Vote Smart's Synopsis:

Vote to pass a bill that amends the name and operations of the Consumer Financial Protection Bureau.

Highlights:

• Requires the “Consumer Financial Protection Bureau” to be renamed the “Financial Product Safety Commission” and operate as an agency independent of the US Federal Reserve (Sec. 2).

• Requires the Commission to receive appropriations based on the congressional appropriations process, whereas existing law requires the Consumer Financial Protection Bureau to receive appropriations from the Federal Reserve System (Sec. 2).

• Requires the Commission to consist of the Vice Chairman for Supervision of the Federal Reserve System and 4 individuals appointed by the president with senate approval (Sec. 2).

• Prohibits the Commission from consisting of more than 2 appointed individuals from the same political party (Sec. 2).

• Prohibits the Commission from requesting, obtaining, using, retaining, or disclosing non-public personal information from a consumer or service provider, unless the Commission receives permission from the consumer (Sec. 4).

• Authorizes the Financial Stability Oversight Council to set aside a regulation that is proposed by the Commission with a majority vote, whereas existing law requires a two-thirds vote (Sec. 5).

• Requires the Commission to follow federal General Schedule for the rates of basic pay for all employees, whereas existing law allowed the director of the Consumer Financial Protection Bureau to establish the rate of pay for all employees (Sec. 3).

• Appropriates $300 million to the Commission for the fiscal year 2014 and fiscal year 2015 (Sec. 2).

Full Bill Text

Full Bill Text