S. 3990

Referred to Committee

Financial Product Safety Commission Act of 2020

Introduced 6/17/2020•116th Congress•Senate

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Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

6/17/2020 • Senate

Summary

Financial Product Safety Commission Act of 2020

This bill removes the Consumer Financial Protection Bureau from the Federal Reserve System, converts the bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the positions of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.

Introduced in Senate • 6/17/2020

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Topics & Subjects

Policy Area: Finance and Financial Sector

AppropriationsBanking and financial institutions regulationConsumer Financial Protection BureauConsumer affairsConsumer creditExecutive agency funding and structureFederal Reserve SystemFederal officialsFinancial services and investments