Summary: H.R.1266 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Reported to House with amendment(s) (12/12/2016)

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.