entrance to the CFPB building in Washington, D.C. Source: Shutterstock.

Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy Rep. Andy Barr (R-Ky.) reintroduced the Taking Account of Bureaucrats’ Spending (TABS) Act on Wednesday, which would place the CFPB into the congressional appropriations process and turn it into an independent agency.

According to Rep. Barr, the TABS Act would subject the CFPB to the traditional congressional appropriations process, like many other federal agencies. “Furthermore, the TABS Act would make the CFPB an independent agency named the Consumer Financial Empowerment Agency,” said a statement posted on Barr’s website.

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Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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