To replace the Director of the Bureau of Consumer Financial Protection with a 5-person Commission, to bring the Bureau into the regular appropriations process, to provide for a safety and soundness check, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Responsible Consumer Financial Protection Regulations Act of 2013''.
SEC. 2. ESTABLISHMENT OF THE COMMISSION.
Section 1011 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5491) is amended-- (1) by striking subsections (b), (c), and (d); (2) by redesignating subsection (e) as subsection (j); and (3) by inserting after subsection (a) the following new subsections: ``(b) Establishment of the Commission.-- ``(1) In general.--There is hereby established a commission (hereafter in this title referred to as the `Commission') that shall serve as the head of the Bureau. ``(2) Authority to prescribe regulations.--The Commission may prescribe such regulations and issue such orders in accordance with this title as the Commission may determine to be necessary for carrying out this title and all other laws within the jurisdiction of the Commission, and shall exercise any authorities granted under this title and all other laws within the jurisdiction of the Commission. ``(c) Composition of the Commission.-- ``(1) In general.--The Commission shall be composed of 5 members, who shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals...