment Agency. 18
(c) C
ONFORMINGAMENDMENTS.— 19
(1) D
ODD-FRANK WALL STREET REFORM AND 20
CONSUMER PROTECTION ACT .—The Dodd-Frank 21
Wall Street Reform and Consumer Protection Act 22
(12 U.S.C. 5301 et seq.) is amended— 23
(A) in the table of contents in section 24
1(b)— 25
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(i) by striking ‘‘Bureau of Consumer 1
Financial Protection’’ each place such term 2
appears and inserting ‘‘Consumer Finan-3
cial Empowerment Agency’’; and 4
(ii) in the table of contents relating to 5
title X, in the items relating to subtitle B, 6
subtitle C, and section 1027, by striking 7
‘‘Bureau’’ each place such term appears 8
and inserting ‘‘Agency’’; 9
(B) in section 2, by amending paragraph 10
(4) to read as follows: 11
‘‘(4) A
GENCY.—The term ‘Agency’ means the 12
Consumer Financial Empowerment Agency estab-13
lished under title X.’’; 14
(C) in section 342 by striking ‘‘Bureau’’ 15
each place such term appears in headings and 16
text and inserting ‘‘Agency’’; 17
(D) in section 1400(b)— 18
(i) by striking ‘‘Bureau of Consumer 19
Financial Protection’’ and inserting ‘‘Con-20
sumer Financial Empowerment Agency’’; 21
and 22
(ii) in the subsection heading, by 23
striking ‘‘B
UREAU OFCONSUMERFINAN-24
CIALPROTECTION’’ and inserting ‘‘CON-25
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SUMERFINANCIALEMPOWERMENT AGEN-1
CY’’; 2
(E) in section 1411(a)(1), by striking ‘‘Bu-3
reau’’ and inserting ‘‘Agency’’; and 4
(F) in section 1447, by striking ‘‘Director 5
of the Bureau’’ each place such term appears 6
and inserting ‘‘Director of the Consumer Fi-7
nancial Empowerment Agency’’. 8
(2) A
LTERNATIVE MORTGAGE TRANSACTION 9
PARITY ACT OF 1982 .—The Alternative Mortgage 10
Transaction Parity Act of 1982 (12 U.S.C. 3801 et 11
seq.) is amended— 12
(A) by striking ‘‘Bureau of Consumer Fi-13
nancial Protection’’ each place such term ap-14
pears and inserting ‘‘Consumer Financial Em-15
powerment Agency’’; and 16
(B) in the subsection heading of subsection 17
(d) of section 804 (12 U.S.C. 3803(d)), by 18
striking ‘‘B
UREAU’’ and inserting ‘‘AGENCY’’. 19
(3) E
LECTRONIC FUND TRANSFER ACT .—The 20
Electronic Fund Transfer Act (15 U.S.C. 1693 et 21
seq.) is amended— 22
(A) by amending the second paragraph (4) 23
(defining the term ‘‘Bureau’’) to read as fol-24
lows: 25
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‘‘(4) the term ‘Agency’ means the Consumer Fi-1
nancial Empowerment Agency;’’; 2
(B) in section 916(d)(1), by striking ‘‘Bu-3
reau of Consumer Financial Protection’’ and in-4
serting ‘‘Consumer Financial Empowerment 5
Agency’’; and 6
(C) by striking ‘‘Bureau’’ each place that 7
term appears in heading or text and inserting 8
‘‘Agency’’. 9
(4) E
QUAL CREDIT OPPORTUNITY ACT .—The 10
Equal Credit Opportunity Act (15 U.S.C. 1691 et 11
seq.) is amended— 12
(A) in section 702 (15 U.S.C. 1691a), by 13
amending subsection (c) to read as follows: 14
‘‘(c) The term ‘Agency’ means the Consumer Finan-15
cial Empowerment Agency.’’; and 16
(B) by striking ‘‘Bureau’’ each place that 17
term appears in heading or text and inserting 18
‘‘Agency’’. 19
(5) E
XPEDITED FUNDS AVAILABILITY ACT .— 20
The Expedited Funds Availability Act (12 U.S.C. 21
4001 et seq.) is amended— 22
(A) by striking ‘‘Bureau of Consumer Fi-23
nancial Protection’’ each place such term ap-24
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pears and inserting ‘‘Consumer Financial Em-1
powerment Agency’’; and 2
(B) in the heading of section 605(f)(1), by 3
striking ‘‘
BOARD AND BUREAU ’’ and inserting 4
‘‘B
OARD AND AGENCY’’. 5
(6) F
AIR AND ACCURATE CREDIT TRANS -6
ACTIONS ACT OF 2003 .—The Fair and Accurate 7
Credit Transactions Act of 2003 (Public Law 108– 8
159) is amended by striking ‘‘Bureau’’ each place 9
