,,ii #aafth ,,congress #b;d ,session ,s4 #ciij ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #ag1 #bjbj,mrs4 ,fischer 7for herself1 ,mr4 ,barrasso1 ,mr4 ,cramer1 ,mr4 ,sasse1 and ,mr4 ,cotton7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,consumer ,financial ,protection ,act of #bjaj to make the ,bureau of ,consumer ,financial ,protection an independent ,financial ,product ,safety ,commission1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,financial ,product ,safety ,commission ,act of #bjbj4 #b4 ,making the ,bureau an independent ,financial ,product ,safety ,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 in the heading of such section1 by striking ,,bureau ,,of ,,consumer ,,financial ,,protection and inserting ,financial ,product ,safety ,commission2 7,b7 in subsection 7a7-- 7i7 in the heading of such subsection1 by striking ,bureau and inserting ,commission2 7ii7 by striking in the ,federal ,reserve ,system12 7iii7 by striking independent bureau and inserting independent commission2 7iv7 by striking ,bureau of ,consumer ,financial ,protection and inserting ,financial ,product ,safety ,commission 7hereinafter in this section referred to as the ,commission72 and 7v7 by striking ,bureau each place such term appears and inserting ,commission2 7,c7 by striking subsections 7b71 7c71 and 7d72 7,d7 by redesignating subsection 7e7 as subsection 7j72 7,e7 in subsection 7j71 as so redesignated-- 7i7 by striking 1 including in cities in which the ,federal reserve banks1 or branches of such banks1 are located12 and 7ii7 by striking ,bureau each place such term appears and inserting ,commission2 and 7,f7 by inserting after subsection 7a7 the following new subsections3 7b7 ,authority ,to prescribe regulations ,the ,commission may prescribe such regulations and issue such orders in accordance with this title as the ,commission may determine to be necessary for carrying out this title and all other laws within the ,commission's jurisdiction and shall exercise any authorities granted under this title and all other laws within the ,commission's jurisdiction4 7c7 ,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-- 7,a7 are citizens of the ,united ,states2 and 7,b7 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 7,a7 ,in general ,each member of the ,commission1 including the ,chair1 shall serve for a term of #e years4 7,b7 ,removal ,the ,president may remove any member of the ,commission for inefficiency1 neglect of duty1 or malfeasance in office4 7,c7 ,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 7,d7 ,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 7,e7 ,other employment prohibited ,no member of the ,commission shall engage in any other business1 vocation1 or employment4 7d7 ,affiliation ,not more than #c members of the ,commission shall be members of any one political party4 7e7 ,chair of the ,commission 7#a7 ,initial ,chair ,the first member and ,chair of the ,commission shall be the individual serving as ,director of the ,bureau of ,consumer ,financial ,protection on the day before the date of the enactment of this subsection4 ,such individual shall serve until the ,president has appointed all #e members of the ,commission in accordance with subsection 7c74 7#b7 ,subsequent ,chair ,of the #e members appointed in accordance with subsection 7c71 the ,president shall appoint #a member to serve as the subsequent ,chair of the ,commission4 7#c7 ,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#d7 ,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 7#e7 ,requests or estimates related to appropriations ,requests or estimates for regular1 supplemental1 or deficiency appropriations on behalf of the ,commission may not be submitted by the ,chair without the prior approval of the ,commission4 7f7 ,initial quorum established ,the first member and ,chair of the ,commission described under subsection 7e77#a7 shall constitute a quorum for the transaction of business until the ,president has appointed all #e members of the ,commission in accordance with subsection 7c74 ,following such appointment of #e members1 the quorum requirements of subsection 7g7 shall apply4 7g7 ,no impairment by reason of vacancies ,no vacancy in the members of the ,commission after the establishment of an initial quorum under subsection 7f7 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 7h7 ,seal ,the ,commission shall have an official seal4 7i7 ,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 2 7#b7 in section #ajab7;c71 by striking paragraphs 7#b71 7#c71 7#d71 and 7#e72 and 7#c7 in section #ajad7;b71 by striking ,not fewer than #f members shall be appointed upon the recommendation of the regional ,federal ,reserve ,bank ,presidents1 on a rotating basis44 #c4 ,deeming of name ,any reference in a law1 regulation1 document1 paper1 or other record of the ,united ,states to the ,bureau of ,consumer ,financial ,protection1 except in subsection 7e77#a7 of section #ajaa of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edia71 as added by this ,act1 shall be deemed a reference to the ,financial ,product ,safety ,commission4 #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 ,financial ,product ,safety ,commission2 7,b7 by striking ,director each place such term appears and inserting ,financial ,product ,safety ,commission1 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 ,financial ,product ,safety ,commission2 and 7,d7 in section #ajff7;a71 by striking ,director of the ,bureau is and inserting first member of the ,commission 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 and inserting ,chair of the ,financial ,product ,safety ,commission2 and 7#b7 in section #addg1 by striking ,director of the ,bureau each place such term appears and inserting ,financial ,product ,safety ,commission4 7c7 ,electronic ,fund ,transfer ,act ,section #ibj7;a77#d77;,c7 of the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c771 as added by section #ajge7;a77#b7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection and inserting ,financial ,product ,safety ,commission4 7d7 ,expedited ,funds ,availability ,act ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq471 as amended by section #ajhf of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau each place such term appears and inserting ,financial ,product ,safety ,commission4 7e7 ,federal ,deposit ,insurance ,act ,section #b of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab71 as amended by section #ccf7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 is amended by striking ,director of the ,consumer ,financial ,protection ,bureau each place such term appears and inserting ,chair of the ,financial ,product ,safety ,commission4 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#d771 as amended by section #ajia of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,consumer ,financial ,protection ,bureau and inserting ,chair of the ,financial ,product ,safety ,commission4 7g7 ,financial ,literacy and ,education ,improvement ,act ,section #eac of the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igjb71 as amended by section #ajac7;d77#e7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director each place such term appears and inserting ,chair of the ,financial ,product ,safety ,commission4 7h7 ,home ,mortgage ,disclosure ,act of #aige ,section #cjg of the ,home ,mortgage ,disclosure ,act of #aige1 as amended by section #ajid7f7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,financial ,product ,safety ,commission4 7i7 ,interstate ,land ,sales ,full ,disclosure ,act ,the ,interstate ,land ,sales ,full ,disclosure ,act1 as amended by section #ajih;,a of the ,consumer ,financial ,protection ,act of #bjaj1 is amended-- 7#a7 by amending section #adjb7a7 to read as follows3 7#a7 ,chair means the ,chair of the ,financial ,product ,safety ,commission2 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 #bfjd71 as amended by section #adej of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 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 ,financial ,product ,safety ,commission2 and 7#b7 by striking ,director each place such term appears and inserting ,financial ,product ,safety ,commission4 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 seq471 as amended by section #aajj of the ,consumer ,financial ,protection ,act of #bjaj1 is amended-- 7#a7 by striking ,director each place such term appears in headings and text1 other than where such term is used in the context of the ,director of the ,office of ,thrift ,supervision1 and inserting ,financial ,product ,safety ,commission2 and 7#b7 in section #aejc1 by striking paragraph 7#aj74 7l7 ,title #dd1 ,united ,states ,code ,section #ceac7;c7 of title #dd1 ,united ,states ,code1 as amended by section #aajj;,d7b7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau and inserting ,financial ,product ,safety ,commission4