Sec. 2. Making the Bureau a 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 subsection (a), by striking in the Federal Reserve System, ; 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 inserting after subsection
(a)the following: The Bureau may prescribe such regulations and issue such orders in accordance with this title as the Bureau may determine to be necessary for carrying out this title and all other laws within the Bureau’s jurisdiction and shall exercise any authorities granted under this title and all other laws within the Bureau’s jurisdiction. The Bureau shall be composed of 5 members who shall be appointed by the President, by and with the advice and consent of the Senate. The members of the Bureau 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 Bureau, including the Chair, shall serve for a term of 5 years. The President may remove any member of the Bureau for inefficiency, neglect of duty, or malfeasance in office. Any member of the Bureau 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 Bureau 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 Bureau shall engage in any other business, vocation, or employment. Not more than 3 members of the Bureau shall be members of any one political party. The first member and Chair of the Bureau shall be the individual serving as Chair of the Bureau of Consumer Financial Protection on the day before the date of the enactment of this subsection. Of the 5 members appointed in accordance with subsection (c), the President shall appoint 1 member to serve as the subsequent Chair of the Bureau. 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 Bureau 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 Chair’s functions under the provisions of this subsection the Chair 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. Requests or estimates for regular, supplemental, or deficiency appropriations on behalf of the Bureau may not be submitted by the Chair without the prior approval of the Bureau. The term of each Chair serving under this subsection shall expire on the earlier of— the date that is 5 years after the date on which the Chair began serving; and the date on which the individual who was President while the Chair was serving leaves office. The first member and Chair of the Bureau described under subsection (e)(1) shall constitute a quorum for the transaction of business until the President has appointed all 5 members of the Bureau 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 Bureau after the establishment of an initial quorum under subsection
(f)shall impair the right of the remaining members of the Bureau to exercise all the powers of the Bureau. Three members of the Bureau shall constitute a quorum for the transaction of business, except that if there are only 3 members serving on the Bureau because of vacancies in the Bureau, 2 members of the Bureau shall constitute a quorum for the transaction of business. If there are only 2 members serving on the Bureau because of vacancies in the Bureau, 2 members shall constitute a quorum for the 6-month period beginning on the date of the vacancy which caused the number of Bureau members to decline to 2. The Bureau 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 Bureau 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); in section 1013(a), by striking paragraph
(2)and inserting the following: Notwithstanding any otherwise applicable provision of title 5, United States Code, concerning compensation, including the provisions of chapter 51 and chapter 53, the rates of basic pay for all employees of the Bureau may be set and adjusted by the Chair. ; 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. . The Inspector General Act of 1978 (5 U.S.C. App.) is amended— in section 8G— in subsection (a)(2), by striking and the Bureau of Consumer Financial Protection ; in subsection (c), by striking For the purposes of implementing this section and all that follows through the end of the subsection; and in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection ; and in section 12— in paragraph (1), by inserting the Chair of the Bureau of Consumer Financial Protection; after the President of the Export-Import Bank; ; and in paragraph (2), by inserting the Bureau of Consumer Financial Protection, after the Export-Import Bank, .
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Sec. 2
Making the Bureau a commission
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