1. Short title This Act may be cited as the Financial Product Safety Commission Act of 2018 . 2. Making the Bureau an independent Financial Product Safety Commission The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq.) is amended— (1) in section 1011— (A) in the heading of such section, by striking BUREAU OF CONSUMER FINANCIAL PROTECTION and inserting Financial Product Safety Commission ; (B) in subsection (a)— (i) in the heading of such subsection, by striking Bureau and inserting Commission ; (ii) by striking in the Federal Reserve System, ; (iii) by striking independent bureau and inserting independent commission ; (iv) by striking Bureau of Consumer Financial Protection and inserting Financial Product Safety Commission (hereinafter in this section referred to as the Commission ) ; and (v) by striking Bureau each place such term appears and inserting Commission ; (C) by striking subsections (b), (c), and (d); (D) by redesignating subsection (e) as subsection (j); (E) in subsection (j), as so redesignated— (i) by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located, ; and (ii) by striking Bureau each place such term appears and inserting Commission ; and (F) by inserting after subsection (a) the following new subsections: (b) Authority To prescribe regulations The Commission may prescribe such regulations and issue such orders in accordance with this title as the Commission may determine to be necessary for carrying out this title and all other laws within the Commission’s jurisdiction and shall exercise any authorities granted under this title and all other laws within the Commission’s jurisdiction. (c) Composition of the Commission (1) In general The Commission shall be composed of 5 members who shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who— (A) are citizens of the United States