Detailed Summary

Financial Products Safety Commission Act of 2009 - Establishes the Financial Products 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.

Status of the Legislation

Latest Major Action: 3/10/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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