Sec. 2. Making the Bureau an independent Financial Product Safety Commission
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The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq.) is amended— in section 1011— in the heading of such section, by striking and inserting BUREAU OF CONSUMER FINANCIAL PROTECTION ; Financial Product Safety Commission in subsection (a)— in the heading of such subsection, by striking and inserting Bureau ; Commission by striking in the Federal Reserve System, ; by striking independent bureau and inserting independent commission ; by striking Bureau of Consumer Financial Protection and inserting Financial Product Safety Commission (hereinafter in this section referred to as the ; and Commission ) by striking Bureau each place such term appears and inserting Commission ; by striking subsections (b), (c), and (d); by redesignating subsection
(e)as subsection (j); in subsection (j), as so redesignated— by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located, ; and by striking Bureau each place such term appears and inserting Commission ; and by inserting after subsection
(a)the following new subsections: 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 Commission’s jurisdiction and shall exercise any authorities granted under this title and all other laws within the Commission’s jurisdiction. 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. 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 first member and Chair of the Commission shall be the individual serving as Director of the Bureau of Consumer Financial Protection on the day before the date of the enactment of this subsection. Such individual shall serve until the President has appointed all 5 members of the Commission in accordance with subsection (c). Of the 5 members appointed in accordance with subsection (c), the President shall appoint 1 member to serve as the subsequent Chair 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. 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. The first member and Chair of the Commission described under subsection (e)(1) shall constitute a quorum for the transaction of business until the President has appointed all 5 members of the Commission in accordance with subsection (c). Following such appointment of 5 members, the quorum requirements of subsection
(g)shall apply. No vacancy in the members of the Commission after the establishment of an initial quorum under subsection
(f)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. ; in section 1012(c), by striking paragraphs (2), (3), (4), and (5); and in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis. .
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Sec. 2
Making the Bureau an independent Financial Product Safety Commission
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