Bureau of Consumer Financial Protection Commission Act

This bill changes how the Consumer Financial Protection Bureau (CFPB) is set up and run. Instead of being part of the Federal Reserve System and led by a single director, the CFPB would become its own independent agency run by a five-member commission appointed by the President and confirmed by the Senate, with no more than three members from the same political party. The President could remove a commissioner for not doing their job well or for misconduct. The bill also changes the rules for the advisory board that helps the CFPB, removing the requirement that some members be recommended by Federal Reserve Bank presidents and instead requiring that at least half of the board's members have experience working in the private sector.

Your Vote