Financial Product Safety Commission Act of 2015

House Bill 1266 - Financial Product Safety Commission Act of 2015: Overview, Status, and Impact

Hozzl · 2023-01-11T13:28:12Z

Explore the details of House Bill 1266 Financial Product Safety Commission Act of 2015 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/11/2023, 1:28 PM

Congressional Summary of HR 1266

Financial Product Safety Commission Act of 2015

This bill amends the Consumer Financial Protection Act of 2010 to remove the Consumer Financial Protection Bureau from the Federal Reserve System and instead establish an independent Financial Product Safety Commission (FPSC) to regulate the offering and provision of consumer financial products or services.

The FPSC shall be composed of five members serving staggered five-year terms who are appointed by the President with the advice and consent of the Senate. Not more than three members shall be of any one political party.

The President must appoint a chair of the FPSC from among its members.

The bill prohibits the chair from submitting requests for estimates related to appropriations without prior commission approval.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 1266

Bill HR 1266 is currently in the status of Bill Introduced since March 4, 2015. Bill HR 1266 was introduced during Congress 114 and was introduced to the House on March 4, 2015. Bill HR 1266's most recent activity was Placed on the Union Calendar, Calendar No. 682. as of December 12, 2016

Bipartisan Support of Bill HR 1266

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1266

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Appropriations

- Banking and financial institutions regulation

- Consumer Financial Protection Bureau

- Consumer affairs

- Consumer credit

- Executive agency funding and structure

- Federal Reserve System

- Federal officials

- Financial services and investments

Alternate Title(s) of Bill HR 1266

Financial Product Safety Commission Act of 2015

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.

Financial Product Safety Commission Act of 2015