H.R. 1266 · 114th Congress
Financial Product Safety Commission Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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NeugebauerSponsor52 cosponsors · 3 D, 49 R
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Hice20 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Consumer Financial Protection Act of 2010 to remove the Consumer Financial Protection Bureau from the Federal Reserve System and instead establish an independent Financial Product Safety Commission (FPSC) to regulate the offering and provision of consumer financial products or services.
What it does: CRS summary · Reported to House with amendment(s) · Dec 12, 2016
Financial Product Safety Commission Act of 2015
This bill amends the Consumer Financial Protection Act of 2010 to remove the Consumer Financial Protection Bureau from the Federal Reserve System and instead establish an independent Financial Product Safety Commission (FPSC) to regulate the offering and provision of consumer financial products or services.
The FPSC shall be composed of five members serving staggered five-year terms who are appointed by the President with the advice and consent of the Senate. Not more than three members shall be of any one political party.
The President must appoint a chair of the FPSC from among its members.
The bill prohibits the chair from submitting requests for estimates related to appropriations without prior commission approval.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Product Safety Commission Act of 2015
Latest action (Dec 12, 2016): Placed on the Union Calendar, Calendar No. 682.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 4, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.