115 HR 10 RH: Financial CHOICE Act of 2017
U.S. House of Representatives
2017-05-25
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of contents
(a)This Act may be cited as the Financial CHOICE Act of 2017
. (b)The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents.
Title I—Ending Too Big to Fail
and Bank Bailouts
Subtitle A—Repeal of the Orderly Liquidation Authority
Sec. 111. Repeal of the orderly liquidation authority.
Subtitle B—Financial Institution Bankruptcy
Sec. 121. General provisions relating to covered financial corporations.
Sec. 122. Liquidation, reorganization, or recapitalization of a covered financial corporation.
Sec. 123. Amendments to title 28, United States Code.
Subtitle C—Ending Government Guarantees
Sec. 131. Repeal of obligation guarantee program.
Sec. 132. Repeal of systemic risk determination in resolutions.
Sec. 133. Restrictions on use of the Exchange Stabilization Fund.
Subtitle D—Eliminating Financial Market Utility Designations
Sec. 141. Repeal of title VIII.
Subtitle E—Reform of the Financial Stability Act of 2010
Sec. 151. Repeal and modification of provisions of the Financial Stability Act of 2010.
Sec. 152. Operational risk capital requirements for banking organizations.
Title II—Demanding Accountability from Wall Street
Subtitle A—SEC Penalties Modernization
Sec. 211. Enhancement of civil penalties for securities laws violations.
Sec. 212. Updated civil money penalties of Public Company Accounting Oversight Board.
Sec. 213. Updated civil money penalty for controlling persons in connection with insider trading.
Sec. 214. Update of certain other penalties.
Sec. 215. Monetary sanctions to be used for the relief of victims.
Sec. 216. GAO report on use of civil money penalty authority by Commission.
Subtitle B—FIRREA Penalties Modernization
Sec. 221. Increase of civil and criminal penalties originally established in the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989.
Title III—Demanding Accountability from Financial Regulators and Devolving Power Away from
Washington
Subtitle A—Cost-Benefit Analyses
Sec. 311. Definitions.
Sec. 312. Required regulatory analysis.
Sec. 313. Rule of construction.
Sec. 314. Public availability of data and regulatory analysis.
Sec. 315. Five-year regulatory impact analysis.
Sec. 316. Retrospective review of existing rules.
Sec. 317. Judicial review.
Sec. 318. Chief Economists Council.
Sec. 319. Conforming amendments.
Sec. 320. Other regulatory entities.
Sec. 321. Avoidance of duplicative or unnecessary analyses.
Subtitle B—Congressional Review of Federal Financial Agency Rulemaking
Sec. 331. Congressional review.
Sec. 332. Congressional approval procedure for major rules.
Sec. 333. Congressional disapproval procedure for nonmajor rules.
Sec. 334. Definitions.
Sec. 335. Judicial review.
Sec. 336. Effective date of certain rules.
Sec. 337. Budgetary effects of rules subject to section 332 of the Financial CHOICE Act of 2017.
Subtitle C—Judicial Review of Agency Actions
Sec. 341. Scope of judicial review of agency actions.
Subtitle D—Leadership of Financial Regulators
Sec. 351. Federal Deposit Insurance Corporation.
Sec. 352. Federal Housing Finance Agency.
Subtitle E—Congressional Oversight of Appropriations
Sec. 361. Bringing the Federal Deposit Insurance Corporation into the appropriations process.
Sec. 362. Bringing the Federal Housing Finance Agency into the appropriations process.
Sec. 363. Bringing the National Credit Union Administration into the appropriations process.
Sec. 364. Bringing the Office of the Comptroller of the Currency into the appropriations process.
Sec. 365. Bringing the non-monetary policy related functions of the Board of Governors of the
Federal Reserve System into the appropriations process.
Subtitle F—International Processes
Sec. 371. Requirements for international processes.
Subtitle G—Unfunded Mandates Reform
Sec. 381. Definitions.
Sec. 382. Statements to accompany significant regulatory actions.
Sec. 383. Small government agency plan.
Sec. 384. State, local, and tribal government and private sector input.
Sec. 385. Least burdensome option or explanation required.
Sec. 386. Assistance to the Office of Information and Regulatory Affairs.
Sec. 387. Office of Information and Regulatory Affairs responsibilities.
Sec. 388. Judicial review.
Subtitle H—Enforcement Coordination
Sec. 391. Policies to minimize duplication of enforcement efforts.
Subtitle I—Penalties for Unauthorized Disclosures
Sec. 392. Criminal penalty for unauthorized disclosures.
Subtitle II—Stop Settlement Slush Funds
Sec. 393. Limitation on donations made pursuant to settlement agreements to which certain
departments or agencies are a party.
Title IV—Unleashing Opportunities for Small Businesses, Innovators, and Job Creators by
Facilitating Capital Formation
Subtitle A—Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification
Sec. 401. Registration exemption for merger and acquisition brokers.
Sec. 402. Effective date.
Subtitle B—Encouraging Employee Ownership
Sec. 406. Increased threshold for disclosures relating to compensatory benefit plans.
Subtitle C—Small Company Disclosure Simplification
Sec. 411. Exemption from XBRL requirements for emerging growth companies and other smaller
companies.
Sec. 412. Analysis by the SEC.
Sec. 413. Report to Congress.
Sec. 414. Definitions.
Subtitle D—Securities and Exchange Commission Overpayment Credit
Sec. 416. Refunding or crediting overpayment of section 31 fees.
Subtitle E—Fair Access to Investment Research
Sec. 421. Safe harbor for investment fund research.
Subtitle F—Accelerating Access to Capital
Sec. 426. Expanded eligibility for use of Form S–3.
Subtitle G—Enhancing the RAISE Act
Sec. 431. Certain accredited investor transactions.
Subtitle H—Small Business Credit Availability
Sec. 436. Business development company ownership of securities of investment advisers and certain
financial companies.
Sec. 437. Expanding access to capital for business development companies.
Sec. 438. Parity for business development companies regarding offering and proxy rules.
Subtitle I—Fostering Innovation
Sec. 441. Temporary exemption for low-revenue issuers.
Subtitle J—Small Business Capital Formation Enhancement
Sec. 446. Annual review of government-business forum on capital formation.
Subtitle K—Helping Angels Lead Our Startups
Sec. 451. Definition of angel investor group.
Sec. 452. Clarification of general solicitation.
Subtitle L—Main Street Growth
Sec. 456. Venture exchanges.
Subtitle M—Micro Offering Safe Harbor
Sec. 461. Exemptions for micro-offerings.
Subtitle N—Private Placement Improvement
Sec. 466. Revisions to SEC Regulation D.
Subtitle O—Supporting America’s Innovators
Sec. 471. Investor limitation for qualifying venture capital funds.
Subtitle P—Fix Crowdfunding
Sec. 476. Crowdfunding exemption.
Sec. 477. Exclusion of crowdfunding investors from shareholder cap.
Sec. 478. Preemption of State law.
Sec. 479. Treatment of funding portals.
Subtitle Q—Corporate Governance Reform and Transparency
Sec. 481. Definitions.
Sec. 482. Registration of proxy advisory firms.
Sec. 483. Commission annual report.
Subtitle R—Senior Safe
Sec. 491. Immunity.
Sec. 492. Training required.
Sec. 493. Relationship to State law.
Subtitle S—National Securities Exchange Regulatory Parity
Sec. 496. Application of exemption.
Subtitle T—Private Company Flexibility and Growth
Sec. 497. Shareholder threshold for registration.
Subtitle U—Small Company Capital Formation Enhancements
Sec. 498. JOBS Act-related exemption.
Subtitle V—Encouraging Public Offerings
Sec. 499. Expanding testing the waters and confidential submissions.
Title V—Regulatory Relief for Main Street and Community Financial Institutions
Subtitle A—Preserving Access to Manufactured Housing
Sec. 501. Mortgage originator definition.
Sec. 502. High-Cost mortgage definition.
Subtitle B—Mortgage Choice
Sec. 506. Definition of points and fees.
Subtitle C—Financial Institution Customer Protection
Sec. 511. Requirements for deposit account termination requests and orders.
Sec. 512. Amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
Subtitle D—Portfolio Lending and Mortgage Access
Sec. 516. Safe harbor for certain loans held on portfolio.
Subtitle E—Application of the Expedited Funds Availability Act
Sec. 521. Application of the Expedited Funds Availability Act.
Subtitle F—Small Bank Holding Company Policy Statement
Sec. 526. Changes required to small bank holding company policy statement on assessment of
financial and managerial factors.
Subtitle G—Community Institution Mortgage Relief
Sec. 531. Community financial institution mortgage relief.
Subtitle H—Financial Institutions Examination Fairness and Reform
Sec. 536. Timeliness of examination reports.
Subtitle I—National Credit Union Administration Budget Transparency
Sec. 541. Budget transparency for the NCUA.
Subtitle J—Taking Account of Institutions with Low Operation Risk
Sec. 546. Regulations appropriate to business models.
Subtitle K—Federal Savings Association Charter Flexibility
Sec. 551. Option for Federal savings associations to operate as a covered savings association.
Subtitle L—SAFE Transitional Licensing
Sec. 556. Eliminating barriers to jobs for loan originators.
Subtitle M—Right to Lend
Sec. 561. Small business loan data collection requirement.
Subtitle N—Community Bank Reporting Relief
Sec. 566. Short form call report.
Subtitle O—Homeowner Information Privacy Protection
Sec. 571. Study regarding privacy of information collected under the Home Mortgage Disclosure Act
of 1975.
Subtitle P—Home Mortgage Disclosure Adjustment
Sec. 576. Depository institutions subject to maintenance of records and disclosure requirements.
Subtitle Q—Protecting Consumers’ Access to Credit
Sec. 581. Rate of interest after transfer of loan.
Subtitle R—NCUA Overhead Transparency
Sec. 586. Fund transparency.
Subtitle S—Housing Opportunities Made Easier
Sec. 591. Clarification of donated services to non-profits.
Title VI—Regulatory Relief for Strongly Capitalized, Well Managed Banking Organizations
Sec. 601. Capital election.
Sec. 602. Regulatory relief.
Sec. 603. Contingent capital study.
Sec. 604. Study on altering the current prompt corrective action rules.
Sec. 605. Definitions.
Title VII—Empowering Americans to Achieve Financial Independence
Subtitle A—Separation of Powers and Liberty Enhancements
Sec. 711. Consumer Law Enforcement Agency.
Sec. 712. Authority of the Office of Information and Regulatory Affairs.
Sec. 713. Bringing the Agency into the regular appropriations process.
Sec. 714. Consumer Law Enforcement Agency Inspector General Reform.
Sec. 715. Private parties authorized to compel the Agency to seek sanctions by filing civil
actions; Adjudications deemed actions.
Sec. 716. Civil investigative demands to be appealed to courts.
Sec. 717. Agency dual mandate and economic analysis.
Sec. 718. No deference to Agency interpretation.
Subtitle B—Administrative Enhancements
Sec. 721. Advisory opinions.
Sec. 722. Reform of Consumer Financial Civil Penalty Fund.
Sec. 723. Agency pay fairness.
Sec. 724. Elimination of market monitoring functions.
Sec. 725. Reforms to mandatory functional units.
Sec. 726. Repeal of mandatory advisory board.
Sec. 727. Elimination of supervision authority.
Sec. 728. Transfer of old OTS building from OCC to GSA.
Sec. 729. Limitation on Agency authority.
Subtitle C—Policy Enhancements
Sec. 731. Consumer right to financial privacy.
Sec. 732. Repeal of Council authority to set aside Agency rules and requirement of safety and
soundness considerations when issuing rules.
Sec. 733. Removal of authority to regulate small-dollar credit.
Sec. 734. Reforming indirect auto financing guidance.
Sec. 735. Prohibition of Government price controls for payment card transactions.
Sec. 736. Removal of Agency UDAAP authority.
Sec. 737. Preservation of UDAP authority for Federal banking regulators.
Sec. 738. Repeal of authority to restrict arbitration.
Title VIII—Capital Markets Improvements
Subtitle A—SEC Reform, Restructuring, and Accountability
Sec. 801. Authorization of appropriations.
Sec. 802. Report on unobligated appropriations.
Sec. 803. SEC Reserve Fund abolished.
Sec. 804. Fees to offset appropriations.
Sec. 805. Commission relocation funding prohibition.
Sec. 806. Implementation of recommendations.
Sec. 807. Office of Credit Ratings to report to the Division of Trading and Markets.
Sec. 808. Office of Municipal Securities to report to the Division of Trading and Markets.
Sec. 809. Independence of Commission Ombudsman.
Sec. 810. Investor Advisory Committee improvements.
Sec. 811. Duties of Investor Advocate.
Sec. 812. Elimination of exemption of Small Business Capital Formation Advisory Committee from
Federal Advisory Committee Act.
Sec. 813. Internal risk controls.
Sec. 814. Applicability of notice and comment requirements of the Administrative Procedure Act to
guidance voted on by the Commission.
Sec. 815. Limitation on pilot programs.
Sec. 816. Procedure for obtaining certain intellectual property.
Sec. 817. Process for closing investigations.
Sec. 818. Enforcement Ombudsman.
Sec. 819. Adequate notice.
Sec. 820. Advisory committee on Commission’s enforcement policies and practices.
Sec. 821. Process to permit recipient of Wells notification to appear before Commission staff
in-person.
Sec. 822. Publication of enforcement manual.
Sec. 823. Private parties authorized to compel the Securities and Exchange Commission to seek
sanctions by filing civil actions.
Sec. 824. Certain findings required to approve civil money penalties against issuers.
Sec. 825. Repeal of authority of the Commission to prohibit persons from serving as officers or
directors.
Sec. 826. Subpoena duration and renewal.
Sec. 827. Elimination of automatic disqualifications.
Sec. 828. Denial of award to culpable whistleblowers.
Sec. 829. Confidentiality of records obtained from foreign securities and law enforcement
authorities.
Sec. 830. Clarification of authority to impose sanctions on persons associated with a broker or
dealer.
Sec. 831. Complaint and burden of proof requirements for certain actions for breach of fiduciary
duty.
Sec. 832. Congressional access to information held by the Public Company Accounting Oversight
Board.
Sec. 833. Abolishing Investor Advisory Group.
Sec. 834. Repeal of requirement for Public Company Accounting Oversight Board to use certain funds
for merit scholarship program.
Sec. 835. Reallocation of fines for violations of rules of municipal securities rulemaking board.
Subtitle B—Eliminating Excessive Government Intrusion in the Capital Markets
Sec. 841. Repeal of Department of Labor fiduciary rule and requirements prior to rulemaking
relating to standards of conduct for brokers and dealers.
Sec. 842. Exemption from risk retention requirements for nonresidential mortgage.
Sec. 843. Frequency of shareholder approval of executive compensation.
Sec. 844. Shareholder Proposals.
Sec. 845. Prohibition on requiring a single ballot.
Sec. 846. Requirement for municipal advisor for issuers of municipal securities.
Sec. 847. Small issuer exemption from internal control evaluation.
Sec. 848. Streamlining of applications for an exemption from the Investment Company Act of 1940.
Sec. 849. Restriction on recovery of erroneously awarded compensation.
Sec. 850. Exemptive authority for certain provisions relating to registration of nationally
recognized statistical rating organizations.
Sec. 851. Risk-based examinations of Nationally Recognized Statistical Rating Organizations.
Sec. 852. Transparency of credit rating methodologies.
Sec. 853. Repeal of certain attestation requirements relating to credit ratings.
Sec. 854. Look-back review by NRSRO.
Sec. 855. Approval of credit rating procedures and methodologies.
Sec. 856. Exception for providing certain material information relating to a credit rating.
Sec. 857. Repeals.
Sec. 858. Exemption of and reporting by private equity fund advisers.
Sec. 859. Records and reports of private funds.
Sec. 860. Definition of accredited investor.
Sec. 861. Repeal of certain provisions requiring a study and report to Congress.
Sec. 862. Repeal.
Subtitle C—Harmonization of Derivatives Rules
Sec. 871. Commissions review and harmonization of rules relating to the regulation of
over-the-counter swaps markets.
Sec. 872. Treatment of transactions between affiliates.
Title IX—Repeal of the Volcker Rule and Other Provisions
Sec. 901. Repeals.
Title X—Fed Oversight Reform and Modernization
Sec. 1001. Requirements for policy rules of the Federal Open Market Committee.
Sec. 1002. Federal Open Market Committee blackout period.
Sec. 1003. Public transcripts of FOMC meetings.
Sec. 1004. Membership of Federal Open Market Committee.
Sec. 1005. Frequency of testimony of the Chairman of the Board of Governors of the Federal Reserve
System to Congress.
Sec. 1006. Vice Chairman for Supervision report requirement.
Sec. 1007. Salaries, financial disclosures, and office staff of the Board of Governors of the
Federal Reserve System.
Sec. 1008. Amendments to powers of the Board of Governors of the Federal Reserve System.
Sec. 1009. Interest rates on balances maintained at a Federal Reserve bank by depository
institutions established by Federal Open Market Committee.
Sec. 1010. Audit reform and transparency for the Board of Governors of the Federal Reserve System.
Sec. 1011. Establishment of a Centennial Monetary Commission.
Title XI—Improving Insurance Coordination through an Independent Advocate
Sec. 1101. Repeal of the Federal Insurance Office; Creation of the Office of the Independent
Insurance Advocate.
Sec. 1102. Treatment of covered agreements.
Title XII—Technical corrections
Sec. 1201. Table of contents; Definitional corrections.
Sec. 1202. Antitrust savings clause corrections.
Sec. 1203. Title I corrections.
Sec. 1204. Title III corrections.
Sec. 1205. Title IV correction.
Sec. 1206. Title VI corrections.
Sec. 1207. Title VII corrections.
Sec. 1208. Title IX corrections.
Sec. 1209. Title X corrections.
Sec. 1210. Title XII correction.
Sec. 1211. Title XIV correction.
Sec. 1212. Technical corrections to other statutes.
<enum>I</enum><header>Ending <quote>Too Big to Fail</quote> and Bank Bailouts</header>
<subtitle id="H990FDFD591A94B25A2F720A44988C5DA"><enum>A</enum><header>Repeal of the Orderly Liquidation Authority</header>
<section id="HE70EC9615F4A4DFB8A19D8881E18AA39" section-type="subsequent-section"><enum>111.</enum><header>Repeal of the orderly liquidation authority</header>
<subsection id="HE0228FD00C0D43389C3B9AFFFA6BBE38"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act is hereby repealed and any Federal law amended by such title shall, on and after the effective date of this Act, be effective as if title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act had not been enacted.</text>
</subsection><subsection id="HFB0524ADEA134547B749E9719B43A6A8"><enum>(b)</enum><header>Conforming amendments</header>
<paragraph id="H83283F37A93946BA8E10CF90A062CFFF"><enum>(1)</enum><header>Dodd-Frank Wall Street Reform and Consumer Protection Act</header><text display-inline="yes-display-inline">The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended—</text> <subparagraph id="H92514B60C27045E38D906DFC06053BCE"><enum>(A)</enum><text>in the table of contents for such Act, by striking all items relating to title II;</text>
</subparagraph><subparagraph id="HAA2AA746C0AD409E8090753707139955"><enum>(B)</enum><text>in section 165(d)—</text> <clause id="HE3D6D99163364E628AA446222E7D7DE7"><enum>(i)</enum><text>in paragraph (1), by striking <quote>, the Council, and the Corporation</quote> and inserting <quote>and the Council</quote>;</text>
</clause><clause id="HC89F24181ED24422B643943B588D5620"><enum>(ii)</enum><text display-inline="yes-display-inline">in paragraph (2), by striking <quote>, the Council, and the Corporation</quote> and inserting <quote>and the Council</quote>;</text> </clause><clause id="H12EBDA601FFA430AA8E411A21E7478A8"><enum>(iii)</enum><text>in paragraph (3), by striking <quote>and the Corporation</quote>;</text>
</clause><clause id="H0B50940D0A7F408CA3E15831D813276B"><enum>(iv)</enum><text>in paragraph (4)—</text> <subclause id="H70D7FBE6E42D46F6A4B9E120D69F5CC6"><enum>(I)</enum><text>by striking <quote>and the Corporation jointly determine</quote> and inserting <quote>determines</quote>;</text>
</subclause><subclause id="H1D17C1153103488BBB2661D0FDEA63B1"><enum>(II)</enum><text>by striking <quote>their</quote> and inserting <quote>its</quote>;</text> </subclause><subclause id="H0A820C4F06D8447A96AD670DCCD3A203"><enum>(III)</enum><text>in subparagraph (A), by striking <quote>and the Corporation</quote>; and</text>
</subclause><subclause id="HFAEAC8C1C4304EADB74EDF86C4C7668B"><enum>(IV)</enum><text display-inline="yes-display-inline">in subparagraph (B), by striking <quote>and the Corporation</quote>;</text> </subclause></clause><clause id="H8028F02AED434F478A27142DE987E836"><enum>(v)</enum><text>in paragraph (5)—</text>
<subclause id="HE89AF44D385D42ACAD96C58FCA365DBB"><enum>(I)</enum><text>in subparagraph (A), by striking <quote>and the Corporation may jointly</quote> and inserting <quote>may</quote>; and</text> </subclause><subclause id="HDC14103A0B454EA7BC4F9DC6A86615AE"><enum>(II)</enum><text>in subparagraph (B)—</text>
<item id="HE062BBDE407C4780A5EB0E21361F7452"><enum>(aa)</enum><text>by striking <quote>and the Corporation</quote> each place such term appears;</text> </item><item id="H28D307099BFB4263B390A23C05216879"><enum>(bb)</enum><text>by striking <quote>may jointly</quote> and inserting <quote>may</quote>;</text>
</item><item id="HC6AB6C1CC75A40CC9F22B4696AE07011"><enum>(cc)</enum><text>by striking <quote>have jointly</quote> and inserting <quote>has</quote>;</text> </item></subclause></clause><clause id="H0F9B481A50D747969650571DE0CD68C4"><enum>(vi)</enum><text>in paragraph (6), by striking <quote>, a receiver appointed under title II,</quote>; and</text>
</clause><clause id="HC5E28D89B80B4FF1BF1BF082A76923DE"><enum>(vii)</enum><text>by amending paragraph (8) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HBBE7C23ADDDA497E88E1E9694ECF26D9" reported-display-style="italic" style="OLC"> <paragraph id="H58FA423741F241EEB71CAE8E48832A02"><enum>(8)</enum><header>Rules</header><text display-inline="yes-display-inline">Not later than 12 months after enactment of this paragraph, the Board of Governors shall issue final rules implementing this section.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="HE6CF227957AD457AB34FCE6C66BEAF03"><enum>(C)</enum><text>in section 716(g), by striking <quote>or a covered financial company under title II</quote>.</text> </subparagraph></paragraph><paragraph id="H955779A6C6D643E1B5FD69D70AF48E08"><enum>(2)</enum><header>Federal Deposit Insurance Act</header><text display-inline="yes-display-inline">Section 10(b)(3) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1820">12 U.S.C. 1820(b)(3)</external-xref>) is amended by striking <quote>, or of such nonbank financial company supervised by the Board of Governors or bank holding company described in section 165(a) of the Financial Stability Act of 2010, for the purpose of implementing its authority to provide for orderly liquidation of any such company under title II of that Act</quote>.</text>
</paragraph><paragraph id="H22DCD7F30C5F4198BDEDD0E6434E7975"><enum>(3)</enum><header>Federal Reserve Act</header><text display-inline="yes-display-inline">Section 13(3) of the Federal Reserve Act is amended—</text> <subparagraph id="H7E8FE2C2220C406E963021695E6E5A8F"><enum>(A)</enum><text>in subparagraph (B)—</text>
<clause id="H112F5AA539EC477A80185AE5C4F4F54D"><enum>(i)</enum><text>in clause (ii), by striking <quote>, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or</quote> and inserting <quote>or is subject to resolution under</quote>; and</text> </clause><clause id="H3583634FE5DB4A43A3AA53A354041EB1"><enum>(ii)</enum><text>in clause (iii), by striking <quote>, resolution under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or</quote> and inserting <quote>or resolution under</quote>; and</text>
</clause></subparagraph><subparagraph id="H07D53165BC2E4EBBA03E4D0C28F432AD"><enum>(B)</enum><text>by striking subparagraph (E).</text> </subparagraph></paragraph></subsection></section></subtitle><subtitle id="H78C45F9F44344FB8958FE90B7F959329"><enum>B</enum><header>Financial Institution Bankruptcy</header> <section id="H4EEAA2D3463246B0A02E30EFAD42B245"><enum>121.</enum><header>General provisions relating to covered financial corporations</header> <subsection id="H1DF838132C9D479E9619D9EC8F36BD8E"><enum>(a)</enum><header>Definition</header><text>Section 101 of title 11, United States Code, is amended by inserting the following after paragraph (9):</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H6CB268AE462F4D7C97C697060BE11A78" reported-display-style="italic" style="OLC">
<paragraph id="HD0BCEB5DAB9A4A0D874D95C30D5A5809"><enum>(9A)</enum><text display-inline="yes-display-inline">The term <term>covered financial corporation</term> means any corporation incorporated or organized under any Federal or State law, other than a stockbroker, a commodity broker, or an entity of the kind specified in paragraph (2) or (3) of section 109(b), that is—</text>
<subparagraph id="HF817DE89A8F84492A6A4CF428B7A7838"><enum>(A)</enum><text>a bank holding company, as defined in section 2(a) of the Bank Holding Company Act of 1956; or</text> </subparagraph><subparagraph id="H913E21E89CFE46388C14B91F8B906BE2"><enum>(B)</enum><text display-inline="yes-display-inline">a corporation that exists for the primary purpose of owning, controlling and financing its subsidiaries, that has total consolidated assets of $50,000,000,000 or greater, and for which, in its most recently completed fiscal year—</text>
<clause id="H2707FA40555F468BBBA128A4D7D2F746"><enum>(i)</enum><text>annual gross revenues derived by the corporation and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, from the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated annual gross revenues of the corporation; or</text>
</clause><clause id="H41291A087A2541758AB09208F04D1B2F"><enum>(ii)</enum><text>the consolidated assets of the corporation and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the corporation.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H4D323D2C56EB45E194E32D0AD3CA9995"><enum>(b)</enum><header>Applicability of chapters</header><text>Section 103 of title 11, United States Code, is amended by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" id="H6626044DC4A343B4B7C525748774E716" reported-display-style="italic" style="OLC"> <subsection id="HCC73285C3438444882D9A38661B8084A"><enum>(l)</enum><text>Subchapter V of chapter 11 of this title applies only in a case under chapter 11 concerning a covered financial corporation.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HF5655421169D41319177A6FCBE21D7D3"><enum>(c)</enum><header>Who may be a debtor</header><text>Section 109 of title 11, United States Code, is amended—</text> <paragraph id="HB258D35C7FCD4A2BB05497F10D8413E5"><enum>(1)</enum><text>in subsection (b)—</text>
<subparagraph id="HD972154F6A7A4ECA8EDB57942B34EC47"><enum>(A)</enum><text>in paragraph (2), by striking <quote>or</quote> at the end;</text> </subparagraph><subparagraph id="H8209DC89DCA04882AB25D61CF69585B0"><enum>(B)</enum><text>in paragraph (3)(B), by striking the period at the end and inserting <quote>; or</quote>; and</text>
</subparagraph><subparagraph id="H28A02FE7D9954BCBBC8498DBE217EE18"><enum>(C)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" id="HBD70D54315034DA49D780C59BCFBD72E" reported-display-style="italic" style="OLC"> <paragraph id="HCC9A2C723B764EC3BFC574DC9312A343"><enum>(4)</enum><text>a covered financial corporation.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HBA806BDB63144A29A48BA813005B43B4"><enum>(2)</enum><text>in subsection (d)—</text> <subparagraph id="H227A54846E794EDD9C9F222ADE8E9AAD"><enum>(A)</enum><text>by striking <quote>and</quote> before <quote>an uninsured State member bank</quote>;</text>
</subparagraph><subparagraph id="H05C25C00CE84450EBE814A95366F8E26"><enum>(B)</enum><text>by striking <quote>or</quote> before <quote>a corporation</quote>; and</text> </subparagraph><subparagraph id="H6B6EF7E6AFB54587A78C227226CC6D2E"><enum>(C)</enum><text>by inserting <quote>, or a covered financial corporation</quote> after <quote>Federal Deposit Insurance Corporation Improvement Act of 1991</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="H1A639E4B0AC64D61B0D554E6B3FD4F2D"><enum>(d)</enum><header>Conversion to chapter 7</header><text>Section 1112 of title 11, United States Code, is amended by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H3598B88559A4461AB1D265355718AAAB" reported-display-style="italic" style="USC"> <subsection id="H85E31EEEFAB7423AB2DD252FF7874C08"><enum>(g)</enum><text display-inline="yes-display-inline">Notwithstanding section 109(b), the court may convert a case under subchapter V to a case under chapter 7 if—</text>
<paragraph id="H4002AB9530184E1E876F0A14C8A6501B"><enum>(1)</enum><text>a transfer approved under section 1185 has been consummated;</text> </paragraph><paragraph id="H24B064B96D4A4661B755A2D09A422938"><enum>(2)</enum><text>the court has ordered the appointment of a special trustee under section 1186; and</text>
</paragraph><paragraph id="H4CA7FA45C71E4E1EA7624AF99302681F"><enum>(3)</enum><text>the court finds, after notice and a hearing, that conversion is in the best interest of the creditors and the estate.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H7DBF27D252CC40AA9B36A49F1676357A"><enum>(e)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H482C4608DA7C4F82966BCA2190969D58"><enum>(1)</enum><text>Section 726(a)(1) of title 11, United States Code, is amended by inserting after <quote>first,</quote> the following: <quote>in payment of any unpaid fees, costs, and expenses of a special trustee appointed under section 1186, and then</quote>.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="HD77894369CC441F189771091D6808F16" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>Section 1129(a) of title 11, United States Code, is amended by inserting after paragraph (16) the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HCB165A6690AF4823A43B94C75409780D" reported-display-style="italic" style="OLC">
<paragraph id="HB427935147EA4C31BBEB85F72D7BB095"><enum>(17)</enum><text display-inline="yes-display-inline">In a case under subchapter V, all payable fees, costs, and expenses of the special trustee have been paid or the plan provides for the payment of all such fees, costs, and expenses on the effective date of the plan.</text>
</paragraph><paragraph id="HE705EF3688E44A5DB0848929895708C4"><enum>(18)</enum><text display-inline="yes-display-inline">In a case under subchapter V, confirmation of the plan is not likely to cause serious adverse effects on financial stability in the United States.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H1E735AD72E0E4908B335C6EE94CEDB08"><enum>(f)</enum><text>Section 322(b)(2) of title 11, United States Code, is amended by striking <quote>The</quote> and inserting <quote>In cases under subchapter V, the United States trustee shall recommend to the court, and in all other cases, the</quote>.</text>
</subsection></section><section id="H61BF10062CD24A06B5D605609C366074"><enum>122.</enum><header>Liquidation, reorganization, or recapitalization of a covered financial corporation</header><text display-inline="no-display-inline"><external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/11/11">Chapter 11</external-xref> of title 11, United States Code, is amended by adding at the end the following (and conforming the table of contents for such chapter accordingly):</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H9731E6CFB4F949B2A375FC3D607C2AF0" reported-display-style="italic" style="USC">
<subchapter id="H8A49C8C70BF34C608D9B1DDE24071A53"><enum>V</enum><header>Liquidation, Reorganization, or Recapitalization of a Covered Financial Corporation</header>
<section display-inline="no-display-inline" id="H4DBA684C207841C98CF90C4333103794"><enum>1181.</enum><header>Inapplicability of other sections</header><text display-inline="no-display-inline">Sections 303 and 321(c) do not apply in a case under this subchapter concerning a covered financial corporation. Section 365 does not apply to a transfer under section 1185, 1187, or 1188.</text>
</section><section id="H6C63490D8A1F4B378CB0EAAD862B5171"><enum>1182.</enum><header>Definitions for this subchapter</header><text display-inline="no-display-inline">In this subchapter, the following definitions shall apply:</text> <paragraph id="H8EA206BC112C4BD9B0E72CB561511658"><enum>(1)</enum><text>The term <term>Board</term> means the Board of Governors of the Federal Reserve System.</text>
</paragraph><paragraph id="H5E1F34FFA52E46A38A767BA654B03D80"><enum>(2)</enum><text>The term <term>bridge company</term> means a newly formed corporation to which property of the estate may be transferred under section 1185(a) and the equity securities of which may be transferred to a special trustee under section 1186(a).</text>
</paragraph><paragraph id="H95ED649A4A724087AB3C8BE28C5CD5C3"><enum>(3)</enum><text>The term <term>capital structure debt</term> means all unsecured debt of the debtor for borrowed money for which the debtor is the primary obligor, other than a qualified financial contract and other than debt secured by a lien on property of the estate that is to be transferred to a bridge company pursuant to an order of the court under section 1185(a).</text>
</paragraph><paragraph id="H11C1BF2B9CB94518BEE264F91F883EB5"><enum>(4)</enum><text>The term <term>contractual right</term> means a contractual right of a kind defined in section 555, 556, 559, 560, or 561.</text> </paragraph><paragraph id="H64263686BAC44BF4828AD7F3C9B71600"><enum>(5)</enum><text>The term <term>qualified financial contract</term> means any contract of a kind defined in paragraph (25), (38A), (47), or (53B) of section 101, section 741(7), or paragraph (4), (5), (11), or (13) of section 761.</text>
</paragraph><paragraph id="H662610341D7E429D9E3AC657FA85E015"><enum>(6)</enum><text display-inline="yes-display-inline">The term <term>special trustee</term> means the trustee of a trust formed under section 1186(a)(1).</text> </paragraph></section><section id="HB2593B48E3A64F7E975C2E96846FAB45"><enum>1183.</enum><header>Commencement of a case concerning a covered financial corporation</header> <subsection id="HEDB19A99063C4D7D873CBE6C0C3C8948"><enum>(a)</enum><text display-inline="yes-display-inline">A case under this subchapter concerning a covered financial corporation may be commenced by the filing of a petition with the court by the debtor under section 301 only if the debtor states to the best of its knowledge under penalty of perjury in the petition that it is a covered financial corporation.</text>
</subsection><subsection id="HA3C698FF37AB4DB5B9924AC4BD9D465E"><enum>(b)</enum><text display-inline="yes-display-inline">The commencement of a case under subsection (a) constitutes an order for relief under this subchapter.</text>
</subsection><subsection id="H6527B5BBDAC74B84AD3849678BC834BB"><enum>(c)</enum><text>The members of the board of directors (or body performing similar functions) of a covered financial company shall have no liability to shareholders, creditors, or other parties in interest for a good faith filing of a petition to commence a case under this subchapter, or for any reasonable action taken in good faith in contemplation of such a petition or a transfer under section 1185 or section 1186, whether prior to or after commencement of the case.</text>
</subsection><subsection id="H31B47D8F10CB4C17963526D245724BC6"><enum>(d)</enum><text display-inline="yes-display-inline">Counsel to the debtor shall provide, to the greatest extent practicable without disclosing the identity of the potential debtor, sufficient confidential notice to the chief judge of the court of appeals for the circuit embracing the district in which such counsel intends to file a petition to commence a case under this subchapter regarding the potential commencement of such case. The chief judge of such court shall randomly assign to preside over such case a bankruptcy judge selected from among the bankruptcy judges designated by the Chief Justice of the United States under section 298 of title 28.</text>
</subsection></section><section id="HF4A1FDA1798D460F9AA56373928ABEE4"><enum>1184.</enum><header>Regulators</header><text display-inline="no-display-inline">The Board, the Securities Exchange Commission, the Office of the Comptroller of the Currency of the Department of the Treasury, the Commodity Futures Trading Commission, and the Federal Deposit Insurance Corporation may raise and may appear and be heard on any issue in any case or proceeding under this subchapter.</text>
</section><section id="H143B5D3799084DAC84E6303FC95D0259"><enum>1185.</enum><header>Special transfer of property of the estate</header>
<subsection id="HA2B4CC75333B48B99864E85F9B286952"><enum>(a)</enum><text>On request of the trustee, and after notice and a hearing that shall occur not less than 24 hours after the order for relief, the court may order a transfer under this section of property of the estate, and the assignment of executory contracts, unexpired leases, and qualified financial contracts of the debtor, to a bridge company. Upon the entry of an order approving such transfer, any property transferred, and any executory contracts, unexpired leases, and qualified financial contracts assigned under such order shall no longer be property of the estate. Except as provided under this section, the provisions of section 363 shall apply to a transfer and assignment under this section.</text>
</subsection><subsection id="HD32A940023454DC5A2AFD7F27EB23CE8"><enum>(b)</enum><text>Unless the court orders otherwise, notice of a request for an order under subsection (a) shall consist of electronic or telephonic notice of not less than 24 hours to—</text>
<paragraph id="H28D2B94885534D399C437FDBCF447707"><enum>(1)</enum><text>the debtor;</text> </paragraph><paragraph id="H381F3DCFE79D44469A318B2369E1C013"><enum>(2)</enum><text>the holders of the 20 largest secured claims against the debtor;</text>
</paragraph><paragraph id="HC11184E2BEA848F6BB927C851CBCC116"><enum>(3)</enum><text>the holders of the 20 largest unsecured claims against the debtor;</text> </paragraph><paragraph id="HB03438CBB0AA485DA71A92FBA58462F0"><enum>(4)</enum><text>counterparties to any debt, executory contract, unexpired lease, and qualified financial contract requested to be transferred under this section;</text>
</paragraph><paragraph id="H3470911E7F2C4CBE86433198E03215C2"><enum>(5)</enum><text>the Board;</text> </paragraph><paragraph id="H1CA3350AFE534D148AFD636CEB641FB3"><enum>(6)</enum><text>the Federal Deposit Insurance Corporation;</text>
</paragraph><paragraph id="HD24ACF0539C849348C64FF8B4E524AAA"><enum>(7)</enum><text>the Secretary of the Treasury and the Office of the Comptroller of the Currency of the Treasury;</text> </paragraph><paragraph id="HBFF934B8954F4F9BA30E30FE43B66DC6"><enum>(8)</enum><text>the Commodity Futures Trading Commission;</text>
</paragraph><paragraph id="H3E103D813A114125AC59EAFAE2FDCD5E"><enum>(9)</enum><text>the Securities and Exchange Commission;</text> </paragraph><paragraph id="H5510C8173EC944FFA68FA3F6104A69BB"><enum>(10)</enum><text>the United States trustee or bankruptcy administrator; and</text>
</paragraph><paragraph id="H7F3CC10081FC4E1BBEEFF0162DBADF56"><enum>(11)</enum><text>each primary financial regulatory agency, as defined in section 2(12) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, with respect to any affiliate the equity securities of which are proposed to be transferred under this section.</text>
</paragraph></subsection><subsection id="H6892F8F1F13B4A13A30028C41D24144B"><enum>(c)</enum><text>The court may not order a transfer under this section unless the court determines, based upon a preponderance of the evidence, that—</text>
<paragraph id="HA16846CA26C6416BA3AF6B23138F2EBF"><enum>(1)</enum><text>the transfer under this section is necessary to prevent serious adverse effects on financial stability in the United States;</text>
</paragraph><paragraph id="HC1A8371456BA472FBD0BC4F85A80EC7D"><enum>(2)</enum><text>the transfer does not provide for the assumption of any capital structure debt by the bridge company;</text>
</paragraph><paragraph id="HD70B85E69AEE4EE385418DE423DF277D"><enum>(3)</enum><text>the transfer does not provide for the transfer to the bridge company of any property of the estate that is subject to a lien securing a debt, executory contract, unexpired lease or agreement (including a qualified financial contract) of the debtor unless—</text>
<subparagraph id="HDBB8B8943B7B469999193BADD06FC817"><enum>(A)</enum>
<clause commented="no" display-inline="yes-display-inline" id="H7352016FB73342FC8267027465765B23"><enum>(i)</enum><text display-inline="yes-display-inline">the bridge company assumes such debt, executory contract, unexpired lease or agreement (including a qualified financial contract), including any claims arising in respect thereof that would not be allowed secured claims under section 506(a)(1) and after giving effect to such transfer, such property remains subject to the lien securing such debt, executory contract, unexpired lease or agreement (including a qualified financial contract); and</text>
</clause><clause changed="added" committee-id="HBA00" id="H9661332F3F97480BA66E486B455C7BF5" indent="up1" reported-display-style="italic"><enum>(ii)</enum><text display-inline="yes-display-inline">the court has determined that assumption of such debt, executory contract, unexpired lease or agreement (including a qualified financial contract) by the bridge company is in the best interests of the estate; or</text>
</clause></subparagraph><subparagraph id="H2A9A5330967B49DA87A9D02E0D4AC03C"><enum>(B)</enum><text>such property is being transferred to the bridge company in accordance with the provisions of section 363;</text>
</subparagraph></paragraph><paragraph id="H457BF3FE79A84E8DB05CF68616CAC9A5"><enum>(4)</enum><text display-inline="yes-display-inline">the transfer does not provide for the assumption by the bridge company of any debt, executory contract, unexpired lease or agreement (including a qualified financial contract) of the debtor secured by a lien on property of the estate unless the transfer provides for such property to be transferred to the bridge company in accordance with paragraph (3)(A) of this subsection;</text>
</paragraph><paragraph id="H7F51FA05EDF44C4AA8C253C81F6EA7D8"><enum>(5)</enum><text>the transfer does not provide for the transfer of the equity of the debtor;</text> </paragraph><paragraph id="H4CEA6B0FC7D4493597BF2CC2785FE70C"><enum>(6)</enum><text>the trustee has demonstrated that the bridge company is not likely to fail to meet the obligations of any debt, executory contract, qualified financial contract, or unexpired lease assumed and assigned to the bridge company;</text>
</paragraph><paragraph id="H64E23E9822E8466EB5A2B37B545018C7"><enum>(7)</enum><text>the transfer provides for the transfer to a special trustee all of the equity securities in the bridge company and appointment of a special trustee in accordance with section 1186;</text>
</paragraph><paragraph id="HCBFE36A30B5949C2AD0F9212936A0F02"><enum>(8)</enum><text>after giving effect to the transfer, adequate provision has been made for the fees, costs, and expenses of the estate and special trustee; and</text>
</paragraph><paragraph id="H9FF3CCFE73AF4229B8CAC9FFAF1A1F41"><enum>(9)</enum><text>the bridge company will have governing documents, and initial directors and senior officers, that are in the best interest of creditors and the estate.</text>
</paragraph></subsection><subsection id="HE55D42BFBB77451BA4A70DD5650E1005"><enum>(d)</enum><text>Immediately before a transfer under this section, the bridge company that is the recipient of the transfer shall—</text>
<paragraph id="HB70F5347C2254FD69AEC4CBCBC3E2C82"><enum>(1)</enum><text>not have any property, executory contracts, unexpired leases, qualified financial contracts, or debts, other than any property acquired or executory contracts, unexpired leases, or debts assumed when acting as a transferee of a transfer under this section; and</text>
</paragraph><paragraph id="H3BFABBE339EE4DD78946C64365B87C85"><enum>(2)</enum><text>have equity securities that are property of the estate, which may be sold or distributed in accordance with this title.</text>
</paragraph></subsection></section><section id="HBCBFC6D9BA9E4CE186DB5B31266F7BB4"><enum>1186.</enum><header>Special trustee</header>
<subsection id="HE0FE33D58BDB43BFA260C6BF44C3D91F"><enum>(a)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H672A148E390C4203B20855AA12DCA9E4"><enum>(1)</enum><text>An order approving a transfer under section 1185 shall require the trustee to transfer to a qualified and independent special trustee, who is appointed by the court, all of the equity securities in the bridge company that is the recipient of a transfer under section 1185 to hold in trust for the sole benefit of the estate, subject to satisfaction of the special trustee’s fees, costs, and expenses. The trust of which the special trustee is the trustee shall be a newly formed trust governed by a trust agreement approved by the court as in the best interests of the estate, and shall exist for the sole purpose of holding and administering, and shall be permitted to dispose of, the equity securities of the bridge company in accordance with the trust agreement.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="H45DF16091DB948FEAEE7B5E4052F9327" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>In connection with the hearing to approve a transfer under section 1185, the trustee shall confirm to the court that the Board has been consulted regarding the identity of the proposed special trustee and advise the court of the results of such consultation.</text>
</paragraph></subsection><subsection id="HF48CA383C1B54908BDC8A5779C49E828"><enum>(b)</enum><text>The trust agreement governing the trust shall provide—</text> <paragraph id="H2CE987A8A7954C9F91F82F44B8DB5DAB"><enum>(1)</enum><text display-inline="yes-display-inline">for the payment of the fees, costs, expenses, and indemnities of the special trustee from the assets of the debtor’s estate;</text>
</paragraph><paragraph id="H5D38EF8AAE1A4769A9E1C324EE3A0CA7"><enum>(2)</enum><text>that the special trustee provide—</text> <subparagraph id="H66E4795D21594F36A597E53B89DDE82E"><enum>(A)</enum><text>quarterly reporting to the estate, which shall be filed with the court; and</text>
</subparagraph><subparagraph id="HC371EE8C772B497FA64CA7BAFC19B129"><enum>(B)</enum><text>information about the bridge company reasonably requested by a party in interest to prepare a disclosure statement for a plan providing for distribution of any securities of the bridge company if such information is necessary to prepare such disclosure statement;</text>
</subparagraph></paragraph><paragraph id="H5AE33D42DBAA4AF1975604329A6B5942"><enum>(3)</enum><text>that for as long as the equity securities of the bridge company are held by the trust, the special trustee shall file a notice with the court in connection with—</text>
<subparagraph id="H491EA5C1BCC64E08AA57C0D87618BCC1"><enum>(A)</enum><text>any change in a director or senior officer of the bridge company;</text> </subparagraph><subparagraph id="HFAD15A836E45431FBF12ACFED47D02B4"><enum>(B)</enum><text>any modification to the governing documents of the bridge company; and</text>
</subparagraph><subparagraph id="HFD431780D3364C06B7033AD4FB725D9B"><enum>(C)</enum><text>any material corporate action of the bridge company, including—</text> <clause id="H99768F0664854F3591F6811C6EBA3FB6"><enum>(i)</enum><text>recapitalization;</text>
</clause><clause id="H459D02D9F9A54DF286BDA4F1B2587871"><enum>(ii)</enum><text>a material borrowing;</text> </clause><clause id="HDC0ADCB2C143444888E9416A7F4E048C"><enum>(iii)</enum><text>termination of an intercompany debt or guarantee;</text>
</clause><clause id="HE965416C04AB4B6797461F2E9E18A270"><enum>(iv)</enum><text>a transfer of a substantial portion of the assets of the bridge company; or</text> </clause><clause id="H9CDDD05F703046DC8D7E554B09BC529A"><enum>(v)</enum><text>the issuance or sale of any securities of the bridge company;</text>
</clause></subparagraph></paragraph><paragraph id="H5414D50C4C0D485BBB251F3C64F29873"><enum>(4)</enum><text>that any sale of any equity securities of the bridge company shall not be consummated until the special trustee consults with the Federal Deposit Insurance Corporation and the Board regarding such sale and discloses the results of such consultation with the court;</text>
</paragraph><paragraph id="H6ACF8D7934BF4A1D87B4C486013B5CED"><enum>(5)</enum><text>that, subject to reserves for payments permitted under paragraph (1) provided for in the trust agreement, the proceeds of the sale of any equity securities of the bridge company by the special trustee be held in trust for the benefit of or transferred to the estate;</text>
</paragraph><paragraph id="H8F31CD2A17394972BF91D9F12EE5273B"><enum>(6)</enum><text>the process and guidelines for the replacement of the special trustee; and</text> </paragraph><paragraph id="H3AF16E126EB84C4BAC504A6A9B6F7AA4"><enum>(7)</enum><text>that the property held in trust by the special trustee is subject to distribution in accordance with subsection (c).</text>
</paragraph></subsection><subsection id="HC20AA37887094C8C9B28900A6A90A3FD"><enum>(c)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="HA69137779A4949B7AC2F5C6ED0951DE7"><enum>(1)</enum><text>The special trustee shall distribute the assets held in trust—</text> <subparagraph changed="added" committee-id="HBA00" id="HF2E131F95ED749D2BBC8CDD2CCBBABDE" indent="up1" reported-display-style="italic"><enum>(A)</enum><text>if the court confirms a plan in the case, in accordance with the plan on the effective date of the plan; or</text>
</subparagraph><subparagraph changed="added" committee-id="HBA00" id="H3E62CD22920B4C599014BC511E7157AE" indent="up1" reported-display-style="italic"><enum>(B)</enum><text>if the case is converted to a case under chapter 7, as ordered by the court.</text> </subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="H10E6A1F77E8743E28E011A33871E8F8F" indent="up1" reported-display-style="italic"><enum>(2)</enum><text display-inline="yes-display-inline">As soon as practicable after a final distribution under paragraph (1), the office of the special trustee shall terminate, except as may be necessary to wind up and conclude the business and financial affairs of the trust.</text>
</paragraph></subsection><subsection id="H4657B637B56B4A2A86888FA674BB5B49"><enum>(d)</enum><text>After a transfer to the special trustee under this section, the special trustee shall be subject only to applicable nonbankruptcy law, and the actions and conduct of the special trustee shall no longer be subject to approval by the court in the case under this subchapter.</text>
</subsection></section><section id="HDA04DC659F4847D4ADB19AC4102118A6"><enum>1187.</enum><header>Temporary and supplemental automatic stay; assumed debt</header>
<subsection id="H58763001495748D2B0178DBF927749C2"><enum>(a)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="HD883F7A1FDF74A289859D2E60FA91604"><enum>(1)</enum><text>A petition filed under section 1183 operates as a stay, applicable to all entities, of the termination, acceleration, or modification of any debt, contract, lease, or agreement of the kind described in paragraph (2), or of any right or obligation under any such debt, contract, lease, or agreement, solely because of—</text>
<subparagraph changed="added" committee-id="HBA00" id="HB34D06DDB61A4B8299286DA80B917406" indent="up1" reported-display-style="italic"><enum>(A)</enum><text>a default by the debtor under any such debt, contract, lease, or agreement; or</text> </subparagraph><subparagraph changed="added" committee-id="HBA00" id="HBF60C2F58380492F8F1CF40B9030BD52" indent="up1" reported-display-style="italic"><enum>(B)</enum><text>a provision in such debt, contract, lease, or agreement, or in applicable nonbankruptcy law, that is conditioned on—</text>
<clause id="H44FE4F0EF0A849BE94268D73C2AE1A65"><enum>(i)</enum><text>the insolvency or financial condition of the debtor at any time before the closing of the case;</text> </clause><clause id="H659A4CE568274AB79E39E948853F4CE7"><enum>(ii)</enum><text>the commencement of a case under this title concerning the debtor;</text>
</clause><clause id="H9584B067BC25488A8ACAC9A0B43F921F"><enum>(iii)</enum><text>the appointment of or taking possession by a trustee in a case under this title concerning the debtor or by a custodian before the commencement of the case; or</text>
</clause><clause id="H72D29D63EFCE4DEBAB9F97E1804FA4B1"><enum>(iv)</enum><text>a credit rating agency rating, or absence or withdrawal of a credit rating agency rating—</text> <subclause id="HCEAC3445DC604EFBA3173DB0E22A8BC5"><enum>(I)</enum><text>of the debtor at any time after the commencement of the case;</text>
</subclause><subclause id="H56947AE6B5BE4C3C9E29412E21409117"><enum>(II)</enum><text>of an affiliate during the period from the commencement of the case until 48 hours after such order is entered;</text>
</subclause><subclause id="H52B0BB409A2542EF8507EF086436683C"><enum>(III)</enum><text>of the bridge company while the trustee or the special trustee is a direct or indirect beneficial holder of more than 50 percent of the equity securities of—</text>
<item id="HF736A3598F4A4903B1CCE3AACA2A2007"><enum>(aa)</enum><text>the bridge company; or</text> </item><item id="HF3742D6F10E843E1941EE6352EAB9674"><enum>(bb)</enum><text>the affiliate, if all of the direct or indirect interests in the affiliate that are property of the estate are transferred under section 1185; or</text>
</item></subclause><subclause id="HEC193822665F45869B35A11415D2B065"><enum>(IV)</enum><text>of an affiliate while the trustee or the special trustee is a direct or indirect beneficial holder of more than 50 percent of the equity securities of—</text>
<item id="HEC69BCCE4ED44D0A81AB9446BA6298BE"><enum>(aa)</enum><text>the bridge company; or</text> </item><item id="H983C6F5EC97D479CA8B8923CE0C4EBC8"><enum>(bb)</enum><text>the affiliate, if all of the direct or indirect interests in the affiliate that are property of the estate are transferred under section 1185.</text>
</item></subclause></clause></subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="HE0DF162ECC564341A2196F6C83DA38C9" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>A debt, contract, lease, or agreement described in this paragraph is—</text> <subparagraph id="H42C63590D55D48229140EC7782A270B2"><enum>(A)</enum><text>any debt (other than capital structure debt), executory contract, or unexpired lease of the debtor (other than a qualified financial contract);</text>
</subparagraph><subparagraph id="H560CFCFBE0EB4AF8952B772CF147300C"><enum>(B)</enum><text>any agreement under which the debtor issued or is obligated for debt (other than capital structure debt);</text>
</subparagraph><subparagraph id="HBA848BBC424F4FA7B73AD69A93D67D05"><enum>(C)</enum><text display-inline="yes-display-inline">any debt, executory contract, or unexpired lease of an affiliate (other than a qualified financial contract); or</text>
</subparagraph><subparagraph id="H82FF2DDDF4614795A622348FB3AA9F56"><enum>(D)</enum><text>any agreement under which an affiliate issued or is obligated for debt.</text> </subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="H911DCDAF7B1545F592D91627FA05812F" indent="up1" reported-display-style="italic"><enum>(3)</enum><text>The stay under this subsection terminates—</text>
<subparagraph id="HA5F3CFDEB462469A9BCD34C27E54568A"><enum>(A)</enum><text>for the benefit of the debtor, upon the earliest of—</text> <clause id="HB8A1A7EBD49D4BFC8CD6753184B5F197"><enum>(i)</enum><text>48 hours after the commencement of the case;</text>
</clause><clause id="H3D1A832D878E4EA39AC4F65A099184AA"><enum>(ii)</enum><text>assumption of the debt, contract, lease, or agreement by the bridge company under an order authorizing a transfer under section 1185;</text>
</clause><clause id="H4EC0843B127042969AD7DFFB4C9C3EC9"><enum>(iii)</enum><text>a final order of the court denying the request for a transfer under section 1185; or</text> </clause><clause id="H9F68D814937A44169BAF2706370D20A3"><enum>(iv)</enum><text>the time the case is dismissed; and</text>
</clause></subparagraph><subparagraph id="HA4FA2BB828A647869823137CEAF8BE58"><enum>(B)</enum><text>for the benefit of an affiliate, upon the earliest of—</text> <clause id="H21284B188E2740A48E6ABD35597E4620"><enum>(i)</enum><text>the entry of an order authorizing a transfer under section 1185 in which the direct or indirect interests in the affiliate that are property of the estate are not transferred under section 1185;</text>
</clause><clause id="H64A7FEA9FE7946E99BEFCD77227B2186"><enum>(ii)</enum><text display-inline="yes-display-inline">a final order by the court denying the request for a transfer under section 1185;</text> </clause><clause id="HD9A528F4FD11451D84BB07AA672A0F49"><enum>(iii)</enum><text>48 hours after the commencement of the case if the court has not ordered a transfer under section 1185; or</text>
</clause><clause id="HFBB55E31A5604D3E8CB3AE0198E93A1E"><enum>(iv)</enum><text>the time the case is dismissed.</text> </clause></subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="H37D3351BA8614442BF01F28CBC20AB61" indent="up1" reported-display-style="italic"><enum>(4)</enum><text>Subsections (d), (e), (f), and (g) of section 362 apply to a stay under this subsection.</text>
</paragraph></subsection><subsection id="H479EDC0C117F40249609A2665527BB80"><enum>(b)</enum><text>A debt, executory contract (other than a qualified financial contract), or unexpired lease of the debtor, or an agreement under which the debtor has issued or is obligated for any debt, may be assumed by a bridge company in a transfer under section 1185 notwithstanding any provision in an agreement or in applicable nonbankruptcy law that—</text>
<paragraph id="H07C41D88ECFD4868A0B51176A8120E92"><enum>(1)</enum><text>prohibits, restricts, or conditions the assignment of the debt, contract, lease, or agreement; or</text> </paragraph><paragraph id="H906C09EF55704534AF50D9EB3CEE60B2"><enum>(2)</enum><text>accelerates, terminates, or modifies, or permits a party other than the debtor to terminate or modify, the debt, contract, lease, or agreement on account of—</text>
<subparagraph id="HE7BEEB0C154643CA8874C50BDAC737AD"><enum>(A)</enum><text>the assignment of the debt, contract, lease, or agreement; or</text> </subparagraph><subparagraph id="H0C301F05250B440C9D638DED103EB7FD"><enum>(B)</enum><text>a change in control of any party to the debt, contract, lease, or agreement.</text>
</subparagraph></paragraph></subsection><subsection id="HE9D47A0A508847AF957E42CF112C6385"><enum>(c)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H518C1588452646BC9971BF6226150FEF"><enum>(1)</enum><text>A debt, contract, lease, or agreement of the kind described in subparagraph (A) or (B) of subsection (a)(2) may not be accelerated, terminated, or modified, and any right or obligation under such debt, contract, lease, or agreement may not be accelerated, terminated, or modified, as to the bridge company solely because of a provision in the debt, contract, lease, or agreement or in applicable nonbankruptcy law—</text>
<subparagraph changed="added" committee-id="HBA00" id="H1CD13D09B3044EA5B34478DFF135B355" indent="up1" reported-display-style="italic"><enum>(A)</enum><text>of the kind described in subsection (a)(1)(B) as applied to the debtor;</text> </subparagraph><subparagraph changed="added" committee-id="HBA00" id="HAF80B52FE7B74CFA9D3A6E78D67A3A10" indent="up1" reported-display-style="italic"><enum>(B)</enum><text>that prohibits, restricts, or conditions the assignment of the debt, contract, lease, or agreement; or</text>
</subparagraph><subparagraph changed="added" committee-id="HBA00" id="HA730ED8418DF4DB6AAF963A81C9553FD" indent="up1" reported-display-style="italic"><enum>(C)</enum><text>that accelerates, terminates, or modifies, or permits a party other than the debtor to terminate or modify, the debt, contract, lease or agreement on account of—</text>
<clause id="H32D2F996972D424D8EB83B462AC50CA7"><enum>(i)</enum><text>the assignment of the debt, contract, lease, or agreement; or</text> </clause><clause id="H49D327B9E5FF4045AA15D9655753F6C0"><enum>(ii)</enum><text>a change in control of any party to the debt, contract, lease, or agreement.</text>
</clause></subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="HFB6877D5130748949896D82068CA8453" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>If there is a default by the debtor under a provision other than the kind described in paragraph (1) in a debt, contract, lease or agreement of the kind described in subparagraph (A) or (B) of subsection (a)(2), the bridge company may assume such debt, contract, lease, or agreement only if the bridge company—</text>
<subparagraph id="HDAE1BD210B70490398A2020B93D9E680"><enum>(A)</enum><text>shall cure the default;</text> </subparagraph><subparagraph id="H9E1234F0BA9741B6AC618EA36DC7E47D"><enum>(B)</enum><text>compensates, or provides adequate assurance in connection with a transfer under section 1185 that the bridge company will promptly compensate, a party other than the debtor to the debt, contract, lease, or agreement, for any actual pecuniary loss to the party resulting from the default; and</text>
</subparagraph><subparagraph id="H0B0156EE76194CE4850E4B1D741861D3"><enum>(C)</enum><text>provides adequate assurance in connection with a transfer under section 1185 of future performance under the debt, contract, lease, or agreement, as determined by the court under section 1185(c)(4).</text>
</subparagraph></paragraph></subsection></section><section id="H4CF618E58AE04E99875A0CDA9791C9D3"><enum>1188.</enum><header>Treatment of qualified financial contracts and affiliate contracts</header>
<subsection id="HC3BBA2FD5A8C4A87874261DAB6D02D16"><enum>(a)</enum><text>Notwithstanding sections 362(b)(6), 362(b)(7), 362(b)(17), 362(b)(27), 362(o), 555, 556, 559, 560, and 561, a petition filed under section 1183 operates as a stay, during the period specified in section 1187(a)(3)(A), applicable to all entities, of the exercise of a contractual right—</text>
<paragraph id="H0A42C5B7192643E29AAB5E86FDE846A8"><enum>(1)</enum><text>to cause the modification, liquidation, termination, or acceleration of a qualified financial contract of the debtor or an affiliate;</text>
</paragraph><paragraph id="H9D5BF352B9864FF38463719D83ED0E2B"><enum>(2)</enum><text>to offset or net out any termination value, payment amount, or other transfer obligation arising under or in connection with a qualified financial contract of the debtor or an affiliate; or</text>
</paragraph><paragraph id="H000D9B1D19E743FA8F7C5855B8FE1F7E"><enum>(3)</enum><text>under any security agreement or arrangement or other credit enhancement forming a part of or related to a qualified financial contract of the debtor or an affiliate.</text>
</paragraph></subsection><subsection id="HFE94E6C0531849F988E4A3038D430B06"><enum>(b)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="HE87939B45BEC4BBBBC4CC64D82E3A0F9"><enum>(1)</enum><text>During the period specified in section 1187(a)(3)(A), the trustee or the affiliate shall perform all payment and delivery obligations under such qualified financial contract of the debtor or the affiliate, as the case may be, that become due after the commencement of the case. The stay provided under subsection (a) terminates as to a qualified financial contract of the debtor or an affiliate immediately upon the failure of the trustee or the affiliate, as the case may be, to perform any such obligation during such period.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="H1AAD9D7A1D6C41F4BD9F7B02E84DE3F5" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>Any failure by a counterparty to any qualified financial contract of the debtor or any affiliate to perform any payment or delivery obligation under such qualified financial contract, including during the pendency of the stay provided under subsection (a), shall constitute a breach of such qualified financial contract by the counterparty.</text>
</paragraph></subsection><subsection id="HF243B7D92F774BE3AFA05D504377A682"><enum>(c)</enum><text>Subject to the court’s approval, a qualified financial contract between an entity and the debtor may be assigned to or assumed by the bridge company in a transfer under, and in accordance with, section 1185 if and only if—</text>
<paragraph id="H432D23D5FC6F46B0ABDA0794F5A0C1D3"><enum>(1)</enum><text>all qualified financial contracts between the entity and the debtor are assigned to and assumed by the bridge company in the transfer under section 1185;</text>
</paragraph><paragraph id="H17C188CC187D4CBFB9C55F057AC1E729"><enum>(2)</enum><text>all claims of the entity against the debtor in respect of any qualified financial contract between the entity and the debtor (other than any claim that, under the terms of the qualified financial contract, is subordinated to the claims of general unsecured creditors) are assigned to and assumed by the bridge company;</text>
</paragraph><paragraph id="H2172F273D9C348BE90BB9999704CAE9A"><enum>(3)</enum><text>all claims of the debtor against the entity under any qualified financial contract between the entity and the debtor are assigned to and assumed by the bridge company; and</text>
</paragraph><paragraph id="HCAB2E3C249004D4D8FB612B681D8B3FB"><enum>(4)</enum><text>all property securing or any other credit enhancement furnished by the debtor for any qualified financial contract described in paragraph (1) or any claim described in paragraph (2) or (3) under any qualified financial contract between the entity and the debtor is assigned to and assumed by the bridge company.</text>
</paragraph></subsection><subsection id="HB7D4794A1DBC40ECB2686FA0520879BB"><enum>(d)</enum><text display-inline="yes-display-inline">Notwithstanding any provision of a qualified financial contract or of applicable nonbankruptcy law, a qualified financial contract of the debtor that is assumed or assigned in a transfer under section 1185 may not be accelerated, terminated, or modified, after the entry of the order approving a transfer under section 1185, and any right or obligation under the qualified financial contract may not be accelerated, terminated, or modified, after the entry of the order approving a transfer under section 1185 solely because of a condition described in section 1187(c)(1), other than a condition of the kind specified in section 1187(b) that occurs after property of the estate no longer includes a direct beneficial interest or an indirect beneficial interest through the special trustee, in more than 50 percent of the equity securities of the bridge company.</text>
</subsection><subsection id="H5B72D56CA3684FAAAC9855075FCB4380"><enum>(e)</enum><text display-inline="yes-display-inline">Notwithstanding any provision of any agreement or in applicable nonbankruptcy law, an agreement of an affiliate (including an executory contract, an unexpired lease, qualified financial contract, or an agreement under which the affiliate issued or is obligated for debt) and any right or obligation under such agreement may not be accelerated, terminated, or modified, solely because of a condition described in section 1187(c)(1), other than a condition of the kind specified in section 1187(b) that occurs after the bridge company is no longer a direct or indirect beneficial holder of more than 50 percent of the equity securities of the affiliate, at any time after the commencement of the case if—</text>
<paragraph id="HA114406F79A14E59BE62C980A951482A"><enum>(1)</enum><text>all direct or indirect interests in the affiliate that are property of the estate are transferred under section 1185 to the bridge company within the period specified in subsection (a);</text>
</paragraph><paragraph id="HAAC9912AA260474AB00AF43872491AC9"><enum>(2)</enum><text>the bridge company assumes—</text> <subparagraph id="H339B953C73F945B6B679E8A3CE72FCC6"><enum>(A)</enum><text>any guarantee or other credit enhancement issued by the debtor relating to the agreement of the affiliate; and</text>
</subparagraph><subparagraph id="H23EAF47ECD824036ADC5B7A191A816D9"><enum>(B)</enum><text>any obligations in respect of rights of setoff, netting arrangement, or debt of the debtor that directly arises out of or directly relates to the guarantee or credit enhancement; and</text>
</subparagraph></paragraph><paragraph id="H3A64EF7FC3B44A0798DE9A9E0638FA5A"><enum>(3)</enum><text>any property of the estate that directly serves as collateral for the guarantee or credit enhancement is transferred to the bridge company.</text>
</paragraph></subsection></section><section id="H5186DAE0742B44CFB6FF8A0CABEF4771"><enum>1189.</enum><header>Licenses, permits, and registrations</header>
<subsection id="H713500653C3D4322BFA30F2ABF71CAE9"><enum>(a)</enum><text>Notwithstanding any otherwise applicable nonbankruptcy law, if a request is made under section 1185 for a transfer of property of the estate, any Federal, State, or local license, permit, or registration that the debtor or an affiliate had immediately before the commencement of the case and that is proposed to be transferred under section 1185 may not be accelerated, terminated, or modified at any time after the request solely on account of—</text>
<paragraph id="H0A629F26C9B442B098F98BBBB3BF2E7B"><enum>(1)</enum><text>the insolvency or financial condition of the debtor at any time before the closing of the case;</text> </paragraph><paragraph id="H2BA639DD3CC041D89C44EF18FA89B339"><enum>(2)</enum><text>the commencement of a case under this title concerning the debtor;</text>
</paragraph><paragraph id="HE0382B3680A947F3A6CBE2FF9DA6F44F"><enum>(3)</enum><text>the appointment of or taking possession by a trustee in a case under this title concerning the debtor or by a custodian before the commencement of the case; or</text>
</paragraph><paragraph id="H90F47028BAEC42BEB3F1992A5B0F4010"><enum>(4)</enum><text>a transfer under section 1185.</text> </paragraph></subsection><subsection id="H4ADA61BD781547798EBFA265BBFE8F94"><enum>(b)</enum><text>Notwithstanding any otherwise applicable nonbankruptcy law, any Federal, State, or local license, permit, or registration that the debtor had immediately before the commencement of the case that is included in a transfer under section 1185 shall be valid and all rights and obligations thereunder shall vest in the bridge company.</text>
</subsection></section><section id="HC01B4F77DCEC4A74A92C93E58227AC12"><enum>1190.</enum><header>Exemption from securities laws</header><text display-inline="no-display-inline">For purposes of section 1145, a security of the bridge company shall be deemed to be a security of a successor to the debtor under a plan if the court approves the disclosure statement for the plan as providing adequate information (as defined in section 1125(a)) about the bridge company and the security.</text>
</section><section id="H8F3F40A8A1BA4F7394EA6E58735184DA"><enum>1191.</enum><header>Inapplicability of certain avoiding powers</header><text display-inline="no-display-inline">A transfer made or an obligation incurred by the debtor to an affiliate prior to or after the commencement of the case, including any obligation released by the debtor or the estate to or for the benefit of an affiliate, in contemplation of or in connection with a transfer under section 1185 is not avoidable under section 544, 547, 548(a)(1)(B), or 549, or under any similar nonbankruptcy law.</text>
</section><section id="H91AF213B9A4C44A4A410D1E3DB493656"><enum>1192.</enum><header>Consideration of financial stability</header><text display-inline="no-display-inline">The court may consider the effect that any decision in connection with this subchapter may have on financial stability in the United States.</text></section></subchapter><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H14B0E576E60241E4A479112AAA479CBD"><enum>123.</enum><header>Amendments to title 28, United States Code</header>
<subsection id="HFE3BAE992B884660871383E9AA1920D7"><enum>(a)</enum><header>Amendment to chapter 13</header><text><external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/28/13">Chapter 13</external-xref> of title 28, United States Code, is amended by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" id="HEEFBBBC295054176829912D7BB8CCE57" reported-display-style="italic" style="USC"> <section id="HEB4DD7ECC0F44D77A64877D7F431FECD"><enum>298.</enum><header>Judge for a case under subchapter V of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/11/11">chapter 11</external-xref> of title 11</header> <subsection id="HE88DBD5766B145C2B304088D5AF456D8"><enum>(a)</enum> <paragraph commented="no" display-inline="yes-display-inline" id="HE2C9C67DEB99497F8F81561BCA9C8BA2"><enum>(1)</enum><text>Notwithstanding section 295, the Chief Justice of the United States shall designate not fewer than 10 bankruptcy judges to be available to hear a case under subchapter V of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/11/11">chapter 11</external-xref> of title 11. Bankruptcy judges may request to be considered by the Chief Justice of the United States for such designation.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="HDF11E01EF9C746019080C79E7B337B5F" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>Notwithstanding section 155, a case under subchapter V of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/11/11">chapter 11</external-xref> of title 11 shall be heard under section 157 by a bankruptcy judge designated under paragraph (1), who shall be randomly assigned to hear such case by the chief judge of the court of appeals for the circuit embracing the district in which the case is pending. To the greatest extent practicable, the approvals required under section 155 should be obtained.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="H048288665C0742D1B6A0BA02422550E1" indent="up1" reported-display-style="italic"><enum>(3)</enum><text>If the bankruptcy judge assigned to hear a case under paragraph (2) is not assigned to the district in which the case is pending, the bankruptcy judge shall be temporarily assigned to the district.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="HF7EE9B198B494C5E8B291383790D9133"><enum>(b)</enum><text display-inline="yes-display-inline">A case under subchapter V of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/11/11">chapter 11</external-xref> of title 11, and all proceedings in the case, shall take place in the district in which the case is pending.</text>
</subsection><subsection id="HA3FC08A019AA40CEAC114B82CC234DF6"><enum>(c)</enum><text>In this section, the term <term>covered financial corporation</term> has the meaning given that term in section 101(9A) of title 11.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="HB95C76097108402D99BA16B0C2F541E7"><enum>(b)</enum><header>Amendment to section 1334 of title 28</header><text>Section 1334 of title 28, United States Code, is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="HEA24463E56824A10A3956D9CD86E645C" reported-display-style="italic" style="OLC">
<subsection id="HDA3BB16C397F403DABA0BCF80005750E"><enum>(f)</enum><text>This section does not grant jurisdiction to the district court after a transfer pursuant to an order under section 1185 of title 11 of any proceeding related to a special trustee appointed, or to a bridge company formed, in connection with a case under subchapter V of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/11/11">chapter 11</external-xref> of title 11.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H49A7F81D3E624378802717F5505A0B86"><enum>(c)</enum><header>Technical and conforming amendment</header><text>The table of sections for <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/28/13">chapter 13</external-xref> of title 28, United States Code, is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H9A7C7EE41FA34726AD06ED4B2FCF73D3" reported-display-style="italic" style="USC">
<toc changed="added" committee-id="HBA00" regeneration="no-regeneration" reported-display-style="italic">
<toc-entry level="section">298. Judge for a case under subchapter V of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/11/11">chapter 11</external-xref> of title 11.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section></subtitle><subtitle id="HAAED50B4670041D89DA790741C39E91B"><enum>C</enum><header>Ending Government Guarantees</header>
<section id="H4C7FAD028DAF454BB3E3629AD23478F2" section-type="subsequent-section"><enum>131.</enum><header>Repeal of obligation guarantee program</header>
<subsection id="H29EC3928E4CB4ED09F69D11DF5FA4382"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The following sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref> et seq.) are repealed:</text>
<paragraph id="H7AECEE6DCAB347A8BFCA71B7AAF7D2E0"><enum>(1)</enum><text>Section 1104.</text> </paragraph><paragraph id="HF36642816F5944B69CD7C36CD5385CD6"><enum>(2)</enum><text>Section 1105.</text>
</paragraph><paragraph id="HE380744D16274A19920CD032B2167434"><enum>(3)</enum><text>Section 1106.</text> </paragraph></subsection><subsection id="HE0EBE790B9BA47599D9F344D746EEE3C"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to sections 1104, 1105, and 1106.</text>
</subsection></section><section id="H88F0B0646D804B408E999EB3BFFDA93D"><enum>132.</enum><header>Repeal of systemic risk determination in resolutions</header><text display-inline="no-display-inline">Section 13(c)(4)(G) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1823">12 U.S.C. 1823(c)(4)(G)</external-xref>) is hereby repealed.</text>
</section><section id="HEC7D04E54C8044FB9A7713B0B91BDD61" section-type="subsequent-section"><enum>133.</enum><header>Restrictions on use of the Exchange Stabilization Fund</header>
<subsection id="H52CE46970C6145DC863AE3DED9B7A97F"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 5302 of title 31, United States Code, is amended by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HE97F9AB3D2304F3396611815C315AE23" reported-display-style="italic" style="OLC"> <subsection id="H969E3AB735774AF299A5336AE9D41C75"><enum>(e)</enum><text display-inline="yes-display-inline">Amounts in the fund may not be used for the establishment of a guaranty program for any nongovernmental entity.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H3CB9E676E2704BE0B08908824BDF7D3D"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 131(b) of the Emergency Economic Stabilization Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5236">12 U.S.C. 5236(b)</external-xref>) is amended by inserting <quote>, or for the purposes of preventing the liquidation or insolvency of any entity</quote> before the period.</text>
</subsection></section></subtitle><subtitle id="H21641DC0E318424999CD5D10D2E29342"><enum>D</enum><header>Eliminating Financial Market Utility Designations </header>
<section id="H4FCA9B144AFD4A4CA10255FC82376734" section-type="subsequent-section"><enum>141.</enum><header>Repeal of title VIII</header>
<subsection id="H0A23901966424563ACC325575E36F8E9"><enum>(a)</enum><header>Repeal</header><text display-inline="yes-display-inline">Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5461">12 U.S.C. 5461</external-xref> et seq.) is repealed, and provisions of law amended by such title are restored and revived as if such title had never been enacted.</text>
</subsection><subsection id="HAEB813DFBE8D4079BB0EB447948A21D5"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to title VIII.</text>
</subsection></section></subtitle><subtitle id="H2B7EDAD33F59480EB45B5FEE525F0C20"><enum>E</enum><header>Reform of the Financial Stability Act of 2010</header>
<section id="HA0F21CC56B60420F92F51252E600B60B"><enum>151.</enum><header>Repeal and modification of provisions of the Financial Stability Act of 2010</header>
<subsection id="HADC063FCBF1C427B8B4BA8BA39B3AD9F"><enum>(a)</enum><header>Repeals</header><text display-inline="yes-display-inline">The following provisions of the Financial Stability Act of 2010 are repealed, and the provisions of law amended or repealed by such provisions are restored or revived as if such provisions had not been enacted:</text>
<paragraph id="H2A260316062C42168E689B536691DA93"><enum>(1)</enum><text display-inline="yes-display-inline">Subtitle B.</text> </paragraph><paragraph id="H9569A76EFD2849209885297987B25305"><enum>(2)</enum><text>Section 113.</text>
</paragraph><paragraph id="H66279CDA0BD7488FAC7000937DEC5BE3"><enum>(3)</enum><text>Section 114.</text> </paragraph><paragraph id="H0255531145694307BE00C440B1E065FD"><enum>(4)</enum><text>Section 115.</text>
</paragraph><paragraph id="H0EF35F6DB498490BBA78ADF488BF534C"><enum>(5)</enum><text>Section 116.</text> </paragraph><paragraph id="H4657A9262F3F4BD58CDB6965D5E856C3"><enum>(6)</enum><text>Section 117.</text>
</paragraph><paragraph id="H649C26FB2958496CA1CFE61C5F2E4DBB"><enum>(7)</enum><text>Section 119.</text> </paragraph><paragraph id="HE1A8C9A85B6A4FEFBFEC71B4AEBBD22C"><enum>(8)</enum><text>Section 120.</text>
</paragraph><paragraph id="HDE7A9F1946DD4B72947E0310EF34F019"><enum>(9)</enum><text>Section 121.</text> </paragraph><paragraph id="H4353249FA7DC42BFB5722E2C8F43DE12"><enum>(10)</enum><text>Section 161.</text>
</paragraph><paragraph id="H0797C029B5854F1B8288349D21EA3C97"><enum>(11)</enum><text>Section 162.</text> </paragraph><paragraph id="H589D9B11E03F43DAB32AE51AE64622BD"><enum>(12)</enum><text>Section 164.</text>
</paragraph><paragraph id="H2DA83937B50A4AE09E4B9227035A9796"><enum>(13)</enum><text>Section 166.</text> </paragraph><paragraph id="HDFFCD8887D8842A581086859A30671B9"><enum>(14)</enum><text>Section 167.</text>
</paragraph><paragraph id="HB543F3E8A2634D0C8144CCD08B443775"><enum>(15)</enum><text>Section 168.</text> </paragraph><paragraph id="H4E47FDB3A5374AA485C748D06FED69EA"><enum>(16)</enum><text>Section 170.</text>
</paragraph><paragraph id="H6E42C5CB94744351A285CC7E4C96B2ED"><enum>(17)</enum><text>Section 172.</text> </paragraph><paragraph id="HAC7D42C5212548D89153026A2970FB06"><enum>(18)</enum><text>Section 174.</text>
</paragraph><paragraph id="H224497C1E6DB4A6295E80A8BF1504164"><enum>(19)</enum><text>Section 175.</text> </paragraph></subsection><subsection id="HB73C7FC7AB634492942912568B1A8CFB"><enum>(b)</enum><header>Additional modifications</header><text display-inline="yes-display-inline">The Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311</external-xref> et seq.) is amended—</text>
<paragraph id="HFD1A2EA812664194AF050BAC5F2E726B"><enum>(1)</enum><text>in section 102(a), by striking paragraph (5);</text> </paragraph><paragraph id="HC6330EE6DE1A4B0ABE8FD055C7E1FE7D"><enum>(2)</enum><text>in section 111—</text>
<subparagraph id="HB1B22AEBF125436687680E961A8B2D9C"><enum>(A)</enum><text>in subsection (b)—</text> <clause id="H0C58464F4E614A8D991D246917FE74FA"><enum>(i)</enum><text>in paragraph (1)—</text>
<subclause id="H535DDF6679D1406E871E4139B530ABB2"><enum>(I)</enum><text>by striking <quote>who shall each</quote> and inserting <quote>who shall, except as provided below, each</quote>; and</text> </subclause><subclause id="H4E71685B00644E7889A39CF7F8FCA5B7"><enum>(II)</enum><text>by striking subparagraphs (B) through (J) and inserting the following:</text>
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<subparagraph id="HA87BBAFD17FD4CCEA178C1BE13B40172"><enum>(B)</enum><text display-inline="yes-display-inline">each member of the Board of Governors, who shall collectively have 1 vote on the Council;</text> </subparagraph><subparagraph commented="no" id="H0B31FEEC5BB049219399AA38128A2554"><enum>(C)</enum><text display-inline="yes-display-inline">the Comptroller of the Currency;</text>
</subparagraph><subparagraph id="H7E5A6B41FB87440DAC4077F4D07DBA31"><enum>(D)</enum><text display-inline="yes-display-inline">the Director of the Consumer Law Enforcement Agency;</text> </subparagraph><subparagraph id="H6152DBE21263475E8570DDE93C598EEB"><enum>(E)</enum><text display-inline="yes-display-inline">each member of the Commission, who shall collectively have 1 vote on the Council;</text>
</subparagraph><subparagraph id="HB3795FEDC9574F159413F02A0FAE8C2C"><enum>(F)</enum><text display-inline="yes-display-inline">each member of the Corporation, who shall collectively have 1 vote on the Council;</text> </subparagraph><subparagraph id="H548EB02D79C04704932DEE0B4E26AEA0"><enum>(G)</enum><text display-inline="yes-display-inline">each member of the Commodity Futures Trading Commission, who shall collectively have 1 vote on the Council;</text>
</subparagraph><subparagraph commented="no" id="HC08AE2596496403C888164EF91C0644A"><enum>(H)</enum><text display-inline="yes-display-inline">the Director of the Federal Housing Finance Agency;</text> </subparagraph><subparagraph id="H71119350B26C49AE9422858E8861C3B6"><enum>(I)</enum><text display-inline="yes-display-inline">each member of the National Credit Union Administration Board, who shall collectively have 1 vote on the Council; and</text>
</subparagraph><subparagraph id="H149BF68BD96F49F4B0EEF82154697444"><enum>(J)</enum><text display-inline="yes-display-inline">the Independent Insurance Advocate.</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block> </subclause></clause><clause id="HBC36DCF3B94C4D00B19818F2316EAD8E"><enum>(ii)</enum><text>in paragraph (2)—</text>
<subclause id="HAE6DD52F03C7479BA84B09E85E2D258F"><enum>(I)</enum><text display-inline="yes-display-inline">by striking subparagraphs (A) and (B); and</text> </subclause><subclause id="HDD01CD67647140D1AA691A49A8EAA7FA"><enum>(II)</enum><text display-inline="yes-display-inline">by redesignating subparagraphs (C), (D), and (E) as subparagraphs (A), (B), and (C), respectively; and</text>
</subclause></clause><clause id="H099C2C4E3BC44BD594A23CF1F8824D73"><enum>(iii)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB09ED6D91ED148B2B9F984628A133884" reported-display-style="italic" style="OLC"> <paragraph id="H2929248B6797456CA185701658D5A432"><enum>(4)</enum><header>Voting by multi-person entity</header> <subparagraph id="H174C607F495A415083F7D42E3D4495E7"><enum>(A)</enum><header>Voting within the entity</header><text>An entity described under subparagraph (B), (E), (F), (G), or (I) of paragraph (1) shall determine the entity’s Council vote by using the voting process normally applicable to votes by the entity’s members.</text>
</subparagraph><subparagraph id="HD71F73F224AB40609EDE8BD8DEF9A80F"><enum>(B)</enum><header>Casting of entity vote</header><text>The 1 collective Council vote of an entity described under subparagraph (A) shall be cast by the head of such agency or, in the event such head is unable to cast such vote, the next most senior member of the entity available.</text></subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="H2D48678BB08244A49EAFC15872C87C2B"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (c), by striking <quote>subparagraphs (C), (D), and (E)</quote> and inserting <quote>subparagraphs (B), (C), and (D)</quote>;</text> </subparagraph><subparagraph id="H76450BF6C4C64561A65B065813D7459C"><enum>(C)</enum><text>in subsection (e), by adding at the end the following:</text>
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<paragraph id="HF4F138592A3F4D3FAD0FDB5689E85D1D"><enum>(3)</enum><header>Staff access</header><text>Any member of the Council may select to have one or more individuals on the member’s staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.</text>
</paragraph><paragraph id="HC500A602F1754500B42501DAA2E5893E"><enum>(4)</enum><header>Congressional oversight</header><text display-inline="yes-display-inline">All meetings of the Council, whether or not open to the public, shall be open to the attendance by members of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.</text>
</paragraph><paragraph id="H369C71D55BD9416E9D749425A7778157"><enum>(5)</enum><header>Member agency meetings</header><text display-inline="yes-display-inline">Any meeting of representatives of the member agencies other than the members themselves shall be open to attendance by staff of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H02AE1B07E81B49CD8BA2DB3260A3545F"><enum>(D)</enum><text>by striking subsection (g) (relating to the nonapplicability of FACA);</text> </subparagraph><subparagraph id="HA4E00F5B6AB448159D752097D3F490F0"><enum>(E)</enum><text>by inserting after subsection (f) the following:</text>
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<subsection id="H4D181EA7A30345888AE8E3F98963CE8E"><enum>(g)</enum><header>Open meeting requirement</header><text display-inline="yes-display-inline">The Council shall be an agency for purposes of section 552b of title 5, United States Code (commonly referred to as the <quote>Government in the Sunshine Act</quote>).</text>
</subsection><subsection id="HB509A44833E54F4893F2BD07C2D1A252"><enum>(h)</enum><header>Confidential congressional briefings</header><text display-inline="yes-display-inline">At the request of the Chairman of the Committee on Financial Services of the House of Representatives or the Chairman of the Committee on Banking, Housing, and Urban Affairs of the Senate, the Chairperson shall appear before Congress to provide a confidential briefing.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H40632C9AAE06433886A7F67A86CFA093"><enum>(F)</enum><text>by redesignating subsections (h) through (j) as subsections (i) through (k), respectively;</text> </subparagraph></paragraph><paragraph id="HD47946FA5C164EC6A168205C681754E7"><enum>(3)</enum><text>in section 112—</text>
<subparagraph id="H585898F2F58E4BD3A283576949DAF108"><enum>(A)</enum><text>in subsection (a)(2)—</text> <clause id="H2C0C79430C444165B4DBEEDF78AA8067"><enum>(i)</enum><text display-inline="yes-display-inline">in subparagraph (A), by striking <quote>the Federal Insurance Office and, if necessary to assess risks to the United States financial system, direct the Office of Financial Research to</quote> and inserting <quote>and, if necessary to assess risks to the United States financial system,</quote>;</text>
</clause><clause id="H3934DC1952F44196AEC90C3A4F299377"><enum>(ii)</enum><text>by striking subparagraphs (B), (H), (I), and (J);</text> </clause><clause id="HAD0B3F635D9840BE9FB764D491237BE8"><enum>(iii)</enum><text display-inline="yes-display-inline">by redesignating subparagraphs (C), (D), (E), (F), (G), (K), (L), (M), and (N) as subparagraphs (B), (C), (D), (E), (F), (G), (H), (I), and (J), respectively;</text>
</clause><clause id="H7A0E614D79C2483A99218456A9B6AB91"><enum>(iv)</enum><text>in subparagraph (J), as so redesignated—</text> <subclause id="HEAF6C2E62B034F18B842B0675C29DBA3"><enum>(I)</enum><text display-inline="yes-display-inline">in clause (iii), by adding <quote>and</quote> at the end;</text>
</subclause><subclause id="H6E21DF6305E04EA38C36CA673FA61A3C"><enum>(II)</enum><text>by striking clauses (iv) and (v); and</text> </subclause><subclause id="H1F4FE8B1C9AF4873AD4217F62DA34B44"><enum>(III)</enum><text>by redesignating clause (vi) as clause (iv); and</text>
</subclause></clause></subparagraph><subparagraph id="HE537F3C262FB41EFA6A9DC0CF4A04007"><enum>(B)</enum><text>in subsection (d)—</text> <clause id="H19391A5AA3CF4DA3B580713F9D4E2330"><enum>(i)</enum><text>in paragraph (1), by striking <quote>the Office of Financial Research, member agencies, and the Federal Insurance Office</quote> and inserting <quote>member agencies</quote>;</text>
</clause><clause id="HE770A090E8304FB2A6BA64AC66C514FE"><enum>(ii)</enum><text>in paragraph (2), by striking <quote>the Office of Financial Research, any member agency, and the Federal Insurance Office,</quote> and inserting <quote>member agencies</quote>;</text> </clause><clause id="H361046EECE7A449A92C03EBF7642DCE4"><enum>(iii)</enum><text>in paragraph (3)—</text>
<subclause id="H2AA5C8FD3CAB40F0B4046660F40CCEC8"><enum>(I)</enum><text>by striking <quote>, acting through the Office of Financial Research,</quote> each place it appears; and</text> </subclause><subclause id="HC1C84AE799A94622A18D9E690C512A1E"><enum>(II)</enum><text>in subparagraph (B), by striking <quote>the Office of Financial Research or</quote>; and</text>
</subclause></clause><clause id="H0B1FFA5583594C64B42927FFA1856E06"><enum>(iv)</enum><text>in paragraph (5)(A), by striking <quote>, the Office of Financial Research,</quote>;</text> </clause></subparagraph></paragraph><paragraph id="HA60A9569037E48999AC8C82F795BED4D"><enum>(4)</enum><text>by amending section 118 to read as follows:</text>
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<section id="HBA40A395ED344672A4FC9921487E01BF"><enum>118.</enum><header>Council funding</header><text display-inline="no-display-inline">There is authorized to be appropriated to the Council $4,000,000 for fiscal year 2017 and each fiscal year thereafter to carry out the duties of the Council.</text></section><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="HA7E993A8457645FDA4B858A6D1EE8473"><enum>(5)</enum><text>in section 163—</text> <subparagraph id="HADC15B7EEC7C43AA82DA941962C23C1A"><enum>(A)</enum><text>by striking subsection (a);</text>
</subparagraph><subparagraph id="HD8266DABB1CA45F3A4E30164CEC978AB"><enum>(B)</enum><text>by redesignating subsection (b) as subsection (a); and</text> </subparagraph><subparagraph id="H238C3384BF75471199523A59EB53ACFA"><enum>(C)</enum><text>in subsection (a), as so redesignated—</text>
<clause id="H070E8B024F9A46A795A9D0B089427D60"><enum>(i)</enum><text>by striking <quote>or a nonbank financial company supervised by the Board of Governors</quote> each place such term appears;</text> </clause><clause id="H796F2BECC3DC41B3A6EAF94229AC849C"><enum>(ii)</enum><text>in paragraph (4), by striking <quote>In addition</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF6C47CBCF7964B649E12E21424D06908" reported-display-style="italic" style="OLC">
<subparagraph id="H3152FDEEC2C64D738627B4FDFA0A6BE6"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">In addition</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block> </clause><clause id="H0C4A221539F146D79F266644485E3F1B"><enum>(iii)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H463824DC36E34EF19F96309E57BAEFB9" reported-display-style="italic" style="OLC">
<subparagraph id="HA27A73925EA2455C98FD30BD057AD896"><enum>(B)</enum><header>Exception for qualifying banking organization</header><text display-inline="yes-display-inline">Subparagraph (A) shall not apply to a proposed acquisition by a qualifying banking organization, as defined under section 605 of the Financial CHOICE Act of 2017.</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph id="H341F809AF1E94C86ACB9471051653EB2"><enum>(6)</enum><text>in section 165—</text> <subparagraph id="H8AE3708AE37C41448806958CE23DAC0B"><enum>(A)</enum><text>by striking <quote>nonbank financial companies supervised by the Board of Governors and</quote> each place such term appears;</text>
</subparagraph><subparagraph id="H0E5576E046F845529234CA751ED3BD29"><enum>(B)</enum><text>by striking <quote>nonbank financial company supervised by the Board of Governors and</quote> each place such term appears;</text> </subparagraph><subparagraph id="HFFE5E3A9CB2142379A107D06E81D61E4"><enum>(C)</enum><text>in subsection (a), by amending paragraph (2) to read as follows:</text>
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<paragraph id="H4226B77FA7544705AF2BAF5C1B2CE511"><enum>(2)</enum><header>Tailored application</header><text display-inline="yes-display-inline">In prescribing more stringent prudential standards under this section, the Board of Governors may differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including the financial activities of their subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HE143D8377238440898E0CD32EDBE385E"><enum>(D)</enum><text>in subsection (b)—</text> <clause id="HDB27AECF7289474ABD4C5F39EFE45ED7"><enum>(i)</enum><text>in paragraph (1)(B)(iv), by striking <quote>, on its own or pursuant to a recommendation made by the Council in accordance with section 115,</quote>;</text>
</clause><clause id="H73FDD2D85D254614B114C973D92A7397"><enum>(ii)</enum><text>in paragraph (2)—</text> <subclause id="H2FE25CA1F77643C2AD161FE472416FD7"><enum>(I)</enum><text>by striking <quote>foreign nonbank financial company supervised by the Board of Governors or</quote>;</text>
</subclause><subclause id="H619D745A34F747C5B8A0F1B0DE74A669"><enum>(II)</enum><text>by striking <quote>shall—</quote> and all that follows through <quote>give due</quote> and inserting <quote>shall give due</quote>;</text> </subclause><subclause id="H58E3A39A17CD42E5ABD70FBDD1BA5B66"><enum>(III)</enum><text>in subparagraph (A), by striking <quote>; and</quote> and inserting a period; and</text>
</subclause><subclause id="H92F074972C7E4E15A1EC00CE5291A232"><enum>(IV)</enum><text>by striking subparagraph (B);</text> </subclause></clause><clause id="HE23B1CEBFD6E45D2B29DC0974C94B75C"><enum>(iii)</enum><text>in paragraph (3)—</text>
<subclause id="HA11D76FD086D4D4E945564737B75BD67"><enum>(I)</enum><text>in subparagraph (A)—</text> <item id="H58A74AFC582A4D09AEDA5D698DF51390"><enum>(aa)</enum><text>by striking clause (i);</text>
</item><item id="HF454837B95124E6D9650D72A03224A96"><enum>(bb)</enum><text>by redesignating clauses (ii), (iii), and (iv) as clauses (i), (ii), and (iii), respectively; and</text> </item><item id="HE7727DF27DF74E2CBD15926306D42860"><enum>(cc)</enum><text>in clause (iii), as so redesignated, by adding <quote>and</quote> at the end;</text>
</item></subclause><subclause id="HCC0AC52F451C477F8E3573FDB87734FB"><enum>(II)</enum><text>by striking subparagraphs (B) and (C); and</text> </subclause><subclause id="H447FCE41C47141758EC2884480469606"><enum>(III)</enum><text>by redesignating subparagraph (D) as subparagraph (B); and</text>
