Financial Product Safety Commission Act of 2015
1/11/2023, 1:28 PMCongressional 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.
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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, 2016Bipartisan Support of Bill HR 1266
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
52Democrat Cosponsors
3Republican Cosponsors
49Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1266
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
AppropriationsBanking and financial institutions regulationConsumer Financial Protection BureauConsumer affairsConsumer creditExecutive agency funding and structureFederal Reserve SystemFederal officialsFinancial services and investmentsAlternate Title(s) of Bill HR 1266
Financial Product Safety Commission Act of 2015To 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 2015Financial Product Safety Commission Act of 2015Comments
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Sponsors and Cosponsors of HR 1266
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