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Bill114th CongressFiled Mar 4, 2015Finance and Financial Sector
H.R. 1266

Financial Product Safety Commission Act of 2015

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary 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.

What just happenedDec 12, 2016

Placed on the Union Calendar, Calendar No. 682.

Who’s behind it

Rep. Neugebauer, Randy [R-TX-19](R-TX)Sponsor
52 cosponsors3 D49 R
Read on Congress.gov
52cosponsors1committees9actions2related bills9subjects
  1. Dec 12, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 682.

  2. Dec 12, 2016CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-872.

    Financial Services Committee
  3. Dec 12, 2016Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-872.

    Financial Services Committee
  4. Sep 30, 2015Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 35 - 24.

    Financial Services Committee
  5. Sep 30, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Jun 11, 2015Committee

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

    Consumer Protection and Financial Institutions Subcommittee
  7. Mar 4, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  8. Mar 4, 2015IntroReferralIntro-H

    Introduced in House

  9. Mar 4, 2015IntroReferral1000

    Introduced in House

Reported to House with amendment(s)Dec 12, 201617

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.

Introduced in HouseMar 4, 2015

Financial Product Safety Commission Act of 2015

Amends the Consumer Financial Protection Act of 2010 to replace the Consumer Financial Protection Bureau as an independent bureau within the Federal Reserve System, with an independent Financial Product Safety Commission that is to regulate the offering and provision of consumer financial products or services.

States that the Commission shall be composed of five members with strong competencies and experiences regarding consumer financial products and services, each to serve for a term of five years, and appointed by the President by and with the advice and consent of the Senate.

Prohibits the Chair of the Commission from submitting requests for estimates related to appropriations without prior Commission approval.

Financial Product Safety Commission Act of 2015 — Informed