</subclause></clause><clause id="H03FE5D460F364395954016710B0377EE"><enum>(iv)</enum><text>in paragraph (4), by striking <quote>a nonbank financial company supervised by the Board of Governors or</quote>;</text> </clause></subparagraph><subparagraph id="HF4151C8318E7474FB8F59CFCF55AD7A3"><enum>(E)</enum><text>in subsection (c)—</text>
<clause id="H6D4D72FD65284353A4C1A9D08DC0074E"><enum>(i)</enum><text>in paragraph (1), by striking <quote>under section 115(c)</quote>; and</text> </clause><clause id="HD66E5A29D8B94AF48D20E99969C5B1AE"><enum>(ii)</enum><text>in paragraph (2)—</text>
<subclause id="H50397ADF2DF14EE8AB19EA24BA9BB89B"><enum>(I)</enum><text>by amending subparagraph (A) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H069FCED6BE6B47349E024973B6594A1E" reported-display-style="italic" style="OLC"> <subparagraph id="H19A51DCF318C4A3F929ADE46305AD093"><enum>(A)</enum><text display-inline="yes-display-inline">any recommendations of the Council;</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subclause><subclause id="HD51F5075AA314F1796B2B491498D6E04"><enum>(II)</enum><text>in subparagraph (D), by striking <quote>nonbank financial company supervised by the Board of Governors or</quote>;</text> </subclause></clause></subparagraph><subparagraph id="H7FC0C5D7EE054F41BBA62AF99EC4769C"><enum>(F)</enum><text>in subsection (d)—</text>
<clause id="H964AE65EE46F40D8AFD2FCA4AC1A7917"><enum>(i)</enum><text>by striking <quote>a nonbank financial company supervised by the Board of Governors or</quote> each place such term appears;</text> </clause><clause id="H459339E50EEE4BA19F1EA3EF3F5F1097"><enum>(ii)</enum><text display-inline="yes-display-inline">in paragraph (1), by striking <quote>periodically</quote> and inserting <quote>not more often than every 2 years</quote>;</text>
</clause><clause id="H7382EE710FD744CAA2A7A4BF8EB6198C"><enum>(iii)</enum><text>in paragraph (3)—</text> <subclause id="H7DF09EB0C1B94112BD4D4A352C87E22F"><enum>(I)</enum><text>by striking <quote>The Board</quote> and inserting the following:</text>
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<subparagraph id="H38DC242CC72240D09A9E80D6DF439647"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Board</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block> </subclause><subclause id="H76949920382A48CEA7164BFEFEEC3AC2"><enum>(II)</enum><text>by striking <quote>shall review</quote> and inserting the following:</text>
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<text>shall—</text><clause id="H6247E9F31E674D47A326B496DB668981"><enum>(i)</enum><text display-inline="yes-display-inline">review</text></clause><after-quoted-block>;</after-quoted-block></quoted-block> </subclause><subclause id="H86C5D57A36BE48B78698EFBC0056C7C7"><enum>(III)</enum><text>by striking the period and inserting <quote>; and</quote>; and</text>
</subclause><subclause id="H6838780D5F4D4F9E9A70472DD3E1C549"><enum>(IV)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H185F1C0402A34094819133196CB8BEBB" reported-display-style="italic" style="OLC"> <clause id="HE6F4D4C6F07C4A94B6231428896624ED"><enum>(ii)</enum><text display-inline="yes-display-inline">not later than the end of the 6-month period beginning on the date the bank holding company submits the resolution plan, provide feedback to the bank holding company on such plan.</text>
</clause><subparagraph id="H83CCAD644CD14489A5ED81F9409EBB50"><enum>(B)</enum><header>Disclosure of assessment framework</header><text display-inline="yes-display-inline">The Board of Governors shall publicly disclose the assessment framework that is used to review information under this paragraph and shall provide the public with a notice and comment period before finalizing such assessment framework.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subclause></clause><clause id="H19C25B06491F41578A7D2FFB7A8F9B7D"><enum>(iv)</enum><text>in paragraph (6), by striking <quote>nonbank financial company supervised by the Board, any bank holding company,</quote> and inserting <quote>bank holding company</quote>;</text> </clause></subparagraph><subparagraph id="HC711E0B102E94914A1CB06EFCA850551"><enum>(G)</enum><text>in subsection (e)—</text>
<clause id="H69B021E7A5414B8EB38E8EA6A16BC9E8"><enum>(i)</enum><text>in paragraph (1), by striking <quote>a nonbank financial company supervised by the Board of Governors or</quote>;</text> </clause><clause id="H5F5330858A8D4FD7B902E72532979DD9"><enum>(ii)</enum><text>in paragraph (3), by striking <quote>the nonbank financial company supervised by the Board of Governors or</quote> each place such term appears; and</text>
</clause><clause id="H880F7FA617644327886AA3CED475FA3E"><enum>(iii)</enum><text>in paragraph (4), by striking <quote>a nonbank financial company supervised by the Board of Governors or</quote>;</text> </clause></subparagraph><subparagraph id="HF0DDD413F45D4A67A611404E5A3E2F39"><enum>(H)</enum><text>in subsection (g)(1), by striking <quote>and any nonbank financial company supervised by the Board of Governors</quote>;</text>
</subparagraph><subparagraph id="HD4F6DA83B05D425184CD488BCF6D8C08"><enum>(I)</enum><text>in subsection (h)—</text> <clause id="HAAE2E81E8A1E4EA89DAFF0418EFDA8BF"><enum>(i)</enum><text>by striking paragraph (1);</text>
</clause><clause id="H68D72678A0C64B2C8F9B1E24E02551E2"><enum>(ii)</enum><text>by redesignating paragraphs (2), (3), and (4) as paragraphs (1), (2), and (3), respectively;</text> </clause><clause id="HCD39217F24BB48F7AA18759D2FE0231B"><enum>(iii)</enum><text>in paragraph (1), as so redesignated, by striking <quote>paragraph (3)</quote> each place such term appears and inserting <quote>paragraph (2)</quote>; and</text>
</clause><clause id="H996FB576F43641F7B034B668E548E8B9"><enum>(iv)</enum><text display-inline="yes-display-inline">in paragraph (2), as so redesignated—</text> <subclause id="HFE9C4B5B116A4165AC36861EA541B1C4"><enum>(I)</enum><text>in subparagraph (A), by striking <quote>the nonbank financial company supervised by the Board of Governors or bank holding company described in subsection (a), as applicable</quote> and inserting <quote>a bank holding company described in subsection (a)</quote>; and</text>
</subclause><subclause id="H97F5BEE689444618B088F078F17BC5B2"><enum>(II)</enum><text display-inline="yes-display-inline">in subparagraph (B), by striking <quote>the nonbank financial company supervised by the Board of Governors or a bank holding company described in subsection (a), as applicable</quote> and inserting <quote>a bank holding company described in subsection (a)</quote>;</text>
</subclause></clause></subparagraph><subparagraph id="HB05EFD0A4E23478A9E4687DA19B0E1A5"><enum>(J)</enum><text>in subsection (i)—</text> <clause id="H9F2AC44918794512863D193C727458F9"><enum>(i)</enum><text>in paragraph (1)—</text>
<subclause id="H8ADF0DA2C2994DDA9EDB3C386E4E568B"><enum>(I)</enum><text>in subparagraph (A), by striking <quote>, in coordination with the appropriate primary financial regulatory agencies and the Federal Insurance Office,</quote>;</text>
</subclause><subclause id="HCCED6DD7B7E84CDA950E482C0DECAF64"><enum>(II)</enum><text>in subparagraph (B)—</text> <item id="H4ACC4CFA7E934ED88A890DD94CA3BCD0"><enum>(aa)</enum><text display-inline="yes-display-inline">by amending clause (i) to read as follows:</text>
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<clause id="H923AFABD4F24409990455DDB264399F2"><enum>(i)</enum><text display-inline="yes-display-inline">shall—</text> <subclause id="H9C6BBE3DE93D440DB83DEA5E8111A6FB"><enum>(I)</enum><text display-inline="yes-display-inline">issue regulations, after providing for public notice and comment, that provide for at least 3 different sets of conditions under which the evaluation required by this subsection shall be conducted, including baseline, adverse, and severely adverse, and methodologies, including models used to estimate losses on certain assets, and the Board of Governors shall not carry out any such evaluation until 60 days after such regulations are issued; and</text>
</subclause><subclause id="H544456C206BC4098824B0BD917B38462"><enum>(II)</enum><text>provide copies of such regulations to the Comptroller General of the United States and the Panel of Economic Advisors of the Congressional Budget Office before publishing such regulations;</text></subclause></clause><after-quoted-block>;</after-quoted-block></quoted-block>
</item><item id="H369CE137F32C491C92140C47FE7F5206"><enum>(bb)</enum><text>in clause (ii), by striking <quote>and nonbank financial companies</quote>;</text> </item><item id="H9DEEB87DD3634066A0A86795F8E584A9"><enum>(cc)</enum><text>in clause (iv), by striking <quote>and</quote> at the end;</text>
</item><item id="H2D8D201F58934E4185EDEF4708F08128"><enum>(dd)</enum><text display-inline="yes-display-inline">in clause (v), by striking the period and inserting the following: <quote>, including any results of a resubmitted test;</quote>; and</text> </item><item id="H59D7D18D9E64484DAFF4BBC59C39342A"><enum>(ee)</enum><text>by adding at the end the following:</text>
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<clause id="H4729046460C94F84999757ACF93DED7D"><enum>(vi)</enum><text display-inline="yes-display-inline">shall, in establishing the severely adverse condition under clause (i), provide detailed consideration of the model’s effects on financial stability and the cost and availability of credit;</text>
</clause><clause id="HBD0551CDE6874929B0D62903CA29B236"><enum>(vii)</enum><text>shall, in developing the models and methodologies and providing them for notice and comment under this subparagraph, publish a process to test the models and methodologies for their potential to magnify systemic and institutional risks instead of facilitating increased resiliency;</text>
</clause><clause id="H86288FB02E4B41AFB75D3AD849705EC8"><enum>(viii)</enum><text>shall design and publish a process to test and document the sensitivity and uncertainty associated with the model system’s data quality, specifications, and assumptions; and</text>
</clause><clause id="H07A20E2C004B4F31890DCA006AE7FD97"><enum>(ix)</enum><text>shall communicate the range and sources of uncertainty surrounding the models and methodologies.</text></clause><after-quoted-block>; and</after-quoted-block></quoted-block> </item></subclause><subclause id="HB0663F07AE874F89926AE6D5F3913B4C"><enum>(III)</enum><text>by adding at the end the following:</text>
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<subparagraph id="H145C635E7535433A9D4371C91F56761D"><enum>(C)</enum><header>CCAR requirements</header>
<clause id="HD538CB60DC1241A0B6A357AA402AE2F9"><enum>(i)</enum><header>Parameters and consequences applicable to CCAR</header><text>The requirements of subparagraph (B) shall apply to CCAR.</text> </clause><clause id="HCE0CDEC40B5F4CEB9DD3327CA211E4DF"><enum>(ii)</enum><header>Two-year limitation</header><text>The Board of Governors may not subject a company to CCAR more than once every two years.</text>
</clause><clause id="H2B157256F6784D4B883AD65A8B1A8A26"><enum>(iii)</enum><header>Mid-cycle resubmission</header><text display-inline="yes-display-inline">If a company receives a quantitative objection to, or otherwise desires to amend the company’s capital plan, the company may file a new streamlined plan at any time after a capital planning exercise has been completed and before a subsequent capital planning exercise.</text>
</clause><clause id="HB7DEC6C06C7241E996A7F754A08BB87A"><enum>(iv)</enum><header>Limitation on qualitative capital planning objections</header><text display-inline="yes-display-inline">In carrying out CCAR, the Board of Governors may not object to a company’s capital plan on the basis of qualitative deficiencies in the company’s capital planning process.</text>
</clause><clause id="HE5E2ED3CD731408B8474C091D4AB012F"><enum>(v)</enum><header>Company inquiries</header><text>The Board of Governors shall establish and publish procedures for responding to inquiries from companies subject to CCAR, including establishing the time frame in which such responses will be made, and make such procedures publicly available.</text>
</clause><clause id="HB03169DB2AB24CBAB3977AAE031CFCAD"><enum>(vi)</enum><header>CCAR defined</header><text>For purposes of this subparagraph and subparagraph (E), the term <term>CCAR</term> means the Comprehensive Capital Analysis and Review established by the Board of Governors.</text></clause></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block> </subclause></clause><clause id="H1DF64D085551491F8C9E78782C92CF17"><enum>(ii)</enum><text display-inline="yes-display-inline">in paragraph (2)—</text>
<subclause id="H9175FACF94934012A6D062A658A90274"><enum>(I)</enum><text>in subparagraph (A)—</text> <item id="H8A9F5C1CBF4B4D8785E4D780B6847A7F"><enum>(aa)</enum><text>by striking <quote>a bank holding company</quote> and inserting <quote>bank holding company</quote>;</text>
</item><item id="H564B478CA28447288FD4FDB7494ADBCD"><enum>(bb)</enum><text>by striking <quote>semiannual</quote> and inserting <quote>annual</quote>;</text> </item><item id="H7C4C1E9FC5E647A58533E132CB445882"><enum>(cc)</enum><text>by striking <quote>All other financial companies</quote> and inserting <quote>All other bank holding companies</quote>; and</text>
</item><item id="HA21FA4D5D3614B609C0C382E65A2881C"><enum>(dd)</enum><text>by striking <quote>and are regulated by a primary Federal financial regulatory agency</quote>;</text> </item></subclause><subclause id="HEC947BA541DE4AFB8F5AD167751FC688"><enum>(II)</enum><text>in subparagraph (B)—</text>
<item id="H6D310FF79FB14ED690D6911621CD4211"><enum>(aa)</enum><text>by striking <quote>and to its primary financial regulatory agency</quote>; and</text> </item><item id="HAB40287F369F4BDD9F70D647D75B0C4A"><enum>(bb)</enum><text>by striking <quote>primary financial regulatory agency</quote> the second time it appears and inserting <quote>Board of Governors</quote>; and</text>
</item></subclause><subclause id="HD8A79B09A99A410E879D023FF5D29873"><enum>(III)</enum><text>in subparagraph (C)—</text> <item id="H672EE0088CB4427288FA8B90663CA938"><enum>(aa)</enum><text>by striking <quote>Each Federal primary financial regulatory agency, in coordination with the Board of Governors and the Federal Insurance Office,</quote> and inserting <quote>The Board of Governors</quote>; and</text>
</item><item id="H611306B0AF8644A7B297FB8F6AFB991C"><enum>(bb)</enum><text display-inline="yes-display-inline">by striking <quote>consistent and comparable</quote>.</text> </item></subclause></clause></subparagraph><subparagraph id="H591D40254440482B807D1303B7554604"><enum>(K)</enum><text>in subsection (j)—</text>
<clause id="HA37FD4BEB45840E6B3A08BA2ABBCB2E2"><enum>(i)</enum><text>in paragraph (1), by striking <quote>or a nonbank financial company supervised by the Board of Governors</quote>; and</text> </clause><clause id="HB8114BA6568348CDB7E64B65B4E25C77"><enum>(ii)</enum><text>in paragraph (2), by striking <quote>the factors described in subsections (a) and (b) of section 113 and any other</quote> and inserting <quote>any</quote>;</text>
</clause></subparagraph><subparagraph id="H9A8786B1841C48AE9B695BBE284481EB"><enum>(L)</enum><text>in subsection (k)(1), by striking <quote>or nonbank financial company supervised by the Board of Governors</quote>; and</text> </subparagraph><subparagraph id="HC089565B601A4ABD9EC45C5A6CF972BC"><enum>(M)</enum><text>by adding at the end the following:</text>
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<subsection id="HA03DD1B0B98B423DBE86BBDA77621343"><enum>(l)</enum><header>Exemption for qualifying banking organizations</header><text display-inline="yes-display-inline">This section shall not apply to a proposed acquisition by a qualifying banking organization, as defined under section 605 of the Financial CHOICE Act of 2017.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="HA4E7CE86947F4455BBF44C03CC3F6FC9"><enum>(c)</enum><header>Treatment of other resolution plan requirements</header>
<paragraph id="HB0ACFC2B39744449AF107C4852CEA039"><enum>(1)</enum><header>In general</header><text>With respect to an appropriate Federal banking agency that requires a banking organization to submit to the agency a resolution plan not described under section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act—</text>
<subparagraph id="HE0CF0AA7914C4C5BA4C409F13934296B"><enum>(A)</enum><text>the agency shall comply with the requirements of paragraphs (3) and (4) of such section 165(d);</text> </subparagraph><subparagraph id="H80DD7A1217554E0E9DC1D797678588C0"><enum>(B)</enum><text display-inline="yes-display-inline">the agency may not require the submission of such a resolution plan more often than every 2 years; and</text>
</subparagraph><subparagraph id="H77C38F77A6E3417585036FC671BC1765"><enum>(C)</enum><text>paragraphs (6) and (7) of such section 165(d) shall apply to such a resolution plan.</text> </subparagraph></paragraph><paragraph id="H90DB34479D254F90B44D7CA9AD2B50D7"><enum>(2)</enum><header>Definitions</header><text>For purposes of this subsection, the terms <term>appropriate Federal banking agency</term> and <term>banking organization</term> have the meaning given those terms, respectively, under section 105.</text>
</paragraph></subsection><subsection id="H6FB9989664E44901BCF338257B43218D"><enum>(d)</enum><header>Actions to create a bank holding company</header><text display-inline="yes-display-inline">Section 3(b)(1) of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1842">12 U.S.C. 1842(b)(1)</external-xref>) is amended—</text> <paragraph id="H82BA77DD1CF24B37BDF99C19F984C743"><enum>(1)</enum><text>by striking <quote>Upon receiving</quote> and inserting the following:</text>
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<subparagraph id="H75C0BCBA6F0F4EB5B2D974F39D382B1A"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Upon receiving</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph><paragraph id="H7259E4B937B34CDDA0C54441BD3CF2E0"><enum>(2)</enum><text>by striking <quote>Notwithstanding any other provision</quote> and inserting the following:</text>
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<subparagraph id="H860A4964A8E14BE190DC06428682BFB9"><enum>(B)</enum><header>Immediate action</header>
<clause id="H0791C36F15984FDFA9F9ECDDB236ED02"><enum>(i)</enum><header>In general</header><text>Notwithstanding any other provision</text></clause></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="H15D62626B4434933909173566F86F125"><enum>(3)</enum><text>by adding at the end the following:</text>
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<clause id="HD49485DC2C4A48A5A46E7C95F0BC7A3B"><enum>(ii)</enum><header>Exception</header><text display-inline="yes-display-inline">The Board may not take any action pursuant to clause (i) on an application that would cause any company to become a bank holding company unless such application involves the company acquiring a bank that is critically undercapitalized (as such term is defined under section 38(b) of the Federal Deposit Insurance Act).</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H2944567267164BBA94A20A07C11CE786"><enum>(e)</enum><header>Concentration limits applied only to banking organizations</header><text display-inline="yes-display-inline">Section 14 of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1852">12 U.S.C. 1852</external-xref>) is amended—</text> <paragraph id="HA0E3296E413F450D87A92637DCFAC987"><enum>(1)</enum><text>by striking <quote>financial company</quote> each place such term appears and inserting <quote>banking organization</quote>;</text>
</paragraph><paragraph id="H9F02294CED6A435083C88C66558727DC"><enum>(2)</enum><text>in subsection (a)—</text> <subparagraph id="H06F66E330B004985B7DB6BD830ECCC39"><enum>(A)</enum><text>by amending paragraph (2) to read as follows:</text>
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<paragraph id="H25358D54D44B4268A928575D35ACEDE4"><enum>(2)</enum><text display-inline="yes-display-inline">the term <term>banking organization</term> means—</text> <subparagraph id="H32009CA059974E7E8EEB347DEB4D24B8"><enum>(A)</enum><text>an insured depository institution;</text>
</subparagraph><subparagraph id="HC287706DBC004B9786DB9FF824FA3F91"><enum>(B)</enum><text>a bank holding company;</text> </subparagraph><subparagraph id="H31B8AFADE7A7470BA54A20AC3FE8B3E5"><enum>(C)</enum><text>a savings and loan holding company;</text>
</subparagraph><subparagraph id="H4844F1878B6F4A77A824AD4632541207"><enum>(D)</enum><text>a company that controls an insured depository institution; and</text> </subparagraph><subparagraph id="H6671A005E9924B38910E7BA4F9B71E21"><enum>(E)</enum><text>a foreign bank or company that is treated as a bank holding company for purposes of this Act; and</text></subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HF9B9C4F0588C46E1A741132E11272A8B"><enum>(B)</enum><text>in paragraph (3)—</text> <clause id="H093BF4BE11494D19AB3E4A65F2D29195"><enum>(i)</enum><text>in subparagraph (A)(ii), by adding <quote>and</quote> at the end;</text>
</clause><clause id="HBD67CC986D79451DB9820B9074FEA85E"><enum>(ii)</enum><text>in subparagraph (B)(ii), by striking <quote>; and</quote> and inserting a period; and</text> </clause><clause id="HAE51BC15A075463C907527506FB61259"><enum>(iii)</enum><text>by striking subparagraph (C); and</text>
</clause></subparagraph></paragraph><paragraph id="HEC878F6C751A46E1A5C02DF83D7C56D8"><enum>(3)</enum><text>in subsection (b), by striking <quote>financial companies</quote> and inserting <quote>banking organizations</quote>.</text> </paragraph></subsection><subsection id="H454A09FB38FF437C840A18C4CC729DD1"><enum>(f)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 3502(5) of title 44, United States Code, is amended by striking <quote>the Office of Financial Research,</quote>.</text>
</subsection><subsection id="H1498FEE05D9D41C1B42AC78DB7B48263"><enum>(g)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to subtitle B of title I and 113, 114, 115, 116, 117, 119, 120, 121, 161, 162, 164, 166, 167, 168, 170, 172, 174, and 175.</text>
</subsection></section><section display-inline="no-display-inline" id="H0DC3A491F56246D89EB9D8E33144040F" section-type="subsequent-section"><enum>152.</enum><header>Operational risk capital requirements for banking organizations</header>
<subsection id="H07CCF2F55DB54573B889261B0F33C0AB"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">An appropriate Federal banking agency may not establish an operational risk capital requirement for banking organizations, unless such requirement—</text>
<paragraph id="H411DF87C8B6B49CEA725983087551E94"><enum>(1)</enum><text>is based on the risks posed by a banking organization’s current activities and businesses;</text> </paragraph><paragraph id="H63519F4E27464F20BE51C0A4AADBF4F7"><enum>(2)</enum><text>is appropriately sensitive to the risks posed by such current activities and businesses;</text>
</paragraph><paragraph id="HA175BA582AAA4C969DF9D7AE0EE7D22A"><enum>(3)</enum><text>is determined under a forward-looking assessment of potential losses that may arise out of a banking organization’s current activities and businesses, which is not solely based on a banking organization’s historical losses; and</text>
</paragraph><paragraph id="HACAA6F1925FE49F8A0C718CB81C06CE5"><enum>(4)</enum><text>permits adjustments based on qualifying operational risk mitigants.</text> </paragraph></subsection><subsection id="H5FC2B1074BC1483684F2C41EDDAE9297"><enum>(b)</enum><header>Definitions</header><text>For purposes of this section, the terms <term>appropriate Federal banking agency</term> and <term>banking organization</term> have the meaning given those terms, respectively, under section 605.</text>
</subsection></section></subtitle><enum>II</enum><header>Demanding Accountability from Wall Street</header>
<subtitle id="HF2B2368021784DE29CB42BC3DA8D7AFA"><enum>A</enum><header>SEC Penalties Modernization</header>
<section id="H49FEE6FBCBB44FC395C416466B259E91"><enum>211.</enum><header>Enhancement of civil penalties for securities laws violations</header>
<subsection id="H3B045A2D93AA4FB7B851014B93765EBC"><enum>(a)</enum><header>Updated civil money penalties</header>
<paragraph id="HF81ABE042940436CA8962822645A9E9B"><enum>(1)</enum><header>Securities Act of 1933</header>
<subparagraph id="H9B63D3455B9A4742B3F94010F50A0121"><enum>(A)</enum><header>Money penalties in administrative actions</header><text>Section 8A(g)(2) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77h-1">15 U.S.C. 77h–1(g)(2)</external-xref>) is amended—</text> <clause id="H824CA16B420040EABD99D3835BE37D7F"><enum>(i)</enum><text>in subparagraph (A)—</text>
<subclause id="HF6A23213985C49BB957AF69143EB2FDD"><enum>(I)</enum><text>by striking <quote>$7,500</quote> and inserting <quote>$10,000</quote>; and</text> </subclause><subclause id="HE2CCC1A6DA524F20B364912D7357BA2C"><enum>(II)</enum><text>by striking <quote>$75,000</quote> and inserting <quote>$100,000</quote>;</text>
</subclause></clause><clause id="HCAB30FDA19C24B03B95A08951C1CAA11"><enum>(ii)</enum><text>in subparagraph (B)—</text> <subclause id="HFDD47201DC804352BEB0C17E35DD5207"><enum>(I)</enum><text>by striking <quote>$75,000</quote> and inserting <quote>$100,000</quote>; and</text>
</subclause><subclause id="H2F6CAF9244714CA590E402952B9B45A3"><enum>(II)</enum><text>by striking <quote>$375,000</quote> and inserting <quote>$500,000</quote>; and</text> </subclause></clause><clause id="HABC0C74374214DDD97C4A0ACF180B43D"><enum>(iii)</enum><text>by striking subparagraph (C) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H14391E554AE141C7B144DE4ECE05C0CE" reported-display-style="italic" style="OLC">
<subparagraph commented="no" id="H364A737D9F8A45A0A29E8B04FEE7D80D"><enum>(C)</enum><header>Third tier</header>
<clause commented="no" id="H5F430906DF7A447D8C33CCEB91AE7540"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such act or omission shall not exceed the amount specified in clause (ii) if—</text>
<subclause commented="no" id="H5DFFE55F56C540AF9EF17649377D57CF"><enum>(I)</enum><text>the act or omission described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</subclause><subclause commented="no" id="H35DB7D3BA5C943B2AC358F17CB6CF52C"><enum>(II)</enum><text>such act or omission directly or indirectly resulted in—</text> <item commented="no" id="H53EFB0F6B9484592B20E93AE254BBBA7"><enum>(aa)</enum><text>substantial losses or created a significant risk of substantial losses to other persons; or</text>
</item><item commented="no" id="H54BAB828AD294BCAB4AB69794D50F9DE"><enum>(bb)</enum><text>substantial pecuniary gain to the person who committed the act or omission.</text> </item></subclause></clause><clause commented="no" id="HA0D3944832B24C7399A012250D8A79D1"><enum>(ii)</enum><header>Maximum amount of penalty</header><text>The amount referred to in clause (i) is the greatest of—</text>
<subclause commented="no" id="H02D7DCF57BFF4AC0A99D897C3356E9F9"><enum>(I)</enum><text>$300,000 for a natural person or $1,450,000 for any other person;</text> </subclause><subclause commented="no" id="H1689302FE9614C5A87818CF3ADA388D8"><enum>(II)</enum><text>3 times the gross amount of pecuniary gain to the person who committed the act or omission; or</text>
</subclause><subclause commented="no" id="H7E5CB5712DAB4535AC8AA656EAFFFBC4"><enum>(III)</enum><text>the amount of losses incurred by victims as a result of the act or omission.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </clause></subparagraph><subparagraph id="H20F2CC1E655448C79F6869042206269F"><enum>(B)</enum><header>Money penalties in civil actions</header><text>Section 20(d)(2) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77t">15 U.S.C. 77t(d)(2)</external-xref>) is amended—</text>
<clause id="H3E0898A44BD545C98A2FB26EC6164E66"><enum>(i)</enum><text>in subparagraph (A)—</text> <subclause id="HC2F310635CD0401DBF634F7852CA6AF1"><enum>(I)</enum><text>by striking <quote>$5,000</quote> and inserting <quote>$10,000</quote>; and</text>
</subclause><subclause id="H3E5DCE52F83C42D8BA0FA6FE3F472DA6"><enum>(II)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>;</text> </subclause></clause><clause id="H026FE3654601430791CE33DAE0D6EE7E"><enum>(ii)</enum><text>in subparagraph (B)—</text>
<subclause id="H16B98A9F630146769C9B11F00AF13E85"><enum>(I)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>; and</text> </subclause><subclause id="H50C6D206DE154E48927A0D3E9CB6E233"><enum>(II)</enum><text>by striking <quote>$250,000</quote> and inserting <quote>$500,000</quote>; and</text>
</subclause></clause><clause commented="no" id="HB34F55ED92A642A2950428AC71D3C6AA"><enum>(iii)</enum><text>by striking subparagraph (C) and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H888A3823799C4BBCB85590D16BFD552F" reported-display-style="italic" style="OLC"> <subparagraph commented="no" id="HB05EACFDBAB34B2080C70C8E1B223B9E"><enum>(C)</enum><header>Third tier</header> <clause commented="no" id="H40D993B96FDA4CC2843EF49FFD2A1984"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the amount specified in clause (ii) if—</text>
<subclause commented="no" id="H71BA23C0E55A4E1EA54DE029327E4632"><enum>(I)</enum><text display-inline="yes-display-inline">the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</subclause><subclause commented="no" id="HA73A771294E641A4887B3C7CF096D97E"><enum>(II)</enum><text display-inline="yes-display-inline">such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.</text>
</subclause></clause><clause commented="no" id="HE71BBD564F2B4FAE8F9847BC51C4BFA4"><enum>(ii)</enum><header>Maximum amount of penalty</header><text>The amount referred to in clause (i) is the greatest of—</text> <subclause commented="no" id="H9D2BCAA7960B4630843E8E29AB0FF88A"><enum>(I)</enum><text display-inline="yes-display-inline">$300,000 for a natural person or $1,450,000 for any other person;</text>
</subclause><subclause commented="no" id="H637688FA105547D9AB8D470204ABA3A3"><enum>(II)</enum><text>3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or</text> </subclause><subclause commented="no" id="HDC157CA711104B58AB6D929B33B10AE8"><enum>(III)</enum><text>the amount of losses incurred by victims as a result of the violation.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph id="HC86A6040DD1E4FEB9C846561D333205C"><enum>(2)</enum><header>Securities Exchange Act of 1934</header>
<subparagraph id="H34234E69C07F4EEC9F918686F44D4D11"><enum>(A)</enum><header>Money penalties in civil actions</header><text>Section 21(d)(3)(B) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u">15 U.S.C. 78u(d)(3)(B)</external-xref>) is amended—</text> <clause id="HD5FA249C3DB34C5BA64C04696AE03AF6"><enum>(i)</enum><text>in clause (i)—</text>
<subclause id="HBEBCB59EF58D4E5885D3F25EA74C1F9D"><enum>(I)</enum><text>by striking <quote>$5,000</quote> and inserting <quote>$10,000</quote>; and</text> </subclause><subclause id="H79DDBA0EA04344C1813E6AE40FDE4B1C"><enum>(II)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>;</text>
</subclause></clause><clause id="HC75F08FAC23342CD91150AF50D42CED3"><enum>(ii)</enum><text>in clause (ii)—</text> <subclause id="HA9CD29359FE64EB2A50595E655D48F95"><enum>(I)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>; and</text>
</subclause><subclause id="H675CFAC312FB406CAEC54C9A3BA4A395"><enum>(II)</enum><text>by striking <quote>$250,000</quote> and inserting <quote>$500,000</quote>; and</text> </subclause></clause><clause commented="no" id="H1A25F07D28F74450AFC9DD6AC8C6976D"><enum>(iii)</enum><text>by striking clause (iii) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HD2763006DD1840C08A7701FD475E2B3C" reported-display-style="italic" style="OLC">
<clause commented="no" id="HE0966D1D8FA14D218177F2E2F6A650FC" indent="up1"><enum>(iii)</enum><header>Third tier</header>
<subclause commented="no" id="H4612EAE2C6694E7EA8B32AF4846A37D2"><enum>(I)</enum><header>In general</header><text>Notwithstanding clauses (i) and (ii), the amount of penalty for each such violation shall not exceed the amount specified in subclause (II) if—</text>
<item commented="no" id="H8C53921E3D074C6FB044892CF208940B"><enum>(aa)</enum><text display-inline="yes-display-inline">the violation described in subparagraph (A) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</item><item commented="no" id="H5EB62E66BEAE4F748BD8CD0902B102F1"><enum>(bb)</enum><text display-inline="yes-display-inline">such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.</text>
</item></subclause><subclause commented="no" id="H5990CE032ED7493383D28F3C2E51267F"><enum>(II)</enum><header>Maximum amount of penalty</header><text>The amount referred to in subclause (I) is the greatest of—</text> <item commented="no" id="H1451DCD29A974E91B9E766BC3A2CD744"><enum>(aa)</enum><text display-inline="yes-display-inline">$300,000 for a natural person or $1,450,000 for any other person;</text>
</item><item commented="no" id="HB73E03D195A0403697C0527350BB5FBA"><enum>(bb)</enum><text>3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or</text> </item><item commented="no" id="H1958BFFE257640F59E3F3D5EFE553808"><enum>(cc)</enum><text>the amount of losses incurred by victims as a result of the violation.</text></item></subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="H8CB640294A7245A2A9C0EF58F627D1CE"><enum>(B)</enum><header>Money penalties in administrative actions</header><text>Section 21B(b) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u-2">15 U.S.C. 78u–2(b)</external-xref>) is amended—</text> <clause id="HD2D3BB1BDBF349D1BF732200BCC606E9"><enum>(i)</enum><text>in paragraph (1)—</text>
<subclause id="H4BCB315A38B442D7ACCB84FA183D941A"><enum>(I)</enum><text>by striking <quote>$5,000</quote> and inserting <quote>$10,000</quote>; and</text> </subclause><subclause id="HC5F9B0EEE76447AC959443449B65E3F1"><enum>(II)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>;</text>
</subclause></clause><clause id="H09D7AFBBE9CD402BBCFCEB8A2E55DC4C"><enum>(ii)</enum><text>in paragraph (2)—</text> <subclause id="H93324C89696E4C429AD941DA420FFE02"><enum>(I)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>; and</text>
</subclause><subclause id="H68362E2D78F74543919F633C84BF329E"><enum>(II)</enum><text>by striking <quote>$250,000</quote> and inserting <quote>$500,000</quote>; and</text> </subclause></clause><clause id="H256BEDF56F3149BBAC3F7142EB2C6D88"><enum>(iii)</enum><text>by striking paragraph (3) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H1E1254EDF2A24A2BB36E979425D098B0" reported-display-style="italic" style="OLC">
<paragraph commented="no" id="H700E57F3A2C348EDB230360E7A542C43"><enum>(3)</enum><header>Third tier</header>
<subparagraph commented="no" id="H408EAF7DCE3446C79148687345480DA9"><enum>(A)</enum><header>In general</header><text>Notwithstanding paragraphs (1) and (2), the amount of penalty for each such act or omission shall not exceed the amount specified in subparagraph (B) if—</text>
<clause commented="no" id="H998AEEE4C15948E9AC5C31D028B23B50"><enum>(i)</enum><text>the act or omission described in subsection (a) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</clause><clause commented="no" id="H72BC7055F89E4A4BADBF00B1F895D696"><enum>(ii)</enum><text>such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission.</text>
</clause></subparagraph><subparagraph commented="no" id="HBCB3B14379E1471394B1D3A329FAA2FC"><enum>(B)</enum><header>Maximum amount of penalty</header><text>The amount referred to in subparagraph (A) is the greatest of—</text> <clause commented="no" id="HAEAEF22D292C498B94F44C3CD5AC7906"><enum>(i)</enum><text display-inline="yes-display-inline">$300,000 for a natural person or $1,450,000 for any other person;</text>
</clause><clause commented="no" id="H16172BB4DA804B9F989F4AF018494447"><enum>(ii)</enum><text>3 times the gross amount of pecuniary gain to the person who committed the act or omission; or</text> </clause><clause commented="no" id="HAF6895E5FC414E2EA26601DD30C2842B"><enum>(iii)</enum><text>the amount of losses incurred by victims as a result of the act or omission.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph id="H1D9F24F881AD4520BA07A582C726AE67"><enum>(3)</enum><header>Investment Company Act of 1940</header>
<subparagraph id="HD22A35F38B164AC3A82F40274E1A6407"><enum>(A)</enum><header>Money penalties in administrative actions</header><text>Section 9(d)(2) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-9">15 U.S.C. 80a–9(d)(2)</external-xref>) is amended—</text> <clause id="H0A0D23999C3745469830B5B03780F0CF"><enum>(i)</enum><text>in subparagraph (A)—</text>
<subclause id="HD817DEA6BD31486AA4E13B97AC0E0B36"><enum>(I)</enum><text>by striking <quote>$5,000</quote> and inserting <quote>$10,000</quote>; and</text> </subclause><subclause id="HE57A77E123144E838346580FE60A35ED"><enum>(II)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>;</text>
</subclause></clause><clause id="H62C7736F5CE741D88E0D71B08582EF27"><enum>(ii)</enum><text>in subparagraph (B)—</text> <subclause id="HF9596F8CC5F841B58A803EEF6D3E04E4"><enum>(I)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>; and</text>
</subclause><subclause id="HBF3E4ECD80EE49DFAC68757EC9E1471F"><enum>(II)</enum><text>by striking <quote>$250,000</quote> and inserting <quote>$500,000</quote>; and</text> </subclause></clause><clause id="H50E55024B8CB4760BCCB327E927AEF23"><enum>(iii)</enum><text>by striking subparagraph (C) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB2AE2B6BD87546F2B4E3A47EBCBB211D" reported-display-style="italic" style="OLC">
<subparagraph commented="no" id="H4E25685F6F2142F1B0F3F36848D6E1AF"><enum>(C)</enum><header>Third tier</header>
<clause commented="no" id="H4E69FBADD4D147609606FF21B700BE17"><enum>(i)</enum><header>In general</header><text>Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such act or omission shall not exceed the amount specified in clause (ii) if—</text>
<subclause commented="no" id="HDE93D9E2526D42CC8B412A2131276E2B"><enum>(I)</enum><text>the act or omission described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</subclause><subclause commented="no" id="H5173F40CE2F14CAB8EFB8FB11760E05D"><enum>(II)</enum><text>such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission.</text>
</subclause></clause><clause commented="no" id="H0AA56317828F4DC8A57EA6F4692EBA60"><enum>(ii)</enum><header>Maximum amount of penalty</header><text>The amount referred to in clause (i) is the greatest of—</text> <subclause commented="no" id="H0AE76F512DB74017A888A3BDC2559EC7"><enum>(I)</enum><text display-inline="yes-display-inline">$300,000 for a natural person or $1,450,000 for any other person;</text>
</subclause><subclause commented="no" id="H5214A016D63047C4B529F89035ED2601"><enum>(II)</enum><text>3 times the gross amount of pecuniary gain to the person who committed the act or omission; or</text> </subclause><subclause commented="no" id="H8BAD9D0C29174323BFC1CC7123CFCB9C"><enum>(III)</enum><text display-inline="yes-display-inline">the amount of losses incurred by victims as a result of the act or omission.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="HB7DFF37A33F049EB817F58973298F6F1"><enum>(B)</enum><header>Money penalties in civil actions</header><text>Section 42(e)(2) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-41">15 U.S.C. 80a–41(e)(2)</external-xref>) is amended—</text> <clause id="H9E4A32634AF848A8AD2C4E04D3AACB58"><enum>(i)</enum><text>in subparagraph (A)—</text>
<subclause id="HDB3FEE66C6234DB7B6057C34CA3CEB51"><enum>(I)</enum><text>by striking <quote>$5,000</quote> and inserting <quote>$10,000</quote>; and</text> </subclause><subclause id="HCCBF99133FFE44DE863FEA0F050EFAE2"><enum>(II)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>;</text>
</subclause></clause><clause id="HFD46CA35028440A686DD1B69E8E8C79E"><enum>(ii)</enum><text>in subparagraph (B)—</text> <subclause id="H0C495DFAEBF14DF29B461ADAC07E50AE"><enum>(I)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>; and</text>
</subclause><subclause id="H896F0390A6D747E6A4909B4B46A4B619"><enum>(II)</enum><text>by striking <quote>$250,000</quote> and inserting <quote>$500,000</quote>; and</text> </subclause></clause><clause commented="no" id="HF067C7FFAC62468AA4E8408E46FA010E"><enum>(iii)</enum><text>by striking subparagraph (C) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF69F18CAE33A42D6B228F03D923A5523" reported-display-style="italic" style="OLC">
<subparagraph commented="no" id="H44289E2499544267A17FC0A23D0E5A2F"><enum>(C)</enum><header>Third tier</header>
<clause commented="no" id="HE8856622DA9C4F95A2C799A78121A6A4"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the amount specified in clause (ii) if—</text>
<subclause commented="no" id="HFEA1D5D066994D4EB0AB78CE5A6A0712"><enum>(I)</enum><text display-inline="yes-display-inline">the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</subclause><subclause commented="no" id="H86626715F25D4118B03ECF8D89931BC0"><enum>(II)</enum><text display-inline="yes-display-inline">such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.</text>
</subclause></clause><clause commented="no" id="H39A452F682014A78B7267D12CE78C636"><enum>(ii)</enum><header>Maximum amount of penalty</header><text>The amount referred to in clause (i) is the greatest of—</text> <subclause commented="no" id="HD3F066685E4940958F13FEC33CF5B915"><enum>(I)</enum><text display-inline="yes-display-inline">$300,000 for a natural person or $1,450,000 for any other person;</text>
</subclause><subclause commented="no" id="H5194E21610E94AFFB27A68BD8730FE11"><enum>(II)</enum><text>3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or</text> </subclause><subclause commented="no" id="H1C87FC35A5E847188904575E3CDFDD70"><enum>(III)</enum><text>the amount of losses incurred by victims as a result of the violation.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph id="H904EC1A9F690437288AFD8AB31074EAF"><enum>(4)</enum><header>Investment Advisers Act of 1940</header>
<subparagraph id="H265CB4FE00D64EB497D103319397AF68"><enum>(A)</enum><header>Money penalties in administrative actions</header><text>Section 203(i)(2) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-3">15 U.S.C. 80b–3(i)(2)</external-xref>) is amended—</text> <clause id="H3A12687FB5824D4EA1292CB9209E4DE0"><enum>(i)</enum><text>in subparagraph (A)—</text>
<subclause id="H427E6709AF4D441BAE45EA8934BE5DD2"><enum>(I)</enum><text>by striking <quote>$5,000</quote> and inserting <quote>$10,000</quote>; and</text> </subclause><subclause id="H309C2FC566614FD8880C8C1665A32777"><enum>(II)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>;</text>
</subclause></clause><clause id="H267FC126C236441BB47A62F91E995691"><enum>(ii)</enum><text>in subparagraph (B)—</text> <subclause id="HE842168ECD29464587D1424AD3F0F307"><enum>(I)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>; and</text>
</subclause><subclause id="HCBB7DFDA17C9415F898E4C22B71BE34C"><enum>(II)</enum><text>by striking <quote>$250,000</quote> and inserting <quote>$500,000</quote>; and</text> </subclause></clause><clause id="H4DD6083189494402A0AC5701A9C4B7D1"><enum>(iii)</enum><text>by striking subparagraph (C) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HFEAA3AD055244D99B1AA54EADE7E605F" reported-display-style="italic" style="OLC">
<subparagraph commented="no" id="H97DEC60686384A30840CCBC5C2900F9D"><enum>(C)</enum><header>Third tier</header>
<clause commented="no" id="HA516821AEE09422F919806CE831C623B"><enum>(i)</enum><header>In general</header><text>Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such act or omission shall not exceed the amount specified in clause (ii) if—</text>
<subclause commented="no" id="H5692C8E713F848609AB70B27E50E187D"><enum>(I)</enum><text>the act or omission described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</subclause><subclause commented="no" id="H480DC07CF88E40FEA86E212D49AE1EB0"><enum>(II)</enum><text>such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission.</text>
</subclause></clause><clause commented="no" id="HA075C51636654F30BEC2E5878AAB1542"><enum>(ii)</enum><header>Maximum amount of penalty</header><text>The amount referred to in clause (i) is the greatest of—</text> <subclause commented="no" id="H86EA2900F0E4462A991EDDEEE1F33072"><enum>(I)</enum><text display-inline="yes-display-inline">$300,000 for a natural person or $1,450,000 for any other person;</text>
</subclause><subclause commented="no" id="HDB5197788B6248469C25764A77F669BF"><enum>(II)</enum><text>3 times the gross amount of pecuniary gain to the person who committed the act or omission; or</text> </subclause><subclause commented="no" id="H9408AA6F40E94F7691F58C973F014361"><enum>(III)</enum><text>the amount of losses incurred by victims as a result of the act or omission.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="HEDE3C1F6CE094ECF96FF3C6B655C0519"><enum>(B)</enum><header>Money penalties in civil actions</header><text>Section 209(e)(2) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-9">15 U.S.C. 80b–9(e)(2)</external-xref>) is amended—</text> <clause id="HE8D280D7E1AD43F8A368C9EA3CAFC7E0"><enum>(i)</enum><text>in subparagraph (A)—</text>
<subclause id="HD2EC3BE34A4549BD92C1A5F4EEB5EF2F"><enum>(I)</enum><text>by striking <quote>$5,000</quote> and inserting <quote>$10,000</quote>; and</text> </subclause><subclause id="H976867EAC38D405E826C28CAB258C883"><enum>(II)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>;</text>
</subclause></clause><clause id="H00FAEC9A0E7540D0972E78DD897CF396"><enum>(ii)</enum><text>in subparagraph (B)—</text> <subclause id="H930C7166C6B54E1E837DEB22F793CDCF"><enum>(I)</enum><text>by striking <quote>$50,000</quote> and inserting <quote>$100,000</quote>; and</text>
</subclause><subclause id="HC27E5813AED74B3CA09B5F8EF3C89D66"><enum>(II)</enum><text>by striking <quote>$250,000</quote> and inserting <quote>$500,000</quote>; and</text> </subclause></clause><clause commented="no" id="HA6A3AABE22AA4C848BDDDF7625758CC1"><enum>(iii)</enum><text>by striking subparagraph (C) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H7C6EADBF077C431688C5E2F93F70CFD3" reported-display-style="italic" style="OLC">
<subparagraph commented="no" id="H533FAB4687B34A66B2718034E77A3768"><enum>(C)</enum><header>Third tier</header>
<clause commented="no" id="H94125C7463504E8AB146A601F4941E5F"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding subparagraphs (A) and (B), the amount of penalty for each such violation shall not exceed the amount specified in clause (ii) if—</text>
<subclause commented="no" id="H6C25773732534A03A25574F256D2C27F"><enum>(I)</enum><text display-inline="yes-display-inline">the violation described in paragraph (1) involved fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement; and</text>
</subclause><subclause commented="no" id="H8A5ACBC0D84F4DB8A94EAB115170E578"><enum>(II)</enum><text display-inline="yes-display-inline">such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons.</text>
</subclause></clause><clause commented="no" id="H5AF73AB4DEB84AB7A814F37C9A15A78C"><enum>(ii)</enum><header>Maximum amount of penalty</header><text>The amount referred to in clause (i) is the greatest of—</text> <subclause commented="no" id="H64F9CFD72FCF4E2AA393A8731066FB2E"><enum>(I)</enum><text display-inline="yes-display-inline">$300,000 for a natural person or $1,450,000 for any other person;</text>
</subclause><subclause commented="no" id="H53A9E2A8984B41798DD3BD0592482CD5"><enum>(II)</enum><text>3 times the gross amount of pecuniary gain to such defendant as a result of the violation; or</text> </subclause><subclause commented="no" id="H1B75089C4E724584A574AC389C93392F"><enum>(III)</enum><text>the amount of losses incurred by victims as a result of the violation.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph></subsection><subsection id="H83E389650B3E4A84A4901A3329CAD558"><enum>(b)</enum><header>Penalties for recidivists</header>
<paragraph id="H76E00B1D8FC84B7DA8BF9A7DDB72F992"><enum>(1)</enum><header>Securities Act of 1933</header>
<subparagraph id="H7498652440494043ABE458986DBC1089"><enum>(A)</enum><header>Money penalties in administrative actions</header><text>Section 8A(g)(2) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77h-1">15 U.S.C. 77h–1(g)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF41208A5127C44DDBF380A28AC48EBFF" reported-display-style="italic" style="OLC">
<subparagraph id="H370904FC13C142909DB1F1FDC54B1312"><enum>(D)</enum><header>Fourth tier</header><text>Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H33753AE3057C4306B258099E4DB5C1A9"><enum>(B)</enum><header>Money penalties in civil actions</header><text>Section 20(d)(2) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77t">15 U.S.C. 77t(d)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HC12A370520D645EC854727160FE5E8DC" reported-display-style="italic" style="OLC">
<subparagraph id="HA03E7C7CAEE54FE5B04C386D46BFAC0A"><enum>(D)</enum><header>Fourth tier</header><text>Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HEC3140E488314FA48108CF51A6E91855"><enum>(2)</enum><header>Securities Exchange Act of 1934</header>
<subparagraph id="HBDF8845EAAFF4617A455DF0B574E5AFA"><enum>(A)</enum><header>Money penalties in civil actions</header><text>Section 21(d)(3)(B) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u">15 U.S.C. 78u(d)(3)(B)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H0F07F19DE0884BCC921B522745E5E8BD" reported-display-style="italic" style="OLC">
<clause id="H9347D5C7493847119730EC44939D0409"><enum>(iv)</enum><header>Fourth tier</header><text>Notwithstanding clauses (i), (ii), and (iii), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such clauses if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H40EE51E68CCD4740B73B856A18F59C73"><enum>(B)</enum><header>Money penalties in administrative actions</header><text>Section 21B(b) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u-2">15 U.S.C. 78u–2(b)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HE170BA96D52242E2BA7F317017037061" reported-display-style="italic" style="OLC">
<paragraph id="H86D990721CD14C70A1A023F5AD1F91D1"><enum>(4)</enum><header>Fourth tier</header><text>Notwithstanding paragraphs (1), (2), and (3), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such paragraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H00D1CB8EACC34C62B579FA5703305933"><enum>(3)</enum><header>Investment Company Act of 1940</header>
<subparagraph id="H7B46569C66664C89AA589F52BCAABC1B"><enum>(A)</enum><header>Money penalties in administrative actions</header><text>Section 9(d)(2) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-9">15 U.S.C. 80a–9(d)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H98ED63DC61854D689D3A7ACECA4CFB55" reported-display-style="italic" style="OLC">
<subparagraph id="H20D59BD69D39453182A6FD98325E1F2A"><enum>(D)</enum><header>Fourth tier</header><text>Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H684024A891FB477FAC5B32B05E926E31"><enum>(B)</enum><header>Money penalties in civil actions</header><text>Section 42(e)(2) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-41">15 U.S.C. 80a–41(e)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H25E3040CC24A41D79C11415543960F30" reported-display-style="italic" style="OLC">
<subparagraph id="H165522EDE6FF47349410A9DA62FE23A6"><enum>(D)</enum><header>Fourth tier</header><text>Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H259D627A80D241F194217E78F9FD15AE"><enum>(4)</enum><header>Investment Advisers Act of 1940</header>
<subparagraph id="HEB80B4460CE94A38B7E832EBF3003611"><enum>(A)</enum><header>Money penalties in administrative actions</header><text>Section 203(i)(2) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-3">15 U.S.C. 80b–3(i)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HEFFC923B70D4438EAA89DC699EDA7DEC" reported-display-style="italic" style="OLC">
<subparagraph id="HFAF4DD9001934EF1B183FC0587FB358B"><enum>(D)</enum><header>Fourth tier</header><text>Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such act or omission shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such act or omission, the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that person.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H757BD069DAD44F4CA9628398039A1EE7"><enum>(B)</enum><header>Money penalties in civil actions</header><text display-inline="yes-display-inline">Section 209(e)(2) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-9">15 U.S.C. 80b–9(e)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H46AEEC0AF25B4ECFBE453A01AC7B2157" reported-display-style="italic" style="OLC">
<subparagraph id="HF8DD5085ABE24D8590E46F2FB9A0F150"><enum>(D)</enum><header>Fourth tier</header><text>Notwithstanding subparagraphs (A), (B), and (C), the maximum amount of penalty for each such violation shall be 3 times the otherwise applicable amount in such subparagraphs if, within the 5-year period preceding such violation, the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Commission action alleging fraud by that defendant.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="HDAEF1C66363740929E856E20E0706343"><enum>(c)</enum><header>Violations of injunctions and bars</header>
<paragraph id="H09C811833F6B405AAE772305C47CD211"><enum>(1)</enum><header>Securities Act of 1933</header><text>Section 20(d) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77t">15 U.S.C. 77t(d)</external-xref>) is amended—</text> <subparagraph id="H8CAF2E9692004F0F9568BCB43242B490"><enum>(A)</enum><text>in paragraph (1), by inserting after <quote>the rules or regulations thereunder,</quote> the following: <quote>a Federal court injunction or a bar obtained or entered by the Commission under this title,</quote>; and</text>
</subparagraph><subparagraph id="H5A7BE3DDA6064A1486EA3A9A3A403117"><enum>(B)</enum><text>by striking paragraph (4) and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H42B6D24CE1E54183AAB9D1C89D1EFCBB" reported-display-style="italic" style="OLC"> <paragraph id="HBAA120B05C434B09935B02F88D8E4261"><enum>(4)</enum><header>Special provisions relating to a violation of an injunction or certain orders</header> <subparagraph id="H9D597367E5204F7DBB7A1AB48D746C08"><enum>(A)</enum><header>In general</header><text>Each separate violation of an injunction or order described in subparagraph (B) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.</text>
</subparagraph><subparagraph id="H3DB9F47E882F46FCB0268992DAD65604"><enum>(B)</enum><header>Injunctions and orders</header><text>Subparagraph (A) shall apply with respect to any action to enforce—</text> <clause id="H778660A68BA2408082D2A556C18BCA86"><enum>(i)</enum><text>a Federal court injunction obtained pursuant to this title;</text>
</clause><clause id="H8BDBB33CBB55416E86A0AADE84B77E2B"><enum>(ii)</enum><text>an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or</text>
</clause><clause id="HD2A186C211A2428BAF6BECAE9B91F8B7"><enum>(iii)</enum><text>a cease-and-desist order entered by the Commission pursuant to section 8A.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subparagraph></paragraph><paragraph id="HCEB2B673A98946A58AEEFD45BEA18D6C"><enum>(2)</enum><header>Securities Exchange Act of 1934</header><text>Section 21(d)(3) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u">15 U.S.C. 78u(d)(3)</external-xref>) is amended—</text>
<subparagraph id="HACCF6F59CE374142BB5A1C3B5866904D"><enum>(A)</enum><text>in subparagraph (A), by inserting after <quote>the rules or regulations thereunder,</quote> the following: <quote>a Federal court injunction or a bar obtained or entered by the Commission under this title,</quote>; and</text> </subparagraph><subparagraph id="H02AEA97F21E24EAE943E89BC5A501AA2"><enum>(B)</enum><text>by striking subparagraph (D) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H52B9F251662440B5BC2AA8D2224F0649" reported-display-style="italic" style="OLC">
<subparagraph id="H727745A7FA524BDBB7548211667F2CE2" indent="up1"><enum>(D)</enum><header>Special provisions relating to a violation of an injunction or certain orders</header>
<clause id="HE851F106177D46BEB9748D2C83B4AE42"><enum>(i)</enum><header>In general</header><text>Each separate violation of an injunction or order described in clause (ii) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.</text>
</clause><clause id="HBB052F92D9704B568DD95FD18586D09C"><enum>(ii)</enum><header>Injunctions and orders</header><text>Clause (i) shall apply with respect to an action to enforce—</text> <subclause id="H20ECE5321E7844CE8E7C97DF17B087AD"><enum>(I)</enum><text>a Federal court injunction obtained pursuant to this title;</text>
</subclause><subclause id="H58548884140A48F8BDCBD93F31A0B898"><enum>(II)</enum><text>an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or</text>
</subclause><subclause id="H04D405EAB01D425BA03836A9FAFAA9DB"><enum>(III)</enum><text>a cease-and-desist order entered by the Commission pursuant to section 21C.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </subparagraph></paragraph><paragraph id="H6A90989BEBAB4297A11FB1784CBE1420"><enum>(3)</enum><header>Investment Company Act of 1940</header><text>Section 42(e) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-41">15 U.S.C. 80a–41(e)</external-xref>) is amended—</text>
<subparagraph id="HE9D98DF5E0754A5683042C7178FAB894"><enum>(A)</enum><text>in paragraph (1), by inserting after <quote>the rules or regulations thereunder,</quote> the following: <quote>a Federal court injunction or a bar obtained or entered by the Commission under this title,</quote>; and</text> </subparagraph><subparagraph id="H353B466F52F74ABF872E66C136918F91"><enum>(B)</enum><text>by striking paragraph (4) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H79049B9291C54783910D2021E996198C" reported-display-style="italic" style="OLC">
<paragraph id="H879F5B4EBAA64B84A93584650C61E9EF"><enum>(4)</enum><header>Special provisions relating to a violation of an injunction or certain orders</header>
<subparagraph id="HC83E8BAAB1BA423ABA8F63AA15A0ECE5"><enum>(A)</enum><header>In general</header><text>Each separate violation of an injunction or order described in subparagraph (B) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.</text>
</subparagraph><subparagraph id="H3E59A138898C4EBE88C94D5E5F07E61E"><enum>(B)</enum><header>Injunctions and orders</header><text>Subparagraph (A) shall apply with respect to any action to enforce—</text> <clause id="H1D553A56FA9A4C6D9EE391EA66F39EB3"><enum>(i)</enum><text>a Federal court injunction obtained pursuant to this title;</text>
</clause><clause id="H911EE5F3BC2A4595A1C75791653C4B06"><enum>(ii)</enum><text>an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or</text>
</clause><clause id="HC576050658394D8FB771F8A4562CDE9A"><enum>(iii)</enum><text>a cease-and-desist order entered by the Commission pursuant to section 9(f).</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subparagraph></paragraph><paragraph id="H5BF9EAEA4E7B40CDB345F2D041B558DE"><enum>(4)</enum><header>Investment Advisers Act of 1940</header><text>Section 209(e) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-9">15 U.S.C. 80b–9(e)</external-xref>) is amended—</text>
<subparagraph id="H1989C3100F104AE6864AFA9658AC8871"><enum>(A)</enum><text>in paragraph (1), by inserting after <quote>the rules or regulations thereunder,</quote> the following: <quote>a Federal court injunction or a bar obtained or entered by the Commission under this title,</quote>; and</text> </subparagraph><subparagraph id="H2BBE3C528E5F472C81A2333751BAFCC9"><enum>(B)</enum><text>by striking paragraph (4) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H106251C19CE64C03A50DB68DF34DF10C" reported-display-style="italic" style="OLC">
<paragraph id="HCDF705B7AE85497085A3D84A4BA85569"><enum>(4)</enum><header>Special provisions relating to a violation of an injunction or certain orders</header>
<subparagraph id="HBB0D3B198FDA45EFBFD1338F2C2C8257"><enum>(A)</enum><header>In general</header><text>Each separate violation of an injunction or order described in subparagraph (B) shall be a separate offense, except that in the case of a violation through a continuing failure to comply with such injunction or order, each day of the failure to comply with the injunction or order shall be deemed a separate offense.</text>
</subparagraph><subparagraph id="HEC1E5C69DDCA46C4ADAA2036722CAC4A"><enum>(B)</enum><header>Injunctions and orders</header><text>Subparagraph (A) shall apply with respect to any action to enforce—</text> <clause id="H52D27B62777743E0BDFDEF7B7FEBABC0"><enum>(i)</enum><text>a Federal court injunction obtained pursuant to this title;</text>
</clause><clause id="H9BE42C4690AC48619BB3D5AFE1AA95AB"><enum>(ii)</enum><text>an order entered or obtained by the Commission pursuant to this title that bars, suspends, places limitations on the activities or functions of, or prohibits the activities of, a person; or</text>
</clause><clause id="H24FA7A8B57E0420D9AA64BCF1D129620"><enum>(iii)</enum><text>a cease-and-desist order entered by the Commission pursuant to section 203(k).</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subparagraph></paragraph></subsection><subsection commented="no" id="H24EC0425CF0C4A29BF54F6C94E203287"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.</text>
</subsection></section><section id="H8E7E3581336941D7A0ADEF349FA6AB09"><enum>212.</enum><header>Updated civil money penalties of Public Company Accounting Oversight Board</header>
<subsection id="HA14E1FABCD9E4922AC2172216C0E8C8B"><enum>(a)</enum><header>In general</header><text>Section 105(c)(4)(D) of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7215">15 U.S.C. 7215(c)(4)(D)</external-xref>) is amended—</text> <paragraph id="H8C52C6855E42425F95568643565BF7E8"><enum>(1)</enum><text>in clause (i)—</text>
<subparagraph id="H7A99EAF482D04A86BC822528157F25D3"><enum>(A)</enum><text>by striking <quote>$100,000</quote> and inserting <quote>$200,000</quote>; and</text> </subparagraph><subparagraph id="H5E686B83569942A6AC435B13117E111A"><enum>(B)</enum><text>by striking <quote>$2,000,000</quote> and inserting <quote>$4,000,000</quote>; and</text>
</subparagraph></paragraph><paragraph id="H239200A204664CE09E41AD83537617B9"><enum>(2)</enum><text>in clause (ii)—</text> <subparagraph id="H39E74EB296024EC09D7EC00CEE9F31AD"><enum>(A)</enum><text>by striking <quote>$750,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</subparagraph><subparagraph id="H471411198B79411CB7DC1A97A07F7FF1"><enum>(B)</enum><text>by striking <quote>$15,000,000</quote> and inserting <quote>$22,000,000</quote>.</text> </subparagraph></paragraph></subsection><subsection id="HE27F75BBA31C4C3B980718DC183ABD26"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.</text>
</subsection></section><section id="HFFEA308ABFCB4D9FAEE122C06386E95E"><enum>213.</enum><header>Updated civil money penalty for controlling persons in connection with insider trading</header>
<subsection id="H1C44240F0ED74764B44B510DB69A72B0"><enum>(a)</enum><header>In general</header><text>Section 21A(a)(3) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u-1">15 U.S.C. 78u–1(a)(3)</external-xref>) is amended by striking <quote>$1,000,000</quote> and inserting <quote>$2,500,000</quote>.</text>
</subsection><subsection id="HF03CD6F431A9447FBCE42A3770E83E5D"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.</text>
</subsection></section><section commented="no" id="H1F1B8D5F5240464FA987D1D411DD39CB"><enum>214.</enum><header>Update of certain other penalties</header>
<subsection id="H3217823C24C7449D8E51B266451EFF15"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 32 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78ff">15 U.S.C. 78ff</external-xref>) is amended—</text> <paragraph id="H13E8AE67A58E4B749C913B72384F2E14"><enum>(1)</enum><text>in subsection (a), by striking <quote>$5,000,000</quote> and inserting <quote>$7,000,000</quote>; and</text>
</paragraph><paragraph id="H973E13C1C34D43BF85AE0263ABD49B6F"><enum>(2)</enum><text>in subsection (c)—</text> <subparagraph id="H8851E5A9E4CE43949596E736C9B7F97A"><enum>(A)</enum><text>in paragraph (1)—</text>
<clause id="HD01E0B6716D44585B5FFC9564248CA06"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>$2,000,000</quote> and inserting <quote>$4,000,000</quote>; and</text> </clause><clause id="HA7BAD333152E4397BF05248BB62B5A70"><enum>(ii)</enum><text>in subparagraph (B), by striking <quote>$10,000</quote> and inserting <quote>$50,000</quote>; and</text>
</clause></subparagraph><subparagraph id="HF4619ACC21A04DC1AD488191B6F9DE80"><enum>(B)</enum><text>in paragraph (2)—</text> <clause id="H1E4DEEF4D21C4C6F987005CE57F39F93"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>$100,000</quote> and inserting <quote>$250,000</quote>; and</text>
</clause><clause id="H0E37BDDB2B03475CB500496B1A344A42"><enum>(ii)</enum><text>in subparagraph (B), by striking <quote>$10,000</quote> and inserting <quote>$50,000</quote>.</text> </clause></subparagraph></paragraph></subsection><subsection commented="no" id="H2C95B96A84F34FFC89BC0BF783AE5C77"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this Act.</text>
</subsection></section><section id="H3D75A2EA1E5D4218AE35A7C9EF17EFBB"><enum>215.</enum><header>Monetary sanctions to be used for the relief of victims</header>
<subsection id="H706952C0E7894E8C88EA3E7E43D5CF58"><enum>(a)</enum><header>In general</header><text>Section 308(a) of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7246">15 U.S.C. 7246(a)</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" id="HCAB2D98643424807B28E0316E52D5671" reported-display-style="italic" style="OLC"> <subsection id="HBCA158E9AE8346AE97C7B7658AFA795A"><enum>(a)</enum><header>Monetary sanctions to be used for the relief of victims</header> <paragraph id="H35BC771BF30A46AB9847E43B0B2A03C9"><enum>(1)</enum><header>In general</header><text>If, in any judicial or administrative action brought by the Commission under the securities laws, the Commission obtains a monetary sanction (as defined in section 21F(a) of the Securities Exchange Act of 1934) against any person for a violation of such laws, or such person agrees, in settlement of any such action, to such monetary sanction, the amount of such monetary sanction shall, on the motion or at the direction of the Commission, be added to and become part of a disgorgement fund or other fund established for the benefit of the victims of such violation.</text>
</paragraph><paragraph id="HB53D32BBF4184D84A6D7BE0ED4521D90"><enum>(2)</enum><header>Definition of victim</header><text>In this subsection, the term <term>victim</term> has the meaning given the term <term>crime victim</term> in section 3771(e) of title 18, United States Code.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H40B5A6F6577F4C28B7D55466122D0808"><enum>(b)</enum><header>Monetary sanction defined</header><text>Section 21F(a)(4)(A) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u-6">15 U.S.C. 78u–6(a)(4)(A)</external-xref>) is amended by striking <quote>ordered</quote> and inserting <quote>required</quote>.</text>
</subsection><subsection id="H8BEC3F01029849E7B3784C942859CDF5"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section apply with respect to any monetary sanction ordered or required to be paid before or after the date of enactment of this Act.</text>
</subsection></section><section id="HC111EAF207F74BEDB736D4EBE9402EE5"><enum>216.</enum><header>GAO report on use of civil money penalty authority by Commission</header>
<subsection id="HBFCACFE5BDCD445E9DF9D54E11E56917"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 2 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report on the use by the Commission of the authority to impose or obtain civil money penalties for violations of the securities laws during the period beginning on June 1, 2010, and ending on the date of the enactment of this Act.</text>
</subsection><subsection id="HE7BE31E669314C9995C987DAE70CFDC7"><enum>(b)</enum><header>Matters required To be included</header><text>The matters covered by the report required by subsection (a) shall include the following:</text> <paragraph id="HC3F678877DFA4ECBBEB7CDDD843A6C29"><enum>(1)</enum><text>The types of violations for which civil money penalties were imposed or obtained.</text>
</paragraph><paragraph id="HE4D1F6779CE4487B8169A63263C0D328"><enum>(2)</enum><text>The types of persons on whom civil money penalties were imposed or from whom such penalties were obtained.</text>
</paragraph><paragraph id="H90F761B5C8FB47819500357967A953FC"><enum>(3)</enum><text>The number and dollar amount of civil money penalties imposed or obtained, disaggregated as follows:</text>
<subparagraph id="H98E75B42F16C412D8705261595C400B3"><enum>(A)</enum><text>Penalties imposed in administrative actions and penalties obtained in judicial actions.</text> </subparagraph><subparagraph id="HE91C1BB6E8924BA39968BC7BF4A0BE49"><enum>(B)</enum><text>Penalties imposed on or obtained from issuers (individual and aggregate filers) and penalties imposed on or obtained from other persons.</text>
</subparagraph><subparagraph commented="no" id="H25CF2568E30F4CCEB939BD1532672949"><enum>(C)</enum><text>Penalties permitted to be retained for use by the Commission and penalties deposited in the general fund of the Treasury of the United States.</text>
</subparagraph></paragraph><paragraph id="HFBD5DCBB3CFB49728DAC9DA9750B921F"><enum>(4)</enum><text>For penalties imposed on or obtained from issuers:</text> <subparagraph id="HDD827E34F0274D7180DBFF14272FBA05"><enum>(A)</enum><text>Whether the violations involved resulted in direct economic benefit to the issuers.</text>
</subparagraph><subparagraph id="H64A52FC8A7D54F00890E5B1348734856"><enum>(B)</enum><text>The impact of the penalties on the shareholders of the issuers.</text> </subparagraph></paragraph></subsection><subsection id="H6B8A8396EB004485971DB28BCEE73C33"><enum>(c)</enum><header>Definitions</header><text>In this section, the terms <term>Commission</term>, <term>issuer</term>, and <term>securities laws</term> have the meanings given such terms in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>).</text>
</subsection></section></subtitle><subtitle id="H1A5A0A1E8E8F4893AE7A8837D2B27BA2"><enum>B</enum><header>FIRREA Penalties Modernization</header>
<section id="H92E39D6B9B204083B9F39C52ACFC7FF3" section-type="subsequent-section"><enum>221.</enum><header>Increase of civil and criminal penalties originally established in the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989</header>
<subsection id="HDFC12E4611884FA4B9BEC876E28D7083"><enum>(a)</enum><header>Amendments to FIRREA</header><text display-inline="yes-display-inline">Section 951(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1833a">12 U.S.C. 1833a(b)</external-xref>) is amended—</text>
<paragraph id="HC1EC95B0E94341F287019480FB523F9C"><enum>(1)</enum><text>in paragraph (1), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text> </paragraph><paragraph id="H4A66F45DD4A64A2D9D9A9F4C5B6F2FC0"><enum>(2)</enum><text>in paragraph (2), by striking <quote>$1,000,000 per day or $5,000,000</quote> and inserting <quote>$1,500,000 per day or $7,500,000</quote>.</text>
</paragraph></subsection><subsection id="H53C787DF6821477382BC6EF0E850BC0F"><enum>(b)</enum><header>Amendments to the Home Owners’ Loan Act</header><text display-inline="yes-display-inline">The Home Owners’ Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1461">12 U.S.C. 1461</external-xref> et seq.) is amended—</text> <paragraph id="H3DE0B3B8A4D146068BF7FB3796A9ACAE"><enum>(1)</enum><text>in section 5(v)(6), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</paragraph><paragraph id="HDB4F905157384FD89C7F6262733612FB"><enum>(2)</enum><text display-inline="yes-display-inline">in section 10—</text> <subparagraph id="HF7EB6F81F8C340CE80DC3187DF0A6AE4"><enum>(A)</enum><text>in subsection (r)(3), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</subparagraph><subparagraph id="HE29E7C61FA4745E289F928988779EC3E"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (i)(1)(B), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>.</text> </subparagraph></paragraph></subsection><subsection id="HDDF8FBB324884451911ED48D5EDB9CC0"><enum>(c)</enum><header>Amendments to the Federal Deposit Insurance Act</header><text display-inline="yes-display-inline">The Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1811">12 U.S.C. 1811</external-xref> et seq.) is amended—</text>
<paragraph id="H270E962CB1EE4E43A710F3E932A0E818"><enum>(1)</enum><text display-inline="yes-display-inline">in section 7—</text> <subparagraph id="H9F47FE33BC764A74883BC1972D6B26E9"><enum>(A)</enum><text>in subsection (a)(1), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</subparagraph><subparagraph id="HFEF29DC23CBA43469C35B6F282398B4D"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (j)(16)(D), by striking <quote>$1,000,000</quote> each place such term appears and inserting <quote>$1,500,000</quote>;</text> </subparagraph></paragraph><paragraph id="H5C6F3E8A632F413C93225ACD0DA64343"><enum>(2)</enum><text>in section 8—</text>
<subparagraph id="H000648D4708348468726BFB89B191876"><enum>(A)</enum><text>in subsection (i)(2)(D), by striking <quote>$1,000,000</quote> each place such term appears and inserting <quote>$1,500,000</quote>; and</text> </subparagraph><subparagraph id="H58A91CD527B24E83991288E95A445681"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (j), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</subparagraph></paragraph><paragraph commented="no" id="H05F542D37A16454681FE4C540DFAE606"><enum>(3)</enum><text display-inline="yes-display-inline">in section 19(b), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>.</text> </paragraph></subsection><subsection id="HB8DAA985872344C4A7BA42B0E5ADF2EF"><enum>(d)</enum><header>Amendments to the Federal Credit Union Act</header><text display-inline="yes-display-inline">The Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1751">12 U.S.C. 1751</external-xref> et seq.) is amended—</text>
<paragraph id="HB09FD83E292349F7B674CAF38B2A663F"><enum>(1)</enum><text display-inline="yes-display-inline">in section 202(a)(3), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>;</text> </paragraph><paragraph commented="no" id="H9D5CA8AA27FC4B99ACF5CFCC14B682CD"><enum>(2)</enum><text display-inline="yes-display-inline">in section 205(d)(3), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</paragraph><paragraph id="H7FB7551BBDEA41FAB66DB4E17B11993A"><enum>(3)</enum><text>in section 206—</text> <subparagraph id="H18027D589D4C4B44B49D54281A5CDAF0"><enum>(A)</enum><text>in subsection (k)(2)(D), by striking <quote>$1,000,000</quote> each place such term appears and inserting <quote>$1,500,000</quote>; and</text>
</subparagraph><subparagraph id="HF174863D63984E14A97AEA8C5DB7D6A4"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (l), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>.</text> </subparagraph></paragraph></subsection><subsection id="H69ED69D77ACF4FC6922F3F188F0EFBF7"><enum>(e)</enum><header>Amendments to the Revised Statutes of the United States</header><text display-inline="yes-display-inline">Title LXII of the Revised Statutes of the United States is amended—</text>
<paragraph id="H73E09D7AF93E482CA68087021DF8CDFA"><enum>(1)</enum><text display-inline="yes-display-inline">in section 5213(c), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text> </paragraph><paragraph id="HDE677E33FC8E447D94028EC000993AF2"><enum>(2)</enum><text>in section 5239(b)(4), by striking <quote>$1,000,000</quote> each place such term appears and inserting <quote>$1,500,000</quote>.</text>
</paragraph></subsection><subsection id="H3EF384B1EB6D4692AA794C07712C0434"><enum>(f)</enum><header>Amendments to the Federal Reserve Act</header><text display-inline="yes-display-inline">The Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/221">12 U.S.C. 221</external-xref> et seq.) is amended—</text> <paragraph id="H150C93B46DED4544A91D0B88E273AB06"><enum>(1)</enum><text display-inline="yes-display-inline">in the 6th undesignated paragraph of section 9, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>;</text>
</paragraph><paragraph id="H98A3D98C065B45B2AD9FEA84E87F7787"><enum>(2)</enum><text display-inline="yes-display-inline">in section 19(l)(4), by striking <quote>$1,000,000</quote> each place such term appears and inserting <quote>$1,500,000</quote>; and</text> </paragraph><paragraph id="HD9B8EFA3F99941CC8499DA8520DFAD6E"><enum>(3)</enum><text>in section 29(d), by striking <quote>$1,000,000</quote> each place such term appears and inserting <quote>$1,500,000</quote>.</text>
</paragraph></subsection><subsection id="H722AB773EFC347589932EFA32F1AA409"><enum>(g)</enum><header>Amendments to the Bank Holding Company Act Amendments of 1970</header><text display-inline="yes-display-inline">Section 106(b)(2)(F)(iv) of the Bank Holding Company Act Amendments of 1970 (<external-xref legal-doc="usc" parsable-cite="usc/12/1978">12 U.S.C. 1978(b)(2)(F)(iv)</external-xref>) is amended by striking <quote>$1,000,000</quote> each place such term appears and inserting <quote>$1,500,000</quote>.</text>
</subsection><subsection id="H05D6154D8AB44EA8B97A4395894D5F55"><enum>(h)</enum><header>Amendments to the Bank Holding Company Act of 1956</header><text display-inline="yes-display-inline">Section 8 of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1847">12 U.S.C. 1847</external-xref>) is amended—</text> <paragraph id="H93854D48A66244D1982ED18551961EE1"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (a)(2), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</paragraph><paragraph id="HC4DD1498FDF14255B0DD6B4418144DBA"><enum>(2)</enum><text>in subsection (d)(3), by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>.</text> </paragraph></subsection><subsection id="HED2FAFD376ED4B33B121ECDA0C4BAB23"><enum>(i)</enum><header>Amendments to title 18, United States Code</header><text>Title 18, United States Code, is amended—</text>
<paragraph id="H6139EE64E7744C9DA306D3331AB8E0F4"><enum>(1)</enum><text display-inline="yes-display-inline">in section 215(a) of chapter 11, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>;</text> </paragraph><paragraph id="H854956E1376C40EA94FE2EDF3E55D3CC"><enum>(2)</enum><text>in chapter 31—</text>
<subparagraph id="HD6832709DF764FE5A186C0A9725D4EF8"><enum>(A)</enum><text display-inline="yes-display-inline">in section 656, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text> </subparagraph><subparagraph id="HD6C2A80B29B2416097EB9FAF3BF42D13"><enum>(B)</enum><text display-inline="yes-display-inline">in section 657, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>;</text>
</subparagraph></paragraph><paragraph id="H75609AE315534D11B6F267C8468398EF"><enum>(3)</enum><text>in chapter 47—</text> <subparagraph id="H03E45AAAA85340B0BFD68DBE51152D78"><enum>(A)</enum><text display-inline="yes-display-inline">in section 1005, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>;</text>
</subparagraph><subparagraph id="H346B3728131F415094422D35A552581C"><enum>(B)</enum><text display-inline="yes-display-inline">in section 1006, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>;</text> </subparagraph><subparagraph id="H038C4612EEEE4FC4A104C11F2823C7AA"><enum>(C)</enum><text display-inline="yes-display-inline">in section 1007, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</subparagraph><subparagraph id="H9E663ED01834451480CF52A46671C90B"><enum>(D)</enum><text display-inline="yes-display-inline">in section 1014, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text> </subparagraph></paragraph><paragraph id="H0925F070C08F4BAF967FDFB1EDE6A553"><enum>(4)</enum><text display-inline="yes-display-inline">in chapter 63—</text>
<subparagraph id="H52ECE9635BC640BABFFAF9A543298A1A"><enum>(A)</enum><text>in section 1341, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>;</text> </subparagraph><subparagraph id="H64D43D6D30A64BFC95DF77DFA178E189"><enum>(B)</enum><text display-inline="yes-display-inline">in section 1343, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>; and</text>
</subparagraph><subparagraph id="H08989402CE8441F3B83AC77CA81C9F50"><enum>(C)</enum><text display-inline="yes-display-inline">in section 1344, by striking <quote>$1,000,000</quote> and inserting <quote>$1,500,000</quote>.</text> </subparagraph></paragraph></subsection></section></subtitle><enum>III</enum><header>Demanding Accountability from Financial Regulators and Devolving Power Away from Washington</header> <subtitle id="H825F126077F14A89A48470A330265DF1"><enum>A</enum><header>Cost-Benefit Analyses</header> <section id="HD373E69FDA8B4A78A65B4EA08D847637"><enum>311.</enum><header>Definitions</header><text display-inline="no-display-inline">As used in this subtitle—</text>
<paragraph id="H0924005D37F145F697BA62F05BA9BE8D"><enum>(1)</enum><text display-inline="yes-display-inline">the term <term>agency</term> means the Board of Governors of the Federal Reserve System, the Consumer Law Enforcement Agency, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Securities and Exchange Commission;</text>
</paragraph><paragraph id="HD916F6A4F290415481A6F9DE8C394193"><enum>(2)</enum><text>the term <term>chief economist</term> means—</text> <subparagraph id="H7219E768CDDF4209A1462F02BC7AB013"><enum>(A)</enum><text>with respect to the Board of Governors of the Federal Reserve System, the Director of the Division of Research and Statistics, or an employee of the agency with comparable authority;</text>
</subparagraph><subparagraph id="H740B3C3967D24439B590FD8D22E7919A"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to the Consumer Law Enforcement Agency, the Head of the Office of Economic Analysis, or an employee of the agency with comparable authority;</text>
</subparagraph><subparagraph id="H67AE7272F2464764A5128DB7E8D24449"><enum>(C)</enum><text>with respect to the Commodity Futures Trading Commission, the Chief Economist, or an employee of the agency with comparable authority;</text>
</subparagraph><subparagraph id="HA9D81E058D554960929C65B5AF0252EA"><enum>(D)</enum><text>with respect to the Federal Deposit Insurance Corporation, the Director of the Division of Insurance and Research, or an employee of the agency with comparable authority;</text>
</subparagraph><subparagraph id="H6724E1C99CDA4DF999E61B8230521924"><enum>(E)</enum><text>with respect to the Federal Housing Finance Agency, the Chief Economist, or an employee of the agency with comparable authority;</text>
</subparagraph><subparagraph id="H62F3B0FF9AB244D8B87E55447684464C"><enum>(F)</enum><text>with respect to the Office of the Comptroller of the Currency, the Director for Policy Analysis, or an employee of the agency with comparable authority;</text>
</subparagraph><subparagraph id="HB390D4F947AB4A2283D7B4B7E420D741"><enum>(G)</enum><text>with respect to the National Credit Union Administration, the Chief Economist, or an employee of the agency with comparable authority; and</text>
</subparagraph><subparagraph id="HCFD5DC4CFA574238B68F20276A608AAB"><enum>(H)</enum><text>with respect to the Securities and Exchange Commission, the Director of the Division of Economic and Risk Analysis, or an employee of the agency with comparable authority;</text>
</subparagraph></paragraph><paragraph id="H5C23A5ABC2C04601A91B29811DEDE05D"><enum>(3)</enum><text>the term <term>Council</term> means the Chief Economists Council established under section 318; and</text> </paragraph><paragraph id="HA9477DAA9656453BB266C5F94EE820E2"><enum>(4)</enum><text>the term <term>regulation</term>—</text>
<subparagraph id="HE0D12A2A141E4F84B877FEF40932EFA8"><enum>(A)</enum><text>means an agency statement of general applicability and future effect that is designed to implement, interpret, or prescribe law or policy or to describe the procedure or practice requirements of an agency, including rules, orders of general applicability, interpretive releases, and other statements of general applicability that the agency intends to have the force and effect of law; and</text>
</subparagraph><subparagraph id="H922F942D60B64DAEB5FACF9BCD28F1E1"><enum>(B)</enum><text>does not include—</text> <clause id="H17DD2E1A36F84DF7B3C4685A68D69727"><enum>(i)</enum><text>a regulation issued in accordance with the formal rulemaking provisions of section 556 or 557 of title 5, United States Code;</text>
</clause><clause id="H75E241BEA2214B83B4F33CBE5D683B53"><enum>(ii)</enum><text>a regulation that is limited to agency organization, management, or personnel matters;</text> </clause><clause id="H3158C0E77C3E4C509A3923F2847F3CE6"><enum>(iii)</enum><text>a regulation promulgated pursuant to statutory authority that expressly prohibits compliance with this provision;</text>
</clause><clause id="H71E9F466300343CEB9269BCEA1B56A58"><enum>(iv)</enum><text>a regulation that is certified by the agency to be an emergency action, if such certification is published in the Federal Register;</text>
</clause><clause id="HB762B758822A4BD0836B65C67B4F58DF"><enum>(v)</enum><text>a regulation that is promulgated by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee under section 10A, 10B, 13, 13A, or 19 of the Federal Reserve Act, or any of subsections (a) through (f) of section 14 of that Act; or</text>
</clause><clause id="H7185F3BCD14B4DD68A4B584304323651"><enum>(vi)</enum><text display-inline="yes-display-inline">a regulation filed with the Commission by the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, or any national securities association registered under section 15A of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-4">15 U.S.C. 78o–4(a)</external-xref>) for which the board or association has itself conducted the cost-benefit analysis and otherwise complied with the requirements of section 312.</text>
</clause></subparagraph></paragraph></section><section id="H12C1012CB4414D288F6C07C26D4EE336"><enum>312.</enum><header>Required regulatory analysis</header>
<subsection id="HFD8F2CDF15F747D0838B98BA3EE8766F"><enum>(a)</enum><header>Requirements for notices of proposed rulemaking</header><text>An agency may not issue a notice of proposed rulemaking unless the agency includes in the notice of proposed rulemaking an analysis that contains, at a minimum, with respect to each regulation that is being proposed—</text>
<paragraph id="H0F09132DB2444791B2800C998F1D48EA"><enum>(1)</enum><text>an identification of the need for the regulation and the regulatory objective, including identification of the nature and significance of the market failure, regulatory failure, or other problem that necessitates the regulation;</text>
</paragraph><paragraph id="H273180851EAA4976A0FA1823E9CA3BB7"><enum>(2)</enum><text>an explanation of why the private market or State, local, or tribal authorities cannot adequately address the identified market failure or other problem;</text>
</paragraph><paragraph id="H4FAD8044A8BD4E01AAC92A662C0F6455"><enum>(3)</enum><text>an analysis of the adverse impacts to regulated entities, other market participants, economic activity, or agency effectiveness that are engendered by the regulation and the magnitude of such adverse impacts;</text>
</paragraph><paragraph id="H9A288F836CB94EFF9C71BDCD2D1B872A"><enum>(4)</enum><text>a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits of the regulation (as compared to a benchmark that assumes the absence of the regulation), including—</text>
<subparagraph id="H672AB21C4FD74B8B87487A2F362FF865"><enum>(A)</enum><text>compliance costs;</text> </subparagraph><subparagraph id="H99F5CA497007435696F698625E5F0611"><enum>(B)</enum><text>effects on economic activity, net job creation (excluding jobs related to ensuring compliance with the regulation), efficiency, competition, and capital formation;</text>
</subparagraph><subparagraph id="H6A97512D418D43978340FCF5CEA3660C"><enum>(C)</enum><text>regulatory administrative costs; and</text> </subparagraph><subparagraph id="HC4F613B56CD34FBB86237F3694FD1AC5"><enum>(D)</enum><text>costs imposed by the regulation on State, local, or tribal governments or other regulatory authorities;</text>
</subparagraph></paragraph><paragraph id="H6962F681504D4A76A2E50CFDADFB842C"><enum>(5)</enum><text>if quantified benefits do not outweigh quantitative costs, a justification for the regulation;</text> </paragraph><paragraph id="HAB345CAA64FF49ECAEA8943545D1BDC1"><enum>(6)</enum><text>an identification and assessment of all available alternatives to the regulation, including modification of an existing regulation or statute, together with—</text>
<subparagraph id="H5DDDA314CE114FC0AE3081365EB05D1A"><enum>(A)</enum><text>an explanation of why the regulation meets the objectives of the regulation more effectively than the alternatives, and if the agency is proposing multiple alternatives, an explanation of why a notice of proposed rulemaking, rather than an advanced notice of proposed rulemaking, is appropriate; and</text>
</subparagraph><subparagraph id="HA2B3B27B06994B66B5AF0F1E63E427AE"><enum>(B)</enum><text>if the regulation is not a pilot program, an explanation of why a pilot program is not appropriate;</text> </subparagraph></paragraph><paragraph id="HE8F10B1F7FC24E218FEBD8F47765B057"><enum>(7)</enum><text>if the regulation specifies the behavior or manner of compliance, an explanation of why the agency did not instead specify performance objectives;</text>
</paragraph><paragraph id="H3AAFB1720DDA49D392C458229824F1F5"><enum>(8)</enum><text>an assessment of how the burden imposed by the regulation will be distributed among market participants, including whether consumers, investors, small businesses, or independent financial firms and advisors will be disproportionately burdened;</text>
</paragraph><paragraph id="H457820F4FD9D42BABCDF8E77719272B5"><enum>(9)</enum><text>an assessment of the extent to which the regulation is inconsistent, incompatible, or duplicative with the existing regulations of the agency or those of other domestic and international regulatory authorities with overlapping jurisdiction;</text>
</paragraph><paragraph id="H9E7597BF17094AD08F11936CC5DC3FF0"><enum>(10)</enum><text>a description of any studies, surveys, or other data relied upon in preparing the analysis;</text> </paragraph><paragraph id="HFE993166288D4367A597C0A9D0E833B9"><enum>(11)</enum><text>an assessment of the degree to which the key assumptions underlying the analysis are subject to uncertainty; and</text>
</paragraph><paragraph id="HE892F77BB8D449189E5FFE6CAC883729"><enum>(12)</enum><text>an explanation of predicted changes in market structure and infrastructure and in behavior by market participants, including consumers and investors, assuming that they will pursue their economic interests.</text>
</paragraph></subsection><subsection id="H51A98CF8EB0C4D40A7853CDA36EB7B3F"><enum>(b)</enum><header>Requirements for notices of final rulemaking</header>
<paragraph id="HDBA581B8A85F438495064DF0A28D58FD"><enum>(1)</enum><header>In general</header><text>Notwithstanding any other provision of law, an agency may not issue a notice of final rulemaking with respect to a regulation unless the agency—</text>
<subparagraph id="H78BD03D4E2514D85B74D4361F3AFCE18"><enum>(A)</enum><text>has issued a notice of proposed rulemaking for the relevant regulation;</text> </subparagraph><subparagraph id="HA2922E0FBAE5473DA1B83C3FB7BA0FAA"><enum>(B)</enum><text>has conducted and includes in the notice of final rulemaking an analysis that contains, at a minimum, the elements required under subsection (a); and</text>
</subparagraph><subparagraph id="HAC502724A81745ED87C7EEEDD774A5CA"><enum>(C)</enum><text>includes in the notice of final rulemaking regulatory impact metrics selected by the chief economist to be used in preparing the report required pursuant to section 315.</text>
</subparagraph></paragraph><paragraph id="H8517EEBA3E5D46C99CB6A2CC71ACE6B1"><enum>(2)</enum><header>Consideration of comments</header><text>The agency shall incorporate in the elements described in paragraph (1)(B) the data and analyses provided to the agency by commenters during the comment period, or explain why the data or analyses are not being incorporated.</text>
</paragraph><paragraph id="H0E582516F2984CE2B0CCF51C372F7153"><enum>(3)</enum><header>Comment period</header><text>An agency shall not publish a notice of final rulemaking with respect to a regulation, unless the agency—</text>
<subparagraph id="HA821D8E0060845229A74050C4DA5989E"><enum>(A)</enum><text>has allowed at least 90 days from the date of publication in the Federal Register of the notice of proposed rulemaking for the submission of public comments; or</text>
</subparagraph><subparagraph id="H413EB1B6E25B406692D427C66BA3BDBA"><enum>(B)</enum><text>includes in the notice of final rulemaking an explanation of why the agency was not able to provide a 90-day comment period.</text>
</subparagraph></paragraph><paragraph id="H67B15CF1F01E4C0B881E3AACEB9664C9"><enum>(4)</enum><header>Prohibited Rules</header>
<subparagraph id="HDFF8287BB9D4478CB0B6FB4C1354C7F6"><enum>(A)</enum><header>In general</header><text>An agency may not publish a notice of final rulemaking if the agency, in its analysis under paragraph (1)(B), determines that the quantified costs are greater than the quantified benefits under subsection (a)(5).</text>
</subparagraph><subparagraph id="HAC10755BC69C44BB9616B9034BB000BA"><enum>(B)</enum><header>Publication of Analysis</header><text>If the agency is precluded by subparagraph (A) from publishing a notice of final rulemaking, the agency shall publish in the Federal Register and on the public website of the agency its analysis under paragraph (1)(B), and provide the analysis to each House of Congress.</text>
</subparagraph><subparagraph id="H5AFC678971BA44898972A5F797848B54"><enum>(C)</enum><header>Congressional waiver</header><text>If the agency is precluded by subparagraph (A) from publishing a notice of final rulemaking, Congress, by joint resolution pursuant to the procedures set forth for joint resolutions in section 802 of title 5, United States Code, may direct the agency to publish a notice of final rulemaking notwithstanding the prohibition contained in subparagraph (A). In applying section 802 of title 5, United States Code, for purposes of this paragraph, section 802(e)(2) shall not apply and the terms—</text>
<clause id="H8D8C6D59B1E8443799B27B841AF98643"><enum>(i)</enum><text><term>joint resolution</term> or <term>joint resolution described in subsection (a)</term> means only a joint resolution introduced during the period beginning on the submission or publication date and ending 60 days thereafter (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), the matter after the resolving clause of which is as follows: “That Congress directs, notwithstanding the prohibition contained in section 312(b)(4)(A) of the Financial CHOICE Act of 2017, the __ to publish the notice of final rulemaking for the regulation or regulations that were the subject of the analysis submitted by the __ to Congress on __.” (The blank spaces being appropriately filled in.); and</text>
</clause><clause id="H2E08A6F24EB74266B86D80DFB3C6B5B1"><enum>(ii)</enum><text><term>submission or publication date</term> means—</text> <subclause id="H0BFD5310EA0A49098AE2121779C847BD"><enum>(I)</enum><text>the date on which the analysis under paragraph (1)(B) is submitted to Congress under paragraph (4)(B); or</text>
</subclause><subclause id="HD2808A007EC749769F03C46C45274313"><enum>(II)</enum><text>if the analysis is submitted to Congress less than 60 session days or 60 legislative days before the date on which the Congress adjourns a session of Congress, the date on which the same or succeeding Congress first convenes its next session.</text>
</subclause></clause></subparagraph></paragraph></subsection></section><section id="H60C6DD52344C464A99455C22EE64EB09"><enum>313.</enum><header>Rule of construction</header><text display-inline="no-display-inline">For purposes of the Paperwork Reduction Act (<external-xref legal-doc="usc" parsable-cite="usc/44/3501">44 U.S.C. 3501</external-xref> et seq.), obtaining, causing to be obtained, or soliciting information for purposes of complying with section 312 with respect to a proposed rulemaking shall not be construed to be a collection of information, provided that the agency has first issued an advanced notice of proposed rulemaking in connection with the regulation, identifies that advanced notice of proposed rulemaking in its solicitation of information, and informs the person from whom the information is obtained or solicited that the provision of information is voluntary.</text>
</section><section id="HB4C4B180048A435DA2CCA709846EA4BD"><enum>314.</enum><header>Public availability of data and regulatory analysis</header>
<subsection id="H0F4C4CC43207458BB6B892E2321F5261"><enum>(a)</enum><header>In general</header><text>At or before the commencement of the public comment period with respect to a regulation, the agency shall make available on its public website sufficient information about the data, methodologies, and assumptions underlying the analyses performed pursuant to section 312 so that the analytical results of the agency are capable of being substantially reproduced, subject to an acceptable degree of imprecision or error.</text>
</subsection><subsection id="HF57EA6BDE3144570952F7830A958ED7E"><enum>(b)</enum><header>Confidentiality</header><text>The agency shall comply with subsection (a) in a manner that preserves the confidentiality of nonpublic information, including confidential trade secrets, confidential commercial or financial information, and confidential information about positions, transactions, or business practices.</text>
</subsection></section><section id="HD23CB2EB6172486A91AAF33F5426DABE"><enum>315.</enum><header>Five-year regulatory impact analysis</header>
<subsection id="H3289EC670BD34752ABA272CCBF03E3ED"><enum>(a)</enum><header>In general</header><text>Not later than 5 years after the date of publication in the Federal Register of a notice of final rulemaking, the chief economist of the agency shall issue a report that examines the economic impact of the subject regulation, including the direct and indirect costs and benefits of the regulation.</text>
