Sec. 2. Establishment of the Commission
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Section 1011 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5491 ) is amended— by striking subsections (b), (c), and (d); by redesignating subsection
(e)as subsection (j); and by inserting after subsection
(a)the following new subsections: There is established a commission (referred to in this title as the Commission ) that shall serve as the head of the Bureau. The Commission— may prescribe such regulations and issue such orders in accordance with this title as the Commission may determine to be necessary for carrying out this title and all other laws within the jurisdiction of the Commission; and shall exercise any authorities granted under this title and all other laws within the jurisdiction of the Commission. The Commission shall be composed of 5 members who shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who— are citizens of the United States; and have strong competencies and experiences related to consumer financial protection. The members of the Commission shall serve staggered terms, which initially shall be established by the President for terms of 1, 2, 3, 4, and 5 years, respectively. Except as provided in paragraph (2), each member of the Commission, including the Chair, shall serve for a term of 5 years. The President may remove any member of the Commission only for inefficiency, neglect of duty, or malfeasance in office. Any member of the Commission appointed to fill a vacancy occurring before the expiration of the term to which the predecessor of that member was appointed (including the Chair) shall be appointed only for the remainder of the term. Each member of the Commission may continue to serve after the expiration of the term of office to which that member was appointed until a successor has been appointed by the President and confirmed by the Senate, except that a member may not continue to serve for more than 1 year after the date on which the term of that member would otherwise expire. No member of the Commission shall engage in any other business, vocation, or employment during the term of service of that member on the Commission. With respect to members appointed pursuant to subsection (c), not more than 3 shall be members of any one political party. The Chair of the Commission shall be appointed by the President from among the members of the Commission. The Chair shall be the principal executive officer of the Bureau, and shall exercise all of the executive and administrative functions of the Bureau, including with respect to— the appointment and supervision of personnel employed under the Bureau (other than personnel employed regularly and full time in the immediate offices of members of the Commission other than the Chair); the distribution of business among personnel appointed and supervised by the Chair and among administrative units of the Bureau; and the use and expenditure of funds. In carrying out any of the functions of the Chair under the provisions of this subsection, the Chair shall be governed by general policies of the Commission and by such regulatory decisions, findings, and determinations as the Commission may by law be authorized to make. Requests or estimates for regular, supplemental, or deficiency appropriations on behalf of the Commission may not be submitted by the Chair without the prior approval of the Commission. No vacancy in the membership of the Commission shall impair the right of the remaining members of the Commission to exercise all the powers of the Commission. Three members of the Commission shall constitute a quorum for the transaction of business, except that if there are only 3 members serving on the Commission because of vacancies in the membership of the Commission, 2 members of the Commission shall constitute a quorum for the transaction of business. If there are only 2 members serving on the Commission because of vacancies in the membership of the Commission, 2 members shall constitute a quorum for the 6-month period beginning on the date of the vacancy which caused the number of Commission members to decline to 2. The Commission shall have an official seal. The Chair shall receive compensation at the rate prescribed for level II of the Executive Schedule under section 5313 of title 5, United States Code. The 4 members of the Commission other than the Chair shall each receive compensation at the rate prescribed for level III of the Executive Schedule under section 5314 of title 5, United States Code. During any time period prior to the date of confirmation of at least 2 members of the Commission, 1 member of the Commission shall constitute a quorum for the transaction of business. Following the confirmation of at least 2 additional commissioners, the quorum requirements of subsection
(f)shall apply. .
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Sec. 2
Establishment of the Commission
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