such term appears in heading and text and inserting 10
‘‘Agency’’. 11
(7) F
AIR CREDIT REPORTING ACT .—The Fair 12
Credit Reporting Act (15 U.S.C. 1681 et seq.) is 13
amended— 14
(A) by amending section 603(w) to read as 15
follows: 16
‘‘(w) A
GENCY.—The term ‘Agency’ means the Con-17
sumer Financial Empowerment Agency.’’; and 18
(B) by striking ‘‘Bureau’’ each place such 19
term appears, other than in sections 626 and 20
603(v), and inserting ‘‘Agency’’. 21
(8) F
AIR DEBT COLLECTION PRACTICES ACT .— 22
The Fair Debt Collection Practices Act (15 U.S.C. 23
1692 et seq.) is amended— 24
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(A) by amending section 803(1) to read as 1
follows: 2
‘‘(1) The term ‘Agency’ means the Consumer 3
Financial Empowerment Agency.’’; and 4
(B) by striking ‘‘Bureau’’ each place such 5
term appears in heading or text and inserting 6
‘‘Agency’’. 7
(9) F
EDERAL DEPOSIT INSURANCE ACT .—The 8
Federal Deposit Insurance Act (12 U.S.C. 1811 et 9
seq.) is amended— 10
(A) in the second paragraph (6) (with the 11
heading ‘‘Referral to bureau of consumer finan-12
cial protection’’) of section 8(t) (12 U.S.C. 13
1818(t))— 14
(i) in the paragraph heading, by strik-15
ing ‘‘
BUREAU OF CONSUMER FINANCIAL 16
PROTECTION’’; and inserting ‘‘CONSUMER 17
FINANCIAL EMPOWERMENT AGENCY ’’; and 18
(ii) by striking ‘‘Bureau of Consumer 19
Financial Protection’’ and inserting ‘‘Con-20
sumer Financial Empowerment Agency’’; 21
(B) by amending clause (vi) of section 22
11(t)(2)(A) (12 U.S.C. 1821(t)(2)(A)(vi)) to 23
read as follows: 24
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‘‘(vi) The Consumer Financial Em-1
powerment Agency.’’; 2
(C) in section 18(x) (12 U.S.C. 1828(x)), 3
by striking ‘‘Bureau of Consumer Financial 4
Protection’’ each place such term appears and 5
inserting ‘‘Consumer Financial Empowerment 6
Agency’’; 7
(D) by striking ‘‘Bureau’’ each place such 8
term appears and inserting ‘‘Agency’’; and 9
(E) in section 43(e) (12 U.S.C. 1831t(e)), 10
by amending paragraph (5) to read as follows: 11
‘‘(5) A
GENCY.—The term ‘Agency’ means the 12
Consumer Financial Empowerment Agency.’’. 13
(10) F
EDERAL FINANCIAL INSTITUTIONS EXAM -14
INATION COUNCIL ACT OF 1978 .—The Federal Fi-15
nancial Institutions Examination Council Act of 16
1978 (12 U.S.C. 3301 et seq.) is amended— 17
(A) in section 1004(a)(4), by striking 18
‘‘Consumer Financial Protection Bureau’’ and 19
inserting ‘‘Consumer Financial Empowerment 20
Agency’’; and 21
(B) in section 1011, by striking ‘‘Bureau 22
of Consumer Financial Protection’’ and insert-23
ing ‘‘Consumer Financial Empowerment Agen-24
cy’’. 25
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(11) FINANCIAL INSTITUTIONS REFORM , RE-1
COVERY, AND ENFORCEMENT ACT OF 1989 .—The Fi-2
nancial Institutions Reform, Recovery, and Enforce-3
ment Act of 1989 (Public Law 101–73; 103 Stat. 4
183) is amended— 5
(A) in section 1112(b) (12 U.S.C. 3341), 6
by striking ‘‘Bureau of Consumer Financial 7
Protection’’ and inserting ‘‘Consumer Financial 8
Empowerment Agency’’; 9
(B) in section 1124 (12 U.S.C. 3353), by 10
striking ‘‘Bureau of Consumer Financial Pro-11
tection’’ each place such term appears and in-12
serting ‘‘Consumer Financial Empowerment 13
Agency’’; 14
(C) in section 1125 (12 U.S.C. 3354), by 15
striking ‘‘Bureau of Consumer Financial Pro-16
tection’’ each place such term appears and in-17
serting ‘‘Consumer Financial Empowerment 18
Agency’’; and 19
(D) in section 1206(a) (12 U.S.C. 20
1833b(a)), by striking ‘‘Federal Housing Fi-21
nance Board’’ and all that follows through 22
‘‘Farm Credit Administration’’ and inserting 23
‘‘Federal Housing Finance Agency, the Con-24
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sumer Financial Empowerment Agency, and the 1
Farm Credit Administration’’. 2
