Bill > HR3445

This bill amends the Consumer Financial Protection Act of 2010 to transform the Bureau of Consumer Financial Protection from a single-director agency to an independent agency led by a five-member commission. The bill specifies that commission members will be appointed by the President and confirmed by the Senate, with staggered five-year terms, and requires that at least two members have private sector experience in consumer financial services and at least one member has experience as a state bank supervisor. The commission members cannot be from the same political party (with a maximum of three from one party), and they are prohibited from engaging in any other employment. The bill establishes detailed provisions for the commission's leadership, including the selection of a Chair who will serve as the principal executive officer, and creates quorum requirements for conducting business. Additionally, the bill makes numerous conforming amendments across various federal laws to replace references to the "Director" with references to the "Bureau" or "Chair of the Bureau". The primary goal is to introduce more balanced, collaborative leadership to the consumer financial protection agency by replacing the single-director model with a multi-member commission structure.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3445/all-info