H.R.654 - Taking Account of Bureaucrats’ Spending Act of 2025; TABS Act of 2025 (119th Congress)
Summary
H.R. 654, the "Taking Account of Bureaucrats' Spending Act of 2025" or "TABS Act of 2025," proposes to rename the Bureau of Consumer Financial Protection (BCFP) to the Consumer Financial Empowerment Agency (CFEA). It also aims to transition the agency to the regular appropriations process. This bill was introduced in the House of Representatives on January 23, 2025, and referred to the Committee on Financial Services.
The bill outlines specific amendments to various acts, replacing references to the BCFP with the CFEA. These changes span across multiple titles of the United States Code and various financial acts.
Furthermore, the bill seeks to modify the funding mechanism of the agency, requiring it to go through the standard appropriations process rather than drawing funds directly from the Federal Reserve System.
Expected Effects
The primary effect of this bill would be to change the name and potentially the operational structure of the Bureau of Consumer Financial Protection.
By transitioning the agency to the regular appropriations process, Congress would gain more direct control over its budget. This could lead to changes in the agency's priorities and activities based on congressional funding decisions.
The renaming and structural adjustments could also influence public perception and the agency's effectiveness in consumer financial protection.
Potential Benefits
- Increased Congressional Oversight: Transitioning to the regular appropriations process allows for greater congressional oversight of the agency's budget and activities.
- Potential for Streamlined Operations: The restructuring could lead to more efficient operations and better alignment with congressional priorities.
- Enhanced Accountability: Regular appropriations may increase accountability by requiring the agency to justify its budget requests annually.
- Modernized Naming Convention: The new name, Consumer Financial Empowerment Agency, may better reflect the agency's mission.
- Conforming Amendments: The bill updates numerous existing laws to reflect the name change, ensuring consistency across the legal framework.
Most Benefited Areas:
Potential Disadvantages
- Reduced Independence: Moving to the regular appropriations process could make the agency more susceptible to political influence and less independent.
- Potential Funding Instability: The agency's funding could become less predictable, potentially affecting its ability to carry out its mission effectively.
- Disruption During Transition: The transition process could disrupt the agency's operations and create uncertainty for staff and stakeholders.
- Possible Shift in Priorities: Congressional control over funding could lead to a shift in the agency's priorities, potentially away from consumer protection.
- Increased Bureaucracy: The appropriations process may introduce additional bureaucratic layers, slowing down decision-making.
Constitutional Alignment
The bill appears to align with Article I, Section 8 of the Constitution, which grants Congress the power to lay and collect taxes, duties, imposts, and excises, to pay the debts and provide for the common defense and general welfare of the United States. By transitioning the Consumer Financial Protection Agency to the regular appropriations process, Congress is exercising its power of the purse.
Furthermore, the bill does not appear to infringe upon any specific individual rights or liberties protected by the Constitution or its amendments. The changes primarily relate to the structure and funding of a government agency.
However, the degree of congressional control over the agency's budget could raise concerns about the separation of powers if it unduly interferes with the executive branch's ability to enforce consumer financial protection laws.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).