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Code · BILL · 115th Congress · H.R. 1018 (Introduced in House) — To replace the Director of the Bureau of Consumer Financial Protection with a 5-person commission, and for other purp... · Sec. 2

Sec. 2. Replacing the Director with a 5-person commission

626 words·~3 min read·/bill/115/hr/1018/ih/section-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq.) is amended— in section 1011— by striking subsections (b), (c), and (d); by redesignating subsection
(e)as subsection (h); and by inserting after subsection
(a)the following new subsections: The Bureau shall be headed by a commission, as provided under this subsection. 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 products and services. 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 under subparagraph (B), 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 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 that member’s predecessor 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 more than 1 year after the date on which that member’s term would otherwise expire. No member of the commission shall engage in any other business, vocation, or employment. Not more than 3 members of the commission 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 commission, and shall exercise all of the executive and administrative functions of the commission, including with respect to— the appointment and supervision of personnel employed under the commission (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 commission; and the use and expenditure of funds. In carrying out any of the Chair’s functions 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. No vacancy in the members 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 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 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 I of the Executive Schedule under section 5313 of title 5, United States Code. The 4 other members of the commission shall each receive compensation at the rate prescribed for level II of the Executive Schedule under section 5314 of title 5, United States Code. .
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Sec. 2
Replacing the Director with a 5-person commission
U.S.C.§ 5481
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