# TABS Act of 2025 - Plain Language Summary

## What This Bill Does

The TABS Act of 2025 (Taking Account of Bureaucrats' Spending Act) proposes to restructure the Consumer Financial Protection Bureau (CFPB) into an independent federal agency called the Consumer Financial Empowerment Agency. Currently, the CFPB operates within the Federal Reserve System. This bill would remove it from the Federal Reserve and make it a standalone agency. Additionally, the bill would change how the agency is funded—moving it from its current funding mechanism to the regular congressional appropriations process, meaning Congress would need to approve its budget each year like most other federal agencies.

## Key Changes

The main changes include:

- **Name change**: The "Bureau of Consumer Financial Protection" becomes the "Consumer Financial Empowerment Agency"
- **Leadership**: The agency's director would be appointed directly by the President (rather than the current structure)
- **Independence**: The agency would no longer be housed within the Federal Reserve System
- **Funding**: The agency would transition to regular annual congressional budget appropriations instead of its current funding structure
- **Regulatory updates**: All references to the bureau in existing financial laws would be updated to reflect the new agency name and structure

## Who Is Affected

- **Consumers**: Those who rely on consumer financial protections related to mortgages, credit cards, bank accounts, and other financial products
- **Financial institutions**: Banks, credit card companies, and lenders regulated by the agency
- **Congress**: Would gain direct control over the agency's annual budget
- **The agency itself**: Would operate with different governance and funding mechanisms

TABS Act of 2025

Barr, Andy

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.