H.R. 654

119 HR 654 IH: Taking Account of Bureaucrats’ Spending Act of 2025
 U.S. House of Representatives
 2025-01-23
 text/xml
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 I  119th CONGRESS  1st Session  H. R. 654  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.
1.
Short title
This Act may be cited as the   Taking Account of Bureaucrats’ Spending Act of 2025   or the   TABS Act of 2025  .
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).
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).