(12) F
INANCIAL LITERACY AND EDUCATION IM -3
PROVEMENT ACT.—Section 513 of the Financial Lit-4
eracy and Education Improvement Act (20 U.S.C. 5
9702) is amended by striking ‘‘Bureau of Consumer 6
Financial Protection’’ each place such term appears 7
and inserting ‘‘Consumer Financial Empowerment 8
Agency’’. 9
(13) G
RAMM-LEACH-BLILEY ACT.—Title V of 10
the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et 11
seq.) is amended— 12
(A) by striking ‘‘Bureau of Consumer Fi-13
nancial Protection’’ each place such term ap-14
pears and inserting ‘‘Consumer Financial Em-15
powerment Agency’’; and 16
(B) in section 505(a)(8) (15 U.S.C. 17
6805(a)(8)), by striking ‘‘Bureau’’ and insert-18
ing ‘‘Agency’’. 19
(14) H
OME MORTGAGE DISCLOSURE ACT OF 20
1975.—The Home Mortgage Disclosure Act of 1975 21
(12 U.S.C. 2801 et seq.) is amended— 22
(A) by striking ‘‘Bureau of Consumer Fi-23
nancial Protection’’ each place such term ap-24
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pears and inserting ‘‘Consumer Financial Em-1
powerment Agency’’; 2
(B) by striking ‘‘Bureau’’ each place such 3
term appears and inserting ‘‘Agency’’; and 4
(C) in section 303, by amending paragraph 5
(1) to read as follows: 6
‘‘(1) the term ‘Agency’ means the Consumer Fi-7
nancial Empowerment Agency;’’. 8
(15) H
OMEOWNERS PROTECTION ACT OF 9
1998.—Section 10(a)(4) of the Homeowners Protec-10
tion Act of 1998 (12 U.S.C. 4909(a)(4)) is amended 11
by striking ‘‘Bureau of Consumer Financial Protec-12
tion’’ and inserting ‘‘Consumer Financial Empower-13
ment Agency’’. 14
(16) H
OME OWNERSHIP AND EQUITY PROTEC -15
TION ACT OF 1994.—Section 158(a) of the Home 16
Ownership and Equity Protection Act of 1994 (15 17
U.S.C. 1601 note) is amended by striking ‘‘Bureau’’ 18
and inserting ‘‘Consumer Financial Empowerment 19
Agency’’. 20
(17) I
NTERSTATE LAND SALES FULL DISCLO -21
SURE ACT.—The Interstate Land Sales Full Disclo-22
sure Act (12 U.S.C. 1701 et seq.) is amended— 23
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(A) by striking ‘‘Bureau of Consumer Fi-1
nancial Protection’’ each place such term ap-2
pears and inserting ‘‘Agency’’; 3
(B) in section 1402, by amending para-4
graph (12) to read as follows: 5
‘‘(12) ‘Agency’ means the Consumer Financial 6
Empowerment Agency.’’; and 7
(C) in section 1416, by striking ‘‘Bureau’’ 8
each place such term appears and inserting 9
‘‘Agency’’. 10
(18) R
EAL ESTATE SETTLEMENT PROCEDURES 11
ACT OF 1974.—The Real Estate Settlement Proce-12
dures Act of 1974 (12 U.S.C. 2601 et seq.) is 13
amended— 14
(A) by striking ‘‘Bureau of Consumer Fi-15
nancial Protection’’ each place such term ap-16
pears and inserting ‘‘Consumer Financial Em-17
powerment Agency’’; 18
(B) by striking ‘‘Bureau’’ each place such 19
term appears and inserting ‘‘Agency’’; and 20
(C) in section 3, by amending paragraph 21
(9) to read as follows: 22
‘‘(9) the term ‘Agency’ means the Consumer Fi-23
nancial Empowerment Agency.’’. 24
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(19) REVISED STATUES OF THE UNITED 1
STATES.—Section 5136C(b)(3)(B) of the Revised 2
Statutes of the United States (12 U.S.C. 3
25b(b)(3)(B)) is amended by striking ‘‘Bureau of 4
Consumer Financial Protection’’ and inserting ‘‘Con-5
sumer Financial Empowerment Agency’’. 6
(20) R
IGHT TO FINANCIAL PRIVACY ACT OF 7
1978.—The Right to Financial Privacy Act of 1978 8
(12 U.S.C. 3401 et seq.) is amended— 9
(A) by amending subparagraph (B) of sec-10
tion 1101(7) (12 U.S.C. 3401(7)(B)) to read as 11
follows: 12
‘‘(B) the Consumer Financial Empower-13
ment Agency;’’; and 14
(B) by striking ‘‘Bureau of Consumer Fi-15
nancial Protection’’ each place such term ap-16
pears in heading or text and inserting ‘‘Con-17
sumer Financial Empowerment Agency’’. 18
(21) S.A.F.E.
