Financial Product Safety Commission Act of 2015
Latest action · Dec 12, 2016 Placed on the Union Calendar, Calendar No. 682.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 4, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Product Safety Commission Act of 2015
This bill amends the Consumer Financial Protection Act of 2010 to remove the Consumer Financial Protection Bureau from the Federal Reserve System and instead establish an independent Financial Product Safety Commission (FPSC) to regulate the offering and provision of consumer financial products or services.
The FPSC shall be composed of five members serving staggered five-year terms who are appointed by the President with the advice and consent of the Senate. Not more than three members shall be of any one political party.
The President must appoint a chair of the FPSC from among its members.
The bill prohibits the chair from submitting requests for estimates related to appropriations without prior commission approval.
Cosponsors 52
Members who signed on, in the order they did. Signatures ran from Mar 4, 2015 to May 26, 2016; 20 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Andy Barr | Original | Mar 4, 2015 |
| R-MO | Ann Wagner | Original | Mar 4, 2015 |
| R-MI | Bill Huizenga | Original | Mar 4, 2015 |
| R-MO | Blaine Luetkemeyer | Original | Mar 4, 2015 |
| R-ME | Bruce Poliquin | Original | Mar 4, 2015 |
| R-AZ | David Schweikert | Original | Mar 4, 2015 |
| R-FL | Dennis A. Ross | Original | Mar 4, 2015 |
| R-NH | Frank C. Guinta | Original | Mar 4, 2015 |
| R-AR | J. French Hill | Original | Mar 4, 2015 |
| R-PA | Keith J. Rothfus | Original | Mar 4, 2015 |
| R-GA | Lynn A. Westmoreland | Original | Mar 4, 2015 |
| R-UT | Mia B. Love | Original | Mar 4, 2015 |
| R-PA | Michael G. Fitzpatrick | Original | Mar 4, 2015 |
| R-NC | Patrick T. McHenry | Original | Mar 4, 2015 |
| R-NC | Robert Pittenger | Original | Mar 4, 2015 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 4, 2015Markup Sep 30, 2015Reported Dec 12, 2016 |
| Consumer Protection and Financial Institutions Subcommittee | Hearings Jun 11, 2015 |
Actions 7
Everything that happened, newest first.
- Dec 12, 2016Reported (Amended) by the Committee on Financial Services. H. Rept. 114-872.
- Dec 12, 2016Placed on the Union Calendar, Calendar No. 682.
- Sep 30, 2015Committee Consideration and Mark-up Session Held.
- Sep 30, 2015Ordered to be Reported (Amended) by the Yeas and Nays: 35 - 24.
- Jun 11, 2015Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Feb 11, 2016H.R. 1266, Financial Product Safety Commission Act of 2015As ordered reported by the House Committee on Financial Services on September 30, 2015
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 37, March 4, 2015, page H1615.
Printed hearings 6
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 115-81 | FOSTERING ECONOMIC GROWTH: THE ROLE OF FINANCIAL INSTITUTIONS IN LOCAL COMMUNITIES128 pages | Banking, Housing, and Urban Affairs Committee | Jun 8, 2017 |
| 114-22 | FINANCING MAIN STREET: HOW DODD-FRANK IS CRIPPLING SMALL LENDERS AND ACCESS TO CAPITAL98 pages | Small Business Committee | Sep 17, 2015 |
| Serial No. 114-39 | THE DODD-FRANK ACT FIVE YEARS LATER: ARE WE MORE STABLE?136 pages | Financial Services Committee | Jul 9, 2015 |
| Serial No. 114-31 | EXAMINING LEGISLATIVE PROPOSALS TO PRESERVE CONSUMER CHOICE AND FINANCIAL INDEPENDENCE132 pages | Financial Services Committee | Jun 11, 2015 |
| Serial No. 114-13 | EXAMINING REGULATORY BURDENS ON NON-DEPOSITORY FINANCIAL INSTITUTIONS157 pages | Financial Services Committee | Apr 15, 2015 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1804 | Repeal CFPB Act | Related bill | Jul 21, 2015 |
| HR 5983 | Financial CHOICE Act of 2016 | Related bill | Dec 20, 2016 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- Financial Product Safety Commission Act of 2015
- Short Titles as Reported to House
- Financial Product Safety Commission Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Dec 12, 2016Reported in House
- Mar 4, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
