,i #aaeth ,,congress #ast ,session ,h4 ,r4 #ajah ,,in ,,the ,,house ,,of ,,representatives ,february #ac1 #bjag,mr4 ,des,jarlais 7for himself and ,mr4 ,duncan of ,tennessee7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to replace the ,director of the ,bureau of ,consumer ,financial ,protection with a #e-person commission1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,cfpb ,constitutional ,reform ,act of #bjag4 #b4 ,replacing the ,director with a #e-person commission ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajaa-- 7,a7 by striking subsections 7b71 7c71 and 7d72 7,b7 by redesignating subsection 7e7 as subsection 7h72 and 7,c7 by inserting after subsection 7a7 the following new subsections3 7b7 ,bureau headed by a commission 7#a7 ,in general ,the ,bureau shall be headed by a commission1 as provided under this subsection4 7#b7 ,composition of the commission 7,a7 ,in general ,the commission shall be composed of #e members who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 from among individuals who-- 7i7 are citizens of the ,united ,states2 and 7ii7 have strong competencies and experiences related to consumer financial products and services4 7,b7 ,staggering ,the members of the commission shall serve staggered terms1 which initially shall be established by the ,president for terms of #a1 #b1 #c1 #d1 and #e years1 respectively4 7,c7 ,terms 7i7 ,in general ,except as provided under subparagraph 7,b71 each member of the commission1 including the ,chair1 shall serve for a term of #e years4 7ii7 ,removal ,the ,president may remove any member of the commission for inefficiency1 neglect of duty1 or malfeasance in office4 7iii7 ,vacancies ,any member of the commission appointed to fill a vacancy occurring before the expiration of the term to which that member's predecessor was appointed 7including the ,chair7 shall be appointed only for the remainder of the term4 7iv7 ,continuation of service ,each member of the commission may continue to serve after the expiration of the term of office to which that member was appointed until a successor has been appointed by the ,president and confirmed by the ,senate1 except that a member may not continue to serve more than #a year after the date on which that member's term would otherwise expire4 7v7 ,other employment prohibited ,no member of the commission shall engage in any other business1 vocation1 or employment4 7c7 ,affiliation ,not more than #c members of the commission shall be members of any one political party4 7d7 ,chair 7#a7 ,appointment ,the ,chair of the commission shall be appointed by the ,president from among the members of the commission4 7#b7 ,authority ,the ,chair shall be the principal executive officer of the commission1 and shall exercise all of the executive and administrative functions of the commission1 including with respect to-- 7,a7 the appointment and supervision of personnel employed under the commission 7other than personnel employed regularly and full time in the immediate offices of members of the commission other than the ,chair72 7,b7 the distribution of business among personnel appointed and supervised by the ,chair and among administrative units of the commission2 and 7,c7 the use and expenditure of funds4 7#c7 ,limitation ,in carrying out any of the ,chair's functions under the provisions of this subsection the ,chair shall be governed by general policies of the commission and by such regulatory decisions1 findings1 and determinations as the commission may by law be authorized to make4 7e7 ,no impairment by reason of vacancies ,no vacancy in the members of the commission shall impair the right of the remaining members of the commission to exercise all the powers of the commission4 ,three members of the commission shall constitute a quorum for the transaction of business1 except that if there are only #c members serving on the commission because of vacancies in the commission1 #b members of the commission shall constitute a quorum for the transaction of business4 ,if there are only #b members serving on the commission because of vacancies in the commission1 #b members shall constitute a quorum for the #f-month period beginning on the date of the vacancy which caused the number of commission members to decline to #b4 7f7 ,seal ,the ,commission shall have an official seal4 7g7 ,compensation 7#a7 ,chair ,the ,chair shall receive compensation at the rate prescribed for level ,i of the ,executive ,schedule under section #ecac of title #e1 ,united ,states ,code4 7#b7 ,other members of the commission ,the #d other members of the commission shall each receive compensation at the rate prescribed for level ,,ii of the ,executive ,schedule under section #ecad of title #e1 ,united ,states ,code4 4 #c4 ,deeming of name ,any reference in a law1 regulation1 