Consumer Financial Protection Commission Act

Hozzl · 2024-01-08T23:56:17Z

Explore the details of House Bill 1410 Consumer Financial Protection Commission Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/8/2024, 11:56 PM

Summary of Bill HR 1410

Bill 118 HR 1410, also known as the Consumer Financial Protection Commission Act, aims to restructure the Consumer Financial Protection Bureau (CFPB) by replacing the current single director with a bipartisan commission. The bill was introduced in the House of Representatives on March 1, 2021, by Representative Blaine Luetkemeyer.

The main purpose of this bill is to ensure that the CFPB operates in a more transparent and accountable manner by having a commission of five members, with no more than three members from the same political party. This change is intended to prevent any one individual from having too much power and to promote a more balanced decision-making process within the agency.

Additionally, the bill includes provisions to increase oversight of the CFPB by requiring the commission to submit annual reports to Congress on its activities and budget. It also establishes a process for the removal of commission members for cause, ensuring that they can be held accountable for any misconduct or negligence in their duties. Overall, the Consumer Financial Protection Commission Act seeks to improve the governance and effectiveness of the CFPB by introducing a bipartisan commission structure and increasing transparency and accountability within the agency. The bill is currently under review in the House Financial Services Committee.

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Current Status of Bill HR 1410

Bill HR 1410 is currently in the status of Bill Introduced since March 7, 2023. Bill HR 1410 was introduced during Congress 118 and was introduced to the House on March 7, 2023. Bill HR 1410's most recent activity was Referred to the House Committee on Financial Services. as of March 7, 2023

Bipartisan Support of Bill HR 1410

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 1410

Primary Policy Focus

Finance and Financial Sector

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Comments

Sponsors and Cosponsors of HR 1410

Blaine Luetkemeyer

Missouri(Republican)

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