</subsection><subsection id="H82238CA743BD4D08B02F413AA2E8DA63"><enum>(b)</enum><header>Regulatory impact metrics</header><text>In preparing the report required by subsection (a), the chief economist shall employ the regulatory impact metrics included in the notice of final rulemaking pursuant to section 312(b)(1)(C).</text>
</subsection><subsection id="HA38AE641FFFF4434BF5E599A60EF77C7"><enum>(c)</enum><header>Reproducibility</header><text>The report shall include the data, methodologies, and assumptions underlying the evaluation so that the agency’s analytical results are capable of being substantially reproduced, subject to an acceptable degree of imprecision or error.</text>
</subsection><subsection id="HEDB8BC4CD821441196F3CB91DC2F4904"><enum>(d)</enum><header>Confidentiality</header><text>The agency shall comply with subsection (c) in a manner that preserves the confidentiality of nonpublic information, including confidential trade secrets, confidential commercial or financial information, and confidential information about positions, transactions, or business practices.</text>
</subsection><subsection id="H67E886AD2CBD494981112E673493B57F"><enum>(e)</enum><header>Report</header><text>The agency shall submit the report required by subsection (a) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives and post it on the public website of the agency. The Commodity Futures Trading Commission shall also submit its report to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives.</text>
</subsection></section><section id="H9DA6ADAF90D64E8C9CF380E3AF47FA08"><enum>316.</enum><header>Retrospective review of existing rules</header>
<subsection id="HA1D1F89616314F9286BB7D5A08B70676"><enum>(a)</enum><header>Regulatory improvement plan</header><text display-inline="yes-display-inline">Not later than 1 year after the date of enactment of this Act and every 5 years thereafter, each agency shall develop, submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and post on the public website of the agency a plan, consistent with law and its resources and regulatory priorities, under which the agency will modify, streamline, expand, or repeal existing regulations so as to make the regulatory program of the agency more effective or less burdensome in achieving the regulatory objectives. The Commodity Futures Trading Commission shall also submit its plan to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives.</text>
</subsection><subsection id="H17AD942B038C472795179F91425A873A"><enum>(b)</enum><header>Implementation progress report</header><text>Two years after the date of submission of each plan required under subsection (a), each agency shall develop, submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and post on the public website of the agency a report of the steps that it has taken to implement the plan, steps that remain to be taken to implement the plan, and, if any parts of the plan will not be implemented, reasons for not implementing those parts of the plan. The Commodity Futures Trading Commission shall also submit its plan to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives.</text>
</subsection></section><section id="H42139FADFA1C4808B15C7A56854FC3D5"><enum>317.</enum><header>Judicial review</header>
<subsection id="H7E0897CB3401426DAB461F5B1C3EBEDF"><enum>(a)</enum><header>In general</header><text>Notwithstanding any other provision of law, during the period beginning on the date on which a notice of final rulemaking for a regulation is published in the Federal Register and ending 1 year later, a person that is adversely affected or aggrieved by the regulation is entitled to bring an action in the United States Court of Appeals for the District of Columbia Circuit for judicial review of agency compliance with the requirements of section 312.</text>
</subsection><subsection id="HEFCF4C30367746DBBD2220C74A242D00"><enum>(b)</enum><header>Stay</header><text>The court may stay the effective date of the regulation or any provision thereof.</text> </subsection><subsection id="H8E748274E79C47D5A7EFC7F0A5790C4C"><enum>(c)</enum><header>Relief</header><text>If the court finds that an agency has not complied with the requirements of section 312, the court shall vacate the subject regulation, unless the agency shows by clear and convincing evidence that vacating the regulation would result in irreparable harm. Nothing in this section affects other limitations on judicial review or the power or duty of the court to dismiss any action or deny relief on any other appropriate legal or equitable ground.</text>
</subsection></section><section id="HF74F320C557845A38307A2BFA4BCDEFB"><enum>318.</enum><header>Chief Economists Council</header>
<subsection id="HB2C81E7AA4654D7C9D44504EB2ED40B9"><enum>(a)</enum><header>Establishment</header><text>There is established the Chief Economists Council.</text> </subsection><subsection id="H0AA7A3A0169B4F89AA3B6222A5C55568"><enum>(b)</enum><header>Membership</header><text>The Council shall consist of the chief economist of each agency. The members of the Council shall select the first chairperson of the Council. Thereafter the position of Chairperson shall rotate annually among the members of the Council.</text>
</subsection><subsection id="H61E17CAD277248BDB1A9C8CFF49ED1BD"><enum>(c)</enum><header>Meetings</header><text>The Council shall meet at the call of the Chairperson, but not less frequently than quarterly.</text> </subsection><subsection id="HD47D3D38269D4BF69D809A84D2C51ACE"><enum>(d)</enum><header>Report</header><text>One year after the effective date of this Act and annually thereafter, the Council shall prepare and submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Financial Services and the Committee on Agriculture of the House of Representatives a report on—</text>
<paragraph id="H98903A8A708F4F4BAF6043B40BF5BF44"><enum>(1)</enum><text>the benefits and costs of regulations adopted by the agencies during the past 12 months;</text> </paragraph><paragraph id="HBF8EE57540994219A6FF1BDF4B028BCC"><enum>(2)</enum><text>the regulatory actions planned by the agencies for the upcoming 12 months;</text>
</paragraph><paragraph id="HE5D3789BF06343EBB6230AFF6843DA28"><enum>(3)</enum><text>the cumulative effect of the existing regulations of the agencies on economic activity, innovation, international competitiveness of entities regulated by the agencies, and net job creation (excluding jobs related to ensuring compliance with the regulation);</text>
</paragraph><paragraph id="HC398A3D6FB9C40F6B6ED5441809DD7A5"><enum>(4)</enum><text>the training and qualifications of the persons who prepared the cost-benefit analyses of each agency during the past 12 months;</text>
</paragraph><paragraph id="HB5806F333EF24FDC9FA5FEC2533D0644"><enum>(5)</enum><text>the sufficiency of the resources available to the chief economists during the past 12 months for the conduct of the activities required by this subtitle; and</text>
</paragraph><paragraph id="H4956CD01185A46769BBF2EC42F2CFA72"><enum>(6)</enum><text>recommendations for legislative or regulatory action to enhance the efficiency and effectiveness of financial regulation in the United States.</text>
</paragraph></subsection></section><section id="H65E006DC6B254EFE8AA03BD7599D3AAB"><enum>319.</enum><header>Conforming amendments</header><text display-inline="no-display-inline">Section 15(a) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/19">7 U.S.C. 19(a)</external-xref>) is amended—</text> <paragraph id="H6C07D1F65B1141FABD19A70DF2F405C2"><enum>(1)</enum><text>by striking paragraph (1);</text>
</paragraph><paragraph id="HFBCC5A10642F44C4BF8FACD5691F36DD"><enum>(2)</enum><text>in paragraph (2), by striking <quote>(2)</quote> and all that follows through <quote>light of—</quote> and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H35C7B456456D4BF99F9323BFA9907925" reported-display-style="italic" style="OLC"> <paragraph id="HA5C8CC2331264108887043E72323B708"><enum>(1)</enum><header>Considerations</header><text>Before promulgating a regulation under this chapter or issuing an order (except as provided in paragraph (2)), the Commission shall take into consideration—</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H90892DE83D6D490B934E54B012DBF424"><enum>(3)</enum><text>in paragraph (1), as so redesignated—</text> <subparagraph id="HC6CD5F1D5CF14744A802A1A5B93D0554"><enum>(A)</enum><text>in subparagraph (B), by striking <quote>futures</quote> and inserting <quote>the relevant</quote>;</text>
</subparagraph><subparagraph id="H77A106E4139C47278610EA61C1AA22C1"><enum>(B)</enum><text>in subparagraph (C), by adding <quote>and</quote> at the end;</text> </subparagraph><subparagraph id="H16BE00761F9F4ECFAF328F73806010E4"><enum>(C)</enum><text>in subparagraph (D), by striking <quote>; and</quote> and inserting a period; and</text>
</subparagraph><subparagraph id="HC8F5230F89AB482B917F5212BF500909"><enum>(D)</enum><text>by striking subparagraph (E); and</text> </subparagraph></paragraph><paragraph id="H6CC88CF1CC394C3281EC2E25768F8709"><enum>(4)</enum><text>by redesignating paragraph (3) as paragraph (2).</text>
</paragraph></section><section id="H8D0A6110AAD34BA5B62CB6AABCAD7B1D"><enum>320.</enum><header>Other regulatory entities</header><text display-inline="no-display-inline">Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall provide to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report setting forth a plan for subjecting the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and any national securities association registered under section 15A of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-4">15 U.S.C. 78o–4(a)</external-xref>) to the requirements of this subtitle, other than direct representation on the Council.</text>
</section><section id="H638F1023E5734C038013D50E964EE92F"><enum>321.</enum><header>Avoidance of duplicative or unnecessary analyses</header><text display-inline="no-display-inline">An agency may perform the analyses required by this subtitle in conjunction with, or as a part of, any other agenda or analysis required by any other provision of law, if such other analysis satisfies the provisions of this subtitle.</text>
</section></subtitle><subtitle id="HA3839E4A68D445959386239876E30566"><enum>B</enum><header>Congressional Review of Federal Financial Agency Rulemaking</header>
<section commented="no" display-inline="no-display-inline" id="HDD93DF30E9D3437A8F4E85BF21B07B3E" section-type="subsequent-section"><enum>331.</enum><header display-inline="yes-display-inline">Congressional review</header>
<subsection commented="no" display-inline="no-display-inline" id="H6316F03CB2D341DE9E68D90CF00276DE"><enum>(a)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="HFCB4420707AD49358E3E43B2BD83094C"><enum>(1)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H775C76C524DA4BBCBAD7C65517CEDA89"><enum>(A)</enum><text display-inline="yes-display-inline">Before a rule may take effect, a Federal financial agency shall publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, and identify how the public can access such information online, and shall submit to each House of the Congress and to the Comptroller General a report containing—</text>
<clause changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H0B2DD34F61FF447CA5B1DD322CE90136" indent="up2" reported-display-style="italic"><enum>(i)</enum><text display-inline="yes-display-inline">a copy of the rule;</text> </clause><clause changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HB567B4F61CE94A849840C1BD89D208DC" indent="up2" reported-display-style="italic"><enum>(ii)</enum><text display-inline="yes-display-inline">a concise general statement relating to the rule;</text>
</clause><clause changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HB05D5873531C4E21A27B2242AD313E17" indent="up2" reported-display-style="italic"><enum>(iii)</enum><text display-inline="yes-display-inline">a classification of the rule as a major or nonmajor rule, including an explanation of the classification specifically addressing each criteria for a major rule contained within subparagraphs (A) through (C) of section 334(2);</text>
</clause><clause changed="added" committee-id="HBA00" id="HAEC7219D2EB34E19936B9EE39834E425" indent="up2" reported-display-style="italic"><enum>(iv)</enum><text>a list of any other related regulatory actions intended to implement the same statutory provision or regulatory objective as well as the individual and aggregate economic effects of those actions; and</text>
</clause><clause changed="added" committee-id="HBA00" id="H0044517ADFA64EE5B180063AE342EE50" indent="up2" reported-display-style="italic"><enum>(v)</enum><text>the proposed effective date of the rule.</text> </clause></subparagraph><subparagraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HF31D164DA7784E968B5234574BAD133E" indent="up2" reported-display-style="italic"><enum>(B)</enum><text display-inline="yes-display-inline">On the date of the submission of the report under subparagraph (A), the Federal financial agency shall submit to the Comptroller General and make available to each House of Congress—</text>
<clause commented="no" display-inline="no-display-inline" id="H703B8E7B302F46B8AEE2EAD2EE241A07"><enum>(i)</enum><text display-inline="yes-display-inline">a complete copy of the cost-benefit analysis of the rule, if any, including an analysis of any jobs added or lost, differentiating between public and private sector jobs;</text>
</clause><clause commented="no" display-inline="no-display-inline" id="HFBD5C9B24B4847F8BD76AD67BB21A0A8"><enum>(ii)</enum><text display-inline="yes-display-inline">the Federal financial agency’s actions pursuant to sections 603, 604, 605, 607, and 609 of title 5, United States Code;</text>
</clause><clause commented="no" display-inline="no-display-inline" id="H6D151CE9D30A4A1EA0946B0CFC00EB14"><enum>(iii)</enum><text display-inline="yes-display-inline">the Federal financial agency’s actions pursuant to sections 202, 203, 204, and 205 of the Unfunded Mandates Reform Act of 1995; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="H4196F51495974820B8790A0DF0AF033F"><enum>(iv)</enum><text display-inline="yes-display-inline">any other relevant information or requirements under any other Act and any relevant Executive orders.</text>
</clause></subparagraph><subparagraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H875561F21CA04CCBB56507EC79BCDCC0" indent="up2" reported-display-style="italic"><enum>(C)</enum><text display-inline="yes-display-inline">Upon receipt of a report submitted under subparagraph (A), each House shall provide copies of the report to the chairman and ranking member of each standing committee with jurisdiction under the rules of the House of Representatives or the Senate to report a bill to amend the provision of law under which the rule is issued.</text>
</subparagraph></paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H931B47815C544C6DBA50324E28325E42" indent="up1" reported-display-style="italic"><enum>(2)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H3B008F90A5224437A5B18CEDB4E0035A"><enum>(A)</enum><text display-inline="yes-display-inline">The Comptroller General shall provide a report on each major rule to the committees of jurisdiction by the end of 15 calendar days after the submission or publication date. The report of the Comptroller General shall include an assessment of the Federal financial agency’s compliance with procedural steps required by paragraph (1)(B) and an assessment of whether the major rule imposes any new limits or mandates on private-sector activity.</text>
</subparagraph><subparagraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H51A22CB90B0248BD9F1A0AE422129763" indent="up1" reported-display-style="italic"><enum>(B)</enum><text display-inline="yes-display-inline">Federal financial agencies shall cooperate with the Comptroller General by providing information relevant to the Comptroller General’s report under subparagraph (A).</text>
</subparagraph></paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HAEBE79ACAD4940C2A639931F124A4F23" indent="up1" reported-display-style="italic"><enum>(3)</enum><text display-inline="yes-display-inline">A major rule relating to a report submitted under paragraph (1) shall take effect upon enactment of a joint resolution of approval described in section 332 or as provided for in the rule following enactment of a joint resolution of approval described in section 332, whichever is later.</text>
</paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HD19CF0FAC2AC475B83526D78A29D733A" indent="up1" reported-display-style="italic"><enum>(4)</enum><text display-inline="yes-display-inline">A nonmajor rule shall take effect as provided by section 333 after submission to Congress under paragraph (1).</text>
</paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H9CA92AA4D3C145F9A3FEA21D5445DE7A" indent="up1" reported-display-style="italic"><enum>(5)</enum><text display-inline="yes-display-inline">If a joint resolution of approval relating to a major rule is not enacted within the period provided in subsection (b)(2), then a joint resolution of approval relating to the same rule may not be considered under this subtitle in the same Congress by either the House of Representatives or the Senate.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HB6ADC21FA61D4589927FF991126C2737"><enum>(b)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H69FB7DF7E48C45DAB7D58CAA88499138"><enum>(1)</enum><text display-inline="yes-display-inline">A major rule shall not take effect unless the Congress enacts a joint resolution of approval described under section 332.</text>
</paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H951C703EA6274BC8BC8319FE090FFFD4" indent="up1" reported-display-style="italic"><enum>(2)</enum><text display-inline="yes-display-inline">If a joint resolution described in subsection (a) is not enacted into law by the end of 70 session days or legislative days, as applicable, beginning on the date on which the report referred to in subsection (a)(1)(A) is received by Congress (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), then the rule described in that resolution shall be deemed not to be approved and such rule shall not take effect.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H82D70DE058774440B4765F9125E8D8CB"><enum>(c)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H82C2398F6E5A4461B42B882ED4C04EE1"><enum>(1)</enum><text display-inline="yes-display-inline">Notwithstanding any other provision of this section (except subject to paragraph (3)), a major rule may take effect for one 90-calendar-day period if the President makes a determination under paragraph (2) and submits written notice of such determination to the Congress.</text>
</paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HDCBC1E06E7E3457E971E6D15A61FCE19" indent="up1" reported-display-style="italic"><enum>(2)</enum><text display-inline="yes-display-inline">Paragraph (1) applies to a determination made by the President by Executive order that the major rule should take effect because such rule is—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H633C9900FB0345A1B130578FC38C352B"><enum>(A)</enum><text display-inline="yes-display-inline">necessary because of an imminent threat to health or safety or other emergency;</text> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H0FA99FB6A8294F418E6C762910A64026"><enum>(B)</enum><text display-inline="yes-display-inline">necessary for the enforcement of criminal laws;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HA784C2EEADDD4CC1963FB7A4BFAEDE88"><enum>(C)</enum><text display-inline="yes-display-inline">necessary for national security; or</text> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H13539DA5DF9C477AAF2702EC97E18CB5"><enum>(D)</enum><text display-inline="yes-display-inline">issued pursuant to any statute implementing an international trade agreement.</text>
</subparagraph></paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HB10106B0025948279C7408F78AD2B94A" indent="up1" reported-display-style="italic"><enum>(3)</enum><text display-inline="yes-display-inline">An exercise by the President of the authority under this subsection shall have no effect on the procedures under section 332.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H55523554745B48C980AF3B17DA790301"><enum>(d)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H9C27F434E70A468E8D649239F0DC3E1B"><enum>(1)</enum><text display-inline="yes-display-inline">In addition to the opportunity for review otherwise provided under this subtitle, in the case of any rule for which a report was submitted in accordance with subsection (a)(1)(A) during the period beginning on the date occurring—</text>
<subparagraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HDBA58723434345349502D407F2CE0174" indent="up1" reported-display-style="italic"><enum>(A)</enum><text display-inline="yes-display-inline">in the case of the Senate, 60 session days; or</text> </subparagraph><subparagraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H8516A7C7AE194D048FBD3512CC9DCA42" indent="up1" reported-display-style="italic"><enum>(B)</enum><text display-inline="yes-display-inline">in the case of the House of Representatives, 60 legislative days,</text>
</subparagraph></paragraph><continuation-text changed="added" commented="no" committee-id="HBA00" continuation-text-level="subsection" reported-display-style="italic">before the date the Congress is scheduled to adjourn a session of Congress through the date on
which the same or succeeding Congress first convenes its next session,
sections 332 and 333 shall apply to such rule in the succeeding session of
Congress.</continuation-text><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H50A9A228BB1C45B9A160C45869DC4EAA" indent="up1" reported-display-style="italic"><enum>(2)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H13CAB4100C7C4483BEB08C57E46AA315"><enum>(A)</enum><text display-inline="yes-display-inline">In applying sections 332 and 333 for purposes of such additional review, a rule described under paragraph (1) shall be treated as though—</text>
<clause changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="HAAB2703A69424EBABD68466AE8784671" indent="up1" reported-display-style="italic"><enum>(i)</enum><text display-inline="yes-display-inline">such rule were published in the Federal Register on—</text> <subclause commented="no" display-inline="no-display-inline" id="H0CE4B9136E9842F3B6BD58E43398CBF2"><enum>(I)</enum><text display-inline="yes-display-inline">in the case of the Senate, the 15th session day; or</text>
</subclause><subclause commented="no" display-inline="no-display-inline" id="H16770336419D42DDA1E8136001AF901C"><enum>(II)</enum><text display-inline="yes-display-inline">in the case of the House of Representatives, the 15th legislative day,</text> </subclause><continuation-text commented="no" continuation-text-level="clause">after the succeeding session of Congress first convenes; and</continuation-text></clause><clause changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H042B6A00D6CB40799C786A795247821E" indent="up1" reported-display-style="italic"><enum>(ii)</enum><text display-inline="yes-display-inline">a report on such rule were submitted to Congress under subsection (a)(1) on such date.</text>
</clause></subparagraph><subparagraph changed="added" committee-id="HBA00" id="H14218BB5CA604A39A74EB29D6F0EA652" indent="up1" reported-display-style="italic"><enum>(B)</enum><text>Nothing in this paragraph shall be construed to affect the requirement under subsection (a)(1) that a report shall be submitted to Congress before a rule can take effect.</text>
</subparagraph></paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H6F781D7EBAFB4957A35664F95846FE19" indent="up1" reported-display-style="italic"><enum>(3)</enum><text display-inline="yes-display-inline">A rule described under paragraph (1) shall take effect as otherwise provided by law (including other subsections of this section).</text>
</paragraph></subsection></section><section id="H35290E3371C741D5A72066B78934471A"><enum>332.</enum><header>Congressional approval procedure for major rules</header>
<subsection id="H4E683D23AE3040B9842AF79A94F49C33"><enum>(a)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H9333E92FCB8447AF9C39A2818C7C8B9A"><enum>(1)</enum><text>For purposes of this section, the term <term>joint resolution</term> means only a joint resolution addressing a report classifying a rule as major pursuant to section 331(a)(1)(A)(iii) that—</text>
<subparagraph changed="added" committee-id="HBA00" id="H73DCF532D9DD48F49ED9F54CDB6C3316" indent="up1" reported-display-style="italic"><enum>(A)</enum><text>bears no preamble;</text> </subparagraph><subparagraph changed="added" committee-id="HBA00" id="HA56D714CF4A246DD9B416A241448EFB1" indent="up1" reported-display-style="italic"><enum>(B)</enum><text>bears the following title (with blanks filled as appropriate): <quote>Approving the rule submitted by ___ relating to ___.</quote>;</text>
</subparagraph><subparagraph changed="added" committee-id="HBA00" id="HEB17A69457894BE29C409F2266E464DF" indent="up1" reported-display-style="italic"><enum>(C)</enum><text>includes after its resolving clause only the following (with blanks filled as appropriate): <quote>That Congress approves the rule submitted by ___ relating to ___.</quote>; and</text> </subparagraph><subparagraph changed="added" committee-id="HBA00" id="HF4E5B161D16646BBB8D0D7B0785A4F62" indent="up1" reported-display-style="italic"><enum>(D)</enum><text>is introduced pursuant to paragraph (2).</text>
</subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="H5986E521D421413B9684046FFF1DC9F5" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>After a House of Congress receives a report classifying a rule as major pursuant to section 331(a)(1)(A)(iii), the majority leader of that House (or his or her respective designee) shall introduce (by request, if appropriate) a joint resolution described in paragraph (1)—</text>
<subparagraph id="HAC5B46D80ED4472FB7E673082A946DF3"><enum>(A)</enum><text>in the case of the House of Representatives, within 3 legislative days; and</text> </subparagraph><subparagraph id="H0C727F8FDC2D47AC901CC4D1C9CC4DA1"><enum>(B)</enum><text>in the case of the Senate, within 3 session days.</text>
</subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="H1C974EEF827B46F4A8F67C991B179B29" indent="up1" reported-display-style="italic"><enum>(3)</enum><text>A joint resolution described in paragraph (1) shall not be subject to amendment at any stage of proceeding.</text>
</paragraph></subsection><subsection id="HBDD7D104135E46A89F629B156D358A6D"><enum>(b)</enum><text>A joint resolution described in subsection (a) shall be referred in each House of Congress to the committees having jurisdiction over the provision of law under which the rule is issued.</text>
</subsection><subsection id="HC1E3F10433DA4A94A25DCB7BF94ACAC0"><enum>(c)</enum><text display-inline="yes-display-inline">In the Senate, if the committee or committees to which a joint resolution described in subsection (a) has been referred have not reported it at the end of 15 session days after its introduction, such committee or committees shall be automatically discharged from further consideration of the resolution and it shall be placed on the calendar. A vote on final passage of the resolution shall be taken on or before the close of the 15th session day after the resolution is reported by the committee or committees to which it was referred, or after such committee or committees have been discharged from further consideration of the resolution.</text>
</subsection><subsection id="HFA78FE5769DC4478867504C3DE0B7086"><enum>(d)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H1C723624CEB9451195AC8EEB2AE9F340"><enum>(1)</enum><text>In the Senate, when the committee or committees to which a joint resolution is referred have reported, or when a committee or committees are discharged (under subsection (c)) from further consideration of a joint resolution described in subsection (a), it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="H00B26E11D96F465398EB6C15E2A7154E" indent="up1" reported-display-style="italic"><enum>(2)</enum><text>In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 2 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion to further limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="H1B676C3A95714A53908CC14FE62C64AB" indent="up1" reported-display-style="italic"><enum>(3)</enum><text>In the Senate, immediately following the conclusion of the debate on a joint resolution described in subsection (a), and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="H9C11239102E34F6399A5FDE3359D8DEC" indent="up1" reported-display-style="italic"><enum>(4)</enum><text>Appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution described in subsection (a) shall be decided without debate.</text>
</paragraph></subsection><subsection id="H8664088B007D4BDCA96C3DD25BD07F89"><enum>(e)</enum><text display-inline="yes-display-inline">In the House of Representatives, if any committee to which a joint resolution described in subsection (a) has been referred has not reported it to the House at the end of 15 legislative days after its introduction, such committee shall be discharged from further consideration of the joint resolution, and it shall be placed on the appropriate calendar. On the second and fourth Thursdays of each month it shall be in order at any time for the Speaker to recognize a Member who favors passage of a joint resolution that has appeared on the calendar for at least 5 legislative days to call up that joint resolution for immediate consideration in the House without intervention of any point of order. When so called up a joint resolution shall be considered as read and shall be debatable for 1 hour equally divided and controlled by the proponent and an opponent, and the previous question shall be considered as ordered to its passage without intervening motion. It shall not be in order to reconsider the vote on passage. If a vote on final passage of the joint resolution has not been taken by the third Thursday on which the Speaker may recognize a Member under this subsection, such vote shall be taken on that day.</text>
</subsection><subsection id="H57047BAEB05D42309A5951FA9C63C15D"><enum>(f)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H90F6FED6EBA94624B4690E5CAEC389D8"><enum>(1)</enum><text>If, before passing a joint resolution described in subsection (a), one House receives from the other a joint resolution having the same text, then—</text>
<subparagraph changed="added" committee-id="HBA00" id="H25E3BC6B641E495FB9986C795977DF2E" indent="up1" reported-display-style="italic"><enum>(A)</enum><text>the joint resolution of the other House shall not be referred to a committee; and</text> </subparagraph><subparagraph changed="added" committee-id="HBA00" id="HE51EFDFA7C9A48B1BC56C2C31F056D79" indent="up1" reported-display-style="italic"><enum>(B)</enum><text>the procedure in the receiving House shall be the same as if no joint resolution had been received from the other House until the vote on passage, when the joint resolution received from the other House shall supplant the joint resolution of the receiving House.</text>
</subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="HDFE2E41BAF3740FF848B750E1B96B12F" indent="up1" reported-display-style="italic"><enum>(2)</enum><text display-inline="yes-display-inline">This subsection shall not apply to the House of Representatives if the joint resolution received from the Senate is a revenue measure.</text>
</paragraph></subsection><subsection commented="no" id="H34E469E4B80040079F6805B6C7744CDC"><enum>(g)</enum><text>If either House has not taken a vote on final passage of the joint resolution by the last day of the period described in section 331(b)(2), then such vote shall be taken on that day.</text>
</subsection><subsection id="HF89FE158F5394E59820109BDC00821B4"><enum>(h)</enum><text>This section and section 333 are enacted by Congress—</text> <paragraph id="HA54912DD21684C94B585ABA9CBE6148C"><enum>(1)</enum><text>as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such is deemed to be part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution described in subsection (a) and superseding other rules only where explicitly so; and</text>
</paragraph><paragraph id="H2CAEBDF0D29D459DA338268F72B862B7"><enum>(2)</enum><text>with full recognition of the Constitutional right of either House to change the rules (so far as they relate to the procedure of that House) at any time, in the same manner and to the same extent as in the case of any other rule of that House.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="HEA862FAEDB8D4179BF3D8C0C75C18741" section-type="subsequent-section"><enum>333.</enum><header display-inline="yes-display-inline">Congressional disapproval procedure for nonmajor rules</header>
<subsection commented="no" display-inline="no-display-inline" id="H469B07AE9F474B9D8536D1C3E111BAF1"><enum>(a)</enum><text display-inline="yes-display-inline">For purposes of this section, the term <term>joint resolution</term> means only a joint resolution introduced in the period beginning on the date on which the report referred to in section 331(a)(1)(A) is received by Congress and ending 60 days thereafter (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), the matter after the resolving clause of which is as follows: <quote>That Congress disapproves the nonmajor rule submitted by the ___ relating to ___, and such rule shall have no force or effect.</quote> (The blank spaces being appropriately filled in).</text>
</subsection><subsection id="H7070C514BBD74497A4B8B5DD8EC6CDBB"><enum>(b)</enum><text>A joint resolution described in subsection (a) shall be referred to the committees in each House of Congress with jurisdiction.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H6901AFE1F2D3417794554FBFA25EF308"><enum>(c)</enum><text display-inline="yes-display-inline">In the Senate, if the committee to which is referred a joint resolution described in subsection (a) has not reported such joint resolution (or an identical joint resolution) at the end of 15 session days after the date of introduction of the joint resolution, such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by 30 Members of the Senate, and such joint resolution shall be placed on the calendar.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HBE91AFA5CDD141B5AFDD3DBB3F30B2F0"><enum>(d)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H165D43A1AA6C48ACBB67B492C26831CA"><enum>(1)</enum><text display-inline="yes-display-inline">In the Senate, when the committee to which a joint resolution is referred has reported, or when a committee is discharged (under subsection (c)) from further consideration of a joint resolution described in subsection (a), it is at any time thereafter in order (even though a previous motion to the same effect has been disagreed to) for a motion to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion is not subject to amendment, or to a motion to postpone, or to a motion to proceed to the consideration of other business. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the joint resolution is agreed to, the joint resolution shall remain the unfinished business of the Senate until disposed of.</text>
</paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H777FD2E8A19149BCB8D93EFE132A7E7F" indent="up1" reported-display-style="italic"><enum>(2)</enum><text display-inline="yes-display-inline">In the Senate, debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between those favoring and those opposing the joint resolution. A motion to further limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.</text>
</paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H63B6E1771D7246199B933121573F71AC" indent="up1" reported-display-style="italic"><enum>(3)</enum><text display-inline="yes-display-inline">In the Senate, immediately following the conclusion of the debate on a joint resolution described in subsection (a), and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate, the vote on final passage of the joint resolution shall occur.</text>
</paragraph><paragraph changed="added" commented="no" committee-id="HBA00" display-inline="no-display-inline" id="H7EC3CD5432E54819A26EBC1EE3FB28D1" indent="up1" reported-display-style="italic"><enum>(4)</enum><text display-inline="yes-display-inline">Appeals from the decisions of the Chair relating to the application of the rules of the Senate to the procedure relating to a joint resolution described in subsection (a) shall be decided without debate.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H316063E737AC4F638B49D20B742C5111"><enum>(e)</enum><text display-inline="yes-display-inline">In the Senate, the procedure specified in subsection (c) or (d) shall not apply to the consideration of a joint resolution respecting a nonmajor rule—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H07AC6CB81146416891E71EB3C09DEEB9"><enum>(1)</enum><text display-inline="yes-display-inline">after the expiration of the 60 session days beginning with the applicable submission or publication date; or</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H5856D360E9D64665A5AC5B408E147658"><enum>(2)</enum><text display-inline="yes-display-inline">if the report under section 331(a)(1)(A) was submitted during the period referred to in section 331(d)(1), after the expiration of the 60 session days beginning on the 15th session day after the succeeding session of Congress first convenes.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H6BFAC46C16B04832AA250D7FD447B495"><enum>(f)</enum><text display-inline="yes-display-inline">If, before the passage by one House of a joint resolution of that House described in subsection (a), that House receives from the other House a joint resolution described in subsection (a), then the following procedures shall apply:</text>
<paragraph id="H885316C14FC944FEA3397FF122BB9CCD"><enum>(1)</enum><text>The joint resolution of the other House shall not be referred to a committee.</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="HAC4583CB8ACC46E88B8B6095553C780B"><enum>(2)</enum><text display-inline="yes-display-inline">With respect to a joint resolution described in subsection (a) of the House receiving the joint resolution—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H24441D79127849DC9872D15C521FAB3A"><enum>(A)</enum><text display-inline="yes-display-inline">the procedure in that House shall be the same as if no joint resolution had been received from the other House; but</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H6E94155BCB2A414F9D3E768BDA5F8D47"><enum>(B)</enum><text display-inline="yes-display-inline">the vote on final passage shall be on the joint resolution of the other House.</text> </subparagraph></paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="H55BFFD9B5E0345E48D1E6D5850548F23" section-type="subsequent-section"><enum>334.</enum><header display-inline="yes-display-inline">Definitions</header><text display-inline="no-display-inline">For purposes of this subtitle:</text>
<paragraph commented="no" display-inline="no-display-inline" id="H0C7C029F0BD84D9BB389072593FD8BED"><enum>(1)</enum><text display-inline="yes-display-inline">The term <term>Federal financial agency</term> means the Consumer Law Enforcement Agency, Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Securities and Exchange Commission.</text>
</paragraph><paragraph id="HFAA7D722F75D4AEC870388B496AAE509"><enum>(2)</enum><text>The term <term>major rule</term> means any rule, including an interim final rule, that the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget finds has resulted in or is likely to result in—</text>
<subparagraph id="HC23847703D2E4842BF6875A89E802685"><enum>(A)</enum><text>an annual effect on the economy of $100 million or more;</text> </subparagraph><subparagraph id="H58452CAA7A8B42F7A62128515F20F5BC"><enum>(B)</enum><text>a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies, or geographic regions; or</text>
</subparagraph><subparagraph id="H01288471E91C4B608897F728433C9C8F"><enum>(C)</enum><text>significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets.</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H6972C64AAABA4F5AA8085D0A90C485EB"><enum>(3)</enum><text display-inline="yes-display-inline">The term <term>nonmajor rule</term> means any rule that is not a major rule.</text> </paragraph><paragraph commented="no" display-inline="no-display-inline" id="H1777C73EA95042589EA48F2094E44123"><enum>(4)</enum><text display-inline="yes-display-inline">The term <term>rule</term> has the meaning given such term in section 551 of title 5, United States Code, except that such term does not include—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="HA5292829435C4D4ABCA432D72445D525"><enum>(A)</enum><text display-inline="yes-display-inline">any rule of particular applicability, including a rule that approves or prescribes for the future rates, wages, prices, services, or allowances therefore, corporate or financial structures, reorganizations, mergers, or acquisitions thereof, or accounting practices or disclosures bearing on any of the foregoing;</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="HBCF518A564B74BEF9DD2ED90013A621B"><enum>(B)</enum><text display-inline="yes-display-inline">any rule relating to agency management or personnel; or</text> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H5003F7F68F9C4AE7AD89A39DDA4AB413"><enum>(C)</enum><text display-inline="yes-display-inline">any rule of agency organization, procedure, or practice that does not substantially affect the rights or obligations of non-agency parties.</text>
</subparagraph></paragraph><paragraph id="HAF3F25793EF443A4981C8DA53B50FCE1"><enum>(5)</enum><text display-inline="yes-display-inline">The term <term>submission date or publication date</term>, except as otherwise provided in this subtitle, means—</text> <subparagraph id="HF7B0E6A6ECEA43709640B5DA4C101FD1"><enum>(A)</enum><text>in the case of a major rule, the date on which the Congress receives the report submitted under section 331(a)(1)(A); and</text>
</subparagraph><subparagraph id="H8CC615DC90CA4704A93ABD6A26CF953B"><enum>(B)</enum><text>in the case of a nonmajor rule, the later of—</text> <clause id="H74EFE28752854446AC45E048430DF9CF"><enum>(i)</enum><text display-inline="yes-display-inline">the date on which the Congress receives the report submitted under section 331(a)(1)(A); and</text>
</clause><clause id="HDF54CF545C1E466DA994A3E8CFCE5D6C"><enum>(ii)</enum><text>the date on which the nonmajor rule is published in the Federal Register, if so published.</text> </clause></subparagraph></paragraph></section><section commented="no" display-inline="no-display-inline" id="H93673BF1D11B4500AA9228AC6B1FA821" section-type="subsequent-section"><enum>335.</enum><header display-inline="yes-display-inline">Judicial review</header> <subsection id="H8BADFC583B714141BD44499DC9BB6FFE"><enum>(a)</enum><text display-inline="yes-display-inline">No determination, finding, action, or omission under this subtitle shall be subject to judicial review.</text>
</subsection><subsection id="HD517ADC55FE140BE9FCDA05ED796C7D4"><enum>(b)</enum><text display-inline="yes-display-inline">Notwithstanding subsection (a), a court may determine whether a Federal financial agency has completed the necessary requirements under this subtitle for a rule to take effect.</text>
</subsection><subsection id="H0379C6F2314C4654A728EB33E12D1E1C"><enum>(c)</enum><text display-inline="yes-display-inline">The enactment of a joint resolution of approval under section 332 shall not be interpreted to serve as a grant or modification of statutory authority by Congress for the promulgation of a rule, shall not extinguish or affect any claim, whether substantive or procedural, against any alleged defect in a rule, and shall not form part of the record before the court in any judicial proceeding concerning a rule except for purposes of determining whether or not the rule is in effect.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="HC90A6C25068F4CC9B86AF4E9D5D1D723" section-type="subsequent-section"><enum>336.</enum><header display-inline="yes-display-inline">Effective date of certain rules</header><text display-inline="no-display-inline">Notwithstanding section 331—</text> <paragraph commented="no" display-inline="no-display-inline" id="H007F91A1CB57478FA5BAC45A0E08CC92"><enum>(1)</enum><text display-inline="yes-display-inline">any rule that establishes, modifies, opens, closes, or conducts a regulatory program for a commercial, recreational, or subsistence activity related to hunting, fishing, or camping, or</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HE38F15CB6D3544CDB648891900E3FD9E"><enum>(2)</enum><text display-inline="yes-display-inline">any rule other than a major rule which the Federal financial agency for good cause finds (and incorporates the finding and a brief statement of reasons therefore in the rule issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest,</text>
</paragraph><continuation-text continuation-text-level="section">shall take effect at such time as the Federal financial agency promulgating the rule determines.</continuation-text></section><section id="HEB3D73F4026F4AB6AEA17E8C252278B3"><enum>337.</enum><header>Budgetary effects of rules subject to section 332 of the Financial CHOICE Act of 2017</header><text display-inline="no-display-inline">Section 257(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by adding at the end the following new subparagraph:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H87F96F2D2D8847FC826A0BFD7D7E3F1A" reported-display-style="italic" style="OLC">
<subparagraph id="H418AA666945A45E79B6A7B1A7E2F1565" indent="up1"><enum>(E)</enum><header>Budgetary effects of rules subject to section 332 of the Financial CHOICE Act of 2017</header><text display-inline="yes-display-inline">Any rules subject to the congressional approval procedure set forth in section 332 of the Financial CHOICE Act of 2017 affecting budget authority, outlays, or receipts shall be assumed to be effective unless it is not approved in accordance with such section.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><subtitle id="H6E8E165313DE405FA6893F9C2FB30D8B"><enum>C</enum><header>Judicial Review of Agency Actions</header>
<section id="H07F8A41ABD424C58B07370A30A1C49AB"><enum>341.</enum><header>Scope of judicial review of agency actions</header>
<subsection id="HB234297DEB0B4AC5AD07B34517DDCAEF"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, in any judicial review of an agency action pursuant to <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/7">chapter 7</external-xref> of title 5, United States Code, to the extent necessary to decision and when presented, the reviewing court shall determine the meaning or applicability of the terms of an agency action and decide de novo all relevant questions of law, including the interpretation of constitutional and statutory provisions, and rules made by an agency. Notwithstanding any other provision of law, this section shall apply in any action for judicial review of agency action authorized under any provision of law. No law may exempt any such civil action from the application of this section except by specific reference to this section.</text>
</subsection><subsection id="H53CA317CDEF64FBE9A10430F2B80FC72"><enum>(b)</enum><header>Agency defined</header><text display-inline="yes-display-inline">For purposes of this section, the term <term>agency</term> means the Consumer Law Enforcement Agency, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Securities and Exchange Commission.</text>
</subsection><subsection id="H27E301BCF8AC41BBB7E280D0CFC44201"><enum>(c)</enum><header>Effective date</header><text>Subsection (a) shall take effect after the end of the 2-year period beginning on the date of the enactment of this Act.</text>
</subsection></section></subtitle><subtitle id="H2FCB502BB9DD42CB973319419953E1C4"><enum>D</enum><header>Leadership of Financial Regulators</header>
<section id="H738C5FBC0F3B458382EAAEE2518B133E"><enum>351.</enum><header>Federal Deposit Insurance Corporation</header><text display-inline="no-display-inline">Section 2 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1812">12 U.S.C. 1812</external-xref>) is amended—</text> <paragraph id="H012272145DD7478FB0CBBFA90E060429"><enum>(1)</enum><text>in subsection (a)(1), by striking <quote>5 members</quote> and all that follows through <quote>3 of whom</quote> and inserting the following: <quote>5 members, who</quote>;</text>
</paragraph><paragraph id="HF8DEF13A1F7B4995B910A4E664C38E1C"><enum>(2)</enum><text>by amending subsection (d) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H0C4745E803874A96BE7BF65DD917EB10" reported-display-style="italic" style="OLC"> <subsection id="H40E3469E9CFA4581862BE59DBCE60428"><enum>(d)</enum><header>Vacancy</header><text display-inline="yes-display-inline">Any vacancy on the Board of Directors shall be filled in the manner in which the original appointment was made.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H4BA7FE429D2148AFA90E7E7B4569E3D7"><enum>(3)</enum><text>in subsection (f)—</text> <subparagraph id="H037E9479A16549F89A9FBE69155E4163"><enum>(A)</enum><text>by striking paragraph (2); and</text>
</subparagraph><subparagraph id="H2D4C4917DD254BD28036A0FCAB55E4FE"><enum>(B)</enum><text>by redesignating paragraph (3) as paragraph (2).</text> </subparagraph></paragraph></section><section id="H6FC2DEC6246C4AB0A9A503EB7AE103BD"><enum>352.</enum><header>Federal Housing Finance Agency</header><text display-inline="no-display-inline">Section 1312(b)(2) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4512">12 U.S.C. 4512</external-xref>) is amended by striking <quote>for cause</quote>.</text>
</section></subtitle><subtitle commented="no" id="HABBFEE9D608A4066866CAE1C2C19A305"><enum>E</enum><header>Congressional Oversight of Appropriations</header>
<section commented="no" id="HDFE9FD5011EA411CAF33B8C9A28F7B3D"><enum>361.</enum><header>Bringing the Federal Deposit Insurance Corporation into the appropriations process</header>
<subsection commented="no" id="H73ED2B7514DA4F7AAE2497DAF6C1837A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 10(a) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1820">12 U.S.C. 1820(a)</external-xref>) is amended—</text> <paragraph commented="no" id="H1783F4528DE640EEBC30C902DF7E1EC9"><enum>(1)</enum><text>by striking <quote>(a) The</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HED010E44677C413EB6A0B0FE63C727E7" reported-display-style="italic" style="OLC">
<subsection commented="no" id="H3747F91413C5496E81177A728FBC2B2E"><enum>(a)</enum><header>Powers</header>
<paragraph commented="no" id="HD817102D6E8C483CA9594F9946AE3B49"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The</text></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph><paragraph commented="no" id="H1CE6C57511A544DA8F3DD91203A45D92"><enum>(2)</enum><text display-inline="yes-display-inline">by inserting <quote>, subject to paragraph (2), </quote> after <quote>The Board of Directors of the Corporation</quote>; and</text>
</paragraph><paragraph commented="no" id="H2D34E9954476468ABC94265A9866D21D"><enum>(3)</enum><text display-inline="yes-display-inline">by adding at the end the following new paragraph:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H4A82512CE648476297D7D2290A68A957" reported-display-style="italic" style="OLC"> <paragraph commented="no" id="HB1161D178A9F4034991455ACBD9CFFC5"><enum>(2)</enum><header>Appropriations requirement</header> <subparagraph id="H0D89383003E44DB583B27155B50BDBFE"><enum>(A)</enum><header>Operating Fund</header><text display-inline="yes-display-inline">There is established an Operating Fund, to which Congress shall provide annual appropriations to the Corporation, which shall be separate from the Deposit Insurance Fund.</text>
</subparagraph><subparagraph id="HE8A6110EF5C5441AA507600DE50880C3"><enum>(B)</enum><header>Recovery of costs of annual appropriation</header><text display-inline="yes-display-inline">The Corporation shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Corporation by Congress. Except as provided in (E) and subject to subparagraph (F), the Corporation may only incur obligations, or allow and pay expenses, from the Operating Fund pursuant to an appropriations Act.</text>
</subparagraph><subparagraph commented="no" id="HE70F873F13264BCDAD45A6FCB6B9BE19"><enum>(C)</enum><header>Deposits</header><text display-inline="yes-display-inline">Assessments and other fees described under subparagraph (B) for any fiscal year—</text> <clause commented="no" id="HFB62454412B3464F8D0F795537329576"><enum>(i)</enum><text display-inline="yes-display-inline">shall be deposited in the Operating Fund; and</text>
</clause><clause commented="no" id="HBA67F5B2C63545F6842B0E8BDEA9FD0F"><enum>(ii)</enum><text>except as provided in subparagraph (E), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.</text>
</clause></subparagraph><subparagraph id="H3380E11AB39344729131F2C1E52ED8D6"><enum>(D)</enum><header>Credits</header><text display-inline="yes-display-inline">Amounts deposited in the Operating Fund during a fiscal year shall be credited as offsetting the amount appropriated to the Operating Fund for such fiscal year.</text>
</subparagraph><subparagraph commented="no" id="HAAF66AB625EE4904A621F06942CC69E5"><enum>(E)</enum><header>Lapse of Appropriation</header><text display-inline="yes-display-inline">If on the first day of a fiscal year an appropriation to the Corporation has not been enacted, the Corporation shall continue to collect the assessments and other fees described under subparagraph (B) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.</text>
</subparagraph><subparagraph commented="no" id="H1B6C0FE60A7B4ABFB3A167D88BC44E95"><enum>(F)</enum><header>Exception for certain programs</header><text display-inline="yes-display-inline">This paragraph shall not apply to the Corporation’s Insurance Business Line Programs and Receivership Management Business Line Programs, as in existence on the date of enactment of this paragraph.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="HC5C7B1CB4A2B457CB4354BBD8F84D14C"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Subsection (d) of section 7 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1817">12 U.S.C. 1817</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF14091817C0C43FB9FFCB5E6C0B2DA61" reported-display-style="italic" style="OLC">
<subsection commented="no" id="H53C1615AC3A14A54A51928CD26575365"><enum>(d)</enum><header>Deposit Insurance Fund exempt from apportionment</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, amounts received pursuant to any assessments or other fees that are deposited into the Deposit Insurance Fund shall not be subject to apportionment for the purposes of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/15">chapter 15</external-xref> of title 31, United States Code, or under any other authority.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="HD931B5424FFC415EA97370A1D59D657A"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Federal Deposit Insurance Corporation and that is enacted after the date of the enactment of this Act.</text>
</subsection></section><section commented="no" id="H307C02047D9A40BE9129236D4F9DF32F"><enum>362.</enum><header>Bringing the Federal Housing Finance Agency into the appropriations process</header>
<subsection commented="no" id="HBD4E12C2748E4C229598AB6A2E408E34"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 1316 of the Housing and Community Development Act of 1992 (<external-xref legal-doc="usc" parsable-cite="usc/12/4516">12 U.S.C. 4516</external-xref>) is amended—</text> <paragraph commented="no" id="H63A5863FC4544D29A07E2FBB393F5204"><enum>(1)</enum><text>by amending subsection (a) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H4AC550FB41564BA588EE0E770F5B7A45" reported-display-style="italic" style="OLC">
<subsection commented="no" id="HCCB0DD922813480482963A2C56417B18"><enum>(a)</enum><header>Appropriations requirement</header>
<paragraph commented="no" id="HB461C1CDFE344B75A068458D9608BA23"><enum>(1)</enum><header>Recovery of costs of annual appropriation</header><text display-inline="yes-display-inline">The Agency shall collect assessments and other fees that are designed to recover the costs to the Government of the annual appropriation to the Agency by Congress.</text>
</paragraph><paragraph commented="no" id="H5CAA402CB86D4478BCB0BB81CDB8BB1B"><enum>(2)</enum><header>Offsetting collections</header><text display-inline="yes-display-inline">Assessments and other fees described under paragraph (1) for any fiscal year—</text> <subparagraph commented="no" id="H6E4D80BB906742F69179470BBA36998C"><enum>(A)</enum><text>shall be deposited and credited as offsetting collections to the account providing appropriations to the Agency; and</text>
</subparagraph><subparagraph commented="no" id="H9BCD45E1FFAE4AEFB071B9F4139B2F1B"><enum>(B)</enum><text>except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.</text>
</subparagraph></paragraph><paragraph commented="no" id="H8D8A8B0FE3D6420591175DF8C6804AE0"><enum>(3)</enum><header>Lapse of Appropriation</header><text display-inline="yes-display-inline">If on the first day of a fiscal year an appropriation to the Agency has not been enacted, the Agency shall continue to collect (as offsetting collections) the assessments and other fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HF017D4EA61434B468EF86D49BF15B2A9"><enum>(2)</enum><text>by striking subsection (f).</text> </paragraph></subsection><subsection commented="no" id="H4F1BA5FA0C8A48899456B69E7FD818FA"><enum>(b)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall apply with respect to expenses paid and assessments and other fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Federal Housing Finance Agency and that is enacted after the date of the enactment of this Act.</text>
</subsection></section><section commented="no" id="HF25AEBBBF4824013AA339E10D94B8429"><enum>363.</enum><header>Bringing the National Credit Union Administration into the appropriations process</header>
<subsection commented="no" id="H398B7EB18A424B57887F784256F56026"><enum>(a)</enum><header>In general</header><text>Section 105 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1755">12 U.S.C. 1755</external-xref>) is amended—</text> <paragraph commented="no" id="H273EA27753504A109E00089FCB5E3A62"><enum>(1)</enum><text>by amending subsections (a) and (b) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H74A297DB77BC4DD8ADA06CA149216C12" reported-display-style="italic" style="OLC">
<subsection commented="no" id="HFE2AA35205E84AFDA7CD69A96A2C053C"><enum>(a)</enum><header>Payment by Federal credit unions to Administration</header><text display-inline="yes-display-inline">Each insured credit union shall pay to the Administration an annual fee.</text> </subsection><subsection commented="no" id="H5564E6565A4A4E5DB8ACF2B185A5F7E0"><enum>(b)</enum><header>Determinations of assessment periods and payment dates</header><text>The Board shall determine the periods for which the fee referred to under subsection (a) shall be assessed and the date for the payment of such fee or increments thereof.</text></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HA4394072907A4EFBAF0DA7C07389F920"><enum>(2)</enum><text>in subsection (c), by striking <quote>operating</quote>;</text> </paragraph><paragraph commented="no" id="H301C7DA654BE4415A7873AE38A48E363"><enum>(3)</enum><text display-inline="yes-display-inline">by amending subsection (d) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H16594749B3A04084B745EB289A9C9373" reported-display-style="italic" style="OLC">
<subsection commented="no" id="H5B8823956F054A16948BA61F010470E0"><enum>(d)</enum><header>Appropriations requirement</header>
<paragraph commented="no" id="H785ABD53A2FF427ABFCF961FEFCFDA88"><enum>(1)</enum><header>Recovery of costs of annual appropriation</header><text>The Administration shall collect fees other than those fees referred to under subsection (a) from each insured credit union, as provided under this Act, in an amount stated as a percentage of insured shares of each insured credit union (which percentage shall be the same for all insured credit unions). Such fees shall be designed to recover the costs to the Government of the annual appropriation to the Administration by Congress.</text>
</paragraph><paragraph commented="no" id="HD1328535976E4717A834FF00AA6FA309"><enum>(2)</enum><header>Offsetting collections</header><text>Fees described under paragraph (1) for any fiscal year—</text> <subparagraph commented="no" id="H60BBFE808FF84C8688246E945E8B150F"><enum>(A)</enum><text>shall be deposited and credited as offsetting collections to the account providing appropriations to the Administration; and</text>
</subparagraph><subparagraph commented="no" id="HC2A043CF2B6745E0A45392C1EC586D3F"><enum>(B)</enum><text>except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.</text>
</subparagraph></paragraph><paragraph commented="no" id="H65B99DDFC1DD472DA1E0FB7CDE48531A"><enum>(3)</enum><header>Lapse of appropriation</header><text>If on the first day of a fiscal year an appropriation to the Administration has not been enacted, the Administration shall continue to collect (as offsetting collections) the fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.</text>
</paragraph><paragraph commented="no" id="H45C900E4B23A47C58BC3042B17A62027"><enum>(4)</enum><header>Exception for insurance functions</header><text>This subsection shall not apply to the National Credit Union Share Insurance Fund, including assessments and other fees that are deposited into, and amounts paid from, the National Credit Union Share Insurance Fund.</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HC4F8FF17DD8B481BA2791B3DA86B9B05"><enum>(4)</enum><text>by striking subsection (e).</text> </paragraph></subsection><subsection commented="no" id="HA26302DA49654828AB8A8297F38CFCD0"><enum>(b)</enum><header>Conforming amendments</header><text>The Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1751">12 U.S.C. 1751</external-xref> et seq.) is amended—</text>
<paragraph commented="no" id="H2A742BFDA0BD431A93B4E993D7E2A97A"><enum>(1)</enum><text>in section 120(j), by striking paragraph (3);</text> </paragraph><paragraph commented="no" id="H3EDD15FE6DE641258DD35DCC5002DA81"><enum>(2)</enum><text>by amending section 128 to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" id="H4D70E1FFC36F49D3B08035752C5E7BB9" reported-display-style="italic" style="OLC">
<section commented="no" id="HFED9E5C625304A16A0D458DB81F7C432"><enum>128.</enum><header>National credit union share insurance fund exempt from apportionment</header><text display-inline="no-display-inline">Notwithstanding any other provision of law, amounts received pursuant to any assessments or other fees that are deposited into the National Credit Union Share Insurance Fund or the Temporary Corporate Credit Union Stabilization Fund shall not be subject to apportionment for the purposes of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/15">chapter 15</external-xref> of title 31, United States Code, or under any other authority.</text></section><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HBCC6E41996C7485E8C0816623E954E80"><enum>(3)</enum><text>in section 203(a), by striking <quote>and for such administrative and other expenses incurred in carrying out the purposes of this title</quote>.</text> </paragraph></subsection><subsection commented="no" id="H145202D0872148FCBDB42DDFD2B43513"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the National Credit Union Administration and that is enacted after the date of the enactment of this Act.</text>
</subsection></section><section commented="no" id="H43E4C72E099345B99E6C9303DB72918D"><enum>364.</enum><header>Bringing the Office of the Comptroller of the Currency into the appropriations process</header>
<subsection commented="no" id="HDB5A5525C23944C6814748502196ED5D"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 5240A of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/16">12 U.S.C. 16</external-xref>) is amended—</text> <paragraph commented="no" id="H5FCF55F0E9CD4DA9B43529F549C3A041"><enum>(1)</enum><text>by striking <quote>Sec. 5240A. The Comptroller of the Currency may collect an assessment, fee, or other charge from any entity described in section 3(q)(1) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813(q)(1)</external-xref>), as the Comptroller determines is necessary or appropriate to carry out the responsibilities of the Office of the Comptroller of the Currency. In establishing the amount of an assessment, fee, or charge collected from an entity under this section,</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H7ECC60EC157B4248A6E21D2490950DE0" reported-display-style="italic" style="OLC">
<section commented="no" id="HD67E6AB205CC418AB5E12FE0425458CC"><enum>5240A.</enum><header>Collection of fees; appropriations requirement</header>
<subsection commented="no" id="H6B29CD69F1F949AB8E7D8994D7EF8AD9"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">In establishing the amount of an assessment, fee, or charge collected from an entity under subsection (b),</text></subsection></section><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="H324A0B34355C4E8C841C2438C0812C17"><enum>(2)</enum><text>by striking <quote>Funds derived</quote> and all that follows through the end of the section; and</text> </paragraph><paragraph commented="no" id="HFDE3CE61EA47437B8A0FFFA6C9AECB5A"><enum>(3)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H99562064E3664081A3B916971880CD54" reported-display-style="italic" style="OLC">
<subsection commented="no" id="H4D94E0C94D2647F199DEBCB995BDB632"><enum>(b)</enum><header>Appropriations requirement</header>
<paragraph commented="no" id="H5DB0FECBBD82446E94C9429DDD4E953F"><enum>(1)</enum><header>Recovery of costs of annual appropriation</header><text display-inline="yes-display-inline">The Comptroller of the Currency shall impose and collect assessments, fees, or other charges that are designed to recover the costs to the Government of the annual appropriation to the Office of the Comptroller of the Currency by Congress.</text>
</paragraph><paragraph commented="no" id="HBC642E550CAE4BFEA77C2BE5493FDA89"><enum>(2)</enum><header>Offsetting collections</header><text display-inline="yes-display-inline">Assessments and other fees described under paragraph (1) for any fiscal year—</text> <subparagraph commented="no" id="H897A77D9CF8941309A66484841774747"><enum>(A)</enum><text display-inline="yes-display-inline">shall be deposited and credited as offsetting collections to the account providing appropriations to the Office of the Comptroller of the Currency; and</text>
</subparagraph><subparagraph commented="no" id="HAAA0C6A76DCB4295AD734F80D64D473F"><enum>(B)</enum><text>except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.</text>
</subparagraph></paragraph><paragraph commented="no" id="HFC8D4FA8A73A4A7A891A27D6EB6F2075"><enum>(3)</enum><header>Lapse of Appropriation</header><text display-inline="yes-display-inline">If on the first day of a fiscal year an appropriation to the Office of the Comptroller of the Currency has not been enacted, the Comptroller of the Currency shall continue to collect (as offsetting collections) the assessments and other fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="HBAF7CEDF55444686AA092F94736656E6"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 5240 (<external-xref legal-doc="usc" parsable-cite="usc/12/481">12 U.S.C. 481</external-xref> et seq.) of the Revised Statutes of the United States is amended by striking the fourth undesignated paragraph.</text>
</subsection><subsection commented="no" id="H6CC38162417B449188953D4A3FBAE6A6"><enum>(c)</enum><header>Effective Date</header><text display-inline="yes-display-inline">The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Comptroller of the Currency and that is enacted after the date of the enactment of this Act.</text>
</subsection></section><section commented="no" id="HC26EE3045AFF46CF9C3A67D81958475E"><enum>365.</enum><header>Bringing the non-monetary policy related functions of the Board of Governors of the Federal Reserve
System into the appropriations process</header>
<subsection id="H7D6B9D6AA79041C8977A48F0C1DA59D6"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Federal Reserve Act is amended by inserting after section 11B the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H9368F0C12E474F009E8D2503A18F7020" reported-display-style="italic" style="OLC"> <section commented="no" id="H08B6662287814168B34FCF1FCFA02839"><enum>11C.</enum><header>Appropriations requirement for non-monetary policy related administrative costs</header> <subsection commented="no" id="HE12ACDBBFA8642CF86B9FC28C8DE4D02"><enum>(a)</enum><header>Appropriations requirement</header> <paragraph commented="no" id="HDBF7333C8B8B471D9A49F61934830357"><enum>(1)</enum><header>Recovery of costs of annual appropriation</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System and the Federal reserve banks shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Board of Governors of the Federal Reserve System by Congress. The Board of Governors of the Federal Reserve System and the Federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations Act.</text>
</paragraph><paragraph commented="no" id="HF529A51CB1504AD39572A62D7FC5DEBD"><enum>(2)</enum><header>Offsetting collections</header><text display-inline="yes-display-inline">Assessments and other fees described under paragraph (1) for any fiscal year—</text> <subparagraph commented="no" id="H2F3A969CCA7142A181ED75573A748807"><enum>(A)</enum><text display-inline="yes-display-inline">shall be deposited and credited as offsetting collections to the account providing appropriations to the Board of Governors of the Federal Reserve System; and</text>
</subparagraph><subparagraph commented="no" id="H76DA529AC1DB47F39B25EE33508D24A8"><enum>(B)</enum><text>except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.</text>
</subparagraph></paragraph><paragraph commented="no" id="HADD099C040F242FD9EAC0B2AB0919415"><enum>(3)</enum><header>Lapse of Appropriation</header><text display-inline="yes-display-inline">If on the first day of a fiscal year an appropriation to the Board of Governors of the Federal Reserve System has not been enacted, the Board of Governors of the Federal Reserve System shall continue to collect (as offsetting collections) the assessments and other fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.</text>
</paragraph><paragraph commented="no" id="HD4E6D75F25E448C296E1459E8FF80EFD"><enum>(4)</enum><header>Limitation</header><text display-inline="yes-display-inline">This subsection shall only apply to the non-monetary policy related administrative costs of the Board of Governors of the Federal Reserve System.</text>
</paragraph></subsection><subsection commented="no" id="HE0FFCA52B5FC46BDAD642580C1A5A04A"><enum>(b)</enum><header>Definitions</header><text display-inline="yes-display-inline">For purposes of this section:</text> <paragraph commented="no" id="H0DC76F8CCFF14EA0A1B0B14DC7C902D4"><enum>(1)</enum><header>Monetary policy</header><text display-inline="yes-display-inline">The term <term>monetary policy</term> means a strategy for producing a generally acceptable exchange medium that supports the productive employment of economic resources by reliably serving as both a unit of account and store of value.</text>
</paragraph><paragraph commented="no" id="H8EF087541ED1401BAFFE076C4B38F43D"><enum>(2)</enum><header>Non-monetary policy related administrative costs</header><text>The term <term>non-monetary policy related administrative costs</term> means administrative costs not related to the conduct of monetary policy, and includes—</text> <subparagraph commented="no" id="HCF3F34919D744D079E1CFE8D37065E57"><enum>(A)</enum><text display-inline="yes-display-inline">direct operating expenses for supervising and regulating entities supervised and regulated by the Board of Governors of the Federal Reserve System, including conducting examinations, conducting stress tests, communicating with the entities regarding supervisory matters and laws, and regulations;</text>
</subparagraph><subparagraph commented="no" id="H1F6224BBC7FA44439CFBBDD0F44C482F"><enum>(B)</enum><text display-inline="yes-display-inline">operating expenses for activities integral to carrying out supervisory and regulatory responsibilities, such as training staff in the supervisory function, research and analysis functions including library subscription services, and collecting and processing regulatory reports filed by supervised institutions; and</text>
</subparagraph><subparagraph commented="no" id="HA24DAFC9A9BF40F68C28C4041D1823E8"><enum>(C)</enum><text>support, overhead, and pension expenses related to the items described under subparagraphs (A) and (B).</text></subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H3080F0A281AC43B688C64DB7B761899F"><enum>(b)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Board of Governors of the Federal Reserve System and that is enacted after the date of the enactment of this Act.</text>
</subsection></section></subtitle><subtitle id="H4F220EF791AD475AB2B44ECA2F1B56CB"><enum>F</enum><header>International Processes</header>
<section display-inline="no-display-inline" id="H6FE1512EEF014C7F847260929F1B166C" section-type="subsequent-section"><enum>371.</enum><header>Requirements for international processes</header>
<subsection id="H441DF7057FBC445E994BB0FE125A4FFE"><enum>(a)</enum><header>Board of Governors requirements</header><text display-inline="yes-display-inline">Section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248</external-xref>), as amended by section 1007(a), is further amended by adding at the end the following new subsection:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H764400D7C31341EAA95675A9797E2574" reported-display-style="italic" style="OLC">
<subsection id="H921718276F3C49AEB94802E56C4EA53F"><enum>(w)</enum><header>International processes</header>
<paragraph id="H18F9C29A0E3F42FAB449997EF981CB79"><enum>(1)</enum><header>Notice of process; consultation</header><text display-inline="yes-display-inline">At least 30 calendar days before any member or employee of the Board of Governors of the Federal Reserve System participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Governors shall—</text>
<subparagraph id="HFCF2FFE5D05D413CB3BEE30A84E82DCC"><enum>(A)</enum><text>issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</subparagraph><subparagraph id="H1DEC962002604F549EF588BD93D490B9"><enum>(B)</enum><text>make such notice available to the public, including on the website of the Board of Governors; and</text> </subparagraph><subparagraph id="H3B67918675C24EE194CA0AFEAA46780A"><enum>(C)</enum><text display-inline="yes-display-inline">solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.</text>
</subparagraph></paragraph><paragraph id="H8FD8E17E76EC4A2A909D3BF0C6E4B332"><enum>(2)</enum><header>Public reports on process</header><text display-inline="yes-display-inline">After the end of any process described under paragraph (1), the Board of Governors shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the Board of Governors believes should be implemented as a result of the process.</text>
</paragraph><paragraph id="H57456E0DBC99490E85B5747DA12D16D1"><enum>(3)</enum><header>Notice of agreements; consultation</header><text display-inline="yes-display-inline">At least 90 calendar days before any member or employee of the Board of Governors of the Federal Reserve System participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Governors shall—</text>
<subparagraph id="H5B4486BC260B41078E7EF97C1C932756"><enum>(A)</enum><text>issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</subparagraph><subparagraph id="H129F7D09FA5C42068FAD86572645BA94"><enum>(B)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Board of Governors; and</text> </subparagraph><subparagraph id="HDB970F7AC32442E3BDE949689700D04C"><enum>(C)</enum><text>consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="H3F486A89CDC9475A95ADF696757B309B"><enum>(4)</enum><header>Definition</header><text display-inline="yes-display-inline">For purposes of this subsection, the term <term>process</term> shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H04F2A83916144309B96F23CB86A6AEAF"><enum>(b)</enum><header>FDIC requirements</header><text display-inline="yes-display-inline">The Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1811">12 U.S.C. 1811</external-xref> et seq.) is amended by adding at the end the following new section:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H901A6ADA45944CEC9A760FF56FB41F73" reported-display-style="italic" style="OLC">
<section id="H0763C9CD4E6E41329D8586DA17D428BA"><enum>51.</enum><header>International processes</header>
<subsection id="HA87B42EB3BD34E2C85B24D0C74BCDC14"><enum>(a)</enum><header>Notice of process; consultation</header><text display-inline="yes-display-inline">At least 30 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall—</text>
<paragraph id="HE7CF5F87BFCD4D1D8AF20EF18D8F1B85"><enum>(1)</enum><text display-inline="yes-display-inline">issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</paragraph><paragraph id="H4D54EF0615904276847382A480E57129"><enum>(2)</enum><text>make such notice available to the public, including on the website of the Corporation; and</text> </paragraph><paragraph id="H1A1FCEB475BB46B8BDADE35585EAFE72"><enum>(3)</enum><text display-inline="yes-display-inline">solicit public comment, and consult with the committees described under paragraph (1), with respect to the subject matter, scope, and goals of the process.</text>
</paragraph></subsection><subsection id="HDB0C88AB19BF413AB01D3AB260648A21"><enum>(b)</enum><header>Public reports on process</header><text display-inline="yes-display-inline">After the end of any process described under subsection (a), the Board of Directors shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Board of Directors believes should be implemented as a result of the process.</text>
</subsection><subsection id="H5FCBE5484BF34D57A91054B39DCE0954"><enum>(c)</enum><header>Notice of agreements; consultation</header><text display-inline="yes-display-inline">At least 90 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall—</text>
<paragraph id="H36970FB028854D00BDDE4D65A0164FD7"><enum>(1)</enum><text>issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</paragraph><paragraph id="HBDB9B673437D4C23A4DD5D10B6E18813"><enum>(2)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Corporation; and</text> </paragraph><paragraph id="H9FCAC9EA9212436B91091CF3134F5F1D"><enum>(3)</enum><text display-inline="yes-display-inline">consult with the committees described under paragraph (1) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="HF2396ECE769540F5B271354033CAA2F6"><enum>(d)</enum><header>Definition</header><text display-inline="yes-display-inline">For purposes of this section, the term <term>process</term> shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H5D75131EBAEF4611956E6C931DD90172"><enum>(c)</enum><header>Treasury requirements</header><text>Section 325 of title 31, United States Code, is amended by adding at the end the following new subsection:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H8B7E70FA721D439D9F375CB2CB879946" reported-display-style="italic" style="USC">
<subsection id="H112843531A1C4F448E38070B5ED980AC"><enum>(d)</enum><header>International processes</header>
<paragraph id="HD568D48B911C42678D15537C434E76F4"><enum>(1)</enum><header>Notice of process; consultation</header><text display-inline="yes-display-inline">At least 30 calendar days before the Secretary participates in a process of setting financial standards as a part of any foreign or multinational entity, the Secretary shall—</text>
<subparagraph id="H2D69C42D7B934F6BA15DC6771BB9713A"><enum>(A)</enum><text display-inline="yes-display-inline">issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</subparagraph><subparagraph id="H7CF6ECCF124C452EAC66F819B20E7349"><enum>(B)</enum><text>make such notice available to the public, including on the website of the Department of the Treasury; and</text>
</subparagraph><subparagraph id="HC6F0023A5C244FC4922849BC9E0DEA8A"><enum>(C)</enum><text display-inline="yes-display-inline">solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.</text>
</subparagraph></paragraph><paragraph id="H5AD1CA9A20AD4BDD9E4E0763F8B2D954"><enum>(2)</enum><header>Public reports on process</header><text display-inline="yes-display-inline">After the end of any process described under paragraph (1), the Secretary shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Secretary believes should be implemented as a result of the process.</text>
</paragraph><paragraph id="H55A9DE7DCCF54D489BA68EFCAAA99CFB"><enum>(3)</enum><header>Notice of agreements; consultation</header><text display-inline="yes-display-inline">At least 90 calendar days before the Secretary participates in a process of setting financial standards as a part of any foreign or multinational entity, the Secretary shall—</text>
<subparagraph id="H87A93023303E48639F5ACBC15493059F"><enum>(A)</enum><text>issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</subparagraph><subparagraph id="H3027E19ABABE457A9B86F81E87683C7B"><enum>(B)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Department of the Treasury; and</text>
</subparagraph><subparagraph id="H3CCC407B612E42CDBB48F8B0DAFA98A6"><enum>(C)</enum><text display-inline="yes-display-inline">consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="H069F98500DC54663A9FB4BADA9863463"><enum>(4)</enum><header>Definition</header><text display-inline="yes-display-inline">For purposes of this subsection, the term <term>process</term> shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H36D6C2BCB2F34622A9F97467D8BC2F78"><enum>(d)</enum><header>OCC requirements</header><text display-inline="yes-display-inline">Chapter one of title LXII of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/21">12 U.S.C. 21</external-xref> et seq.) is amended—</text>
<paragraph id="H0CB04B137A274D058FD94E36821532C1"><enum>(1)</enum><text>by adding at the end the following new section:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H09F7B741D82C43AC8B4CB447042F8E78" reported-display-style="italic" style="OLC"> <section id="H79C3433B99C644EFACB2A9189D1658C7"><enum>5156B.</enum><header>International processes</header> <subsection id="H0548712306C0477991B682C2D3586300"><enum>(a)</enum><header>Notice of process; consultation</header><text display-inline="yes-display-inline">At least 30 calendar days before the Comptroller of the Currency participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall—</text>
<paragraph id="HC6D0AB0B3D044B1AA82F45CC42049FF9"><enum>(1)</enum><text display-inline="yes-display-inline">issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</paragraph><paragraph id="HF3C0620118BB4B9A8B8A37310A572A94"><enum>(2)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Office of the Comptroller of the Currency; and</text>
</paragraph><paragraph id="H2FD1BB6F96A94577B7809BEFC0C77E9E"><enum>(3)</enum><text display-inline="yes-display-inline">solicit public comment, and consult with the committees described under paragraph (1), with respect to the subject matter, scope, and goals of the process.</text>
</paragraph></subsection><subsection id="HCAD5DBCCC1514780AC8908489FC05533"><enum>(b)</enum><header>Public reports on process</header><text display-inline="yes-display-inline">After the end of any process described under subsection (a), the Board of Directors shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Board of Directors believes should be implemented as a result of the process.</text>
</subsection><subsection id="H647F5906BF264451969BC3B2063FC7CB"><enum>(c)</enum><header>Notice of agreements; consultation</header><text display-inline="yes-display-inline">At least 90 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall—</text>
<paragraph id="H4AE13CF810AA4BDABC530D9B9CC89EF8"><enum>(1)</enum><text>issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</paragraph><paragraph id="HBA5F2449B6184DE3AB23802E4B1C218D"><enum>(2)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Office of the Comptroller of the Currency; and</text>
</paragraph><paragraph id="H5033F712C28640279129FEB0D56B2A05"><enum>(3)</enum><text display-inline="yes-display-inline">consult with the committees described under paragraph (1) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H5785C55902B44AF48FA80B2D9C8388FE"><enum>(d)</enum><header>Definition</header><text display-inline="yes-display-inline">For purposes of this section, the term <term>process</term> shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).</text></subsection></section><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H2A1A313A780644E9A9634685E72AD1F4"><enum>(2)</enum><text display-inline="yes-display-inline">in the table of contents for such chapter, by adding at the end the following new item:</text> <quoted-block changed="added" committee-id="HBA00" id="HBBA50DB4288F48239AEE26B1953481CC" reported-display-style="italic"> <toc changed="added" committee-id="HBA00" idref="H79C3433B99C644EFACB2A9189D1658C7" regeneration="no-regeneration" reported-display-style="italic"> <toc-entry level="section">5156B. International processes.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection id="H2780967B976845018EE54ED56AB3ABEF"><enum>(e)</enum><header>Securities and Exchange Commission requirements</header><text display-inline="yes-display-inline">Section 4 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d</external-xref>), as amended by section 818(a), is further amended by adding at the end the following new subsection:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H6689A478CD0E484999F8DD639B28B2AF" reported-display-style="italic" style="USC">
<subsection id="H44F062281E07418C8E888C9224F80994"><enum>(j)</enum><header>International processes</header>
<paragraph id="HE6DBEC896D6B413EA80F19EF0F47A6E0"><enum>(1)</enum><header>Notice of process; consultation</header><text display-inline="yes-display-inline">At least 30 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—</text>
<subparagraph id="H0B9B2AE598424A9B8B5E841546BD45BC"><enum>(A)</enum><text display-inline="yes-display-inline">issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</subparagraph><subparagraph id="HBE059F2017C54C73AE14A96AB6F73A37"><enum>(B)</enum><text>make such notice available to the public, including on the website of the Commission; and</text> </subparagraph><subparagraph id="HE01391393D65485CB02EB34112C49990"><enum>(C)</enum><text display-inline="yes-display-inline">solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.</text>
</subparagraph></paragraph><paragraph id="HDE7800541E304CDAB8C27232C69C38EA"><enum>(2)</enum><header>Public reports on process</header><text display-inline="yes-display-inline">After the end of any process described under paragraph (1), the Commission shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Commission believes should be implemented as a result of the process.</text>
</paragraph><paragraph id="H3CF77C43657645E9AA2C43231AD76637"><enum>(3)</enum><header>Notice of agreements; consultation</header><text display-inline="yes-display-inline">At least 90 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—</text>
<subparagraph id="H27B9F6B15B124215BBBA21456D76106F"><enum>(A)</enum><text>issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;</text>
</subparagraph><subparagraph id="H13180D41268B4FAFBE8A694204B33A52"><enum>(B)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Commission; and</text> </subparagraph><subparagraph id="H6164A8BC18564404B8B1272D8AB35C95"><enum>(C)</enum><text display-inline="yes-display-inline">consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="H4384F377D97D475189F3D7BCA4041ABE"><enum>(4)</enum><header>Definition</header><text display-inline="yes-display-inline">For purposes of this subsection, the term <term>process</term> shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HDEA85EEAA406486B8C6702033A4958E7"><enum>(f)</enum><header>Commodity Futures Trading Commission Requirements</header><text display-inline="yes-display-inline">Section 2 of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/2">7 U.S.C. 2</external-xref>) is amended by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H7D0EDDC1EBF6454F9341EFDC12B39DED" reported-display-style="italic" style="OLC"> <subsection id="HB867651571AC49DA89ACCAE7D2022AC0"><enum>(k)</enum><header>International processes</header> <paragraph id="H3ED8F303DEBA4A89826F756CA4493FBF"><enum>(1)</enum><header>Notice of process; consultation</header><text display-inline="yes-display-inline">At least 30 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—</text>
<subparagraph id="H2BDDE7F8E54246E8BDE9E18F049253E7"><enum>(A)</enum><text display-inline="yes-display-inline">issue a notice of the process, including the subject matter, scope, and goals of the process, to—</text> <clause id="H1F7553E1B37C4A45A536D178EC31FB71"><enum>(i)</enum><text>the Committees on Financial Services and Agriculture of the House of Representatives; and</text>
</clause><clause id="HF991EE909A784331A494C07B86A4005C"><enum>(ii)</enum><text>the Committees on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry of the Senate;</text>
</clause></subparagraph><subparagraph id="H1D9D6CEA143446C7909C3F4C18F7450B"><enum>(B)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Commission; and</text> </subparagraph><subparagraph id="H420ADABBA01E4E06AE81507DE564D7E8"><enum>(C)</enum><text>solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.</text>
</subparagraph></paragraph><paragraph id="HA8F89C70837A489CB37CF492B50DCE5C"><enum>(2)</enum><header>Public reports on process</header><text display-inline="yes-display-inline">After the end of any process described under paragraph (1), the Commission shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the Commission believes should be implemented as a result of the process.</text>
</paragraph><paragraph id="HBBD97DA9225B4DDFB5B14FA78B7814DE"><enum>(3)</enum><header>Notice of agreements; consultation</header><text display-inline="yes-display-inline">At least 90 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—</text>
<subparagraph id="H3580FD085F1E49AEAA610B8334E691BD"><enum>(A)</enum><text>issue a notice of agreement to—</text> <clause id="H6390DF98322347AB88A701C0567D7B36"><enum>(i)</enum><text>the Committees on Financial Services and Agriculture of the House of Representatives; and</text>
</clause><clause id="H7CAD7B616CF44B67967E65716C9D9D52"><enum>(ii)</enum><text>the Committees on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry of the Senate;</text>
</clause></subparagraph><subparagraph id="H5F783DBB39A44D3BB3CFAAA197C413D7"><enum>(B)</enum><text display-inline="yes-display-inline">make such notice available to the public, including on the website of the Commission; and</text> </subparagraph><subparagraph id="H70D3839D54124B85B67AADCE08EC1DCB"><enum>(C)</enum><text>consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.</text>
</subparagraph></paragraph><paragraph id="HDE3987D4406C4B328E5FD14C16BEC160"><enum>(4)</enum><header>Definition</header><text>For purposes of this subsection, the term <term>process</term> shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section></subtitle><subtitle id="HD469E6023F6F4CA59FA9EF94468172F0"><enum>G</enum><header>Unfunded Mandates Reform</header>
<section id="H48E0914BDFD14CB49EFCBAD20CCEB92B"><enum>381.</enum><header>Definitions</header><text display-inline="no-display-inline">For purposes of this title:</text> <paragraph id="HF061ACD3BD9243C19144DC9924AEEE26"><enum>(1)</enum><header>Agency</header><text>The term <term>agency</term> has the meaning given such term under section 311.</text>
</paragraph><paragraph id="HBDE55F0C4AFA4379AC15D247ABEAA7A3"><enum>(2)</enum><header>Other definitions</header><text display-inline="yes-display-inline">Except as provided under paragraph (1), the definitions under section 421 of the Congressional Budget and Impoundment Control Act of 1974 shall apply to this title.</text>
</paragraph></section><section id="HB6A505E48EF44F4785EFC24F1FA1DAFF"><enum>382.</enum><header>Statements to accompany significant regulatory actions</header>
<subsection id="H1BA9EF6E54604E8EB9EE5F5BF8963123"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Unless otherwise expressly prohibited by law, before promulgating any general notice of proposed rulemaking or any final rule, or within six months after promulgating any final rule that was not preceded by a general notice of proposed rulemaking, if the proposed rulemaking or final rule includes a Federal mandate that may result in an annual effect on State, local, or tribal governments, or to the private sector, in the aggregate of $100,000,000 or more in any 1 year, the agency shall prepare a written statement containing the following:</text>
<paragraph id="H8A89E4762EBD4E87A2D2AE78FC260EAC"><enum>(1)</enum><text display-inline="yes-display-inline">The text of the draft proposed rulemaking or final rule, together with the information required under subsections (a) and (b)(1) of section 312, as applicable, including an explanation of the manner in which the proposed rulemaking or final rule is consistent with the statutory requirement and avoids undue interference with State, local, and tribal governments in the exercise of their governmental functions.</text>
</paragraph><paragraph id="HA088B9E56E1D42A3ABCE25985D97F15D"><enum>(2)</enum><text>Estimates by the agency, if and to the extent that the agency determines that accurate estimates are reasonably feasible, of—</text>
<subparagraph id="HCA641B72BB80417181E3D161FE5C7A99"><enum>(A)</enum><text>the future compliance costs of the Federal mandate; and</text> </subparagraph><subparagraph id="H2A52F282469C44CB8BC3F685C544F2EA"><enum>(B)</enum><text>any disproportionate budgetary effects of the Federal mandate upon any particular regions of the nation or particular State, local, or tribal governments, urban or rural or other types of communities, or particular segments of the private sector.</text>
</subparagraph></paragraph><paragraph id="H3420F910831A4BFD86D10C7B61025BA6"><enum>(3)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H31B1EF3D5C1F454599B38065564C6E98"><enum>(A)</enum><text>A detailed description of the extent of the agency’s prior consultation with the private sector and elected representatives (under section 384) of the affected State, local, and tribal governments.</text>
</subparagraph><subparagraph changed="added" committee-id="HBA00" id="HDFC49308C8974619BF28486600379AB3" indent="up1" reported-display-style="italic"><enum>(B)</enum><text>A detailed summary of the comments and concerns that were presented by the private sector and State, local, or tribal governments either orally or in writing to the agency.</text>
</subparagraph><subparagraph changed="added" committee-id="HBA00" id="HAE9984605D684EBB97BF89E89BECA60D" indent="up1" reported-display-style="italic"><enum>(C)</enum><text>A detailed summary of the agency’s evaluation of those comments and concerns.</text> </subparagraph></paragraph><paragraph id="H241EAF94F71947AD85CE3B370F45284A"><enum>(4)</enum><text display-inline="yes-display-inline">A detailed summary of how the agency complied with each of the regulatory principles described under section 312, as applicable.</text>
</paragraph></subsection><subsection id="H2A7DA907423746B6AF6B56F1F13ED04F"><enum>(b)</enum><header>Promulgation</header><text>In promulgating a general notice of proposed rulemaking or a final rule for which a statement under subsection (a) is required, the agency shall include in the promulgation a summary of the information contained in the statement.</text>
</subsection><subsection id="HFF2A11A9B0A84605888EC206BD65F829"><enum>(c)</enum><header>Preparation in conjunction with other statement</header><text>Any agency may prepare any statement required under subsection (a) in conjunction with or as a part of any other statement or analysis, provided that the statement or analysis satisfies the provisions of subsection (a).</text>
</subsection></section><section id="HBD3FEF06CF1C4FD798857D662A70D91E"><enum>383.</enum><header>Small government agency plan</header><text display-inline="no-display-inline">Before establishing any regulatory requirements that might significantly or uniquely affect small governments, agencies shall have developed a plan under which the agency shall—</text>
<paragraph id="HECB5E15740F8461C9760DE74ECFE29F7"><enum>(1)</enum><text>provide notice of the requirements to potentially affected small governments, if any;</text> </paragraph><paragraph id="HF794670E05904195A1516A3CD356DA8D"><enum>(2)</enum><text>enable officials of affected small governments to provide meaningful and timely input in the development of regulatory proposals containing significant Federal intergovernmental mandates; and</text>
</paragraph><paragraph id="H3B8D7CFD60464B73838AFD971F38F33C"><enum>(3)</enum><text>inform, educate, and advise small governments on compliance with the requirements.</text> </paragraph></section><section id="H26CF4CC624B3482EAC8A6D31DBB32B22"><enum>384.</enum><header>State, local, and tribal government and private sector input</header> <subsection id="H0E42304F5D7E4DB4B6A9AC94838AABB6"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Each agency shall, to the extent permitted in law, develop an effective process to permit elected officers of State, local, and tribal governments (or their designated employees with authority to act on their behalf), and impacted parties within the private sector (including small business), to provide meaningful and timely input in the development of regulatory proposals containing significant Federal mandates.</text>
