Bureau of Consumer Financial Protection Commission Act

Diverse Professional Expertise: The bill requires that at least 2 commission members have private sector experience in consumer financial products and services, and at least 1 member must have been a State bank supervisor (Section 2, subsection (c)(1)). This ensures the leadership has practical experience in the financial industry.

Political Balance: The bill mandates that no more than 3 members of the commission can belong to any one political party (Section 2, subsection (c)(1)(D)). This provision aims to prevent a single political party from having total control over the commission.

Leadership Accountability: The President is granted the authority to remove any commission member for inefficiency, neglect of duty, or malfeasance in office (Section 2, subsection (c)(3)(B)).

Changes to Agency Autonomy: The bill removes the Bureau from the Federal Reserve System and changes its status to an independent agency (Section 2, subsection (1)(A)).

Restricted Budgetary Requests: The Chair of the commission is prohibited from submitting requests or estimates for regular, supplemental, or deficiency appropriations without receiving prior approval from the full commission (Section 2, subsection (e)(5)).