I 

112TH CONGRESS 

1ST SESSION H. R. 1121 

To replace the Director of the Bureau of Consumer Financial Protection 

with a five person Commission. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 16, 2011 

Mr. BACHUS (for himself, Mrs. CAPITO, Mrs. BIGGERT, Mr. GARRETT, Mr. 

HENSARLING, Mr. GARY G. MILLER of California, Mr. NEUGEBAUER, 

Mr. GRIMM, Mrs. BACHMANN, Mr. ROYCE, Mr. DOLD, Mr. YODER, Mr. 

MANZULLO, Mr. SCHWEIKERT, Mr. LUETKEMEYER, Mr. PEARCE, Mr. 

STIVERS, Mr. MCHENRY, Mr. CANSECO, Mr. SESSIONS, Mr. POSEY, Mr. 

DUFFY, Mr. HUIZENGA of Michigan, Mr. LUCAS, Mr. CAMPBELL, Mr. 

KING of New York, and Mr. HULTGREN) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To replace the Director of the Bureau of Consumer Financial 

Protection with a five person Commission. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Responsible Consumer 

5 Financial Protection Regulations Act of 2011’’. 


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1 SEC. 2. ESTABLISHMENT OF THE COMMISSION. 

2 Section 1011 of the Consumer Financial Protection 

3 Act of 2010 is amended— 

4 (1) by striking subsections (b), (c), and (d); 

5 (2) by redesignating subsection (e) as sub6 section (j); and 

7 (3) by inserting after subsection (a) the fol8 lowing new subsections: 

9 ‘‘(b) ESTABLISHMENT OF THE COMMISSION.— 

10 ‘‘(1) IN GENERAL.—There is hereby established 

11 a commission (hereinafter referred to in this section 

12 as the ‘Commission’) that shall serve as the head of 

13 the Bureau. 

14 ‘‘(2) AUTHORITY TO PRESCRIBE REGULA15 TIONS.—The Commission may prescribe such regu16 lations and issue such orders in accordance with this 

17 title as the Commission may determine to be nec18 essary for carrying out this title and all other laws 

19 within the Commission’s jurisdiction and shall exer20 cise any authorities granted under this title and all 

21 other laws within the Commission’s jurisdiction. 

22 ‘‘(c) COMPOSITION OF THE COMMISSION.— 

23 ‘‘(1) IN GENERAL.—The Commission shall be 

24 composed of 5 members who shall be appointed by 

25 the President, by and with the advice and consent 

26 of the Senate, from among individuals who— 


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1 ‘‘(A) are citizens of the United States; and 

2 ‘‘(B) have strong competencies and experi3 ences related to consumer financial protection. 

4 ‘‘(2) STAGGERING.—The members of the Com5 mission shall serve staggered terms, which initially 

6 shall be established by the President for terms of 1, 

7 2, 4, and 5 years, respectively. 

8 ‘‘(3) TERMS.— 

9 ‘‘(A) IN GENERAL.—Each member of the 

10 Commission, including the Chair, shall serve for 

11 a term of 5 years. 

12 ‘‘(B) REMOVAL FOR CAUSE.—The Presi13 dent may remove any member of the Commis14 sion only for inefficiency, neglect of duty, or 

15 malfeasance in office. 

16 ‘‘(C) VACANCIES.—Any member of the 

17 Commission appointed to fill a vacancy occur18 ring before the expiration of the term to which 

19 that member’s predecessor was appointed (in20 cluding the Chair) shall be appointed only for 

21 the remainder of the term. 

22 ‘‘(D) CONTINUATION OF SERVICE.—Each 

23 member of the Commission may continue to 

24 serve after the expiration of the term of office 

25 to which that member was appointed until a 


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1 successor has been appointed by the President 

2 and confirmed by the Senate, except that a 

3 member may not continue to serve more than 1 

4 year after the date on which that member’s 

5 term would otherwise expire. 

6 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

7 No member of the Commission shall engage in 

8 any other business, vocation, or employment. 

9 ‘‘(d) AFFILIATION.—With respect to members ap10 pointed pursuant to subsection (c), not more than 3 shall 

11 be members of any one political party. 

12 ‘‘(e) CHAIR OF THE COMMISSION.— 

13 ‘‘(1) APPOINTMENT.—The Chair of the Com14 mission shall be appointed by the President from 

15 among the members of the Commission. 

16 ‘‘(2) AUTHORITY.—The Chair shall be the prin17 cipal executive officer of the Bureau, and shall exer18 cise all of the executive and administrative functions 

19 of the Bureau, including with respect to— 

20 ‘‘(A) the appointment and supervision of 

21 personnel employed under the Bureau (other 

22 than personnel employed regularly and full time 

23 in the immediate offices of members of the 

24 Commission other than the Chair); 


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1 ‘‘(B) the distribution of business among 

2 personnel appointed and supervised by the 

3 Chair and among administrative units of the 

4 Bureau; and 

5 ‘‘(C) the use and expenditure of funds. 

