S 3990
116th Congress
Senate
Finance and Financial Sector
Appropriations
Banking and financial institutions regulation
Consumer Financial Protection Bureau
Consumer affairs
Consumer credit
Executive agency funding and structure
Federal Reserve System
Federal officials
Financial services and investments
Financial Product Safety Commission Act of 2020
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 17, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jun 17, 2020
Introduced in Senate
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1