document1 paper1 or other record of the ,united ,states to the ,director of the ,bureau of ,consumer ,financial ,protection shall be deemed a reference to the ,bureau of ,consumer ,financial ,protection4 #d4 ,conforming amendments 7a7 ,consumer ,financial ,protection ,act of #bjaj 7#a7 ,in general ,except as provided under paragraph 7#b71 the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7,a7 by striking ,director of the ,bureau each place such term appears1 other than where such term is used to refer to a ,director other than the ,director of the ,bureau of ,consumer ,financial ,protection1 and inserting ,bureau2 7,b7 by striking ,director each place such term appears and inserting ,bureau1 other than where such term is used to refer to a ,director other than the ,director of the ,bureau of ,consumer ,financial ,protection2 and 7,c7 in section #ajjb1 by striking paragraph 7#aj74 7#b7 ,exceptions ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7,a7 in section #ajac7;c77#c7-- 7i7 by striking ,assistant ,director of the ,bureau for and inserting ,head of the ,office of2 and 7ii7 in subparagraph 7,b71 by striking ,assistant ,director and inserting ,head of the ,office2 7,b7 in section #ajac7;g77#b7-- 7i7 by striking ,assistant director and inserting ,head of the ,office2 and 7ii7 by striking an assistant director and inserting a ,head of the ,office of ,financial ,protection for ,older ,americans2 7,c7 in section #ajaf7;a71 by striking ,director of the ,bureau and inserting ,chair of the ,bureau2 7,d7 in section #ajag7;c77#a71 by striking ,director and other2 7,e7 in section #ajbg7l77#a71 by striking ,director and the ,bureau and inserting ,chair and the ,bureau2 and 7,f7 in section #ajff7;a71 by striking ,director of the ,bureau is and inserting first member of the ,bureau is4 7b7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7#a7 in section #aaa7;b77#a77;,d71 by striking ,director of the ,bureau and inserting ,chair of the ,bureau2 and 7#b7 in section #addg1 by striking ,director of the ,bureau each place such term appears and inserting ,bureau4 7c7 ,electronic ,fund ,transfer ,act ,section #iba7;a77#d77;,c7 of the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c77 is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection and inserting ,bureau4 7d7 ,expedited ,funds ,availability ,act ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is amended by striking ,director of the each place such term appears4 7e7 ,federal ,deposit ,insurance ,act ,section #b of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is amended by striking ,director of the ,consumer ,financial ,protection ,bureau each place such term appears and inserting ,chair of the ,bureau of ,consumer ,financial ,protection4 7f7 ,federal ,financial ,institutions ,examination ,council ,act of #aigh ,section #ajjd7;a77#d7 of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjc7;a77#d77 is amended by striking ,director of the ,consumer ,financial ,protection ,bureau and inserting ,chair of the ,bureau of ,consumer ,financial ,protection4 7g7 ,financial ,literacy and ,education ,improvement ,act ,section #eac of the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igjb7 is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,chair of the ,bureau of ,consumer ,financial ,protection4 7h7 ,home ,mortgage ,disclosure ,act of #aige ,section #cjg of the ,home ,mortgage ,disclosure ,act of #aige is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,bureau of ,consumer ,financial ,protection4 7i7 ,interstate ,land ,sales ,full ,disclosure ,act ,the ,interstate ,land ,sales ,full ,disclosure ,act is amended-- 7#a7 by amending section #adjb7a7 to read as follows3 7#a7 ,chair means the ,chair of the ,bureau of ,consumer ,financial ,protection2 2 and 7#b7 in section #adaf7;a71 by striking ,director of the ,bureau of ,consumer ,financial ,protection and inserting ,chair4 7j7 ,real ,estate ,settlement ,procedures ,act of #aigd ,section #e of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjd7 is amended-- 7#a7 by striking ,the ,director of the ,bureau of ,consumer ,financial ,protection 7hereafter in this section referred to as the ,director7 and inserting ,the ,bureau of ,consumer ,financial ,protection2 and 7#b7 by striking ,director each place such term appears and inserting ,bureau4 7k7 ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is amended-- 7#a7 by striking ,director each place such term appears in headings and text and inserting ,bureau2 7#b7 by striking director each place such term appears in headings and inserting ,bureau2 and 7#c7 in section #aejc1 by striking paragraph 7#aj74 7l7 ,title #dd1 ,united ,states ,code ,section #ceac7;c7 of title #dd1 ,united ,states ,code is amended by striking ,director of the ,bureau and inserting ,bureau4