6 ‘‘(3) LIMITATION.—In carrying out any of the 

7 Chair’s functions under the provisions of this sub8 section the Chair shall be governed by general poli9 cies of the Commission and by such regulatory deci10 sions, findings, and determinations as the Commis11 sion may by law be authorized to make. 

12 ‘‘(4) REQUESTS OR ESTIMATES RELATED TO

13 APPROPRIATIONS.—Requests or estimates for reg14 ular, supplemental, or deficiency appropriations on 

15 behalf of the Commission may not be submitted by 

16 the Chair without the prior approval of the Commis17 sion. 

18 ‘‘(f) NO IMPAIRMENT BY REASON OF VACANCIES.— 

19 No vacancy in the members of the Commission shall im20 pair the right of the remaining members of the Commis21 sion to exercise all the powers of the Commission. Three 

22 members of the Commission shall constitute a quorum for 

23 the transaction of business, except that if there are only 

24 3 members serving on the Commission because of vacan25 cies in the Commission, 2 members of the Commission 


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1 shall constitute a quorum for the transaction of business. 

2 If there are only 2 members serving on the Commission 

3 because of vacancies in the Commission, 2 members shall 

4 constitute a quorum for the 6-month period beginning on 

5 the date of the vacancy which caused the number of Com6 mission members to decline to 2. 

7 ‘‘(g) SEAL.—The Commission shall have an official 

8 seal. 

9 ‘‘(h) COMPENSATION.— 

10 ‘‘(1) CHAIR.—The Chair shall receive com11 pensation at the rate prescribed for level I of the 

12 Executive Schedule under section 5313 of title 5, 

13 United States Code. 

14 ‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 

15 The 4 other members of the Commission shall each 

16 receive compensation at the rate prescribed for level 

17 II of the Executive Schedule under section 5314 of 

18 title 5, United States Code. 

19 ‘‘(i) INITIAL QUORUM ESTABLISHED.—During any 

20 time period prior to the confirmation of at least two mem21 bers of the Commission, one member of the Commission 

22 shall constitute a quorum for the transaction of business. 

23 Following the confirmation of at least 2 additional com24 missioners, the quorum requirements of subsection (f) 

25 shall apply.’’. 


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1 SEC. 3. CONFORMING AMENDMENTS. 

2 (a) CONSUMER FINANCIAL PROTECTION ACT OF

3 2010.— 

4 (1) IN GENERAL.—Except as provided under 

5 paragraph (1), the Consumer Financial Protection 

6 Act of 2010 is amended— 

7 (A) by striking ‘‘Director of the’’ each 

8 place such term appears, other than where such 

9 term is used to refer to a Director other than 

10 the Director of the Bureau of Consumer Finan11 cial Protection; 

12 (B) by striking ‘‘Director’’ each place such 

13 term appears and inserting ‘‘Bureau’’, other 

14 than where such term is used to refer to a Di15 rector other than the Director of the Bureau of 

16 Consumer Financial Protection; and 

17 (C) in section 1002, by striking paragraph 

18 (10). 

19 (2) EXCEPTIONS.—The Consumer Financial 

20 Protection Act of 2010 is amended— 

21 (A) in section 1012(c)(4), by striking ‘‘Di22 rector’’ each place such term appears and in23 serting ‘‘Commission of the Bureau’’; 

24 (B) in section 1013(c)(3)— 


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1 (i) by striking ‘‘Assistant Director of 

2 the Bureau for’’ and inserting ‘‘Head of 

3 the Office of’’; and 

4 (ii) in subparagraph (B), by striking 

5 ‘‘Assistant Director’’ and inserting ‘‘Head 

6 of the Office’’; 

7 (C) in section 1013(g)(2)— 

8 (i) by striking ‘‘ASSISTANT DIREC9 TOR’’ and inserting ‘‘HEAD OF THE OF10 FICE’’; and 

11 (ii) by striking ‘‘an assistant director’’ 

12 and inserting ‘‘a Head of the Office of Fi13 nancial Protection for Older Americans’’; 

14 (D) in section 1016(a), by striking ‘‘Direc15 tor of the Bureau’’ and inserting ‘‘Chair of the 

16 Commission’’; and 

17 (E) in section 1066(a), by striking ‘‘Direc18 tor of the Bureau is’’ and inserting ‘‘first mem19 ber of the Commission is’’. 

