H.R.1266 - Financial Product Safety Commission Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Neugebauer, Randy [R-TX-19] (Introduced 03/04/2015)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 114-872|
|Latest Action:||12/12/2016 Placed on the Union Calendar, Calendar No. 682. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1266 — 114th Congress (2015-2016)All Information (Except Text)
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.