MORTGAGE LICENSING ACT OF 19
2008.—The S.A.F.E. Mortgage Licensing Act of 20
2008 (12 U.S.C. 5101 et seq.) is amended— 21
(A) in section 1507, by striking ‘‘Bureau, 22
and the Bureau of Consumer Financial Protec-23
tion’’ each place such term appears and insert-24
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ing ‘‘Consumer Financial Empowerment Agen-1
cy’’; 2
(B) by striking ‘‘Bureau of Consumer Fi-3
nancial Protection’’ each place such term ap-4
pears and inserting ‘‘Consumer Financial Em-5
powerment Agency’’; 6
(C) by striking ‘‘Bureau’’ each place such 7
appears, other than in sections 1505(a)(1), 8
1507(a)(2)(A), and 1511(b), and inserting 9
‘‘Agency’’; 10
(D) in section 1503, by amending para-11
graph (1) to read as follows: 12
‘‘(1) A
GENCY.—The term ‘Agency’ means the 13
Consumer Financial Empowerment Agency.’’; 14
(E) in the heading of section 1508, by 15
striking ‘‘
BUREAU OF CONSUMER FINAN -16
CIAL PROTECTION ’’ and inserting ‘‘CON-17
SUMER FINANCIAL EMPOWERMENT AGEN -18
CY’’; and 19
(F) in the heading of section 1514, by 20
striking ‘‘
BUREAU’’ and inserting ‘‘AGENCY’’. 21
(22) T
ELEMARKETING AND CONSUMER FRAUD 22
AND ABUSE PREVENTION ACT .—The Telemarketing 23
and Consumer Fraud and Abuse Prevention Act (15 24
U.S.C. 6101 et seq.) is amended by striking ‘‘Bu-25
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reau of Consumer Financial Protection’’ each place 1
such term appears in heading or text and inserting 2
‘‘Consumer Financial Empowerment Agency’’. 3
(23) T
ITLE 5, UNITED STATES CODE .—Title 5, 4
United States Code, is amended— 5
(A) in section 552a(w)— 6
(i) in the subsection heading, by strik-7
ing ‘‘B
UREAU OFCONSUMERFINANCIAL 8
P
ROTECTION’’ and inserting ‘‘CONSUMER 9
F
INANCIALEMPOWERMENT AGENCY’’; and 10
(ii) by striking ‘‘Bureau of Consumer 11
Financial Protection’’ and inserting ‘‘Con-12
sumer Financial Empowerment Agency’’; 13
(B) in section 609(d)(2), by striking ‘‘Con-14
sumer Financial Protection Bureau of the Fed-15
eral Reserve System’’ and inserting ‘‘Consumer 16
Financial Empowerment Agency’’; and 17
(C) in section 3132(a)(1)(D), by striking 18
‘‘Bureau of Consumer Financial Protection’’ 19
and inserting ‘‘Consumer Financial Empower-20
ment Agency’’. 21
(24) T
ITLE 10, UNITED STATES CODE.— 22
(A) S
ECTION 987.—Section 987(h)(3)(E) 23
of title 10, United States Code, is amended by 24
striking ‘‘Bureau of Consumer Financial Pro-25
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tection’’ and inserting ‘‘Consumer Financial 1
Empowerment Agency’’. 2
(B) NDAA
FY 2015.—Section 557(a) of 3
the Carl Levin and Howard P. ‘‘Buck’’ McKeon 4
National Defense Authorization Act for Fiscal 5
Year 2015 (Public Law 113–29; 128 Stat. 6
3381; 10 U.S.C. 1144 note), is amended by 7
striking ‘‘Consumer Financial Protection Bu-8
reau’’ each place such term appears and insert-9
ing ‘‘Consumer Financial Empowerment Agen-10
cy’’. 11
(25) T
ITLE 44, UNITED STATES CODE .—Title 12
44, United States Code, is amended— 13
(A) in section 3502(5), by striking ‘‘the 14
Bureau of Consumer Financial Protection,’’; 15
and 16
(B) in section 3513(c), by striking ‘‘Bu-17
reau of Consumer Financial Protection’’ and in-18
