On January 31, Senators Deb Fischer, R-Nebraska, John Barrasso (R-Wyo.) and Ron Johnson (R-Wisc.), reintroduced legislation that would replace the single director of the CFPB with a five-member bipartisan committee. Specifically, the proposed legislation provides that: (i) each board member would be appointed by the president and confirmed by the Senate; (ii) the president would appoint one of the five members of the board to serve as chairperson of the board; (iii) board members would each serve staggered five-year terms, and no more than three members would be from the same political party; and (iv) the legislation would take effect on the date on which not less than three persons have been confirmed by the Senate to serve as members of the board of directors.
Senator Fischer introduced similar legislation in both the 113th Congress and the 114th Congress.