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Bipartisan Group Introduces Bill to Rename CFPB, Replace Director With 5-Person Commission

A bipartisan group of two Democrats and two Republicans in the House of Representatives introduced a bill yesterday that would replace the single director of the Consumer Financial Protection Bureau with a five-person commission.

The bill, from Reps. Dennis Ross (R-Fla.), David Scott (D-Ga.), Kyrsten Sinema (D-Ariz.), and Ann Wagner (R-Mo.), would rename the CFPB to the Financial Product Safety Commission and replace its director with a bipartisan panel.

The commissioners would be appointed by the president — with the consent of the Senate — but the president can remove a member for “inefficiency, neglect of duty, or malfeasance,” according to the proposed bill. No more than three commissioners can be from the same political party.

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