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H. Rept. 114-872 1 (2016-12-12)

handle is hein.congrecreports/crptxryv0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-872 FINANCIAL PRODUCT SAFETY COMMISSION ACT OF 2015 DECEMBER 12, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 1266] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1266) 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, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Financial Product Safety Commission Act of 2015. SEC. 2. MAKING THE BUREAU AN INDEPENDENT FINANCIAL PRODUCT SAFETY COMMISSION. (a) IN GENERAL.-The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended- (1) in section 1011- (A) in subsection (a)- (i) by striking in the Federal Reserve System,; (ii) by striking independent bureau and inserting independent commission; (iii) by striking Bureau of Consumer Financial Protection and in- serting Financial Product Safety Commission (hereinafter in this sec- tion referred to as the 'Commission'); and (iv) by striking Bureau each place such term appears and inserting Commission; (B) by striking subsections (b), (c), and (d); 69-006

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