I 
114TH CONGRESS 
1ST SESSION H. R. 1266 
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 4, 2015 
Mr. NEUGEBAUER (for himself, Mr. GUINTA, Mr. HUIZENGA of Michigan, Mr. 
GARRETT, Mr. SCHWEIKERT, Mr. ROTHFUS, Mr. LUETKEMEYER, Mr. 
PEARCE, Mr. TIPTON, Mr. WILLIAMS, Mr. ROSS, Mrs. WAGNER, Mr. 
POLIQUIN, 
Mr. 
WESTMORELAND, 
Mr. 
BARR, 
Mr. 
HILL, 
Mr. 
FITZPATRICK, Mr. DUFFY, Mr. PITTENGER, Mrs. LOVE, and Mr. 
MCHENRY) 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 2015’’. 
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SEC. 2. MAKING THE BUREAU AN INDEPENDENT FINAN-
CIAL PRODUCT SAFETY COMMISSION. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1011— 
(A) in subsection (a)— 
(i) by striking ‘‘in the Federal Reserve 
System,’’; 
(ii) by striking ‘‘independent bureau’’ 
and inserting ‘‘independent commission’’; 
(iii) by striking ‘‘Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Fi-
nancial Product Safety Commission (here-
inafter in this section referred to as the 
‘Commission’)’’; and 
(iv) by striking ‘‘Bureau’’ each place 
such term appears and inserting ‘‘Commis-
sion’’; 
(B) by striking subsections (b), (c), and 
(d); 
(C) by redesignating subsection (e) as sub-
section (j); 
(D) 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 
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(ii) by striking ‘‘Bureau’’ each place 
such term appears and inserting ‘‘Commis-
sion’’; and 
(E) 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 
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 
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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 
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. 
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‘‘(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) APPOINTMENT.—The Chair of the Com-
mission shall be appointed by the President. 
‘‘(2) 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. 
‘‘(3) LIMITATION.—In carrying out any of the 
Chair’s functions under the provisions of this sub-
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