Washington, D.C.— Today, U.S. Congressman Andy Barr (KY-06), Chairman of the House Financial Services Subcommittee on Financial Institutions, reintroduced the Taking Account of Bureaucrats’ Spending (TABS) Act, which would subject the Consumer Financial Protection Bureau (CFPB) to the traditional congressional appropriations process—just like nearly every other Federal agency. Currently, the CFPB is funded directly from the Federal Reserve, resulting in a lack of proper oversight from Congress.
“The CFPB is the most unaccountable and unchecked agency in the entire federal bureaucracy,” said Congressman Barr. “By reintroducing the TABS Act, I am taking action to bring the CFPB under the scrutiny it desperately needs. Congress and the American people deserve a say in how much funding is allocated to the CFPB, how it spends those funds, and whether the CFPB is fulfilling congressional objectives in a manner that would warrant reauthorization. The TABS Act will restore the separation of powers, end the CFPB’s regulatory overreach, and vindicate Congress’s power of the purse.
“We appreciate Rep. Barr’s proposal to refocus the CFPB on empowering consumers rather than overregulating banks. ABA has long supported reforms that would make the CFPB more accountable to Congress and ultimately the American people. This bill would accomplish that by requiring the CFPB to go through the normal appropriations process like other federal agencies. We urge the new Congress to swiftly pass this legislation.” – Rob Nichols, ABA President and CEO
“The TABS Act, introduced by Congressman Barr, establishes common-sense safeguards for American consumers by ensuring the CFPB is accountable to Congress—our elected representatives responsible for sound policy. This approach aligns with our founding leaders’ vision of checks and balances to prevent government overreach. ACA International strongly supports this important legislation.” -Scott Purcell, ACA International CEO
“America’s Credit Unions thanks Rep. Barr for introducing this critically important legislation. We have long advocated for significant reforms to the CFPB, sounding the alarm to rein in actions that overstep its authority. The TABS Act would bring needed accountability, oversight, and transparency to the agency. We will continue to advocate for appropriate regulations that support a thriving credit union industry. America’s Credit Unions, together with leagues and credit unions, looks forward to working with lawmakers to bring needed reforms to the CFPB.” said Jim Nussle, America’s Credit Unions President/CEO
AFSA strongly supports Representative Barr’s TABS Act to reform the CFPB, improve its transparency and accountability, and to ensure that affordable credit products and services are available for American households. By bringing the CFPB under traditional congressional oversight, financial institutions will have clear rules of the road while empowering Americans to achieve their economic goals. – Bill Himpler, AFSA President & CEO
“We commend Rep. Barr for reintroducing the TABS Act, which would subject the CFPB to the annual Congressional appropriations process. For far too long, the CFPB has been insulated from Congressional oversight and unaccountable to elected legislators. We urge Congress to pass this bill—and other needed reforms—to bring stronger checks and balances, stability, and credibility to the CFPB.” – Lindsey Johnson, CBA President and CEO
The TABS Act is part of Congressman Barr’s ongoing efforts to ensure robust congressional oversight of federal agencies, rein in regulatory overreach, and protect American consumers from unchecked government expansion.
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