TABS Act of 2023

Subjects: Finance and Financial Sector

Summary:  <p><b>Taking Account of Bureaucrats' Spending Act of 2023 or the TABS Act of 2023 </b></p> <p>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. </p> <p>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 appropriations for FY2024-2025.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1382 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 1382

     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

                             March 7, 2023

    Mr. Barr (for himself, Mrs. Kim of California, Mr. Donalds, Mr. 
 Davidson, Mr. Williams of Texas, Mr. Mooney, Mr. Flood, Mr. Hill, Mr. 
  Emmer, Mr. Meuser, Mr. Steil, Mr. Fitzgerald, Mr. Loudermilk, Mrs. 
Houchin, Mr. Luetkemeyer, Mrs. Wagner, Mr. Lawler, Ms. De La Cruz, Mr. 
   Timmons, and Mr. Posey) 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 2023'' or the ``TABS Act of 2023''.

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 2024 and 2025.''; 
        and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).
                                 &lt;all&gt;
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