Sec. 505.
697 words·~3 min read·
/bill/114/s/2132/pcs/section-505A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 (c); and by inserting after subsection
(a)the following: The management of the Bureau shall be vested in a Board of Directors consisting 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 developed strong competency and understanding of, and have experience working with, financial products and services. Except as provided in subparagraph (B), each member of the Board, including the Chairperson, shall serve for a term of 5 years. The members of the Board shall serve staggered terms, which shall initially be for terms of 1, 2, 3, 4, and 5 years, respectively, and such members shall be appointed such that, after the appointments of the initial 5 members of the Board, members of different political parties are appointed alternately. The President may remove any member of the Board for inefficiency, neglect of duty, or malfeasance in office. Any member of the Board appointed to fill a vacancy occurring before the expiration of the term to which the predecessor of that member was appointed (including the Chairperson) shall be appointed only for the remainder of the term. Each member of the Board 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 more than 1 year after the date on which the term of that member would otherwise expire. A member of the Board may not be reappointed to a second consecutive term, except that an initial member of the Board appointed for less than a 5-year term may be reappointed to a full 5-year term and a future member appointed to fill an unexpired term may be reappointed for a full 5-year term. Not more than 3 members of the Board shall be members of any 1 political party. The President shall appoint 1 of the 5 members of the Board to serve as Chairperson of the Board. The Chairperson 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 supervision of personnel employed by the Bureau (other than personnel employed regularly and full time in the immediate offices of members of the Board other than the Chairperson); the distribution of business among personnel appointed and supervised by the Chairperson and among administrative units of the Bureau; and the use and expenditure of funds. In carrying out any of the functions of the Chairperson under this paragraph, the Chairperson shall be governed by general policies of the Bureau and by such regulatory decisions, findings, and determinations as the Bureau may by law be authorized to make. Any request or estimate for regular, supplemental, or deficiency appropriations on behalf of the Bureau, including any request for a transfer of funds under section 1017(a), may not be submitted by the Chairperson without the prior approval of the Board. The President may designate a member of the Board to serve as Acting Chairperson in the event of a vacancy in the office of the Chairperson. The Chairperson shall receive compensation at the rate prescribed for level I of the Executive Schedule under section 5312 of title 5, United States Code. The 4 members of the Board other than the Chairperson shall each receive compensation at the rate prescribed for level II of the Executive Schedule under section 5313 of title 5, United States Code. A member of the Board may not engage in any other business, vocation, or employment. . The amendments made by this section shall take effect on the later of— October 1, 2016; or the date on which not less than 3 persons have been confirmed by the Senate to serve as members of the Board of Directors of the Bureau of Consumer Financial Protection.
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