To change the Bureau of Consumer Financial Protection into an independent agency named the Consumer Financial Empowerment Agency, to transition the Agency to the regular appropriations process, and for other purposes.

Bill 119 hr 654, also known as the Consumer Financial Empowerment Agency Act, aims to transform the Bureau of Consumer Financial Protection into an independent agency called the Consumer Financial Empowerment Agency. This bill seeks to make the agency more accountable by transitioning it to the regular appropriations process, which means that its funding would be subject to approval by Congress each year.

The main goal of this legislation is to empower consumers by ensuring that they have access to fair and transparent financial services. By changing the structure of the agency and making it more accountable to Congress, supporters of the bill believe that it will be better equipped to protect consumers from predatory practices and promote financial literacy.

In addition to these changes, the bill also includes provisions for other purposes, although specific details are not provided in the summary. Overall, the Consumer Financial Empowerment Agency Act aims to strengthen consumer protections and promote financial empowerment for all Americans.