summary
Introduced
06/17/2020
06/17/2020
In Committee
06/17/2020
06/17/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent Financial Product Safety Commission, and for other purposes. This bill removes the Consumer Financial Protection Bureau from the Federal Reserve System, converts the bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the positions of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.
AI Summary
This bill removes the Consumer Financial Protection Bureau from the Federal Reserve System, converts the bureau into an independent commission called the Financial Product Safety Commission, and modifies its leadership structure. Specifically, it eliminates the positions of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate. The bill also makes corresponding changes to various federal laws and regulations to replace references to the Bureau of Consumer Financial Protection with the Financial Product Safety Commission.
Committee Categories
Housing and Urban Affairs
Sponsors (6)
Deb Fischer (R)*,
John Barrasso (R),
Tom Cotton (R),
Kevin Cramer (R),
David Perdue (R),
Ben Sasse (R),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 06/17/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3990/all-info | 06/18/2020 |
| BillText | https://www.congress.gov/116/bills/s3990/BILLS-116s3990is.pdf | 07/10/2020 |
| Bill | https://www.congress.gov/116/bills/s3990/BILLS-116s3990is.pdf.pdf | 07/10/2020 |
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