</subsection><subsection id="H64165F25749F4FD9940410F2A872E002"><enum>(b)</enum><header>Meetings between state, local, tribal and federal officers</header><text>The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to actions in support of intergovernmental communications where—</text>
<paragraph id="HF877CEB033094A739D80A307275F7D13"><enum>(1)</enum><text>meetings are held exclusively between Federal officials and elected officers of State, local, and tribal governments (or their designated employees with authority to act on their behalf) acting in their official capacities; and</text>
</paragraph><paragraph id="H34BFB91838EA47529E7D3A634FB4407F"><enum>(2)</enum><text>such meetings are solely for the purposes of exchanging views, information, or advice relating to the management or implementation of Federal programs established pursuant to public law that explicitly or inherently share intergovernmental responsibilities or administration.</text>
</paragraph></subsection><subsection id="HDCC6561B47934FCCA7C367CABA213D5B"><enum>(c)</enum><header>Guidelines</header><text>For appropriate implementation of subsections (a) and (b) consistent with applicable laws and regulations, the following guidelines shall be followed:</text>
<paragraph id="H1B623478D78F44E69BA7F472F4A3FC7D"><enum>(1)</enum><text>Consultations shall take place as early as possible, before issuance of a notice of proposed rulemaking, continue through the final rule stage, and be integrated explicitly into the rulemaking process.</text>
</paragraph><paragraph id="HDA7813BAFA3F481D975A174BE3BEE9BA"><enum>(2)</enum><text>Agencies shall consult with a wide variety of State, local, and tribal officials and impacted parties within the private sector (including small businesses). Geographic, political, and other factors that may differentiate varying points of view should be considered.</text>
</paragraph><paragraph id="H1AB44D55312542E494BBCD5326176EC7"><enum>(3)</enum><text>Agencies should estimate benefits and costs to assist with these consultations. The scope of the consultation should reflect the cost and significance of the Federal mandate being considered.</text>
</paragraph><paragraph id="H0150AC81913D4FAC9ED7EA6DE84813A1"><enum>(4)</enum><text>Agencies shall, to the extent practicable—</text> <subparagraph id="HA1B89710A98F4E27A7EA13ABE11C5B68"><enum>(A)</enum><text>seek out the views of State, local, and tribal governments, and impacted parties within the private sector (including small business), on costs, benefits, and risks; and</text>
</subparagraph><subparagraph id="H1E6B69325CEC4D6D81143C101F360A94"><enum>(B)</enum><text>solicit ideas about alternative methods of compliance and potential flexibilities, and input on whether the Federal regulation will harmonize with and not duplicate similar laws in other levels of government.</text>
</subparagraph></paragraph><paragraph id="H93BABD51E78C41F587A5DBBD801FD870"><enum>(5)</enum><text>Consultations shall address the cumulative impact of regulations on the affected entities.</text> </paragraph><paragraph id="H2B81252166B247088AE256F1380710D2"><enum>(6)</enum><text>Agencies may accept electronic submissions of comments by relevant parties but may not use those comments as the sole method of satisfying the guidelines in this subsection.</text>
</paragraph></subsection></section><section id="H80893AE150AE496EB755D22CA3CBC9AB"><enum>385.</enum><header>Least burdensome option or explanation required</header>
<subsection id="H069BBD4084924D179E616B3177DC15E4"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Except as provided in subsection (b), before promulgating any rule for which a written statement is required under section 382, the agency shall identify and consider a reasonable number of regulatory alternatives and from those alternatives select the least costly, most cost-effective or least burdensome alternative that achieves the objectives of the rule, for—</text>
<paragraph id="H81DCF0472CD5459CBD140228169406F9"><enum>(1)</enum><text>State, local, and tribal governments, in the case of a rule containing a Federal intergovernmental mandate; and</text>
</paragraph><paragraph id="H4DF3392D7A824D0ABA890FD4F9409B9F"><enum>(2)</enum><text>the private sector, in the case of a rule containing a Federal private sector mandate.</text> </paragraph></subsection><subsection id="H23F635C792534E20981837F6CB0F434B"><enum>(b)</enum><header>Exception</header><text>The provisions of subsection (a) shall apply unless—</text>
<paragraph id="H8152270EC83247368A6E60E6F028BEFB"><enum>(1)</enum><text>the head of the affected agency publishes with the final rule an explanation of why the least costly, most cost-effective or least burdensome method of achieving the objectives of the rule was not adopted; or</text>
</paragraph><paragraph id="HC77F4F32905F49F7BF6F61ADD5D086BF"><enum>(2)</enum><text>the provisions are inconsistent with law.</text> </paragraph></subsection><subsection id="H067AF107861D43A183CF5FE08268E7B6"><enum>(c)</enum><header>Certification</header><text display-inline="yes-display-inline">No later than 1 year after the date of the enactment of this Act, the Administrator of the Office of Information and Regulatory Affairs shall certify to Congress, with a written explanation, agency compliance with this section and include in that certification agencies and rulemakings that fail to adequately comply with this section.</text>
</subsection></section><section id="H7F76929A965F414281948ED8066D615F"><enum>386.</enum><header>Assistance to the Office of Information and Regulatory Affairs</header><text display-inline="no-display-inline">The Administrator of the Office of Information and Regulatory Affairs shall—</text> <paragraph id="H8EBD3EBA955042BA9B176800C9547CA3"><enum>(1)</enum><text>collect from agencies the statements prepared under section 382; and</text>
</paragraph><paragraph id="HA69C7E2A2A40464890722CF258D81115"><enum>(2)</enum><text>periodically forward copies of such statements to the Director of the Congressional Budget Office on a reasonably timely basis after promulgation of the general notice of proposed rulemaking or of the final rule for which the statement was prepared.</text>
</paragraph></section><section id="H1994338727DE4C22B3B9C7647C963A33"><enum>387.</enum><header>Office of Information and Regulatory Affairs responsibilities</header>
<subsection id="HE0577B4550DC4994AE46C848EFDFE3FC"><enum>(a)</enum><header>In General</header><text display-inline="yes-display-inline">The Administrator of the Office of Information and Regulatory Affairs shall provide meaningful guidance and oversight so that each agency’s regulations for which a written statement is required under section 382 are consistent with the principles and requirements of this title, as well as other applicable laws, and do not conflict with the policies or actions of another agency. If the Administrator determines that an agency’s regulations for which a written statement is required under section 382 do not comply with such principles and requirements, are not consistent with other applicable laws, or conflict with the policies or actions of another agency, the Administrator shall identify areas of non-compliance, notify the agency, and request that the agency comply before the agency finalizes the regulation concerned.</text>
</subsection><subsection id="HA937AE5066F74E4596B42D1DAE0A0380"><enum>(b)</enum><header>Annual statements to Congress on agency compliance</header><text display-inline="yes-display-inline">The Administrator of the Office of Information and Regulatory Affairs annually shall submit to Congress a written report detailing compliance by each agency with the requirements of this title that relate to regulations for which a written statement is required by section 382, including activities undertaken at the request of the Administrator to improve compliance, during the preceding reporting period. The report shall also contain an appendix detailing compliance by each agency with section 384.</text>
</subsection></section><section id="H87B27D9D785249378D94A727A7BB5995"><enum>388.</enum><header>Judicial review</header>
<subsection id="H5F8B52BD46444503801323800E60116E"><enum>(a)</enum><header>Agency statements on significant regulatory actions</header>
<paragraph id="H0044B2E5D1E341DC8A39A18E61D70115"><enum>(1)</enum><header>In general</header><text>Compliance or noncompliance by any agency with the provisions of section 382, paragraphs (1) and (2) of section 383(a), and subsections (a) and (b) of section 385 shall be subject to judicial review in accordance with this section.</text>
</paragraph><paragraph id="H312DD0E9572F462C8795C477E9D61F95"><enum>(2)</enum><header>Limited review of agency compliance or noncompliance</header>
<subparagraph id="H0E52B35522C648F8A6E01F68C7C0C55B"><enum>(A)</enum><text display-inline="yes-display-inline">Agency compliance or noncompliance with the provisions of section 382, paragraphs (1) and (2) of section 383(a), and subsections (a) and (b) of section 385 shall be subject to judicial review under section 706(1) of title 5, United States Code, and as provided under subparagraph (B).</text>
</subparagraph><subparagraph id="HEDAD055DA4874DD891432DD20E5CAC14"><enum>(B)</enum><text display-inline="yes-display-inline">If an agency fails to prepare the written statement (including the preparation of the estimates, analyses, statements, or descriptions) under section 382, prepare the written plan under paragraphs (1) and (2) of section 383(a), or comply with subsections (a) and (b) of section 385, a court may compel the agency to prepare such written statement, prepare such written plan, or comply with such section;</text>
</subparagraph></paragraph><paragraph id="H779B88235A2540C184B7E87BB8E7F8DA"><enum>(3)</enum><header>Review of agency rules</header><text display-inline="yes-display-inline">In any judicial review under any other Federal law of an agency rule for which a written statement under section 382, a written plan under paragraphs (1) and (2) of section 383(a), or compliance with subsections (a) and (b) of section 385 is required, the inadequacy or failure to prepare such statement (including the inadequacy or failure to prepare any estimate, analysis, statement, or description), to prepare such written plan, or to comply with such section may be used as a basis for staying, enjoining, invalidating or otherwise affecting such agency rule.</text>
</paragraph><paragraph id="H09D81EC0E4284C2BAE6F1CF9C09C4D7C"><enum>(4)</enum><header>Certain information as part of record</header><text display-inline="yes-display-inline">Any information generated under section 382, paragraphs (1) and (2) of section 383(a), and subsections (a) and (b) of section 385 that is part of the rulemaking record for judicial review under the provisions of any other Federal law may be considered as part of the record for judicial review conducted under such other provisions of Federal law.</text>
</paragraph><paragraph id="H51A1E835475B40CA809E20E8C2E50EC5"><enum>(5)</enum><header>Application of other Federal law</header><text>For any petition under paragraph (2) the provisions of such other Federal law shall control all other matters, such as exhaustion of administrative remedies, the time for and manner of seeking review and venue, except that if such other Federal law does not provide a limitation on the time for filing a petition for judicial review that is less than 180 days, such limitation shall be 180 days after a final rule is promulgated by the appropriate agency.</text>
</paragraph><paragraph id="HD153E0260BF14E8BA2DCDB439DD2CADB"><enum>(6)</enum><header>Effective date</header><text>This subsection shall apply to any agency rule for which a general notice of proposed rulemaking is promulgated on or after the date of the enactment of this Act.</text>
</paragraph></subsection><subsection id="H296FE5C2E6C54367B66E88E5CB799C1F"><enum>(b)</enum><header>Judicial review and rule of construction</header><text>Except as provided in subsection (a)—</text> <paragraph id="HF2BF148363804304A859A5D32DF70B4D"><enum>(1)</enum><text>any estimate, analysis, statement, description or report prepared under this title, and any compliance or noncompliance with the provisions of this title, and any determination concerning the applicability of the provisions of this title shall not be subject to judicial review; and</text>
</paragraph><paragraph id="H5D66713F1A66483E95B8DE9205674BC7"><enum>(2)</enum><text>no provision of this title shall be construed to create any right or benefit, substantive or procedural, enforceable by any person in any administrative or judicial action.</text>
</paragraph></subsection></section></subtitle><subtitle id="H94E52011483F42B7A73BADF471A04381"><enum>H</enum><header>Enforcement Coordination</header>
<section id="H288765522F24492A824BA589BBF08D51" section-type="subsequent-section"><enum>391.</enum><header>Policies to minimize duplication of enforcement efforts</header><text display-inline="no-display-inline">Each agency (as defined under section 311) shall, not later than the end of the 90-day period beginning on the date of the enactment of this Act, implement policies and procedures—</text>
<paragraph id="H96B15B0B37CE400BBCB29C4EBA1452CA"><enum>(1)</enum><text>to minimize duplication of efforts with other Federal or State authorities when bringing an administrative or judicial action against an individual or entity;</text>
</paragraph><paragraph id="H0E49436874D240A5964A07A1F9AA9526"><enum>(2)</enum><text display-inline="yes-display-inline">to establish when joint investigations, administrative actions, or judicial actions or the coordination of law enforcement activities are necessary and appropriate and in the public interest; and</text>
</paragraph><paragraph id="H259A6FAAF5A146708054910AA02D4D19"><enum>(3)</enum><text display-inline="yes-display-inline">to, in the course of a joint investigation, administrative action, or judicial action, establish a lead agency to avoid duplication of efforts and unnecessary burdens and to ensure consistent enforcement, as necessary and appropriate and in the public interest.</text>
</paragraph></section></subtitle><subtitle id="H64CDBD969C5E43FBBA8398FAB293C3CB"><enum>I</enum><header>Penalties for Unauthorized Disclosures</header>
<section id="HD56BCE710C304F06B625D35A2B51CB26" section-type="subsequent-section"><enum>392.</enum><header>Criminal penalty for unauthorized disclosures</header><text display-inline="no-display-inline">Section 165 of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5365">12 U.S.C. 5365</external-xref>), as amended by section 151(b)(6)(M), is further amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H1544BAB48F5A44ECA3869107D011BB4F" reported-display-style="italic" style="OLC">
<subsection id="H66A33FE008594C8B88110F0AA42C6C0C"><enum>(m)</enum><header>Criminal penalty for unauthorized disclosures</header>
<paragraph id="H78AAC0E004384AA3936B8C4BEE0F8DD5"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Any officer or employee of a Federal department or agency, who by virtue of such officer or employee’s employment or official position, has possession of, or access to, agency records which contain individually identifiable information submitted pursuant to the requirements of this section, the disclosure of which is prohibited by Federal statute, rule, or regulation, and who knowing that disclosure of the specific material is so prohibited, willfully discloses the material in any manner to any person or agency not entitled to receive it, shall be guilty of a misdemeanor and fined not more than $5,000.</text>
</paragraph><paragraph id="H618105C824144F2F98ADF0DCA96D2322"><enum>(2)</enum><header>Obtaining records under false pretenses</header><text display-inline="yes-display-inline">Any person who knowingly and willfully requests or obtains information described under paragraph (1) from a Federal department or agency under false pretenses shall be guilty of a misdemeanor and fined not more than $5,000.</text>
</paragraph><paragraph id="H6E36BDF4031546F2A981B4C281899D44"><enum>(3)</enum><header>Treatment of determinations</header><text display-inline="yes-display-inline">For purposes of this subsection, a determination made under subsection (d) or (i) based on individually identifiable information submitted pursuant to the requirements of this section shall be deemed individually identifiable information, the disclosure of which is prohibited by Federal statute.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><subtitle id="H57486639725C40E0B27B400D5E02950E"><enum>II</enum><header>Stop Settlement Slush Funds</header>
<section id="HD3B8E7A688904C48B792A3673904456D" section-type="subsequent-section"><enum>393.</enum><header>Limitation on donations made pursuant to settlement agreements to which certain departments or
agencies are a party</header>
<subsection id="H6178C2AE8A714F76A3D5B8094CDB5B34"><enum>(a)</enum><header>Limitation on required donations</header><text display-inline="yes-display-inline">No settlement to which a department or agency is a party may direct or provide for a payment to any person who is not a victim of the alleged wrongdoing.</text>
</subsection><subsection id="HF8B64C70390844D29FF4D0C8E1286FF5"><enum>(b)</enum><header>Penalty</header><text>Any Executive branch official or agent thereof who enters into or enforces a settlement in violation of subsection (a), shall be subject to the same penalties that would apply in the case of a violation of section 3302 of title 31, United States Code.</text>
</subsection><subsection id="HACE9DEF23B7F414989DBEC2812B6CA02"><enum>(c)</enum><header>Effective date</header><text>Subsections (a) and (b) apply only in the case of a settlement agreement concluded on or after the date of enactment of this Act.</text>
</subsection><subsection id="HE39672C17FC84E2389BD66ED85BDA9B0"><enum>(d)</enum><header>Definitions</header>
<paragraph id="H5E876FC9464B4D828787189418094682"><enum>(1)</enum><text>The term <term>department or agency</term>—</text> <subparagraph id="H0419324271DB4B76809307ADDF8ABC69"><enum>(A)</enum><text>has the meaning given the term <term>agency</term> under section 311; and</text>
</subparagraph><subparagraph id="H701C388F012F43A989603E0255F03284"><enum>(B)</enum><text>means the Department of Housing and Urban Development, the Department of Justice, and the Rural Housing Service of the Department of Agriculture.</text>
</subparagraph></paragraph><paragraph id="H3BF9332B398B42B1A7A5330392802901"><enum>(2)</enum><text>The term <term>settlement agreement</term> means a settlement agreement resolving a civil action or potential civil action, a plea agreement, a deferred prosecution agreement, or a non-prosecution agreement.</text>
</paragraph><paragraph id="H72DCD7D4A42146E88AD4C75E1E7D6FF2"><enum>(3)</enum><text>The term <term>payment</term> means a payment or loan.</text> </paragraph><paragraph id="H91015ADF466546C58F30ECC1139BABBE"><enum>(4)</enum><text>The term <term>payment to any person who is not a victim</term> means any payment other than a payment—</text>
<subparagraph id="HA27D078B0A61485FAA1F4138298D8DBC"><enum>(A)</enum><text display-inline="yes-display-inline">to a person who is party to the lawsuit or settlement;</text> </subparagraph><subparagraph id="H4513B64BC1454429B867DCB168A19163"><enum>(B)</enum><text>that provides restitution for or otherwise directly remedies actual harm (including to the environment) directly and proximately caused by the party making the payment as a result of that party’s alleged wrongdoing;</text>
</subparagraph><subparagraph id="H2F03030CEEE84499A037F3710EFEBFA9"><enum>(C)</enum><text>that constitutes payment for services rendered in connection with the case; or</text> </subparagraph><subparagraph id="H5EC6E86F356C46D1B151E98214E7C4CB"><enum>(D)</enum><text>made pursuant to section 3663 of title 18, United States Code.</text>
</subparagraph></paragraph></subsection></section></subtitle><enum>IV</enum><header>Unleashing Opportunities for Small Businesses, Innovators, and Job Creators by Facilitating Capital
Formation</header>
<subtitle id="H6CFB2B4CAAA34E13B57BA067DEE48B42"><enum>A</enum><header>Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification</header>
<section id="H1288CAAEBC0F46A79169D96DFF3813A3"><enum>401.</enum><header>Registration exemption for merger and acquisition brokers</header><text display-inline="no-display-inline">Section 15(b) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o">15 U.S.C. 78o(b)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HA4795804F95E4660A9EAABCA01246A61" reported-display-style="italic" style="OLC">
<paragraph id="HECD8AA3E970E408CBB6E7D3C13C8904B"><enum>(13)</enum><header>Registration exemption for merger and acquisition brokers</header>
<subparagraph id="HD793FD0960A8442887FC39AAC9622B12"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Except as provided in subparagraph (B), an M&A broker shall be exempt from registration under this section.</text> </subparagraph><subparagraph id="H79A743574C514136BCA6E19787595BEE"><enum>(B)</enum><header>Excluded activities</header><text display-inline="yes-display-inline">An M&A broker is not exempt from registration under this paragraph if such broker does any of the following:</text>
<clause id="H7D6D07DDE37D4D78B6073E68B412A8E3"><enum>(i)</enum><text>Directly or indirectly, in connection with the transfer of ownership of an eligible privately held company, receives, holds, transmits, or has custody of the funds or securities to be exchanged by the parties to the transaction.</text>
</clause><clause id="HB4501F8FA02E4F49A41B74617E168DFA"><enum>(ii)</enum><text>Engages on behalf of an issuer in a public offering of any class of securities that is registered, or is required to be registered, with the Commission under section 12 or with respect to which the issuer files, or is required to file, periodic information, documents, and reports under subsection (d).</text>
</clause><clause id="HC5F336FDBBDB428085E523F1C54407FC"><enum>(iii)</enum><text>Engages on behalf of any party in a transaction involving a public shell company.</text> </clause></subparagraph><subparagraph id="HE197387805E1478FAEB9B8BE178775E8"><enum>(C)</enum><header>Disqualifications</header><text>An M&A broker is not exempt from registration under this paragraph if such broker is subject to—</text>
<clause id="H52E59C2959A5480E9B223B5D87D6745F"><enum>(i)</enum><text>suspension or revocation of registration under paragraph (4);</text> </clause><clause id="H1A99B49F5A554FAFBFC8887287AF7B52"><enum>(ii)</enum><text>a statutory disqualification described in section 3(a)(39);</text>
</clause><clause id="HDC7F03367AF0441BB9B993CAC3DF3608"><enum>(iii)</enum><text>a disqualification under the rules adopted by the Commission under section 926 of the Investor Protection and Securities Reform Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/15/77d">15 U.S.C. 77d</external-xref> note); or</text>
</clause><clause id="H28D3F115F33C480F839A584602AC115B"><enum>(iv)</enum><text>a final order described in paragraph (4)(H).</text> </clause></subparagraph><subparagraph id="H2C3F192E73AC49F4BCFD21CFF3BE0946"><enum>(D)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this paragraph shall be construed to limit any other authority of the Commission to exempt any person, or any class of persons, from any provision of this title, or from any provision of any rule or regulation thereunder.</text>
</subparagraph><subparagraph id="H2F2A2E273BB649CFA415D0BB5B94D1BA"><enum>(E)</enum><header>Definitions</header><text>In this paragraph:</text> <clause id="HBC05104D169C4D828ED46C2B97C83C97"><enum>(i)</enum><header>Control</header><text display-inline="yes-display-inline">The term <term>control</term> means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. There is a presumption of control for any person who—</text>
<subclause id="H5D37224B2CEA4EB09D7F81143CA53314"><enum>(I)</enum><text>is a director, general partner, member or manager of a limited liability company, or officer exercising executive responsibility (or has similar status or functions);</text>
</subclause><subclause id="H97AEA75422F04F3E981ED1914B3F62B7"><enum>(II)</enum><text>has the right to vote 20 percent or more of a class of voting securities or the power to sell or direct the sale of 20 percent or more of a class of voting securities; or</text>
</subclause><subclause id="HE468D69167E049F09F96BA2F0B13FBA2"><enum>(III)</enum><text>in the case of a partnership or limited liability company, has the right to receive upon dissolution, or has contributed, 20 percent or more of the capital.</text>
</subclause></clause><clause id="H50D9DF6920F644C98236EF8F612DB8A6"><enum>(ii)</enum><header>Eligible privately held company</header><text display-inline="yes-display-inline">The term <term>eligible privately held company</term> means a privately held company that meets both of the following conditions:</text> <subclause id="H4F6112F458B44713967DCF7B021AC872"><enum>(I)</enum><text>The company does not have any class of securities registered, or required to be registered, with the Commission under section 12 or with respect to which the company files, or is required to file, periodic information, documents, and reports under subsection (d).</text>
</subclause><subclause id="H77680A7329B84EA9BCDEC85800657BED"><enum>(II)</enum><text display-inline="yes-display-inline">In the fiscal year ending immediately before the fiscal year in which the services of the M&A broker are initially engaged with respect to the securities transaction, the company meets either or both of the following conditions (determined in accordance with the historical financial accounting records of the company):</text>
<item id="H9A450FEBCF4D442EBFC5832CE063C6BD"><enum>(aa)</enum><text>The earnings of the company before interest, taxes, depreciation, and amortization are less than $25,000,000.</text>
</item><item id="HF28C83F7F8F54E29B405340133B93DF5"><enum>(bb)</enum><text>The gross revenues of the company are less than $250,000,000.</text> </item></subclause></clause><clause commented="no" id="H1F7FD91678E54C21AF2E98958962D91D"><enum>(iii)</enum><header>M&A broker</header><text>The term <term>M&A broker</term> means a broker, and any person associated with a broker, engaged in the business of effecting securities transactions solely in connection with the transfer of ownership of an eligible privately held company, regardless of whether the broker acts on behalf of a seller or buyer, through the purchase, sale, exchange, issuance, repurchase, or redemption of, or a business combination involving, securities or assets of the eligible privately held company, if the broker reasonably believes that—</text>
<subclause commented="no" id="H62D1D06F751644A39E82CB455D8D3BC7"><enum>(I)</enum><text display-inline="yes-display-inline">upon consummation of the transaction, any person acquiring securities or assets of the eligible privately held company, acting alone or in concert, will control and, directly or indirectly, will be active in the management of the eligible privately held company or the business conducted with the assets of the eligible privately held company; and</text>
</subclause><subclause commented="no" id="H4312A0A0DE524532BB4DEF0161D5BD26"><enum>(II)</enum><text display-inline="yes-display-inline">if any person is offered securities in exchange for securities or assets of the eligible privately held company, such person will, prior to becoming legally bound to consummate the transaction, receive or have reasonable access to the most recent fiscal year-end financial statements of the issuer of the securities as customarily prepared by the management of the issuer in the normal course of operations and, if the financial statements of the issuer are audited, reviewed, or compiled, any related statement by the independent accountant, a balance sheet dated not more than 120 days before the date of the offer, and information pertaining to the management, business, results of operations for the period covered by the foregoing financial statements, and material loss contingencies of the issuer.</text>
</subclause></clause><clause id="H0FEA672ABF7D48C4B68E433B17DB3812"><enum>(iv)</enum><header>Public shell company</header><text>The term <term>public shell company</term> is a company that at the time of a transaction with an eligible privately held company—</text> <subclause id="H1B69A73F438F4FD797B55359234647E5"><enum>(I)</enum><text>has any class of securities registered, or required to be registered, with the Commission under section 12 or that is required to file reports pursuant to subsection (d);</text>
</subclause><subclause id="H6FB0350DE46C41D6AB17130063DFE397"><enum>(II)</enum><text>has no or nominal operations; and</text> </subclause><subclause id="H9EC9A55F95D04E55B36E2AF95E6A59FD"><enum>(III)</enum><text>has—</text>
<item id="H9A9683DA14B04C79B7325D74346D55E0"><enum>(aa)</enum><text>no or nominal assets;</text> </item><item id="H3CB5EEDCB30D44A4B96210D5B9A12BE0"><enum>(bb)</enum><text>assets consisting solely of cash and cash equivalents; or</text>
</item><item id="H1D75589FFCCE41D4B41CDAA52CE924E9"><enum>(cc)</enum><text>assets consisting of any amount of cash and cash equivalents and nominal other assets.</text> </item></subclause></clause></subparagraph><subparagraph id="H3F0C77DC0EFE4C3DAE296E47C03FC0AA"><enum>(F)</enum><header>Inflation adjustment</header> <clause id="H13D7B24DFE234D69AB83060C5D1C9A9E"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">On the date that is 5 years after the date of the enactment of this paragraph, and every 5 years thereafter, each dollar amount in subparagraph (E)(ii)(II) shall be adjusted by—</text>
<subclause id="H8A9993F8AFD4409F8A2EA5BB2BDB048B"><enum>(I)</enum><text display-inline="yes-display-inline">dividing the annual value of the Employment Cost Index For Wages and Salaries, Private Industry Workers (or any successor index), as published by the Bureau of Labor Statistics, for the calendar year preceding the calendar year in which the adjustment is being made by the annual value of such index (or successor) for the calendar year ending December 31, 2012; and</text>
</subclause><subclause id="HF945D8271BAC4385B33D7567209A8591"><enum>(II)</enum><text>multiplying such dollar amount by the quotient obtained under subclause (I).</text> </subclause></clause><clause id="H517B1872F84F40EB9449A1857B8E84CE"><enum>(ii)</enum><header>Rounding</header><text>Each dollar amount determined under clause (i) shall be rounded to the nearest multiple of $100,000.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HDDB6742B271843E2BC953629E318CE49"><enum>402.</enum><header>Effective date</header><text display-inline="no-display-inline">This subtitle and any amendment made by this subtitle shall take effect on the date that is 90 days after the date of the enactment of this Act.</text>
</section></subtitle><subtitle id="HC79B8E16083140CC8CB2E896BA6DE219"><enum>B</enum><header>Encouraging Employee Ownership</header>
<section id="H24C1BEF6854E4234A6600F48017ABC93" section-type="subsequent-section"><enum>406.</enum><header>Increased threshold for disclosures relating to compensatory benefit plans</header><text display-inline="no-display-inline">Not later than 60 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise section 230.701(e) of title 17, Code of Federal Regulations, so as to increase from $5,000,000 to $20,000,000 the aggregate sales price or amount of securities sold during any consecutive 12-month period in excess of which the issuer is required under such section to deliver an additional disclosure to investors. The Commission shall index for inflation such aggregate sales price or amount every 5 years to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, rounding to the nearest $1,000,000.</text>
</section></subtitle><subtitle id="H25FC8B590A6347C3BF088D6D0A360F4F"><enum>C</enum><header>Small Company Disclosure Simplification</header>
<section id="HECC4320609574C9FA4F43DD64634092B"><enum>411.</enum><header>Exemption from XBRL requirements for emerging growth companies and other smaller companies</header>
<subsection id="H9597618E86BD4FAF9CBF78415C8BE1EE"><enum>(a)</enum><header>Exemption for emerging growth companies</header><text display-inline="yes-display-inline">Emerging growth companies are exempted from the requirements to use Extensible Business Reporting Language (XBRL) for financial statements and other periodic reporting required to be filed with the Commission under the securities laws. Such companies may elect to use XBRL for such reporting.</text>
</subsection><subsection id="HF44C1DA3CCF74F34ADBBC2E093962F9B"><enum>(b)</enum><header>Exemption for other smaller companies</header><text display-inline="yes-display-inline">Issuers with total annual gross revenues of less than $250,000,000 are exempt from the requirements to use XBRL for financial statements and other periodic reporting required to be filed with the Commission under the securities laws. Such issuers may elect to use XBRL for such reporting. An exemption under this subsection shall continue in effect until—</text>
<paragraph id="H208958F7BEF441B7BAC8A1609AFAC68A"><enum>(1)</enum><text display-inline="yes-display-inline">the date that is five years after the date of enactment of this Act; or</text> </paragraph><paragraph id="H293F84FA415B4D688CC3F0154CA1F273"><enum>(2)</enum><text display-inline="yes-display-inline">the date that is two years after a determination by the Commission, by order after conducting the analysis required by section 3, that the benefits of such requirements to such issuers outweigh the costs, but no earlier than three years after enactment of this Act.</text>
</paragraph></subsection><subsection id="HE497F1ED153047EF8706E4C053146FFD"><enum>(c)</enum><header>Modifications to regulations</header><text display-inline="yes-display-inline">Not later than 60 days after the date of enactment of this Act, the Commission shall revise its regulations under parts 229, 230, 232, 239, 240, and 249 of title 17, Code of Federal Regulations, to reflect the exemptions set forth in subsections (a) and (b).</text>
</subsection></section><section id="H89DA6C0F2C354AAF9C73EF6501297F17"><enum>412.</enum><header>Analysis by the SEC</header><text display-inline="no-display-inline">The Commission shall conduct an analysis of the costs and benefits to issuers described in section 411(b) of the requirements to use XBRL for financial statements and other periodic reporting required to be filed with the Commission under the securities laws. Such analysis shall include an assessment of—</text>
<paragraph id="H3681C464453C47EAAA164A833EA2DA58"><enum>(1)</enum><text display-inline="yes-display-inline">how such costs and benefits may differ from the costs and benefits identified by the Commission in the order relating to interactive data to improve financial reporting (dated January 30, 2009; 74 Fed. Reg. 6776) because of the size of such issuers;</text>
</paragraph><paragraph id="HC9709E09A9284DE7A9B3D02E2C1A4B4C"><enum>(2)</enum><text>the effects on efficiency, competition, capital formation, and financing and on analyst coverage of such issuers (including any such effects resulting from use of XBRL by investors);</text>
</paragraph><paragraph id="H8FA31A97C3804D5BAC92B424DBC8CC60"><enum>(3)</enum><text>the costs to such issuers of—</text> <subparagraph id="H2C351064080A4FB99761CF7DAC114595"><enum>(A)</enum><text>submitting data to the Commission in XBRL;</text>
</subparagraph><subparagraph id="H8F31D4B490F9434F9173E626ABEDEB3E"><enum>(B)</enum><text>posting data on the website of the issuer in XBRL;</text> </subparagraph><subparagraph id="H171D9BD7797A4AB28BD7C71B5A3665E1"><enum>(C)</enum><text>software necessary to prepare, submit, or post data in XBRL; and</text>
</subparagraph><subparagraph id="H33103BF398744A5BAD9C777279165521"><enum>(D)</enum><text>any additional consulting services or filing agent services;</text> </subparagraph></paragraph><paragraph id="H1332144343E94B78813D6648B7264F09"><enum>(4)</enum><text display-inline="yes-display-inline">the benefits to the Commission in terms of improved ability to monitor securities markets, assess the potential outcomes of regulatory alternatives, and enhance investor participation in corporate governance and promote capital formation; and</text>
</paragraph><paragraph id="HC7A67080C164498DBEFC155DB36DBA7A"><enum>(5)</enum><text>the effectiveness of standards in the United States for interactive filing data relative to the standards of international counterparts.</text>
</paragraph></section><section id="HB8474C2FCE07428F894F398A4B21B000"><enum>413.</enum><header>Report to Congress</header><text display-inline="no-display-inline">Not later than one year after the date of enactment of this Act, the Commission shall provide the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report regarding—</text>
<paragraph id="H33D462E37750409886F258FA5C36B81A"><enum>(1)</enum><text>the progress in implementing XBRL reporting within the Commission;</text> </paragraph><paragraph id="H517BC31A862342F2A47EF60759966207"><enum>(2)</enum><text>the use of XBRL data by Commission officials;</text>
</paragraph><paragraph id="H039E869B769248F5982B29EE384CF76C"><enum>(3)</enum><text>the use of XBRL data by investors;</text> </paragraph><paragraph id="H2E5D55A302A7485CA64E9FF856292D4B"><enum>(4)</enum><text>the results of the analysis required by section 412; and</text>
</paragraph><paragraph id="HFF9CA62D9DD14772AF5BA4D5EC5A5FB6"><enum>(5)</enum><text>any additional information the Commission considers relevant for increasing transparency, decreasing costs, and increasing efficiency of regulatory filings with the Commission.</text>
</paragraph></section><section id="H41D14C4D880244299FA4356C48AFB2DB"><enum>414.</enum><header>Definitions</header><text display-inline="no-display-inline">As used in this subtitle, the terms <term>Commission</term>, <term>emerging growth company</term>, <term>issuer</term>, and <term>securities laws</term> have the meanings given such terms in section 3 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c</external-xref>).</text>
</section></subtitle><subtitle id="HD8AB6ED49DF34FF79F9018FA81443B2B"><enum>D</enum><header>Securities and Exchange Commission Overpayment Credit</header>
<section id="H4D910F03C32E4333895CCE7EDDA08D02" section-type="subsequent-section"><enum>416.</enum><header>Refunding or crediting overpayment of section 31 fees</header>
<subsection id="H2C8CDD1552254E06A6ADC575C6DE4B5C"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 31 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78ee">15 U.S.C. 78ee</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H7165671EAC1D4ADF9766D48C5A4427E5" reported-display-style="italic" style="OLC">
<subsection id="H110130B5AADD49AABE117FA9DFE1D25E"><enum>(n)</enum><header>Overpayment</header><text display-inline="yes-display-inline">If a national securities exchange or national securities association pays to the Commission an amount in excess of fees and assessments due under this section and informs the Commission of such amount paid in excess within 10 years of the date of the payment, the Commission shall offset future fees and assessments due by such exchange or association in an amount equal to such excess amount.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HB2361037ABBD4CC296EA66B27B620120"><enum>(b)</enum><header>Applicability</header><text>The amendment made by this section shall apply to any fees and assessments paid before, on, or after the date of enactment of this section.</text>
</subsection></section></subtitle><subtitle id="H3249B34EFD0546CE9CF88A1DB99C1881"><enum>E</enum><header>Fair Access to Investment Research</header>
<section id="H67BA3889D1D348E19FD0632072050976"><enum>421.</enum><header>Safe harbor for investment fund research</header>
<subsection id="H31122765495F472D92543FF75BEF3879"><enum>(a)</enum><header>Expansion of the safe harbor</header><text>Not later than the end of the 45-day period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall propose, and not later than the end of the 120-day period beginning on such date, the Commission shall adopt, upon such terms, conditions, or requirements as the Commission may determine necessary or appropriate in the public interest, for the protection of investors, and for the promotion of capital formation, revisions to section 230.139 of title 17, Code of Federal Regulations, to provide that a covered investment fund research report that is published or distributed by a broker or dealer—</text>
<paragraph id="HC8C1095A9CEE4AD4A153A941922FFC9E"><enum>(1)</enum><text>shall be deemed, for purposes of sections 2(a)(10) and 5(c) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77b">15 U.S.C. 77b(a)(10)</external-xref>, 77e(c)), not to constitute an offer for sale or an offer to sell a security that is the subject of an offering pursuant to a registration statement that is effective, even if the broker or dealer is participating or will participate in the registered offering of the covered investment fund’s securities; and</text>
</paragraph><paragraph id="H6C8131A6087F41DD845201D4EE47C2C6"><enum>(2)</enum><text>shall be deemed to satisfy the conditions of subsection (a)(1) or (a)(2) of section 230.139 of title 17, Code of Federal Regulations, or any successor provisions, for purposes of the Commission’s rules and regulations under the Federal securities laws and the rules of any self-regulatory organization.</text>
</paragraph></subsection><subsection id="HB8FE02ACC62F4CD8B354821047578BF5"><enum>(b)</enum><header>Implementation of safe harbor</header><text>In implementing the safe harbor pursuant to subsection (a), the Commission shall—</text> <paragraph id="H8C0D6E365DD642F3B0314677A4EC5C02"><enum>(1)</enum><text>not, in the case of a covered investment fund with a class of securities in substantially continuous distribution, condition the safe harbor on whether the broker’s or dealer’s publication or distribution of a covered investment fund research report constitutes such broker’s or dealer’s initiation or reinitiation of research coverage on such covered investment fund or its securities;</text>
</paragraph><paragraph id="H0CB8B3043B1441C186864F40F039C2EB"><enum>(2)</enum><text>not—</text> <subparagraph id="HEC7C78BBE8D04AFB88EDF3ACFBFBB51F"><enum>(A)</enum><text>require the covered investment fund to have been registered as an investment company under the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-1">15 U.S.C. 80a–1</external-xref> et seq.) or subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m</external-xref>, 78o(d)) for any period exceeding the period of time referenced under paragraph (a)(1)(i)(A)(1) of section 230.139 of title 17, Code of Federal Regulations; or</text>
</subparagraph><subparagraph id="HBD5EE48D6DA04D7B840D1B0382A3E3B2"><enum>(B)</enum><text>impose a minimum float provision exceeding that referenced in paragraph (a)(1)(i)(A)(1)(i) of section 230.139 of title 17, Code of Federal Regulations;</text>
</subparagraph></paragraph><paragraph id="HBAB4216063EC4C47AB4B3EA18CCAFA6E"><enum>(3)</enum><text>provide that a self-regulatory organization may not maintain or enforce any rule that would—</text> <subparagraph id="H82C6CC47706C430AAB7E6CF60E613397"><enum>(A)</enum><text>prohibit the ability of a member to publish or distribute a covered investment fund research report solely because the member is also participating in a registered offering or other distribution of any securities of such covered investment fund; or</text>
</subparagraph><subparagraph id="H18BA553612FB4A6D9320E312110631D0"><enum>(B)</enum><text>prohibit the ability of a member to participate in a registered offering or other distribution of securities of a covered investment fund solely because the member has published or distributed a covered investment fund research report about such covered investment fund or its securities; and</text>
</subparagraph></paragraph><paragraph id="HA431CE0F9734427A9138FB4C833D37B7"><enum>(4)</enum><text>provide that a covered investment fund research report shall not be subject to section 24(b) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-24">15 U.S.C. 80a–24(b)</external-xref>) or the rules and regulations thereunder, except that such report may still be subject to such section and the rules and regulations thereunder to the extent that it is otherwise not subject to the content standards in the rules of any self-regulatory organization related to research reports, including those contained in the rules governing communications with the public regarding investment companies or substantially similar standards.</text>
</paragraph></subsection><subsection id="HB52460EE9B504348BE5D61BEC0BFBF73"><enum>(c)</enum><header>Rules of construction</header><text>Nothing in this Act shall be construed as in any way limiting—</text> <paragraph id="H27C7C8EB064642CF8C48658F689C534A"><enum>(1)</enum><text>the applicability of the antifraud or antimanipulation provisions of the Federal securities laws and rules adopted thereunder to a covered investment fund research report, including section 17 of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77q">15 U.S.C. 77q</external-xref>), section 34(b) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-33">15 U.S.C. 80a–33</external-xref>), and sections 9 and 10 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78i">15 U.S.C. 78i</external-xref>, 78j); or</text>
</paragraph><paragraph id="HE697C4453F3648ED8FCD6A279C4B3E90"><enum>(2)</enum><text>the authority of any self-regulatory organization to examine or supervise a member’s practices in connection with such member’s publication or distribution of a covered investment fund research report for compliance with applicable provisions of the Federal securities laws or self-regulatory organization rules related to research reports, including those contained in rules governing communications with the public.</text>
</paragraph></subsection><subsection id="H910ECC6110A044949A580684D2293BF6"><enum>(d)</enum><header>Interim effectiveness of safe harbor</header>
<paragraph id="HCEDC75B57105469EA0CD7100C5455594"><enum>(1)</enum><header>In general</header><text>From and after the 120-day period beginning on the date of enactment of this Act, if the Commission has not adopted revisions to section 230.139 of title 17, Code of Federal Regulations, as required by subsection (a), and until such time as the Commission has done so, a broker or dealer distributing or publishing a covered investment fund research report after such date shall be able to rely on the provisions of section 230.139 of title 17, Code of Federal Regulations, and the broker or dealer’s publication of such report shall be deemed to satisfy the conditions of subsection (a)(1) or (a)(2) of section 230.139 of title 17, Code of Federal Regulations, if the covered investment fund that is the subject of such report satisfies the reporting history requirements (without regard to Form S–3 or Form F–3 eligibility) and minimum float provisions of such subsections for purposes of the Commission’s rules and regulations under the Federal securities laws and the rules of any self-regulatory organization, as if revised and implemented in accordance with subsections (a) and (b).</text>
</paragraph><paragraph id="HC8049E35B87F414DADB2ADF8E8E14D38"><enum>(2)</enum><header>Status of covered investment fund</header><text>After such period and until the Commission has adopted revisions to section 230.139 and FINRA has revised rule 2210, for purposes of subsection (c)(7)(O) of such rule, a covered investment fund shall be deemed to be a security that is listed on a national securities exchange and that is not subject to section 24(b) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-24">15 U.S.C. 80a–24(b)</external-xref>). Communications concerning only covered investment funds that fall within the scope of such section shall not be required to be filed with FINRA.</text>
</paragraph></subsection><subsection id="H68BA3F3BC1044C13AF503339E96770C1"><enum>(e)</enum><header>Definitions</header><text>For purposes of this section:</text> <paragraph id="H0A20E43FFA6C42668665E9F9F0DAC744"><enum>(1)</enum><text>The term <term>covered investment fund research report</term> means a research report published or distributed by a broker or dealer about a covered investment fund or any securities issued by the covered investment fund, but not including a research report to the extent that it is published or distributed by the covered investment fund or any affiliate of the covered investment fund.</text>
</paragraph><paragraph id="H9411B1C7E88B4FE6A1CB3F14EF8A90EB"><enum>(2)</enum><text>The term <term>covered investment fund</term> means—</text> <subparagraph id="HF621DBADFFB944DEB0AD3AAD31A6162D"><enum>(A)</enum><text>an investment company registered under, or that has filed an election to be treated as a business development company under, the Investment Company Act of 1940 and that has filed a registration statement under the Securities Act of 1933 for the public offering of a class of its securities, which registration statement has been declared effective by the Commission; and</text>
</subparagraph><subparagraph id="H9A89F199CDBB4438ADA772F3EE5A2AA2"><enum>(B)</enum><text>a trust or other person—</text> <clause id="HB816F27516AB41A8A1C329725DE13906"><enum>(i)</enum><text>issuing securities in an offering registered under the Securities Act of 1933 and which class of securities is listed for trading on a national securities exchange;</text>
</clause><clause id="H74465BCFE176443EB58978A8CE995DBD"><enum>(ii)</enum><text>the assets of which consist primarily of commodities, currencies, or derivative instruments that reference commodities or currencies, or interests in the foregoing; and</text>
</clause><clause id="H35B105FA19D649388B3F4E6E37325B13"><enum>(iii)</enum><text>that provides in its registration statement under the Securities Act of 1933 that a class of its securities are purchased or redeemed, subject to conditions or limitations, for a ratable share of its assets.</text>
</clause></subparagraph></paragraph><paragraph id="H9A55F06DE6C64DCDAAC82C2E0EEAE8AC"><enum>(3)</enum><text>The term <term>FINRA</term> means the Financial Industry Regulatory Authority.</text> </paragraph><paragraph id="HA0FE5047C2EC423BBD91471C4A2B0A68"><enum>(4)</enum><text>The term <term>research report</term> has the meaning given that term under section 2(a)(3) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77b">15 U.S.C. 77b(a)(3)</external-xref>), except that such term shall not include an oral communication.</text>
</paragraph><paragraph id="H30AEA80CAE914979A7AA331920011442"><enum>(5)</enum><text>The term <term>self-regulatory organization</term> has the meaning given to that term under section 3(a)(26) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)(26)</external-xref>).</text>
</paragraph></subsection></section></subtitle><subtitle id="HFC3277FCE2CA4BFDB4D997E4E3583065"><enum>F</enum><header>Accelerating Access to Capital</header>
<section id="HF286ECFCA41F46E9BCD6634E84A3C27D"><enum>426.</enum><header>Expanded eligibility for use of Form S–3</header><text display-inline="no-display-inline">Not later than 45 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise Form S–3—</text>
<paragraph id="HAD1E9ABF1D8749088234449F63087BF6"><enum>(1)</enum><text>so as to permit securities to be registered pursuant to General Instruction I.B.1. of such form provided that either—</text>
<subparagraph id="H4A1F458DE48B4E788A24E2AFA22DEB56"><enum>(A)</enum><text display-inline="yes-display-inline">the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant is $75,000,000 or more; or</text>
</subparagraph><subparagraph id="H50AE52D91947415C96AE52B6A9CFF556"><enum>(B)</enum><text display-inline="yes-display-inline">the registrant has at least one class of common equity securities listed and registered on a national securities exchange; and</text>
</subparagraph></paragraph><paragraph id="H412B5629C151485B87870E863AA0E634"><enum>(2)</enum><text>so as to remove the requirement of paragraph (c) from General Instruction I.B.6. of such form.</text> </paragraph></section></subtitle><subtitle id="HBA5376B101EC424BB8B0217A8109A8F7"><enum>G</enum><header>Enhancing the RAISE Act</header> <section id="HC4C4AF01A6AA44BABA562C7E7ACB443F"><enum>431.</enum><header>Certain accredited investor transactions</header><text display-inline="no-display-inline">Section 4 of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77d">15 U.S.C. 77d</external-xref>) is amended—</text>
<paragraph id="H549F79D290C94F8096775A6EFD8AB7AE"><enum>(1)</enum><text>by amending subsection (d) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H25C1876D285943C0918D31206720DBED" reported-display-style="italic" style="traditional"> <subsection id="H04B7D34EE49B43208D0420B04BC3DFE0"><enum>(d)</enum> <paragraph commented="no" display-inline="yes-display-inline" id="HBCBA49C94E3247569766D4EB0CCF3EB4"><enum>(1)</enum><text>The transactions referred to in subsection (a)(7) are transactions where—</text>
<subparagraph changed="added" committee-id="HBA00" id="H3B59CEACABD84BD2A8F7762328AF05B2" reported-display-style="italic"><enum>(A)</enum><text>each purchaser is an accredited investor, as that term is defined in section 230.501(a) of title 17, Code of Federal Regulations (or any successor thereto); and</text>
</subparagraph><subparagraph changed="added" committee-id="HBA00" id="HE2BC5CDBEBE94207A932DACE2C8EE27C" reported-display-style="italic"><enum>(B)</enum><text display-inline="yes-display-inline">if any securities sold in reliance on subsection (a)(7) are offered by means of any general solicitation or general advertising, all such sales are made through a platform available only to accredited investors.</text>
</subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="HB876643099AA40688F299019F4A6BF45" indent="up1" reported-display-style="italic"><enum>(2)</enum><text display-inline="yes-display-inline">Securities sold in reliance on subsection (a)(7) shall be deemed to have been acquired in a transaction not involving any public offering.</text>
</paragraph><paragraph changed="added" committee-id="HBA00" id="H09FB7DDE1337478EB79986EB4E67F901" indent="up1" reported-display-style="italic"><enum>(3)</enum><text display-inline="yes-display-inline">The exemption provided by this subsection shall not be available for a transaction where the seller is—</text>
<subparagraph id="H74BA2C008BBB4007AE98BD736E363BE9"><enum>(A)</enum><text>an issuer, its subsidiaries or parent;</text> </subparagraph><subparagraph id="HCBA5E8196A1D4BF6848D8A177F388B4D"><enum>(B)</enum><text>an underwriter acting on behalf of the issuer, its subsidiaries or parent, which receives compensation from the issuer with respect to such sale; or</text>
</subparagraph><subparagraph id="HF72D9417DEB14CBEB63F62525C4FEF1A"><enum>(C)</enum><text>a dealer.</text> </subparagraph></paragraph><paragraph changed="added" committee-id="HBA00" id="H81925EC6A693456597B27A9AB789D6B7" indent="up1" reported-display-style="italic"><enum>(4)</enum><text display-inline="yes-display-inline">A transaction meeting the requirements of this subsection shall be deemed not to be a distribution for purposes of section 2(a)(11).</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H027358A0D00742E189070022DCDECDCF"><enum>(2)</enum><text>by striking subsection (e).</text> </paragraph></section></subtitle><subtitle id="HE4CF7249593643F5817E4EB390EA2C97"><enum>H</enum><header>Small Business Credit Availability</header> <section id="H5F07F5C87A794BF38903F0AF5257DAA9"><enum>436.</enum><header>Business development company ownership of securities of investment advisers and certain financial companies</header> <subsection id="H4DB43C259F2546728C0527DB2511526C"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 60 of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-59">15 U.S.C. 80a–59</external-xref>) is amended—</text>
<paragraph id="H701D87AD9CB44D5BA503F3116C773DB2"><enum>(1)</enum><text>by striking <quote>Notwithstanding</quote> and inserting <quote>(a) Notwithstanding</quote>;</text> </paragraph><paragraph id="H2ABB28E78CED4CF79AA3F6BC829AD0A0"><enum>(2)</enum><text>by striking <quote>except that the Commission shall not</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="yes-display-inline" id="H512AE88C694E43D99DC73E6B02E89E8D" reported-display-style="italic" style="traditional">
<text>except that—</text><paragraph id="H8E7A1CDB0FDF48C2A05EC635959A3FD2"><enum>(1)</enum><text>section 12 shall not apply to the purchasing, otherwise acquiring, or holding by a business development company of any security issued by, or any other interest in the business of, any person who is an investment adviser registered under title II of this Act, who is an investment adviser to an investment company, or who is an eligible portfolio company; and</text>
</paragraph><paragraph id="H10C0028487624EE48EE859B1217E4795"><enum>(2)</enum><text>the Commission shall not</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph><paragraph id="H6B1EE7074FC548F9B0A2B5BF99969849"><enum>(3)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H2B3CDC2D1EE348D4A1FEF2860115C063" reported-display-style="italic" style="OLC">
<subsection id="H8CD90AD6FBE943EF8B28A674705D22BF"><enum>(b)</enum><text display-inline="yes-display-inline">Nothing in this section shall prevent the Commission from issuing rules to address potential conflicts of interest between business development companies and investment advisers.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H323A4650C2CF4B3490D3A3A85325EF43"><enum>(b)</enum><header>Definition of eligible portfolio company</header><text display-inline="yes-display-inline">Section 2(a)(46)(B) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-2">15 U.S.C. 80a–2(a)(46)(B)</external-xref>) is amended by inserting before the semicolon the following: <quote>(unless it is described in paragraph (2), (3), (4), (5), (6), or (9) of such section)</quote>.</text>
</subsection><subsection id="HAE6082DF518040AEA9852EDE10E09FD6"><enum>(c)</enum><header>Investment threshold</header><text>Section 55(a) of the Investment Company Act of 1940 is amended by inserting before the colon the following: <quote>, provided that no more than 50 percent of its total assets are assets described in section 3(c)</quote>.</text>
</subsection></section><section id="HE7C765739BEE4487B73D77EC52E2F24E"><enum>437.</enum><header>Expanding access to capital for business development companies</header>
<subsection id="H1A3B751A6BE74004BB52750DCCD17C04"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 61(a) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-60">15 U.S.C. 80a–60(a)</external-xref>) is amended—</text> <paragraph id="H27D5B85E5D95465F87EF10CB0218A31A"><enum>(1)</enum><text>by redesignating paragraphs (2) through (4) as paragraphs (3) through (5), respectively;</text>
</paragraph><paragraph id="H231BF8811D9C4DC6BFC4A1C2DD4F04CC"><enum>(2)</enum><text>by striking paragraph (1) and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H62A0CC1FB7014EC580968D488D95518C" reported-display-style="italic" style="OLC"> <paragraph id="H3170C97583784FDCAA0A5A800D434328"><enum>(1)</enum><text display-inline="yes-display-inline">Except as provided in paragraph (2), the asset coverage requirements of subparagraphs (A) and (B) of section 18(a)(1) (and any related rule promulgated under this Act) applicable to business development companies shall be 200 percent.</text>
</paragraph><paragraph id="H3C37EAAF6CF24950B77B7BD721ECE535"><enum>(2)</enum><text display-inline="yes-display-inline">The asset coverage requirements of subparagraphs (A) and (B) of section 18(a)(1) and of subparagraphs (A) and (B) of section 18(a)(2) (and any related rule promulgated under this Act) applicable to a business development company shall be 150 percent if—</text>
<subparagraph id="H312F627FC16F4097A03C76A8E4118F57"><enum>(A)</enum><text display-inline="yes-display-inline">within five business days of the approval of the adoption of the asset coverage requirements described in clause (ii), the business development company discloses such approval and the date of its effectiveness in a Form 8–K filed with the Commission and in a notice on its website and discloses in its periodic filings made under section 13 of the Securities and Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m</external-xref>)—</text>
<clause id="HBED5BA146AD447C1B5F0D3B05A6A6443"><enum>(i)</enum><text>the aggregate value of the senior securities issued by such company and the asset coverage percentage as of the date of such company’s most recent financial statements; and</text>
</clause><clause id="H93F9320E2E6641779F6F409CDEFD5F12"><enum>(ii)</enum><text>that such company has adopted the asset coverage requirements of this subparagraph and the effective date of such requirements;</text>
</clause></subparagraph><subparagraph id="HFCB51840FBB2461899E7710F79A98CA3"><enum>(B)</enum><text>with respect to a business development company that issues equity securities that are registered on a national securities exchange, the periodic filings of the company under section 13(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m</external-xref>) include disclosures reasonably designed to ensure that shareholders are informed of—</text>
<clause id="H8142968FE7584FD88B60BFD2D8042988"><enum>(i)</enum><text>the amount of indebtedness and asset coverage ratio of the company, determined as of the date of the financial statements of the company dated on or most recently before the date of such filing; and</text>
</clause><clause id="H3AEAB8AE8BD94076878670530207505D"><enum>(ii)</enum><text>the principal risk factors associated with such indebtedness, to the extent such risk is incurred by the company; and</text>
</clause></subparagraph><subparagraph id="HC0295DE7AE3349DC98EDE4BBE92D9ED1"><enum>(C)</enum>
<clause commented="no" display-inline="yes-display-inline" id="H544A163BFC714D70A4DEA970F252B318"><enum>(i)</enum><text display-inline="yes-display-inline">the application of this paragraph to the company is approved by the required majority (as defined in section 57(o)) of the directors of or general partners of such company who are not interested persons of the business development company, which application shall become effective on the date that is 1 year after the date of the approval, and, with respect to a business development company that issues equity securities that are not registered on a national securities exchange, the company extends, to each person who is a shareholder as of the date of the approval, an offer to repurchase the equity securities held by such person as of such approval date, with 25 percent of such securities to be repurchased in each of the four quarters following such approval date; or</text>
</clause><clause changed="added" committee-id="HBA00" id="HCEA2AD60E4FD463DADEB2259F42A58D9" indent="up1" reported-display-style="italic"><enum>(ii)</enum><text>the company obtains, at a special or annual meeting of shareholders or partners at which a quorum is present, the approval of more than 50 percent of the votes cast of the application of this paragraph to the company, which application shall become effective on the date immediately after the date of the approval.</text></clause></subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H21D777DB0C604D338E30652A494983CE"><enum>(3)</enum><text>in paragraph (3) (as redesignated), by inserting <quote>or which is a stock</quote> after <quote>indebtedness</quote>;</text> </paragraph><paragraph id="H3B10DC8CF0564807BA7A43AB3B518F3C"><enum>(4)</enum><text>in subparagraph (A) of paragraph (4) (as redesignated)—</text>
<subparagraph id="HCAA2DCDC58A6470998A90D881A0EF537"><enum>(A)</enum><text>in the matter preceding clause (i), by striking <quote>voting</quote>; and</text> </subparagraph><subparagraph id="H0962DB960B854B478F214C49943D45DF"><enum>(B)</enum><text>by amending clause (iii) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H17970DE697FB47D8BF345DFF7F63507A" reported-display-style="italic" style="OLC">
<clause id="HA6A0261536DE4B8B8E06192D3B80C2E6"><enum>(iii)</enum><text display-inline="yes-display-inline">the exercise or conversion price at the date of issuance of such warrants, options, or rights is not less than—</text>
<subclause id="H17E3ECEE66E846148F71EFC220B6360B"><enum>(I)</enum><text>the market value of the securities issuable upon the exercise of such warrants, options, or rights at the date of issuance of such warrants, options, or rights; or</text>
</subclause><subclause id="HF81DCF46FA424AA3B5183205079B63B7"><enum>(II)</enum><text display-inline="yes-display-inline">if no such market value exists, the net asset value of the securities issuable upon the exercise of such warrants, options, or rights at the date of issuance of such warrants, options, or rights; and</text></subclause></clause><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H101C461264564170B38D8E0DEBDFD7EE"><enum>(5)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H779E5C3282FD432189BAE8F3E8E491E6" reported-display-style="italic" style="OLC"> <paragraph id="HA3391A82D9C04CEA9F7B968CFED583E2"><enum>(6)</enum> <subparagraph commented="no" display-inline="yes-display-inline" id="H9E05E7410EE046A6B5E22EED4348AF05"><enum>(A)</enum><text display-inline="yes-display-inline">Except as provided in subparagraph (B), the following shall not apply to a business development company:</text>
<clause changed="added" committee-id="HBA00" id="H4D8FA2BEE4BF427082569079B443F874" indent="up1" reported-display-style="italic"><enum>(i)</enum><text display-inline="yes-display-inline">Subparagraphs (C) and (D) of section 18(a)(2).</text> </clause><clause changed="added" commented="no" committee-id="HBA00" id="HA8CF0CD49B324DC098EA0E38E6D779A7" indent="up1" reported-display-style="italic"><enum>(ii)</enum><text>Subparagraph (E) of section 18(a)(2), to the extent such subparagraph requires any priority over any other class of stock as to distribution of assets upon liquidation.</text>
</clause><clause changed="added" committee-id="HBA00" id="HE8AD333B22B644B2974B6CF74A33624C" indent="up1" reported-display-style="italic"><enum>(iii)</enum><text>With respect to a senior security which is a stock, subsections (c) and (i) of section 18.</text> </clause></subparagraph><subparagraph changed="added" committee-id="HBA00" id="H9DC6591FA60746F98B98BB91D8F8620E" indent="up1" reported-display-style="italic"><enum>(B)</enum><text display-inline="yes-display-inline">Subparagraph (A) shall not apply with respect to preferred stock issued to a person who is not known by the company to be a qualified institutional buyer (as defined in section 3(a) of the Securities Exchange Act of 1934).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HFEF9B25D85B04E329E770D1AE5E5EAFC"><enum>(b)</enum><header>Conforming amendments</header><text>The Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-1">15 U.S.C. 80a–1</external-xref> et seq.) is amended—</text> <paragraph id="HE9EA2F5C19D944BEB387DD68FD784C2D"><enum>(1)</enum><text>in section 57—</text>
<subparagraph id="H99E4A31B41544DAFADA8BB481BB44A43"><enum>(A)</enum><text>in subsection (j)(1), by striking <quote>section 61(a)(3)(B)</quote> and inserting <quote>section 61(a)(4)(B)</quote>; and</text> </subparagraph><subparagraph id="H2130DFA1EE564630A2D3FA674A25F13B"><enum>(B)</enum><text>in subsection (n)(2), by striking <quote>section 61(a)(3)(B)</quote> and inserting <quote>section 61(a)(4)(B)</quote>; and</text>
</subparagraph></paragraph><paragraph id="H39547A82EA1946ADAAD2F2EB98EBF0A2"><enum>(2)</enum><text>in section 63(3), by striking <quote>section 61(a)(3)</quote> and inserting <quote>section 61(a)(4)</quote>.</text> </paragraph></subsection></section><section id="H969D09B46FFC4CD699168C92CB68D43B"><enum>438.</enum><header>Parity for business development companies regarding offering and proxy rules</header> <subsection id="H5AB99101EA1E40FFBF78F76C55DC5870"><enum>(a)</enum><header>Revision to rules</header><text>Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall revise any rules to the extent necessary to allow a business development company that has filed an election pursuant to section 54 of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-53">15 U.S.C. 80a–53</external-xref>) to use the securities offering and proxy rules that are available to other issuers that are required to file reports under section 13 or section 15(d) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m</external-xref>; 78o(d)). Any action that the Commission takes pursuant to this subsection shall include the following:</text>
<paragraph id="H629738C9EA4E462CB725FCAABC828083"><enum>(1)</enum><text>The Commission shall revise rule 405 under the Securities Act of 1933 (17 C.F.R. 230.405)—</text> <subparagraph id="HD50442868AE647F39A67B5CB8B6E1B8F"><enum>(A)</enum><text>to remove the exclusion of a business development company from the definition of a well-known seasoned issuer provided by that rule; and</text>
</subparagraph><subparagraph id="HB8D98A254F0948959A42450B4ADAF7EA"><enum>(B)</enum><text>to add registration statements filed on Form N–2 to the definition of automatic shelf registration statement provided by that rule.</text>
</subparagraph></paragraph><paragraph id="H9A8A1FBE6C6543B2A3B7060588E3CBCA"><enum>(2)</enum><text>The Commission shall revise rules 168 and 169 under the Securities Act of 1933 (17 C.F.R. 230.168 and 230.169) to remove the exclusion of a business development company from an issuer that can use the exemptions provided by those rules.</text>
</paragraph><paragraph id="H9785DEE1962C4808A71F2B1E0A637F0D"><enum>(3)</enum><text>The Commission shall revise rules 163 and 163A under the Securities Act of 1933 (17 C.F.R. 230.163 and 230.163A) to remove a business development company from the list of issuers that are ineligible to use the exemptions provided by those rules.</text>
</paragraph><paragraph id="H87553E6282D34CB98A6AF1037B8164E2"><enum>(4)</enum><text>The Commission shall revise rule 134 under the Securities Act of 1933 (17 C.F.R. 230.134) to remove the exclusion of a business development company from that rule.</text>
</paragraph><paragraph id="H45E1861A20564713936C46A2327518DE"><enum>(5)</enum><text>The Commission shall revise rules 138 and 139 under the Securities Act of 1933 (17 C.F.R. 230.138 and 230.139) to specifically include a business development company as an issuer to which those rules apply.</text>
</paragraph><paragraph id="H32919C557DFD499F8FCAE2101AE98938"><enum>(6)</enum><text>The Commission shall revise rule 164 under the Securities Act of 1933 (17 C.F.R. 230.164) to remove a business development company from the list of issuers that are excluded from that rule.</text>
</paragraph><paragraph id="H8877A50DF0EF4FB3A0B4044E00B5AD45"><enum>(7)</enum><text>The Commission shall revise rule 433 under the Securities Act of 1933 (17 C.F.R. 230.433) to specifically include a business development company that is a well-known seasoned issuer as an issuer to which that rule applies.</text>
</paragraph><paragraph id="HC69033CC0E6848A2A3F7FC2AFE5ECDBB"><enum>(8)</enum><text>The Commission shall revise rule 415 under the Securities Act of 1933 (17 C.F.R. 230.415)—</text> <subparagraph id="HFD72FFB8087746AC981275E2E3E4C4F6"><enum>(A)</enum><text>to state that the registration for securities provided by that rule includes securities registered by a business development company on Form N–2; and</text>
</subparagraph><subparagraph id="H63340E50103848BE8268F78A8AB4B6F7"><enum>(B)</enum><text>to provide an exception for a business development company from the requirement that a Form N–2 registrant must furnish the undertakings required by item 34.4 of Form N–2.</text>
</subparagraph></paragraph><paragraph id="H5DABCF74481349A6AF81B8BEEA921C34"><enum>(9)</enum><text>The Commission shall revise rule 497 under the Securities Act of 1933 (17 C.F.R. 230.497) to include a process for a business development company to file a form of prospectus that is parallel to the process for filing a form of prospectus under rule 424(b).</text>
</paragraph><paragraph id="HF2ECF2B4435D4247962B2EBA6BE46EF5"><enum>(10)</enum><text>The Commission shall revise rules 172 and 173 under the Securities Act of 1933 (17 C.F.R. 230.172 and 230.173) to remove the exclusion of an offering of a business development company from those rules.</text>
</paragraph><paragraph id="H6F2EEE76514B4FF5BE9D86D0A20179F2"><enum>(11)</enum><text display-inline="yes-display-inline">The Commission shall revise rule 418 under the Securities Act of 1933 (17 C.F.R. 230.418) to provide that a business development company that would otherwise meet the eligibility requirements of General Instruction I.A of Form S–3 shall be exempt from paragraph (a)(3) of that rule.</text>
</paragraph><paragraph id="H63FDEAD0266842A08028E96C43667F6B"><enum>(12)</enum><text>The Commission shall revise rule 14a–101 under the Securities Exchange Act of 1934 (17 C.F.R. 240.14a–101) to provide that a business development company that would otherwise meet the requirements of General Instruction I.A of Form S–3 shall be deemed to meet the requirements of Form S–3 for purposes of Schedule 14A.</text>
</paragraph><paragraph id="H7CB17DB1874D4710997DC9DAAE4730D4"><enum>(13)</enum><text>The Commission shall revise rule 103 under Regulation FD (17 C.F.R. 243.103) to provide that paragraph (a) of that rule applies for purposes of Form N–2.</text>
</paragraph></subsection><subsection id="H1260AA9F6A904B7CA0077C342CBB6E00"><enum>(b)</enum><header>Revision to form N–2</header><text>Not later than 1 year after the date of enactment of this Act, the Commission shall revise Form N–2—</text>
<paragraph id="HC814972A207A4EBF8F0BAAB81EBFFFEB"><enum>(1)</enum><text>to include an item or instruction that is similar to item 12 on Form S–3 to provide that a business development company that would otherwise meet the requirements of Form S–3 shall incorporate by reference its reports and documents filed under the Securities Exchange Act of 1934 into its registration statement filed on Form N–2; and</text>
</paragraph><paragraph id="H4323087190D946288C4278005C316E79"><enum>(2)</enum><text>to include an item or instruction that is similar to the instruction regarding automatic shelf offerings by well-known seasoned issuers on Form S–3 to provide that a business development company that is a well-known seasoned issuer may file automatic shelf offerings on Form N–2.</text>
</paragraph></subsection><subsection id="HF2BC0FD429444BA58820AF2A5A64F8D4"><enum>(c)</enum><header>Treatment if revisions not completed in timely manner</header><text>If the Commission fails to complete the revisions required by subsections (a) and (b) by the time required by such subsections, a business development company shall be entitled to treat such revisions as having been completed in accordance with the actions required to be taken by the Commission by such subsections until such time as such revisions are completed by the Commission.</text>
</subsection><subsection id="H04BF322D344A488F9003D50A639C414D"><enum>(d)</enum><header>Rule of construction</header><text>Any reference in this section to a rule or form means such rule or form or any successor rule or form.</text>
</subsection></section></subtitle><subtitle id="HDFF4546B1C174243AF9415689B7D7EFA"><enum>I</enum><header>Fostering Innovation</header>
<section id="H9148F3D0692645F19974B34AA53F38E5"><enum>441.</enum><header>Temporary exemption for low-revenue issuers</header><text display-inline="no-display-inline">Section 404 of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7262">15 U.S.C. 7262</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H62C4D1E7BE804DD7A68A6B8968CEE121" reported-display-style="italic" style="OLC">
<subsection id="H82583E717F8F43109B4417821CD87877"><enum>(d)</enum><header>Temporary exemption for low-Revenue issuers</header>
<paragraph id="H83600407D74E4BC394E916AF72E459C4"><enum>(1)</enum><header>Low-revenue exemption</header><text>Subsection (b) shall not apply with respect to an audit report prepared for an issuer that—</text> <subparagraph id="HD6AE4E38A5954A1F84EB12ED84F68259"><enum>(A)</enum><text>ceased to be an emerging growth company on the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933;</text>
</subparagraph><subparagraph id="HE88037B0CB9C486E8D343D15C692AE34"><enum>(B)</enum><text>had average annual gross revenues of less than $50,000,000 as of its most recently completed fiscal year; and</text>
</subparagraph><subparagraph id="HFED328C3E1E84E0ABFCA9A1ECC24791C"><enum>(C)</enum><text>is not a large accelerated filer.</text> </subparagraph></paragraph><paragraph id="H453F89C88B78441F969C2520AADA84E5"><enum>(2)</enum><header>Expiration of temporary exemption</header><text>An issuer ceases to be eligible for the exemption described under paragraph (1) at the earliest of—</text>
<subparagraph id="H12D57137DC7B483B9F98C7F08B827A95"><enum>(A)</enum><text>the last day of the fiscal year of the issuer following the tenth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933;</text>
</subparagraph><subparagraph id="H30A59534C42947B99C9BAE680E58B981"><enum>(B)</enum><text>the last day of the fiscal year of the issuer during which the average annual gross revenues of the issuer exceed $50,000,000; or</text>
</subparagraph><subparagraph id="H4539232AEE844EB1BAB0A58FF10383A6"><enum>(C)</enum><text>the date on which the issuer becomes a large accelerated filer.</text> </subparagraph></paragraph><paragraph commented="no" id="H6652F85F00A4492190A12925A639E097"><enum>(3)</enum><header>Definitions</header><text>For purposes of this subsection:</text>
<subparagraph commented="no" id="H3D84D60ABD114636AC0D611075B28327"><enum>(A)</enum><header>Average annual gross revenues</header><text>The term <term>average annual gross revenues</term> means the total gross revenues of an issuer over its most recently completed three fiscal years divided by three.</text>
</subparagraph><subparagraph commented="no" id="HF00324644E4B4B61A150D534AEB1169A"><enum>(B)</enum><header>Emerging growth company</header><text display-inline="yes-display-inline">The term <term>emerging growth company</term> has the meaning given such term under section 3 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c</external-xref>).</text>
</subparagraph><subparagraph commented="no" id="H79D54CC3C0CB46D08019F4E128157E41"><enum>(C)</enum><header>Large accelerated filer</header><text display-inline="yes-display-inline">The term <term>large accelerated filer</term> has the meaning given that term under section 240.12b–2 of title 17, Code of Federal Regulations, or any successor thereto.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><subtitle id="H28323550234C4037A080A6B33D86F485"><enum>J</enum><header>Small Business Capital Formation Enhancement</header>
<section id="H316375539E7F40FF95B5C1F1B6FE2D8C"><enum>446.</enum><header>Annual review of government-business forum on capital formation</header><text display-inline="no-display-inline">Section 503 of the Small Business Investment Incentive Act of 1980 (<external-xref legal-doc="usc" parsable-cite="usc/15/80c-1">15 U.S.C. 80c–1</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB1CE511F76A14028ADB7C0A40F4F0E9D" reported-display-style="italic" style="traditional">
<subsection id="H64A793E5BD7349C693682E02273D144E"><enum>(e)</enum><text display-inline="yes-display-inline">The Commission shall—</text> <paragraph id="HDC35791A9069489FA966616D0AE67E79"><enum>(1)</enum><text>review the findings and recommendations of the forum; and</text>
</paragraph><paragraph id="H1972DF2A17E14E9B840C1B7393DE014E"><enum>(2)</enum><text>each time the forum submits a finding or recommendation to the Commission, promptly issue a public statement—</text>
<subparagraph id="H25B63B6D68264984864B15F9886FB5C9"><enum>(A)</enum><text>assessing the finding or recommendation of the forum; and</text> </subparagraph><subparagraph id="H2A2AB48C075942BC865286972868913E"><enum>(B)</enum><text>disclosing the action, if any, the Commission intends to take with respect to the finding or recommendation.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><subtitle id="H0149434DACDD4FC89C1954246FA41065"><enum>K</enum><header>Helping Angels Lead Our Startups</header>
<section id="HE5BF508145224A92A5EC85ACA0A42F07"><enum>451.</enum><header>Definition of angel investor group</header><text display-inline="no-display-inline">As used in this subtitle, the term <term>angel investor group</term> means any group that—</text> <paragraph id="H96EFF8BC17E94896896BDE37A80C54A0"><enum>(1)</enum><text display-inline="yes-display-inline">is composed of accredited investors interested in investing personal capital in early-stage companies;</text>
</paragraph><paragraph id="HBA702DC80D0B4C0498EB23E3EDEF2FEA"><enum>(2)</enum><text>holds regular meetings and has defined processes and procedures for making investment decisions, either individually or among the membership of the group as a whole; and</text>
</paragraph><paragraph id="H2138BACC73324292953114D4F5BCD566"><enum>(3)</enum><text display-inline="yes-display-inline">is neither associated nor affiliated with brokers, dealers, or investment advisers.</text> </paragraph></section><section id="H5BC964142E8C4667B504518F0071EC0E"><enum>452.</enum><header>Clarification of general solicitation</header> <subsection id="HF359A1E72BF742B0A05BB1D9156A4DFB"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 6 months after the date of enactment of this Act, the Securities and Exchange Commission shall revise Regulation D of its rules (17 C.F.R. 230.500 et seq.) to require that in carrying out the prohibition against general solicitation or general advertising contained in section 230.502(c) of title 17, Code of Federal Regulations, the prohibition shall not apply to a presentation or other communication made by or on behalf of an issuer which is made at an event—</text>
<paragraph id="H24B6C520E8044755B37E702D51559C98"><enum>(1)</enum><text>sponsored by—</text> <subparagraph id="HB3AD7A175B884CFAA2370D04F9C2B4C6"><enum>(A)</enum><text>the United States or any territory thereof, by the District of Columbia, by any State, by a political subdivision of any State or territory, or by any agency or public instrumentality of any of the foregoing;</text>
</subparagraph><subparagraph id="HBD6F632F562842A28E1C55D37AE7A314"><enum>(B)</enum><text>a college, university, or other institution of higher education;</text> </subparagraph><subparagraph id="H1408B4F97AFF46D2B4D77332F4E08DA4"><enum>(C)</enum><text>a nonprofit organization;</text>
</subparagraph><subparagraph id="H82D656EBFF604C1DAA766CBAB732BFE0"><enum>(D)</enum><text>an angel investor group;</text> </subparagraph><subparagraph id="H2D99C4C255474FE595235959795C8003"><enum>(E)</enum><text>a venture forum, venture capital association, or trade association; or</text>
</subparagraph><subparagraph id="H683DBDE82BFD4D80923066017D1CE8F3"><enum>(F)</enum><text>any other group, person or entity as the Securities and Exchange Commission may determine by rule;</text> </subparagraph></paragraph><paragraph id="H3CF5AAA020604AD28E619014D957C783"><enum>(2)</enum><text>where any advertising for the event does not reference any specific offering of securities by the issuer;</text>
</paragraph><paragraph id="H90CEF1DCE68446A287067461D1CCD950"><enum>(3)</enum><text>the sponsor of which—</text> <subparagraph id="H2A0964248B264E5CAA52758C3B953C09"><enum>(A)</enum><text>does not make investment recommendations or provide investment advice to event attendees;</text>
</subparagraph><subparagraph id="HC7846C0E1AFD433299A060ED389B14F4"><enum>(B)</enum><text>does not engage in an active role in any investment negotiations between the issuer and investors attending the event;</text>
</subparagraph><subparagraph id="HAE63416BB410445893DA2119316232D7"><enum>(C)</enum><text>does not charge event attendees any fees other than administrative fees; and</text> </subparagraph><subparagraph commented="no" id="H85C4F256227A40D89057C02E128DA2B0"><enum>(D)</enum><text display-inline="yes-display-inline">does not receive any compensation with respect to such event that would require registration of the sponsor as a broker or a dealer under the Securities Exchange Act of 1934, or as an investment advisor under the Investment Advisers Act of 1940; and</text>
</subparagraph></paragraph><paragraph id="HF8215F87BAB24108A92EEC0C600343F8"><enum>(4)</enum><text>where no specific information regarding an offering of securities by the issuer is communicated or distributed by or on behalf of the issuer, other than—</text>
<subparagraph id="H718D1266B8B94EA9BED04E46022C660B"><enum>(A)</enum><text>that the issuer is in the process of offering securities or planning to offer securities;</text> </subparagraph><subparagraph id="H7836839404A2480D8F9B1412E929B7BF"><enum>(B)</enum><text>the type and amount of securities being offered;</text>
</subparagraph><subparagraph id="H1BE7E1F94F6241BAACA6BE4833C244F1"><enum>(C)</enum><text>the amount of securities being offered that have already been subscribed for; and</text> </subparagraph><subparagraph id="H81FACC1FDAA343FA9BBADD61A0546637"><enum>(D)</enum><text>the intended use of proceeds of the offering.</text>
</subparagraph></paragraph></subsection><subsection id="H18532621908B4323B89ADD0D19E2F8E9"><enum>(b)</enum><header>Rule of construction</header><text>Subsection (a) may only be construed as requiring the Securities and Exchange Commission to amend the requirements of Regulation D with respect to presentations and communications, and not with respect to purchases or sales.</text>
</subsection></section></subtitle><subtitle id="HD0C81213863D4839B63E4C7E6E7B031F"><enum>L</enum><header>Main Street Growth</header>
<section id="H92FA216EA9954AE0986C9EBABE7E876F"><enum>456.</enum><header>Venture exchanges</header>
<subsection id="HD71D2D9537274B6F96878E57502F8C67"><enum>(a)</enum><header>Securities Exchange Act of 1934</header><text display-inline="yes-display-inline">Section 6 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78f">15 U.S.C. 78f</external-xref>) is amended by adding at the end the following:</text>
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<subsection id="HD340D295D7854A70A6078696BA75DB41"><enum>(m)</enum><header>Venture exchange</header>
<paragraph id="H9C099B77FDCB41CEAED77F96A0566339"><enum>(1)</enum><header>Registration</header>
<subparagraph id="H529B41FFC24F4AB2818B69A563BF3397"><enum>(A)</enum><header>In general</header><text>A national securities exchange may elect to be treated (or for a listing tier of such exchange to be treated) as a venture exchange by notifying the Commission of such election, either at the time the exchange applies to be registered as a national securities exchange or after registering as a national securities exchange.</text>
</subparagraph><subparagraph id="HA91D79FF0C6241D1BA915AFD11F744B3"><enum>(B)</enum><header>Determination time period</header><text display-inline="yes-display-inline">With respect to a securities exchange electing to be treated (or for a listing tier of such exchange to be treated) as a venture exchange—</text>
<clause id="HEC58D55EA3F54C46B96D9A075A0F89D0"><enum>(i)</enum><text>at the time the exchange applies to be registered as a national securities exchange, such application and election shall be deemed to have been approved by the Commission unless the Commission denies such application before the end of the 6-month period beginning on the date the Commission received such application; and</text>
</clause><clause id="H2E8F0CDEBC644D9EA98145D0193D1282"><enum>(ii)</enum><text display-inline="yes-display-inline">after registering as a national securities exchange, such election shall be deemed to have been approved by the Commission unless the Commission denies such approval before the end of the 6-month period beginning on the date the Commission received notification of such election.</text>
</clause></subparagraph></paragraph><paragraph id="H16A8832108A24FC89E507BBEB1A860DB"><enum>(2)</enum><header>Powers and restrictions</header><text display-inline="yes-display-inline">A venture exchange—</text> <subparagraph id="H56720665373F43BFB646A5F564631A07"><enum>(A)</enum><text>may only constitute, maintain, or provide a market place or facilities for bringing together purchasers and sellers of venture securities;</text>
</subparagraph><subparagraph id="H348E551AFD8048E481277DA1B9F80DEB"><enum>(B)</enum><text display-inline="yes-display-inline">may determine the increment to be used for quoting and trading venture securities on the exchange;</text> </subparagraph><subparagraph id="H0FD67FD8A2D641D4BB0275D35CD4101B"><enum>(C)</enum><text>shall disseminate last sale and quotation information on terms that are fair and reasonable and not unreasonably discriminatory;</text>
</subparagraph><subparagraph id="H56BAC99B7F5746D4AC644867183AA7A2"><enum>(D)</enum><text>may choose to carry out periodic auctions for the sale of a venture security instead of providing continuous trading of the venture security; and</text>
</subparagraph><subparagraph id="H35C0EB446EAD471AA6DD7C43F7B33720"><enum>(E)</enum><text display-inline="yes-display-inline">may not extend unlisted trading privileges to any venture security.</text> </subparagraph></paragraph><paragraph id="H0525A87D8D22439B83C51DA08F9F009C"><enum>(3)</enum><header>Exemptions from certain national security exchange regulations</header><text>A venture exchange shall not be required to—</text>
<subparagraph id="H3C211EE83873474491780DE14CDB84DC"><enum>(A)</enum><text>comply with any of sections 242.600 through 242.612 of title 17, Code of Federal Regulations;</text> </subparagraph><subparagraph id="HE20209891B2E48B3B71F683F07B87936"><enum>(B)</enum><text display-inline="yes-display-inline">comply with any of sections 242.300 through 242.303 of title 17, Code of Federal Regulations;</text>
</subparagraph><subparagraph id="H71BF17625555487B87C6BC5B1DEC3563"><enum>(C)</enum><text display-inline="yes-display-inline">submit any data to a securities information processor; or</text> </subparagraph><subparagraph id="HB70559FC61B34AAD95E10515E34B9155"><enum>(D)</enum><text display-inline="yes-display-inline">use decimal pricing.</text>
</subparagraph></paragraph><paragraph id="H0C2BC14C56154216BC51907F05C90CF5"><enum>(4)</enum><header>Treatment of certain exempted securities</header><text display-inline="yes-display-inline">A security that is exempt from registration pursuant to section 3(b) of the Securities Act of 1933 shall be exempt from section 12(a) of this title with respect to the trading of such security on a venture exchange, if the issuer of such security is in compliance with all disclosure obligations of such section 3(b) and the regulations issued under such section.</text>
</paragraph><paragraph id="HA0D39A4427554DAD8D17EE01F441AA8E"><enum>(5)</enum><header>Definitions</header><text>For purposes of this subsection:</text> <subparagraph id="H19DAC92085B842028A068ADFC5C6422E"><enum>(A)</enum><header>Early-stage, growth company</header> <clause id="H96189D69A62948989AF95BA61B0464F3"><enum>(i)</enum><header>In general</header><text>The term <term>early-stage, growth company</term> means an issuer—</text>
<subclause id="H366231B38824475880D6ABF7FF2478A6"><enum>(I)</enum><text>that has not made an initial public offering of any securities of the issuer; and</text> </subclause><subclause id="H71C9E9039F9F480FB293DAF7922BE0BB"><enum>(II)</enum><text display-inline="yes-display-inline">with a market capitalization of $1,000,000,000 (as such amount is indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest $1,000,000) or less.</text>
</subclause></clause><clause id="H2E5D5929717542ADA6887CAC88BE0FC4"><enum>(ii)</enum><header>Treatment when market capitalization exceeds threshold</header>
<subclause id="HEEE796BA067D41C0A918A4F7C10B4377"><enum>(I)</enum><header>In general</header><text>In the case of an issuer that is an early-stage, growth company the securities of which are traded on a venture exchange, such issuer shall not cease to be an early-stage, growth company by reason of the market capitalization of such issuer exceeding the threshold specified in clause (i)(II) until the end of the period of 24 consecutive months during which the market capitalization of such issuer exceeds $2,000,000,000 (as such amount is indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, setting the threshold to the nearest $1,000,000).</text>
</subclause><subclause id="H4120F5EFEF7F4AC092672CBCCBC5350F"><enum>(II)</enum><header>Exemptions</header><text display-inline="yes-display-inline">If an issuer would cease to be an early-stage, growth company under subclause (I), the venture exchange may, at the request of the issuer, exempt the issuer from the market capitalization requirements of this subparagraph for the 1-year period that begins on the day after the end of the 24-month period described in such subclause. The venture exchange may, at the request of the issuer, extend the exemption for 1 additional year.</text>
</subclause></clause></subparagraph><subparagraph id="HAF21C39D4FBD47DD9D38040561859569"><enum>(B)</enum><header>Venture security</header><text display-inline="yes-display-inline">The term <term>venture security</term> means—</text> <clause id="H5AA4DDD6E04A4CFD907E979603E6A7ED"><enum>(i)</enum><text>securities of an early-stage, growth company that are exempt from registration pursuant to section 3(b) of the Securities Act of 1933; and</text>
</clause><clause id="HD66E0DF25D0A4F078C0602E08D7B210F"><enum>(ii)</enum><text>securities of an emerging growth company.</text></clause></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H136A59328D78436885D5DAD381A6ED7F"><enum>(b)</enum><header>Securities Act of 1933</header><text display-inline="yes-display-inline">Section 18(b)(1) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77r">15 U.S.C. 77r(b)(1)</external-xref>) is amended—</text>
<paragraph id="HDF6AFB1593164CB0BDC3E7E524D4920E"><enum>(1)</enum><text>in subparagraph (B), by striking <quote>or</quote> at the end;</text> </paragraph><paragraph id="HE9DEFF8D3B574AC89483E73584184EAE"><enum>(2)</enum><text>in subparagraph (C), by striking the period and inserting <quote>; or</quote>; and</text>
</paragraph><paragraph id="H12AECBA436964C6F96CA8C14DB02CF51"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H113AA87BC7D5442AB486E3A3D50221B6" reported-display-style="italic" style="OLC"> <subparagraph id="H12BF5AF22F51494589F24A8961FD8ABF"><enum>(D)</enum><text display-inline="yes-display-inline">a venture security, as defined under section 6(m)(5) of the Securities Exchange Act of 1934.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H388B2B87F4B64F48BED9B6D84EB84907"><enum>(c)</enum><header>Sense of Congress</header><text display-inline="yes-display-inline">It is the sense of the Congress that the Securities and Exchange Commission should—</text> <paragraph id="H7876C8ED43E44F4CB44F61822F6BF8B2"><enum>(1)</enum><text>when necessary or appropriate in the public interest and consistent with the protection of investors, make use of the Commission’s general exemptive authority under section 36 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78mm">15 U.S.C. 78mm</external-xref>) with respect to the provisions added by this section; and</text>
</paragraph><paragraph id="HA6E9E62DBA19420AB2F75BFF9C1DAA54"><enum>(2)</enum><text display-inline="yes-display-inline">if the Commission determines appropriate, create an Office of Venture Exchanges within the Commission’s Division of Trading and Markets.</text>
</paragraph></subsection><subsection id="HD86E0A533961410EA0C6AEE97F77D0EE"><enum>(d)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section or the amendments made by this section shall be construed to impair or limit the construction of the antifraud provisions of the securities laws (as defined in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>)) or the authority of the Securities and Exchange Commission under those provisions.</text>
</subsection><subsection id="H22DD1838EE6A4533BC143C8FB418D749"><enum>(e)</enum><header>Effective date for tiers of existing national securities exchanges</header><text>In the case of a securities exchange that is registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78f">15 U.S.C. 78f</external-xref>) on the date of the enactment of this Act, any election for a listing tier of such exchange to be treated as a venture exchange under subsection (m) of such section shall not take effect before the date that is 180 days after such date of enactment.</text>
</subsection></section></subtitle><subtitle id="H04FFA416BC82448FBBD228231499F86B"><enum>M</enum><header>Micro Offering Safe Harbor</header>
<section id="H5FB87C582B3A443C8F6404CBE8410F47"><enum>461.</enum><header>Exemptions for micro-offerings</header>
<subsection id="H4F54B4543B614A579FBD574EE14254D4"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 4 of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77d">15 U.S.C. 77d</external-xref>) is amended—</text> <paragraph id="HBC368D6FDBE948D990D370D9B2BFC6AE"><enum>(1)</enum><text>in subsection (a), by adding at the end the following:</text>
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<paragraph id="H6CE91E7DC4FA44A1984021EDB59DD271"><enum>(8)</enum><text display-inline="yes-display-inline">transactions meeting the requirements of subsection (e).</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="H22AA36B685D84D87913F6EC545BE8343"><enum>(2)</enum><text>as amended by section 434(2), by adding at the end the following:</text>
