Earlier this month, a year after the House passed a bill to change the structure of the Consumer Financial Protection Bureau (CFPB), Rep. Randy Neugebauer (R-Tex.) again introduced legislation that would modify the structure of the Bureau. The most recent bill, H.R. 1266, would change the CFPB to an independent Financial Product Safety Commission (FPSC) replacing the position of Director of the CFPB with a five-member bipartisan commission appointed by the President, akin to the structure of the Federal Trade Commission.

Rep. Neugebauer, who is the new chairman of the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, described the rationale behind the bill saying that “the CFPB has demonstrated a lack of transparency and a lack of accountability. It has proven it is susceptible to political influence—bringing into question its independence.”