serting ‘‘Consumer Financial Empowerment 19
Agency’’. 20
(26) T
RUTH IN LENDING ACT .—The Truth in 21
Lending Act (15 U.S.C. 1601 et seq.) is amended— 22
(A) by amending section 103(b) (15 U.S.C. 23
1602(b)) to read as follows: 24
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‘‘(b) AGENCY.—The term ‘Agency’ means the Con-1
sumer Financial Empowerment Agency.’’; 2
(B) by amending section 103(c) (15 U.S.C. 3
1602(c)) to read as follows: 4
‘‘(c) B
OARD.—The term ‘Board’ means the Board of 5
Governors of the Federal Reserve System.’’; 6
(C) in section 128(f) (15 U.S.C. 1638(f)), 7
by striking ‘‘Board’’ each place such term ap-8
pears and inserting ‘‘Agency’’; 9
(D) in sections 129B (15 U.S.C. 1639b) 10
and 129C (15 U.S.C. 1639c), by striking 11
‘‘Board’’ each place such term appears and in-12
serting ‘‘Agency’’; 13
(E) in section 140A (15 U.S.C. 1651), by 14
striking ‘‘in consultation with the Bureau’’ and 15
inserting ‘‘in consultation with the Federal 16
Trade Commission’’; 17
(F) by striking ‘‘Bureau’’ each place such 18
term appears in heading or text and inserting 19
‘‘Agency’’; and 20
(G) by striking ‘‘
BUREAU’’ and inserting 21
‘‘A
GENCY’’ in the paragraph headings for— 22
(i) section 122(d)(2) (15 U.S.C. 23
1632(d)(2)); 24
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(ii) section 127(c)(5) (15 U.S.C. 1
1637(c)(5)); 2
(iii) section 127(r)(3) (15 U.S.C. 3
1637(r)(3)); and 4
(iv) section 127A(a)(14) (15 U.S.C. 5
1637a(a)(14)). 6
(27) T
RUTH IN SAVINGS ACT .—The Truth in 7
Savings Act (12 U.S.C. 4301 et seq.) is amended— 8
(A) by amending paragraph (4) of section 9
274 (12 U.S.C. 4313(4)) to read as follows: 10
‘‘(4) A
GENCY.—The term ‘Agency’ means the 11
Consumer Financial Empowerment Agency.’’; 12
(B) by striking ‘‘National Credit Union 13
Administration Bureau’’ each place such term 14
appears and inserting ‘‘National Credit Union 15
Administration Board’’; and 16
(C) by striking ‘‘Bureau’’ each place such 17
term appears and inserting ‘‘Agency’’, except in 18
section 233(b)(4)(B). 19
SEC. 3. BRINGING THE AGENCY INTO THE REGULAR AP-20
PROPRIATIONS PROCESS. 21
Section 1017 of the Consumer Financial Protection 22
Act of 2010 (12 U.S.C. 5497) is amended— 23
(1) in subsection (a)— 24
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•HR 654 IH
(A) by amending the heading of such sub-1
section to read as follows: ‘‘B
UDGET, FINAN-2
CIALMANAGEMENT, ANDAUDIT.—’’; 3
(B) by striking paragraphs (1), (2), and 4
(3); 5
(C) by redesignating paragraphs (4) and 6
(5) as paragraphs (1) and (2), respectively; and 7
(D) by striking subparagraphs (E) and (F) 8
of paragraph (1), as so redesignated; 9
(2) by striking subsections (b) and (c); 10
(3) by redesignating subsections (d) and (e) as 11
subsections (b) and (c), respectively; and 12
(4) in subsection (c), as so redesignated— 13
(A) by striking paragraphs (1), (2), and 14
(3) and inserting the following: 15
‘‘(1) A
UTHORIZATION OF APPROPRIATIONS .— 16
There are authorized to be appropriated such sums 17
as may be necessary to carry out this title for each 18
of fiscal years 2026 and 2027.’’; and 19
(B) by redesignating paragraph (4) as 20
paragraph (2). 21
Æ
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