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<subsection id="H3FB9B1A0CB124C00B2FBDDEC5B39C6D6"><enum>(e)</enum><header>Certain micro-Offerings</header><text>The transactions referred to in subsection (a)(8) are transactions involving the sale of securities by an issuer (including all entities controlled by or under common control with the issuer) that meet all of the following requirements:</text>
<paragraph id="H2EC32E9BD0094A1E982E108CE5FFB6D5"><enum>(1)</enum><header>Pre-existing relationship</header><text>Each purchaser has a substantive pre-existing relationship with an officer of the issuer, a director of the issuer, or a shareholder holding 10 percent or more of the shares of the issuer.</text>
</paragraph><paragraph id="H4DD93BEFE8A743CBA5E3748C1EA07780"><enum>(2)</enum><header>35 or fewer purchasers</header><text>There are no more than, or the issuer reasonably believes that there are no more than, 35 purchasers of securities from the issuer that are sold in reliance on the exemption provided under subsection (a)(8) during the 12-month period preceding such transaction.</text>
</paragraph><paragraph id="H16132A74EFDD4C12A66B4B119D52F0A7"><enum>(3)</enum><header>Small offering amount</header><text>The aggregate amount of all securities sold by the issuer, including any amount sold in reliance on the exemption provided under subsection (a)(8), during the 12-month period preceding such transaction, does not exceed $500,000.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H3681C323884C44C8B2EDD08314E68211"><enum>(b)</enum><header>Exemption under State regulations</header><text display-inline="yes-display-inline">Section 18(b)(4) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77r">15 U.S.C. 77r(b)(4)</external-xref>) is amended—</text> <paragraph id="H8DED4D45CE2347C48DDF27F330584904"><enum>(1)</enum><text>in subparagraph (F), by striking <quote>or</quote> at the end;</text>
</paragraph><paragraph id="H5EC858AB9A5B40069EDE24973AF09F05"><enum>(2)</enum><text>in subparagraph (G), by striking the period and inserting <quote>; or</quote>; and</text> </paragraph><paragraph id="HF3ADA6C90F9D452BA92B2D49F9FAA9EF"><enum>(3)</enum><text>by adding at the end the following:</text>
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<subparagraph id="HF18A71917F8E422E9CC2329A80BA65A8"><enum>(H)</enum><text display-inline="yes-display-inline">section 4(a)(8).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection></section></subtitle><subtitle id="H3A822522DB0B4D8E963D437E6B0F0016"><enum>N</enum><header>Private Placement Improvement</header> <section id="H18B38B80BDD34C6FB7BB8CCECCABD587"><enum>466.</enum><header>Revisions to SEC Regulation D</header><text display-inline="no-display-inline">Not later than 45 days following the date of the enactment of this Act, the Securities and Exchange Commission shall revise Regulation D (17 C.F.R. 501 et seq.) in accordance with the following:</text>
<paragraph id="HA707F57BE5434DF78FE363FEDBE567BA"><enum>(1)</enum><text display-inline="yes-display-inline">The Commission shall revise Form D filing requirements to require an issuer offering or selling securities in reliance on an exemption provided under Rule 506 of Regulation D to file with the Commission a single notice of sales containing the information required by Form D for each new offering of securities no earlier than 15 days after the date of the first sale of securities in the offering. The Commission shall not require such an issuer to file any notice of sales containing the information required by Form D except for the single notice described in the previous sentence.</text>
</paragraph><paragraph id="H16486E2F1C504C0C9EF10BC031249BA4"><enum>(2)</enum><text>The Commission shall make the information contained in each Form D filing available to the securities commission (or any agency or office performing like functions) of each State and territory of the United States and the District of Columbia.</text>
</paragraph><paragraph id="HD107E9BA97414EEEA75BD76F2C98DE43"><enum>(3)</enum><text display-inline="yes-display-inline">The Commission shall not condition the availability of any exemption for an issuer under Rule 506 of Regulation D (17 C.F.R. 230.506) on the issuer’s or any other person’s filing with the Commission of a Form D or any similar report.</text>
</paragraph><paragraph id="H03093A290E3D4217AD87FE2E040D5552"><enum>(4)</enum><text display-inline="yes-display-inline">The Commission shall not require issuers to submit written general solicitation materials to the Commission in connection with a Rule 506(c) offering, except when the Commission requests such materials pursuant to the Commission’s authority under section 8A or section 20 of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77h-1">15 U.S.C. 77h–1</external-xref> or 77t) or section 9, 10(b), 21A, 21B, or 21C of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78i">15 U.S.C. 78i</external-xref>, 78j(b), 78u–1, 78u–2, or 78u–3).</text>
</paragraph><paragraph id="HF7B296F085AD4BA3A32BA363176E300E"><enum>(5)</enum><text display-inline="yes-display-inline">The Commission shall not extend the requirements contained in Rule 156 to private funds.</text> </paragraph><paragraph id="H7A3A85847A314403928D47A44EEFFC4F"><enum>(6)</enum><text display-inline="yes-display-inline">The Commission shall revise Rule 501(a) of Regulation D to provide that a person who is a <quote>knowledgeable employee</quote> of a private fund or the fund’s investment adviser, as defined in Rule 3c–5(a)(4) (17 C.F.R. 270.3c–5(a)(4)), shall be an accredited investor for purposes of a Rule 506 offering of a private fund with respect to which the person is a knowledgeable employee.</text>
</paragraph></section></subtitle><subtitle id="HE31A4E1818C04AFEAF51F359B23F6C35"><enum>O</enum><header>Supporting America’s Innovators</header>
<section id="HD72C41D19B3049818DF457F6EABD7C80"><enum>471.</enum><header>Investor limitation for qualifying venture capital funds</header><text display-inline="no-display-inline">Section 3(c)(1) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-3">15 U.S.C. 80a–3(c)(1)</external-xref>) is amended—</text> <paragraph id="H53FFE8C01FE14CA8846A819463567214"><enum>(1)</enum><text>by inserting after <quote>one hundred persons</quote> the following: <quote>(or, with respect to a qualifying venture capital fund, 500 persons)</quote>; and</text>
</paragraph><paragraph id="H35AA527C56A64F829AFD0D5FACC707E7"><enum>(2)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF5A2F698CFD64548A81B7867A990C943" reported-display-style="italic" style="OLC"> <subparagraph id="HD76B6A1BADE240568D4190403E264884"><enum>(C)</enum><text display-inline="yes-display-inline">The term <term>qualifying venture capital fund</term> means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-3">15 U.S.C. 80b–3(l)(1)</external-xref>) with no more than $50,000,000 in aggregate capital contributions and uncalled committed capital, as such dollar amount is annually adjusted by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section></subtitle><subtitle id="H1362493B223C4EABB2459C30EFFA8748"><enum>P</enum><header>Fix Crowdfunding</header>
<section id="HF5367D9E815743C980A469611B75995D"><enum>476.</enum><header>Crowdfunding exemption</header>
<subsection id="H15161DC7FA4F40F4A4AFF0F0883A62C7"><enum>(a)</enum><header>Securities Act of 1933</header><text display-inline="yes-display-inline">Section 4(a) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77d">15 U.S.C. 77d</external-xref>) is amended by striking paragraph (6) and inserting the following:</text>
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<paragraph id="H277DFE4817CE4F3B9EF4EF3AE5B9B572"><enum>(6)</enum><text display-inline="yes-display-inline">transactions involving the offer or sale of securities by an issuer, provided that—</text> <subparagraph id="HE5221CF19137432E83C31A1B538BC83A"><enum>(A)</enum><text>in the case of a transaction involving an intermediary between the issuer and the investor, such intermediary complies with the requirements under section 4A(a); and</text>
</subparagraph><subparagraph id="H3E8E038E9E03416CA350F294B90B5F41"><enum>(B)</enum><text>in the case of a transaction not involving an intermediary between the issuer and the investor, the issuer complies with the requirements under section 4A(b).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HAFF4BB483BBC40E7ABECEAEDFC1923E7"><enum>(b)</enum><header>Requirements to qualify for crowdfunding exemption</header><text>Section 4A of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77d-1">15 U.S.C. 77d–1</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HE89A5B87C33E4B99A2C398D5EBB0CD25" reported-display-style="italic" style="OLC"> <section id="HB2E0BE91197C493285BC3BACB60255E2"><enum>4A.</enum><header>Requirements with respect to certain small transactions</header> <subsection id="H5BF7A10AB5B64F7BA51286208B0324C0"><enum>(a)</enum><header>Requirements on intermediaries</header><text display-inline="yes-display-inline">For purposes of section 4(a)(6), a person acting as an intermediary in a transaction involving the offer or sale of securities shall comply with the requirements of this subsection if the intermediary—</text>
<paragraph id="H52628D096BDF4A21896484B3C11A0461"><enum>(1)</enum><text display-inline="yes-display-inline">warns investors, including on the intermediary’s website used for the offer and sale of such securities, of the speculative nature generally applicable to investments in startups, emerging businesses, and small issuers, including risks in the secondary market related to illiquidity;</text>
</paragraph><paragraph id="H115B3151F54241FF885F2C25529573B0"><enum>(2)</enum><text>warns investors that they are subject to the restriction on sales requirement described under subsection (e);</text>
</paragraph><paragraph id="HFA36CF55438C4AD2AE3C1D1D5CDC0356"><enum>(3)</enum><text>takes reasonable measures to reduce the risk of fraud with respect to such transaction;</text> </paragraph><paragraph id="H6780F49E20654D9696D9D790E8BA7943"><enum>(4)</enum><text display-inline="yes-display-inline">registers with the Commission and the Financial Industry Regulatory Authority, including by providing the Commission with the intermediary’s physical address, website address, and the names of the intermediary and employees of the intermediary, and keep such information up-to-date;</text>
</paragraph><paragraph id="HD16A977992714C7B979B9370D1677396"><enum>(5)</enum><text display-inline="yes-display-inline">provides the Commission with continuous investor-level access to the intermediary’s website;</text> </paragraph><paragraph id="HB80E8C3011C74887A64BD8704F40ED74"><enum>(6)</enum><text>requires each potential investor to answer questions demonstrating—</text>
<subparagraph id="H91E115981CF44C06B82AFC3EF7200EA6"><enum>(A)</enum><text display-inline="yes-display-inline">an understanding of the level of risk generally applicable to investments in startups, emerging businesses, and small issuers;</text>
</subparagraph><subparagraph id="HE3278A9ACD134753A52AEBD206236A18"><enum>(B)</enum><text display-inline="yes-display-inline">an understanding of the risk of illiquidity; and</text> </subparagraph><subparagraph id="HF2676428D86E4E8F9DFBA1536CC3261A"><enum>(C)</enum><text display-inline="yes-display-inline">such other areas as the Commission may determine appropriate by rule or regulation, including information relating to the owners’ and management’s experience, and any related party transactions and conflicts of interest;</text>
</subparagraph></paragraph><paragraph id="H43176168321E4A6D971BD332B6BAD675"><enum>(7)</enum><text display-inline="yes-display-inline">carries out a background check on the issuer’s principals;</text> </paragraph><paragraph id="HC3889FCB31564F93A34AD46F1FB030A1"><enum>(8)</enum><text display-inline="yes-display-inline">provides the Commission and potential investors with notice of the offering not less than 10 days prior to such offering, not later than the first day securities are offered to potential investors, including—</text>
<subparagraph id="H026D73028A4744C9B5F48BF2C6441603"><enum>(A)</enum><text>the issuer’s name, legal status, physical address, and website address;</text> </subparagraph><subparagraph id="H15C82EEB16934A209EB0108441C149B4"><enum>(B)</enum><text>the names of the issuer’s principals;</text>
</subparagraph><subparagraph id="H2ED3CF622A674D6C92D8DB1A8B8A86E5"><enum>(C)</enum><text display-inline="yes-display-inline">the stated purpose and intended use of the proceeds of the offering sought by the issuer; and</text> </subparagraph><subparagraph id="HCC3DE700D66243DDAD408FF1959D7BB6"><enum>(D)</enum><text display-inline="yes-display-inline">the target offering amount and the deadline to reach the target offering amount;</text>
</subparagraph></paragraph><paragraph id="H1159690B775344EC9F6771EB389B1C4F"><enum>(9)</enum><text display-inline="yes-display-inline">outsources cash-management functions to a qualified third party custodian, such as a broker or dealer registered under section 15(b)(1) of the Securities Exchange Act of 1934, a trust company, or an insured depository institution;</text>
</paragraph><paragraph id="HE7FBF94EF35D4136A6C5E6DDCB1588DC"><enum>(10)</enum><text>makes available on the intermediary’s website a method of communication that permits the issuer and investors to communicate with one another;</text>
</paragraph><paragraph id="HE01F856D2C08457B8635F2D423765656"><enum>(11)</enum><text display-inline="yes-display-inline">provides the Commission with a notice upon completion of the offering, which shall include the aggregate offering amount and the number of purchasers; and</text>
</paragraph></subsection><subsection id="HBBECAE12EF704D248BABB615004C5310"><enum>(b)</enum><header>Requirements on issuers if no intermediary</header><text display-inline="yes-display-inline">For purposes of section 4(a)(6), an issuer who offers or sells securities without an intermediary shall comply with the requirements of this subsection if the issuer—</text>
<paragraph id="HEAD8D0E389124798992B58CD74134301"><enum>(1)</enum><text>warns investors, including on the issuer’s website, of the speculative nature generally applicable to investments in startups, emerging businesses, and small issuers, including risks in the secondary market related to illiquidity;</text>
</paragraph><paragraph id="H8D04978F5A6A4B10ACCE44D12F26A581"><enum>(2)</enum><text>warns investors that they are subject to the restriction on sales requirement described under subsection (e);</text>
</paragraph><paragraph id="H3266981EE2C14A03AB084C2BB39A8852"><enum>(3)</enum><text>takes reasonable measures to reduce the risk of fraud with respect to such transaction;</text> </paragraph><paragraph id="HF3058DBB477F47E78D642B0F159251CE"><enum>(4)</enum><text>provides the Commission with the issuer’s physical address, website address, and the names of the principals and employees of the issuers, and keeps such information up-to-date;</text>
</paragraph><paragraph id="HFAE3F8776C5F42E7B2BA6965052CC46F"><enum>(5)</enum><text>provides the Commission with continuous investor-level access to the issuer’s website;</text> </paragraph><paragraph id="H91101CB5784442E7B79F64B9082A08BA"><enum>(6)</enum><text>requires each potential investor to answer questions demonstrating—</text>
<subparagraph id="H5F6B2F529F9944E89C61B8D7333FB410"><enum>(A)</enum><text display-inline="yes-display-inline">an understanding of the level of risk generally applicable to investments in startups, emerging businesses, and small issuers;</text>
</subparagraph><subparagraph id="H19C09412A70B4BF3A0A677CB42B7A4EE"><enum>(B)</enum><text display-inline="yes-display-inline">an understanding of the risk of illiquidity; and</text> </subparagraph><subparagraph id="H71364EA468C34E9CBC2D73EC9823F638"><enum>(C)</enum><text display-inline="yes-display-inline">such other areas as the Commission may determine appropriate by rule or regulation;</text>
</subparagraph></paragraph><paragraph id="H0F04B47E057D4E3389604860E95F3FD2"><enum>(7)</enum><text display-inline="yes-display-inline">provides the Commission with notice of the offering not less than 10 days prior to such offering, not later than the first day securities are offered to potential investors, including—</text>
<subparagraph id="H8C9E91E13A28492E846100E770C9C54F"><enum>(A)</enum><text display-inline="yes-display-inline">the stated purpose and intended use of the proceeds of the offering sought by the issuer; and</text> </subparagraph><subparagraph id="H244BDCCE53FD4B5794DC0316AF702E6C"><enum>(B)</enum><text display-inline="yes-display-inline">the target offering amount and the deadline to reach the target offering amount;</text>
</subparagraph></paragraph><paragraph id="H2F211B972295441B98BC61E1E33AF035"><enum>(8)</enum><text display-inline="yes-display-inline">outsources cash-management functions to a qualified third party custodian, such as a broker or dealer registered under section 15(b)(1) of the Securities Exchange Act of 1934, a trust company, or an insured depository institution;</text>
</paragraph><paragraph id="H1AE17D3E43AD4519A1C0EE451CC5FE79"><enum>(9)</enum><text>makes available on the issuer’s website a method of communication that permits the issuer and investors to communicate with one another;</text>
</paragraph><paragraph id="H7428DBADBB3445BE803CFF8E4FF8287C"><enum>(10)</enum><text>does not offer personalized investment advice;</text> </paragraph><paragraph id="H005145E50DFE46EB9CE770B31176F91C"><enum>(11)</enum><text display-inline="yes-display-inline">provides the Commission with a notice upon completion of the offering, which shall include the aggregate offering amount and the number of purchasers; and</text>
</paragraph></subsection><subsection id="HE03D8376B2AC4E5794451A5A6B1B932E"><enum>(c)</enum><header>Verification of income</header><text display-inline="yes-display-inline">For purposes of section 4(a)(6), an issuer or intermediary may rely on certifications as to annual income provided by the person to whom the securities are sold to verify the investor’s income.</text>
</subsection><subsection id="HFFD1157A682F4C418878CFA8074EAB29"><enum>(d)</enum><header>Information Available to States</header><text display-inline="yes-display-inline">The Commission shall make the notices described under subsections (a)(9), (a)(13), (b)(8), and (b)(13) and the information described under subsections (a)(4) and (b)(4) available to the States.</text>
</subsection><subsection id="H5487B2D9EE794C55BCBBEA443EEE6721"><enum>(e)</enum><header>Restriction on sales</header><text display-inline="yes-display-inline">With respect to a transaction involving the issuance of securities described under section 4(a)(6), a purchaser may not transfer such securities during the 1-year period beginning on the date of purchase, unless such securities are sold to—</text>
<paragraph id="HB1A6944BE67B482AAB1132960D488CB1"><enum>(1)</enum><text>the issuer of such securities; or</text> </paragraph><paragraph id="HEB4AED0B04724625A663AA39E15D51F2"><enum>(2)</enum><text>an accredited investor.</text>
</paragraph></subsection><subsection id="H406E76E40CDB4B3BB46DDFE077470817"><enum>(f)</enum><header>Construction</header>
<paragraph id="HB3198E2AA50D42529E17DBC47B2AB520"><enum>(1)</enum><header>No registration as broker</header><text display-inline="yes-display-inline">With respect to a transaction described under section 4(a)(6) involving an intermediary, such intermediary shall not be required to register as a broker under section 15(a)(1) of the Securities Exchange Act of 1934 solely by reason of participation in such transaction.</text>
</paragraph><paragraph id="H723F24242A314755B521C2E6587D2802"><enum>(2)</enum><header>No preclusion of other capital raising</header><text>Nothing in this section or section 4(a)(6) shall be construed as preventing an issuer from raising capital through methods not described under section 4(a)(6).</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="H9A418C7E04114E8C98BFA6CCC661F180"><enum>(c)</enum><header>Rulemaking</header><text display-inline="yes-display-inline">Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall issue or revise such rules as may be necessary to carry out section 4A of the Securities Act of 1933, ans amended by this Act. In issuing or revising such rules, the Commission shall consider the costs and benefits of the action.</text>
</subsection><subsection id="H3AE334362AFE416198094C34808DEB12"><enum>(d)</enum><header>Disqualification</header><text display-inline="yes-display-inline">Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall by rule or regulation establish disqualification provisions under which an issuer shall not be eligible to utilize the exemption under section 4(a)(6) of the Securities Act of 1933 (as amended by this Act) based on the disciplinary history of the issuer or its predecessors, affiliates, officers, directors, or persons fulfilling similar roles. The Commission shall also establish disqualification provisions under which an intermediary shall not be eligible to act as an intermediary in connection with an offering utilizing the exemption under section 4(a)(6) of the Securities Act of 1933 based on the disciplinary history of the intermediary or its predecessors, affiliates, officers, directors, or persons fulfilling similar roles. Such provisions shall be substantially similar to the disqualification provisions contained in the regulations adopted in accordance with section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/15/77d">15 U.S.C. 77d</external-xref> note).</text>
</subsection></section><section id="HAF9CAAA253494284B568AEBE643B2542"><enum>477.</enum><header>Exclusion of crowdfunding investors from shareholder cap</header><text display-inline="no-display-inline">Section 12(g)(5) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78l">15 U.S.C. 78l(g)(5)</external-xref>) is amended—</text> <paragraph id="H01F08689438E4A0894EE08A65163594B"><enum>(1)</enum><text>by striking <quote>(5) For the purposes</quote> and inserting:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H8AA1FD444FDC485DB693EC16A20E6747" reported-display-style="italic" style="OLC">
<paragraph id="HE5A92CFE0D5741B581CB903FF0474B67"><enum>(5)</enum><header>Definitions</header>
<subparagraph id="H959EDDDB300C4BFEA85133689A2758A4"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">For the purposes</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="HC5940F8B76F846F29CD995A405D35FDD"><enum>(2)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H04537C8ECCB448DEB921E4D9EC0F456B" reported-display-style="italic" style="OLC">
<subparagraph id="HA4B4BFB9E6C34DA6BBFB97C5C2EA9BD9"><enum>(B)</enum><header>Exclusion for persons holding certain securities</header><text display-inline="yes-display-inline">For purposes of this subsection, securities held by persons who purchase such securities in transactions described under section 4(a)(6) of the Securities Act of 1933 shall not be deemed to be <quote>held of record</quote>.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="HD4FD4796BB32483BBEDBF46F748DB91C"><enum>478.</enum><header>Preemption of State law</header>
<subsection id="H8E215A8095FB4D5893413447B9C7D596"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 18(b)(4)(C) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77r">15 U.S.C. 77r(b)(4)(C)</external-xref>) is amended by striking <quote>section 4(6)</quote> and inserting <quote>section 4(a)(6)</quote>.</text> </subsection><subsection id="H56767208430C45D9B711CB50151A6262"><enum>(b)</enum><header>Clarification of the preservation of State enforcement authority</header> <paragraph id="HD655228840F2408E8B90196107A0E90B"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The amendments made by subsection (a) relate solely to State registration, documentation, and offering requirements, as described under section 18(a) of Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77r">15 U.S.C. 77r(a)</external-xref>), and shall have no impact or limitation on other State authority to take enforcement action with regard to an issuer, intermediary, or any other person or entity using the exemption from registration provided by section 4(a)(6) of such Act, except that a State may not impose any fees under such authority.</text>
</paragraph><paragraph id="H099F88E24A784DF3B7CC2AA3A90CC3DC"><enum>(2)</enum><header>Clarification of State jurisdiction over unlawful conduct of intermediaries, issuers, and
custodians</header><text>Section 18(c)(1) of the Securities Act of 1933 is amended by striking <quote>in connection with securities or securities transactions</quote> and all that follows and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="yes-display-inline" id="H3B50DF1F738B49C9BCC33594D164AF4B" reported-display-style="italic" style="OLC"> <text>, in connection with securities or securities transactions, with respect to—</text><subparagraph id="H51619DC42A2C4F1D85EB614C257C9205"><enum>(A)</enum><text display-inline="yes-display-inline">fraud or deceit;</text> </subparagraph><subparagraph id="H0FCA9968D7814F909D1DC418F507CDC4"><enum>(B)</enum><text>unlawful conduct by a broker or dealer; and</text>
</subparagraph><subparagraph id="HBCD81FC58696433D97582C898C2EEC81"><enum>(C)</enum><text>with respect to a transaction described under section 4(a)(6), unlawful conduct by an intermediary, issuer, or custodian.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section commented="no" id="HB5907F0F88D4480ABF4AAA24E188A7FE"><enum>479.</enum><header>Treatment of funding portals</header><text display-inline="no-display-inline">Section 5312(c) of title 31, United States Code, is amended by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H12F9E4C4FFF04F20808D6E71E1D7E2CE" reported-display-style="italic" style="USC"> <paragraph commented="no" id="HD95E6FEB06F149D2A4BAEC7E49A144CF"><enum>(2)</enum><header>Funding portals not included in definition</header><text display-inline="yes-display-inline">The term <term>financial institution</term> (as defined in subsection (a)) does not include a funding portal (as defined under section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>)).</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><subtitle id="H061588D9BD5A4A21B77DFC769702BEE0"><enum>Q</enum><header>Corporate Governance Reform and Transparency</header>
<section id="H065A041993F0409B9FFF6C5BD7D18845"><enum>481.</enum><header>Definitions</header>
<subsection id="H84E8A0EA0256468A87D3A481A09CEBFD"><enum>(a)</enum><header>Securities Exchange Act of 1934</header><text>Section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>) is amended by adding at the end the following new paragraphs:</text>
<quoted-block changed="added" committee-id="HBA00" id="HE2372B85076645C480ACF331C57A207A" reported-display-style="italic">
<paragraph id="H76A16BE73E8F4D6EA2C0D1757E5ABB4A"><enum>(83)</enum><header>Proxy advisory firm</header><text display-inline="yes-display-inline">The term <term>proxy advisory firm</term> means any person who is primarily engaged in the business of providing proxy voting research, analysis, or recommendations to clients, which conduct constitutes a solicitation within the meaning of section 14 and the Commission’s rules and regulations thereunder, except to the extent that the person is exempted by such rules and regulations from requirements otherwise applicable to persons engaged in a solicitation.</text>
</paragraph><paragraph id="H9390E8FDB04D47B6942EF61D20257F9D"><enum>(84)</enum><header>Person associated with a proxy advisory firm</header><text display-inline="yes-display-inline">The term <term>person associated with</term> a proxy advisory firm means any partner, officer, or director of a proxy advisory firm (or any person occupying a similar status or performing similar functions), any person directly or indirectly controlling, controlled by, or under common control with a proxy advisory firm, or any employee of a proxy advisory firm, except that persons associated with a proxy advisory firm whose functions are clerical or ministerial shall not be included in the meaning of such term. The Commission may by rules and regulations classify, for purposes or any portion or portions of this Act, persons, including employees controlled by a proxy advisory firm.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HCA85B47D84054BFD92A24DE51DA2DC73"><enum>(b)</enum><header>Applicable definitions</header><text>As used in this subtitle—</text> <paragraph id="H903C193C61624148818D1E1CB83F4E58"><enum>(1)</enum><text>the term <term>Commission</term> means the Securities and Exchange Commission; and</text>
</paragraph><paragraph id="H2E064F1FEA3D4C838C1845581AB0D455"><enum>(2)</enum><text>the term <term>proxy advisory firm</term> has the same meaning as in section 3(a)(83) of the Securities Exchange Act of 1934, as added by this subtitle.</text>
</paragraph></subsection></section><section id="HB1A83D35B8DD4FBE84B357A18420F495"><enum>482.</enum><header>Registration of proxy advisory firms</header>
<subsection id="HF8972DCE4D18472FBF9D5A4739EE2C53"><enum>(a)</enum><header>Amendment</header><text>The Securities Exchange Act of 1934 is amended by inserting after section 15G the following new section:</text>
<quoted-block changed="added" committee-id="HBA00" id="H19DD5A9040704C3ABEE86C1829E30C9D" reported-display-style="italic">
<section id="H81650756B34C4B8B879D847C6E2907CD"><enum>15H.</enum><header>Registration of proxy advisory firms</header>
<subsection id="H47F23A62BF6C4C198F327CE8ED8C1A04"><enum>(a)</enum><header>Conduct prohibited</header><text>It shall be unlawful for a proxy advisory firm to make use of the mails or any means or instrumentality of interstate commerce to provide proxy voting research, analysis, or recommendations to any client, unless such proxy advisory firm is registered under this section.</text>
</subsection><subsection id="H60A6C9449F88483D8079996C271FEED9"><enum>(b)</enum><header>Registration procedures</header>
<paragraph id="H7405322E95F045D8A3B6DAAF5B2B67A3"><enum>(1)</enum><header>Application for registration</header>
<subparagraph id="H63B562DF0F1F486EA36C96600E0D385F"><enum>(A)</enum><header>In general</header><text>A proxy advisory firm must file with the Commission an application for registration, in such form as the Commission shall require, by rule or regulation, and containing the information described in subparagraph (B).</text>
</subparagraph><subparagraph id="H498C16057DC546FDB3987BED4BB318A6"><enum>(B)</enum><header>Required information</header><text>An application for registration under this section shall contain information regarding—</text> <clause id="H38F85DB7C86B4A39BE30E72FAD134EBC"><enum>(i)</enum><text>a certification that the applicant has adequate financial and managerial resources to consistently provide proxy advice based on accurate information;</text>
</clause><clause id="H292DFAD33ACC4E29B8A44B03AD981CD4"><enum>(ii)</enum><text display-inline="yes-display-inline">the procedures and methodologies that the applicant uses in developing proxy voting recommendations, including whether and how the applicant considers the size of a company when making proxy voting recommendations;</text>
</clause><clause id="H875FB8B45F9B4A0F8C52E1C46CA3E87E"><enum>(iii)</enum><text>the organizational structure of the applicant;</text> </clause><clause id="HC71DC879B03E40C184F93FE4CE00A29E"><enum>(iv)</enum><text>whether or not the applicant has in effect a code of ethics, and if not, the reasons therefor;</text>
</clause><clause id="HF27AC6E4FFEF4AF8B7B2A71511137ACF"><enum>(v)</enum><text>any potential or actual conflict of interest relating to the ownership structure of the applicant or the provision of proxy advisory services by the applicant, including whether the proxy advisory firm engages in services ancillary to the provision of proxy advisory services such as consulting services for corporate issuers, and if so the revenues derived therefrom;</text>
</clause><clause id="H1BFE3751D5504AABB8082B04CF39D966"><enum>(vi)</enum><text>the policies and procedures in place to manage conflicts of interest under subsection (f); and</text> </clause><clause id="H53843A9D0A084FA1B3B5E47F8B4E6929"><enum>(vii)</enum><text>any other information and documents concerning the applicant and any person associated with such applicant as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors.</text>
</clause></subparagraph></paragraph><paragraph id="HE20646002C9E4130A45AAD10750E3DF6"><enum>(2)</enum><header>Review of application</header>
<subparagraph id="H5E6649B5A4194EDDB1ABFA2527465CB0"><enum>(A)</enum><header>Initial determination</header><text>Not later than 90 days after the date on which the application for registration is filed with the Commission under paragraph (1) (or within such longer period as to which the applicant consents) the Commission shall—</text>
<clause id="H8D9B301914C84914ABC90507CFB299E7"><enum>(i)</enum><text>by order, grant registration; or</text> </clause><clause id="H1681BFF590E442BF9B436C29B5E79B33"><enum>(ii)</enum><text>institute proceedings to determine whether registration should be denied.</text>
</clause></subparagraph><subparagraph id="HE62624B1800B4E4C96B499E1CFFE2058"><enum>(B)</enum><header>Conduct of proceedings</header>
<clause id="HC64C2EE99C4048A08378F0233272BAF6"><enum>(i)</enum><header>Content</header><text>Proceedings referred to in subparagraph (A)(ii) shall—</text> <subclause id="H4F20966551AB459AA3D9CD6680340F77"><enum>(I)</enum><text>include notice of the grounds for denial under consideration and an opportunity for hearing; and</text>
</subclause><subclause id="H7027825D5D5745B58024F3F7AC039488"><enum>(II)</enum><text>be concluded not later than 120 days after the date on which the application for registration is filed with the Commission under paragraph (1).</text>
</subclause></clause><clause id="H6CF15311CAC74BF7B1A0DFC44F63E50F"><enum>(ii)</enum><header>Determination</header><text>At the conclusion of such proceedings, the Commission, by order, shall grant or deny such application for registration.</text>
</clause><clause id="H36B03FFF089141B9A3BB6596B2F50288"><enum>(iii)</enum><header>Extension authorized</header><text>The Commission may extend the time for conclusion of such proceedings for not longer than 90 days, if it finds good cause for such extension and publishes its reasons for so finding, or for such longer period as to which the applicant consents.</text>
</clause></subparagraph><subparagraph id="H230610B64A8542BC9623957D18B7A83E"><enum>(C)</enum><header>Grounds for decision</header><text>The Commission shall grant registration under this subsection—</text> <clause id="HC2E87DF8E6AA458796F55F9B395B0A31"><enum>(i)</enum><text>if the Commission finds that the requirements of this section are satisfied; and</text>
</clause><clause id="H434A24B97E444FC9B2065E81FDEF5A02"><enum>(ii)</enum><text>unless the Commission finds (in which case the Commission shall deny such registration) that—</text> <subclause id="H00C1444AE63C46B8A32EC8657D4E6981"><enum>(I)</enum><text display-inline="yes-display-inline">the applicant has failed to certify to the Commission’s satisfaction that it has adequate financial and managerial resources to consistently provide proxy advice based on accurate information and to materially comply with the procedures and methodologies disclosed under paragraph (1)(B) and with subsections (f) and (g); or</text>
</subclause><subclause id="H8AF004BE9B6E4AB4AEBAA491B8632A9F"><enum>(II)</enum><text>if the applicant were so registered, its registration would be subject to suspension or revocation under subsection (e).</text>
</subclause></clause></subparagraph></paragraph><paragraph id="H9050FF6573AF487AB99D0504585261FF"><enum>(3)</enum><header>Public availability of information</header><text>Subject to section 24, the Commission shall make the information and documents submitted to the Commission by a proxy advisory firm in its completed application for registration, or in any amendment submitted under paragraph (1) or (2) of subsection (c), publicly available on the Commission’s website, or through another comparable, readily accessible means.</text>
</paragraph></subsection><subsection id="H82BB03836B4F474B8DECBAC2A6291CD8"><enum>(c)</enum><header>Update of registration</header>
<paragraph id="HA8B80A8D121E41DC8C2B5FC38EAB1C70"><enum>(1)</enum><header>Update</header><text display-inline="yes-display-inline">Each registered proxy advisory firm shall promptly amend and update its application for registration under this section if any information or document provided therein becomes materially inaccurate, except that a registered proxy advisory firm is not required to amend the information required to be filed under subsection (b)(1)(B)(i) by filing information under this paragraph, but shall amend such information in the annual submission of the organization under paragraph (2) of this subsection.</text>
</paragraph><paragraph id="H7D6DCFB7C3314A7787389F7495C91B7C"><enum>(2)</enum><header>Certification</header><text>Not later than 90 calendar days after the end of each calendar year, each registered proxy advisory firm shall file with the Commission an amendment to its registration, in such form as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors—</text>
<subparagraph id="H0005B72A8796417D86BB2F15ACB0510B"><enum>(A)</enum><text display-inline="yes-display-inline">certifying that the information and documents in the application for registration of such registered proxy advisory firm continue to be accurate in all material respects; and</text>
</subparagraph><subparagraph id="H6CC91678EED346B49F92F1CFE6DCFB43"><enum>(B)</enum><text>listing any material change that occurred to such information or documents during the previous calendar year.</text>
</subparagraph></paragraph></subsection><subsection id="H97C4F02367F04B7987B147F6417B6E75"><enum>(d)</enum><header>Censure, denial, or suspension of registration; notice and hearing</header><text>The Commission, by order, shall censure, place limitations on the activities, functions, or operations of, suspend for a period not exceeding 12 months, or revoke the registration of any registered proxy advisory firm if the Commission finds, on the record after notice and opportunity for hearing, that such censure, placing of limitations, suspension, or revocation is necessary for the protection of investors and in the public interest and that such registered proxy advisory firm, or any person associated with such an organization, whether prior to or subsequent to becoming so associated—</text>
<paragraph id="HB3F20EE042474688ACA96CE377F3B69D"><enum>(1)</enum><text>has committed or omitted any act, or is subject to an order or finding, enumerated in subparagraph (A), (D), (E), (H), or (G) of section 15(b)(4), has been convicted of any offense specified in section 15(b)(4)(B), or is enjoined from any action, conduct, or practice specified in subparagraph (C) of section 15(b)(4), during the 10-year period preceding the date of commencement of the proceedings under this subsection, or at any time thereafter;</text>
</paragraph><paragraph id="H7041264AF11E4C029943F984FFF0A722"><enum>(2)</enum><text>has been convicted during the 10-year period preceding the date on which an application for registration is filed with the Commission under this section, or at any time thereafter, of—</text>
<subparagraph id="HDF763EEBAA9B433D96D41EAE4CED92BF"><enum>(A)</enum><text>any crime that is punishable by imprisonment for one or more years, and that is not described in section 15(b)(4)(B); or</text>
</subparagraph><subparagraph id="H9CB825CF86E2424DBE6876E0D4C92FAC"><enum>(B)</enum><text>a substantially equivalent crime by a foreign court of competent jurisdiction;</text> </subparagraph></paragraph><paragraph id="HEA8A67812EA844658742752E5B864EF7"><enum>(3)</enum><text>is subject to any order of the Commission barring or suspending the right of the person to be associated with a registered proxy advisory firm;</text>
</paragraph><paragraph id="H8B3BD30D895B41DBAB32FD30047FD63D"><enum>(4)</enum><text display-inline="yes-display-inline">fails to furnish the certifications required under subsections (b)(2)(C)(ii)(I) and (c)(2);</text> </paragraph><paragraph id="H5F726A23A0764EB0A4BA64A36DD3CB7F"><enum>(5)</enum><text>has engaged in one or more prohibited acts enumerated in paragraph (1); or</text>
</paragraph><paragraph id="H02C6D878F51447C8BE8446292EB29547"><enum>(6)</enum><text>fails to maintain adequate financial and managerial resources to consistently offer advisory services with integrity, including by failing to comply with subsections (f) or (g).</text>
</paragraph></subsection><subsection id="H3BE557CDBAB740BC947F275397D147AD"><enum>(e)</enum><header>Termination of registration</header>
<paragraph id="H07EBE957C4E14281939D1D742DEFA122"><enum>(1)</enum><header>Voluntary withdrawal</header><text>A registered proxy advisory firm may, upon such terms and conditions as the Commission may establish as necessary in the public interest or for the protection of investors, which terms and conditions shall include at a minimum that the registered proxy advisory firm will no longer conduct such activities as to bring it within the definition of proxy advisory firm in section 3(a)(83) of the Securities Exchange Act of 1934, withdraw from registration by filing a written notice of withdrawal to the Commission.</text>
</paragraph><paragraph id="H327F2F91C071487E96D1C4FD2D42F9B1"><enum>(2)</enum><header>Commission authority</header><text>In addition to any other authority of the Commission under this title, if the Commission finds that a registered proxy advisory firm is no longer in existence or has ceased to do business as a proxy advisory firm, the Commission, by order, shall cancel the registration under this section of such registered proxy advisory firm.</text>
</paragraph></subsection><subsection id="HA779B13B8E434AAB84C05F49296BF699"><enum>(f)</enum><header>Management of conflicts of interest</header>
<paragraph id="HE6F613BF04684195857FAE9E941A7B58"><enum>(1)</enum><header>Organization policies and procedures</header><text display-inline="yes-display-inline">Each registered proxy advisory firm shall establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of the business of such registered proxy advisory firm and associated persons, to address and manage any conflicts of interest that can arise from such business.</text>
</paragraph><paragraph id="H24C5C69A9D0244CC8D9BD8DF761EAFBA"><enum>(2)</enum><header>Commission authority</header><text>The Commission shall issue final rules to prohibit, or require the management and disclosure of, any conflicts of interest relating to the offering of proxy advisory services by a registered proxy advisory firm, including, without limitation, conflicts of interest relating to—</text>
<subparagraph id="HD0D93C7BAAE642E98ED88E85EA219739"><enum>(A)</enum><text>the manner in which a registered proxy advisory firm is compensated by the client, or any affiliate of the client, for providing proxy advisory services;</text>
</subparagraph><subparagraph id="H9619E39B2D43465C9296DF1BEBF5EE55"><enum>(B)</enum><text>the provision of consulting, advisory, or other services by a registered proxy advisory firm, or any person associated with such registered proxy advisory firm, to the client;</text>
</subparagraph><subparagraph id="H962F2C47EBB3403C9DCD38684D389542"><enum>(C)</enum><text>business relationships, ownership interests, or any other financial or personal interests between a registered proxy advisory firm, or any person associated with such registered proxy advisory firm, and any client, or any affiliate of such client;</text>
</subparagraph><subparagraph id="H9686EB1811034926BFC5A0F09046BB53"><enum>(D)</enum><text>transparency around the formulation of proxy voting policies;</text> </subparagraph><subparagraph id="H581F6B5732C7477EB8B6CFE1453C240B"><enum>(E)</enum><text display-inline="yes-display-inline">the execution of proxy votes if such votes are based upon recommendations made by the proxy advisory firm in which someone other than the issuer is a proponent;</text>
</subparagraph><subparagraph id="H84C0E81763694BFFBD5B39F07FBBD1E8"><enum>(F)</enum><text>issuing recommendations where proxy advisory firms provide advisory services to a company; and</text> </subparagraph><subparagraph id="HE170574118CA45F0B4F86B8FA01F3AB0"><enum>(G)</enum><text>any other potential conflict of interest, as the Commission deems necessary or appropriate in the public interest or for the protection of investors.</text>
</subparagraph></paragraph></subsection><subsection id="HA28C91DF2EA64CE9BD79ECF6A1AFC6AB"><enum>(g)</enum><header>Reliability of proxy advisory firm services</header>
<paragraph id="H4CC7062D929448AB8E9604452C412A56"><enum>(1)</enum><header>In general</header><text>Each registered proxy advisory firm shall have staff sufficient to produce proxy voting recommendations that are based on accurate and current information. Each registered proxy advisory firm shall detail procedures sufficient to permit companies receiving proxy advisory firm recommendations access in a reasonable time to the draft recommendations, with an opportunity to provide meaningful comment thereon, including the opportunity to present details to the person responsible for developing the recommendation in person or telephonically. Each registered proxy advisory firm shall employ an ombudsman to receive complaints about the accuracy of voting information used in making recommendations from the subjects of the proxy advisory firm’s voting recommendations, and shall resolve those complaints in a timely fashion and in any event prior to voting on the matter to which the recommendation relates.</text>
</paragraph><paragraph id="H2652B034723F4523B4808A1C5A054A8C"><enum>(2)</enum><header>Draft recommendations defined</header><text display-inline="yes-display-inline">For purposes of this subsection, the term <term>draft recommendations</term>—</text> <subparagraph id="HD08E247543B6415AB43AD73C8B1A36D4"><enum>(A)</enum><text>means the overall conclusions of proxy voting recommendations prepared for the clients of a proxy advisory firm, including any public data cited therein, any company information or substantive analysis impacting the recommendation, and the specific voting recommendations on individual proxy ballot issues; and</text>
</subparagraph><subparagraph id="H6E1983B2DF4F48D789CAA028E07579FC"><enum>(B)</enum><text>does not include the entirety of the proxy advisory firm’s final report to its clients.</text> </subparagraph></paragraph></subsection><subsection id="H04282A92F58E4936ACC27EAE49AB71DE"><enum>(h)</enum><header>Designation of compliance officer</header><text>Each registered proxy advisory firm shall designate an individual responsible for administering the policies and procedures that are required to be established pursuant to subsections (f) and (g), and for ensuring compliance with the securities laws and the rules and regulations thereunder, including those promulgated by the Commission pursuant to this section.</text>
</subsection><subsection id="H21E541DF384C4449898129E579E4A95E"><enum>(i)</enum><header>Prohibited conduct</header>
<paragraph id="H48DA399DA7CB4C4BAEEE5A7DF672FD19"><enum>(1)</enum><header>Prohibited acts and practices</header><text>The Commission shall issue final rules to prohibit any act or practice relating to the offering of proxy advisory services by a registered proxy advisory firm that the Commission determines to be unfair or coercive, including any act or practice relating to—</text>
<subparagraph id="H90A7959F2FCE4418AC2EF51E893CE18E"><enum>(A)</enum><text>conditioning a voting recommendation or other proxy advisory firm recommendation on the purchase by an issuer or an affiliate thereof of other services or products, of the registered proxy advisory firm or any person associated with such registered proxy advisory firm; and</text>
</subparagraph><subparagraph id="H1C245E7521AF44C797420F8C7368B266"><enum>(B)</enum><text display-inline="yes-display-inline">modifying a voting recommendation or otherwise departing from its adopted systematic procedures and methodologies in the provision of proxy advisory services, based on whether an issuer, or affiliate thereof, subscribes or will subscribe to other services or product of the registered proxy advisory firm or any person associated with such organization.</text>
</subparagraph></paragraph><paragraph id="HBE736D1B7AB04EF1AB4E3B84BD58A522"><enum>(2)</enum><header>Rule of construction</header><text>Nothing in paragraph (1), or in any rules or regulations adopted thereunder, may be construed to modify, impair, or supersede the operation of any of the antitrust laws (as defined in the first section of the Clayton Act, except that such term includes section 5 of the Federal Trade Commission Act, to the extent that such section 5 applies to unfair methods of competition).</text>
</paragraph></subsection><subsection id="H22EBDB5F93FB4E7ABB3C55B06D7C6CCF"><enum>(j)</enum><header>Statements of financial condition</header><text>Each registered proxy advisory firm shall, on a confidential basis, file with the Commission, at intervals determined by the Commission, such financial statements, certified (if required by the rules or regulations of the Commission) by an independent public auditor, and information concerning its financial condition, as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors.</text>
</subsection><subsection id="HE37DE234EF9B41DAB9B0DA4ED9B0EAC4"><enum>(k)</enum><header>Annual report</header><text display-inline="yes-display-inline">Each registered proxy advisory firm shall, at the beginning of each fiscal year of such firm, report to the Commission on the number of shareholder proposals its staff reviewed in the prior fiscal year, the number of recommendations made in the prior fiscal year, the number of staff who reviewed and made recommendations on such proposals in the prior fiscal year, and the number of recommendations made in the prior fiscal year where the proponent of such recommendation was a client of or received services from the proxy advisory firm.</text>
</subsection><subsection id="H79EE7D2F4FA745959ECF15AC8320DBAA"><enum>(l)</enum><header>Transparent policies</header><text>Each registered proxy advisory firm shall file with the Commission and make publicly available its methodology for the formulation of proxy voting policies and voting recommendations.</text>
</subsection><subsection id="H25BEC571C99540639876ED5D405622A0"><enum>(m)</enum><header>Rules of construction</header>
<paragraph id="HD3A15FFEF18F48D48DE1842C7EF7B6D3"><enum>(1)</enum><header>No waiver of rights, privileges, or defenses</header><text>Registration under and compliance with this section does not constitute a waiver of, or otherwise diminish, any right, privilege, or defense that a registered proxy advisory firm may otherwise have under any provision of State or Federal law, including any rule, regulation, or order thereunder.</text>
</paragraph><paragraph id="HB14CD787978A41F38562C8CB5A85BA22"><enum>(2)</enum><header>No private right of action</header><text>Nothing in this section may be construed as creating any private right of action, and no report filed by a registered proxy advisory firm in accordance with this section or section 17 shall create a private right of action under section 18 or any other provision of law.</text>
</paragraph></subsection><subsection id="H3FD93C4F6D3442018991D41C7C8690A5"><enum>(n)</enum><header>Regulations</header>
<paragraph id="H5D2EA4957DAA478FBBCC2856EDAA29F7"><enum>(1)</enum><header>New provisions</header><text>Such rules and regulations as are required by this section or are otherwise necessary to carry out this section, including the application form required under subsection (a)—</text>
<subparagraph id="H517B85E4EC9F4216B750B74669DEEE89"><enum>(A)</enum><text>shall be issued by the Commission, not later than 180 days after the date of enactment of this section; and</text>
</subparagraph><subparagraph id="H073D917B68FB4950B8F8DB427FC5D6F7"><enum>(B)</enum><text>shall become effective not later than 1 year after the date of enactment of this section.</text> </subparagraph></paragraph><paragraph id="HA00077384EEF486994A1E5D76D726D9C"><enum>(2)</enum><header>Review of existing regulations</header><text>Not later than 270 days after the date of enactment of this section, the Commission shall—</text>
<subparagraph id="H4AB8261167B34CC1BA5FB19351EF0405"><enum>(A)</enum><text display-inline="yes-display-inline">review its existing rules and regulations which affect the operations of proxy advisory firms;</text> </subparagraph><subparagraph id="H620E7DE0350942D397DBF3A755D87C36"><enum>(B)</enum><text>amend or revise such rules and regulations in accordance with the purposes of this section, and issue such guidance, as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors; and</text>
</subparagraph><subparagraph id="H853CECDD6E9644DD8472179205413218"><enum>(C)</enum><text>direct Commission staff to withdraw the Egan Jones Proxy Services (May 27, 2004) and Institutional Shareholder Services, Inc. (September 15, 2004) no-action letters.</text>
</subparagraph></paragraph></subsection><subsection id="HCE4BF28FB5D84C14813780C09AFBD768"><enum>(o)</enum><header>Applicability</header><text>This section, other than subsection (n), which shall apply on the date of enactment of this section, shall apply on the earlier of—</text>
<paragraph id="HD45244006E4C4B2CBD36283CDAE0A950"><enum>(1)</enum><text>the date on which regulations are issued in final form under subsection (n)(1); or</text> </paragraph><paragraph id="H0B0B7EE2E67449EAB95A91B64F613FB2"><enum>(2)</enum><text>270 days after the date of enactment of this section.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H5D8C1F6017974207BAD2BCFA61667721"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 17(a)(1) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78q">15 U.S.C. 78q(a)(1)</external-xref>) is amended by inserting <quote>proxy advisory firm,</quote> after <quote>nationally recognized statistical rating organization,</quote>.</text>
</subsection></section><section id="H1EE4B019F9004F5DA01B0E98382C5E8F"><enum>483.</enum><header>Commission annual report</header><text display-inline="no-display-inline">The Commission shall make an annual report publicly available on the Commission’s Internet website. Such report shall, with respect to the year to which the report relates—</text>
<paragraph id="H125423884A974560AE6A455E62BB5CF2"><enum>(1)</enum><text>identify applicants for registration under section 15H of the Securities Exchange Act of 1934, as added by this subtitle;</text>
</paragraph><paragraph id="H329BE0DDAAC2462EAAE5EAD2A8661017"><enum>(2)</enum><text>specify the number of and actions taken on such applications;</text> </paragraph><paragraph id="HA47A96854BEC4DD0920C4D66AD38D5DC"><enum>(3)</enum><text display-inline="yes-display-inline">specify the views of the Commission on the state of competition, transparency, policies and methodologies, and conflicts of interest among proxy advisory firms;</text>
</paragraph><paragraph id="H3A42CC47088B44B18DDDB492274617AD"><enum>(4)</enum><text>include the determination of the Commission with regard to—</text> <subparagraph id="H9345621210604A84BEBABA26F936EA6B"><enum>(A)</enum><text>the quality of proxy advisory services issued by proxy advisory firms;</text>
</subparagraph><subparagraph id="H704DA99984C94BE39F50486E13CF97DA"><enum>(B)</enum><text>the financial markets;</text> </subparagraph><subparagraph id="H45ABC5BD7B59413A98CCD889D84AC241"><enum>(C)</enum><text>competition among proxy advisory firms;</text>
</subparagraph><subparagraph id="H764DDDEBCDBA4368A2B41453D2473612"><enum>(D)</enum><text>the incidence of undisclosed conflicts of interest by proxy advisory firms;</text> </subparagraph><subparagraph id="H8EFCA60B7DDE4C36BD328DB5595EDC99"><enum>(E)</enum><text>the process for registering as a proxy advisory firm; and</text>
</subparagraph><subparagraph id="HF54867C635C3499A8D52C6CA182B3263"><enum>(F)</enum><text>such other matters relevant to the implementation of this subtitle and the amendments made by this subtitle, as the Commission determines necessary to bring to the attention of the Congress;</text>
</subparagraph></paragraph><paragraph id="HC56F7D91EC1C41DC8F9F724A0CB8BC0C"><enum>(5)</enum><text>identify problems, if any, that have resulted from the implementation of this subtitle and the amendments made by this subtitle; and</text>
</paragraph><paragraph id="H39160BD4A23B4E48BD91F5819F04757A"><enum>(6)</enum><text>recommend solutions, including any legislative or regulatory solutions, to any problems identified under paragraphs (4) and (5).</text>
</paragraph></section></subtitle><subtitle id="H9040E6B8B5934BA8B7FA8A5DA3697174"><enum>R</enum><header>Senior Safe</header>
<section id="H3C22802E4ABE4577B252ECB1B80271D1"><enum>491.</enum><header>Immunity</header>
<subsection id="HE5E3F3DE297A4C21B8712A45FDE2CBB5"><enum>(a)</enum><header>Definitions</header><text>In this subtitle—</text> <paragraph id="H4EC1BC82FE66436687A4C493E5541031"><enum>(1)</enum><text>the term <term>Bank Secrecy Act Officer</term> means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/53">chapter 53</external-xref> of title 31, United States Code;</text>
</paragraph><paragraph id="H651FFEB48F804AA592F921279B11C338"><enum>(2)</enum><text>the term <term>broker-dealer</term> means a broker or dealer, as those terms are defined, respectively, in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>);</text>
</paragraph><paragraph id="H8AD136DF180744C6980CF8C042B739DB"><enum>(3)</enum><text>the term <term>covered agency</term> means—</text> <subparagraph id="HD485B62F970B4D9EB1C6C036A7B8F17D"><enum>(A)</enum><text>a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;</text>
</subparagraph><subparagraph id="HEEDF397CB66243E1BD151DCE53D49414"><enum>(B)</enum><text>each of the Federal financial institutions regulatory agencies;</text> </subparagraph><subparagraph id="H8050AE0FBF9E41C7A1DDA0A3491E6A4C"><enum>(C)</enum><text>the Securities and Exchange Commission;</text>
</subparagraph><subparagraph id="H7B32114DD7A84115B653CDAC240EF19F"><enum>(D)</enum><text>a law enforcement agency;</text> </subparagraph><subparagraph id="H43CEFA5A1B7C47A280DC234601E566A1"><enum>(E)</enum><text>and State or local agency responsible for administering adult protective service laws; and</text>
</subparagraph><subparagraph id="H010EB58E0F094D50B9C5B043A5752977"><enum>(F)</enum><text>a State attorney general.</text> </subparagraph></paragraph><paragraph id="H0F8EBE9EF63F4882A39BE4CFE7F88CED"><enum>(4)</enum><text>the term <term>covered financial institution</term> means—</text>
<subparagraph id="H8080E69C7E2D45558164EFC7510D328E"><enum>(A)</enum><text>a credit union;</text> </subparagraph><subparagraph id="HD2DCBAFD06F84EC798987F88322BF4B6"><enum>(B)</enum><text>a depository institution;</text>
</subparagraph><subparagraph id="H18DF7E4461264E90B10DFDAC984FCC69"><enum>(C)</enum><text>an investment advisor;</text> </subparagraph><subparagraph id="H39917ED1CC86405782EFCF77716B0036"><enum>(D)</enum><text>a broker-dealer;</text>
</subparagraph><subparagraph id="H1CE46BCC6816456B971B3D53A538E7AD"><enum>(E)</enum><text>an insurance company;</text> </subparagraph><subparagraph id="HAC8772ECEFF14ADB8D2E311D044D811E"><enum>(F)</enum><text>a State attorney general; and</text>
</subparagraph><subparagraph id="H419BC96B29734464BDA459C28754116E"><enum>(G)</enum><text>a transfer agent.</text> </subparagraph></paragraph><paragraph id="HE1500FBCACC54E998BF194D228A439B6"><enum>(5)</enum><text>the term <term>credit union</term> means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 101 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1752">12 U.S.C. 1752</external-xref>);</text>
</paragraph><paragraph id="HF3DE92C4BAF9485B89DCCC5898A271E4"><enum>(6)</enum><text>the term <term>depository institution</term> has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813(c)</external-xref>);</text>
</paragraph><paragraph id="H4A13563E36F44CF3879FDB501A50F035"><enum>(7)</enum><text>the term <term>exploitation</term> means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that—</text>
<subparagraph id="H81359544BB1342B28617365DB3928951"><enum>(A)</enum><text>uses the resources of a senior citizen for monetary personal benefit, profit, or gain; or</text> </subparagraph><subparagraph id="HAE09AB9FE77C4953AA37EB6C80EEF4C3"><enum>(B)</enum><text>results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings or assets;</text>
</subparagraph></paragraph><paragraph id="H53586440CA84440A9E085FDAF163A10D"><enum>(8)</enum><text>the term <term>Federal financial institutions regulatory agencies</term> has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3302">12 U.S.C. 3302</external-xref>);</text>
</paragraph><paragraph id="H8756E60FCC314A95819710A569821250"><enum>(9)</enum><text>the term <term>investment adviser</term> has the meaning given the term in section 202 of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-2">15 U.S.C. 80b–2</external-xref>);</text>
</paragraph><paragraph id="H3B87B51537774524A2FE72ECAB1506C9"><enum>(10)</enum><text>the term <term>insurance company</term> has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-2">15 U.S.C. 80a–2(a)</external-xref>);</text>
</paragraph><paragraph id="HC64DCC676FEF4CBCB92DEA94EBD29DEB"><enum>(11)</enum><text>the term <term>registered representative</term> means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities;</text>
</paragraph><paragraph id="HBA710AEA4EA042FEAD4DA4279FEFEA41"><enum>(12)</enum><text>the term <term>senior citizen</term> means an individual who is not less than 65 years of age;</text> </paragraph><paragraph id="H8D3D30F1986948A4A4470E5847D1A7B3"><enum>(13)</enum><text>the term <term>State insurance regulator</term> has the meaning given such term in section 315 of the Gramm-Leach-Bliley Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6735">15 U.S.C. 6735</external-xref>);</text>
</paragraph><paragraph id="H82A923B134A445A388EB91EB3A7F1EDB"><enum>(14)</enum><text>the term <term>State securities or law enforcement authority</term> has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78x">15 U.S.C. 78x(f)(4)</external-xref>); and</text>
</paragraph><paragraph id="HBC8120AF12EB41A58BF3C2A845A508C6"><enum>(15)</enum><text>the term <term>transfer agent</term> has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>).</text>
</paragraph></subsection><subsection id="H9AAE96AE4C9C4127BD3A9664FD6070A3"><enum>(b)</enum><header>Immunity from suit</header>
<paragraph id="H781D2AFC348B4923875336C1D270C105"><enum>(1)</enum><header>Immunity for individuals</header><text>An individual who has received the training described in section 1092 shall not be liable, including in any civil or administrative proceeding, for disclosing the possible exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—</text>
<subparagraph id="HCA3F7DF9DE7D476F8E409EE87CEA22D1"><enum>(A)</enum><text>served as a supervisor, compliance officer (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution; and</text>
</subparagraph><subparagraph id="H726979CA7EA14769B36B5C6F8EF1A57B"><enum>(B)</enum><text>made the disclosure with reasonable care including reasonable efforts to avoid disclosure other than to a covered agency.</text>
</subparagraph></paragraph><paragraph id="HE27F00020D4946F38535563A511794E6"><enum>(2)</enum><header>Immunity for covered financial institutions</header><text>A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in paragraph (1) if—</text>
<subparagraph id="H63A8C3212414435585660261D841C379"><enum>(A)</enum><text>the individual was employed by, or, in the case of a registered representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and</text>
</subparagraph><subparagraph id="H78A12DF2EF844563945B75291D2D2B04"><enum>(B)</enum><text>before the time of the disclosure, the covered financial institution provided the training described in section 492 to each individual described in section 492(a).</text>
</subparagraph></paragraph></subsection></section><section id="HD276EE7CA2F14EEA9C1D2D0A4EDB988B"><enum>492.</enum><header>Training required</header>
<subsection id="HDB76CC1D45154ED7B86379E4A3D31EA4"><enum>(a)</enum><header>In general</header><text>A covered financial institution may provide training described in subsection (b)(1) to each officer or employee of, or registered representative affiliated or associated with, the covered financial institution who—</text>
<paragraph id="H6F614E74EDE74F2A82B400BB73D152CB"><enum>(1)</enum><text>is described in section 491(b)(1)(A);</text> </paragraph><paragraph id="H04494C5E4C844C608DA83E8E877BADF1"><enum>(2)</enum><text>may come into contact with a senior citizen as a regular part of the duties of the officer, employee, or registered representative; or</text>
</paragraph><paragraph id="HFFE3F18FD4F44275AB81A16CD294903C"><enum>(3)</enum><text>may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.</text>
</paragraph></subsection><subsection id="H91345267EE6041E6A9871713A507F196"><enum>(b)</enum><header>Training</header>
<paragraph id="H6C389D341E6445B3B044439FA7387DCE"><enum>(1)</enum><header>In general</header><text>The training described in this paragraph shall—</text> <subparagraph id="H0B245FEF64754727B32A7142C9A85844"><enum>(A)</enum><text>instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen;</text>
</subparagraph><subparagraph id="H9201312BF1F040D8A7982E374E9BBC16"><enum>(B)</enum><text>discuss the need to protect the privacy and respect the integrity of each individual customer of a covered financial institution; and</text>
</subparagraph><subparagraph id="HB232F1D1161F4C3BA89EF2930207A73A"><enum>(C)</enum><text>be appropriate to the job responsibilities of the individual attending the training.</text> </subparagraph></paragraph><paragraph id="HE96ED164C13245A4893921F4E16C99D5"><enum>(2)</enum><header>Timing</header><text>The training required under subsection (a) shall be provided as soon as reasonably practicable but not later than 1 year after the date on which an officer, employee, or registered representative begins employment with or becomes affiliated or associated with the covered financial institution.</text>
</paragraph><paragraph id="H0E90117EC39741A69BA101049D59EAAF"><enum>(3)</enum><header>Bank Secrecy Act Officer</header><text display-inline="yes-display-inline">An individual who is designated as a compliance officer under an anti-money laundering program established pursuant to section 5318(h) of title 31, United States Code, shall be deemed to have received the training described under this subsection.</text>
</paragraph></subsection></section><section id="H0517E35662AA43EE9CC033EC7AC27152"><enum>493.</enum><header>Relationship to State law</header><text display-inline="no-display-inline">Nothing in this Act shall be construed to preempt or limit any provision of State law, except only to the extent that section 1091 provides a greater level of protection against liability to an individual described in section 491(b)(1) or to a covered financial institution described in section 491(b)(2) than is provided under State law.</text>
</section></subtitle><subtitle id="H58BB643EF9C0471AB4D1D0F8B9B68CBC"><enum>S</enum><header>National Securities Exchange Regulatory Parity</header>
<section id="H429C761900724D44891155A598C74836" section-type="subsequent-section"><enum>496.</enum><header>Application of exemption</header><text display-inline="no-display-inline">Section 18(b)(1) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77r">15 U.S.C. 77r(b)(1)</external-xref>), as amended by section 456(b), is further amended—</text>
<paragraph id="H0230E8A5353A438C823DC3C4868830A7"><enum>(1)</enum><text>by striking subparagraph (A);</text> </paragraph><paragraph id="HFE1CB7927F24457EBAA9BD89430BF31C"><enum>(2)</enum><text>in subparagraph (B), by striking <quote>that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A)</quote> and inserting <quote>that have been approved by the Commission</quote>;</text>
</paragraph><paragraph id="HD7F04B68484A421B9727C2E17F95CD13"><enum>(3)</enum><text>in subparagraph (C), by striking <quote>or (B)</quote>; and</text> </paragraph><paragraph id="H976C86490CCE41A1A1C3E369BAA8C9E6"><enum>(4)</enum><text>by redesignating subparagraphs (B), (C), and (D) as subparagraphs (A), (B), and (C), respectively.</text>
</paragraph></section></subtitle><subtitle id="HC5662D00553E44C18D4AE99070185E20"><enum>T</enum><header>Private Company Flexibility and Growth</header>
<section id="H5B751D2D10FB4513A043EFD49A002037" section-type="subsequent-section"><enum>497.</enum><header>Shareholder threshold for registration</header><text display-inline="no-display-inline">The Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> et seq.) is amended—</text> <paragraph id="H4BCAADADBE4D4087A4F9C5984D0FC5C0"><enum>(1)</enum><text display-inline="yes-display-inline">in section 12(g)—</text>
<subparagraph id="H9033D3BC207340B7853DFBC02338C3D8"><enum>(A)</enum><text>in paragraph (1)—</text> <clause id="H91654F00438D46B98E92F461EE441323"><enum>(i)</enum><text>by striking <quote>shall—</quote> and all that follows through <quote>register such security</quote> and inserting <quote>shall, not later than 120 days after the last day of its first fiscal year ended after the effective date of this subsection on which the issuer has total assets exceeding $10,000,000 (or such greater amount of assets as the Commission may establish by rule) and a class of equity security (other than an exempted security) held of record by 2,000 or more persons (or such greater number of persons as the Commission may establish by rule), register such security</quote>; and</text>
</clause><clause id="HB851DD4B75694A148239AD16F145D9FC"><enum>(ii)</enum><text>by adding at the end the following: <quote>The dollar figure in this paragraph shall be indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, rounded to the nearest $100,000.</quote>; and</text>
</clause></subparagraph><subparagraph id="H0AB4E892F79D4A20992EC1AFDF0A62DC"><enum>(B)</enum><text>in paragraph (4), by striking <quote>300 persons</quote> and all that follows through <quote>1,200 persons persons</quote> and inserting <quote>1,200 persons</quote>; and</text> </subparagraph></paragraph><paragraph id="H8CE8D9292CAF469785DA41EB013E3D4A"><enum>(2)</enum><text display-inline="yes-display-inline">in section 15(d)(1), by striking <quote>300 persons</quote> and all that follows through <quote>1,200 persons persons</quote> and inserting <quote>1,200 persons</quote>.</text>
</paragraph></section></subtitle><subtitle id="H1D656ADA0EC4426D8FC4B9319821BEC8"><enum>U</enum><header>Small Company Capital Formation Enhancements</header>
<section id="HF15E39183B3F44C1A5A928585F1CF662" section-type="subsequent-section"><enum>498.</enum><header>JOBS Act-related exemption</header><text display-inline="no-display-inline">Section 3(b) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77c">15 U.S.C. 77c(b)</external-xref>) is amended—</text> <paragraph id="H9EA9D858CDF34D51A82417146C20FD0D"><enum>(1)</enum><text>in paragraph (2)(A), by striking <quote>$50,000,000</quote> and inserting <quote>$75,000,000, adjusted for inflation by the Commission every 2 years to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics</quote>; and</text>
</paragraph><paragraph id="H230243C5D8DC42F28ABCC7BA637B758D"><enum>(2)</enum><text>in paragraph (5)—</text> <subparagraph id="H60C10B8A671941ABB747ACEE329C9AA1"><enum>(A)</enum><text>by striking <quote>such amount as</quote> and inserting: <quote>such amount, in addition to the adjustment for inflation provided for under such paragraph (2)(A), as</quote>; and</text>
</subparagraph><subparagraph id="H4DDE2D9F0FD74AFCA2F8C8939E0A0542"><enum>(B)</enum><text>by striking <quote>such amount, it</quote> and inserting <quote>such amount, in addition to the adjustment for inflation provided for under such paragraph (2)(A), it</quote>.</text>
</subparagraph></paragraph></section></subtitle><subtitle id="H38870923F37444389A19596B75AA1577"><enum>V</enum><header>Encouraging Public Offerings</header>
<section id="H38892BBF8B274EFBBC94343412DDB01D" section-type="subsequent-section"><enum>499.</enum><header>Expanding testing the waters and confidential submissions</header><text display-inline="no-display-inline">The Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77a">15 U.S.C. 77a</external-xref> et seq.) is amended—</text> <paragraph id="HCC9F493F6B5B46E398E16E763E2DF34F"><enum>(1)</enum><text>in section 5(d), by striking <quote>an emerging growth company or any person authorized to act on behalf of an emerging growth company</quote> and inserting <quote>an issuer or any person authorized to act on behalf of an issuer</quote>; and</text>
</paragraph><paragraph id="HDB33D97B46634F2D9028EB63AFCE6949"><enum>(2)</enum><text>in section 6(e)—</text> <subparagraph id="H0BF8A87CEE564C1A9497310E936D858B"><enum>(A)</enum><text>in the heading, by striking <quote><header-in-text level="subsection" style="OLC">Emerging growth companies</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">Draft registration statements</header-in-text></quote>; and</text>
</subparagraph><subparagraph id="HCF1B31ECB4354B5AAD94A3D87F4732B8"><enum>(B)</enum><text>by amending paragraph (1) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HFE0E77758CCB4FAA819D76F8735AD2DC" reported-display-style="italic" style="OLC"> <paragraph id="H5105A686ABDE4258B8404A7D82DFC536"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Any issuer, prior to its initial public offering date, may confidentially submit to the Commission a draft registration statement, for confidential nonpublic review by the staff of the Commission prior to public filing, provided that the initial confidential submission and all amendments thereto shall be publicly filed with the Commission not later than 15 days before the date on which the issuer conducts a road show, as such term is defined in section 230.433(h)(4) of title 17, Code of Federal Regulations, or any successor thereto.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section></subtitle><enum>V</enum><header>Regulatory Relief for Main Street and Community Financial Institutions</header>
<subtitle id="H774E9082F5CE47CCA0B1A1D465142E03"><enum>A</enum><header>Preserving Access to Manufactured Housing</header>
<section id="H200CA0038A2E49DE9D0FE2E009FC5C24" section-type="subsequent-section"><enum>501.</enum><header>Mortgage originator definition</header><text display-inline="no-display-inline">Section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>) is amended—</text> <paragraph id="H1B52E1554BE64DF78E0EAA07DE93B648"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating the second subsection (cc) and subsection (dd) as subsections (dd) and (ee), respectively; and</text>
</paragraph><paragraph id="H9B1D3AC65C55400C8FF8EA40B842877C"><enum>(2)</enum><text>in paragraph (2)(C) of subsection (dd), as so redesignated, by striking <quote>an employee of a retailer of manufactured homes who is not described in clause (i) or (iii) of subparagraph (A) and who does not advise a consumer on loan terms (including rates, fees, and other costs)</quote> and inserting <quote>a retailer of manufactured or modular homes or its employees unless such retailer or its employees receive compensation or gain for engaging in activities described in subparagraph (A) that is in excess of any compensation or gain received in a comparable cash transaction</quote>.</text>
</paragraph></section><section id="H1B77B58D7C924E92B6D3348216BF84B2"><enum>502.</enum><header>High-Cost mortgage definition</header><text display-inline="no-display-inline">Section 103 of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602</external-xref>), as amended by section 501, is further amended—</text>
<paragraph id="H4DD2656D77A64C1FA18181EC1552B9A5"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating subsection (aa) (relating to disclosure of greater amount or percentage), as so designated by section 1100A of the Consumer Financial Protection Act of 2010, as subsection (bb);</text>
</paragraph><paragraph id="H53D0BED9C96A4C2AB818768D099BD37F"><enum>(2)</enum><text display-inline="yes-display-inline">by redesignating subsection (bb) (relating to high cost mortgages), as so designated by section 1100A of the Consumer Financial Protection Act of 2010, as subsection (aa), and moving such subsection to immediately follow subsection (z); and</text>
</paragraph><paragraph display-inline="no-display-inline" id="HDE8B70E8443549B1BB742059846A2858"><enum>(3)</enum><text>in subsection (aa)(1)(A), as so redesignated—</text> <subparagraph id="HC4DC0BDA740C4979A009DA114677058D"><enum>(A)</enum><text>in clause (i)(I), by striking <quote>(8.5 percentage points, if the dwelling is personal property and the transaction is for less than $50,000)</quote> and inserting <quote>(10 percentage points if the dwelling is personal property or is a transaction that does not include the purchase of real property on which a dwelling is to be placed, and the transaction is for less than $75,000 (as such amount is adjusted by the Consumer Law Enforcement Agency to reflect the change in the Consumer Price Index))</quote>; and</text>
</subparagraph><subparagraph id="HE6430F466FFF4BD4BD98F686E9EF2725"><enum>(B)</enum><text>in clause (ii)—</text> <clause id="HB27027EB1D8B44F299FAD0CF8F83CD1E"><enum>(i)</enum><text>in subclause (I), by striking <quote>or</quote> at the end; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="H0F5D7FD1FE1F4A0EB76CD69F94844EAC"><enum>(ii)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HC7C0FA5D4C624F02A9F8E8647A00F9E3" reported-display-style="italic" style="OLC"> <subclause id="H6D80B0F8573145AC8807B7600C037BC1"><enum>(III)</enum><text display-inline="yes-display-inline">in the case of a transaction for less than $75,000 (as such amount is adjusted by the Consumer Law Enforcement Agency to reflect the change in the Consumer Price Index) in which the dwelling is personal property (or is a consumer credit transaction that does not include the purchase of real property on which a dwelling is to be placed) the greater of 5 percent of the total transaction amount or $3,000 (as such amount is adjusted by the Consumer Law Enforcement Agency to reflect the change in the Consumer Price Index); or</text></subclause><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph></section></subtitle><subtitle id="HF9DDC8BD78824E64B2D4963A15F4C840"><enum>B</enum><header>Mortgage Choice</header>
<section id="HFB7C9D0B101743AD8281909258392D4D" section-type="subsequent-section"><enum>506.</enum><header>Definition of points and fees</header>
<subsection id="HB04379F9A28840FEB77C5FC2F14E7A9A"><enum>(a)</enum><header>Amendment to section 103 of TILA</header><text display-inline="yes-display-inline">Paragraph (4) of section 103(aa) of the Truth in Lending Act, as redesignated by section 502, is amended—</text>
<paragraph id="HEE8E77467F8B490FB81277E32092732D"><enum>(1)</enum><text>by striking <quote>paragraph (1)(B)</quote> and inserting <quote>paragraph (1)(A) and section 129C</quote>;</text> </paragraph><paragraph id="H5E5095019CEC4A7A8BC98736FE8485FF"><enum>(2)</enum><text>in subparagraph (C)—</text>
<subparagraph id="H487ABCEC209F48AFB357B26090E3A2DD"><enum>(A)</enum><text>by inserting <quote>and insurance</quote> after <quote>taxes</quote>;</text> </subparagraph><subparagraph id="H128D1E25CEAA4C46BBD8D26A4298E9C5"><enum>(B)</enum><text>in clause (ii), by inserting <quote>, except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 3(7) of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2602">12 U.S.C. 2602(7)</external-xref>)</quote> after <quote>compensation</quote>; and</text>
</subparagraph><subparagraph id="H7D31EB7D665D44B1ABA65D4AAD7AA08B"><enum>(C)</enum><text display-inline="yes-display-inline">by striking clause (iii) and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H77B5EB2B4FBD496A81D084802638AD90" reported-display-style="italic" style="OLC"> <clause id="H0F7232704B524CC8B05C3352300D1735" indent="up1"><enum>(iii)</enum><text display-inline="yes-display-inline">the charge is—</text>
<subclause id="H925AD076C76E4644965A8CE2EAFF30F1"><enum>(I)</enum><text>a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or</text>
</subclause><subclause id="H8ECC7F639C664D91A683258F270F66AE"><enum>(II)</enum><text>a charge set forth in section 106(e)(1);</text></subclause></clause><after-quoted-block>; and</after-quoted-block></quoted-block> </subparagraph></paragraph><paragraph id="HA6B41A2779414F2497331343941F17E8"><enum>(3)</enum><text>in subparagraph (D)—</text>
<subparagraph id="HC0230681833F4E6F9E04CA1DA855E971"><enum>(A)</enum><text>by striking <quote>accident,</quote>; and</text> </subparagraph><subparagraph id="HA9D79F0D375E499BA0FD268086DA6345"><enum>(B)</enum><text>by striking <quote>or any payments</quote> and inserting <quote>and any payments</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HC8CECFF66F4340B3AA20B3084DBCA243"><enum>(b)</enum><header>Amendment to section 129C of TILA</header><text>Section 129C of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c</external-xref>) is amended—</text> <paragraph id="H8C25BBE74CA04C7B96AF5794B8B26D49"><enum>(1)</enum><text>in subsection (a)(5)(C), by striking <quote>103</quote> and all that follows through <quote>or mortgage originator</quote> and inserting <quote>103(aa)(4)</quote>; and</text>
</paragraph><paragraph id="H2DC5238CD1444F3DBE0EEEEA2F477357"><enum>(2)</enum><text>in subsection (b)(2)(C)(i), by striking <quote>103</quote> and all that follows through <quote>or mortgage originator)</quote> and inserting <quote>103(aa)(4)</quote>.</text> </paragraph></subsection></section></subtitle><subtitle id="H7B8610386AA143A6BC6DF63B2D4A7457"><enum>C</enum><header>Financial Institution Customer Protection</header> <section id="H03C300EF8BDB4F71BDCD464E2EC21D64"><enum>511.</enum><header>Requirements for deposit account termination requests and orders</header> <subsection id="H939DBA6B85E348E5A45C144AE589B0E8"><enum>(a)</enum><header>Termination requests or orders must be material</header> <paragraph id="H308E98050516409DB5FF456A3968EB2D"><enum>(1)</enum><header>In general</header><text>An appropriate Federal banking agency may not formally or informally request or order a depository institution to terminate a specific customer account or group of customer accounts or to otherwise restrict or discourage a depository institution from entering into or maintaining a banking relationship with a specific customer or group of customers unless—</text>
<subparagraph id="H5114E75BE7EE443D9407FFA68818379D"><enum>(A)</enum><text>the agency has a material reason for such request or order; and</text> </subparagraph><subparagraph id="H6D0FF4A774E6433EAEF788DD60F3BAF6"><enum>(B)</enum><text>such reason is not based solely on reputation risk.</text>
</subparagraph></paragraph><paragraph id="H8A2A2ADD75794F28A0F6E43C85F7D1AC"><enum>(2)</enum><header>Treatment of national security threats</header><text>If an appropriate Federal banking agency believes a specific customer or group of customers is, or is acting as a conduit for, an entity which—</text>
<subparagraph id="H077A294AE07D421D98B27D65F057232F"><enum>(A)</enum><text>poses a threat to national security;</text> </subparagraph><subparagraph id="HAE6F9F4B2CEA4C91AD9D34DB562F1A0C"><enum>(B)</enum><text>is involved in terrorist financing;</text>
</subparagraph><subparagraph id="H433BD5A135B341B594D74473170E6E70"><enum>(C)</enum><text>is an agency of the government of Iran, North Korea, Syria, or any country listed from time to time on the State Sponsors of Terrorism list;</text>
</subparagraph><subparagraph id="HF80F42E4821A4924BEA00796574D641D"><enum>(D)</enum><text>is located in, or is subject to the jurisdiction of, any country specified in subparagraph (C); or</text> </subparagraph><subparagraph id="H0A396768C61A468C8400447B6B539021"><enum>(E)</enum><text display-inline="yes-display-inline">does business with any entity described in subparagraph (C) or (D), unless the appropriate Federal banking agency determines that the customer or group of customers has used due diligence to avoid doing business with any entity described in subparagraph (C) or (D),</text>
</subparagraph><continuation-text continuation-text-level="paragraph">such belief shall satisfy the requirement under paragraph (1).</continuation-text></paragraph></subsection><subsection id="H4F2C4211BECB4DFF9A6488B45560ACD3"><enum>(b)</enum><header>Notice requirement</header>
<paragraph id="H4B0C981547ED4AF285854348AA8E615E"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">If an appropriate Federal banking agency formally or informally requests or orders a depository institution to terminate a specific customer account or a group of customer accounts, the agency shall—</text>
<subparagraph id="H894822F8F79546549CE6F3BC899C4ED8"><enum>(A)</enum><text>provide such request or order to the institution in writing; and</text> </subparagraph><subparagraph id="H767978B6102C4524B87CB6819C969BDC"><enum>(B)</enum><text>accompany such request or order with a written justification for why such termination is needed, including any specific laws or regulations the agency believes are being violated by the customer or group of customers, if any.</text>
</subparagraph></paragraph><paragraph id="H49CE00B0EF0A49F0AC46F95583819E85"><enum>(2)</enum><header>Justification requirement</header><text display-inline="yes-display-inline">A justification described under paragraph (1)(B) may not be based solely on the reputation risk to the depository institution.</text>
</paragraph></subsection><subsection id="H6614751A4D3D4C0497C552E09AC4D163"><enum>(c)</enum><header>Customer notice</header>
<paragraph commented="no" id="HF78A77B309694EEDA8B09EFC461D978D"><enum>(1)</enum><header>Notice required</header><text display-inline="yes-display-inline">Except as provided under paragraph (2), if an appropriate Federal banking agency orders a depository institution to terminate a specific customer account or a group of customer accounts, the depository institution shall inform the customer or customers of the justification for the customer’s account termination described under subsection (b).</text>
</paragraph><paragraph id="H7CD8B68E763B448F8F049DDB6BE85150"><enum>(2)</enum><header>Notice prohibited in cases of national security</header><text display-inline="yes-display-inline">If an appropriate Federal banking agency requests or orders a depository institution to terminate a specific customer account or a group of customer accounts based on a belief that the customer or customers pose a threat to national security, or are otherwise described under subsection (a)(2), neither the depository institution nor the appropriate Federal banking agency may inform the customer or customers of the justification for the customer’s account termination.</text>
</paragraph></subsection><subsection id="H0B447E56D99B422E8E92DDF72ABE9E76"><enum>(d)</enum><header>Reporting requirement</header><text display-inline="yes-display-inline">Each appropriate Federal banking agency shall issue an annual report to the Congress stating—</text> <paragraph id="HAD2F594BF961435B93D889D14CA24232"><enum>(1)</enum><text>the aggregate number of specific customer accounts that the agency requested or ordered a depository institution to terminate during the previous year; and</text>
</paragraph><paragraph id="H5BBC06A34432432E995D5C79C078C2FC"><enum>(2)</enum><text display-inline="yes-display-inline">the legal authority on which the agency relied in making such requests and orders and the frequency on which the agency relied on each such authority.</text>
</paragraph></subsection><subsection id="H3036559E1FF0466A86D9F67FA1B801D5"><enum>(e)</enum><header>Definitions</header><text>For purposes of this section:</text> <paragraph commented="no" id="HEB3D3D3C271E44B4A408597882A1C303"><enum>(1)</enum><header>Appropriate Federal banking agency</header><text>The term <term>appropriate Federal banking agency</term> means—</text>
<subparagraph commented="no" id="HA25D5C57C6AF4EB18F5DBE63A2B4788E"><enum>(A)</enum><text>the appropriate Federal banking agency, as defined under section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>); and</text>
</subparagraph><subparagraph commented="no" id="HBE7973379D624265A5C66A22073C56AC"><enum>(B)</enum><text>the National Credit Union Administration, in the case of an insured credit union.</text> </subparagraph></paragraph><paragraph commented="no" id="H8891A7E2B416427F85ADD02ED649E46E"><enum>(2)</enum><header>Depository institution</header><text>The term <term>depository institution</term> means—</text>
<subparagraph commented="no" id="HC7ACC62958404E0EBFA69777304B9198"><enum>(A)</enum><text display-inline="yes-display-inline">a depository institution, as defined under section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>); and</text>
</subparagraph><subparagraph commented="no" id="HC3D66D60BDBC45AE9252E513BF0FDC0C"><enum>(B)</enum><text>an insured credit union.</text> </subparagraph></paragraph></subsection></section><section id="H5E41AE23CFB54CC2B492CA2256A2B519"><enum>512.</enum><header>Amendments to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989</header><text display-inline="no-display-inline">Section 951 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1833a">12 U.S.C. 1833a</external-xref>) is amended—</text>
<paragraph commented="no" id="HAC797A15C34B42DF88FF56A556AAB614"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (c)(2), by striking <quote>affecting a federally insured financial institution</quote> and inserting <quote>against a federally insured financial institution or by a federally insured financial institution against an unaffiliated third person</quote>; and</text>
</paragraph><paragraph id="HE6AEFBD93CDE4F23A749B59B504E355E"><enum>(2)</enum><text display-inline="yes-display-inline">in subsection (g)—</text> <subparagraph id="HCD35DAC867F34A5CAC7E250387251D9E"><enum>(A)</enum><text>in the heading, by striking <quote><header-in-text level="subsection" style="OLC">subpoenas</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">investigations</header-in-text></quote>; and</text>
</subparagraph><subparagraph id="H9FB42EFCC5BB45BD9391044D09E62267"><enum>(B)</enum><text>by amending paragraph (1)(C) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H2CC3BD67A1574D968A9562395A4F641D" reported-display-style="italic" style="OLC"> <subparagraph id="H94CDA74033AD4D06AF10A692605B205C"><enum>(C)</enum><text display-inline="yes-display-inline">summon witnesses and require the production of any books, papers, correspondence, memoranda, or other records which the Attorney General deems relevant or material to the inquiry, if the Attorney General—</text>
<clause id="H660C7000820346259A88AB16DCC1E35D"><enum>(i)</enum><text display-inline="yes-display-inline">requests a court order from a court of competent jurisdiction for such actions and offers specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant and material for conducting an investigation under this section; or</text>
</clause><clause id="HF7A36D82D55B4537842D0001D930437C"><enum>(ii)</enum><text display-inline="yes-display-inline">either personally or through delegation no lower than the Deputy Attorney General, issues and signs a subpoena for such actions and such subpoena is supported by specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant for conducting an investigation under this section.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section></subtitle><subtitle id="HFB174023ACA94126B4C116938C748519"><enum>D</enum><header>Portfolio Lending and Mortgage Access</header>
<section id="HA0DAF0D2AF684E7F9F51437D94DD70DF"><enum>516.</enum><header>Safe harbor for certain loans held on portfolio</header>
<subsection id="HD1BEC3775E8C4481956111BC78A27625"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 129C of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H8E3C88ECE9A34FA7B4A00CD1E98F31E0" reported-display-style="italic" style="OLC">
<subsection id="H0261FF10C91E4B45A247AD4057C91FFD"><enum>(j)</enum><header>Safe harbor for certain loans held on portfolio</header>
<paragraph id="HE7624C772AD44A1CA45938DD5BDF7C43"><enum>(1)</enum><header>Safe harbor for creditors that are depository institutions</header>
<subparagraph id="HAAA3C24BD7F240B3BC29E73D7F71AA51"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">A creditor that is a depository institution shall not be subject to suit for failure to comply with subsection (a), (c)(1), or (f)(2) of this section or section 129H with respect to a residential mortgage loan, and the banking regulators shall treat such loan as a qualified mortgage, if—</text>
<clause id="H579DD40312494B0991C85A4EB2E84F25"><enum>(i)</enum><text>the creditor has, since the origination of the loan, held the loan on the balance sheet of the creditor; and</text>
</clause><clause id="H29ACEB765E6746C1B831599FB0D50A91"><enum>(ii)</enum><text>all prepayment penalties with respect to the loan comply with the limitations described under subsection (c)(3).</text>
</clause></subparagraph><subparagraph id="HDD36A17E9D3D4521A67999A30F6E5FA8"><enum>(B)</enum><header>Exception for certain transfers</header><text>In the case of a depository institution that transfers a loan originated by that institution to another depository institution by reason of the bankruptcy or failure of the originating depository institution or the purchase of the originating depository institution, the depository institution transferring such loan shall be deemed to have complied with the requirement under subparagraph (A)(i).</text>
</subparagraph></paragraph><paragraph id="H9532E4D36EB24DE7A5AFFCB0C41730F3"><enum>(2)</enum><header>Safe harbor for mortgage originators</header><text display-inline="yes-display-inline">A mortgage originator shall not be subject to suit for a violation of section 129B(c)(3)(B) for steering a consumer to a residential mortgage loan if—</text>
<subparagraph id="HE4820ECEC4A64D499B5178C7225E50FA"><enum>(A)</enum><text>the creditor of such loan is a depository institution and has informed the mortgage originator that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan; and</text>
</subparagraph><subparagraph id="H4B12985AE9C1459494BF1195C2321005"><enum>(B)</enum><text display-inline="yes-display-inline">the mortgage originator informs the consumer that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan.</text>
</subparagraph></paragraph><paragraph id="HE3D7AA46843048D086D4FB94B92D80BF"><enum>(3)</enum><header>Definitions</header><text display-inline="yes-display-inline">For purposes of this subsection:</text> <subparagraph id="H2085AD8C55234817BCDDBCE09889643F"><enum>(A)</enum><header>Banking regulators</header><text display-inline="yes-display-inline">The term <term>banking regulators</term> means the Federal banking agencies, the Consumer Law Enforcement Agency, and the National Credit Union Administration.</text>
</subparagraph><subparagraph id="H9F78CA8EFA694838897B8546BBE0F532"><enum>(B)</enum><header>Depository institution</header><text display-inline="yes-display-inline">The term <term>depository institution</term> has the meaning given that term under section 19(b)(1) of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/505">12 U.S.C. 505(b)(1)</external-xref>).</text>
</subparagraph><subparagraph id="H07388B6CA3844CDAA8B5DF0819070B3A"><enum>(C)</enum><header>Federal banking agencies</header><text display-inline="yes-display-inline">The term <term>Federal banking agencies</term> has the meaning given that term under section 3 of the Federal Deposit Insurance Act.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H9BACBD4B451A422E99639A277F6E76EB"><enum>(b)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in the amendment made by this section may be construed as preventing a balloon loan from qualifying for the safe harbor provided under section 129C(j) of the Truth in Lending Act if the balloon loan otherwise meets all of the requirements under such subsection (j), regardless of whether the balloon loan meets the requirements described under clauses (i) through (iv) of section 129C(b)(2)(E) of such Act.</text>
</subsection></section></subtitle><subtitle id="HE445BED768964CCCB812BD2BFF1F90C2"><enum>E</enum><header>Application of the Expedited Funds Availability Act</header>
<section id="H132156CEC32F4CAC92064216926B27C4" section-type="subsequent-section"><enum>521.</enum><header>Application of the Expedited Funds Availability Act</header>
<subsection id="HE919FB0DB4204FCEB9AFB5687069B0C6"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Expedited Funds Availability Act (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001</external-xref> et seq.) is amended—</text> <paragraph id="HCA9DC6E3DA0C486596B75E4FD1C6E5F2"><enum>(1)</enum><text>in section 602(20) (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001(20)</external-xref>) by inserting <quote>, located in the United States,</quote> after <quote>ATM</quote>;</text>
</paragraph><paragraph id="H6117DD87BDB74DEFADB91B7DD52884A5"><enum>(2)</enum><text>in section 602(21) (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001(21)</external-xref>) by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>;</text> </paragraph><paragraph id="H80079BFFCD5040D88FC2AF0538E3BB85"><enum>(3)</enum><text>in section 602(23) (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001(23)</external-xref>) by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>; and</text>
</paragraph><paragraph id="H0F683E226FDD4D5199C76C49503FB271"><enum>(4)</enum><text display-inline="yes-display-inline">in section 603(d)(2)(A) (<external-xref legal-doc="usc" parsable-cite="usc/12/4002">12 U.S.C. 4002(d)(2)(A)</external-xref>), by inserting <quote>American Samoa, the Commonwealth of the Northern Mariana Islands,</quote> after <quote>Puerto Rico,</quote>.</text> </paragraph></subsection><subsection commented="no" id="H8FB3E891ACE3418E8C7B90C96F576C98"><enum>(b)</enum><header>Effective date</header><text>This section shall take effect on January 1, 2017.</text>
