Bill > HR654

This bill seeks to transform the Bureau of Consumer Financial Protection into an independent agency called the Consumer Financial Empowerment Agency, making several significant changes to its structure and funding. The legislation renames the agency throughout numerous existing federal laws, removing its previous status as a bureau within the Federal Reserve System and establishing it as a standalone independent agency. The bill also transitions the agency from its current funding mechanism, which was previously outside the standard congressional appropriations process, to a more traditional budget allocation method where Congress would directly authorize and appropriate funds for the agency's operations. Additionally, the bill makes conforming amendments to over 25 different federal statutes to replace references to the "Bureau of Consumer Financial Protection" with "Consumer Financial Empowerment Agency", ensuring consistent terminology across federal law. The changes would take effect in fiscal years 2026 and 2027, with the agency now being directly appointed by the President and funded through regular congressional appropriations, potentially altering its operational independence and financial autonomy compared to its previous structure.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/654/all-info