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S. 3990 116th Congress Senate

Financial Product Safety Commission Act of 2020

Official title: 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.

Introduced: June 17, 2020 Introduced by: Deb Fischer Republican · Nebraska See on congress.gov
Finance and Financial Sector AppropriationsBanking and financial institutions regulationConsumer Financial Protection BureauConsumer affairs
More subjectsShow fewer subjects
Consumer creditExecutive agency funding and structureFederal Reserve SystemFederal officialsFinancial services and investments
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action June 17, 2020

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 6116 Consumer Financial Protection Commission Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 3
R
Barrasso, John
Wyoming · Jun 17, 2020
 R
Cotton, Tom
Arkansas · Jun 17, 2020
 R
Cramer, Kevin
North Dakota · Jun 17, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3990: Financial Product Safety Commission Act of 2020. 116th Congress. Open America. https://openamerica.io/bill/116-S-3990/
MLA
"S. 3990: Financial Product Safety Commission Act of 2020." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-3990/.
Bluebook (legal)
S. 3990, 116th Cong. (2026), https://openamerica.io/bill/116-S-3990/.
Markdown link
[S. 3990: Financial Product Safety Commission Act of 2020](https://openamerica.io/bill/116-S-3990/)
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