HR3445Referred to Committee

Bureau of Consumer Financial Protection Commission Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-05-15
Introduced
10
Cosponsors
HR
ⓘ
Type

Sponsor

Bill Huizenga
Bill Huizenga
Republican · MI · Representative
Votes with party: 98.1% (540 recorded votes)

Full profile: /officials/H001058

Source: Congress.gov · FEC

Cosponsors (10)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Financial Services.

2025-05-15

Source: Congress.gov

Committee Activity

Currently in

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Plain-English Summary

Bureau of Consumer Financial Protection Commission Act This bill restructures the Consumer Financial Protection Bureau (CFPB) and creates a five-member commission to manage the bureau. Currently, the CFPB is an autonomous bureau within the Federal Reserve System and is led by a director who is appointed by the President with the advice and consent of the Senate. The bill removes the CFPB from the Federal Reserve System and reestablishes it as an independent agency. The commission established by this bill is composed of five members appointed by the President with the advice and consent of the Senate, with one member selected by the President to serve as chair of the commission. No more than three commissioners may be members of the same political party. The bill also sets forth provisions regarding terms, quorums, and vacancies. The bill specifies that the President may a remove a commissioner for inefficiency, neglect of duty, or malfeasance in office. The bill also revises the membership requirements of the Consumer Advisory Board. The board advises and consults with the CFPB regarding relevant consumer financial laws and provides information on emerging practices in the consumer financial products and services industry. Currently, at least six members must be appointed upon recommendation of the regional Federal Reserve Bank presidents. The bill removes this requirement and requires at least half of all members to have private sector experience.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Finance and Financial Sector
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