II 
113TH CONGRESS 
2D SESSION 
H. R. 3193 
IN THE SENATE OF THE UNITED STATES 
MARCH 4, 2014 
Received 
AN ACT 
To amend the Consumer Financial Protection Act of 2010 
to strengthen the review authority of the Financial Sta-
bility Oversight Council of regulations issued by the Bu-
reau of Consumer Financial Protection, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Consumer Financial 
Freedom and Washington Accountability Act’’. 
SEC. 2. FINANCIAL PRODUCT SAFETY COMMISSION. 
(a) ESTABLISHMENT.—Section 1011 of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 5491) 
is amended to read as follows: 
‘‘SEC. 1011. ESTABLISHMENT OF THE FINANCIAL PRODUCT 
SAFETY COMMISSION. 
‘‘(a) ESTABLISHMENT.—There is established an inde-
pendent commission to be known as the ‘Financial Prod-
uct Safety Commission’ (hereinafter referred to in this 
section as the ‘Commission’), which shall regulate the of-
fering and provision of consumer financial products or 
services under the Federal consumer financial laws. The 
Commission shall be considered an Executive agency, as 
defined in section 105 of title 5, United States Code. Ex-
cept as otherwise provided expressly by law, all Federal 
laws dealing with public or Federal contracts, property, 
works, officers, employees, budgets, or funds, including 
the provisions of chapters 5 and 7 of title 5, shall apply 
to the exercise of the powers of the Commission. 
‘‘(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 
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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 the Vice Chairman for Supervision of 
the Federal Reserve System and 4 additional mem-
bers who shall be appointed by 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 protection. 
‘‘(2) STAGGERING.—The members of the Com-
mission appointed under paragraph (1) shall serve 
staggered terms, which initially shall be established 
by the President for terms of 1, 2, 4, and 5 years, 
respectively. 
‘‘(3) TERMS.— 
‘‘(A) IN GENERAL.—Each member of the 
Commission appointed under paragraph (1), in-
cluding the Chair, shall serve for a term of 5 
years. 
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‘‘(B) REMOVAL.—The President may re-
move any member of the Commission appointed 
under paragraph (1). 
‘‘(C) VACANCIES.—Any member of the 
Commission appointed under paragraph (1) ap-
pointed to fill a vacancy occurring before the 
expiration of the term to which that member’s 
predecessor was appointed (including the Chair) 
shall be appointed only for the remainder of the 
term. 
‘‘(D) CONTINUATION OF SERVICE.—Each 
member of the Commission appointed under 
paragraph (1) may continue to 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 other-
wise expire. 
‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 
No member of the Commission appointed under 
paragraph (1) shall engage in any other busi-
ness, vocation, or employment. 
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