</subsection></section></subtitle><subtitle id="HA7EFB7CD9D1042458B810778ECD41DB3"><enum>F</enum><header>Small Bank Holding Company Policy Statement</header>
<section id="H1CEEC76EC6E9478FBD6789895CC7E6DE" section-type="subsequent-section"><enum>526.</enum><header>Changes required to small bank holding company policy statement on assessment of financial and
managerial factors</header>
<subsection id="H82EC9CA3683E43DDA60BFAD68F7B2BAC"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Before the end of the 6-month period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System shall revise the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors (12 C.F.R. part 225—appendix C) to raise the consolidated asset threshold under such policy statement from $1,000,000,000 (as adjusted by <external-xref legal-doc="public-law" parsable-cite="pl/113/250">Public Law 113–250</external-xref>) to $10,000,000,000.</text>
</subsection><subsection id="H2BC047EDE8264B12826C02224E302EC0"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Subparagraph (C) of section 171(b)(5) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5371">12 U.S.C. 5371(b)(5)</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HA2688AC7B51E47DC9B8BCE4A37E12BB4" reported-display-style="italic" style="OLC">
<subparagraph id="H7FC2EB7DF42D414D8E7AFF55EF1A57EB"><enum>(C)</enum><text display-inline="yes-display-inline">any bank holding company or savings and loan holding company that is subject to the application of the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors of the Board of Governors (12 C.F.R. part 225—appendix C).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section></subtitle><subtitle id="H50355AF89F35478F836C8372DB120C5C"><enum>G</enum><header>Community Institution Mortgage Relief</header>
<section id="H9ED06DC2D23544D3801EFD6BA77D8518"><enum>531.</enum><header>Community financial institution mortgage relief</header>
<subsection id="H661F2CD9884F4E24BD2E8C42A2A1E77F"><enum>(a)</enum><header>Exemption from escrow requirements for loans held by smaller creditors</header><text>Section 129D of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639d">15 U.S.C. 1639d</external-xref>) is amended—</text> <paragraph id="HF3AE0A64BAB94795B1563830D3BFDA3C"><enum>(1)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H625FA4D6C84B4EABA3C4F9D639AD26DE" reported-display-style="italic" style="OLC">
<subsection id="H101942EFDA624ACE8E047FD9A9BEAC5D"><enum>(k)</enum><header>Safe harbor for loans held by smaller creditors</header>
<paragraph id="HFE6CB554419B41ADA76B3124ABBDBD26"><enum>(1)</enum><header>In general</header><text>A creditor shall not be in violation of subsection (a) with respect to a loan if—</text> <subparagraph id="HB4E2416580964D53A12BEFC0A80FB05A"><enum>(A)</enum><text display-inline="yes-display-inline">the creditor has consolidated assets of $10,000,000,000 or less; and</text>
</subparagraph><subparagraph id="H3937545304144BEABE7C4958D156422C"><enum>(B)</enum><text display-inline="yes-display-inline">the creditor holds the loan on the balance sheet of the creditor for the 3-year period beginning on the date of the origination of the loan.</text>
</subparagraph></paragraph><paragraph id="H96CFABD75F854A29A6B83ACB417C41FD"><enum>(2)</enum><header>Exception for certain transfers</header><text display-inline="yes-display-inline">In the case of a creditor that transfers a loan to another person by reason of the bankruptcy or failure of the creditor, the purchase of the creditor, or a supervisory act or recommendation from a State or Federal regulator, the creditor shall be deemed to have complied with the requirement under paragraph (1)(B).</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="HA989E2B5B2814D1F834AACB25CD2527B"><enum>(2)</enum><text display-inline="yes-display-inline">by striking the term <term>Board</term> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>.</text> </paragraph></subsection><subsection id="H2B343E39FA1C485E93FAF21F2EB72E89"><enum>(b)</enum><header>Modification to exemption for small servicers of mortgage loans</header><text>Section 6 of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2605">12 U.S.C. 2605</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H08E6F2CFA5E74BFDAF076BEA21BAB787" reported-display-style="italic" style="OLC">
<subsection id="H3C236FE07892422BABC231905222A669"><enum>(n)</enum><header>Small Servicer Exemption</header><text display-inline="yes-display-inline">The Consumer Law Enforcement Agency shall, by regulation, provide exemptions to, or adjustments for, the provisions of this section for a servicer that annually services 20,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section></subtitle><subtitle id="HBD65DA9B8D3649048D743AE77293AFAA"><enum>H</enum><header>Financial Institutions Examination Fairness and Reform</header>
<section id="H0FF700729AE2437B9335970A785A8B12"><enum>536.</enum><header>Timeliness of examination reports</header>
<subsection id="H4929B59819E44680B8C69B77CB4DCA26"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Federal Financial Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3301">12 U.S.C. 3301</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H4B58B759938843BB8E2C963B228B8903" reported-display-style="italic" style="OLC">
<section id="HD281A2AB61F3483EB732299017C969CB"><enum>1012.</enum><header>Timeliness of examination reports</header>
<subsection id="HC6DEC5D85CA249A8B65665C6F9741AE5"><enum>(a)</enum><header>In general</header>
<paragraph id="H4669C77D2BD1480B8837CF929E4CB885"><enum>(1)</enum><header>Final examination report</header><text>A Federal financial institutions regulatory agency shall provide a final examination report to a financial institution not later than 60 days after the later of—</text>
<subparagraph id="HA9687DBF51DE48A4A9B058EFDF9EB26B"><enum>(A)</enum><text>the exit interview for an examination of the institution; or</text> </subparagraph><subparagraph id="H0964C96B76E244FA9B634398518B3CA4"><enum>(B)</enum><text>the provision of additional information by the institution relating to the examination.</text>
</subparagraph></paragraph><paragraph id="HFA672289AA9048C699C7E1EC5EE514B1"><enum>(2)</enum><header>Exit interview</header><text>If a financial institution is not subject to a resident examiner program, the exit interview shall occur not later than the end of the 9-month period beginning on the commencement of the examination, except that such period may be extended by the Federal financial institutions regulatory agency by providing written notice to the institution and the Independent Examination Review Director describing with particularity the reasons that a longer period is needed to complete the examination.</text>
</paragraph></subsection><subsection id="HA3A9507E52B7408C89B1887987D1AD2A"><enum>(b)</enum><header>Examination materials</header><text>Upon the request of a financial institution, the Federal financial institutions regulatory agency shall include with the final report an appendix listing all examination or other factual information relied upon by the agency in support of a material supervisory determination.</text>
</subsection></section><section id="H42DE6044C0B74AB6825D7C6C9437CAFF"><enum>1013.</enum><header>Examination standards</header>
<subsection id="H82802EDFE7CA43E184B8316B7F99E194"><enum>(a)</enum><header>In general</header><text>In the examination of a financial institution—</text> <paragraph id="HF2DC202668334DC9A673B7011F2C7715"><enum>(1)</enum><text>a commercial loan shall not be placed in non-accrual status solely because the collateral for such loan has deteriorated in value;</text>
</paragraph><paragraph id="H6C4104D7DA854DEB89B845DB5CE9400F"><enum>(2)</enum><text>a modified or restructured commercial loan shall be removed from non-accrual status if the borrower demonstrates the ability to perform on such loan over a maximum period of 6 months, except that with respect to loans on a quarterly, semiannual, or longer repayment schedule such period shall be a maximum of 3 consecutive repayment periods;</text>
</paragraph><paragraph id="H94554DA492BB488787D9CD669A0BF019"><enum>(3)</enum><text>a new appraisal on a performing commercial loan shall not be required unless an advance of new funds is involved; and</text>
</paragraph><paragraph id="HF9AA6D604D0C43CF9CF4BD559E72D6FD"><enum>(4)</enum><text>in classifying a commercial loan in which there has been deterioration in collateral value, the amount to be classified shall be the portion of the deficiency relating to the decline in collateral value and repayment capacity of the borrower.</text>
</paragraph></subsection><subsection id="H38D2601FD11B4B73BA5E3FD78B2D0957"><enum>(b)</enum><header>Well capitalized institutions</header><text>The Federal financial institutions regulatory agencies may not require a financial institution that is well capitalized to raise additional capital in lieu of an action prohibited under subsection (a).</text>
</subsection><subsection id="H400E61B5977A4B3FAC087D34B362B66C"><enum>(c)</enum><header>Consistent loan classifications</header><text>The Federal financial institutions regulatory agencies shall develop and apply identical definitions and reporting requirements for non-accrual loans.</text>
</subsection></section><section id="HC685E3ED785048FDB5FF7F88A5D6FF0E"><enum>1014.</enum><header>Office of Independent Examination Review</header>
<subsection id="H57EE1EF051694009933ADBF581D3224A"><enum>(a)</enum><header>Establishment</header><text>There is established in the Council an Office of Independent Examination Review (the <quote>Office</quote>).</text> </subsection><subsection id="H181B4EE7529F4496B044FD5EE8C42FDA"><enum>(b)</enum><header>Head of Office</header><text display-inline="yes-display-inline">There is established the position of the Independent Examination Review Director (the <quote>Director</quote>), as the head of the Office. The Director shall be appointed by the Council and shall be independent from any member agency of the Council.</text>
</subsection><subsection id="H04D486EA08574843BE8882C7BEDC43DD"><enum>(c)</enum><header>Staffing</header><text>The Director is authorized to hire staff to support the activities of the Office.</text> </subsection><subsection id="HF1D17B2C7FFF4020A14BFCB417B94F88"><enum>(d)</enum><header>Duties</header><text>The Director shall—</text>
<paragraph id="HC75F0A357F964B819A6E4A127EE7AA1C"><enum>(1)</enum><text>receive and, at the Director’s discretion, investigate complaints from financial institutions, their representatives, or another entity acting on behalf of such institutions, concerning examinations, examination practices, or examination reports;</text>
</paragraph><paragraph id="HE668BD72D4DE4190BD41369B1EE3D7A4"><enum>(2)</enum><text>hold meetings, at least once every three months and in locations designed to encourage participation from all sections of the United States, with financial institutions, their representatives, or another entity acting on behalf of such institutions, to discuss examination procedures, examination practices, or examination policies;</text>
</paragraph><paragraph id="HBC4D3A8461FB4C1B9930136553105BD1"><enum>(3)</enum><text>review examination procedures of the Federal financial institutions regulatory agencies to ensure that the written examination policies of those agencies are being followed in practice and adhere to the standards for consistency established by the Council;</text>
</paragraph><paragraph id="H14F8754DF1944CFBBF51F0641FF37C64"><enum>(4)</enum><text>conduct a continuing and regular review of examination quality assurance for all examination types conducted by the Federal financial institutions regulatory agencies;</text>
</paragraph><paragraph id="H75C5D2E5C6174ABE8126977B4787D103"><enum>(5)</enum><text>adjudicate any supervisory appeal initiated under section 1015; and</text> </paragraph><paragraph id="HE840715A53AE47E08FC1CF952E16107C"><enum>(6)</enum><text>report annually to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Council, on the reviews carried out pursuant to paragraphs (3) and (4), including compliance with the requirements set forth in section 1012 regarding timeliness of examination reports, and the Council’s recommendations for improvements in examination procedures, practices, and policies.</text>
</paragraph></subsection><subsection id="HC503E641B67D47ED880DC9AFFDE865DE"><enum>(e)</enum><header>Confidentiality</header><text>The Director shall keep confidential all meetings with, discussions with, and information provided by financial institutions.</text>
</subsection></section><section id="HF5643250E8E44F6CAF873D72BA8A51DF"><enum>1015.</enum><header>Right to independent review of material supervisory determinations</header>
<subsection id="H542FCD1982DD4B7CAC000250EE37A358"><enum>(a)</enum><header>In general</header><text>A financial institution shall have the right to obtain an independent review of a material supervisory determination contained in a final report of examination.</text>
</subsection><subsection id="HB77854F6C630460480CB9D6E76ECDDA4"><enum>(b)</enum><header>Notice</header>
<paragraph id="HEE551FAC345F49438BC551EB75561E78"><enum>(1)</enum><header>Timing</header><text display-inline="yes-display-inline">A financial institution seeking review of a material supervisory determination under this section shall file a written notice with the Independent Examination Review Director (the <quote>Director</quote>) within 60 days after receiving the final report of examination that is the subject of such review.</text>
</paragraph><paragraph id="H95A3EBD46C67422A8729649DAE65DE0D"><enum>(2)</enum><header>Identification of determination</header><text>The written notice shall identify the material supervisory determination that is the subject of the independent examination review, and a statement of the reasons why the institution believes that the determination is incorrect or should otherwise be modified.</text>
</paragraph><paragraph id="H63460DFA42564BAB8D7F3D2FCECC8B69"><enum>(3)</enum><header>Information to be provided to institution</header><text>Any information relied upon by the agency in the final report that is not in the possession of the financial institution may be requested by the financial institution and shall be delivered promptly by the agency to the financial institution.</text>
</paragraph></subsection><subsection id="H03BCCE4C021E47ABA053B29A8FA579CF"><enum>(c)</enum><header>Right to hearing</header>
<paragraph id="H9FE09E570E1A4A3C92E84E1D27D214F8"><enum>(1)</enum><header>In general</header><text>The Director shall determine the merits of the appeal on the record or, at the financial institution’s election, shall refer the appeal to an Administrative Law Judge to conduct a confidential hearing pursuant to the procedures set forth under sections 556 and 557 of title 5, United States Code, which hearing shall take place not later than 60 days after the petition for review was received by the Director, and to issue a proposed decision to the Director based upon the record established at such hearing.</text>
</paragraph><paragraph id="H2B90FC4C124644E5BFD40613BFECC7B4"><enum>(2)</enum><header>Standard of review</header><text>In rendering a determination or recommendation under this subsection, neither the Administrative Law Judge nor the Director shall defer to the opinions of the examiner or agency, but shall conduct a de novo review to independently determine the appropriateness of the agency’s decision based upon the relevant statutes, regulations, and other appropriate guidance, as well as evidence adduced at any hearing.</text>
</paragraph></subsection><subsection id="HD12E844C3BEC4D11BC8356B9C9B4D06F"><enum>(d)</enum><header>Final decision</header><text>A decision by the Director on an independent review under this section shall—</text> <paragraph id="H80FC59686491486A8C3796A29228DA62"><enum>(1)</enum><text>be made not later than 60 days after the record has been closed; and</text>
</paragraph><paragraph id="HDBAD481A53B34B1291EC2109934118ED"><enum>(2)</enum><text>be deemed final agency action and shall bind the agency whose supervisory determination was the subject of the review and the financial institution requesting the review.</text>
</paragraph></subsection><subsection id="H01FA80E4AB7643A5B7B5B9D7E8201C26"><enum>(e)</enum><header>Right to judicial review</header><text>A financial institution shall have the right to petition for review of final agency action under this section by filing a Petition for Review within 60 days of the Director’s decision in the United States Court of Appeals for the District of Columbia Circuit or the Circuit in which the financial institution is located.</text>
</subsection><subsection id="H5F080093F7544D2081F3DB6D6F9C70BF"><enum>(f)</enum><header>Report</header><text>The Director shall report annually to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on actions taken under this section, including the types of issues that the Director has reviewed and the results of those reviews. In no case shall such a report contain information about individual financial institutions or any confidential or privileged information shared by financial institutions.</text>
</subsection><subsection id="HB20B718B9BAD4D62855DB3F2CBDC00A0"><enum>(g)</enum><header>Retaliation prohibited</header><text>A Federal financial institutions regulatory agency may not—</text> <paragraph id="H3590CDFC516347F990E2757481F28F8B"><enum>(1)</enum><text>retaliate against a financial institution, including service providers, or any institution-affiliated party (as defined under section 3 of the Federal Deposit Insurance Act), for exercising appellate rights under this section; or</text>
</paragraph><paragraph id="HB0C8AD175BFD445CA6B25F83315E8047"><enum>(2)</enum><text>delay or deny any agency action that would benefit a financial institution or any institution-affiliated party on the basis that an appeal under this section is pending under this section.</text>
</paragraph></subsection><subsection id="HEBB4EBD881114097BDBEFB529B32A0A8"><enum>(h)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section may be construed—</text> <paragraph id="H5AC9E0DDE11F408698A5A51427198C79"><enum>(1)</enum><text>to affect the right of a Federal financial institutions regulatory agency to take enforcement or other supervisory actions related to a material supervisory determination under review under this section; or</text>
</paragraph><paragraph id="H0EFA7F06553C40AC9374EA2CEF9F4437"><enum>(2)</enum><text display-inline="yes-display-inline">to prohibit the review under this section of a material supervisory determination with respect to which there is an ongoing enforcement or other supervisory action.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="H7C677AF893E84FFCB15E82F5AA9236DF"><enum>(b)</enum><header>Additional amendments</header>
<paragraph commented="no" id="HE3E601D9E626442592425A2681358C89"><enum>(1)</enum><header>Riegle Community Development and Regulatory Improvement Act of 1994</header><text>Section 309 of the Riegle Community Development and Regulatory Improvement Act of 1994 (<external-xref legal-doc="usc" parsable-cite="usc/12/4806">12 U.S.C. 4806</external-xref>) is amended—</text>
<subparagraph commented="no" id="H1A0790F9EAC9435494731BC6E377FC51"><enum>(A)</enum><text>in subsection (a), by inserting after <quote>appropriate Federal banking agency</quote> the following: <quote>, the Consumer Law Enforcement Agency,</quote>;</text> </subparagraph><subparagraph commented="no" id="H41960B2B4D8A4DE0AAE77FD1D8CF6AEB"><enum>(B)</enum><text>in subsection (b)—</text>
<clause commented="no" id="H0FB54300AAF44493980B2403487EEF04"><enum>(i)</enum><text>in paragraph (2), by striking <quote>the appellant from retaliation by agency examiners</quote> and inserting <quote>the insured depository institution or insured credit union from retaliation by the agencies referred to in subsection (a)</quote>; and</text>
</clause><clause commented="no" id="H10B83C4863BB421FA2888F6A20A74372"><enum>(ii)</enum><text>by adding at the end the following flush-left text:</text> <quoted-block changed="added" committee-id="HBA00" id="H68A4E60DB196497395FE59AD92D0D591" reported-display-style="italic" style="OLC"> <quoted-block-continuation-text commented="no" indent="flush-left" quoted-block-continuation-text-level="subsection">For purposes of this subsection and subsection (e), retaliation includes delaying consideration of, or withholding approval of, any request, notice, or application that otherwise would have been approved, but for the exercise of the institution’s or credit union’s rights under this section.</quoted-block-continuation-text><after-quoted-block>;</after-quoted-block></quoted-block> </clause></subparagraph><subparagraph commented="no" id="HEA926197764B438CB94291888187A211"><enum>(C)</enum><text>in subsection (e)(2)—</text>
<clause commented="no" id="HAF054F22863349C6A09DDAA00E4953D7"><enum>(i)</enum><text>in subparagraph (B), by striking <quote>and</quote> at the end;</text> </clause><clause commented="no" id="HC788122095D14AEEA4D06787D55991F0"><enum>(ii)</enum><text>in subparagraph (C), by striking the period and inserting <quote>; and</quote>; and</text>
</clause><clause commented="no" id="H4E06C97B4C7945A5B77AAA7FF9158EE2"><enum>(iii)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" id="HDE01C3E78DDB491E88E3A472077FB26C" reported-display-style="italic" style="OLC"> <subparagraph commented="no" id="H21CD4B9AD6F145899420D5FFAA7DDF05"><enum>(D)</enum><text>ensure that appropriate safeguards exist for protecting the insured depository institution or insured credit union from retaliation by any agency referred to in subsection (a) for exercising its rights under this subsection.</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph commented="no" id="HB21F03398B814B2DA22E7A8BE8175071"><enum>(D)</enum><text>in subsection (f)(1)(A)—</text> <clause commented="no" id="H9684DF6CE4044C8993CB2D8A9828428A"><enum>(i)</enum><text display-inline="yes-display-inline">in clause (ii), by striking <quote>and</quote> at the end;</text>
</clause><clause commented="no" id="H03B2AA0FBF8D4687B67F0EC54797C65F"><enum>(ii)</enum><text>in clause (iii), by striking <quote>and</quote> at the end; and</text> </clause><clause commented="no" id="H168FBA7B54604B7F98502130DD21ED4E"><enum>(iii)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HBE6725BFC9634E9CB2521ACFD698CC72" reported-display-style="italic" style="OLC">
<clause commented="no" id="HD1A1A805B5A34583B810A31367496ABA"><enum>(iv)</enum><text display-inline="yes-display-inline">any issue specifically listed in an exam report as a matter requiring attention by the institution’s management or board of directors; and</text>
</clause><clause commented="no" id="H9CD5E0B27FFF4B35A83BD15B3D5D6209"><enum>(v)</enum><text>any suspension or removal of an institution’s status as eligible for expedited processing of applications, requests, notices, or filings on the grounds of a supervisory or compliance concern, regardless of whether that concern has been cited as a basis for another material supervisory determination or matter requiring attention in an examination report, provided that the conduct at issue did not involve violation of any criminal law; and</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph></paragraph><paragraph commented="no" id="HD535A67A245C4952B23AC776BC6A2D2B"><enum>(2)</enum><header>Federal Credit Union Act</header><text display-inline="yes-display-inline">Section 205(j) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1785">12 U.S.C. 1785(j)</external-xref>) is amended by inserting <quote>the Consumer Law Enforcement Agency,</quote> before <quote>the Administration</quote> each place such term appears.</text> </paragraph><paragraph commented="no" id="HA4ABB5E67214494CAC198FB9D22D3D39"><enum>(3)</enum><header>Federal Financial Institutions Examination Council Act of 1978</header><text>The Federal Financial Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3301">12 U.S.C. 3301</external-xref> et seq.) is amended—</text>
<subparagraph commented="no" id="H2B79C4FD3E08467D98F229791943A2F1"><enum>(A)</enum><text display-inline="yes-display-inline">in section 1003, by amending paragraph (1) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H9C58BC2C81414F5FA1C1464CEB0A657D" reported-display-style="italic" style="OLC"> <paragraph commented="no" id="HE7543A18ADFA47758FAAD0DA0BA6B43E"><enum>(1)</enum><text>the term <term>Federal financial institutions regulatory agencies</term>—</text>
<subparagraph commented="no" id="H77A78FF2AF1143F0A60B2D4FFF1CB4BB"><enum>(A)</enum><text>means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration; and</text>
</subparagraph><subparagraph commented="no" id="H57BB948D4EB94938ACB1739F85EB4610"><enum>(B)</enum><text>for purposes of sections 1012, 1013, 1014, and 1015, includes the Consumer Law Enforcement Agency;</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block> </subparagraph><subparagraph commented="no" id="H9D1C88A6B11843E5B4C09EAEA4598120"><enum>(B)</enum><text>in section 1005, by striking <quote>One-fifth</quote> and inserting <quote>One-fourth</quote>.</text>
</subparagraph></paragraph></subsection></section></subtitle><subtitle id="HDB163B8818564B94A8D64D17392CBF56"><enum>I</enum><header>National Credit Union Administration Budget Transparency</header>
<section id="HA36B0784FC064ACDB9A697A440C32075"><enum>541.</enum><header>Budget transparency for the NCUA</header><text display-inline="no-display-inline">Section 209(b) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1789">12 U.S.C. 1789</external-xref>) is amended—</text> <paragraph id="HD88F6D88CE7A4E6394AA99FD16A4B6FF"><enum>(1)</enum><text>by redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively;</text>
</paragraph><paragraph id="H21B9EF3EF6D747079FF3227A523C3C2B"><enum>(2)</enum><text>by inserting before paragraph (2), as so redesignated, the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H61F4617E98C14400B3CADF573252A637" reported-display-style="italic" style="OLC"> <paragraph id="H22319D1383A54C64B0250D5C0F11E12C"><enum>(1)</enum><text>on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)—</text>
<subparagraph id="H57BDB55DF5864E72BAC3275741A8AD3F"><enum>(A)</enum><text>make publicly available and cause to be printed in the Federal Register a draft of such detailed business-type budget; and</text>
</subparagraph><subparagraph id="HEC8729C39F884054A3D4FD9C9B7E4101"><enum>(B)</enum><text>hold a public hearing, with public notice provided of such hearing, wherein the public can submit comments on the draft of such detailed business-type budget;</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="HC955681582A44F3692EB5215BFF9501B"><enum>(3)</enum><text>in paragraph (2), as so redesignated—</text> <subparagraph id="HCC3DCA57070145A38B5C2021C31EBF90"><enum>(A)</enum><text>by inserting <quote>detailed</quote> after <quote>submit a</quote>; and</text>
</subparagraph><subparagraph id="H1A0F6FB8D304468EA2E6E5F608BB808F"><enum>(B)</enum><text>by inserting <quote>, and where such budget shall address any comments submitted by the public pursuant to paragraph (1)(B)</quote> after <quote>Control Act</quote>.</text>
</subparagraph></paragraph></section></subtitle><subtitle id="H9079FB8FC3574E6F8642DF3A2989FA89"><enum>J</enum><header>Taking Account of Institutions with Low Operation Risk</header>
<section id="HFC93F8200A344664B46E5FE7D0076FDC"><enum>546.</enum><header>Regulations appropriate to business models</header>
<subsection id="HCD23EA46B634497DA68772B4E9A0C91D"><enum>(a)</enum><header>In general</header><text>For any regulatory action occurring after the date of the enactment of this Act, each Federal financial institutions regulatory agency shall—</text>
<paragraph id="H8A8DCF4830CC49D8BF0811DEC1C9BDFB"><enum>(1)</enum><text>take into consideration the risk profile and business models of each type of institution or class of institutions subject to the regulatory action;</text>
</paragraph><paragraph id="H5AE4465A4A9D4F4A92D4516012B5DE27"><enum>(2)</enum><text>determine the necessity, appropriateness, and impact of applying such regulatory action to such institutions or classes of institutions; and</text>
</paragraph><paragraph id="HAFEE0B4571904949BAC1541E4F849D67"><enum>(3)</enum><text>tailor such regulatory action in a manner that limits the regulatory compliance impact, cost, liability risk, and other burdens, as appropriate, for the risk profile and business model of the institution or class of institutions involved.</text>
</paragraph></subsection><subsection id="HF2F49D58B94E42F18BB5A01EF42F2D5A"><enum>(b)</enum><header>Other considerations</header><text>In carrying out the requirements of subsection (a), each Federal financial institutions regulatory agency shall consider—</text>
<paragraph id="H6CCF8951ABE64669B8973D3D49121D1D"><enum>(1)</enum><text>the impact that such regulatory action, both by itself and in conjunction with the aggregate effect of other regulations, has on the ability of the applicable institution or class of institutions to serve evolving and diverse customer needs;</text>
</paragraph><paragraph id="HFDEFD026AF1A4671A0B50504423E2181"><enum>(2)</enum><text display-inline="yes-display-inline">the potential impact of examination manuals, regulatory actions taken with respect to third-party service providers, or other regulatory directives that may be in conflict or inconsistent with the tailoring of such regulatory action described in subsection (a)(3); and</text>
</paragraph><paragraph id="H61777AF764844127AEE147E5210157A3"><enum>(3)</enum><text>the underlying policy objectives of the regulatory action and statutory scheme involved.</text> </paragraph></subsection><subsection id="H0274D5FBD67748B2923510DCA7CB178A"><enum>(c)</enum><header>Notice of proposed and final rulemaking</header><text>Each Federal financial institutions regulatory agency shall disclose in every notice of proposed rulemaking and in any final rulemaking for a regulatory action how the agency has applied subsections (a) and (b).</text>
</subsection><subsection id="H16D246C88F594049BF7DBD79CEF1295B"><enum>(d)</enum><header>Reports to Congress</header>
<paragraph id="HB2222C8B9ABD4E87A984CACF81E75E1D"><enum>(1)</enum><header>Individual agency reports</header>
<subparagraph id="HA8911F6A0B6E48A6AE7AF91B882F2863"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 1 year after the date of the enactment of this Act and annually thereafter, each Federal financial institutions regulatory agency shall report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the specific actions taken to tailor the regulatory actions of the agency pursuant to the requirements of this Act.</text>
</subparagraph><subparagraph id="HA8568855CCFB4F7D8009B88F097B07CC"><enum>(B)</enum><header>Appearance before the Committees</header><text display-inline="yes-display-inline">The head of each Federal financial institution regulatory agency shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate after each report is made pursuant to subparagraph (A) to testify on the contents of such report.</text>
</subparagraph></paragraph><paragraph id="H1BBEDAF023974C33A553EE677E2BC77B"><enum>(2)</enum><header>FIEC reports</header>
<subparagraph id="HEA00D0CBF0D24E2E862CBF570D1D6789"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 3 months after each report is submitted under paragraph (1), the Financial Institutions Examination Council shall report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on—</text>
<clause id="HCE3C692ED7874BB1AFF98DDF04FB888D"><enum>(i)</enum><text>the extent to which regulatory actions tailored pursuant to this Act result in different treatment of similarly situated institutions of diverse charter types; and</text>
</clause><clause id="HE7B1353808474B93B915EABC875AD19A"><enum>(ii)</enum><text>the reasons for such differential treatment.</text> </clause></subparagraph><subparagraph id="H3BBB1EE8BB704DF2BEFAD6DA7D7FCCA0"><enum>(B)</enum><header>Appearance before the Committees</header><text display-inline="yes-display-inline">The Chairman of the Financial Institutions Examination Council shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate after each report is made pursuant to subparagraph (A) to testify on the contents of such report.</text>
</subparagraph></paragraph></subsection><subsection id="H3115D3A0D9254E548B95F9C503C99C3E"><enum>(e)</enum><header>Limited look-Back application</header>
<paragraph id="H3C850B9DFCBF4EF0B14A155B78B2E054"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Each Federal financial institutions regulatory agency shall conduct a review of all regulations adopted during the period beginning on the date that is seven years before the date of the introduction of this Act in the House of Representatives and ending on the date of the enactment of this Act, and apply the requirements of this Act to such regulations.</text>
</paragraph><paragraph id="H3B4407C2686A406CBA152CAB7DE1098A"><enum>(2)</enum><header>Revision</header><text display-inline="yes-display-inline">If the application of the requirements of this Act to any such regulation requires such regulation to be revised, the applicable Federal financial institutions regulatory agency shall revise such regulation within 3 years of the enactment of this Act.</text>
</paragraph></subsection><subsection id="H7BB295BFC3AB48BB9C3488DA8693D3DE"><enum>(f)</enum><header>Definitions</header><text>In this Act, the following definitions shall apply:</text> <paragraph id="H962D04DBCB604A44A554944C66191E8B"><enum>(1)</enum><header>Federal financial institutions regulatory agencies</header><text>The term <term>Federal financial institutions regulatory agencies</term> means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Law Enforcement Agency.</text>
</paragraph><paragraph id="H6175EC9BF80C48E4A667FF6337A3C170"><enum>(2)</enum><header>Regulatory action</header><text>The term <term>regulatory action</term> means any proposed, interim, or final rule or regulation, guidance, or published interpretation.</text> </paragraph></subsection></section></subtitle><subtitle id="HEC3F9E70AAAD4A7B9E372BBA2F5A6809"><enum>K</enum><header>Federal Savings Association Charter Flexibility</header> <section id="HC1D306217A954CD1AB4988F01D4CB484"><enum>551.</enum><header>Option for Federal savings associations to operate as a covered savings association</header><text display-inline="no-display-inline">The Home Owners’ Loan Act is amended by inserting after section 5 (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464</external-xref>) the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H01EFD3346E2A476CABF84C84D00605D8" reported-display-style="italic" style="OLC">
<section id="HCE470434A4FA4520890F0381B0E2A90A"><enum>5A.</enum><header>Election to operate as a covered savings association</header>
<subsection id="H46EF09B0599B45C18E62B750890B6556"><enum>(a)</enum><header>Definition</header><text>In this section, the term <term>covered savings association</term> means a Federal savings association that makes an election approved under subsection (b).</text> </subsection><subsection id="HA8660D4818D24155BE8AA4F7B0DA0F99"><enum>(b)</enum><header>Election</header> <paragraph id="H0E2B6F0DD25D441E974702100D878C57"><enum>(1)</enum><header>In general</header><text>Upon issuance of the rules described in subsection (f), a Federal savings association may elect to operate as a covered savings association by submitting a notice to the Comptroller of such election.</text>
</paragraph><paragraph id="H5AB668C1DAF74E41BAB3EC6AAB1D0AF7"><enum>(2)</enum><header>Approval</header><text>A Federal savings association shall be deemed to be approved to operate as a covered savings association on the date that is 60 days after the date on which the Comptroller receives the notice under paragraph (1), unless the Comptroller notifies the Federal savings association otherwise.</text>
</paragraph></subsection><subsection id="HE94290548E0B4243A458D1B547A87379"><enum>(c)</enum><header>Rights and duties</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law and except as otherwise provided in this section, a covered savings association shall—</text>
<paragraph id="HDFADB903034B483C8B1C0DF0A5492424"><enum>(1)</enum><text>have the same rights and privileges as a national bank that has its main office situated in the same location as the home office of the covered savings association; and</text>
</paragraph><paragraph id="H81523D7D7B8F4716879B170E6F487F9F"><enum>(2)</enum><text>be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to such a national bank.</text>
</paragraph></subsection><subsection id="HB223D9328EF64DBA8018CC6861CF2294"><enum>(d)</enum><header>Treatment of covered savings associations</header><text display-inline="yes-display-inline">A covered savings association shall be treated as a Federal savings association for the purposes—</text> <paragraph id="H27DD61AABA5B473FBF42C95C1B6B0F2D"><enum>(1)</enum><text display-inline="yes-display-inline">of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends;</text>
</paragraph><paragraph id="H642B599D029B4477A90B32888C5E7A08"><enum>(2)</enum><text>of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and</text>
</paragraph><paragraph id="HFDCA60E3F49140E4B3EC2AA648F9BE23"><enum>(3)</enum><text>determined by regulation of the Comptroller.</text> </paragraph></subsection><subsection id="H4FAA7E2850BE4B5DB2D5B023A10307CF"><enum>(e)</enum><header>Existing branches</header><text display-inline="yes-display-inline">A covered savings association may continue to operate any branch or agency the covered savings association operated on the date on which an election under subsection (b) is approved.</text>
</subsection><subsection id="H63EEC640883F42C68D25403B9B933654"><enum>(f)</enum><header>Rulemaking</header><text display-inline="yes-display-inline">The Comptroller shall issue rules to carry out this section—</text> <paragraph id="H293C577731524FA19CAAF936495F96F1"><enum>(1)</enum><text>that establish streamlined standards and procedures that clearly identify required documentation or timelines for an election under subsection (b);</text>
</paragraph><paragraph commented="no" id="H964EEA15975D432785CAD497ACF97657"><enum>(2)</enum><text display-inline="yes-display-inline">that require a Federal savings association that makes an election under subsection (b) to identify specific assets and subsidiaries—</text>
<subparagraph commented="no" id="HA48628DCEDF946EB9EC1CAD5F557A64F"><enum>(A)</enum><text>that do not conform to the requirements for assets and subsidiaries of a national bank; and</text> </subparagraph><subparagraph commented="no" id="HFE1C6611DC6841688E35F215335CCF92"><enum>(B)</enum><text>that are held by the Federal savings association on the date on which the Federal savings association submits a notice of such election;</text>
</subparagraph></paragraph><paragraph commented="no" id="H7303F8886BC843F8B4C8118CFCD4997E"><enum>(3)</enum><text>that establish—</text> <subparagraph commented="no" id="H0F74B6E29D0046A181A556B79132C6AF"><enum>(A)</enum><text>a transition process for bringing such assets and subsidiaries into conformance with the requirements for a national bank; and</text>
</subparagraph><subparagraph commented="no" id="H6F3E0166AACA4926894ED69A1E444977"><enum>(B)</enum><text display-inline="yes-display-inline">procedures for allowing the Federal savings association to provide a justification for grandfathering such assets and subsidiaries after electing to operate as a covered savings association;</text>
</subparagraph></paragraph><paragraph id="H566DD24138E947AF931F707111864EEE"><enum>(4)</enum><text display-inline="yes-display-inline">that establish standards and procedures to allow a covered savings association to terminate an election under subsection (b) after an appropriate period of time or to make a subsequent election;</text>
</paragraph><paragraph id="HD3E57B70B666434BA9D23C0132F81F82"><enum>(5)</enum><text display-inline="yes-display-inline">that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and</text>
</paragraph><paragraph id="H2D4780D6FF844774B833DD4F917D4453"><enum>(6)</enum><text>as the Comptroller deems necessary and in the interests of safety and soundness.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </section></subtitle><subtitle id="HDC4AE983DEC14F238680C60604B26F8D"><enum>L</enum><header>SAFE Transitional Licensing</header> <section id="HBE7948B56415459EAAB11FF9A1EBE3A1" section-type="subsequent-section"><enum>556.</enum><header>Eliminating barriers to jobs for loan originators</header> <subsection id="H019F78EB24104778A1FF724A8CB42E16"><enum>(a)</enum><header>In general</header><text>The S.A.F.E. Mortgage Licensing Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5101">12 U.S.C. 5101</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H86742A1010194B2F9F61B349BC799FFC" reported-display-style="italic" style="OLC">
<section id="H808DA8B08CED4F5885A0FFD34CDFB5D0"><enum>1518.</enum><header>Employment transition of loan originators</header>
<subsection id="H2090218268594C21A5BF608F63205F37"><enum>(a)</enum><header>Temporary authority to originate loans for loan originators moving from a depository institution to
a non-depository institution</header>
<paragraph id="H786600530C2545B3A9F7849BCB3D547D"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Upon employment by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual—</text>
<subparagraph id="HB42852F37EB8439C936D08825840243E"><enum>(A)</enum><text>has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction;</text>
</subparagraph><subparagraph id="H5E99915D58F243F3882C79A242FD7D7B"><enum>(B)</enum><text>has not been subject to or served with a cease and desist order in any governmental jurisdiction or as described in section 1514(c);</text>
</subparagraph><subparagraph id="H2636217D586342F9844DADC37E07EEC8"><enum>(C)</enum><text>has not been convicted of a felony that would preclude licensure under the law of the application State;</text>
</subparagraph><subparagraph id="H2FD3E3A5486A431EB44E85E8011AF30F"><enum>(D)</enum><text>has submitted an application to be a State-licensed loan originator in the application State; and</text> </subparagraph><subparagraph id="H37CD0625F05D4AB5B5D16DA0B4F77118"><enum>(E)</enum><text>was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of submission of the information required under section 1505(a).</text>
</subparagraph></paragraph><paragraph id="H8EB23DFC4A4142BDB826309A98A6AE59"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in paragraph (1) shall begin on the date that the individual submits the information required under section 1505(a) and shall end on the earliest of—</text>
<subparagraph id="H6E3670C671504FE1872E07BBDE1E2E94"><enum>(A)</enum><text display-inline="yes-display-inline">the date that the individual withdraws the application to be a State-licensed loan originator in the application State;</text>
</subparagraph><subparagraph id="H7B0DCBFE1B17401C89A6FCE452E3F1F5"><enum>(B)</enum><text display-inline="yes-display-inline">the date that the application State denies, or issues a notice of intent to deny, the application;</text> </subparagraph><subparagraph id="H0145BF9576DC400DB3F777686281AC4C"><enum>(C)</enum><text display-inline="yes-display-inline">the date that the application State grants a State license; or</text>
</subparagraph><subparagraph id="HADBBB5D5474F405EBAF4ACA9C61C71B3"><enum>(D)</enum><text display-inline="yes-display-inline">the date that is 120 days after the date on which the individual submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text>
</subparagraph></paragraph></subsection><subsection id="H250FA38FABC74A9D97437ED466A301AD"><enum>(b)</enum><header>Temporary authority to originate loans for State-licensed loan originators moving interstate</header>
<paragraph id="H324C2E8D4EC0453A9B0B9D4B1FE73A45"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">A State-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the State-licensed loan originator—</text>
<subparagraph id="H7D56E7E151C5459692FADC465058A0F8"><enum>(A)</enum><text>meets the requirements of subparagraphs (A), (B), (C), and (D) of subsection (a)(1);</text> </subparagraph><subparagraph id="H9F3BB516FD6442C4A41DC28ADAB3C3C4"><enum>(B)</enum><text>is employed by a State-licensed mortgage company in the application State; and</text>
</subparagraph><subparagraph id="H8D5B6F66410A4F69B59FFF8A1D7B53EA"><enum>(C)</enum><text>was licensed in a State that is not the application State during the 30-day period preceding the date of submission of the information required under section 1505(a) in connection with the application submitted to the application State.</text>
</subparagraph></paragraph><paragraph id="H5E6B073AEF00455680030227979AEC1D"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in paragraph (1) shall begin on the date that the State-licensed loan originator submits the information required under section 1505(a) in connection with the application submitted to the application State and end on the earliest of—</text>
<subparagraph id="H8D4A4ED7B2AD45658A5D5D4AD04EE3AE"><enum>(A)</enum><text display-inline="yes-display-inline">the date that the State-licensed loan originator withdraws the application to be a State-licensed loan originator in the application State;</text>
</subparagraph><subparagraph id="H8CCE83721E95451F880C269A467F3C9A"><enum>(B)</enum><text display-inline="yes-display-inline">the date that the application State denies, or issues a notice of intent to deny, the application;</text> </subparagraph><subparagraph id="H57352BA2D9584E05A75D04D7F5E63D64"><enum>(C)</enum><text display-inline="yes-display-inline">the date that the application State grants a State license; or</text>
</subparagraph><subparagraph id="HB5E2D01332EA4464BAF01C291BA1DFD9"><enum>(D)</enum><text display-inline="yes-display-inline">the date that is 120 days after the date on which the State-licensed loan originator submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text>
</subparagraph></paragraph></subsection><subsection id="H87AF20F665E644A6A836834AFD942E03"><enum>(c)</enum><header>Applicability</header>
<paragraph id="HF4BC43AF39304E3886B75D234DB38452"><enum>(1)</enum><text display-inline="yes-display-inline">Any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application State pursuant to this section shall be subject to the requirements of this title and to applicable State law to the same extent as if such individual was a State-licensed loan originator licensed by the application State.</text>
</paragraph><paragraph id="H5A22A778368A42C6BD10E3E2FC610F09"><enum>(2)</enum><text display-inline="yes-display-inline">Any individual who is deemed to have temporary authority to act as a loan originator in an application State pursuant to this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable State law to the same extent as if such individual was a State-licensed loan originator licensed by the application State.</text>
</paragraph></subsection><subsection id="HB686F9ECC69C418794292D895A9EE474"><enum>(d)</enum><header>Definitions</header><text>In this section, the following definitions shall apply:</text> <paragraph commented="no" id="H56C75C7479CD4FD485A0181018072784"><enum>(1)</enum><header>State-licensed mortgage company</header><text display-inline="yes-display-inline">The term <term>State-licensed mortgage company</term> means an entity licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities.</text>
</paragraph><paragraph id="HED7225FA85FA4575A5A37E97A30D8EBC"><enum>(2)</enum><header>Application State</header><text display-inline="yes-display-inline">The term <term>application State</term> means a State in which a registered loan originator or a State-licensed loan originator seeks to be licensed.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="H68A01123ABDF440FAFD51D1D85E2A374"><enum>(b)</enum><header>Table of contents amendment</header><text display-inline="yes-display-inline">The table of contents in section 1(b) of the Housing and Economic Recovery Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/42/4501">42 U.S.C. 4501</external-xref> note) is amended by inserting after the item relating to section 1517 the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HDB1120F988F747B789E62BB13B0322FF" reported-display-style="italic" style="OLC">
<toc changed="added" committee-id="HBA00" regeneration="no-regeneration" reported-display-style="italic">
<toc-entry level="section">Sec. 1518. Employment transition of loan originators.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HFEA06A16903F47A8BF507E5635A682FE"><enum>(c)</enum><header>Amendment to civil liability of the Consumer Law Enforcement Agency and other officials</header><text>Section 1513 of the S.A.F.E. Mortgage Licensing Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5112">12 U.S.C. 5112</external-xref>) is amended by striking <quote>are loan originators or are applying for licensing or registration as loan originators</quote> and inserting <quote>are applying for licensing or registration using the Nationwide Mortgage Licensing System and Registry</quote>.</text>
</subsection></section></subtitle><subtitle id="H246F500E73C34B798B2BBFAA5BF71520"><enum>M</enum><header>Right to Lend</header>
<section id="H58FB942DFED545DB8041D5653BB53FB8" section-type="subsequent-section"><enum>561.</enum><header>Small business loan data collection requirement</header>
<subsection id="HE017AA2876974EA98B2ADC6359974C0E"><enum>(a)</enum><header>Repeal</header><text display-inline="yes-display-inline">Section 704B of the Equal Credit Opportunity Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1691c-2">15 U.S.C. 1691c–2</external-xref>) is repealed.</text> </subsection><subsection id="HAD16088FA4404241AEDBA7F1FD4DFD2E"><enum>(b)</enum><header>Conforming amendments</header><text display-inline="yes-display-inline">Section 701(b) of the Equal Credit Opportunity Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1691">15 U.S.C. 1691(b)</external-xref>) is amended—</text>
<paragraph id="HABF12650EF1941E2AE96BDFD812C75DB"><enum>(1)</enum><text>in paragraph (3), by inserting <quote>or</quote> at the end;</text> </paragraph><paragraph id="H473F95AB66A64EA0A4DC616C1B98DD8F"><enum>(2)</enum><text>in paragraph (4), by striking <quote>; or</quote> and inserting a period; and</text>
</paragraph><paragraph id="H23A3AEABFD154BA0BA9B1B09EE698E07"><enum>(3)</enum><text>by striking paragraph (5).</text> </paragraph></subsection><subsection id="HD44BBED1B5CD4ABC953B92ED4087F0B6"><enum>(c)</enum><header>Clerical amendment</header><text>The table of sections for title VII of the Consumer Credit Protection Act is amended by striking the item relating to section 704B.</text>
</subsection></section></subtitle><subtitle id="HA3DD8ED2AD2848CB858360BB74CE9906"><enum>N</enum><header>Community Bank Reporting Relief</header>
<section id="H7B0EAF743324482B9ABD17A7CBB3019C"><enum>566.</enum><header>Short form call report</header>
<subsection id="HF39782FED6244B36812EF888C7EC7ED2"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 7(a) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1817">12 U.S.C. 1817(a)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HCB45C9DE24EE4C3EBCFB7A7FC5517DC2" reported-display-style="italic" style="OLC">
<paragraph id="HE5994A602ED449D4AEF5F7FCE96DAC28"><enum>(12)</enum><header>Short form reporting</header>
<subparagraph id="H798BDB7D6CF14669B1BD0D719D7A22C4"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The appropriate Federal banking agencies shall issue regulations allowing for a reduced reporting requirement for covered depository institutions when making the first and third report of condition for a year, as required pursuant to paragraph (3).</text>
</subparagraph><subparagraph id="HD81387C738064259939A842BCB62A541"><enum>(B)</enum><header>Covered depository institution defined</header><text>For purposes of this paragraph, the term <term>covered depository institution</term> means an insured depository institution that—</text> <clause id="H18E7D687145845EAADBC9443EF966753"><enum>(i)</enum><text display-inline="yes-display-inline">is well capitalized (as defined under section 38(b)); and</text>
</clause><clause id="HF46236FB4954400A84B67CF2DC2FEC8F"><enum>(ii)</enum><text>satisfies such other criteria as the appropriate Federal banking agencies determine appropriate.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H38A13AF505554D2CAAAA3272ED5A4F76"><enum>(b)</enum><header>Report to Congress</header><text display-inline="yes-display-inline">Not later than 180 days after the date of the enactment of this Act, and every 365 days thereafter until the appropriate Federal banking agencies (as defined under section 3 of the Federal Deposit Insurance Act) have issued the regulations required under section 7(a)(12)(A) of the Federal Deposit Insurance Act, such agencies shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report describing the progress made in issuing such regulations.</text>
</subsection></section></subtitle><subtitle id="H1049342DF47D408791238ED7C3833C0F"><enum>O</enum><header>Homeowner Information Privacy Protection</header>
<section id="H1F0431F931BC4F9D801BD421E5D1982B" section-type="subsequent-section"><enum>571.</enum><header>Study regarding privacy of information collected under the Home Mortgage Disclosure Act of 1975</header>
<subsection id="H4B5FABB209F042FA8ED74A4F56F350E1"><enum>(a)</enum><header>Study</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall conduct a study to determine whether the data required to be published, made available, or disclosed under the final rule, in connection with other publicly available data sources, including data made publicly available under Regulation C (12 C.F.R. 1003) before the effective date of the final rule, could allow for or increase the probability of—</text>
<paragraph id="H3C0EDCC503A44BFF9D0B7655B7D20AE6"><enum>(1)</enum><text>exposure of the identity of mortgage applicants or mortgagors through reverse engineering;</text> </paragraph><paragraph id="H07714134BB414E55B95732B5BD023B88"><enum>(2)</enum><text>exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information;</text>
</paragraph><paragraph id="H25FF54CEC34D44768BFA584A333CFA90"><enum>(3)</enum><text>the marketing or sale of unfair or deceptive financial products to mortgage applicants or mortgagors based on such data;</text>
</paragraph><paragraph id="H31A207808D7D414794EEE5EE2972DA13"><enum>(4)</enum><text>personal financial loss or emotional distress resulting from the exposure of mortgage applicants or mortgagors to identify theft or the loss of sensitive personal financial information; and</text>
</paragraph><paragraph id="HDF204ECCE82D420A9C05B7441B5BB539"><enum>(5)</enum><text display-inline="yes-display-inline">the potential legal liability facing the Consumer Law Enforcement Agency and market participants in the event the data required to be published, made available, or disclosed under the final rule leads or contributes to identity theft or the capture of sensitive personal financial information.</text>
</paragraph></subsection><subsection id="H5DE5922C611D49CE8BD7E3E1887F58DE"><enum>(b)</enum><header>Report</header><text>The Comptroller General of the United States shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that includes—</text>
<paragraph id="H2D740092B8B244DEA3AF5D696E3F09A0"><enum>(1)</enum><text>the findings and conclusions of the Comptroller General with respect to the study required under subsection (a); and</text>
</paragraph><paragraph id="H459780DE1AA143FD8D5ABA43A57DEBC5"><enum>(2)</enum><text>any recommendations for legislative or regulatory actions that—</text> <subparagraph id="H747A2498B28E489693594D5AC8482E85"><enum>(A)</enum><text>would enhance the privacy of a consumer when accessing mortgage credit; and</text>
</subparagraph><subparagraph id="H9E999CC62CBD4A9487A90B8852CAB9F8"><enum>(B)</enum><text>are consistent with consumer protections and safe and sound banking operations.</text> </subparagraph></paragraph></subsection><subsection id="HD73E79CA1CDE4DB88C8F9B47D674E3EC"><enum>(c)</enum><header>Suspension of data sharing requirements</header><text>Notwithstanding any other provision of law, including the final rule—</text>
<paragraph id="H725C74A68E5E4FA394F34BDB6F8ED083"><enum>(1)</enum><text>depository institutions shall not be required to publish, disclose, or otherwise make available to the public, pursuant to the Home Mortgage Disclosure Act of 1975 (or regulations issued under such Act) any data that was not required to be published, disclosed, or otherwise made available pursuant to such Act (or regulations issued under such Act) on the day before the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and</text>
</paragraph><paragraph id="H98D0A613A6C04670B7D7969D5AFD20E3"><enum>(2)</enum><text display-inline="yes-display-inline">the Consumer Law Enforcement Agency and the Financial Institutions Examination Council shall not publish, disclose, or otherwise make available to the public any such information received from a depository institution pursuant to the final rule.</text>
</paragraph></subsection><subsection id="H29DD3A5786B14CFA9E39F19B32D87781"><enum>(d)</enum><header>Definitions</header><text>For purposes of this section:</text> <paragraph id="HCBC20526714549DAB100A0E8564AAC73"><enum>(1)</enum><header>Depository institution</header><text display-inline="yes-display-inline">The term <term>depository institution</term> has the meaning given that term under section 303 of the Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2802">12 U.S.C. 2802</external-xref>).</text>
</paragraph><paragraph id="HD25892CAA11F4A71A539194135406D46"><enum>(2)</enum><header>Final rule</header><text>The term <term>final rule</term> means the final rule issued by the Bureau of Consumer Financial Protection titled <quote>Home Mortgage Disclosure (Regulation C)</quote> (October 28, 2015; 80 Fed. Reg. 66128).</text> </paragraph></subsection></section></subtitle><subtitle id="H1212AF344F564786AF097130D4AC979A"><enum>P</enum><header>Home Mortgage Disclosure Adjustment</header> <section id="H1770B4A7B3754FE78D62F6133002C6F6"><enum>576.</enum><header>Depository institutions subject to maintenance of records and disclosure requirements</header> <subsection id="HDFA61A65EDC74B5DA1E77D8A8FA8377C"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 304 of the Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2803">12 U.S.C. 2803</external-xref>) is amended—</text>
<paragraph id="HAA4696D6C7B04521A074C8F04391542E"><enum>(1)</enum><text>by redesignating subsection (i) as paragraph (2) and adjusting the margin appropriately; and</text> </paragraph><paragraph id="H819852977B73402F9D591F6A8BFFCB75"><enum>(2)</enum><text>by inserting before such paragraph (2) the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H692D9912343F4CEF9EF5134EAAEBDD03" reported-display-style="italic" style="OLC">
<subsection id="H01F437FBA6AB42BA9C7C0C09A88AF3C3"><enum>(i)</enum><header>Exemptions</header>
<paragraph id="H6D942CA58FE247D783736EE53AB1262F"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">With respect to a depository institution, the requirements of subsections (a) and (b) shall not apply—</text>
<subparagraph id="H99151E5DE742401AB3DB3993AC3E806E"><enum>(A)</enum><text display-inline="yes-display-inline">with respect to closed-end mortgage loans, if such depository institution originated less than 100 closed-end mortgage loans in each of the two preceding calendar years; and</text>
</subparagraph><subparagraph id="HDA40ABE569044FACBC7F686FCB525B44"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to open-end lines of credit, if such depository institution originated less than 200 open-end lines of credit in each of the two preceding calendar years.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H011CE05B3B0145C0A551AE11E6453A54"><enum>(b)</enum><header>Technical correction</header><text>Section 304(i)(2) of such Act, as redesignated by subsection (a), is amended by striking <quote>section 303(2)(A)</quote> and inserting <quote>section 303(3)(A)</quote>.</text> </subsection></section></subtitle><subtitle id="H091BEE01E014417292330A4F2068BDA0"><enum>Q</enum><header>Protecting Consumers’ Access to Credit</header> <section id="HDA5FB03960004A719B8BB53B311128A6" section-type="subsequent-section"><enum>581.</enum><header>Rate of interest after transfer of loan</header> <subsection id="HFAE656183B4E40429BE515C3CE3DF585"><enum>(a)</enum><header>Amendment to the Revised Statutes</header><text>Section 5197 of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/85">12 U.S.C. 85</external-xref>) is amended by adding at the end the following new sentence: <quote>A loan that is valid when made as to its maximum rate of interest in accordance with this section shall remain valid with respect to such rate regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party, and may be enforced by such third party notwithstanding any State law to the contrary.</quote>.</text>
</subsection><subsection id="HA27F20196135452AB37F357966E14D2E"><enum>(b)</enum><header>Amendment to the Home Owners’ Loan Act</header><text>Section 4(g)(1) of the Home Owners’ Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1463">12 U.S.C. 1463(g)(1)</external-xref>) is amended by adding at the end the following new sentence: <quote>A loan that is valid when made as to its maximum rate of interest in accordance with this subsection shall remain valid with respect to such rate regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party, and may be enforced by such third party notwithstanding any State law to the contrary.</quote>.</text>
</subsection><subsection id="HA7FC27E727304666AFABAC1B5BE1F8C8"><enum>(c)</enum><header>Amendment to the Federal Credit Union Act</header><text>Section 205(g)(1) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1785">12 U.S.C. 1785(g)(1)</external-xref>) is amended by adding at the end the following new sentence: <quote>A loan that is valid when made as to its maximum rate of interest in accordance with this subsection shall remain valid with respect to such rate regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party, and may be enforced by such third party notwithstanding any State law to the contrary.</quote>.</text>
</subsection><subsection id="HAFF7AC96B71E48DAA806F28A51B79B03"><enum>(d)</enum><header>Amendment to the Federal Deposit Insurance Act</header><text>Section 27(a) of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1831d">12 U.S.C. 1831d(a)</external-xref>) is amended by adding at the end the following new sentence: <quote>A loan that is valid when made as to its maximum rate of interest in accordance with this section shall remain valid with respect to such rate regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party, and may be enforced by such third party notwithstanding any State law to the contrary.</quote>.</text>
</subsection></section></subtitle><subtitle id="H7E59FF3A661D454882711E2C290CF41A"><enum>R</enum><header>NCUA Overhead Transparency</header>
<section id="HF93043A647AB4844BF052F24D2996FA9" section-type="subsequent-section"><enum>586.</enum><header>Fund transparency</header><text display-inline="no-display-inline">Section 203 of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1783">12 U.S.C. 1783</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H6CC569E83B12491D95FD31FDEA63FD18" reported-display-style="italic" style="OLC">
<subsection id="HCA9511927A6E41BAA195C6C11A8677AC"><enum>(g)</enum><header>Fund transparency</header>
<paragraph id="H467FFAFA819C40C3AAF3CA78790900A1"><enum>(1)</enum><header>In general</header><text>The Board shall accompany each annual budget submitted pursuant to section 209(b) with a report containing—</text>
<subparagraph id="HC1288924B6D94B82A6BD927726B9CCA4"><enum>(A)</enum><text display-inline="yes-display-inline">a detailed analysis of how the expenses of the Administration are assigned between prudential activities and insurance-related activities and the extent to which those expenses are paid from the fees collected pursuant to section 105 or from the Fund; and</text>
</subparagraph><subparagraph id="H76618568CA5342AEB9681E81A9DFC4FF"><enum>(B)</enum><text>the Board’s supporting rationale for any proposed use of amounts in the Fund contained in such budget, including detailed breakdowns and supporting rationales for any such proposed use related to titles of this Act other than this title.</text>
</subparagraph></paragraph><paragraph id="H45F009221BF348F1909515A4AD526FDE"><enum>(2)</enum><header>Public disclosure</header><text>The Board shall make each report described under paragraph (1) available to the public.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section></subtitle><subtitle id="HA054367E348448F78883DFBE0A5E3D24"><enum>S</enum><header>Housing Opportunities Made Easier</header> <section id="H6C4ADC723A994B8BA7C57ADF1AB5B920" section-type="subsequent-section"><enum>591.</enum><header>Clarification of donated services to non-profits</header><text display-inline="no-display-inline">Section 129E(i) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639e">15 U.S.C. 1639e(i)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H5AE317F8F24E462C8688BA59C363E98C" reported-display-style="italic" style="OLC">
<paragraph id="H1CC6037479914AF488F952DEA854FC15"><enum>(4)</enum><header>Rule of construction related to appraisal donations</header><text>For purposes of paragraph (1), if a fee appraiser voluntarily donates appraisal services to an organization described in <external-xref legal-doc="usc" parsable-cite="usc/26/170">section 170(c)(2)</external-xref> of the Internal Revenue Code of 1986, such voluntary donation shall be deemed customary and reasonable.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section></subtitle><enum>VI</enum><header>Regulatory Relief for Strongly Capitalized, Well Managed Banking Organizations</header>
<section id="H878B9C4200CC46808C5FC68F6C8A3399"><enum>601.</enum><header>Capital election</header>
<subsection id="HAA7BB283CF98441683D7845628EA6E8F"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">A banking organization may make an election under this section to be treated as a qualifying banking organization for purposes of the regulatory relief described under section 602.</text>
</subsection><subsection id="H088B24DF52FA40AEA58E549925D034C2"><enum>(b)</enum><header>Requirements</header><text>A banking organization may qualify to be treated as a qualifying banking organization if—</text> <paragraph id="HA629217ED50342AC8C3422C0E762188F"><enum>(1)</enum><text>the banking organization has an average leverage ratio of at least 10 percent;</text>
</paragraph><paragraph id="HCAD1F1408C4442A3BA672A7A7FAB2960"><enum>(2)</enum><text>with respect to a depository institution holding company, each insured depository institution subsidiary of the holding company simultaneously makes the election described under subsection (a); and</text>
</paragraph><paragraph commented="no" id="H1564FAB48CDC473E9E1C8CC0CE4B5A86"><enum>(3)</enum><text display-inline="yes-display-inline">with respect to an insured depository institution, any parent depository institution holding company of the institution simultaneously makes the election described under subsection (a).</text>
</paragraph></subsection><subsection id="H3455B246B2D8450592CD9FD8E9DE14B3"><enum>(c)</enum><header>Election process</header><text display-inline="yes-display-inline">To make an election under this section, a banking organization shall submit an election to the appropriate Federal banking agency (and any applicable State bank supervisor that regulates the banking organization) containing—</text>
<paragraph id="H68CCED7F7A4947609E083CD703AA4B2D"><enum>(1)</enum><text>a notice of such election;</text> </paragraph><paragraph id="H5100C99111FD4489BDBA9BC273349E7D"><enum>(2)</enum><text display-inline="yes-display-inline">the banking organization’s average leverage ratio, as well as the organization’s quarterly leverage ratio for each of the most recently completed four calendar quarters;</text>
</paragraph><paragraph id="HDD1F0713FA454DE8B1234E6A89004EA3"><enum>(3)</enum><text display-inline="yes-display-inline">if the banking organization is a depository institution holding company, the information described under paragraph (2) for each of the organization’s insured depository institution subsidiaries; and</text>
</paragraph><paragraph commented="no" id="H555736B148DC4EA0A4A0417BB8A92B43"><enum>(4)</enum><text display-inline="yes-display-inline">if the banking organization is an insured depository institution, the information described under paragraph (2) for any parent depository institution holding company of the institution.</text>
</paragraph></subsection><subsection id="HB5275EF5220A433BAE201C539A0B3163"><enum>(d)</enum><header>Effective date of election</header>
<paragraph id="H1B2E49AFB8BF452DAB75B88A7649804F"><enum>(1)</enum><header>In general</header><text>An election made under this section shall take effect at the end of the 30-day period beginning on the date that the appropriate Federal banking agency receives the application described under subsection (c), unless the appropriate Federal banking agency determines that the banking organization has not met the requirements described under subsection (b).</text>
</paragraph><paragraph id="HB817916DF147490EB389338BA33CB193"><enum>(2)</enum><header>Notice of failure to meet requirements</header><text display-inline="yes-display-inline">If the appropriate Federal banking agency determines that a banking organization submitting an election notice under subsection (c) does not meet the requirements described under subsection (b), the agency shall—</text>
<subparagraph id="H5BEDB7A6334A49D7B9E550ECF35225EA"><enum>(A)</enum><text display-inline="yes-display-inline">notify the banking organization (and any applicable State bank supervisor that regulates the banking organization), in writing, of such determination as soon as possible after such determination is made, but in no case later than the end of the 30-day period beginning on the date that the appropriate Federal banking agency receives the election; and</text>
</subparagraph><subparagraph id="HF6019FF973B74FFCB26E452BDB9752F2"><enum>(B)</enum><text display-inline="yes-display-inline">include in such notification the specific reasons for such determination and steps that the banking organization can take to meet such requirements.</text>
</subparagraph></paragraph></subsection><subsection id="HE37E4900BAB547A9A1037D136990C1A1"><enum>(e)</enum><header>Treatment of certain new banking organizations</header><text display-inline="yes-display-inline">In the case of a banking organization that is a newly-chartered insured depository institution or a banking organization that becomes a banking organization because it controls a newly-chartered insured depository institution, such banking organization may be treated as a qualifying banking organization immediately upon becoming a banking organization, if—</text>
<paragraph id="H64EDB75C300F4C9E915CBF26DE462B7D"><enum>(1)</enum><text display-inline="yes-display-inline">an election to be treated as a qualifying banking organization was included in the application filed with the appropriate Federal banking agency in connection with becoming a banking organization; and</text>
</paragraph><paragraph id="H7EE93C677153491D8596779BEA72398F"><enum>(2)</enum><text display-inline="yes-display-inline">as of the date the banking organization becomes a banking organization, the banking organization’s tangible equity divided by the banking organization’s leverage exposure, expressed as a percentage, is at least 10 percent.</text>
</paragraph></subsection><subsection id="HF4F538347EE246179CC079937CF786B8"><enum>(f)</enum><header>Failure to maintain quarterly leverage ratio and loss of election</header>
<paragraph id="HD694045AD5154291B35B76E34DA96CEA"><enum>(1)</enum><header>Effect of failure to maintain quarterly leverage ratio</header>
<subparagraph id="H26A80A5E29EA4ECB94B0F436FF4E739D"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">If, with respect to the most recently completed calendar quarter, the appropriate Federal banking agency determines that a qualifying banking organization’s quarterly leverage ratio is below 10 percent—</text>
<clause id="HC060FFF4D9B64DFE957130A12F45DEA1"><enum>(i)</enum><text display-inline="yes-display-inline">the appropriate Federal banking agency shall notify the qualifying banking organization and any applicable State bank supervisor that regulates the banking organization of such determination;</text>
</clause><clause id="HD584192E325B4D13B9ADCFD92B57C166"><enum>(ii)</enum><text>the appropriate Federal banking agency may prohibit the banking organization from making a capital distribution; and</text>
</clause><clause id="HCB2DB681EF0746278325D0B7E8D165BB"><enum>(iii)</enum><text display-inline="yes-display-inline">the banking organization shall, within 3 months of the first such determination, submit a capital restoration plan to the appropriate Federal banking agency.</text>
</clause></subparagraph><subparagraph id="H2DB0F2C1C3CA4831AAB6F2F62821F294"><enum>(B)</enum><header>Loss of election after one-year remediation period</header><text display-inline="yes-display-inline">If a banking organization described under subparagraph (A) does not, within the 1-year period beginning on the date of such determination, raise the organization’s quarterly leverage ratio for a calendar quarter ending in such 1-year period to at least 10 percent, the banking organization’s election under this section shall be terminated, and the appropriate Federal banking agency shall notify any applicable State bank supervisor that regulates the banking organization of such termination.</text>
</subparagraph><subparagraph id="H2A9A1B26DB344F38BA7F08E8EE63D240"><enum>(C)</enum><header>Effect of subsidiary on parent organization</header><text display-inline="yes-display-inline">With respect to a qualifying banking organization described under subparagraph (A) that is an insured depository institution, any parent depository institution holding company of the qualifying banking organization shall—</text>
<clause id="H10F3443F75AF4F17AA473298306ABB62"><enum>(i)</enum><text display-inline="yes-display-inline">if the appropriate Federal banking agency determines it appropriate, be prohibited from making a capital distribution (other than a capital contribution to such qualifying banking organization described under subparagraph (A)); and</text>
</clause><clause id="H60B04386C0CF4BD38965F5B796CDD197"><enum>(ii)</enum><text display-inline="yes-display-inline">if the qualifying banking organization has an election terminated under subparagraph (B), any such parent depository institution holding company shall also have its election under this section terminated.</text>
</clause></subparagraph></paragraph><paragraph id="H41D9D4048CB147A1959D04411E85ED7B"><enum>(2)</enum><header>Immediate loss of election if the quarterly leverage ratio falls below 6 percent</header>
<subparagraph id="H7C2981E8017445198609222F03FA2B45"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">If, with respect to the most recently completed calendar quarter, the appropriate Federal banking agency determines that a qualifying banking organization’s quarterly leverage ratio is below 6 percent, the banking organization’s election under this section shall be terminated, and the appropriate Federal banking agency shall notify any applicable State bank supervisor that regulates the banking organization of such termination.</text>
</subparagraph><subparagraph id="H19C5ADCE9CA747F4A9C86C724B3CFBB4"><enum>(B)</enum><header>Effect of subsidiary on parent organization</header><text display-inline="yes-display-inline">With respect to a qualifying banking organization described under subparagraph (A) that is an insured depository institution, any parent depository institution holding company of the qualifying banking organization shall also have its election under this section terminated.</text>
</subparagraph></paragraph><paragraph id="H3CED2290F1E8431A82C8541C9B188413"><enum>(3)</enum><header>Ability to make future elections</header><text display-inline="yes-display-inline">If a banking organization has an election under this section terminated, the banking organization may not apply for another election under this section until the banking organization has maintained a quarterly leverage ratio of at least 10 percent for 8 consecutive calendar quarters.</text>
</paragraph></subsection></section><section id="HB98F4763336F4937AC1FC743FC8FBB44"><enum>602.</enum><header>Regulatory relief</header>
<subsection id="HF3486C13C7004A81B16936A609EE716D"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">A qualifying banking organization shall be exempt from the following:</text> <paragraph id="HE43DDA1E03334E508A58502A5EB51CE2"><enum>(1)</enum><text display-inline="yes-display-inline">Any Federal law, rule, or regulation addressing capital or liquidity requirements or standards.</text>
</paragraph><paragraph id="H703B249BC4114800950DB0C9CE66B352"><enum>(2)</enum><text display-inline="yes-display-inline">Any Federal law, rule, or regulation that permits an appropriate Federal banking agency to object to a capital distribution.</text>
</paragraph><paragraph id="H639F80874E95495282B7EA027E3DF725"><enum>(3)</enum><text display-inline="yes-display-inline">Any consideration by an appropriate Federal banking agency of the following:</text> <subparagraph id="HD7F75192D7FE442097737394CB336415"><enum>(A)</enum><text display-inline="yes-display-inline">Any risk the qualifying banking organization may pose to <quote>the stability of the financial system of the United States</quote>, under section 5(c)(2) of the Bank Holding Company Act of 1956.</text>
</subparagraph><subparagraph id="H3E4166DA85094651902B18936219FE5A"><enum>(B)</enum><text display-inline="yes-display-inline">The <quote>extent to which a proposed acquisition, merger, or consolidation would result in greater or more concentrated risks to the stability of the United States banking or financial system</quote>, under section 3(c)(7) of the Bank Holding Company Act of 1956, so long as the banking organization, after such proposed acquisition, merger, or consolidation, would maintain a quarterly leverage ratio of at least 10 percent.</text>
</subparagraph><subparagraph id="H7C384AF59EAA402CB1854B6777D9D284"><enum>(C)</enum><text display-inline="yes-display-inline">Whether the performance of an activity by the banking organization could possibly pose a <quote>risk to the stability of the United States banking or financial system</quote>, under section 4(j)(2)(A) of the Bank Holding Company Act of 1956.</text> </subparagraph><subparagraph id="H0F02D6C67647492C82E430542796D648"><enum>(D)</enum><text display-inline="yes-display-inline">Whether the acquisition of control of shares of a company engaged in an activity described in section 4(j)(1)(A) of the Bank Holding Company Act of 1956 could possibly pose a <quote>risk to the stability of the United States banking or financial system</quote>, under section 4(j)(2)(A) of the Bank Holding Company Act of 1956, so long as the banking organization, after acquiring control of such company, would maintain a quarterly leverage ratio of at least 10 percent.</text>
</subparagraph><subparagraph id="H113CFC43E0FC4F8EA3D01528448F2DC8"><enum>(E)</enum><text display-inline="yes-display-inline">Whether a merger would pose a <quote>risk to the stability of the United States banking or financial system</quote>, under section 18(c)(5) of the Federal Deposit Insurance Act, so long as the banking organization, after such proposed merger, would maintain a quarterly leverage ratio of at least 10 percent.</text>
</subparagraph><subparagraph id="HA1ABFE6E4C5A4B23947EC1627AE3A18F"><enum>(F)</enum><text display-inline="yes-display-inline">Any risk the qualifying banking organization may pose to <quote>the stability of the financial system of the United States</quote>, under section 10(b)(4) of the Home Owners' Loan Act.</text> </subparagraph></paragraph><paragraph id="H344959A1AA554910A770E1B1BE2E255D"><enum>(4)</enum><text display-inline="yes-display-inline">Subsections (i)(8) and (k)(6)(B)(ii) of section 4 and section 14 of the Bank Holding Company Act of 1956.</text>
</paragraph><paragraph id="H604EE7DD3DDB42DFBA1B733CA89447D1"><enum>(5)</enum><text display-inline="yes-display-inline">Section 18(c)(13) of the Federal Deposit Insurance Act.</text> </paragraph><paragraph id="H8AAFBEE215284D3ABC47015D5937043B"><enum>(6)</enum><text display-inline="yes-display-inline">Section 163 of the Financial Stability Act of 2010.</text>
</paragraph><paragraph id="H3B4DD61729054300A763FD90D610548E"><enum>(7)</enum><text display-inline="yes-display-inline">Section 10(e)(2)(E) of the Home Owners’ Loan Act.</text> </paragraph><paragraph id="HC0700DCA269248B182D2388CE415B7E9"><enum>(8)</enum><text display-inline="yes-display-inline">Any Federal law, rule, or regulation implementing standards of the type provided for in subsections (b), (c), (d), (e), (g), (h), (i), and (j) of section 165 of the Financial Stability Act of 2010.</text>
</paragraph><paragraph id="H94B45BE8565145479E944A972FD75B3A"><enum>(9)</enum><text display-inline="yes-display-inline">Any Federal law, rule, or regulation providing limitations on mergers, consolidations, or acquisitions of assets or control, to the extent such limitations relate to capital or liquidity standards or concentrations of deposits or assets, so long as the banking organization, after such proposed merger, consolidation, or acquisition, would maintain a quarterly leverage ratio of at least 10 percent.</text>
</paragraph></subsection><subsection commented="no" id="H7F6B0A08ECC84737BD969AE419844253"><enum>(b)</enum><header>Qualifying banking organizations treated as well capitalized</header><text>A qualifying banking organization shall be deemed to be <quote>well capitalized</quote> for purposes of—</text> <paragraph commented="no" id="H1B2614D9A21E4E2CBA027A8AE96B2695"><enum>(1)</enum><text>section 216 of the Federal Credit Union Act; and</text>
</paragraph><paragraph commented="no" id="H9A0D9CBB6C044694B0AD7C100041F264"><enum>(2)</enum><text>sections 29, 38, 44, and 46 of the Federal Deposit Insurance Act.</text> </paragraph></subsection><subsection commented="no" id="HDEAB4B704D1546B49433ED9952915E61"><enum>(c)</enum><header>Treatment of certain risk-weighted asset requirements for qualifying banking organizations</header> <paragraph commented="no" id="H4640E03988564633B7A5439086DDBCDF"><enum>(1)</enum><header>Acquisition size criteria treatment</header><text display-inline="yes-display-inline">A qualifying banking organization shall be deemed to meet the criteria described under section 4(j)(4)(D) of the Bank Holding Company Act of 1956, so long as after the proposed transaction the acquiring qualifying banking organization would maintain a quarterly leverage ratio of at least 10 percent.</text>
</paragraph><paragraph commented="no" id="HB316E7CAD6B0482AA3E94E73B62888BF"><enum>(2)</enum><header>Use of leverage exposure</header><text>With respect to a qualifying banking organization, in determining whether a proposal qualifies with the criteria described under subparagraphs (A)(iii) and (B)(i) of section 4(j)(4) of the Bank Holding Company Act of 1956, the Board of Governors of the Federal Reserve System shall consider the leverage exposure of an insured depository institution instead of the total risk-weighted assets of such institution.</text>
</paragraph></subsection></section><section id="H9A4EE5883EB44619B7321E2308D542B4"><enum>603.</enum><header>Contingent capital study</header>
<subsection id="HEFD7A57203B140C892F1FB9ADEE5E2AF"><enum>(a)</enum><header>Study</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency shall each carry out a study, which shall include holding public hearings, on how to design a requirement that banking organizations issue contingent capital with a market-based conversion trigger.</text>
</subsection><subsection id="H02F22EF6E1E646CE9B589503943FF31A"><enum>(b)</enum><header>Report</header><text>Not later than the end of the 1-year period beginning on the date of the enactment of this Act, each agency described under subsection (a) shall submit a report to the Congress containing—</text>
<paragraph id="H79C0BBDBFA694EB2BC0DF07648BDD18E"><enum>(1)</enum><text>all findings and determinations made by the agency in carrying out the study required under subsection (a); and</text>
</paragraph><paragraph id="HB34914F85F3040B984534E257E47EF01"><enum>(2)</enum><text display-inline="yes-display-inline">the agency’s recommendations on how the Congress should design a requirement that banking organizations issue contingent capital with a market-based conversion trigger.</text>
</paragraph></subsection></section><section id="HACDAC772740446FE92B317F268E6B502"><enum>604.</enum><header>Study on altering the current prompt corrective action rules</header>
<subsection id="HE889FB7D99464E5DBACA0E0649A6AB50"><enum>(a)</enum><header>Study</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall conduct a study to assess the benefits and feasibility of altering the current prompt corrective action rules and replacing the Basel-based capital ratios with the nonperforming asset coverage ratio or NACR as the trigger for specific required supervisory interventions. The Comptroller General shall ensure that such study includes the following:</text>
<paragraph id="HDAAA317E7824454094107A6215C2802C"><enum>(1)</enum><text display-inline="yes-display-inline">An assessment of the performance of an NACR forward-looking measure of a banking organization’s solvency condition relative to the regulatory capital ratios currently used by prompt corrective action rules.</text>
</paragraph><paragraph id="H45D45246C6554D85AE291367DF20FA13"><enum>(2)</enum><text>An analysis of the performance of alternative definitions of nonperforming assets.</text> </paragraph><paragraph id="HAB89EA5B61F04BEF89202AD3550B0FB6"><enum>(3)</enum><text>An assessment of the impact of two alternative intervention thresholds:</text>
<subparagraph id="H01508ED24D414D3993DF36A7C8C856C7"><enum>(A)</enum><text>An initial (high) intervention threshold, below which appropriate Federal banking agency examiners are required to intervene and assess a banking organization’s condition and prescribe remedial measures.</text>
</subparagraph><subparagraph id="H816D3070AE084FEB93788225769033A7"><enum>(B)</enum><text>A lower threshold, below which banking organizations must increase their capital, seek an acquirer, or face mandatory resolution within 90 days.</text>
</subparagraph></paragraph></subsection><subsection id="H3BA69480D9A54BC4A65C8DC027381F07"><enum>(b)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than the end of the 1-year period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Congress containing—</text>
<paragraph id="H6B9FF2D1B360475BBE6E37C88F209D78"><enum>(1)</enum><text>all findings and determinations made in carrying out the study required under subsection (a); and</text> </paragraph><paragraph id="HAAE15005F1D24B0581BBFF18F08E7AD2"><enum>(2)</enum><text display-inline="yes-display-inline">recommendations on the most suitable definition of nonperforming assets, as well as the two numerical thresholds that trigger specific required supervisory interventions.</text>
</paragraph></subsection></section><section id="HD559B6E1DABF47E1998D31E47AE6C89C"><enum>605.</enum><header>Definitions</header><text display-inline="no-display-inline">For purposes of this title:</text> <paragraph id="HB7AFA0D435AA4FA2821F6BC9E64FC61B"><enum>(1)</enum><header>Appropriate Federal banking agency</header><text>The term <term>appropriate Federal banking agency</term>—</text>
<subparagraph id="H658555249CBC4CDE8D4685102E33AF4A"><enum>(A)</enum><text>has the meaning given such term under section 3 of the Federal Deposit Insurance Act; and</text> </subparagraph><subparagraph id="HD4CD8681154E4979858159F8506507E9"><enum>(B)</enum><text>means the National Credit Union Administration, in the case of an insured credit union.</text>
</subparagraph></paragraph><paragraph id="H3299681D513D4E738496F1FB77BC5176"><enum>(2)</enum><header>Banking organization</header><text>The term <term>banking organization</term> means—</text> <subparagraph id="H894A2ACD6DCF48B980E8CCC20F54779B"><enum>(A)</enum><text>an insured depository institution;</text>
</subparagraph><subparagraph id="H50F5E3DF5B2843A8A037469378166BD1"><enum>(B)</enum><text>an insured credit union;</text> </subparagraph><subparagraph id="HD53A970F16054423A6210965A752D4A0"><enum>(C)</enum><text display-inline="yes-display-inline">a depository institution holding company;</text>
</subparagraph><subparagraph id="H0343134354F549128FD419B157CB1E63"><enum>(D)</enum><text display-inline="yes-display-inline">a company that is treated as a bank holding company for purposes of section 8 of the International Banking Act; and</text>
</subparagraph><subparagraph id="H0BE7A8E9958B45BF8EAAA15BE561ECF1"><enum>(E)</enum><text display-inline="yes-display-inline">a U.S. intermediate holding company established by a foreign banking organization pursuant to section 252.153 of title 12, Code of Federal Regulations.</text>
</subparagraph></paragraph><paragraph id="H0B2D489A5F044BD0A898C80F2110D959"><enum>(3)</enum><header>Foreign exchange swap </header><text display-inline="yes-display-inline">The term <term>foreign exchange swap</term> has the meaning given that term under section 1a of the Commodity Exchange Act.</text> </paragraph><paragraph id="H3B5C3C3720CD41B2A19EBA277FD3B048"><enum>(4)</enum><header>Insured credit union</header><text>The term <term>insured credit union</term> has the meaning given that term under section 101 of the Federal Credit Union Act.</text>
</paragraph><paragraph id="H71DCB1C02B2B435083AE4E9F49332EBA"><enum>(5)</enum><header>Leverage exposure</header><text display-inline="yes-display-inline">The term <term>leverage exposure</term>—</text> <subparagraph id="H52845B9988464620B4C72BC979BA131B"><enum>(A)</enum><text display-inline="yes-display-inline">with respect to a banking organization other than an insured credit union or a traditional banking organization, has the meaning given the term <term>total leverage exposure</term> under section 3.10(c)(4)(ii), 217.10(c)(4), or 324.10(c)(4) of title 12, Code of Federal Regulations, as applicable, as in effect on the date of the enactment of this Act;</text>
</subparagraph><subparagraph id="H0B0E4AF9CA8D4148875AACE06481CB7E"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to a traditional banking organization other than an insured credit union, means total assets (minus any items deducted from common equity tier 1 capital) as calculated in accordance with generally accepted accounting principles and as reported on the traditional banking organization’s applicable regulatory filing with the banking organization’s appropriate Federal banking agency; and</text>
</subparagraph><subparagraph id="H4FD6680AC73948FA8C689E683A21D06E"><enum>(C)</enum><text display-inline="yes-display-inline">with respect to a banking organization that is an insured credit union, has the meaning given the term <term>total assets</term> under section 702.2 of title 12, Code of Federal Regulations, as in effect on the date of the enactment of this Act.</text>
</subparagraph></paragraph><paragraph id="H71863C69B03A457D97375931666EBD69"><enum>(6)</enum><header>Leverage ratio definitions</header>
<subparagraph id="HFE7FEEB1F84B450E999EA001D602B92C"><enum>(A)</enum><header>Average leverage ratio</header><text display-inline="yes-display-inline">With respect to a banking organization, the term <term>average leverage ratio</term> means the average of the banking organization’s quarterly leverage ratios for each of the most recently completed four calendar quarters.</text>
</subparagraph><subparagraph commented="no" id="HCF9E4A8A4B5D4005A3F09D8380C9F033"><enum>(B)</enum><header>Quarterly leverage ratio</header><text>With respect to a banking organization and a calendar quarter, the term <term>quarterly leverage ratio</term> means the organization’s tangible equity divided by the organization’s leverage exposure, expressed as a percentage, on the last day of such quarter.</text>
</subparagraph></paragraph><paragraph id="HB4558980F1594047AF374CFD3735FC24"><enum>(7)</enum><header>NACR</header><text>The term <term>NACR</term> means—</text> <subparagraph id="H0B38D55C12A24FAE92F2E0521A6EC00E"><enum>(A)</enum><text>book equity less nonperforming assets plus loan loss reserves, divided by</text>
</subparagraph><subparagraph id="H426CEEDE977048A69E68926707A06817"><enum>(B)</enum><text>total banking organization assets.</text> </subparagraph></paragraph><paragraph id="H835F3A4D507440538C2E21CF7A3A8111"><enum>(8)</enum><header>Nonperforming assets</header><text>The term <term>nonperforming assets</term> means—</text>
<subparagraph id="HA1072F8F6E6D4EABA13200261347F6FA"><enum>(A)</enum><text>20 percent of assets that are past due 30 to 89 days, plus</text> </subparagraph><subparagraph id="H28883B47451C4DE3A53A3D8A75C9D2CF"><enum>(B)</enum><text>50 percent of assets that are past due 90 days or more, plus</text>
</subparagraph><subparagraph id="H66B9C92A612D4FF1B5485D2B50FEF452"><enum>(C)</enum><text display-inline="yes-display-inline">100 percent of nonaccrual assets and other real estate owned.</text> </subparagraph></paragraph><paragraph id="HA3CB4A5444DA4FAE87CE0D2F2F5E3FEC"><enum>(9)</enum><header>Qualifying banking organization</header><text>The term <term>qualifying banking organization</term> means a banking organization that has made an election under section 601 and with respect to which such election is in effect.</text>
</paragraph><paragraph id="H3D0F639108554EB4B0C84BD560A07989"><enum>(10)</enum><header>Security-based swap </header><text display-inline="yes-display-inline">The term <term>security-based swap</term> has the meaning given that term under section 3 of the Securities Exchange Act of 1934.</text> </paragraph><paragraph id="H6E3577E6D6174C898E6BDC838AFEF9DB"><enum>(11)</enum><header>Swap</header><text display-inline="yes-display-inline">The term <term>swap</term> has the meaning given that term under section 1a of the Commodity Exchange Act.</text>
</paragraph><paragraph id="H861C75E160EE41D79360F4F86A13F01A"><enum>(12)</enum><header>Tangible equity</header><text display-inline="yes-display-inline">The term <term>tangible equity</term>—</text> <subparagraph id="H676E8670628D4CA7B4D022FC3BCC819B"><enum>(A)</enum><text display-inline="yes-display-inline">with respect to a banking organization other than a credit union, means the sum of—</text>
<clause id="HECFD5AF7799C494EBD9EE8C95DFB95F3"><enum>(i)</enum><text display-inline="yes-display-inline">common equity tier 1 capital;</text> </clause><clause id="H3D819B8191C045E29002E6F6B0AFAE67"><enum>(ii)</enum><text>additional tier 1 capital consisting of instruments issued on or before the date of enactment of this Act; and</text>
</clause><clause id="H42B03B6DCEA0440E814972509E6E590C"><enum>(iii)</enum><text display-inline="yes-display-inline">with respect to a depository institution holding company that had less than $15,000,000,000 in total consolidated assets as of December 31, 2009, or March 31, 2010, or a banking organization that was a mutual holding company as of May 19, 2010, trust preferred securities issued prior to May 19, 2010, to the extent such organization was permitted, as of the date of the enactment of this Act, to consider such securities as tier 1 capital under existing regulations of the appropriate Federal banking agency; and</text>
</clause></subparagraph><subparagraph id="H77EB518E4A6345E88F7E57555F3367B4"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to a banking organization that is a credit union, has the meaning given the term <term>net worth</term> under section 702.2 of title 12, Code of Federal Regulations, as in effect on the date of the enactment of this Act.</text>
</subparagraph></paragraph><paragraph id="HF3041D0566EB418B890834AC55C9D001"><enum>(13)</enum><header>Traditional banking organization</header><text display-inline="yes-display-inline">The term <term>traditional banking organization</term> means a banking organization that—</text> <subparagraph id="HC8A1063C3DFC46349935597FF9046837"><enum>(A)</enum><text>has zero trading assets and zero trading liabilities;</text>
</subparagraph><subparagraph id="H93190186D3D34E5F89155C1A249C6437"><enum>(B)</enum><text display-inline="yes-display-inline">does not engage in swaps or security-based swaps, other than swaps or security-based swaps referencing interest rates or foreign exchange swaps; and</text>
</subparagraph><subparagraph id="H20A4763D05944620891CD4DA99035032"><enum>(C)</enum><text>has a total notional exposure of swaps and security-based swaps of not more than $8,000,000,000.</text> </subparagraph></paragraph><paragraph id="H3EFBB6D2C97846129829140548BA4972"><enum>(14)</enum><header>Other banking terms</header><text>The terms <term>insured depository institution</term> and <term>depository institution holding company</term> have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act.</text>
</paragraph><paragraph id="HE89D4B54FFCF458287748BBF05CA764F"><enum>(15)</enum><header>Other capital terms</header><text display-inline="yes-display-inline">With respect to a banking organization, the terms <term>additional tier 1 capital</term> and <term>common equity tier 1 capital</term> have the meaning given such terms, respectively, under section 3.20, 217.20, or 324.20 of title 12, Code of Federal Regulations, as applicable, as in effect on the date of the enactment of this Act.</text>
</paragraph></section><enum>VII</enum><header>Empowering Americans to Achieve Financial Independence</header>
