I 
115TH CONGRESS 
2D SESSION 
H. R. 5266 
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. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 13, 2018 
Mr. ROSS (for himself, Ms. SINEMA, Mr. DAVID SCOTT of Georgia, and Mrs. 
WAGNER) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
A BILL 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Financial Product 
Safety Commission Act of 2018’’. 
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(C) by striking subsections (b), (c), and 
(d); 
(D) by redesignating subsection (e) as sub-
section (j); 
(E) in subsection (j), as so redesignated— 
(i) by striking ‘‘, including in cities in 
which the Federal reserve banks, or 
branches of such banks, are located,’’; and 
(ii) by striking ‘‘Bureau’’ each place 
such term appears and inserting ‘‘Commis-
sion’’; and 
(F) by inserting after subsection (a) the 
following new subsections: 
‘‘(b) AUTHORITY TO PRESCRIBE REGULATIONS.— 
The Commission may prescribe such regulations and issue 
such orders in accordance with this title as the Commis-
sion may determine to be necessary for carrying out this 
title and all other laws within the Commission’s jurisdic-
tion and shall exercise any authorities granted under this 
title and all other laws within the Commission’s jurisdic-
tion. 
‘‘(c) COMPOSITION OF THE COMMISSION.— 
‘‘(1) IN GENERAL.—The Commission shall be 
composed of 5 members who shall be appointed by 
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the President, by and with the advice and consent 
of the Senate, from among individuals who— 
‘‘(A) are citizens of the United States; and 
‘‘(B) have strong competencies and experi-
ences related to consumer financial products 
and services. 
‘‘(2) STAGGERING.—The members of the Com-
mission shall serve staggered terms, which initially 
shall be established by the President for terms of 1, 
2, 3, 4, and 5 years, respectively. 
‘‘(3) TERMS.— 
‘‘(A) IN GENERAL.—Each member of the 
Commission, including the Chair, shall serve for 
a term of 5 years. 
‘‘(B) REMOVAL.—The President may re-
move any member of the Commission for ineffi-
ciency, neglect of duty, or malfeasance in office. 
‘‘(C) VACANCIES.—Any member of the 
Commission appointed to fill a vacancy occur-
ring before the expiration of the term to which 
that member’s predecessor was appointed (in-
cluding the Chair) shall be appointed only for 
the remainder of the term. 
‘‘(D) CONTINUATION OF SERVICE.—Each 
member of the Commission may continue to 
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serve after the expiration of the term of office 
to which that member was appointed until a 
successor has been appointed by the President 
and confirmed by the Senate, except that a 
member may not continue to serve more than 1 
year after the date on which that member’s 
term would otherwise expire. 
‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 
No member of the Commission shall engage in 
any other business, vocation, or employment. 
‘‘(d) AFFILIATION.—Not more than 3 members of 
the Commission shall be members of any one political 
party. 
‘‘(e) CHAIR OF THE COMMISSION.— 
‘‘(1) INITIAL
CHAIR.—The first member and 
Chair of the Commission shall be the individual serv-
ing as Director of the Bureau of Consumer Finan-
cial Protection on the day before the date of the en-
actment of this subsection. Such individual shall 
serve until the President has appointed all 5 mem-
bers of the Commission in accordance with sub-
section (c). 
‘‘(2) SUBSEQUENT CHAIR.—Of the 5 members 
appointed in accordance with subsection (c), the 
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President shall appoint 1 member to serve as the 
subsequent Chair of the Commission. 
‘‘(3) AUTHORITY.—The Chair shall be the prin-
cipal executive officer of the Commission, and shall 
exercise all of the executive and administrative func-
tions of the Commission, including with respect to— 
‘‘(A) the appointment and supervision of 
personnel employed under the Commission 
(other than personnel employed regularly and 
full time in the immediate offices of members of 
the Commission other than the Chair); 
‘‘(B) the distribution of business among 
personnel appointed and supervised by the 
Chair and among administrative units of the 
Commission; and 
‘‘(C) the use and expenditure of funds. 
‘‘(4) LIMITATION.—In carrying out any of the 
Chair’s functions under the provisions of this sub-
section the Chair shall be governed by general poli-
cies of the Commission and by such regulatory deci-
sions, findings, and determinations as the Commis-
sion may by law be authorized to make. 
