12 U.S. Code § 5491 - Establishment of the Bureau of Consumer Financial Protection
There is established in the Federal Reserve System, an independent bureau to be known as the “Bureau of Consumer Financial Protection”, which shall regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws. The Bureau shall be considered an Executive agency, as defined in section 105 of title 5. Except as otherwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, shall apply to the exercise of the powers of the Bureau.
There is established the position of the Director, who shall serve as the head of the Bureau.
Subject to paragraph (3), the Director shall be appointed by the President, by and with the advice and consent of the Senate.
The President shall nominate the Director from among individuals who are citizens of the United States.
The Director shall serve for a term of 5 years.
The President may remove the Director for inefficiency, neglect of duty, or malfeasance in office.
The principal office of the Bureau shall be in the District of Columbia. The Director may establish regional offices of the Bureau, including in cities in which the Federal reserve banks, or branches of such banks, are located, in order to carry out the responsibilities assigned to the Bureau under the Federal consumer financial laws.
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