<subtitle id="H30D5498EC4C5490CA82BC0E79D34B074"><enum>A</enum><header>Separation of Powers and Liberty Enhancements</header>
<section id="HC348D81CFE7943E5B2C2CE8E27E70E71"><enum>711.</enum><header>Consumer Law Enforcement Agency</header>
<subsection id="HE5445BEDDA5A45F9A3F59F156E016D0A"><enum>(a)</enum><header>Making the Bureau an independent Consumer Law Enforcement Agency</header><text>The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text> <paragraph id="HF1693DFE53B043ECAE90485173B49DC4"><enum>(1)</enum><text display-inline="yes-display-inline">in section 1011—</text>
<subparagraph id="H70028D46FFB24E5199C46B6661CEF2D9"><enum>(A)</enum><text>in the heading of such section, by striking <quote><header-in-text level="section" style="OLC">BUREAU OF CONSUMER FINANCIAL PROTECTION</header-in-text></quote> and inserting <quote><header-in-text level="section" style="OLC">Consumer Law Enforcement Agency</header-in-text></quote>;</text> </subparagraph><subparagraph id="HB44998C0EB894A6C9D7A6FA668FCAF5C"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (a)—</text>
<clause id="HD938C671270046E6BD512B639B851056"><enum>(i)</enum><text>in the heading of such subsection, by striking <quote><header-in-text level="subsection" style="OLC">Bureau</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">Agency</header-in-text></quote>;</text> </clause><clause id="HA679817D72E348DDAFC69DC83ADDCB3C"><enum>(ii)</enum><text>by striking <quote>in the Federal Reserve System,</quote>;</text>
</clause><clause id="H75F30E8199C145F295A7DE3650724A17"><enum>(iii)</enum><text>by striking <quote>independent bureau</quote> and inserting <quote>independent agency</quote>; and</text> </clause><clause id="H5850A585714E46589E4434E4002E4061"><enum>(iv)</enum><text>by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency (hereinafter in this section referred to as the <quote>Agency</quote>)</quote>;</text>
</clause></subparagraph><subparagraph id="H64ED5B4DD26C4DBE87022F343D427F40"><enum>(C)</enum><text>in subsection (b)(5), by amending subparagraph (A) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H15719A5F9AC14306B01FDFCC0AEC1B25" reported-display-style="italic" style="OLC"> <subparagraph id="H15F399FC1AD64F4793207CE466DCEE86"><enum>(A)</enum><text display-inline="yes-display-inline">shall be appointed by the President; and</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H75856F459BAC4C28AF8F6BECAE0E7671"><enum>(D)</enum><text>in subsection (c), by striking paragraph (3);</text> </subparagraph><subparagraph id="H15F0B4FFFCB649B5A3E43E9F57D87A42"><enum>(E)</enum><text display-inline="yes-display-inline">in subsection (e), by striking <quote>, including in cities in which the Federal reserve banks, or branches of such banks, are located,</quote>; and</text>
</subparagraph><subparagraph id="HB65239A8036B4643B5A87444951FA6A1"><enum>(F)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>; and</text> </subparagraph></paragraph><paragraph id="HB5B66EA716B64247AFC31A73CA38308A"><enum>(2)</enum><text>in section 1012—</text>
<subparagraph id="H5CF43343531040268620748D426D239C"><enum>(A)</enum><text>in subsection (a)(10), by striking <quote>examinations,</quote>; and</text> </subparagraph><subparagraph id="H70BC8211DB764D40B516C0563D4C743E"><enum>(B)</enum><text>by striking subsection (c).</text>
</subparagraph></paragraph></subsection><subsection id="HC99D8C31095C4E38A03F16C8662E75A3"><enum>(b)</enum><header>Deeming of name</header><text>Any reference in a law, regulation, document, paper, or other record of the United States to the Bureau of Consumer Financial Protection shall be deemed a reference to the Consumer Law Enforcement Agency.</text>
</subsection><subsection commented="no" id="HF87710F2E65142FFAE2921B43ED6B793"><enum>(c)</enum><header>Conforming amendments</header>
<paragraph commented="no" id="H62832BE75DFD47C9AF273867758BAFC5"><enum>(1)</enum><header>Dodd-Frank Wall Street Reform and Consumer Protection Act</header><text display-inline="yes-display-inline">The Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref> et seq.) is amended—</text> <subparagraph commented="no" id="H01D66BF5D89248AAA4EE4BE09DC54BAE"><enum>(A)</enum><text>in the table of contents in section 1(b)—</text>
<clause commented="no" id="H9B3F4F80FE4649888032841B4429E499"><enum>(i)</enum><text>by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text> </clause><clause commented="no" id="HA7A9830788A541D1A40D8F2EE4FC9C66"><enum>(ii)</enum><text>in the table of contents relating to title X, in the items relating to subtitle B, subtitle C, and section 1027, by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>;</text>
</clause></subparagraph><subparagraph id="HB6B279EA27864086BA33537E6FDB1EC6"><enum>(B)</enum><text>in section 2, by amending paragraph (4) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H9816D6FE71D9492F8E4FCE48107759A4" reported-display-style="italic" style="OLC"> <paragraph id="H4AE38B419CE24BFA83D2B88F62208F94"><enum>(4)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency established under title X.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H5EC94FC10928464AA68BA704FC49F50D"><enum>(C)</enum><text display-inline="yes-display-inline">in section 342 by striking <quote>Bureau</quote> each place such term appears in headings and text and inserting <quote>Agency</quote>;</text> </subparagraph><subparagraph id="H863F08D9FEB543EBAA41E11F13D0D3FF"><enum>(D)</enum><text>in section 1400(b)—</text>
<clause id="H9B656CE52A114AC190DEA783E977A0CE"><enum>(i)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text> </clause><clause id="HED10CF5338024CFA8542585E86E27339"><enum>(ii)</enum><text>in the subsection heading, by striking <quote><header-in-text level="subsection" style="OLC">Bureau of Consumer Financial Protection</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">Consumer Law Enforcement Agency</header-in-text></quote>;</text>
</clause></subparagraph><subparagraph id="H786371CA9A07424FA67971865BC4B316"><enum>(E)</enum><text display-inline="yes-display-inline">in section 1411(a)(1), by striking <quote>Bureau</quote> and inserting <quote>Agency</quote>; and</text> </subparagraph><subparagraph id="H55ECBEF4145B4FA2AECF15F479895884"><enum>(F)</enum><text>in section 1447, by striking <quote>Director of the Bureau</quote> each place such term appears and inserting <quote>Director of the Consumer Law Enforcement Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H5B182C79551747FAAF9BFC7ADC795462"><enum>(2)</enum><header>Alternative Mortgage Transaction Parity Act of 1982</header><text display-inline="yes-display-inline">The Alternative Mortgage Transaction Parity Act of 1982 (<external-xref legal-doc="usc" parsable-cite="usc/12/3801">12 U.S.C. 3801</external-xref> et seq.) is amended—</text> <subparagraph id="HA28571B8550344648ADA6D7BE3850FD1"><enum>(A)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text>
</subparagraph><subparagraph id="H57EF9641FF3C4873841B4E5E86D4026F"><enum>(B)</enum><text display-inline="yes-display-inline">in the subsection heading of subsection (d) of section 804 (<external-xref legal-doc="usc" parsable-cite="usc/12/3803">12 U.S.C. 3803(d)</external-xref>), by striking <quote><header-in-text level="subsection" style="OLC">Bureau</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">Agency</header-in-text></quote>.</text> </subparagraph></paragraph><paragraph id="H49E49BAB87C8492B87017A0C8888CFE9"><enum>(3)</enum><header>Electronic Fund Transfer Act</header><text display-inline="yes-display-inline">The Electronic Fund Transfer Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1693">15 U.S.C. 1693</external-xref> et seq.) is amended—</text>
<subparagraph id="H936A39E8790E4B16A4B5C7642671BCFA"><enum>(A)</enum><text>by amending the second paragraph (4) (defining the term <term>Bureau</term>) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HCA7B122CAAD045F085088C782D980609" reported-display-style="italic" style="OLC"> <paragraph id="H6BACE5EA64484373882DD1D4012F1061"><enum>(4)</enum><text display-inline="yes-display-inline">the term <term>Agency</term> means the Consumer Law Enforcement Agency;</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HA5583E8CF9684CCEBE9CEEDCE53ED344"><enum>(B)</enum><text display-inline="yes-display-inline">in section 916(d)(1), by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text> </subparagraph><subparagraph id="HA400EAF1DFA34C7EBA3E37F53C069FD7"><enum>(C)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place that term appears in heading or text and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H524FD3C992934FE7A0DE41929FDE1F63"><enum>(4)</enum><header>Equal Credit Opportunity Act</header><text display-inline="yes-display-inline">The Equal Credit Opportunity Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1691">15 U.S.C. 1691</external-xref> et seq.) is amended—</text> <subparagraph id="H5DBBC1F7A321471FB2EFCEAD7677B91F"><enum>(A)</enum><text display-inline="yes-display-inline">in section 702 (<external-xref legal-doc="usc" parsable-cite="usc/15/1691a">15 U.S.C. 1691a</external-xref>), by amending subsection (c) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HA26A316019794FECBC175C4D0F01E3B2" reported-display-style="italic" style="OLC">
<subsection id="HADA72F020D8B47AF977007E307A371A9"><enum>(c)</enum><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block> </subparagraph><subparagraph id="H880482E94F8347C38C315F6765D25C8A"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place that term appears in heading or text and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="HC4BE0372CD164CA59D01A7AEA82EC3E6"><enum>(5)</enum><header>Expedited Funds Availability Act</header><text display-inline="yes-display-inline">The Expedited Funds Availability Act (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001</external-xref> et seq.) is amended—</text> <subparagraph id="H849D690EBA9641BAA183AFE3D13A3EFA"><enum>(A)</enum><text>by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text>
</subparagraph><subparagraph id="H0DC2C52FCCCD4F4FB5B643989BAE597D"><enum>(B)</enum><text>in the heading of section 605(f)(1), by striking <quote><header-in-text level="paragraph" style="OLC">board and bureau</header-in-text></quote> and inserting <quote><header-in-text level="paragraph" style="OLC">Board and Agency</header-in-text></quote>.</text> </subparagraph></paragraph><paragraph id="HB94131ED73E94282BB88108906890909"><enum>(6)</enum><header>Fair and Accurate Credit Transactions Act of 2003</header><text display-inline="yes-display-inline">The Fair and Accurate Credit Transactions Act of 2003 (<external-xref legal-doc="public-law" parsable-cite="pl/108/159">Public Law 108–159</external-xref>) is amended by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>.</text>
</paragraph><paragraph id="H1C637E15505D4C17A07341C638CE14D3"><enum>(7)</enum><header>Fair Credit Reporting Act</header><text display-inline="yes-display-inline">The Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681">15 U.S.C. 1681</external-xref> et seq.) is amended—</text> <subparagraph id="HD4D044DECD4D4426B2B6DBF1734ACF01"><enum>(A)</enum><text>by amending section 603(w) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H738A2578433940EB94954D4FFD461520" reported-display-style="italic" style="OLC">
<subsection id="H2B1BF2907BA0410BB46FB2972E07EABB"><enum>(w)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block> </subparagraph><subparagraph id="HC40A860F78984CF7A1E9C4AB01B8B2BA"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place such term appears, other than in sections 626 and 603(v), and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H98D57DAAD2604ACA854572117D036A7D"><enum>(8)</enum><header>Fair Debt Collection Practices Act</header><text display-inline="yes-display-inline">The Fair Debt Collection Practices Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1692">15 U.S.C. 1692</external-xref> et seq.) is amended—</text> <subparagraph id="H96E8CED10A4240EABBA797AFC0640D7F"><enum>(A)</enum><text>by amending section 803(1) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H60F5ED9A5BE442F596C569BBCA94D517" reported-display-style="italic" style="OLC">
<paragraph id="H75B88A0D3D4646D9AEBAA1663C49D443"><enum>(1)</enum><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></paragraph><after-quoted-block>; and </after-quoted-block></quoted-block> </subparagraph><subparagraph id="HF3BB447AC691430EA72ED721365E7459"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place such term appears in heading or text and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="HFEE8E49C8DFB438082B5CD844A9D2360"><enum>(9)</enum><header>Federal Deposit Insurance Act</header><text display-inline="yes-display-inline">The Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1811">12 U.S.C. 1811</external-xref> et seq.) is amended—</text> <subparagraph id="HB96F54D6A82549B383C876F6D550C1D5"><enum>(A)</enum><text display-inline="yes-display-inline">in the second paragraph (6) (with the heading <quote>Referral to bureau of consumer financial protection</quote>) of section 8(t) (<external-xref legal-doc="usc" parsable-cite="usc/12/1818">12 U.S.C. 1818(t)</external-xref>)—</text>
<clause id="HD47B312DB4E94D4A95E1EF252FF3BF36"><enum>(i)</enum><text>in the paragraph heading, by striking <quote><header-in-text level="paragraph" style="OLC">bureau of consumer financial protection</header-in-text></quote>; and inserting <quote><header-in-text level="paragraph" style="OLC">Consumer Law Enforcement Agency</header-in-text></quote>; and</text> </clause><clause id="H9007C4E1CC944F988A49ADAB64D81742"><enum>(ii)</enum><text>by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>;</text>
</clause></subparagraph><subparagraph id="H219D132F985E47AEB727A33947E66183"><enum>(B)</enum><text display-inline="yes-display-inline">by amending clause (vi) of section 11(t)(2)(A) (<external-xref legal-doc="usc" parsable-cite="usc/12/1821">12 U.S.C. 1821(t)(2)(A)(vi)</external-xref>) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H4778A7D8D35445BC9A83BB477484318F" reported-display-style="italic" style="OLC"> <clause id="HBC6746A42BCE49D49D39F3CA6BB5D31E"><enum>(vi)</enum><text display-inline="yes-display-inline">The Consumer Law Enforcement Agency.</text></clause><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HCE777C3155B646B9A46893671BB45C5D"><enum>(C)</enum><text display-inline="yes-display-inline">in section 18(x) (<external-xref legal-doc="usc" parsable-cite="usc/12/1828">12 U.S.C. 1828(x)</external-xref>), by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>;</text> </subparagraph><subparagraph id="HC8A08649B1604802901BFC9B39977E88"><enum>(D)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="H77F3D0230F5C476B900151C71173EB78"><enum>(E)</enum><text display-inline="yes-display-inline">in section 43(e) (<external-xref legal-doc="usc" parsable-cite="usc/12/1831t">12 U.S.C. 1831t(e)</external-xref>), by amending paragraph (5) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF9D4021B24C346618D8A805BABFF8FC8" reported-display-style="italic" style="OLC"> <paragraph id="H59FE4429DBE041C8924B234F9A24CBE3"><enum>(5)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph commented="no" id="H982504F66A764E2383DFCF0D2B38BD91"><enum>(10)</enum><header>Federal Financial Institutions Examination Council Act of 1978</header><text display-inline="yes-display-inline">The Federal Financial Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3301">12 U.S.C. 3301</external-xref> et seq.) is amended—</text>
<subparagraph id="H3F105CB5479C455ABBEDF0C196446C47"><enum>(A)</enum><text>in section 1004(a)(4), by striking <quote>Consumer Financial Protection Bureau</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text> </subparagraph><subparagraph id="H9F511C63E2954568A64CB42758EECD5E"><enum>(B)</enum><text display-inline="yes-display-inline">in section 1011, by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="HA618130DF16B464F9D6021828FB1D744"><enum>(11)</enum><header>Financial Institutions Reform, Recovery, and Enforcement Act of 1989</header><text display-inline="yes-display-inline">The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="public-law" parsable-cite="pl/101/73">Public Law 101–73</external-xref>; 103 Stat. 183) is amended—</text>
<subparagraph id="H7FE49FE3D21F4363AC5DAA799D43750D"><enum>(A)</enum><text display-inline="yes-display-inline">in section 1112(b) (<external-xref legal-doc="usc" parsable-cite="usc/12/3341">12 U.S.C. 3341</external-xref>), by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>;</text> </subparagraph><subparagraph id="H247C9B0244974EB3A56F7777BED47A71"><enum>(B)</enum><text display-inline="yes-display-inline">in section 1124 (<external-xref legal-doc="usc" parsable-cite="usc/12/3353">12 U.S.C. 3353</external-xref>), by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>;</text>
</subparagraph><subparagraph id="H2242F44D95824268A227421E3C4F3CA2"><enum>(C)</enum><text display-inline="yes-display-inline">in section 1125 (<external-xref legal-doc="usc" parsable-cite="usc/12/3354">12 U.S.C. 3354</external-xref>), by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text> </subparagraph><subparagraph id="HA8FD92AF94EA465ABAC4E87721030A9B"><enum>(D)</enum><text display-inline="yes-display-inline">in section 1206(a) (<external-xref legal-doc="usc" parsable-cite="usc/12/1833b">12 U.S.C. 1833b(a)</external-xref>), by striking <quote>Federal Housing Finance Board</quote> and all that follows through <quote>Farm Credit Administration</quote> and inserting <quote>Federal Housing Finance Board, the Consumer Law Enforcement Agency, and the Farm Credit Administration</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="HD61562EFC16C4A46855C18D67B0C0AA5"><enum>(12)</enum><header>Financial Literacy and Education Improvement Act</header><text display-inline="yes-display-inline">Section 513 of the Financial Literacy and Education Improvement Act (<external-xref legal-doc="usc" parsable-cite="usc/20/9702">20 U.S.C. 9702</external-xref>) is amended by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</paragraph><paragraph id="HC9BEC4B663B2453CA58AE9636FDB5AAE"><enum>(13)</enum><header>Gramm-Leach-Bliley Act</header><text display-inline="yes-display-inline">Title V of the Gramm-Leach-Bliley Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6801">15 U.S.C. 6801</external-xref> et seq.) is amended—</text> <subparagraph id="H8CA308C577CF401691299CC064AD3342"><enum>(A)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text>
</subparagraph><subparagraph id="H71E0058DC19A4173AA02116952DA6322"><enum>(B)</enum><text display-inline="yes-display-inline">in section 505(a)(8) (<external-xref legal-doc="usc" parsable-cite="usc/15/6805">15 U.S.C. 6805(a)(8)</external-xref>), by striking <quote>Bureau</quote> and inserting <quote>Agency</quote>.</text> </subparagraph></paragraph><paragraph commented="no" id="H7E422E23C7F94F60942AE6EDA107B0A9"><enum>(14)</enum><header>Home Mortgage Disclosure Act of 1975</header><text display-inline="yes-display-inline">The Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2801">12 U.S.C. 2801</external-xref> et seq.) is amended—</text>
<subparagraph id="HC6708580F139452EAF033DE4E4A0158D"><enum>(A)</enum><text>by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>;</text> </subparagraph><subparagraph id="HF62265BB87E747E3886E1B053B55EB93"><enum>(B)</enum><text>by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="H463836A35D5B46E4AC6503AA308D0566"><enum>(C)</enum><text display-inline="yes-display-inline">in section 303, by amending paragraph (1) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H72AFB160ACD0427A8737C5CDEF6197F3" reported-display-style="italic" style="OLC"> <paragraph id="HD2E2B50A2B994F81B2AF66F0DF2C627F"><enum>(1)</enum><text display-inline="yes-display-inline">the term <term>Agency</term> means the Consumer Law Enforcement Agency;</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H941144334AD54F279646DED2DF15C195"><enum>(15)</enum><header>Homeowners Protection Act of 1998</header><text display-inline="yes-display-inline">Section 10(a)(4) of the Homeowners Protection Act of 1998 (<external-xref legal-doc="usc" parsable-cite="usc/12/4909">12 U.S.C. 4909(a)(4)</external-xref>) is amended by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</paragraph><paragraph id="HF6919624CF5A48DBBB88AD1ED9446484"><enum>(16)</enum><header>Home Ownership and Equity Protection Act of 1994</header><text display-inline="yes-display-inline">Section 158(a) of the Home Ownership and Equity Protection Act of 1994 (<external-xref legal-doc="usc" parsable-cite="usc/15/1601">15 U.S.C. 1601</external-xref> note) is amended by striking <quote>Bureau</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</paragraph><paragraph commented="no" id="H899A7C3CC376438F82CE483BEAA1160C"><enum>(17)</enum><header>Interstate Land Sales Full Disclosure Act</header><text display-inline="yes-display-inline">The Interstate Land Sales Full Disclosure Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1701">12 U.S.C. 1701</external-xref> et seq.) is amended—</text> <subparagraph id="HB44C60B9B640438A9AB446831E18AA67"><enum>(A)</enum><text>by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Agency</quote>;</text>
</subparagraph><subparagraph commented="no" id="H7CF2B832DDF4447E8EA8451FD895085F"><enum>(B)</enum><text>in section 1402, by amending paragraph (12) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H2484C2E1EE8641D39576A3F36574E878" reported-display-style="italic" style="OLC"> <paragraph id="HA97DDDC0479E48A1AB465308AE127E80"><enum>(12)</enum><text display-inline="yes-display-inline"><quote>Agency</quote> means the Consumer Law Enforcement Agency.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H8C7C479F854245BFA510D1182FF39F7B"><enum>(C)</enum><text>in section 1416, by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>.</text> </subparagraph></paragraph><paragraph commented="no" id="HA8CBCED1F2BE4572BBBD8E917BE8D5B1"><enum>(18)</enum><header>Real Estate Settlement Procedures Act of 1974</header><text display-inline="yes-display-inline">The Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2601">12 U.S.C. 2601</external-xref> et seq.) is amended—</text>
<subparagraph id="HAE6DCB1AD35C4BF0AB8D3241026101FC"><enum>(A)</enum><text>by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>;</text> </subparagraph><subparagraph id="H32DB12531565469F9638976BF3A5F09D"><enum>(B)</enum><text>by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="H29643D7A7E8247BCA1A56D89AABC56ED"><enum>(C)</enum><text>in section 3, by amending paragraph (9) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HA04668EE12AE422EB62B14A1F8B85E58" reported-display-style="italic" style="OLC"> <paragraph id="H0E660C4D16F14AF389A53680CE3B6761"><enum>(9)</enum><text display-inline="yes-display-inline">the term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H8B91D3A57B98434A92D293757AD41516"><enum>(19)</enum><header>Revised Statues of the United States</header><text display-inline="yes-display-inline">Section 5136C(b)(3)(B) of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/25b">12 U.S.C. 25b(b)(3)(B)</external-xref>) is amended by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</paragraph><paragraph id="H2347BA7574604801B8A2E840D4C533A2"><enum>(20)</enum><header>Right to Financial Privacy Act of 1978</header><text display-inline="yes-display-inline">The Right to Financial Privacy Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3401">12 U.S.C. 3401</external-xref> et seq.) is amended—</text> <subparagraph id="HBAA6AEED39FE46158B510BCDECCDC231"><enum>(A)</enum><text display-inline="yes-display-inline">by amending subparagraph (B) of section 1101(7) (<external-xref legal-doc="usc" parsable-cite="usc/12/3401">12 U.S.C. 3401(7)(B)</external-xref>) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H92C5D3F5688B40D0B2632D535298028B" reported-display-style="italic" style="OLC">
<subparagraph id="H24E0049B041A48F688EF694671BE9524"><enum>(B)</enum><text display-inline="yes-display-inline">the Consumer Law Enforcement Agency;</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block> </subparagraph><subparagraph id="H29B6875D6C9649CBB7A147B4DFB6B06F"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears in heading or text and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="H6D4DD5E7D15B453DAAFB202C84EBC297"><enum>(21)</enum><header>S.A.F.E. Mortgage Licensing Act of 2008</header><text display-inline="yes-display-inline">The S.A.F.E. Mortgage Licensing Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5101">12 U.S.C. 5101</external-xref> et seq.) is amended—</text> <subparagraph id="HA4F9FA81D5704653B3073973774EDD56"><enum>(A)</enum><text>in section 1507, by striking <quote>Bureau, and the Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>;</text>
</subparagraph><subparagraph id="H785CF68A813B4F05AE3A03B3032D2438"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>;</text> </subparagraph><subparagraph id="H304454FC2B0646E198D0E7729C70BBC6"><enum>(C)</enum><text>by striking <quote>Bureau</quote> each place such appears, other than in sections 1505(a)(1), 1507(a)(2)(A), and 1511(b), and inserting <quote>Agency</quote>;</text>
</subparagraph><subparagraph id="H300E9A0EA204418585619B0B9074EA36"><enum>(D)</enum><text>in section 1503, by amending paragraph (1) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB80C15FC58844C81AD9D9983FF8E0E09" reported-display-style="italic" style="OLC"> <paragraph id="H35D66486E64E4E8F89C8B9706A2D3F49"><enum>(1)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HBBE35F1673994A3C8A9199CF3787DF5B"><enum>(E)</enum><text>in the heading of section 1508, by striking <quote><header-in-text level="section" style="OLC">BUREAU OF CONSUMER FINANCIAL PROTECTION</header-in-text></quote> and inserting <quote><header-in-text level="section" style="OLC">Consumer Law Enforcement Agency</header-in-text></quote>; and</text> </subparagraph><subparagraph id="H1BF8D1A0AA894669BA7AD2D4BA614191"><enum>(F)</enum><text>in the heading of section 1514, by striking <quote><header-in-text level="section" style="OLC">BUREAU</header-in-text></quote> and inserting <quote><header-in-text level="section" style="OLC">AGENCY</header-in-text></quote>.</text>
</subparagraph></paragraph><paragraph id="HC5D3BCD6641C42C5894B05639B4EFBFE"><enum>(22)</enum><header>Telemarketing and Consumer Fraud and Abuse Prevention Act</header><text display-inline="yes-display-inline">The Telemarketing and Consumer Fraud and Abuse Prevention Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6101">15 U.S.C. 6101</external-xref> et seq.) is amended by striking <quote>Bureau of Consumer Financial Protection</quote> each place such term appears in heading or text and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</paragraph><paragraph id="HCF61ABD71B8C44AE8080B5777574EAC0"><enum>(23)</enum><header>Title 5, United States Code</header><text display-inline="yes-display-inline">Title 5, United States Code, is amended—</text> <subparagraph id="H1FB28E8FE7AA4D6C875B2269EF437EFF"><enum>(A)</enum><text>in section 552a(w)—</text>
<clause id="HB27E600BD0BB46F08BADEFD9B6EF7F03"><enum>(i)</enum><text>in the subsection heading, by striking <quote><header-in-text level="subsection" style="OLC">Bureau of Consumer Financial Protection</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">Consumer Law Enforcement Agency</header-in-text></quote>;</text> </clause><clause id="HD3216FB80A81473ABCD9C8827554BE98"><enum>(ii)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>;</text>
</clause></subparagraph><subparagraph id="H73490C51DD9341D2B9DC826D32D15DE2"><enum>(B)</enum><text display-inline="yes-display-inline">in section 609(d)(2), by striking <quote>Consumer Financial Protection Bureau of the Federal Reserve System</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>; and</text> </subparagraph><subparagraph id="H7C8794B675534DEEA732D477080811B6"><enum>(C)</enum><text>in section 3132(a)(1)(D), as amended by section 151(a)(1), is further amended by inserting <quote>the Consumer Law Enforcement Agency,</quote> before <quote>and the National Credit Union Administration</quote>.</text>
</subparagraph></paragraph><paragraph id="H6031B976E7D7407892C90612055E30F5"><enum>(24)</enum><header>Title 10, United States Code</header>
<subparagraph commented="no" id="H2578513AED7F4AA9A5123CCD2BA53067"><enum>(A)</enum><header>Section 987</header><text display-inline="yes-display-inline">Section 987(h)(3)(E) of title 10, United States Code, is amended by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>.</text> </subparagraph><subparagraph id="HDDDC3CEBE9CC4AE0BF8ECEBEBF43248D"><enum>(B)</enum><header>NDAA FY 2015</header><text>Section 557(a) of the Carl Levin and Howard P. <quote>Buck</quote> McKeon National Defense Authorization Act for Fiscal Year 2015 (<external-xref legal-doc="public-law" parsable-cite="pl/113/29">Public Law 113–29</external-xref>; 128 Stat. 3381; <external-xref legal-doc="usc" parsable-cite="usc/10/1144">10 U.S.C. 1144</external-xref> note), is amended by striking <quote>Consumer Financial Protection Bureau</quote> each place such term appears and inserting <quote>Consumer Law Enforcement Agency</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="H23CA58DF8B4A48C68212F75DFAFB7863"><enum>(25)</enum><header>Title 44, United States Code</header><text display-inline="yes-display-inline">Title 44, United States Code, is amended—</text> <subparagraph id="H56F17393E16D441A892BB655C6D55C43"><enum>(A)</enum><text>in section 3502(5), by striking <quote>the Bureau of Consumer Financial Protection, the Office of Financial Research,</quote> and inserting <quote>the Consumer Law Enforcement Agency,</quote>; and</text>
</subparagraph><subparagraph id="H5F8C7E72EB094748BD194AA3254970D9"><enum>(B)</enum><text>in section 3513(c), by striking <quote>Bureau of Consumer Financial Protection</quote> and inserting <quote>Consumer Law Enforcement Agency</quote>.</text> </subparagraph></paragraph><paragraph id="H756047B357AF4CE78DF27DB054E045B7"><enum>(26)</enum><header>Truth in Lending Act</header><text display-inline="yes-display-inline">The Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1601">15 U.S.C. 1601</external-xref> et seq.) is amended—</text>
<subparagraph id="H1DE19936CA2B493CA73C928D14387DC1"><enum>(A)</enum><text display-inline="yes-display-inline">by amending section 103(b) (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602(b)</external-xref>) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H46EC51DF71C941649D24EAA56A0C994B" reported-display-style="italic" style="OLC"> <subsection id="H2E5535471D4F4B738320E00FA9513DD7"><enum>(b)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H4C43C10D9F194E929933C3C1B82621B4"><enum>(B)</enum><text display-inline="yes-display-inline">by amending section 103(c) (<external-xref legal-doc="usc" parsable-cite="usc/15/1602">15 U.S.C. 1602(c)</external-xref>) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H653F1C11666740379B5EB9EE0FCD2B5C" reported-display-style="italic" style="OLC"> <subsection id="HC0883C05097D4DAB8D1CF126752BF32E"><enum>(c)</enum><header>Board</header><text display-inline="yes-display-inline">The term <term>Board</term> means the Board of Governors of the Federal Reserve System.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph commented="no" id="H0FC33020A5B24AE2BCD01663FD94F85A"><enum>(C)</enum><text display-inline="yes-display-inline">in section 128(f) (<external-xref legal-doc="usc" parsable-cite="usc/15/1638">15 U.S.C. 1638(f)</external-xref>), by striking <quote>Board</quote> each place such term appears and inserting <quote>Agency</quote>;</text> </subparagraph><subparagraph commented="no" id="H2D3F114EC4D748489A35E2A036685736"><enum>(D)</enum><text display-inline="yes-display-inline">in sections 129B (<external-xref legal-doc="usc" parsable-cite="usc/15/1639b">15 U.S.C. 1639b</external-xref>) and 129C (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c</external-xref>), by striking <quote>Board</quote> each place such term appears and inserting <quote>Agency</quote>;</text>
</subparagraph><subparagraph commented="no" id="H1F43B6F9188241A8AC96BC309BD890DB"><enum>(E)</enum><text display-inline="yes-display-inline">in section 140A (<external-xref legal-doc="usc" parsable-cite="usc/15/1651">15 U.S.C. 1651</external-xref>), by striking <quote>in consultation with the Bureau</quote> and inserting <quote>in consultation with the Federal Trade Commission</quote>;</text> </subparagraph><subparagraph id="H8FC5C75ADF0C47ECB5050D9F6AE5324A"><enum>(F)</enum><text>by striking <quote>National Credit Union Administration Bureau</quote> each place such term appears and inserting <quote>National Credit Union Administration Board</quote>;</text>
</subparagraph><subparagraph id="HCC54291B7A134BD6AF672D39EE4E13F8"><enum>(G)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place such term appears in heading or text and inserting <quote>Agency</quote>; and</text> </subparagraph><subparagraph id="HE590DD4EE9DA4AB487B7C4C35B54FC70"><enum>(H)</enum><text display-inline="yes-display-inline">by striking <quote><header-in-text level="paragraph" style="OLC">bureau</header-in-text></quote> and inserting <quote><header-in-text level="paragraph" style="OLC">Agency</header-in-text></quote> in the paragraph headings for—</text>
<clause id="H55023F55E13C4836BC92F1D179809A64"><enum>(i)</enum><text>section 122(d)(2) (<external-xref legal-doc="usc" parsable-cite="usc/15/1632">15 U.S.C. 1632(d)(2)</external-xref>);</text> </clause><clause id="H4CDE24747ACB4AA095760DDF71295A13"><enum>(ii)</enum><text>section 127(c)(5) (<external-xref legal-doc="usc" parsable-cite="usc/15/1637">15 U.S.C. 1637(c)(5)</external-xref>);</text>
</clause><clause id="H19DA6E89A34E4CC1A6DDCF83FA964F01"><enum>(iii)</enum><text display-inline="yes-display-inline">section 127(r)(3) (<external-xref legal-doc="usc" parsable-cite="usc/15/1637">15 U.S.C. 1637(r)(3)</external-xref>); and</text> </clause><clause id="HD16D552293F7404698C57E97D4E2DF4A"><enum>(iv)</enum><text display-inline="yes-display-inline">section 127A(a)(14) (<external-xref legal-doc="usc" parsable-cite="usc/15/1637a">15 U.S.C. 1637a(a)(14)</external-xref>).</text>
</clause></subparagraph></paragraph><paragraph id="H2524216A4F2A4723B1D76ADE10ECF37B"><enum>(27)</enum><header>Truth in Savings Act</header><text display-inline="yes-display-inline">The Truth in Savings Act (<external-xref legal-doc="usc" parsable-cite="usc/12/4301">12 U.S.C. 4301</external-xref> et seq.) is amended—</text> <subparagraph id="HCF749909A93143748077674F880C20A2"><enum>(A)</enum><text display-inline="yes-display-inline">by amending paragraph (4) of section 274 (<external-xref legal-doc="usc" parsable-cite="usc/12/4313">12 U.S.C. 4313(4)</external-xref>) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H8824D82E3D5244CA9204DEC99EB80A10" reported-display-style="italic" style="OLC">
<paragraph id="H0FF972905E414313A338C8788FE53241"><enum>(4)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <term>Agency</term> means the Consumer Law Enforcement Agency.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block> </subparagraph><subparagraph id="H940C4F1E5023479CA19C356576C06BC0"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>National Credit Union Administration Bureau</quote> each place such term appears and inserting <quote>National Credit Union Administration Board</quote>; and</text>
</subparagraph><subparagraph id="H945B7BC1BE6344DFBB16F0683749D65E"><enum>(C)</enum><text display-inline="yes-display-inline">by striking <quote>Bureau</quote> each place such term appears and inserting <quote>Agency</quote>.</text> </subparagraph></paragraph></subsection></section><section id="H255528EC278A4E6183015E2E28E8D694" section-type="subsequent-section"><enum>712.</enum><header>Authority of the Office of Information and Regulatory Affairs</header><text display-inline="no-display-inline">Section 1022 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5512">12 U.S.C. 5512</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H4BB7B49841334016837D48F5E4DAD5C9" reported-display-style="italic" style="OLC">
<subsection id="H231233B839754D9D8FC885DC9D88F7E0"><enum>(e)</enum><header>Authority of the Office of Information and Regulatory Affairs</header><text display-inline="yes-display-inline">The Office of Information and Regulatory Affairs shall have the same duties and authorities with respect to the Consumer Law Enforcement Agency as the Office of Information and Regulatory Affairs has with respect to any other agency that is not an independent regulatory agency (as such terms are defined, respectively, under section 3502 of title 44, United States Code).</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H4CC35ABB23B34A5A89631EFE0470D3E4"><enum>713.</enum><header>Bringing the Agency into the regular appropriations process</header><text display-inline="no-display-inline">Section 1017 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5497">12 U.S.C. 5497</external-xref>) is amended—</text> <paragraph id="H1E5ADAACACCE434091A4FBC4819DF577"><enum>(1)</enum><text>in subsection (a)—</text>
<subparagraph id="H91CFA5E9E72540E99E2C825E9EFA83EA"><enum>(A)</enum><text>by amending the heading of such subsection to read as follows: <quote><header-in-text level="subsection" style="OLC">Budget, financial management, and audit.—</header-in-text></quote>;</text> </subparagraph><subparagraph id="H9F63B549434B466489CB35CF62C5DAAC"><enum>(B)</enum><text>by striking paragraphs (1), (2), and (3);</text>
</subparagraph><subparagraph id="H9E291F551DED4A129431500E1E6AB1E5"><enum>(C)</enum><text>by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and</text> </subparagraph><subparagraph id="HDA096214FBFD4B79BF3EB629D63442BC"><enum>(D)</enum><text>by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated;</text>
</subparagraph></paragraph><paragraph id="HF4F90BA8CE02402B930E87E1AC4D1F95"><enum>(2)</enum><text>by striking subsections (b) and (c);</text> </paragraph><paragraph id="HDF25C579816A4439811619863742F0DA"><enum>(3)</enum><text>by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and</text>
</paragraph><paragraph id="H47E1A016CF934CC59AC8E629E063FA13"><enum>(4)</enum><text>in subsection (c), as so redesignated—</text> <subparagraph id="HEF8431D875B04B6487EF36551AC43D0E"><enum>(A)</enum><text>by striking paragraphs (1), (2), and (3) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF1E283A5E1F44E2293599BBE46D38FA7" reported-display-style="italic" style="OLC">
<paragraph id="H1B29E1937E5A475C9532AD698F8AED78"><enum>(1)</enum><header>Authorization of appropriations</header><text display-inline="yes-display-inline">There is authorized to be appropriated to the Agency for each of fiscal years 2017 and 2018 an amount equal to the aggregate amount of funds transferred by the Board of Governors to the Bureau of Consumer Financial Protection during fiscal year 2015.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H74A30C093FA44A66A500A30D2AB9BA73"><enum>(B)</enum><text>by redesignating paragraph (4) as paragraph (2).</text> </subparagraph></paragraph></section><section id="HFAEB5570D291426AB87FC500F4A59D8C"><enum>714.</enum><header>Consumer Law Enforcement Agency Inspector General Reform</header> <subsection id="HE83E698DF97D44BE9BF39A0931644417"><enum>(a)</enum><header>Appointment of Inspector General</header><text>The Inspector General Act of 1978 (5 U.S.C. App.) is amended—</text>
<paragraph id="H893DEE6512034DF49FC3EB7B712CDB12"><enum>(1)</enum><text>in section 8G—</text> <subparagraph id="H168FCA6C76F044468FA8FB52D99A441E"><enum>(A)</enum><text>in subsection (a)(2), by striking <quote>and the Bureau of Consumer Financial Protection</quote>;</text>
</subparagraph><subparagraph id="H72D3691E4899466EB36B15FF9678CDD1"><enum>(B)</enum><text>in subsection (c), by striking <quote>For purposes of implementing this section</quote> and all that follows through the end of the subsection; and</text> </subparagraph><subparagraph id="H9D2D77D9E87F4CD4B1843B5EB6DE0B37"><enum>(C)</enum><text>in subsection (g)(3), by striking <quote>and the Bureau of Consumer Financial Protection</quote>; and</text>
</subparagraph></paragraph><paragraph id="H5B155CB6E9814FCB80B834E7779B67C4"><enum>(2)</enum><text>in section 12—</text> <subparagraph id="HB4879958570048D8AD4B381A3EEDC753"><enum>(A)</enum><text>in paragraph (1), by inserting <quote>the Consumer Law Enforcement Agency;</quote> after <quote>the President of the Export-Import Bank;</quote>; and</text>
</subparagraph><subparagraph id="HA7DB283B11554084A84FA1917DA82D28"><enum>(B)</enum><text>in paragraph (2), by inserting <quote>the Consumer Law Enforcement Agency,</quote> after <quote>the Export-Import Bank,</quote>.</text> </subparagraph></paragraph></subsection><subsection id="HA8F2B8B1A6CA4A61B58783DA0745FB44"><enum>(b)</enum><header>Requirements for the Inspector General for the Consumer Law Enforcement Agency</header> <paragraph id="H14912C40F9E54767B7FFE36CC8C2D1CC"><enum>(1)</enum><header>Establishment</header><text display-inline="yes-display-inline">Section 1011 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5491">12 U.S.C. 5491</external-xref>), as amended by section 311, is further amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H31FCF80A46054872ACF2E872F4BCBC58" reported-display-style="italic" style="OLC">
<subsection id="HB9EA5752C35740189A2D07CEC4FB91BA"><enum>(i)</enum><header>Inspector General</header><text display-inline="yes-display-inline">There is established the position of the Inspector General of the Agency.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="H435DE3517B974C31A39E0143BD6C3A19"><enum>(2)</enum><header>Hearings</header><text display-inline="yes-display-inline">Section 1016 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5496">12 U.S.C. 5496</external-xref>) is amended by inserting after subsection (c) the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HE3569BDFD3B649E9B18F6EDF4392E8BF" reported-display-style="italic" style="OLC">
<subsection id="H249A6C62372E4B46A3B3C12F18729353"><enum>(d)</enum><header>Additional Requirement for Inspector General</header><text display-inline="yes-display-inline">On a separate occasion from that described in subsection (a), the Inspector General of the Agency shall appear, upon invitation, before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the reports required under subsection (b) and the reports required under <external-xref legal-doc="usc-act" parsable-cite="usc-act/Inspector General Act of 1978 /5">section 5</external-xref> of the Inspector General Act of 1978 (5 U.S.C. App.).</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="HE531D40C5D914672947029803E0AABBF"><enum>(3)</enum><header>Participation in the Council of Inspectors General on Financial Oversight</header><text display-inline="yes-display-inline">Section 989E(a)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H5C16F20E1F1442EBA3726F0A9C294871" reported-display-style="italic" style="OLC">
<subparagraph id="H28AAF9E065C149DD8AC8A8BBEABE2083"><enum>(J)</enum><text display-inline="yes-display-inline">The Consumer Law Enforcement Agency.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph><paragraph id="HCF9605C2AE2340039A8589E4766C8D3B"><enum>(4)</enum><header>Deadline for appointment</header><text display-inline="yes-display-inline">Not later than 60 days after the date of the enactment of this Act, the President shall appoint an Inspector General for the Consumer Law Enforcement Agency in accordance with <external-xref legal-doc="usc-act" parsable-cite="usc-act/Inspector General Act of 1978 /3">section 3</external-xref> of the Inspector General Act of 1978 (5 U.S.C. App.).</text>
</paragraph></subsection><subsection id="HAEBE1E16E9F740C5B574F52B182C2A12"><enum>(c)</enum><header>Transition period</header><text>The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall serve in that position until the confirmation of an Inspector General for the Consumer Law Enforcement Agency. At that time, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall become the Inspector General of the Board of Governors of the Federal Reserve System.</text>
</subsection></section><section id="H85BAE02179D644A99D09A586044F7660"><enum>715.</enum><header>Private parties authorized to compel the Agency to seek sanctions by filing civil actions;
Adjudications deemed actions</header><text display-inline="no-display-inline">Section 1053 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5563">12 U.S.C. 5563</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H34FF7AD19D8643848F19AA96498B9D5F" reported-display-style="italic" style="OLC">
<subsection id="HD384ABC07BA24D6A8A96E19FDC575A02"><enum>(f)</enum><header>Private parties authorized to compel the Agency to seek sanctions by filing civil actions</header>
<paragraph id="HDDF73F1012284625BAA3B1548F19C857"><enum>(1)</enum><header>Termination of administrative proceeding</header><text display-inline="yes-display-inline">In the case of any person who is a party to a proceeding brought by the Agency under this section, to which <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/5">chapter 5</external-xref> of title 5, United States Code, applies, and against whom an order imposing a cease and desist order or a penalty may be issued at the conclusion of the proceeding, that person may, not later than 20 days after receiving notice of such proceeding, and at that person’s discretion, require the Agency to terminate the proceeding.</text>
</paragraph><paragraph id="HF55C8E775122427FB80EAB0E9AF883B7"><enum>(2)</enum><header>Civil action authorized</header><text>If a person requires the Agency to terminate a proceeding pursuant to paragraph (1), the Agency may bring a civil action against that person for the same remedy that might be imposed.</text>
</paragraph></subsection><subsection id="HB59D825C4A4B4A70988DCD3976EB87A1"><enum>(g)</enum><header>Adjudications deemed actions</header><text>Any administrative adjudication commenced under this section shall be deemed an <quote>action</quote> for purposes of section 1054(g).</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="HA9EE1CFE57B74FF7B0A4C47970580F14"><enum>716.</enum><header>Civil investigative demands to be appealed to courts</header><text display-inline="no-display-inline">Section 1052 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5562">12 U.S.C. 5562</external-xref>) is amended—</text>
<paragraph id="H44515573FDF34659AC193C54BA29E2BF"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (c)—</text> <subparagraph id="H5ADB95F4A4454C278989FC349A6201FF"><enum>(A)</enum><text>in paragraph (2), by inserting after <quote>shall state</quote> the following: <quote>with specificity</quote>; and</text>
</subparagraph><subparagraph id="HD3408F15BDD744CE9523915992D80601"><enum>(B)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H1A2D459C35234D20884B19C9C2B8A631" reported-display-style="italic" style="OLC"> <paragraph id="H9EFCB6D9EDDB42E380DAC4CF60F04F91"><enum>(14)</enum><header>Meeting requirement</header><text display-inline="yes-display-inline">The recipient of a civil investigative demand shall meet and confer with an Agency investigator within 30 calendar days after receipt of the demand to discuss and attempt to resolve all issues regarding compliance with the civil investigative demand, unless the Agency grants an extension requested by such recipient.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H9895B883CF3D473E82CF0186D286F357"><enum>(2)</enum><text>in subsection (f)—</text> <subparagraph id="HD5DBAA5C34CD4458831B389473E32F92"><enum>(A)</enum><text>by amending paragraph (1) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HD07350CE34314759A262A555640A3B8E" reported-display-style="italic" style="OLC">
<paragraph id="H95E1B957166847B1B31EE056D321E256"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 45 days after the service of any civil investigative demand upon any person under subsection (c), or at any time before the return date specified in the demand, whichever period is shorter, or within such period exceeding 45 days after service or in excess of such return date as may be prescribed in writing, subsequent to service, by any Agency investigator named in the demand, such person may file, in the district court of the United States for any judicial district in which such person resides, is found, or transacts business, a petition for an order modifying or setting aside the demand.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HF71FA412121647D6A7B5D4921322BFA0"><enum>(B)</enum><text>in paragraph (2), by striking <quote>at the Bureau</quote>; and</text> </subparagraph></paragraph><paragraph id="HC327DF3615CD493CA6022B88C4BD78C0"><enum>(3)</enum><text>in subsection (h)—</text>
<subparagraph id="H90997D1CDA6F4910B85A04868A93F157"><enum>(A)</enum><text>by striking <quote>(1)<header-in-text level="paragraph" style="OLC"> In general.—</header-in-text></quote>; and</text> </subparagraph><subparagraph id="H4B9AED192F4A486A80085ED3D43DE3C8"><enum>(B)</enum><text>by striking paragraph (2).</text>
</subparagraph></paragraph></section><section commented="no" id="HD2EBCBCE850743DA923D769791F1135E"><enum>717.</enum><header>Agency dual mandate and economic analysis</header>
<subsection commented="no" id="H27C989BBF0764E99B8BA32C192D6AF1B"><enum>(a)</enum><header>Purpose</header><text>Section 1021(a) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5511">12 U.S.C. 5511(a)</external-xref>) is amended by adding at the end the following: <quote>In addition, the Director shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of strengthening participation in markets by covered persons, without Government interference or subsidies, to increase competition and enhance consumer choice.</quote>.</text>
</subsection><subsection commented="no" id="H77D331F9B0FC402B9BB2C62C1DE15C05"><enum>(b)</enum><header>Office of Economic Analysis</header>
<paragraph commented="no" id="HB70CBBA76D524C0DBA88A51D156616FA"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Section 1013 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5493">12 U.S.C. 5493</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H3DCD120BF34E483CA0CCDBB4026F86AA" reported-display-style="italic" style="OLC">
<subsection commented="no" id="HD53E9AEFD69B41BF9A8D425B04F3C954"><enum>(h)</enum><header>Office of Economic Analysis</header>
<paragraph commented="no" id="HA06443BD1E1E4302BE21DDB3229BDEA6"><enum>(1)</enum><header>Establishment</header><text display-inline="yes-display-inline">The Director shall, not later than the end of the 60-day period beginning on the date of the enactment of this subsection, establish an Office of Economic Analysis.</text>
</paragraph><paragraph id="HC983D3A02C404776963188F1ED0224A5"><enum>(2)</enum><header>Direct reporting</header><text>The head of the Office of Economic Analysis shall report directly to the Director.</text> </paragraph><paragraph commented="no" id="H1C4683E235674F3CB08AD6204BDC7AAC"><enum>(3)</enum><header>Review and assessment of proposed rules and regulations</header><text display-inline="yes-display-inline">The Office of Economic Analysis shall—</text>
<subparagraph commented="no" id="H9696AE2F605444B3818BFF5F533F3989"><enum>(A)</enum><text display-inline="yes-display-inline">review all proposed rules and regulations of the Agency;</text> </subparagraph><subparagraph commented="no" id="H928FA571018949759EE4805D8A3743EC"><enum>(B)</enum><text display-inline="yes-display-inline">assess the impact of such rules and regulations on consumer choice, price, and access to credit products; and</text>
</subparagraph><subparagraph commented="no" id="H7998090FCB4A44BDBC9AF519628E8647"><enum>(C)</enum><text display-inline="yes-display-inline">publish a report on such reviews and assessments in the Federal Register.</text> </subparagraph></paragraph><paragraph commented="no" id="HCBEA0783FC75478B96333AB4D9533050"><enum>(4)</enum><header>Measuring existing rules and regulations</header><text display-inline="yes-display-inline">The Office of Economic Analysis shall—</text>
<subparagraph commented="no" id="H88E4395F4B95460D92720562EA302BED"><enum>(A)</enum><text>review each rule and regulation issued by the Commission after 1, 2, 6, and 11 years;</text> </subparagraph><subparagraph commented="no" id="H80A1B0ABE1C5433CACD5526461811CFC"><enum>(B)</enum><text display-inline="yes-display-inline">measure the rule or regulation’s success in solving the problem that the rule or regulation was intended to solve when issued; and</text>
</subparagraph><subparagraph commented="no" id="H1610AD46CF7242E381EC443CD547E8CC"><enum>(C)</enum><text display-inline="yes-display-inline">publish a report on such review and measurement in the Federal Register.</text> </subparagraph></paragraph><paragraph id="H56B4ECAA79874795AE15F87B59BB7815"><enum>(5)</enum><header>Cost-benefit analysis related to administrative enforcement and civil actions</header><text>The Office of Economic Analysis shall—</text>
<subparagraph id="H554E2AB2BA3540E7B61F216A3E02D16B"><enum>(A)</enum><text>carry out a cost-benefit analysis of any proposed administrative enforcement action, civil lawsuit, or consent order of the Agency; and</text>
</subparagraph><subparagraph id="HA0A3F4CF29D04F76A77E3C7C2D88779D"><enum>(B)</enum><text display-inline="yes-display-inline">assess the impact of such complaint, lawsuit, or order on consumer choice, price, and access to credit products.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HECE56118D65547A9B8225200273FBBF7"><enum>(2)</enum><header>Consideration of review and assessment; rulemaking requirements</header><text display-inline="yes-display-inline">Section 1022(b) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5512">12 U.S.C. 5512(b)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H98D9BCA263E0469684E6875C99E5EDB6" reported-display-style="italic" style="OLC">
<paragraph commented="no" id="H17455F4E67C74DFDA741DD0A9D2E06ED"><enum>(5)</enum><header>Consideration of review and assessment by the Office of Economic Analysis</header><text display-inline="yes-display-inline">Before issuing any rule or regulation, the Director shall consider the review and assessment of such rule or regulation carried out by the Office of Economic Analysis.</text>
</paragraph><paragraph commented="no" id="H935E644AA366434B9BF4BA6E11B595EF"><enum>(6)</enum><header>Identification of problems and metrics for judging success</header>
<subparagraph commented="no" id="H14658358A07D41898816D66727CA016E"><enum>(A)</enum><header>In general</header><text>The Director shall, in each proposed rulemaking of the Agency—</text> <clause commented="no" id="H0089CF350C57444E9760FF73BC31520E"><enum>(i)</enum><text>identify the problem that the particular rule or regulations is seeking to solve; and</text>
</clause><clause commented="no" id="H1149B87AC6E74CA9BEEFAEFE806CE099"><enum>(ii)</enum><text display-inline="yes-display-inline">specify the metrics by which the Agency will measure the success of the rule or regulation in solving such problem.</text>
</clause></subparagraph><subparagraph commented="no" id="HF65F367FEF064243A3AADC13AA3707BB"><enum>(B)</enum><header>Required metrics</header><text display-inline="yes-display-inline">The metrics specified under subparagraph (A)(ii) shall include a measurement of changes to consumer access to, and cost of, consumer financial products and services.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H53967796100C4608BC28B20CB5BC6343"><enum>(3)</enum><header>Consideration of cost-benefit review related to administrative actions</header><text>The Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref> et seq.) is amended—</text> <subparagraph id="HFB66EA175BF04C96B333419D35409082"><enum>(A)</enum><text>in subtitle E of title X, by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H23FF17F7B7FB4165A7A37DFB2F84528D" reported-display-style="italic" style="OLC">
<section id="H7DA1E65A29474EBCB347B2C764D33AFB"><enum>1059.</enum><header>Consideration of cost-benefit analysis related to administrative enforcement and civil actions</header><text display-inline="no-display-inline">Before initiating any administrative enforcement action or civil lawsuit or entering into a consent order, the Director shall consider the cost-benefit analysis of such action, lawsuit, or order carried out by the Office of Economic Analysis.</text></section><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H92F585E4B7CA472598D544533BE41399"><enum>(B)</enum><text>in the table of contents under section 1(b), by inserting after the item relating to section 1058 the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HDD9533F7C1D443A3BDFBF621C0C26578" reported-display-style="italic" style="OLC">
<toc changed="added" committee-id="HBA00" regeneration="no-regeneration" reported-display-style="italic">
<toc-entry level="section">Sec. 1059. Consideration of cost-benefit analysis related to administrative enforcement and civil
actions.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="H4F5A5876DB084BEEB88846F1E7B492E5"><enum>(c)</enum><header>Avoidance of duplicative or unnecessary analyses</header><text>The Consumer Law Enforcement Agency may perform any of the analyses required by the amendments made by this section in conjunction with, or as part of, any other agenda or analysis required by any other provision of law, if such other agenda or analysis satisfies the provisions of this section.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H02E62AF9606C4E9F996BF46CDEBEDE63" section-type="subsequent-section"><enum>718.</enum><header>No deference to Agency interpretation</header><text display-inline="no-display-inline">The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text> <paragraph commented="no" id="H85C72B7A2EB84B979EB70FD1DD9466D7"><enum>(1)</enum><text>in section 1022(b)(4)—</text>
<subparagraph commented="no" id="H5D1889F5DBB54DA3AC43B626C539BF37"><enum>(A)</enum><text>by striking <quote>(A) <header-in-text level="subparagraph" style="OLC">In general.—</header-in-text></quote>; and</text> </subparagraph><subparagraph commented="no" id="HCD77BAC8DD114ED3A15AADA412424768"><enum>(B)</enum><text>by striking subparagraph (B); and</text>
</subparagraph></paragraph><paragraph commented="no" id="HD5A8E3E2D22C460EB04E7F0ECC103E5A"><enum>(2)</enum><text>in section 1061(b)(5)(E)—</text> <subparagraph commented="no" id="HB6AC6EA72B6C4F85BA3832503AA4DB5A"><enum>(A)</enum><text>by striking <quote>affords to the—</quote> and all that follows through <quote>(i) Federal Trade Commission</quote> and inserting <quote>affords to the Federal Trade Commission</quote>;</text>
</subparagraph><subparagraph commented="no" id="HF6108ECE981B472DA4CC28980A0A7089"><enum>(B)</enum><text>by striking <quote>; or</quote> and inserting a period; and</text> </subparagraph><subparagraph commented="no" id="H1073B863DF124E35B9562B8239A2EC96"><enum>(C)</enum><text>by striking clause (ii).</text>
</subparagraph></paragraph></section></subtitle><subtitle id="HD6F15EBFD39945DBBDF42DE5F3260BC2"><enum>B</enum><header>Administrative Enhancements</header>
<section display-inline="no-display-inline" id="H3EF5D801EBAF404FB10E3C1F19F438D8"><enum>721.</enum><header>Advisory opinions</header><text display-inline="no-display-inline">Section 1022(b) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5512">12 U.S.C. 5512(b)</external-xref>), as amended by section 717, is further amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H3F88A1F8A3104CE9A3ED28A4AC54E649" reported-display-style="italic" style="OLC">
<paragraph id="H5CC9EF685A6B4360AA8B24984CA18155"><enum>(7)</enum><header>Advisory opinions</header>
<subparagraph id="H3A4BF749090F4082A78FD9994328FD14"><enum>(A)</enum><header>Establishing procedures</header>
<clause id="H1446022508D54F51AA1CA5ED94CD341F"><enum>(i)</enum><header>In general</header><text>The Director shall establish a procedure and, as necessary, promulgate rules to provide written opinions in response to inquiries concerning the conformance of specific conduct with Federal consumer financial law. In establishing the procedure, the Director shall consult with the prudential regulators and such other Federal departments and agencies as the Director determines appropriate, and obtain the views of all interested persons through a public notice and comment period.</text>
</clause><clause id="H10408D6F23C1449D8EC2A990764A786A"><enum>(ii)</enum><header>Scope of request</header><text>A request for an opinion under this paragraph must relate to specific proposed or prospective conduct by a covered person contemplating the proposed or prospective conduct.</text>
</clause><clause id="H61018FD08B8A4F1FBF5D01BD5CC3B23E"><enum>(iii)</enum><header>Submission</header><text display-inline="yes-display-inline">A request for an opinion under this paragraph may be submitted to the Director either by or on behalf of a covered person.</text>
</clause><clause id="H6002CE4A030B48B399595F173E532198"><enum>(iv)</enum><header>Right to withdraw inquiry</header><text>Any inquiry under this paragraph may be withdrawn at any time prior to the Director issuing an opinion in response to such inquiry, and any opinion based on an inquiry that has been withdrawn shall have no force or effect.</text>
</clause></subparagraph><subparagraph id="HB1F9B5D6EF574AB6ADAA0462BE291FDE"><enum>(B)</enum><header>Issuance of opinions</header>
<clause id="H282AA167612946F7B8022EA620FF1A3F"><enum>(i)</enum><header>In general</header><text>The Director shall, within 90 days of receiving the request for an opinion under this paragraph, either—</text>
<subclause id="HDDCE797D1A9241FE8C4065EBFE5BD24D"><enum>(I)</enum><text>issue an opinion stating whether the described conduct would violate Federal consumer financial law;</text>
</subclause><subclause id="H980D132EEE374CD88F0D25E94FD5E5E5"><enum>(II)</enum><text>if permissible under clause (iii), deny the request; or</text> </subclause><subclause id="H04E65814A2AF47D586DA059205836BFC"><enum>(III)</enum><text>explain why it is not feasible to issue an opinion.</text>
</subclause></clause><clause id="HCEEEAC592BE44F438201427A794E5122"><enum>(ii)</enum><header>Extension</header><text>Notwithstanding clause (i), if the Director determines that the Agency requires additional time to issue an opinion, the Director may make a single extension of the deadline of 90 days or less.</text>
</clause><clause id="H8DAD2379E96745ABA5E41D2B59C58A5F"><enum>(iii)</enum><header>Denial of requests</header><text>The Director shall not issue an opinion, and shall so inform the requestor, if the request for an opinion—</text>
<subclause id="HA719B1FB2D9D4DBFBEE22147B70B67CC"><enum>(I)</enum><text>asks a general question of interpretation;</text> </subclause><subclause id="H37346023B0134EA9BD6D44C41AA3D964"><enum>(II)</enum><text>asks about a hypothetical situation;</text>
</subclause><subclause id="H6CE0BBEB14784B27A1ECCBEB9EFE0A50"><enum>(III)</enum><text>asks about the conduct of someone other than the covered person on whose behalf the request is made;</text>
</subclause><subclause id="H54A1188CA240429DB23771A35A607D20"><enum>(IV)</enum><text>asks about past conduct that the covered person on whose behalf the request is made does not plan to continue in the future; or</text>
</subclause><subclause id="H9932E927E750412DB4053E7AEFF506ED"><enum>(V)</enum><text>fails to provide necessary supporting information requested by the Agency within a reasonable time established by the Agency.</text>
</subclause></clause><clause id="HAEA9CB2FB43449D2A92EF42E52B81B5D"><enum>(iv)</enum><header>Amendment and revocation</header><text>An advisory opinion issued under this paragraph may be amended or revoked at any time.</text> </clause><clause id="HE5B9342C1E4049B5AFC29FA4A32CDEF1"><enum>(v)</enum><header>Public disclosure</header><text display-inline="yes-display-inline">An opinion rendered pursuant to this paragraph shall be placed in the Agency’s public record 90 days after the requesting party has received the advice, subject to any limitations on public disclosure arising from statutory restrictions, Agency regulations, or the public interest. The Agency shall redact any personal, confidential, or identifying information about the covered person or any other persons mentioned in the advisory opinion, unless the covered person consents to such disclosure.</text>
</clause><clause id="HF884386439AF4E03A5A96AC6FEEA3A28"><enum>(vi)</enum><header>Report to Congress</header><text display-inline="yes-display-inline">The Agency shall, concurrent with the semi-annual report required under section 1016(b), submit information regarding the number of requests for an advisory opinion received, the subject of each request, the number of requests denied pursuant to clause (iii), and the time needed to respond to each request.</text>
</clause></subparagraph><subparagraph id="HF87879B71078409FBB4B54E9BFA6384A"><enum>(C)</enum><header>Reliance on opinion</header><text display-inline="yes-display-inline">Any person may rely on an opinion issued by the Director pursuant to this paragraph that has not been amended or withdrawn. No liability under Federal consumer financial law shall attach to conduct consistent with an advisory opinion that had not been amended or withdrawn at the time the conduct was undertaken.</text>
</subparagraph><subparagraph id="H54FA73903AD34A7FB6151A10FCDA5566"><enum>(D)</enum><header>Confidentiality</header><text display-inline="yes-display-inline">Any document or other material that is received by the Agency or any other Federal department or agency in connection with an inquiry under this paragraph shall be exempt from disclosure under section 552 of title 5, United States Code (commonly referred to as the <quote>Freedom of Information Act</quote>) and may not, except with the consent of the covered person making such inquiry, be made publicly available, regardless of whether the Director responds to such inquiry or the covered person withdraws such inquiry before receiving an opinion.</text>
</subparagraph><subparagraph id="HBDFDDEF15B8E48B6A52FFFEC79FCFB41"><enum>(E)</enum><header>Assistance for small businesses</header>
<clause id="H5F5247855C554AE9B24ACC0AD4FE46C8"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">The Agency shall assist, to the maximum extent practicable, small businesses in preparing inquiries under this paragraph.</text>
</clause><clause id="H5BB83763F13141D28E0D48647427FEBF"><enum>(ii)</enum><header>Small business defined</header><text>For purposes of this subparagraph, the term <term>small business</term> has the meaning given the term <term>small business concern</term> under section 3 of the Small Business Act (<external-xref legal-doc="usc" parsable-cite="usc/15/632">15 U.S.C. 632</external-xref>).</text> </clause></subparagraph><subparagraph id="H941E3F4BB67445EFB81DE3728078DD31"><enum>(F)</enum><header>Inquiry fee</header> <clause id="H576713224C8840A1A54E201DDED350B9"><enum>(i)</enum><header>In general</header><text>The Director shall develop a system to charge a fee for each inquiry made under this paragraph in an amount sufficient, in the aggregate, to pay for the cost of carrying out this paragraph.</text>
</clause><clause id="H2B4F1350FADD468A8AB0980961D8E0BB"><enum>(ii)</enum><header>Notice and comment</header><text>Not later than 45 days after the date of the enactment of this paragraph, the Director shall publish a description of the fee system described in clause (i) in the Federal Register and shall solicit comments from the public for a period of 60 days after publication.</text>
</clause><clause id="HE578ED99FAA843E99A73D05CC1C7D638"><enum>(iii)</enum><header>Finalization</header><text display-inline="yes-display-inline">The Director shall publish a final description of the fee system and implement such fee system not later than 30 days after the end of the public comment period described in clause (ii).</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HC99E39C600FE4A649F1452A9AD6BD4EB"><enum>722.</enum><header>Reform of Consumer Financial Civil Penalty Fund</header>
<subsection id="HDDE163675FD24B0D87E7F6730FFD02BF"><enum>(a)</enum><header>Segregated Accounts</header><text display-inline="yes-display-inline">Section 1017(b) of the Consumer Financial Protection Act of 2010, as redesignated by section 713, is amended by redesignating paragraph (2) as paragraph (3), and by inserting after paragraph (1) the following new paragraph:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H5264FBDE567D41CF8B1E38438E19F343" reported-display-style="italic" style="OLC">
<paragraph id="HF7688E9BA8C04F32A066CA3D5D04E12F"><enum>(2)</enum><header>Segregated Accounts in Civil Penalty Fund</header>
<subparagraph id="HD566EB80E35449FAB9B8F4492D65F6B7"><enum>(A)</enum><header>In General</header><text display-inline="yes-display-inline">The Agency shall establish and maintain a segregated account in the Civil Penalty Fund each time the Agency obtains a civil penalty against any person in any judicial or administrative action under Federal consumer financial laws.</text>
</subparagraph><subparagraph id="HB656F4C68B954A8E9D54B6581F89391E"><enum>(B)</enum><header>Deposits in Segregated Accounts</header><text display-inline="yes-display-inline">The Agency shall deposit each civil penalty collected into the segregated account established for such penalty under subparagraph (A).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HBAE432BE481B4513AD701C3DB368200B"><enum>(b)</enum><header>Payment to Victims</header><text display-inline="yes-display-inline">Paragraph (3) of section 1017(b) of such Act, as redesignated by subsection (a), is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H3BDDFEB88E2E457BB7A2D4AD25B278C4" reported-display-style="italic" style="OLC">
<paragraph id="H6EC84984D0624036BBBEE171E65F262A"><enum>(3)</enum><header>Payment to victims</header>
<subparagraph id="HB7891B41B78F416DAB429BE1999A084A"><enum>(A)</enum><header>In general</header>
<clause id="H5F354DE3E8344D3C8979275DDFDF8434"><enum>(i)</enum><header>Identification of class</header><text display-inline="yes-display-inline">Not later than 60 days after the date of deposit of amounts in a segregated account in the Civil Penalty Fund, the Agency shall identify the class of victims of the violation of Federal consumer financial laws for which such amounts were collected and deposited under paragraph (2).</text>
</clause><clause id="H7AA672A1F0DB48138F2BD3468471F4FC"><enum>(ii)</enum><header>Payments</header><text display-inline="yes-display-inline">The Agency, within 2 years after the date on which such class of victims is identified, shall locate and make payments from such amounts to each victim.</text>
</clause></subparagraph><subparagraph id="HEAE5867E76C841C89174810037EA57C3"><enum>(B)</enum><header>Funds deposited in Treasury</header>
<clause id="HECF3C55003454D5F8BF169F413D56FD3"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">The Agency shall deposit into the general fund of the Treasury any amounts remaining in a segregated account in the Civil Penalty Fund at the end of the 2-year period for payments to victims under subparagraph (A).</text>
</clause><clause id="HC2C08B111A454F33B74C9C4FF8A77B48"><enum>(ii)</enum><header>Impossible or impractical payments</header><text display-inline="yes-display-inline">If the Agency determines before the end of the 2-year period for payments to victims under subparagraph (A) that such victims cannot be located or payments to such victims are otherwise not practicable, the Agency shall deposit into the general fund of the Treasury the amounts in the segregated account in the Civil Penalty Fund.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H6BB8E58EE02B4252B930F6EB6E301A4F"><enum>(c)</enum><header>Effective date</header>
<paragraph id="HA0295F33408B41CF836D642D5788D146"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The amendments made by this section shall apply with respect to civil penalties collected after the date of enactment of this Act.</text>
</paragraph><paragraph id="HECC956C992F743028412575B28372A90"><enum>(2)</enum><header>Amounts in Consumer Financial Civil Penalty Fund on date of enactment</header><text display-inline="yes-display-inline">With respect to amounts in the Consumer Financial Civil Penalty Fund on the date of enactment of this Act that were not allocated for consumer education and financial literacy programs on or before September 30, 2015, the Consumer Law Enforcement Agency shall separate such amounts into segregated accounts in accordance with, and for purposes of, section 1017(d) of the Consumer Financial Protection Act of 2010, as amended by this section. The date of deposit of such amounts shall be deemed to be the date of enactment of this Act.</text>
</paragraph></subsection></section><section id="H584BBF9B509D4720B5C75C5D07AB350B"><enum>723.</enum><header>Agency pay fairness</header>
<subsection id="HBB6F0E7611BF4B88B266858B5467A5DF"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 1013(a)(2) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5493">12 U.S.C. 5493(a)(2)</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H494F6ACA2EDC43E0B554CE840FC38A61" reported-display-style="italic" style="OLC">
<paragraph id="H5205C79BFF224958B701D178EC98F89E"><enum>(2)</enum><header>Compensation</header><text display-inline="yes-display-inline">The rates of basic pay for all employees of the Agency shall be set and adjusted by the Director in accordance with the General Schedule set forth in section 5332 of title 5, United States Code.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H9DE861E1721F47419D95F807A4F387AC"><enum>(b)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendment made by subsection (a) shall apply to service by an employee of the Consumer Law Enforcement Agency following the 90-day period beginning on the date of enactment of this Act.</text>
</subsection></section><section id="H67984D8B30E04D2EAF49BD04705EB8FC"><enum>724.</enum><header>Elimination of market monitoring functions</header><text display-inline="no-display-inline">The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text> <paragraph id="HFBD1C6D9CA884C59B8F64E7FDF304F5C"><enum>(1)</enum><text>in section 1021(c)—</text>
<subparagraph id="H34F96FF57C2A4032A90AD11BBA9FC740"><enum>(A)</enum><text>by striking paragraph (3); and</text> </subparagraph><subparagraph id="H643F4B744C4845179209CF1C6EE8E1EA"><enum>(B)</enum><text>by redesignating paragraphs (4), (5), and (6) as paragraphs (3), (4), and (5), respectively;</text>
</subparagraph></paragraph><paragraph id="H812F02BAD1CA4891A09C49DC33F52DDA"><enum>(2)</enum><text>in section 1022, by striking subsection (c); and</text> </paragraph><paragraph commented="no" id="H415E80FA07FB40ED9D3B9E2FDC1F6339"><enum>(3)</enum><text>in section 1026(b), by striking <quote>, and to assess and detect risks to consumers and consumer financial markets</quote>.</text>
</paragraph></section><section id="H2920C26839544749855B765F1912D6F4"><enum>725.</enum><header>Reforms to mandatory functional units</header><text display-inline="no-display-inline">The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text> <paragraph id="H1ABA509202714BAD9F30ADD69FE26546"><enum>(1)</enum><text>in section 1013—</text>
<subparagraph id="HFB664DACCF1642668C8235053DE22B80"><enum>(A)</enum><text display-inline="yes-display-inline">in subsection (b)—</text> <clause id="HD023573BAC824C0E8674B12E2FA88196"><enum>(i)</enum><text>in paragraph (1), by striking <quote>shall establish</quote> and inserting <quote>may establish</quote>;</text>
</clause><clause id="H4EE84EFC3C0F48148BD06FCC71D4538D"><enum>(ii)</enum><text display-inline="yes-display-inline">in paragraph (2), by striking <quote>shall establish</quote> and inserting <quote>may establish</quote>; and</text> </clause><clause id="H5CCF92AE69A84A8B85CB84DDD43D1842"><enum>(iii)</enum><text>paragraph (3)(D)—</text>
<subclause id="H27DBF68AC00242E3B781402804C981FD"><enum>(I)</enum><text>by striking <quote>To facilitate preparation of the reports required under subparagraph (C), supervision and enforcement activities, and monitoring of the market for consumer financial products and services, the</quote> and inserting <quote>The</quote>; and</text>
</subclause><subclause id="H1D9BF1E4D47F493899B3A1DF2B43166F"><enum>(II)</enum><text>by adding at the end the following: <quote>Information collected under this paragraph may not be made publicly available.</quote>;</text> </subclause></clause></subparagraph><subparagraph id="HEA58DDB41A364FDDB2FC58F2BCF8BB7A"><enum>(B)</enum><text>in subsection (c)—</text>
<clause id="H984DB9FFA74747B9B6A036FCD614716A"><enum>(i)</enum><text display-inline="yes-display-inline">in paragraph (1), by striking <quote>shall establish</quote> and inserting <quote>may establish</quote>; and</text> </clause><clause id="H45F414F318E84FDDB587C73D20C3CD27"><enum>(ii)</enum><text>in paragraph (3), by striking <quote>There is established the</quote> and inserting <quote>At any time when the Office of Fair Lending and Equal Opportunity exists within the Agency, there shall be a</quote>;</text>
</clause></subparagraph><subparagraph id="H65E4C7C4A4054D7780FB67FF1F41B49A"><enum>(C)</enum><text>in subsection (d)—</text> <clause id="HB7AB0519C080434AA31D85B07DE452DC"><enum>(i)</enum><text display-inline="yes-display-inline">in paragraph (1), by striking <quote>shall establish</quote> and inserting <quote>may establish</quote>;</text>
</clause><clause id="HC91764ACE5FC46FDA71FB45276F3EADC"><enum>(ii)</enum><text>in paragraph (3)—</text> <subclause id="HD5DDFBE9D24D49AEBB215245E79614BA"><enum>(I)</enum><text>in subparagraph (A), by inserting <quote>, if such Office exists within the Agency,</quote> after <quote>Community Affairs Office</quote>; and</text>
</subclause><subclause id="H769BF169659E4493B3EF3DF9D80BFD24"><enum>(II)</enum><text>in subparagraph (B), by striking <quote>established by the Director</quote> and inserting <quote>, if established by the Director,</quote>; and</text> </subclause></clause><clause id="H07277289FCC946799C86249CD279986D"><enum>(iii)</enum><text>in paragraph (4), by striking <quote>Not later than 24 months after the designated transfer date, and annually thereafter,</quote> and inserting <quote>Annually, at any time when the Office of Financial Education exists within the Agency,</quote>;</text>
</clause></subparagraph><subparagraph id="H11DE023C77944396974618714279ED15"><enum>(D)</enum><text>in subsection (e)(1), by striking <quote>shall establish</quote> and inserting <quote>may establish</quote>;</text> </subparagraph><subparagraph id="H2CC4C2ABFD664F6DA0FBD1B1C5024702"><enum>(E)</enum><text>by striking subsection (f);</text>
</subparagraph><subparagraph id="H48B4D3D5602348DCB67BE982C767B067"><enum>(F)</enum><text>by redesignating subsections (g) and (h) as subsections (f) and (g), respectively; and</text> </subparagraph><subparagraph id="H5CB1314DF34C44FD9DD6A3511F292764"><enum>(G)</enum><text>in subsection (f), as so redesignated—</text>
<clause id="H4C26FAE583B6444E8801D6AA19BA4AF8"><enum>(i)</enum><text>in paragraph (1)—</text> <subclause id="H0DE4C65C5572411BBB5F3B1521EA7EE8"><enum>(I)</enum><text>by striking <quote>Before the end of the 180-day period beginning on the designated transfer date, the Director shall</quote> and inserting <quote>The Director may</quote>; and</text>
</subclause><subclause id="H8EA63F00896148E6B878625D7DC74464"><enum>(II)</enum><text>by striking <quote>on protection from unfair, deceptive, and abusive practices and</quote>;</text> </subclause></clause><clause id="H70620ED634824D6795267198ABC3C17C"><enum>(ii)</enum><text>in paragraph (2), by striking <quote>The Office</quote> and inserting <quote>At any time when the Office of Financial Protection for Older Americans exists within the Agency, the Office</quote>; and</text>
</clause><clause id="H263DC988E3B94CB789E7CD8D5E3F2618"><enum>(iii)</enum><text>in paragraph (3)—</text> <subclause id="HE075224E2D1F43ADACED4CCAE47E076E"><enum>(I)</enum><text>in subparagraph (A)—</text>
<item id="H21C00A7A33FA4FC3A315CB7C11F7A6E3"><enum>(aa)</enum><text>by striking clause (i);</text> </item><item id="HB3606712ADB94F179E7180E5A414A6AF"><enum>(bb)</enum><text>by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and</text>
</item><item id="H94289CC41FF64093AC65C48B72D1A72B"><enum>(cc)</enum><text>in clause (ii), as so redesignated, by striking <quote>to respond to consumer problems caused by unfair, deceptive, or abusive practices</quote>;</text> </item></subclause><subclause id="HCCF9DA6729F84F86A240168F045B3BCB"><enum>(II)</enum><text>in subparagraph (B), by striking <quote>and alert the Commission and State regulators of certifications or designations that are identified as unfair, deceptive, or abusive</quote>; and</text>
</subclause><subclause id="H0ACA7F423DE7487C96A9BA03633FDAC1"><enum>(III)</enum><text>in subparagraph (D)—</text> <item id="H088419BEC11D4922B974E20BFD635B89"><enum>(aa)</enum><text>by striking clause (i); and</text>
</item><item id="H6886C931C1C541909CE4F8EF72E209B4"><enum>(bb)</enum><text>by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively;</text> </item></subclause></clause></subparagraph></paragraph><paragraph id="HA3F16562FD444CB5B03817696C028EDF"><enum>(2)</enum><text>in section 1029(e), by inserting after <quote>Affairs,</quote> the following: <quote>if established under this title,</quote>; and</text>
</paragraph><paragraph id="H65A96B5BCDAE496B952BA1ECA99A5D47"><enum>(3)</enum><text>in section 1035—</text> <subparagraph id="H3DC42305E5874B62AF5350CE878B7C26"><enum>(A)</enum><text>in subsection (a), by striking <quote>shall designate</quote> and inserting <quote>may designate</quote>; and</text>
</subparagraph><subparagraph id="H87B2236DEC1D482592A1A14948FDD68C"><enum>(B)</enum><text>in subsection (b), by striking <quote>The Secretary</quote> and inserting <quote>If the Secretary designates the Ombudsman under subsection (a), the Secretary</quote>.</text> </subparagraph></paragraph></section><section id="H2D4B6EC8F6554007B086229986AE6C25" section-type="subsequent-section"><enum>726.</enum><header>Repeal of mandatory advisory board</header> <subsection id="HB6BB8C7F7DE7499995A293DDCC5CD6E1"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 1014 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5494">12 U.S.C. 5494</external-xref>) is repealed.</text>
</subsection><subsection id="H5159B4BFAFDD4B80B76E5823C6EDA815"><enum>(b)</enum><header>Clerical amendment</header><text>The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relation to section 1014.</text>
</subsection><subsection id="HE5FD391157394C94BADC0498BEEE9F33"><enum>(c)</enum><header>Rule of Construction</header><text display-inline="yes-display-inline">Nothing in this section may be construed as limiting the authority of the Director of the Consumer Law Enforcement Agency to establish advisory committees pursuant to the Federal Advisory Committee Act.</text>
</subsection></section><section commented="no" id="HD70292734D694E4B83B67EF45F8E2F39"><enum>727.</enum><header>Elimination of supervision authority</header>
<subsection id="H700F9FBAC5924DF085BFAC85F3CBFEE8"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text> <paragraph id="H2E55FA583DDB411EB9972DEBCE4A7395"><enum>(1)</enum><text>in section 1002(15)(B)(ii)(I), by striking <quote>examination or</quote>;</text>
</paragraph><paragraph id="H1A50CFF11673416482D877AFED1B28F1"><enum>(2)</enum><text>in section 1013(a)(1)(B), by striking <quote>compliance examiners, compliance supervision analysts,</quote>;</text> </paragraph><paragraph id="H67D1FE46D6724A2EBC08808AB6C4A6AF"><enum>(3)</enum><text>in section 1016(c)—</text>
<subparagraph id="HB875F8B3F2D54DB89E20872A4F17939F"><enum>(A)</enum><text>in paragraph (5), by striking <quote>supervisory and</quote>; and</text> </subparagraph><subparagraph id="H9810C2CB3495433A8CB6FFF9915A5C8F"><enum>(B)</enum><text>in paragraph (6), by striking <quote>orders, and supervisory actions</quote> and inserting <quote>and orders</quote>;</text>
</subparagraph></paragraph><paragraph commented="no" id="H7FCA5129D7E44229B814A2672C0E18F0"><enum>(4)</enum><text>in section 1024—</text> <subparagraph id="H7058A2C37B024C73AE53F43881788A30"><enum>(A)</enum><text>in the heading, by striking <quote><header-in-text level="section" style="OLC">SUPERVISION OF</header-in-text></quote> and inserting <quote><header-in-text level="section" style="OLC">AUTHORITY WITH RESPECT TO CERTAIN</header-in-text></quote>;</text>
</subparagraph><subparagraph commented="no" id="H3DF602507BCA4E1BBAECFA47C901A877"><enum>(B)</enum><text>in subsection (a)—</text> <clause commented="no" id="HBAA195DC2770471DA4451FE7A17C27F5"><enum>(i)</enum><text>in paragraph (1)(B), by striking <quote>as defined by rule in accordance with paragraph (2)</quote> and inserting <quote>as of the date of the enactment of the Financial CHOICE Act of 2017</quote>;</text>
</clause><clause commented="no" id="H4DC072280B574D2F843DFF1E4FB84A5E"><enum>(ii)</enum><text>by striking paragraph (2);</text> </clause><clause id="HF125FD9FAE3744C9AFB14B1046830323"><enum>(iii)</enum><text>by redesignating paragraph (3) as paragraph (2); and</text>
</clause><clause id="H7D99D00460544B248107AA66DBF121D7"><enum>(iv)</enum><text>in subparagraph (A) of paragraph (2), as so redesignated, by striking <quote>1025(a) or</quote>;</text> </clause></subparagraph><subparagraph commented="no" id="H5DC6351DC500410584824F15382D7BBC"><enum>(C)</enum><text>by striking subsection (b);</text>
</subparagraph><subparagraph commented="no" id="H7506EDD8BBF3465097BB86A55727625F"><enum>(D)</enum><text>by redesignating subsections (c), (d), (e), and (f) as subsections (b), (c), (d), and (e), respectively;</text>
</subparagraph><subparagraph id="HF3A8379CCA214754B84A1FC148D4C36F"><enum>(E)</enum><text>in subsection (c), as so redesignated—</text> <clause id="HFBB55C3CF08143E68C57E0360E8C57BD"><enum>(i)</enum><text>in the heading, by striking <quote><header-in-text level="subsection" style="OLC">and Examination Authority</header-in-text></quote>; and</text>
</clause><clause id="H5C10CF7918B949A7BF531D16DF4A773E"><enum>(ii)</enum><text>by striking <quote>, conduct examinations,</quote> each place such term appears;</text> </clause></subparagraph><subparagraph id="HACDA01030443445A84E692202965892F"><enum>(F)</enum><text>in subsection (d), as so redesignated—</text>
<clause id="HE4C4DB35247C4C51A70B3B25AAE48100"><enum>(i)</enum><text>by inserting <quote>rulemaking and enforcement, but not supervisory,</quote> before <quote>authority of the Bureau</quote>; and</text> </clause><clause id="H56EB87FF5497462CBE1C2397B11FC389"><enum>(ii)</enum><text>by striking <quote>conducting any examination or requiring any report from a service provider subject to this subsection</quote> and inserting <quote>carrying out any authority pursuant to this subsection with respect to a service provider</quote>;</text>
</clause></subparagraph></paragraph><paragraph id="HB6B28A34463042228FA7BA5F5EE4DEA0"><enum>(5)</enum><text display-inline="yes-display-inline">by striking section 1025;</text> </paragraph><paragraph id="H70791BDF5B974B5EB1A2E571444421FE"><enum>(6)</enum><text display-inline="yes-display-inline">in section 1026—</text>
<subparagraph id="H779DFE4ED2494CCCBF3FEDF19D6E4453"><enum>(A)</enum><text>by amending subsection (a) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H6016BD3EA6E440A194279774559C76F7" reported-display-style="italic" style="OLC"> <subsection id="HA9FF94DCEFB2496EACC4AB3F7402272F"><enum>(a)</enum><header>Scope of coverage</header><text display-inline="yes-display-inline">This section shall apply to any covered person that is an insured depository institution or an insured credit union.</text></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H7217553E22454CC39EB35755504E98F8"><enum>(B)</enum><text>in subsection (b)(3), by striking <quote>report of examination or related</quote>;</text> </subparagraph><subparagraph id="H9675FC42CC384E838B41D1642600B02A"><enum>(C)</enum><text>by striking subsection (c);</text>
</subparagraph><subparagraph id="H915A938BA2BF4D0EA07F26CB139117F3"><enum>(D)</enum><text>by redesignating subsections (d) and (e) as subsections (c) and (d), respectively; and</text> </subparagraph><subparagraph id="H31A59D8F731842898EFAF30370CC587D"><enum>(E)</enum><text>in subsection (d), as so redesignated—</text>
<clause id="HD37FF45032784BAC9A0FFB2C2459681C"><enum>(i)</enum><text>by striking <quote>section 1025</quote> and inserting <quote>this section</quote>; and</text> </clause><clause id="H9BAF0F72F5134EFAA3D6FBBF58276BD0"><enum>(ii)</enum><text>by striking <quote>When conducting any examination or requiring any report from a service provider subject to this subsection</quote> and inserting <quote>In carrying out any authority pursuant to this subsection with respect to a service provider</quote>;</text>
</clause></subparagraph></paragraph><paragraph id="HBE809F358173495C8BB054A5514B146B"><enum>(7)</enum><text>in section 1027—</text> <subparagraph id="H901B15F6F3AF48339DDC11565FECAA4F"><enum>(A)</enum><text>by striking <quote>supervisory,</quote> each place such term appears;</text>
</subparagraph><subparagraph id="H3A19BCD3A67544849E64E0464DC2BBCB"><enum>(B)</enum><text>in subsection (e)(1), by striking <quote>supervisory or</quote>; and</text> </subparagraph><subparagraph id="H8B46CE33D5EF4FC7BF77581C9636B2C9"><enum>(C)</enum><text>in subsection (p), by striking <quote>section 1024(c)(1)</quote> and inserting <quote>section 1024(b)(1)</quote>;</text>
</subparagraph></paragraph><paragraph id="H4C9C66EE6FD848258848A107CECB348F"><enum>(8)</enum><text>in section 1034—</text> <subparagraph id="HCDB6573778F04D7C87B023A9D7AE660E"><enum>(A)</enum><text>by striking subsections (b) and (c); and</text>
</subparagraph><subparagraph id="H7588842495CD40C497663FFF1A23FC32"><enum>(B)</enum><text>by redesignating subsection (d) as subsection (b);</text> </subparagraph></paragraph><paragraph id="H105C7BDEBB0F4E4BB9C9FCCE5CFAF337"><enum>(9)</enum><text>in section 1053—</text>
<subparagraph id="HCD82DF2BBA344AAA8DB8388318C52C5D"><enum>(A)</enum><text>in subsection (b)(1)(A), by striking <quote>sections 1024, 1025, and 1026</quote> and inserting <quote>sections 1024 and 1026</quote>; and</text> </subparagraph><subparagraph id="H78B62DACFADD4E6A80446D5D8DB3B563"><enum>(B)</enum><text>in subsection (c)(3)(B)(ii)(II), by striking <quote>, by examination or otherwise,</quote>;</text>
</subparagraph></paragraph><paragraph id="H20C3999A5FFD4D118CC25134B01CD8DD"><enum>(10)</enum><text display-inline="yes-display-inline">in section 1054(a), by striking <quote>sections 1024, 1025, and 1026</quote> and inserting <quote>sections 1024 and 1026</quote>;</text> </paragraph><paragraph id="H3F557ACE6FFB42538864B589214990DF"><enum>(11)</enum><text>in section 1061—</text>
<subparagraph id="HD72B28C113F84D40983020FA29A35017"><enum>(A)</enum><text>in subsection (a)(1)—</text> <clause id="H08C7ADF3CF71482A8D87D92EC7C21CE9"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>; and</quote> at the end and inserting a period; and</text>
</clause><clause id="H9039CDB9FF4B47BE8DD61BBF0E9475A1"><enum>(ii)</enum><text>by striking subparagraph (B); and</text> </clause></subparagraph><subparagraph id="H4D45A8D50652430BAE2C5D6619A28FC9"><enum>(B)</enum><text>in subsection (c)—</text>
<clause id="HEEF55C6517B046018B609BB29431D815"><enum>(i)</enum><text>by amending paragraph (1) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HFFB65D2BC8334A2BB1A5BFDB86A256E0" reported-display-style="italic" style="OLC"> <paragraph id="H12291B16BB5A4D1888FA470B4BCAFBAA"><enum>(1)</enum><header>Examination</header><text display-inline="yes-display-inline">A transferor agency that is a prudential regulator shall have exclusive authority (relative to the Bureau) to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in section 1026(a).</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause><clause id="HBC639D1F0F4D45B2953F7D344D324498"><enum>(ii)</enum><text display-inline="yes-display-inline">in paragraph (2)—</text> <subclause id="HB83580AEA7A8467CBC4902448F7A6159"><enum>(I)</enum><text>by striking subparagraph (A); and</text>
</subclause><subclause id="H4816BD1C46BD44CE8A44C179CA9EE550"><enum>(II)</enum><text>by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively;</text> </subclause></clause></subparagraph></paragraph><paragraph id="H03EC6483027B4483BB0F810032E4B70D"><enum>(12)</enum><text display-inline="yes-display-inline">in section 1063, by striking <quote>sections 1024, 1025, and 1026</quote> each place such term appears and inserting <quote>sections 1024 and 1026</quote>; and</text>
</paragraph><paragraph id="H229F6F8B09C84CFE876294984B102DF2"><enum>(13)</enum><text>in section 1067, by striking subsection (e).</text> </paragraph></subsection><subsection id="H620B2EB58E8143979E77281EC6C02875"><enum>(b)</enum><header>Home Mortgage Disclosure Act of 1975</header><text display-inline="yes-display-inline">Section 305(d) of the Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2804">12 U.S.C. 2804(d)</external-xref>) is amended by striking <quote>examine and</quote>.</text>
</subsection><subsection id="HFCBABE5F917D46089A65DEC564416A34"><enum>(c)</enum><header>Omnibus Appropriations Act, 2009</header><text display-inline="yes-display-inline">Section 626 of the Omnibus Appropriations Act, 2009 (<external-xref legal-doc="usc" parsable-cite="usc/15/1638">15 U.S.C. 1638</external-xref> note) is repealed.</text> </subsection><subsection id="HF9CD7CC874D64C57BF793485A41A0780"><enum>(d)</enum><header>Clerical amendment</header><text>The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended—</text>
<paragraph id="HE845FD05EF3D484BBD6B568DFC10DF18"><enum>(1)</enum><text>in the item relating to section 1024, by striking <quote>SUPERVISION OF</quote> and inserting <quote>AUTHORITY WITH RESPECT TO CERTAIN</quote>; and</text> </paragraph><paragraph id="H5059F70077CF4EEF9B50E35713CC0D5F"><enum>(2)</enum><text>by striking the item relating to section 1025.</text>
</paragraph></subsection></section><section id="H726107537DDE471ABF037B71C8D63892"><enum>728.</enum><header>Transfer of old OTS building from OCC to GSA</header><text display-inline="no-display-inline">Not later than 180 days after the date of enactment of this Act, the Comptroller of the Currency shall transfer administrative jurisdiction over the Federal property located at 1700 G Street, Northwest, in the District of Columbia to the Administrator of General Services.</text>
</section><section id="H6F783BA7C76F49D58265D4F4E0E959A9"><enum>729.</enum><header>Limitation on Agency authority</header><text display-inline="no-display-inline">Section 1027 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5517">12 U.S.C. 5517</external-xref>) is amended—</text> <paragraph id="H4035D2B738BE45E68E6395AE8EB7A381"><enum>(1)</enum><text display-inline="yes-display-inline">in subsection (g)(3)(A), by striking <quote>may not exercise any rulemaking or enforcement authority</quote> and inserting <quote>may not exercise any rulemaking, enforcement, or other authority</quote>;</text>
</paragraph><paragraph id="H8D02BDFE6DE642F1853961903D61BACA"><enum>(2)</enum><text>in subsection (i)(1), by striking <quote>shall have no authority to exercise any power to enforce this title</quote> and inserting <quote>may not exercise any rulemaking, enforcement, or other authority</quote>; and</text> </paragraph><paragraph id="HBE894293393147C0AF54ED3B0DD41D40"><enum>(3)</enum><text>in subsection (j)(1), by striking <quote>shall have no authority to exercise any power to enforce this title</quote> and inserting <quote>may not exercise any rulemaking, enforcement, or other authority</quote>.</text>
</paragraph></section></subtitle><subtitle id="H3365E0AE92EB4303A2D53B2969C4710B"><enum>C</enum><header>Policy Enhancements</header>
<section commented="no" id="H31E7363DB69D4091B4A6CDAB57597F42"><enum>731.</enum><header>Consumer right to financial privacy</header>
<subsection commented="no" id="HFAAE59BCDE414731B20F512FC1DFE8BF"><enum>(a)</enum><header>Requirement of the Agency to obtain permission before collecting nonpublic personal information</header><text display-inline="yes-display-inline">Section 1022 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5512">12 U.S.C. 5512</external-xref>), as amended by section 724(3), is further amended by inserting after subsection (b) the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H97AA5A95457145C2BBECA3084A274118" reported-display-style="italic" style="OLC">
<subsection id="H0A40F3E2BC744BEFB335A0C654A202F6"><enum>(c)</enum><header>Consumer privacy</header>
<paragraph id="H48F64531431E477E9B3C5F254FF634B1"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Agency may not request, obtain, access, collect, use, retain, or disclose any nonpublic personal information about a consumer unless—</text>
<subparagraph id="HB6CB4E7A582B4F2EABF9B5F5EBC05320"><enum>(A)</enum><text>the Agency clearly and conspicuously discloses to the consumer, in writing or in an electronic form, what information will be requested, obtained, accessed, collected, used, retained, or disclosed; and</text>
</subparagraph><subparagraph id="HC4865FA525884F628443029FA989D66C"><enum>(B)</enum><text>before such information is requested, obtained, accessed, collected, used, retained, or disclosed, the consumer informs the Agency that such information may be requested, obtained, accessed, collected, used, retained, or disclosed.</text>
</subparagraph></paragraph><paragraph id="HEB43C8FF74C34E0E8D7D0C2468707CF3"><enum>(2)</enum><header>Application of requirement to contractors of the Agency</header><text display-inline="yes-display-inline">Paragraph (1) shall apply to any person directed or engaged by the Agency to collect information to the extent such information is being collected on behalf of the Agency.</text>
