To amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent Financial Product Safety Commission, and for other purposes.
Financial Product Safety Commission Act of 2015
This bill amends the Consumer Financial Protection Act of 2010 to remove the Consumer Financial Protection Bureau from the Federal Reserve System and instead establish an independent Financial Product Safety Commission (FPSC) to regulate the offering and provision of consumer financial products or services.
The FPSC shall be composed of five members serving staggered five-year terms who are appointed by the President with the advice and consent of the Senate. Not more than three members shall be of any one political party.
The President must appoint a chair of the FPSC from among its members.
The bill prohibits the chair from submitting requests for estimates related to appropriations without prior commission approval.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on the Union Calendar, Calendar No. 693.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 35 - 24.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-872.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-872.
Placed on the Union Calendar, Calendar No. 682.
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