Financial Product Safety Commission Act of 2009
Latest action. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) S2975-2978)
Financial Product Safety Commission Act of 2009 - Establishes the Financial Product Safety Commission to: (1) promulgate consumer financial product safety rules; (2) establish a best practices guide for all providers of consumer financial products; (3) conduct continuing studies and investigations of consumer financial products industry practices; (4) award grants or enter into contracts for the conduct of such studies and investigations; (5) assist public and private organizations or groups of consumer financial product providers, administratively and technically, in the development of safety standards or guidelines that would assist them in complying with any Commission rule; (6) comment on selected agency rulemakings affecting consumer financial products; and (7) establish a consumer financial product customer hotline.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on March 10, 2009. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on March 10, 2009: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2975-2978)
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 111th Congress (2009-10), 383 of the 10,778 bills and joint resolutions introduced became law, about 3.6 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Richard Durbin (D-IL) introduced it on March 10, 2009, and 6 members have since signed on as cosponsors.
They are 5 Democrats, 1 independent.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on March 10, 2009, 6443 days ago. The most recent recorded action was 6443 days ago, on March 10, 2009.
Measures do not carry over. Anything the 111th Congress has not finished by January 3, 2011 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIntroduced, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers