Bill Sponsor
Senate Bill 3990
116th Congress(2019-2020)
Financial Product Safety Commission Act of 2020
Introduced
Introduced
Introduced in Senate on Jun 17, 2020
Overview
Text
Introduced
Jun 17, 2020
Latest Action
Jun 17, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3990
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Nebraska
Republican
Arkansas
Republican
Nebraska
Republican
North Dakota
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
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.

Text (1)
Actions (2)
06/17/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
06/17/2020
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:46:13 PM