‘‘(5) REQUESTS
OR
ESTIMATES
RELATED
TO 
APPROPRIATIONS.—Requests or estimates for reg-
ular, supplemental, or deficiency appropriations on 
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behalf of the Commission may not be submitted by 
the Chair without the prior approval of the Commis-
sion. 
‘‘(f) INITIAL QUORUM ESTABLISHED.—The first 
member and Chair of the Commission described under 
subsection (e)(1) shall constitute a quorum for the trans-
action of business until the President has appointed all 
5 members of the Commission in accordance with sub-
section (c). Following such appointment of 5 members, the 
quorum requirements of subsection (g) shall apply. 
‘‘(g) NO IMPAIRMENT BY REASON OF VACANCIES.— 
No vacancy in the members of the Commission after the 
establishment of an initial quorum under subsection (f) 
shall impair the right of the remaining members of the 
Commission to exercise all the powers of the Commission. 
Three members of the Commission shall constitute a 
quorum for the transaction of business, except that if 
there are only 3 members serving on the Commission be-
cause of vacancies in the Commission, 2 members of the 
Commission shall constitute a quorum for the transaction 
of business. If there are only 2 members serving on the 
Commission because of vacancies in the Commission, 2 
members shall constitute a quorum for the 6-month period 
beginning on the date of the vacancy which caused the 
number of Commission members to decline to 2. 
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‘‘(h) SEAL.—The Commission shall have an official 
seal. 
‘‘(i) COMPENSATION.— 
‘‘(1) CHAIR.—The Chair shall receive com-
pensation at the rate prescribed for level I of the 
Executive Schedule under section 5313 of title 5, 
United States Code. 
‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 
The 4 other members of the Commission shall each 
receive compensation at the rate prescribed for level 
II of the Executive Schedule under section 5314 of 
title 5, United States Code.’’; 
(2) in section 1012(c), by striking paragraphs 
(2), (3), (4), and (5); and 
(3) in section 1014(b), by striking ‘‘Not fewer 
than 6 members shall be appointed upon the rec-
ommendation of the regional Federal Reserve Bank 
Presidents, on a rotating basis.’’. 
SEC. 3. DEEMING OF NAME. 
Any reference in a law, regulation, document, paper, 
or other record of the United States to the Bureau of Con-
sumer Financial Protection, except in subsection (e)(1) of 
section 1011 of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5491), as added by this Act, shall be 
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(i) INTERSTATE LAND SALES FULL DISCLOSURE 
ACT.—The Interstate Land Sales Full Disclosure Act, as 
amended by section 1098A of the Consumer Financial 
Protection Act of 2010, is amended— 
(1) by amending section 1402(1) to read as fol-
lows: 
‘‘(1) ‘Chair’ means the Chair of the Financial 
Product Safety Commission;’’; and 
(2) in section 1416(a), by striking ‘‘Director of 
the Bureau of Consumer Financial Protection’’ and 
inserting ‘‘Chair’’. 
(j) REAL ESTATE SETTLEMENT PROCEDURES ACT 
OF 1974.—Section 5 of the Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2604), as amended by sec-
tion 1450 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, is amended— 
(1) by striking ‘‘The Director of the Bureau of 
Consumer Financial Protection (hereafter in this 
section referred to as the ‘Director’)’’ and inserting 
‘‘The Financial Product Safety Commission’’; and 
(2) by striking ‘‘Director’’ each place such term 
appears and inserting ‘‘Financial Product Safety 
Commission’’. 
(k) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 
The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 
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5101 et seq.), as amended by section 1100 of the Con-
sumer Financial Protection Act of 2010, is amended— 
(1) by striking ‘‘Director’’ each place such term 
appears in headings and text, other than where such 
term is used in the context of the Director of the Of-
fice of Thrift Supervision, and inserting ‘‘Financial 
Product Safety Commission’’; and 
(2) in section 1503, by striking paragraph (10). 
(l) TITLE
44, UNITED
STATES
CODE.—Section 
3513(c) of title 44, United States Code, as amended by 
section 1100D(b) of the Consumer Financial Protection 
Act of 2010, is amended by striking ‘‘Director of the Bu-
reau’’ and inserting ‘‘Financial Product Safety Commis-
sion’’. 
Æ 
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