20 (b) DODD-FRANK WALL STREET REFORM AND CON21 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

22 Reform and Consumer Protection Act is amended— 

23 (1) in section 1111(b)(1)(D), by striking ‘‘Di24 rector’’ and inserting ‘‘Chair of the Commission’’; 

25 and 


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1 (2) in section 1447, by striking ‘‘Director of the 

2 Bureau’’ each place such term appears and inserting 

3 ‘‘Bureau’’. 

4 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

5 920(a)(4)(C) of the Electronic Fund Transfer Act, as 

6 added by section 1075(a)(2) of the Consumer Financial 

7 Protection Act of 2010, is amended by striking ‘‘Director 

8 of the Bureau of Consumer Financial Protection’’ and in9 serting ‘‘Bureau of Consumer Financial Protection’’. 

10 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The 

11 Expedited Funds Availability Act, as amended by section 

12 1086 of the Consumer Financial Protection Act of 2010, 

13 is amended by striking ‘‘Director of the Bureau’’ each 

14 place such term appears and inserting ‘‘Bureau’’. 

15 (e) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 

16 of the Federal Deposit Insurance Act, as amended by sec17 tion 336(a) of the Dodd-Frank Wall Street Reform and 

18 Consumer Protection Act, is amended by striking ‘‘Direc19 tor of the Consumer Financial Protection Bureau’’ each 

20 place such term appears and inserting ‘‘Chair of the Com21 mission of the Bureau of Consumer Financial Protection’’. 

22 (f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA23 TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 

24 Federal Financial Institutions Examination Council Act of 

25 1978 (12 U.S.C. 3303(a)(4)), as amended by section 1091 


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1 of the Consumer Financial Protection Act of 2010, is 

2 amended by striking ‘‘Director of the Consumer Financial 

3 Protection Bureau’’ and inserting ‘‘Chair of the Commis4 sion of the Bureau of Consumer Financial Protection’’. 

5 (g) FINANCIAL LITERACY AND EDUCATION IM6 PROVEMENT ACT.—Section 513 of the Financial Literacy 

7 and Education Improvement Act, as amended by section 

8 1013(d)(5) of the Consumer Financial Protection Act of 

9 2010, is amended by striking ‘‘Director’’ each place such 

10 term appears and inserting ‘‘Chair of the Commission’’. 

11 (h) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 

12 Section 307 of the Home Mortgage Disclosure Act of 

13 1975, as amended by section 1094(6) of the Consumer 

14 Financial Protection Act of 2010, is amended by striking 

15 ‘‘Director of the Bureau of Consumer Financial Protec16 tion’’ each place such term appears and inserting ‘‘Bureau 

17 of Consumer Financial Protection’’. 

18 (i) INTERSTATE LAND SALES FULL DISCLOSURE

19 ACT.—The Interstate Land Sales Full Disclosure Act, as 

20 amended by section 1098A of the Consumer Financial 

21 Protection Act of 2010, is amended— 

22 (1) by amending section 1402(1) to read as fol23 lows: 

24 ‘‘(1) ‘Chair’ means the Chair of the Commission of 

25 the Bureau of Consumer Financial Protection;’’; and 


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1 (2) in section 1416(a), by striking ‘‘Director of 

2 the Bureau of Consumer Financial Protection’’ and 

3 inserting ‘‘Chair’’. 

4 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT

5 OF 1974.—Section 5 of the Real Estate Settlement Proce6 dures Act of 1974, as amended by section 1450 of the 

7 Dodd-Frank Wall Street Reform and Consumer Protec8 tion Act, is amended— 

9 (1) by striking ‘‘The Director of the Bureau of 

10 Consumer Financial Protection (hereafter in this 

11 section referred to as the ‘Director’)’’ and inserting 

12 ‘‘The Bureau of Consumer Financial Protection’’; 

13 and 

14 (2) by striking ‘‘Director’’ each place such term 

15 appears and inserting ‘‘Bureau’’. 

16 (k) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 

17 The S.A.F.E. Mortgage Licensing Act of 2008, as amend18 ed by section 1100 of the Consumer Financial Protection 

19 Act of 2010, is amended— 

20 (1) by striking ‘‘Director’’ each place such term 

21 appears in headings and text, other than where such 

22 term is used in the context of the Director of the Of23 fice of Thrift Supervision, and inserting ‘‘Bureau’’; 

24 and 

25 (2) in section 1503, by striking paragraph (10). 


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1 (l) TITLE 44, UNITED STATES CODE.—Section 

2 3513(c) of title 44, United States Code, as amended by 

3 section 1100D(b) of the Consumer Financial Protection 

4 Act of 2010, is amended by striking ‘‘Director of the Bu5 reau’’ and inserting ‘‘Bureau’’. 

Æ 


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