S 3990 · 116th Congress · Finance and Financial Sector
Financial Product Safety Commission Act of 2020
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2020-06-17)
Plain Language Summary
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Financial Product Safety Commission Act of 2020 This bill removes the Consumer Financial Protection Bureau from the Federal Reserve System, converts the bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the positions of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (5)
5 Republicans