</paragraph><paragraph id="H11E8A65914C146A29EBCBDFBDA099DF0"><enum>(3)</enum><header>Definition of nonpublic personal information</header><text>In this subsection, the term <term>nonpublic personal information</term> has the meaning given the term in section 509 of the Gramm-Leach-Bliley Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6809">15 U.S.C. 6809</external-xref>).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection commented="no" display-inline="no-display-inline" id="H9CA1627887EC4E5C9F1C3E310C034D32"><enum>(b)</enum><header>Removal of exemption for the Agency from the Right to Financial Privacy Act</header><text>Section 1113 of the Right to Financial Privacy Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3413">12 U.S.C. 3413</external-xref>) is amended by striking subsection (r).</text>
</subsection></section><section commented="no" id="HE6666832470F48009E2443C3C22E1180"><enum>732.</enum><header>Repeal of Council authority to set aside Agency rules and requirement of safety and soundness
considerations when issuing rules</header>
<subsection id="HA11515337B0048A68D589CAE6DA7CE0E"><enum>(a)</enum><header>Repeal of authority</header>
<paragraph id="HCECBE733E22E4A52AC75440A7834DD8C"><enum>(1)</enum><header>In general</header><text>Section 1023 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5513">12 U.S.C. 5513</external-xref>) is hereby repealed.</text> </paragraph><paragraph id="H2C3C8C9F4A95478E94CA739E565A4C61"><enum>(2)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 1022(b)(2)(C) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5512">12 U.S.C. 5512(b)(2)(C)</external-xref>) is amended by striking <quote>, except that nothing in this clause shall be construed as altering or limiting the procedures under section 1023 that may apply to any rule prescribed by the Bureau</quote>.</text>
</paragraph><paragraph id="H1EE97E56DACF42629F9BEF142191FF88"><enum>(3)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1023.</text>
</paragraph></subsection><subsection id="HEFFBA4E98CE340029F1DDB4423655EB9"><enum>(b)</enum><header>Safety and soundness check</header><text>Section 1022(b)(2)(A) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5512">12 U.S.C. 5512(b)(2)(A)</external-xref>) is amended—</text>
<paragraph id="H341A4231C9654FFEA8DE63E2511BCA17"><enum>(1)</enum><text>in clause (i), by striking <quote><short-title>and</short-title></quote> at the end;</text> </paragraph><paragraph id="HA2B06FEDCD984FC18E726618AA4B0075"><enum>(2)</enum><text>in clause (ii), by adding <quote><short-title>and</short-title></quote> at the end; and</text>
</paragraph><paragraph id="HCB363F293C6B4AF98106513D0278813F"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H08032442D72C4175ADE8D259804A3AE2" reported-display-style="italic" style="OLC"> <clause id="HE137AFB42CAA48D99248135FBF287534"><enum>(iii)</enum><text display-inline="yes-display-inline">the impact of such rule on the financial safety or soundness of an insured depository institution;</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="HD6130FB5CD75400286DE6CC4D215A0C8"><enum>733.</enum><header>Removal of authority to regulate small-dollar credit</header><text display-inline="no-display-inline">The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text> <paragraph id="H632521AC9C4C44B5B7683AE21943EE01"><enum>(1)</enum><text>in section 1024(a)(1)—</text>
<subparagraph id="HF469E125C08344D19CD95144B0ED468E"><enum>(A)</enum><text>in subparagraph (C), by adding <quote>or</quote> at the end;</text> </subparagraph><subparagraph id="H9EA8CD6BDD9D4673B0BF57C7CE0F0A51"><enum>(B)</enum><text>in subparagraph (D), by striking <quote>; or</quote> and inserting a period; and</text>
</subparagraph><subparagraph id="H94DC3E21789C4AE3A463709CB0F9F4CC"><enum>(C)</enum><text>by striking subparagraph (E); and</text> </subparagraph></paragraph><paragraph id="H232308EF442447A79DD2C76670782DA3"><enum>(2)</enum><text>in section 1027, by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H5BAE738CB8E4469F8F89F982FB018A52" reported-display-style="italic" style="OLC">
<subsection id="HDDEAC45D00344B3794BAEB7091DAE28A"><enum>(t)</enum><header>No authority to regulate small-dollar credit</header><text display-inline="yes-display-inline">The Agency may not exercise any rulemaking, enforcement, or other authority with respect to payday loans, vehicle title loans, or other similar loans.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section commented="no" id="HC948CBA544F1472AB0A6655D208E79FD"><enum>734.</enum><header>Reforming indirect auto financing guidance</header>
<subsection commented="no" id="H48B97ACE0DDF465399A15B20D5517625"><enum>(a)</enum><header>Nullification of auto lending guidance</header><text>Bulletin 2013–02 of the Bureau of Consumer Financial Protection (published March 21, 2013) shall have no force or effect.</text>
</subsection><subsection commented="no" id="H22B1ACB3DAE24C4E96221C0D2EE68081"><enum>(b)</enum><header>Guidance requirements</header><text>Section 1022(b) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5512">12 U.S.C. 5512(b)</external-xref>), as amended by section 721, is further amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF35A11FE1B5B4BFFA77BA01D6B166CEE" reported-display-style="italic" style="OLC">
<paragraph commented="no" id="H020C79123FB34486891BAE0F6BE57B7F"><enum>(8)</enum><header>Guidance on indirect auto financing</header><text display-inline="yes-display-inline">In proposing and issuing guidance primarily related to indirect auto financing, the Agency shall—</text> <subparagraph commented="no" id="H5B86043960444187ABA143A333E3F9E0"><enum>(A)</enum><text>provide for a public notice and comment period before issuing the guidance in final form;</text>
</subparagraph><subparagraph commented="no" id="H57641C3F551C47038E6D40437D71BCEC"><enum>(B)</enum><text display-inline="yes-display-inline">make available to the public, including on the website of the Agency, all studies, data, methodologies, analyses, and other information relied on by the Agency in preparing such guidance;</text>
</subparagraph><subparagraph commented="no" id="H0B783E8643E44B2CB6F5C4E4044882D3"><enum>(C)</enum><text>redact any information that is exempt from disclosure under paragraph (3), (4), (6), (7), or (8) of section 552(b) of title 5, United States Code;</text>
</subparagraph><subparagraph commented="no" id="H325881710AFA409F9F2BB6B86345313E"><enum>(D)</enum><text>consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and</text>
</subparagraph><subparagraph commented="no" id="HD6F3F593EB6D416A866D92D892C7B4CA"><enum>(E)</enum><text display-inline="yes-display-inline">conduct a study on the costs and impacts of such guidance to consumers and women-owned, minority-owned, veteran-owned, and small businesses, including consumers and small businesses in rural areas.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="HF08430503DE746FAB7AE6D9A6D8AB6A8"><enum>(c)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section shall be construed to apply to guidance issued by the Consumer Law Enforcement Agency that is not primarily related to indirect auto financing.</text>
</subsection></section><section commented="no" id="H36981F7661B5421A9EBEAF090F0A317F"><enum>735.</enum><header>Prohibition of Government price controls for payment card transactions</header>
<subsection id="HFA46000C50434AE7977536F63026C4AF"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 1075 of the Consumer Financial Protection Act of 2010 is hereby repealed and the provisions of law amended by such section are revived or restored as if such section had not been enacted.</text>
</subsection><subsection id="H460BBEAA7AE748B6805DEA2A47EB310F"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1075.</text>
</subsection></section><section id="H17384661DE2B47B88A6262A96F541FC7"><enum>736.</enum><header>Removal of Agency UDAAP authority</header>
<subsection id="H3211A6574EE04CB8BB86995A7A00539E"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text> <paragraph id="H65BD1C2486424D9A8BB4616A2932E680"><enum>(1)</enum><text>in section 1021(b)(2), by striking <quote>unfair, deceptive, or abusive acts and practices and</quote>;</text>
</paragraph><paragraph id="H366DDA297A2D4A15A1AE5D0449BA74EE"><enum>(2)</enum><text>by striking section 1031;</text> </paragraph><paragraph id="HFA55EFAF4B6B451C88C284627AD6776E"><enum>(3)</enum><text>in section 1036(a)—</text>
<subparagraph id="H2052928AD355436AACE42E4007D4E24B"><enum>(A)</enum><text>in paragraph (1)—</text> <clause id="HA78D0A7712074C2F9B899F242D2584F7"><enum>(i)</enum><text>by striking <quote>provider</quote> and all that follows through <quote>to offer</quote> and inserting <quote>provider to offer</quote>;</text>
</clause><clause id="HBC5A23816512477FA7286A45991DF448"><enum>(ii)</enum><text>by striking subparagraph (B); and</text> </clause></subparagraph><subparagraph id="HF7A8FEF90228414EAD8F2D731C809764"><enum>(B)</enum><text>in paragraph (2)(C), by striking <quote>; or</quote> at the end and inserting a period; and</text>
</subparagraph><subparagraph id="HBBC6381E06F543AE9D657586E3352C07"><enum>(C)</enum><text display-inline="yes-display-inline">by striking paragraph (3); and</text> </subparagraph></paragraph><paragraph id="H9CD336EC5BD3415B980C926F6604A057"><enum>(4)</enum><text>in section 1061(b)(5)—</text>
<subparagraph id="H81B849EDD5CD429198E6F20B15068583"><enum>(A)</enum><text>in subparagraph (B), by striking clause (ii);</text> </subparagraph><subparagraph id="H2BE47C39B45D4AEE940F8BD0A02C88C9"><enum>(B)</enum><text>by striking subparagraph (D); and</text>
</subparagraph><subparagraph id="H1896951F5DB44535A6A12024F5E5FE73"><enum>(C)</enum><text>by redesignating subparagraph (E) (as amended by section 718(2)) as subparagraph (D); and</text> </subparagraph></paragraph><paragraph id="H09042D8CBC9C4A7093F714E07B4A373C"><enum>(5)</enum><text>in section 1076(b)(2), by striking <quote>determine—</quote> and all that follows through <quote>(B) provide for</quote> and inserting <quote>determine, provide for</quote>.</text>
</paragraph></subsection><subsection id="H694A84D13588427A98E7DC5FB80BADC2"><enum>(b)</enum><header>Telemarketing and Consumer Fraud and Abuse Prevention Act</header><text display-inline="yes-display-inline">Section 3(c) of the Telemarketing and Consumer Fraud and Abuse Prevention Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6102">15 U.S.C. 6102</external-xref>) is amended—</text>
<paragraph id="H0F4D2DB5D85748B8A3E788CC3F245C58"><enum>(1)</enum><text>in paragraph (1), by striking <quote>; and</quote> at the end and inserting a period;</text> </paragraph><paragraph id="H1FC2C986E71E4252B6A1953DFB4A8E88"><enum>(2)</enum><text>by striking paragraph (2); and</text>
</paragraph><paragraph id="HD36C1EB704E147CFAEC5122BAE69F3FB"><enum>(3)</enum><text>by striking <quote>subsection (a)—</quote> and all that follows through <quote>(1) shall</quote> and inserting <quote>subsection (a) shall</quote>.</text> </paragraph></subsection><subsection id="HC01E7F442C164994AD34CE86A99EFCCD"><enum>(c)</enum><header>Clerical amendment</header><text>The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1031.</text>
</subsection></section><section id="H6ACC40CA9D4C4363B36D51E4A66A6087"><enum>737.</enum><header>Preservation of UDAP authority for Federal banking regulators</header>
<subsection id="HDD32639360204D8D8D166EAD52900059"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 18(f) of the Federal Trade Commission Act (<external-xref legal-doc="usc" parsable-cite="usc/15/57a">15 U.S.C. 57a(f)</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H51C5322721EA4F6481D4D822234901B5" reported-display-style="italic" style="OLC"> <subsection id="HC39DEDCB815F41F19B6105774E810749"><enum>(f)</enum><header>Unfair or deceptive acts or practices by depository institutions</header> <paragraph id="HD05522861E6746C7887A7743E233991D"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">In order to prevent unfair or deceptive acts or practices in or affecting commerce (including acts or practices which are unfair or deceptive to consumers) by depository institutions, each Federal banking regulator shall prescribe regulations to carry out the purposes of this section, including regulations defining with specificity such unfair or deceptive acts or practices, and containing requirements prescribed for the purpose of preventing such acts or practices.</text>
</paragraph><paragraph id="HCB5C961824DA4B83A97B2688A33EE7B1"><enum>(2)</enum><header>Promulgating substantially similar regulations</header><text display-inline="yes-display-inline">Whenever the Commission prescribes a rule under subsection (a)(1)(B), then within 60 days after such rule takes effect each Federal banking regulator shall promulgate substantially similar regulations prohibiting acts or practices of depository institutions which are substantially similar to those prohibited by rules of the Commission and which impose substantially similar requirements, unless—</text>
<subparagraph id="H3D1C373C7B3645FBA6CDB810EDA6F2FD"><enum>(A)</enum><text display-inline="yes-display-inline">the Federal banking regulator finds that such acts or practices of depository institutions are not unfair or deceptive; or</text>
</subparagraph><subparagraph id="H6090878DA7FD44FBB7489CB60B98A3CE"><enum>(B)</enum><text>the Board of Governors of the Federal Reserve System finds that implementation of similar regulations with respect to depository institutions would seriously conflict with essential monetary and payments systems policies of such Board, and publishes any such finding, and the reasons therefor, in the Federal Register.</text>
</subparagraph></paragraph><paragraph id="HDCCD5DBC93A943D6AEBDDC531665F549"><enum>(3)</enum><header>Enforcement</header>
<subparagraph id="H0935E6128073424DB24A82F0BDB4C27E"><enum>(A)</enum><header>In general</header><text>Compliance with regulations prescribed under this subsection shall be enforced—</text> <clause id="H7F0FDBE68C334267BBFB76DBE5F7A399"><enum>(i)</enum><text>under section 8 of the Federal Deposit Insurance Act, with respect to a depository institution other than a Federal credit union; and</text>
</clause><clause id="H2ECE27824AFA4A43BC8C502D0DA1265E"><enum>(ii)</enum><text display-inline="yes-display-inline">under sections 120 and 206 of the Federal Credit Union Act, with respect to a Federal credit union.</text> </clause></subparagraph><subparagraph id="H555C9656127F4193ABAF5892EB7E78D0"><enum>(B)</enum><header>Deeming of violation</header><text display-inline="yes-display-inline">For the purpose of the exercise by a Federal banking regulator of the regulator’s powers under any Act referred to in subparagraph (A), a violation of any regulation prescribed under this subsection shall be deemed to be a violation of a requirement imposed under that Act.</text>
</subparagraph><subparagraph id="H6E687CC00611414D8C7A7FA5C6211FDD"><enum>(C)</enum><header>Enforcement through any existing authority</header><text>In addition to its powers under any provision of law specifically referred to in subparagraph (A), each Federal banking regulator may exercise, for the purpose of enforcing compliance with any regulation prescribed under this subsection, any other authority conferred on the regulator by law.</text>
</subparagraph></paragraph><paragraph id="HD160EF67BAFA43008D0A212D19173552"><enum>(4)</enum><header>Rule of construction</header><text>The authority of the Board of Governors of the Federal Reserve System to issue regulations under this subsection does not impair the authority of any other Federal banking regulator to make rules respecting the regulator’s own procedures in enforcing compliance with regulations prescribed under this subsection.</text>
</paragraph><paragraph id="H55200D896EF64AE5B21812D913D4E3FD"><enum>(5)</enum><header>Report to Congress</header><text display-inline="yes-display-inline">Each Federal banking regulator exercising authority under this subsection shall transmit to the Congress each year a detailed report on its activities under this subsection during the preceding calendar year.</text>
</paragraph><paragraph id="H1348336716E54DB3A01C5E212E3D9562"><enum>(6)</enum><header>Definitions</header><text>For purposes of this Act:</text> <subparagraph id="H76672ABC21714D7A8B7B5F648793AC12"><enum>(A)</enum><header>Bank</header><text display-inline="yes-display-inline">The term <term>bank</term> means—</text>
<clause display-inline="no-display-inline" id="HD28F5E8713C544F4A07E658A3065D67E"><enum>(i)</enum><text>national banks and Federal branches and Federal agencies of foreign banks;</text> </clause><clause id="H2D7227D7996C424688FFAB0BB6975DC4"><enum>(ii)</enum><text>member banks of the Federal Reserve System (other than national banks), branches and agencies of foreign banks (other than Federal branches, Federal agencies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act; and</text>
</clause><clause id="H4FAFE5684C8A4952939ED2A5A276D340"><enum>(iii)</enum><text>banks insured by the Federal Deposit Insurance Corporation (other than banks referred to in clause (i) or (ii) and insured State branches of foreign banks.</text>
</clause></subparagraph><subparagraph id="H41C2521735DF4A53A3E32884AE00B282"><enum>(B)</enum><header>Depository institution</header><text>The term <term>depository institution</term> means a bank, a savings and loan institution, or a Federal credit union.</text> </subparagraph><subparagraph id="H716FD84DC1B9471CAE97552F1C2BD246"><enum>(C)</enum><header>Federal banking regulator</header><text>The term <term>Federal banking regulator</term>—</text>
<clause id="H3D2201F8EB4F48EC965653B7D0E0CE6D"><enum>(i)</enum><text>has the meaning given the term <term>appropriate Federal banking agency</term> under section 3 of the Federal Deposit Insurance Act; and</text> </clause><clause id="H832B0C4F7232419C922F9061C0773DF2"><enum>(ii)</enum><text>means the National Credit Union Administration, in the case of a Federal credit union.</text>
</clause></subparagraph><subparagraph id="HB1C9D63625FA4A1AA3FD9BB572DB865C"><enum>(D)</enum><header>Federal credit union</header><text display-inline="yes-display-inline">The term <term>Federal credit union</term> has the same meaning as in section 101 of the Federal Credit Union Act.</text> </subparagraph><subparagraph id="H2B7EA5A318514312901F8710603B4EC7"><enum>(E)</enum><header>Savings and loan institution</header><text display-inline="yes-display-inline">The term <term>savings and loan institution</term> has the same meaning as in section 3 of the Federal Deposit Insurance Act.</text>
</subparagraph><subparagraph id="H9A7D8098CC7E4685AFD2E8FFDAD80F7F"><enum>(F)</enum><header>Other terms</header><text display-inline="yes-display-inline">The terms used in this paragraph that are not defined in this Act or otherwise defined in section 3(s) of the Federal Deposit Insurance Act shall have the meaning given to them in section 1(b) of the International Banking Act of 1978.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HF353867012E74CA7A9DEDC8C2C51FE9B"><enum>(b)</enum><header>Conforming amendments</header><text>The Federal Trade Commission Act (<external-xref legal-doc="usc" parsable-cite="usc/15/41">15 U.S.C. 41</external-xref> et seq.) is amended—</text> <paragraph id="HCF989029B6BB4882B36B97A52017C4E7"><enum>(1)</enum><text>in section 6(j)(6), by striking <quote>section 18(f)(3) (<external-xref legal-doc="usc" parsable-cite="usc/15/57a">15 U.S.C. 57a(f)(3)</external-xref>), a Federal credit union described in section 18(f)(4) (<external-xref legal-doc="usc" parsable-cite="usc/15/57a">15 U.S.C. 57a(f)(4)</external-xref>)</quote> and inserting <quote>section 18(f), a Federal credit union described in section 18(f)</quote>;</text>
</paragraph><paragraph id="HB536C4D1C998494884CB8F5678ADC42B"><enum>(2)</enum><text>in section 21(b)(6)(C), by striking <quote>section 18(f)(3) of the Federal Trade Commission Act (<external-xref legal-doc="usc" parsable-cite="usc/15/57a">15 U.S.C. 57a(f)(3)</external-xref>), or a Federal credit union described in section 18(f)(4) of the Federal Trade Commission Act (<external-xref legal-doc="usc" parsable-cite="usc/15/57a">15 U.S.C. 57a(f)(4)</external-xref>)</quote> and inserting <quote>18(f), or a Federal credit union described in section 18(f)</quote>;</text>
</paragraph><paragraph id="H12F2463E9E3C4F4CA6F6CFA8E241D2E7"><enum>(3)</enum><text>by striking <quote>section 18(f)(2)</quote> each place such term appears and inserting <quote>section 18(f)</quote>;</text> </paragraph><paragraph id="HBC45613A4A2740D0AB259BAF480F0ADF"><enum>(4)</enum><text display-inline="yes-display-inline">by striking <quote>section 18(f)(3)</quote> each place such term appears and inserting <quote>section 18(f)</quote>; and</text>
</paragraph><paragraph id="H94A06A521ECC42D5935871A0E1E82D80"><enum>(5)</enum><text display-inline="yes-display-inline">by striking <quote>section 18(f)(4)</quote> each place such term appears and inserting <quote>section 18(f)</quote>.</text> </paragraph></subsection></section><section commented="no" id="H37CAD3A228794C0F85A58F00317361D6"><enum>738.</enum><header>Repeal of authority to restrict arbitration</header> <subsection commented="no" id="H65ECA9BBB16C42FBBE3E4CCE3F8DF1D9"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 1028 of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5518">12 U.S.C. 5518</external-xref>) is hereby repealed.</text>
</subsection><subsection commented="no" id="H6AB606885B2B42049310C1BF082C055D"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1028.</text>
</subsection></section></subtitle><enum>VIII</enum><header>Capital Markets Improvements</header>
<subtitle id="H70295B1144384C189569DF0EE70C2C28"><enum>A</enum><header>SEC Reform, Restructuring, and Accountability</header>
<section id="H8DB2FDDF444A4B5F840D3ECAC738A4A9"><enum>801.</enum><header>Authorization of appropriations</header><text display-inline="no-display-inline">Section 35 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78kk">15 U.S.C. 78kk</external-xref>) is amended by striking paragraphs (1) through (5) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="H39B44009003E4644B8886956708B6337" reported-display-style="italic" style="OLC">
<paragraph id="H7D30082879294A26AD3675AE85CFB60E"><enum>(1)</enum><text>for fiscal year 2017, $1,555,000,000;</text> </paragraph><paragraph id="HB58DFC4894AA45FFAAF504879BAA0505"><enum>(2)</enum><text>for fiscal year 2018, $1,605,000,000;</text>
</paragraph><paragraph id="HF74D18B216824CF48484132EA64924E5"><enum>(3)</enum><text>for fiscal year 2019, $1,655,000,000;</text> </paragraph><paragraph id="HDB720368206E494BB3D0F2A21CFD12CF"><enum>(4)</enum><text>for fiscal year 2020, $1,705,000,000;</text>
</paragraph><paragraph id="H248AB2F07968403A822DE62095C004CD"><enum>(5)</enum><text>for fiscal year 2021, $1,755,000,000; and</text> </paragraph><paragraph id="H0071C705DF9644169951F644A21CBCA8"><enum>(6)</enum><text display-inline="yes-display-inline">for fiscal year 2022, $1,805,000,000.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H0F5C0CBA12D84245848AE437C8F2CFD5"><enum>802.</enum><header>Report on unobligated appropriations</header><text display-inline="no-display-inline">Section 23 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78w">15 U.S.C. 78w</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H3D5AE8F158D6439F924C52E8A143597D" reported-display-style="italic" style="OLC">
<subsection id="H62AD45773DD84594AEFEEAC15FAD0C67"><enum>(e)</enum><header>Report on unobligated appropriations</header><text display-inline="yes-display-inline">If, at the end of any fiscal year, there remain unobligated any funds that were appropriated to the Commission for such fiscal year, the Commission shall, not later than 30 days after the last day of such fiscal year, submit to the Committee on Financial Services and the Committee on Appropriations of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate a report stating the amount of such unobligated funds. If there is any material change in the amount stated in the report, the Commission shall, not later than 7 days after determining the amount of the change, submit to such committees a supplementary report stating the amount of and reason for the change.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H0B1C3B1A000A4FEE838129ED58466342"><enum>803.</enum><header>SEC Reserve Fund abolished</header><text display-inline="no-display-inline">Section 4 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d</external-xref>) is amended by striking subsection (i).</text>
</section><section id="H3C9827BDC0CE47089B24E6825FAC2F5D"><enum>804.</enum><header>Fees to offset appropriations</header>
<subsection id="H450A60946019434395E9405F0A878FAC"><enum>(a)</enum><header>Section 31 of the Securities Exchange Act of 1934</header><text display-inline="yes-display-inline">Section 31 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78ee">15 U.S.C. 78ee</external-xref>) is amended—</text> <paragraph id="H03B47BA8A992409A85412DDE11CB911D"><enum>(1)</enum><text>by striking subsection (a) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H37886C37496346FD885E9748413B1912" reported-display-style="italic" style="OLC">
<subsection id="H3AA4E76F3A7D44C5A65722D8581617C4"><enum>(a)</enum><header>Collection</header><text display-inline="yes-display-inline">The Commission shall, in accordance with this section, collect transaction fees and assessments.</text></subsection><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph><paragraph id="H2EF1221E071540428D29AD3BD4934A4B"><enum>(2)</enum><text>in subsection (i)—</text>
<subparagraph id="H43707CEF862E4A2388C0F4E011FE2D47"><enum>(A)</enum><text>in paragraph (1)(A), by inserting <quote>except as provided in paragraph (2),</quote> before <quote>shall</quote>; and</text> </subparagraph><subparagraph id="HBFBCA1A545444459BCFCA0602CB33A53"><enum>(B)</enum><text>by striking paragraph (2) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HE2AE23913BB842159CB17D9E9779E047" reported-display-style="italic" style="OLC">
<paragraph id="HA7F5C4BA2739442B944A445AC747721F"><enum>(2)</enum><header>General Revenue</header><text display-inline="yes-display-inline">Any fees collected for a fiscal year pursuant to this section, sections 13(e) and 14(g) of this title, and section 6(b) of the Securities Act of 1933 in excess of the amount provided in appropriation Acts for collection for such fiscal year pursuant to such sections shall be deposited and credited as general revenue of the Treasury.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HD508330CE87F43C0974285768BB236CF"><enum>(3)</enum><text>in subsection (j)—</text> <subparagraph id="H3358B9DE8BA241F8BDA848BCE9591B4B"><enum>(A)</enum><text>by striking <quote>the regular appropriation to the Commission by Congress for such fiscal year</quote> each place it appears and inserting <quote>the target offsetting collection amount for such fiscal year</quote>; and</text>
</subparagraph><subparagraph id="HE5F048BD54724CA2988345A0D11932D1"><enum>(B)</enum><text>in paragraph (2), by striking <quote>subsection (l)</quote> and inserting <quote>subsection (l)(2)</quote>; and</text> </subparagraph></paragraph><paragraph id="H0FF07326DC6E46D6B04410EC78B599D4"><enum>(4)</enum><text>by striking subsection (l) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H77635C0BEC74429CB0FFAF925AA63570" reported-display-style="italic" style="OLC">
<subsection id="H2A285C1AD8C04C8CACAEC402FBE38CF5"><enum>(l)</enum><header>Definitions</header><text display-inline="yes-display-inline">For purposes of this section:</text> <paragraph id="HD7FEB8072E20407BA15922AE25AF8D26"><enum>(1)</enum><header>Target offsetting collection amount</header><text>The target offsetting collection amount for a fiscal year is—</text>
<subparagraph id="HA98A33C9EC91450BBBFF35A5587947CB"><enum>(A)</enum><text>for fiscal year 2017, $1,400,000,000; and</text> </subparagraph><subparagraph id="H226F55D86B5341C59F6F0BA8535A1779"><enum>(B)</enum><text>for each succeeding fiscal year, the target offsetting collection amount for the prior fiscal year, adjusted by the rate of inflation.</text>
</subparagraph></paragraph><paragraph id="H3C7FA52651984E958D2D81680D3C06D1"><enum>(2)</enum><header>Baseline estimate of the aggregate dollar amount of sales</header><text display-inline="yes-display-inline">The baseline estimate of the aggregate dollar amount of sales for any fiscal year is the baseline estimate of the aggregate dollar amount of sales of securities (other than bonds, debentures, other evidences of indebtedness, security futures products, and options on securities indexes (excluding a narrow-based security index)) to be transacted on each national securities exchange and by or through any member of each national securities association (otherwise than on a national securities exchange) during such fiscal year as determined by the Commission, after consultation with the Congressional Budget Office and the Office of Management and Budget, using the methodology required for making projections pursuant to section 257 of the Balanced Budget and Emergency Deficit Control Act of 1985.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H171F53FF17EF484DB0C5E9FA4B47B90B"><enum>(b)</enum><header>Section 6<enum-in-header>(b)</enum-in-header> of the Securities Act of 1933</header><text display-inline="yes-display-inline">Section 6(b) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77f">15 U.S.C. 77f(b)</external-xref>) is amended—</text> <paragraph id="H29B84703082A46D3B14530958DBA463E"><enum>(1)</enum><text>by striking <quote>target fee collection amount</quote> each place it appears and inserting <quote>target offsetting collection amount</quote>;</text>
</paragraph><paragraph id="H6FE28CBA950E452DA8A07C0CC5004A7C"><enum>(2)</enum><text display-inline="yes-display-inline">in paragraph (4), by striking the last sentence and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="yes-display-inline" id="H69EDA235720A4494B6216673BB243F38" reported-display-style="italic" style="OLC"> <text>Subject to paragraphs (6)(B) and (7), an adjusted rate prescribed under paragraph (2) shall take effect on the later of—</text><subparagraph id="HB61DD767CA28412C9E08109C4A7ECBBA"><enum>(A)</enum><text display-inline="yes-display-inline">the first day of the fiscal year to which such rate applies; or</text> </subparagraph><subparagraph id="HFE41543379284B89A1897963EF259444"><enum>(B)</enum><text display-inline="yes-display-inline">five days after the date on which a regular appropriation to the Commission for such fiscal year is enacted.</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HB4F4F68EB8D548BEB324E948D6206C66"><enum>(3)</enum><text>in paragraph (5), by inserting <quote>of the Securities Exchange Act of 1934</quote> after <quote>sections 13(e) and 14(g)</quote>;</text> </paragraph><paragraph id="H52AC0D99FE5B49988E7AB370A471AB7F"><enum>(4)</enum><text>by redesignating paragraph (6) as paragraph (8);</text>
</paragraph><paragraph id="H1E665762849940AF92D4D6C883056C7A"><enum>(5)</enum><text>by inserting after paragraph (5) the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HD7690B7CAC254C1BB5C7B66637092440" reported-display-style="italic" style="OLC"> <paragraph id="H3F2F03B2524547C1A8A96438F3CBF858"><enum>(6)</enum><header>Offsetting collections</header><text>Fees collected pursuant to this subsection for any fiscal year—</text>
<subparagraph id="HB7278EEFD12B4D2E87DDD9FFE494A980"><enum>(A)</enum><text>except as provided in section 31(i)(2) of the Securities Exchange Act of 1934, shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and</text>
</subparagraph><subparagraph id="HF26E89C2FE7C46BAB15CAE941F941595"><enum>(B)</enum><text>except as provided in paragraph (7), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.</text>
</subparagraph></paragraph><paragraph id="HD5F39972E91C4F72A4F7EEABCD197081"><enum>(7)</enum><header>Lapse of appropriation</header><text>If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this subsection at the rate in effect during the preceding fiscal year, until 5 days after the date such a regular appropriation is enacted.</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H83808CA748F4423085224CE9C3494D73"><enum>(6)</enum><text>in subparagraph (A) of paragraph (8) (as so redesignated)—</text> <subparagraph id="HA4030C72FAFA489B92DC8F08F8A1B215"><enum>(A)</enum><text>by striking the subparagraph heading and inserting <quote><header-in-text level="subparagraph" style="OLC">Target offsetting collection amount.—</header-in-text></quote>; and</text>
</subparagraph><subparagraph id="H2181AD569A6B4130B6A78F492661A4D0"><enum>(B)</enum><text>in the heading of the right column of the table, by striking <quote><header-in-text level="section" style="USC">fee</header-in-text></quote> and inserting <quote><header-in-text level="section" style="USC">offsetting</header-in-text></quote>.</text> </subparagraph></paragraph></subsection><subsection id="HD8B23602CC7448BEB66E8B49661DE07F"><enum>(c)</enum><header>Section 13<enum-in-header>(e)</enum-in-header> of the Securities Exchange Act of 1934</header><text>Section 13(e) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78m">15 U.S.C. 78m(e)</external-xref>) is amended—</text>
<paragraph id="HB84E5BB6FD9742A4AC17E287BF93CEDA"><enum>(1)</enum><text>by striking paragraph (5) and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF58988D9F3254D7BAE1F750AFC2973CD" reported-display-style="italic" style="OLC"> <paragraph id="H0B3736E325DE4E93AFBDD73D0A5E6E6A"><enum>(5)</enum><header>Offsetting collections</header><text>Fees collected pursuant to this subsection for any fiscal year—</text>
<subparagraph id="H734D22EB8FB5476FBCB4AB2DB5DC8774"><enum>(A)</enum><text>except as provided in section 31(i)(2), shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and</text>
</subparagraph><subparagraph id="HEF7C97B8AF6A4C3593B1756152A698B7"><enum>(B)</enum><text>except as provided in paragraph (8), shall not be collected for any fiscal year except to the extent provided in advance in appropriations Acts.</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H2C5B13D747444A91A5ED7C38F46CB81C"><enum>(2)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HCDBA9ABB67084C939FD3332B3705E959" reported-display-style="italic" style="OLC"> <paragraph id="HE2561675C66B48E390D6A7AE43F26E01"><enum>(8)</enum><header>Lapse of appropriation</header><text display-inline="yes-display-inline">If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this subsection at the rate in effect during the preceding fiscal year, until 5 days after the date such a regular appropriation is enacted.</text></paragraph><after-quoted-block>. </after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HCF5F194ECC364420BCD841201A5FABD0"><enum>(d)</enum><header>Section 14<enum-in-header>(g)</enum-in-header> of the Securities Exchange Act of 1934</header><text>Section 14(g) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78n">15 U.S.C. 78n(g)</external-xref>) is amended—</text> <paragraph id="H3DA4ABFC267E4DDAB1AAB35EB627C966"><enum>(1)</enum><text>by striking paragraph (5) and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H6292E0A379734C4896F489E9ADE42CE5" reported-display-style="italic" style="OLC">
<paragraph id="H2DB616896F244070A9FADB1C9D0CD94A"><enum>(5)</enum><header>Offsetting collections</header><text>Fees collected pursuant to this subsection for any fiscal year—</text> <subparagraph id="HBC534628251B41AAA5EBA6B86782A06B"><enum>(A)</enum><text>except as provided in section 31(i)(2), shall be deposited and credited as offsetting collections to the account providing appropriations to the Commission; and</text>
</subparagraph><subparagraph id="HC1D3BCEDA12242E78E3379A6E81C5C9C"><enum>(B)</enum><text>except as provided in paragraph (8), shall not be collected for any fiscal year except to the extent provided in advance in appropriations Acts.</text></subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H59546F3D618D48ABA3804B8C72D62A66"><enum>(2)</enum><text>by redesignating paragraph (8) as paragraph (9); and</text> </paragraph><paragraph id="H39FDF3F6022645318DFC009326C06F12"><enum>(3)</enum><text>by inserting after paragraph (7) the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H636AFD7EB92645CABDBAC4475D26C481" reported-display-style="italic" style="OLC">
<paragraph id="H1830058D50D84BF29C88C04E6688460E"><enum>(8)</enum><header>Lapse of appropriation</header><text display-inline="yes-display-inline">If on the first day of a fiscal year a regular appropriation to the Commission has not been enacted, the Commission shall continue to collect fees (as offsetting collections) under this subsection at the rate in effect during the preceding fiscal year, until 5 days after the date such a regular appropriation is enacted.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H585F3E5278DC43FE85FBEEEED6F56E3E"><enum>(e)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this section—</text> <paragraph id="H42C2300019AD462C92551BDE2E521DB7"><enum>(1)</enum><text display-inline="yes-display-inline">shall apply beginning on October 1, 2017, except that for fiscal year 2018, the Securities and Exchange Commission shall publish—</text>
<subparagraph id="HBC05033E431D444DA594D1E56B42DB07"><enum>(A)</enum><text display-inline="yes-display-inline">the rates established under section 31 of the Securities Exchange Act of 1934, as amended by this section, not later than 30 days after the date on which an Act making a regular appropriation to the Commission for fiscal year 2018 is enacted; and</text>
</subparagraph><subparagraph id="H9D0FEFE19F89405B94DA0713FED8336D"><enum>(B)</enum><text>the rate established under section 6(b) of the Securities Act of 1933, as amended by this section, not later than August 31, 2017; and</text>
</subparagraph></paragraph><paragraph id="H310467F4E2DF46EC8D549004970E51A9"><enum>(2)</enum><text>shall not apply with respect to fees for any fiscal year before fiscal year 2018.</text> </paragraph></subsection></section><section id="H7A63CFA5FF83468691EE5AE1C9A466EB" section-type="subsequent-section"><enum>805.</enum><header>Commission relocation funding prohibition</header><text display-inline="no-display-inline">The Securities and Exchange Commission may not obligate any funds for the purpose of constructing a new headquarters of the Commission.</text>
</section><section id="HC26D36FBA4BC463E9F23C5CB9844AB5A"><enum>806.</enum><header>Implementation of recommendations</header><text display-inline="no-display-inline">Section 967 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H4CBA5E504C1949908BE86E64D5F4F5CF" reported-display-style="italic" style="OLC">
<subsection id="H905F33E41C3E40B6AFA5AD357284AC2B"><enum>(d)</enum><header>Implementation of recommendations</header><text display-inline="yes-display-inline">Not later than 6 months after the date of enactment of this subsection, the Securities and Exchange Commission shall complete an implementation of the recommendations contained in the report of the independent consultant issued under subsection (b) on March 10, 2011. To the extent that implementation of certain recommendations requires legislation, the Commission shall submit a report to Congress containing a request for legislation granting the Commission such authority it needs to fully implement such recommendations.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H1C54A681C0DF4A83B6BB934AEE668730"><enum>807.</enum><header>Office of Credit Ratings to report to the Division of Trading and Markets</header><text display-inline="no-display-inline">Section 15E(p)(1) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7(p)(1)</external-xref>) is amended—</text> <paragraph id="H54070A862FC94589AE45C36D269E71CC"><enum>(1)</enum><text>in subparagraph (A), by striking <quote>within the Commission</quote> and inserting <quote>within the Division of Trading and Markets</quote>; and</text>
</paragraph><paragraph id="H18D3FDCE18F94755BAE650B9B9091673"><enum>(2)</enum><text>in subparagraph (B), by striking <quote>report to the Chairman</quote> and inserting <quote>report to the head of the Division of Trading and Markets</quote>.</text> </paragraph></section><section id="H2CD828BF8D974997AF3F0A20413DCA93"><enum>808.</enum><header>Office of Municipal Securities to report to the Division of Trading and Markets</header><text display-inline="no-display-inline">Section 979 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-4a">15 U.S.C. 78o–4a</external-xref>) is amended—</text>
<paragraph id="HABE576F5CD634EF6A86E11C2BF07AED7"><enum>(1)</enum><text>in subsection (a), by inserting <quote>, within the Division of Trading and Markets,</quote> after <quote>There shall be in the Commission</quote>; and</text> </paragraph><paragraph id="H97EAAA0EAB414C26AE3EA423FE42D43A"><enum>(2)</enum><text>in subsection (b), by striking <quote>report to the Chairman</quote> and inserting <quote>report to the head of the Division of Trading and Markets</quote>.</text>
</paragraph></section><section id="H85E2D719E349421588217B173FF4A055"><enum>809.</enum><header>Independence of Commission Ombudsman</header><text display-inline="no-display-inline">Section 4(g)(8) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d(g)(8)</external-xref>) is amended—</text> <paragraph id="HDE2DF118B2B540759AD255F81921156C"><enum>(1)</enum><text>in subparagraph (A), by striking <quote>the Investor Advocate shall appoint</quote> and all that follows through <quote>Investor Advocate</quote> and inserting <quote>the Chairman shall appoint an Ombudsman, who shall report to the Commission</quote>; and</text>
</paragraph><paragraph id="HAE37C94F045449F996C30E41B69A5B12"><enum>(2)</enum><text>in subparagraph (D)—</text> <subparagraph id="HA262EDF7B865454783E9337B8E729E43"><enum>(A)</enum><text>by striking <quote>report to the Investor Advocate</quote> and inserting <quote>report to the Commission</quote>; and</text>
</subparagraph><subparagraph id="HACBF8CA0FDF64E92B6326AAFB6158C83"><enum>(B)</enum><text>by striking the last sentence.</text> </subparagraph></paragraph></section><section commented="no" id="HB8B3148AE7084584AF5F072F4D260361"><enum>810.</enum><header>Investor Advisory Committee improvements</header><text display-inline="no-display-inline">Section 39 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78pp">15 U.S.C. 78pp</external-xref>) is amended—</text>
<paragraph commented="no" id="HEF01DA46AB274554AAD6AF10167D5403"><enum>(1)</enum><text>in subsection (a)(2)(B), by striking <quote>submit</quote> and inserting, <quote>in consultation with the Small Business Capital Formation Advisory Committee established under section 40, submit</quote>;</text>
</paragraph><paragraph commented="no" id="H811F95ED5C754771A0143F32113ADB53"><enum>(2)</enum><text>in subsection (b)—</text> <subparagraph id="HF826E4CDE8434D0A8CE9E341003E18A8"><enum>(A)</enum><text>in paragraph (1)—</text>
<clause commented="no" id="H0EE1483C40374BCD85C339B80E1988A4"><enum>(i)</enum><text>in subparagraph (C), by striking <quote>and</quote>;</text> </clause><clause commented="no" id="H3F87E2ECE2304273903400C9627AE1D9"><enum>(ii)</enum><text>in subparagraph (D)(iv), by striking the period at the end and inserting <quote>; and</quote>; and</text>
</clause><clause commented="no" id="H161FC51F10AD4464A60EFE01C8F2E0B1"><enum>(iii)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HEFF0F51D993A47EC93176BF937244F26" reported-display-style="italic" style="OLC"> <subparagraph commented="no" id="HE2218E280CEE4AB28211F8586CACCE4D"><enum>(E)</enum><text display-inline="yes-display-inline">a member of the Small Business Capital Formation Advisory Committee who shall be a nonvoting member.</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="H5B316C3A9F054D939755D60B6F3008B0"><enum>(B)</enum><text display-inline="yes-display-inline">by amending paragraph (2) to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HE8881322D606402DA0A2D0C08372BCE6" reported-display-style="italic" style="OLC"> <paragraph id="HA0E2C86FCF604C8BA12F2B2E9A486295"><enum>(2)</enum><header>Term</header> <subparagraph id="HF5A96F0CE90B4435B660E1C02BC445F6"><enum>(A)</enum><header>Length of term for members of the Committee</header><text display-inline="yes-display-inline">Each member of the Committee appointed under paragraph (1), other than the Investor Advocate, shall serve for a term of 4 years.</text>
</subparagraph><subparagraph id="HC1A1E837338041CAA9A51A35BDD06152"><enum>(B)</enum><header>Limitation on multiple terms</header><text>A member of the Committee may not serve for more than one term, except for the Investor Advocate, a representative of State securities commissions, and the member of the Small Business Capital Formation Advisory Committee.</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HA5A151B7FE354E889EE0624B6D42887E"><enum>(C)</enum><text>in paragraph (3), by striking <quote>paragraph (1)(B)</quote> and inserting <quote>paragraph (1)</quote>;</text> </subparagraph></paragraph><paragraph id="HC881A0131F9D4FAFA053F55E33325A3C"><enum>(3)</enum><text>in subsection (c), by amending paragraph (2) to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H9A7AA042E46E405FA3A4BE56564CC95C" reported-display-style="italic" style="OLC">
<paragraph id="H4BD80F816C534F4ABFD603C4762E688A"><enum>(2)</enum><header>Term</header>
<subparagraph id="H16C8D5229FF741A6945672D78797BC3A"><enum>(A)</enum><header>Length of term</header><text display-inline="yes-display-inline">Each member elected under paragraph (1) shall serve for a term of 3 years in the capacity for which the member was elected under paragraph (1).</text>
</subparagraph><subparagraph id="H5F4B14DDF0B346D6B03B88C644D492BA"><enum>(B)</enum><header>Limitation on multiple terms</header><text display-inline="yes-display-inline">A member elected under paragraph (1) may not serve for more than one term in the capacity for which the member was elected under paragraph (1).</text></subparagraph></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="HAAD9154616284F7E8F67A28E18EDA27A"><enum>(4)</enum><text>by striking subsections (i) and (j).</text> </paragraph></section><section id="H89B8C7EE67F04AD5A6059A064328EAD9"><enum>811.</enum><header>Duties of Investor Advocate</header><text display-inline="no-display-inline">Section 4(g)(4) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d(g)(4)</external-xref>) is amended—</text>
<paragraph id="H7DF58F2566D24327857421C638640762"><enum>(1)</enum><text>in subparagraph (D)(ii), by striking <quote>and</quote>;</text> </paragraph><paragraph id="HBC2F6680400041299E18CB2FACADB037"><enum>(2)</enum><text>in subparagraph (E), by striking the period at the end and inserting a semicolon; and</text>
</paragraph><paragraph id="H34581051E79E4BE2872979933BC95A34"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H7E6173563C024639A9A9E8F46B6A7140" reported-display-style="italic" style="OLC"> <subparagraph id="H5C88631BB9A646F695A9CED905D5EC38"><enum>(F)</enum><text display-inline="yes-display-inline">not take a position on any legislation pending before Congress other than a legislative change proposed by the Investor Advocate pursuant to subparagraph (E);</text>
</subparagraph><subparagraph id="H507CA4C42466488BADD2CF79FA20D1B2"><enum>(G)</enum><text>consult with the Advocate for Small Business Capital Formation on proposed recommendations made under subparagraph (E); and</text>
</subparagraph><subparagraph id="HA5E17EC6E5784E848228051F33D1290D"><enum>(H)</enum><text>advise the Advocate for Small Business Capital Formation on issues related to small business investors.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H4C9133F50EC2400A844C4DE723E5B9D3" section-type="subsequent-section"><enum>812.</enum><header>Elimination of exemption of Small Business Capital Formation Advisory Committee from Federal
Advisory Committee Act</header><text display-inline="no-display-inline">Section 40 of the Securities Exchange Act of 1934 (as added by <external-xref legal-doc="public-law" parsable-cite="pl/114/284">Public Law 114–284</external-xref>) is amended by striking subsection (h).</text>
</section><section id="HFF300ADF50CD4DCEBEF5F6D3887624EC"><enum>813.</enum><header>Internal risk controls</header><text display-inline="no-display-inline">The Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> et seq.) is amended—</text> <paragraph id="H2BC720EDFBBE41A3A503B9555A1DF421"><enum>(1)</enum><text>by inserting after section 4G, as added by this Act, the following:</text>
<quoted-block changed="added" committee-id="HBA00" id="HABF86E6E63294FD1B9EBA80645549DEF" reported-display-style="italic" style="OLC">
<section id="H3EAB83ABA4184A82AB4F6718A390FEE6"><enum>4H.</enum><header>Internal risk controls</header>
<subsection id="H5F34089C2FD448BAAE645C9DCC4342A0"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Each of the following entities, in consultation with the Chief Economist, shall develop comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data by such entity, all market data sharing agreements of such entity, and all academic research performed at such entity using market data:</text>
<paragraph id="H4705170D56F543CFB7D5E4AA8F19DAF4"><enum>(1)</enum><text display-inline="yes-display-inline">The Commission.</text> </paragraph><paragraph id="H022072B383F54527855B50D45DB35A99"><enum>(2)</enum><text>Each national security association required to register under section 15A.</text>
</paragraph></subsection><subsection id="H9651C70129B54AA6A43E2EEA3D2D8AD2"><enum>(b)</enum><header>Consolidated audit trail</header><text display-inline="yes-display-inline">The Commission may not approve a national market system plan pursuant to part 242.613 of title 17, Code of Federal Regulations (or any successor regulation), unless the operator of the consolidated audit trail created by such plan has developed, in consultation with the Chief Economist, comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data by such operator, all market data sharing agreements of such operator, and all academic research performed at such operator using market data.</text></subsection></section><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="HC302B8D0D8AD4822A3378CB80FA65581"><enum>(2)</enum><text>in section 3(a), by redesignating the second paragraph (80) (relating to funding portals) as paragraph (81); and</text>
</paragraph><paragraph id="H71296EFFD6EE40B681551D771678FD84"><enum>(3)</enum><text>in section 3(a), by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" id="H2AB55D947F2749E6BA3ABCD10C974020" reported-display-style="italic" style="OLC"> <paragraph id="H494AAFE33C404EBA96DE921AD8590FEE"><enum>(82)</enum><header>Chief economist</header><text>The term <term>Chief Economist</term> means the Director of the Division of Economic and Risk Analysis, or an employee of the Commission with comparable authority, as determined by the Commission.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="HCD9A66D12E15445988392DC438B9B976"><enum>814.</enum><header>Applicability of notice and comment requirements of the Administrative Procedure Act to guidance
voted on by the Commission</header><text display-inline="no-display-inline">The Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> et seq.) is amended by inserting after section 4H, as added by this Act, the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H656C743289F24270900FF8E4FC285E6B" reported-display-style="italic" style="OLC">
<section id="H34B357C45DD1427DBCA60B71B11DE919"><enum>4I.</enum><header>Applicability of notice and comment requirements of the Administrative Procedure Act to guidance
voted on by the Commission</header><text display-inline="no-display-inline">The notice and comment requirements of section 553 of title 5, United States Code, shall also apply with respect to any Commission statement or guidance, including interpretive rules, general statements of policy, or rules of Commission organization, procedure, or practice, that has the effect of implementing, interpreting, or prescribing law or policy and that is voted on by the Commission.</text></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HFACC51FDCE9A4879969D4A225BB40A84" section-type="subsequent-section"><enum>815.</enum><header>Limitation on pilot programs</header>
<subsection id="H2FB1A402424B426AA6B588F9EF05E910"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 4 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d</external-xref>), as amended by section 371(e), is further amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H206B212B0E6E4E868A69847A4C932953" reported-display-style="italic" style="OLC">
<subsection id="H77C2F16811824FA0A7BABA040CAB9478"><enum>(k)</enum><header>Limitation on pilot programs</header>
<paragraph id="H2FFCBC8CE50448938677F422358EA098"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Any pilot program established by self-regulatory organizations, either individually or jointly, and filed with the Commission, including under section 11A or 19, shall terminate after the end of the 5-year period beginning on the date that the Commission approved such program, unless the Commission issues a rule to permanently continue such program or approves such program on a permanent basis.</text>
</paragraph><paragraph id="H34899C45DC804C05BD539D28FE48FEBD"><enum>(2)</enum><header>Extension</header><text>With respect to a particular pilot program described under paragraph (1), the Commission may extend the 5-year period described under such paragraph for an additional 3 years if the Commission determines such extension is necessary or appropriate in the public interest or for the protection of investors.</text>
</paragraph><paragraph id="HDE8940A877A3434AB2C76A96E084DA26"><enum>(3)</enum><header>Lack of statutory authority</header><text>If, with respect to a pilot program described under paragraph (1), the Commission determines that the pilot program should continue permanently, but the Commission lacks sufficient statutory authority to permanently continue the program, the Commission shall, not later than 1 year before such pilot program is scheduled to terminate pursuant to paragraph (1), notify the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that the Commission believes the program should continue permanently but does not have sufficient statutory authority to continue the program.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HC0C58855B51C415B93B01E4D16303E8A"><enum>(b)</enum><header>Treatment of existing pilot programs</header><text display-inline="yes-display-inline">For purposes of section 4(k) of Securities Exchange Act of 1934, as added by subsection (a), the date on which the Commission approved a pilot program that was in existence on the date of the enactment of this Act shall be deemed to be the date of the enactment of this Act.</text>
</subsection></section><section id="H3C25495E12B643A9B5F5DF8747B98537" section-type="subsequent-section"><enum>816.</enum><header>Procedure for obtaining certain intellectual property</header>
<subsection id="H819C553780C24DA7964970FBBB202449"><enum>(a)</enum><header>Persons under Securities Act of 1933</header><text>Section 8 of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77h">15 U.S.C. 77h</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H1E310399B2364B4487CBAA349466AB90" reported-display-style="italic" style="OLC">
<subsection id="HA6E5AF353AC443119078773DB68839B5"><enum>(g)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HBD2986298FFF445891A7D28C724BEA15"><enum>(b)</enum><header>Persons under the Securities Exchange Act of 1934</header><text display-inline="yes-display-inline">Section 23 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78w">15 U.S.C. 78w</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H937ED44EC40643E7A38A15D557DD3EEB" reported-display-style="italic" style="OLC">
<subsection id="H3F4599F30F854BF0A4CE5E8FF6A0F7B5"><enum>(e)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H31D0276B60B140C8BC3509AB040773D6"><enum>(c)</enum><header>Investment Companies</header><text display-inline="yes-display-inline">Section 31 of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-30">15 U.S.C. 80a–30</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H652CF03A71D14800AEAA9518F1B06227" reported-display-style="italic" style="OLC">
<subsection id="HE5085F9CC06F4D9EB3555983F75C9B26"><enum>(e)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title an investment company to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H4017E5C3AE8645D8A587E5C0B8398293"><enum>(d)</enum><header>Investment Advisers</header><text display-inline="yes-display-inline">Section 204 of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-4">15 U.S.C. 80b–4</external-xref>) is amended—</text> <paragraph id="H078927D2770B476F926E473CAA0E2838"><enum>(1)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H2A87EBEF0D324ED7819B5D410ED767E5" reported-display-style="italic" style="OLC">
<subsection id="H3A4E408BC7CC473E8FA5A1F9284C8124"><enum>(f)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title an investment adviser to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H1F6B266B53B04557997B60307AFC2FDC"><enum>(2)</enum><text display-inline="yes-display-inline">in the second subsection (d), by striking <quote>(d)</quote> and inserting <quote>(e)</quote>.</text> </paragraph></subsection></section><section id="HE4187D0028EA4EA3B9437BE412F058F5"><enum>817.</enum><header>Process for closing investigations</header> <subsection id="H5775F803439144E09DD822E4192CF6B8"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 180 days after the date of the enactment of this Act, the Securities and Exchange Commission shall establish a process for closing investigations (including preliminary or informal investigations) that is designed to ensure that the Commission, in a timely manner—</text>
<paragraph id="H0217ADCB70C84951A4663FDED5F432EE"><enum>(1)</enum><text>makes a determination of whether or not to institute an administrative or judicial action in a matter or refer the matter to the Attorney General for potential criminal prosecution; and</text>
</paragraph><paragraph id="H2FB3B0FE2FC64FB4AD570AD961F9CA3D"><enum>(2)</enum><text>if the Commission determines not to institute such an action or refer the matter to the Attorney General, informs the persons who are the subject of the investigation that the investigation is closed.</text>
</paragraph></subsection><subsection id="H2BFB14748EF6435FA1A3C655F74ABD08"><enum>(b)</enum><header>Rule of construction</header><text>Nothing in this section shall be construed to affect the authority of the Commission to re-open an investigation if the Commission obtains new evidence after the investigation is closed, subject to any applicable statute of limitations.</text>
</subsection></section><section commented="no" id="HB4883F2BB15F4EAE8172DEB51F395CFC"><enum>818.</enum><header>Enforcement Ombudsman</header>
<subsection commented="no" id="H57ABA718048D47E59AD3A08712E4F65E"><enum>(a)</enum><header>In general</header><text>Section 4 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d</external-xref>), as amended by section 803, is further amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HAA9087EF7246431DBFB3A5AF0EC5C002" reported-display-style="italic" style="OLC">
<subsection commented="no" id="HE60A627ED5F24A14A2891902C949314C"><enum>(i)</enum><header>Enforcement Ombudsman</header>
<paragraph commented="no" id="H6EC65148167F4B0DB7B5B149CD36C520"><enum>(1)</enum><header>Establishment</header><text display-inline="yes-display-inline">The Commission shall have an Enforcement Ombudsman, who shall be appointed by and report directly to the Commission.</text>
</paragraph><paragraph commented="no" id="HBDD79668CD254249992D0DA2F41EFEB2"><enum>(2)</enum><header>Duties</header><text>The Enforcement Ombudsman shall—</text> <subparagraph commented="no" id="H492E73D5A24E459C98533842A060EB29"><enum>(A)</enum><text>act as a liaison between the Commission and any person who is the subject of an investigation (including a preliminary or informal investigation) by the Commission or an administrative or judicial action brought by the Commission in resolving problems that such persons may have with the Commission or the conduct of Commission staff; and</text>
</subparagraph><subparagraph commented="no" id="HD98E64A123F842A4B1D15414B2D69052"><enum>(B)</enum><text>establish safeguards to maintain the confidentiality of communications between the persons described in subparagraph (A) and the Enforcement Ombudsman.</text>
</subparagraph></paragraph><paragraph commented="no" id="H3F78899EA4464AAF876BA8C258682CCC"><enum>(3)</enum><header>Limitation</header><text>In carrying out the duties of the Enforcement Ombudsman under paragraph (2), the Enforcement Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this subsection shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency.</text>
</paragraph><paragraph commented="no" id="H2F7CCF694C764D7BB4BE2AC45690069A"><enum>(4)</enum><header>Report</header><text display-inline="yes-display-inline">The Enforcement Ombudsman shall submit to the Commission and to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate an annual report that describes the activities and evaluates the effectiveness of the Enforcement Ombudsman during the preceding year.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="H409B60387CC0486BBBACAF716B8ECC9D"><enum>(b)</enum><header>Deadline for initial appointment</header><text>The Securities and Exchange Commission shall appoint the initial Enforcement Ombudsman under subsection (i) of section 4 of the Securities Exchange Act of 1934, as added by subsection (a), not later than 180 days after the date of the enactment of this Act.</text>
</subsection></section><section id="HF61766D6FCBD459487171E51F8C7E712"><enum>819.</enum><header>Adequate notice</header><text display-inline="no-display-inline">Section 21 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u">15 U.S.C. 78u</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF30182772D4647D6A8078459DC3491AF" reported-display-style="italic" style="OLC">
<subsection id="H1AC4497874654C15976079B4492E68D9"><enum>(k)</enum><header>Adequate notice required before bringing an enforcement action</header>
<paragraph id="H5ECF36F9F1D5467E93654D0131985EF8"><enum>(1)</enum><header>In general</header><text>No person shall be subject to an enforcement action by the Commission for an alleged violation of the securities laws or the rules and regulations issued thereunder if such person did not have adequate notice of such law, rule, or regulation.</text>
</paragraph><paragraph id="H40F9E1E5E9044CECB1A74B155542F962"><enum>(2)</enum><header>Publishing of interpretation deemed adequate notice</header><text>With respect to an enforcement action, adequate notice of a securities law or a rule or regulation issued thereunder shall be deemed to have been provided to a person if the Commission approved a statement or guidance, in accordance with Section 4I, with respect to the conduct that is the subject of the enforcement action, prior to the time that the person engaged in the conduct that is the subject of the enforcement action.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H06CA44F84CE74870B2F67AF221974312"><enum>820.</enum><header>Advisory committee on Commission’s enforcement policies and practices</header>
<subsection id="H8F8797C32CF14984A1D5776A5CBBAB5A"><enum>(a)</enum><header>Establishment</header><text display-inline="yes-display-inline">Not later than 6 months after the date of the enactment of this Act, the Chairman shall establish an advisory committee on the Commission’s enforcement policies and practices (in this section referred to as the <quote>Committee</quote>).</text>
</subsection><subsection id="H0795ECC7A4D44BDB95969820AF3359B5"><enum>(b)</enum><header>Duties</header>
<paragraph id="HA3805CFE3BB84E1F918D89AFCE858882"><enum>(1)</enum><header>Analysis and recommendations</header>
<subparagraph id="H6268C93953EE44AC9A9F331B8460C95A"><enum>(A)</enum><header>In general</header><text>The Committee shall conduct an analysis of the policies and practices of the Commission relating to the enforcement of the securities laws and make recommendations to the Commission regarding changes to such policies and practices.</text>
</subparagraph><subparagraph id="H1BDE00CEC257495D96AA8B5BCBBD21FF"><enum>(B)</enum><header>Specific matters included</header><text>In carrying out subparagraph (A), the Committee shall analyze and make recommendations to the Commission regarding matters including the following:</text>
<clause id="HBBCA00AC1AB14460BAE84D877197D62C"><enum>(i)</enum><text display-inline="yes-display-inline">How the Commission’s enforcement objectives and strategies may be more effective.</text> </clause><clause id="HD8A3A8EF003D416BB00F4F8445068636"><enum>(ii)</enum><text>The Commission’s enforcement practices and procedures from the point of view of due process, the relationship of enforcement action to notice of legal requirements, the attribution of responsibility for violations, and the protection of reputation and rights of privacy.</text>
</clause><clause id="H467148EE3D7843119FC11B6D3A62D5B5"><enum>(iii)</enum><text>The Commission’s enforcement policies and practices in light of its statutory responsibility to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.</text>
</clause><clause id="H39ACD25E15B44C96B50685755838A5BE"><enum>(iv)</enum><text>The appropriate blend of regulation, publicity, and formal enforcement action and on methods of furthering voluntary compliance.</text>
</clause><clause id="H459E729BA33240B6B536A7CF8369B726"><enum>(v)</enum><text>Criteria for the selection and disposition of enforcement actions, the adequacy of sanctions authorized by law, and the suitability and effectiveness of sanctions imposed by the Commission proceedings.</text>
</clause></subparagraph></paragraph><paragraph id="HE2DCC13007BA4FE190F822F2622CD79C"><enum>(2)</enum><header>Report</header><text>Not later than 1 year after the establishment of the Committee under subsection (a), the Committee shall submit to the Commission and the appropriate congressional committees a report containing the results of the analysis and the recommendations required by paragraph (1)(A).</text>
</paragraph></subsection><subsection id="HDD55376317834BBAB47921FA121DD0E5"><enum>(c)</enum><header>Membership</header>
<paragraph id="H4BC046796F0346A0AA84887C7798132C"><enum>(1)</enum><header>Number and appointment</header><text display-inline="yes-display-inline">The Committee shall be composed of not less than 3 and not greater than 7 members appointed by the Chairman.</text>
</paragraph><paragraph id="HF0D3A0EB8BD04423AF933B780D62C978"><enum>(2)</enum><header>Chairperson</header><text display-inline="yes-display-inline">The Chairperson of the Committee shall be designated by the Chairman at the time of appointment of the members.</text>
</paragraph></subsection><subsection id="H738D4ED809944B51AB69A7C456DB2CA4"><enum>(d)</enum><header>Support</header><text display-inline="yes-display-inline">The Commission shall provide the Committee with the administrative, professional, and technical support required by the Committee to carry out its responsibilities under this section.</text>
</subsection><subsection id="H7BAD953345F84385B75637B8DCA53531"><enum>(e)</enum><header>Termination of Committee</header><text>The Committee established by subsection (a) shall terminate on the date that the report required by subsection (b)(2) is submitted.</text>
</subsection><subsection id="HE6285E9E20804EE0A45E4523ADD07ADF"><enum>(f)</enum><header>Consideration and adoption of recommendations by Commission</header><text display-inline="yes-display-inline">Not later than 180 days after the Committee submits the report required by subsection (b)(2), the Commission shall—</text>
<paragraph id="H4D470CBC4516495592563CFC424A30D6"><enum>(1)</enum><text>consider the analysis and recommendations included in such report;</text> </paragraph><paragraph id="H73E87015B6944CF4A0EBEB3D6F634808"><enum>(2)</enum><text display-inline="yes-display-inline">adopt such recommendations, with any modifications, as the Commission considers appropriate; and</text>
</paragraph><paragraph id="H1E680FAD7DF745998A847EB14F0B3087"><enum>(3)</enum><text display-inline="yes-display-inline">submit to the appropriate congressional committees a report that—</text> <subparagraph id="H873282BA18494B338890979146ABE7C0"><enum>(A)</enum><text display-inline="yes-display-inline">lists each recommendation included in such report that the Commission does not adopt or adopts with material modifications; and</text>
</subparagraph><subparagraph id="HF235B13123944FD691F2DF8CFBAD3BF4"><enum>(B)</enum><text display-inline="yes-display-inline">for each recommendation listed under subparagraph (A), explains why the Commission does not consider it appropriate or does not have sufficient authority to adopt the recommendation or to adopt the recommendation without material modification.</text>
</subparagraph></paragraph></subsection><subsection id="HC2DE630389694B73804AB0EEFECFE925"><enum>(g)</enum><header>Definitions</header><text>In this section:</text> <paragraph commented="no" id="H945AEA4392A04111AF5009D2FF129E05"><enum>(1)</enum><header>Appropriate congressional committees</header><text display-inline="yes-display-inline">The term <term>appropriate congressional committees</term> means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.</text>
</paragraph><paragraph id="H11D971F518E04E46BA154BEA976B458D"><enum>(2)</enum><header>Chairman</header><text>The term <term>Chairman</term> means the Chairman of the Commission.</text> </paragraph><paragraph id="H72EFCDF2CAFC4E74B1CA4D356F5C389B"><enum>(3)</enum><header>Commission</header><text>The term <term>Commission</term> means the Securities and Exchange Commission.</text>
</paragraph><paragraph id="HFEC8310900F14225AF49EA129586DD95"><enum>(4)</enum><header>Securities laws</header><text>The term <term>securities laws</term> has the meaning given such term in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>).</text>
</paragraph></subsection></section><section id="H67953F82BA3243E89934DF1BACCF1313"><enum>821.</enum><header>Process to permit recipient of Wells notification to appear before Commission staff in-person</header>
<subsection id="HA3E9D29ADD6E4C0F930355BDAAEAF95C"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 180 days after the date of the enactment of this Act, the Securities and Exchange Commission shall establish a process under which, in any instance in which the Commission staff provides a written Wells notification to an individual informing the individual that the Commission staff has made a preliminary determination to recommend that the Commission bring an administrative or judicial action against the individual, the individual shall have the right to make an in-person presentation before the Commission staff concerning such recommendation and to be represented by counsel at such presentation, at the individual’s own expense.</text>
</subsection><subsection id="HDD556D62C486414B8E71C9A21A2BF6D1"><enum>(b)</enum><header>Attendance by Commissioners</header><text display-inline="yes-display-inline">Such process shall provide that each Commissioner of the Commission, or a designee of the Commissioner, may attend any such presentation.</text>
</subsection><subsection id="H60303898C57A4D359AD18209FA604C00"><enum>(c)</enum><header>Report by Commission staff</header><text>Such process shall provide that, before any Commission vote on whether to bring the administrative or judicial action against the individual, the Commission staff shall provide to each Commissioner a written report on any such presentation, including any factual or legal arguments made by the individual and any supporting documents provided by the individual.</text>
</subsection></section><section id="HEAA36876F3B643A8A3B2DA6072EAB178"><enum>822.</enum><header>Publication of enforcement manual</header>
<subsection id="H99354AF796CB4C27869CB931EDB30DC1"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall approve, by vote of the Commission, and publish an updated manual that sets forth the policies and practices that the Commission will follow in the enforcement of the securities laws (as defined in section 3(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)</external-xref>)). Such manual shall include policies and practices required by this Act, and by the amendments made by this Act, and shall be developed so as to ensure transparency in such enforcement and uniform application of such laws by the Commission.</text>
</subsection><subsection id="H1DBBB0CB58DA4B93BA0CB2493C55CD84"><enum>(b)</enum><header>Enforcement plan and report</header><text display-inline="yes-display-inline">Beginning on the date that is one year after the date of enactment of this Act, and each year thereafter, and the Securities and Exchange Commission shall transmit to Congress and publish on its Internet website an annual enforcement plan and report that shall—</text>
<paragraph id="HB888FF4D84514765AF9E219EBF90E328"><enum>(1)</enum><text>detail the priorities of the Commission with regard to enforcement and examination activities for the forthcoming year;</text>
</paragraph><paragraph id="HE540982CEC6741A2B509A649C36A5FFA"><enum>(2)</enum><text>report on the Commission’s enforcement and examination activities for the previous year, including an assessment of how such activities comported with the priorities identified for that year pursuant to paragraph (1);</text>
</paragraph><paragraph id="H012103D71BC942F6A5EC06A8D14EF589"><enum>(3)</enum><text display-inline="yes-display-inline">contain an analysis of litigated decisions found not in favor of the Commission over the preceding year;</text>
</paragraph><paragraph id="HD90D6455D30F4F6288D87AFA3C65F3CC"><enum>(4)</enum><text>contain a description of any emerging trends the Commission has focused on as part of its enforcement program, including whether and how the Commission has alerted or communicated with those who may be subject to the Commission’s regulation of emerging trends;</text>
</paragraph><paragraph id="H57CF72093B7F48FE83D970B466316C0F"><enum>(5)</enum><text>contain a description of legal theories or standards employed by the Commission in enforcement over the preceding year that had not previously been employed, and a summary justifying each such theory or standard; and</text>
</paragraph><paragraph id="H2307D5DECF804536A9B1C5A7894319D6"><enum>(6)</enum><text>provide an opportunity and mechanism for public comment.</text> </paragraph></subsection></section><section id="H058CB960DA00477185FC109B47D79012"><enum>823.</enum><header>Private parties authorized to compel the Securities and Exchange Commission to seek sanctions by filing civil actions</header><text display-inline="no-display-inline">Title I of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> et seq.) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB8E882442BE446A8BCE2A37911275DC1" reported-display-style="italic" style="OLC">
<section id="H547F0800A73A4B93A98CA22EECA67E14"><enum>41.</enum><header>Private parties authorized to compel the Commission to seek sanctions by filing civil actions</header>
<subsection id="HE7DAE272B5FF487A9926DE9F7B082089"><enum>(a)</enum><header>Termination of administrative proceeding</header><text display-inline="yes-display-inline">In the case of any person who is a party to a proceeding brought by the Commission under a securities law, to which section 554 of title 5, United States Code, applies, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, that person may, not later than 20 days after receiving notice of such proceeding, and at that person’s discretion, require the Commission to terminate the proceeding.</text>
</subsection><subsection id="H3C9AAD756A30474C8083FC652F163D41"><enum>(b)</enum><header>Civil action authorized</header><text>If a person requires the Commission to terminate a proceeding pursuant to subsection (a), the Commission may bring a civil action against that person for the same remedy that might be imposed.</text>
</subsection><subsection id="H53CF2A05424D407DB199EDB7C888D1E4"><enum>(c)</enum><header>Standard of proof in administrative proceeding</header><text>Notwithstanding any other provision of law, in the case of a proceeding brought by the Commission under a securities law, to which section 554 of title 5, United States Code, applies, a legal or equitable remedy may be imposed on the person against whom the proceeding was brought only on a showing by the Commission of clear and convincing evidence that the person has violated the relevant provision of law.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H56E2321B52894C05A331224FD2597FAB"><enum>824.</enum><header>Certain findings required to approve civil money penalties against issuers</header><text display-inline="no-display-inline">The Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> et seq.) is amended by inserting after section 4E the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H99E17E8098B2422C827A905E503AAEDB" reported-display-style="italic" style="OLC">
<section id="HDD7C9410CA604207AB57D0C9A68522C9"><enum>4F.</enum><header>Certain findings required to approve civil money penalties against issuers</header><text display-inline="no-display-inline">The Commission may not seek against or impose on an issuer a civil money penalty for violation of the securities laws unless the publicly available text of the order approving the seeking or imposition of such penalty contains findings, supported by an analysis by the Division of Economic and Risk Analysis and certified by the Chief Economist, of whether—</text>
<paragraph id="H3D0C3023340D433F8B4CCBF5C337418B"><enum>(1)</enum><text display-inline="yes-display-inline">the alleged violation resulted in direct economic benefit to the issuer; and</text> </paragraph><paragraph id="HF5202E00D485441EBE5F98C75E689CAD"><enum>(2)</enum><text>the penalty will harm the shareholders of the issuer.</text></paragraph></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H1C107E0B38514067BE2A4283A70C9ECC"><enum>825.</enum><header>Repeal of authority of the Commission to prohibit persons from serving as officers or directors</header>
<subsection id="H32E0E3DD3F46419BB1D6A611835759ED"><enum>(a)</enum><header>Under Securities Act of 1933</header><text display-inline="yes-display-inline">Subsection (f) of section 8A of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77h-1">15 U.S.C. 77h–1</external-xref>) is repealed.</text> </subsection><subsection id="H5C7E4E483FEB4CFD8AAE7AEEAF421AC9"><enum>(b)</enum><header>Under Securities Exchange Act of 1934</header><text display-inline="yes-display-inline">Subsection (f) of section 21C of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u-3">15 U.S.C. 78u–3</external-xref>) is repealed.</text>
</subsection></section><section id="H48BB817F12B6468694047142C86EF47B"><enum>826.</enum><header>Subpoena duration and renewal</header><text display-inline="no-display-inline">Section 21(b) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u">15 U.S.C. 78u(b)</external-xref>) is amended—</text> <paragraph id="H119B302A09974FE08279A4DE6C5E9D87"><enum>(1)</enum><text>by inserting <quote><header-in-text level="subsection" style="OLC">Subpoena.—</header-in-text></quote> after the enumerator;</text>
</paragraph><paragraph id="H2780F843F4F847FC8C91320697232AC0"><enum>(2)</enum><text>by striking <quote>For the purpose of</quote> and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H4D4D49FFFC3B465FB5A557BEA0E74EBD" reported-display-style="italic" style="OLC"> <paragraph id="HACD66F21E9C1478D85791BE6A2D430BD"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">For the purpose of</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H6EDC33C3B280456C8C91A3D49D1AD10E"><enum>(3)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HAFEA67FEF1E74E738575B70278E461AF" reported-display-style="italic" style="OLC"> <paragraph id="HBE3B305132DE45D0B78424703ADD50BA"><enum>(2)</enum><header>Omnibus orders of investigation</header> <subparagraph id="HF570577782A548EDB89D014C539A6592"><enum>(A)</enum><header>Duration and renewal</header><text display-inline="yes-display-inline">An omnibus order of investigation shall not be for an indefinite duration and may be renewed only by Commission action.</text>
</subparagraph><subparagraph id="HAE1C4A66B80E41B6AB70278418718F48"><enum>(B)</enum><header>Definition</header><text>In paragraph (A), the term <term>omnibus order of investigation</term> means an order of the Commission authorizing 1 of more members of the Commission or its staff to issue subpoenas under paragraph (1) to multiple persons in relation to a particular subject matter area.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section commented="no" id="H7F80471BDBC749C99957132AF3316488"><enum>827.</enum><header>Elimination of automatic disqualifications</header><text display-inline="no-display-inline">The Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> et seq.), as amended by this Act, is further amended by inserting after section 4F the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB33C60B4D0D540A29E4D983213F2C556" reported-display-style="italic" style="OLC">
<section id="HBF69D82AA9ED4805A8C1ECFB00D57C9B"><enum>4G.</enum><header>Elimination of automatic disqualifications</header>
<subsection id="H1205FF382D3F441385E2F930EB02A027"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding any other provision of law, a non-natural person may not be disqualified or otherwise made ineligible to use an exemption or registration provision, engage in an activity, or qualify for any similar treatment under a provision of the securities laws or the rules issued by the Commission under the securities laws by reason of having, or a person described in subsection (b) having, been convicted of any felony or misdemeanor or made the subject of any judicial or administrative order, judgment, or decree arising out of a governmental action (including an order, judgment, or decree agreed to in a settlement), or having, or a person described in subsection (b) having, been suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade, unless the Commission, by order, on the record after notice and an opportunity for hearing, makes a determination that such non-natural person should be so disqualified or otherwise made ineligible for purposes of such provision.</text>
</subsection><subsection commented="no" id="HCAD43A72AC874EB38EA5F876040510A7"><enum>(b)</enum><header>Person described</header><text display-inline="yes-display-inline">A person is described in this subsection if the person is—</text> <paragraph id="HBCC9F6BAAB7E438B9198B903438F3B92"><enum>(1)</enum><text>a natural person who is a director, officer, employee, partner, member, or shareholder of the non-natural person referred to in subsection (a) or is otherwise associated or affiliated with such non-natural person in any way; or</text>
</paragraph><paragraph id="HC62E360B20254F46A2F99662B5FF5579"><enum>(2)</enum><text>a non-natural person who is associated or affiliated with the non-natural person referred to in subsection (a) in any way.</text>
</paragraph></subsection><subsection id="HCF5FE2F49CA24D19B35A702F202A60E8"><enum>(c)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this section shall be construed to limit any authority of the Commission, by order, on the record after notice and an opportunity for hearing, to prohibit a person from using an exemption or registration provision, engaging in an activity, or qualifying for any similar treatment under a provision of the securities laws, or the rules issued by the Commission under the securities laws, by reason of a circumstance referred to in subsection (a) or any similar circumstance.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H3404D19F54154E239B5DC112C4C35AFF" section-type="subsequent-section"><enum>828.</enum><header>Denial of award to culpable whistleblowers</header><text display-inline="no-display-inline">Section 21F(c) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78u-6">15 U.S.C. 78u–6(c)</external-xref>) is amended—</text> <paragraph id="H63A6957DCE95497985884846D76C957C"><enum>(1)</enum><text>in paragraph (2)—</text>
<subparagraph id="H23AAECE122F64DB88EACD733084D0DBD"><enum>(A)</enum><text>in subparagraph (C), by striking <quote>or</quote> at the end;</text> </subparagraph><subparagraph id="H7A11A6A7A7D242E79180A702BD677D6F"><enum>(B)</enum><text>in subparagraph (D), by striking the period and inserting <quote>; or</quote>; and</text>
</subparagraph><subparagraph id="HAD26C75276D74060A985ABE1F1377BEF"><enum>(C)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H5B73B39661B64D8590AFCC0C62206ED1" reported-display-style="italic" style="OLC"> <subparagraph id="H7EDCC6F5C3F241B0BFBC9382D108B7B6"><enum>(E)</enum><text display-inline="yes-display-inline">to any whistleblower who is responsible for, or complicit in, the violation of the securities laws for which the whistleblower provided information to the Commission.</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H0138BCF13C594DAF8589BE06551F2395"><enum>(2)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HC42337DD47F54917B53B34A9A10E4023" reported-display-style="italic" style="OLC"> <paragraph id="H22C569F0AD2D43448BB34BEF1EBCF565"><enum>(3)</enum><header>Definition</header><text display-inline="yes-display-inline">For purposes of paragraph (2)(E), a person is responsible for, or complicit in, a violation of the securities laws if, with the intent to promote or assist the violation, the person—</text>
<subparagraph id="H23B11EF42E204C62A4538F5F0CBE62D8"><enum>(A)</enum><text>procures, induces, or causes another person to commit the offense;</text> </subparagraph><subparagraph id="HBBCC9955045546BC8A95B5F4F5F875D4"><enum>(B)</enum><text>aids or abets another person in committing the offense; or</text>
</subparagraph><subparagraph id="H2BEA5A885AEF4E528850BDF9D3CA02C7"><enum>(C)</enum><text>having a duty to prevent the violation, fails to make an effort the person is required to make.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section><section id="H08D934AC3C1242149DCE9F55C83FD36B"><enum>829.</enum><header>Confidentiality of records obtained from foreign securities and law enforcement authorities</header><text display-inline="no-display-inline">Section 24(d) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78x">15 U.S.C. 78x(d)</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H47BB1972E0FB4A09B8C85B4EB86008F7" reported-display-style="italic" style="OLC">
<subsection id="H83512ABAA1514842BBC8C1112C9C7065"><enum>(d)</enum><header>Records obtained from foreign securities and law enforcement authorities</header><text display-inline="yes-display-inline">Except as provided in subsection (g), the Commission shall not be compelled to disclose records obtained from a foreign securities authority, or from a foreign law enforcement authority as defined in subsection (f)(4), if—</text>
<paragraph id="H34358AEBBA7F4549AB2507FBA2E7DE66"><enum>(1)</enum><text>the foreign securities authority or foreign law enforcement authority has in good faith determined and represented to the Commission that the records are confidential under the laws of the country of such authority; and</text>
</paragraph><paragraph id="H4D1D4C52DC314555B9B5098F798F024C"><enum>(2)</enum><text>the Commission obtains such records pursuant to—</text> <subparagraph id="HF1B26C6821144C97B9FFBEF832766566"><enum>(A)</enum><text>such procedure as the Commission may authorize for use in connection with the administration or enforcement of the securities laws; or</text>
</subparagraph><subparagraph id="H1549DFCA92E0437BB32B6367EEEC1CE0"><enum>(B)</enum><text display-inline="yes-display-inline">a memorandum of understanding.</text> </subparagraph></paragraph><continuation-text continuation-text-level="subsection">For purposes of section 552 of title 5, United States Code, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552.</continuation-text></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="HB24EEDD890A04E2589394E0C3A21FFDE"><enum>830.</enum><header>Clarification of authority to impose sanctions on persons associated with a broker or dealer</header><text display-inline="no-display-inline">Section 15(b)(6)(A)(i) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o">15 U.S.C. 78o(b)(6)(A)(i)</external-xref>) is amended by striking <quote>enumerated</quote> and all that follows and inserting <quote>enumerated in subparagraph (A), (D), (E), (G), or (H) of paragraph (4) of this subsection;</quote>.</text>
</section><section id="H1086C1F2AE354AC185FC56ACF4BACE7B" section-type="subsequent-section"><enum>831.</enum><header>Complaint and burden of proof requirements for certain actions for breach of fiduciary duty</header><text display-inline="no-display-inline">Section 36(b) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-35">15 U.S.C. 80a–35(b)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H713E5DC5A07D425B9543AE49B32DD2CC" reported-display-style="italic" style="OLC">
<paragraph id="H2686D2CBFB3248EE9CD430FB3F23C1E0"><enum>(7)</enum><text display-inline="yes-display-inline">In any such action brought by a security holder of a registered investment company on behalf of such company—</text>
<subparagraph id="H970414FB9BC64AF2932A74BAFD89A483"><enum>(A)</enum><text>the complaint shall state with particularity all facts establishing a breach of fiduciary duty, and, if an allegation of any such facts is based on information and belief, the complaint shall state with particularity all facts on which that belief is formed; and</text>
</subparagraph><subparagraph id="H8E4A8372E885434192841CECA337C20A"><enum>(B)</enum><text>such security holder shall have the burden of proving a breach of fiduciary duty by clear and convincing evidence.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HD8262C636D354ECB807F5786C669BB5E"><enum>832.</enum><header>Congressional access to information held by the Public Company Accounting Oversight Board</header><text display-inline="no-display-inline">Section 105(b)(5) of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7215">15 U.S.C. 7215(b)(5)</external-xref>) is amended—</text> <paragraph id="H8A7473FDB0014998B87A3999D3942F59"><enum>(1)</enum><text>in subparagraph (A), by striking <quote>subparagraphs (B) and (C)</quote> and inserting <quote>subparagraphs (B), (C) and (D)</quote>; and</text>
</paragraph><paragraph id="H0067226B9B96489B9BF76EE477C58C96"><enum>(2)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HA7EAB61FA2494C43B27EC59CA856AB30" reported-display-style="italic" style="OLC"> <subparagraph id="HF6DEDD0F7C694B9C8655F676D0C2F488"><enum>(D)</enum><header>Availability to the Congressional Committees</header><text display-inline="yes-display-inline">The Board shall make available to the Committees specified under section 101(h)—</text>
<clause id="H893319D633914F5395A146BDC8310F9A"><enum>(i)</enum><text>such information as the Committees shall request; and</text> </clause><clause id="HE494BD3E47454044A6AC8D6D989AB495"><enum>(ii)</enum><text display-inline="yes-display-inline">with respect to any confidential or privileged information provided in response to a request under clause (i), including any information subject to section 104(g) and subparagraph (A), or any confidential or privileged information provided orally in response to such a request, such information shall maintain the protections provided in subparagraph (A), and shall retain its confidential and privileged status in the hands of the Board and the Committees.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H7430266AC911467EA8BE63C7153B3E06" section-type="subsequent-section"><enum>833.</enum><header>Abolishing Investor Advisory Group</header><text display-inline="no-display-inline">The Public Company Accounting Oversight Board shall abolish the Investor Advisory Group.</text> </section><section id="HB3FC9BBD8D94467593EF398464775E0E" section-type="subsequent-section"><enum>834.</enum><header>Repeal of requirement for Public Company Accounting Oversight Board to use certain funds for merit scholarship program</header> <subsection id="HF0B76566AADA4325A783045271792ACE"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 109(c) of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7219">15 U.S.C. 7219(c)</external-xref>) is amended by striking paragraph (2).</text>
</subsection><subsection id="H27FFA0C0FF4C4F009A88448B4CA946D9"><enum>(b)</enum><header>Conforming amendments</header><text display-inline="yes-display-inline">Section 109 of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7219">15 U.S.C. 7219</external-xref>) is amended—</text> <paragraph id="H4D6944F9A3EC47D48C92B758E10E7C1C"><enum>(1)</enum><text>in subsection (c), by striking <quote><header-in-text level="subsection" style="OLC">uses of funds</header-in-text></quote> and all that follows through <quote>The budget</quote> and inserting <quote><header-in-text level="subsection" style="OLC">uses of funds.—</header-in-text>The budget</quote>; and</text>
</paragraph><paragraph id="H09DC1E167A0645AAAE3D8E72E4C859D0"><enum>(2)</enum><text>in subsection (f), by striking <quote>subsection (c)(1)</quote> and inserting <quote>subsection (c)</quote>.</text> </paragraph></subsection></section><section id="H8285FDF1B51F4F7FBC20BE145CE246C1"><enum>835.</enum><header>Reallocation of fines for violations of rules of municipal securities rulemaking board</header> <subsection id="HDA13F565A1D14DA8B03EE15808B696A7"><enum>(a)</enum><header>In general</header><text>Section 15B(c)(9) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-4">15 U.S.C. 78o–4(c)(9)</external-xref>) is amended to read as follows:</text>
<quoted-block changed="added" committee-id="HBA00" id="HE93DE1AD35434FF889ACDFA9FDF8BED0" reported-display-style="italic" style="OLC">
<paragraph id="HAB68B72496A0402D9785AAD69C6C359C" indent="up1"><enum>(9)</enum><text>Fines collected for violations of the rules of the Board shall be deposited and credited as general revenue of the Treasury, except as otherwise provided in section 308 of the Sarbanes-Oxley Act of 2002 or section 21F of this title.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H2F59900E05DA47ED8374D54544E755C6"><enum>(b)</enum><header>Effective date</header><text>The amendment made by subsection (a) shall apply to fines collected after the date of enactment of this Act.</text>
</subsection></section></subtitle><subtitle id="HF668D3BF1174405E823F56D255E00C08"><enum>B</enum><header>Eliminating Excessive Government Intrusion in the Capital Markets</header>
<section id="H0FE47823607049B4A2EA0B8FF96EFF81"><enum>841.</enum><header>Repeal of Department of Labor fiduciary rule and requirements prior to rulemaking relating to
standards of conduct for brokers and dealers</header>
<subsection id="H6B6086A0CD9A4F159D6D5F90FDB4280E"><enum>(a)</enum><header>Repeal of Department of Labor fiduciary rule</header><text display-inline="yes-display-inline">The final rule of the Department of Labor titled <quote>Definition of the Term <quote>Fiduciary</quote>; Conflict of Interest Rule—Retirement Investment Advice</quote> and related prohibited transaction exemptions published April 8, 2016 (81 Fed. Reg. 20946) shall have no force or effect.</text>
</subsection><subsection id="H14132B179B704DCB87B4C999FE9A4011"><enum>(b)</enum><header>Stay on rules defining certain fiduciaries</header><text display-inline="yes-display-inline">After the date of enactment of this Act, the Secretary of Labor shall not prescribe any regulation under the Employee Retirement Income Security Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/29/1001">29 U.S.C. 1001</external-xref> et seq.) defining the circumstances under which an individual is considered a fiduciary until the date that is 60 days after the Securities and Exchange Commission issues a final rule relating to standards of conduct for brokers and dealers pursuant to the second subsection (k) of section 15 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o">15 U.S.C. 78o(k)</external-xref>).</text>
</subsection><subsection id="H805DF575BBCD44D6BE22D781758B2587"><enum>(c)</enum><header>Requirement after stay</header><text>If, after the stay described under subsection (b), the Secretary of Labor prescribes a regulation described under such subsection, the Secretary of Labor shall prescribe a substantially identical definition of what constitutes fiduciary investment advice and impose substantially identical standards of care and conditions as the Securities and Exchange Commission has imposed on brokers, dealers, or investment advisers.</text>
</subsection><subsection id="H190A24AF958D4D17AA4D619D770B7E21"><enum>(d)</enum><header>Requirements prior to rulemaking relating to standards of conduct for brokers and dealers</header><text>The second subsection (k) of section 15 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o">15 U.S.C. 78o(k)</external-xref>), as added by section 913(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref> et seq.), is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H8F9B5D84D968425A8049DFFEFAA63331" reported-display-style="italic" style="OLC">
<paragraph id="HB62333D1EAFF479A99207909A52B7E05"><enum>(3)</enum><header>Requirements prior to rulemaking</header><text display-inline="yes-display-inline">The Commission shall not promulgate a rule pursuant to paragraph (1) before providing a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing whether—</text>
<subparagraph id="HCBCAE17D99CF42BAB32BC43E7A73742F"><enum>(A)</enum><text display-inline="yes-display-inline">retail investors (and such other customers as the Commission may provide) are being harmed due to brokers or dealers operating under different standards of conduct than those that apply to investment advisors under section 211 of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-11">15 U.S.C. 80b–11</external-xref>);</text>
</subparagraph><subparagraph id="HFB21427CCB1346AFAFB43DE314F3CBC5"><enum>(B)</enum><text display-inline="yes-display-inline">alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under different standards of conduct than those standards that apply to investment advisors under section 211 of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-11">15 U.S.C. 80b–11</external-xref>), including—</text>
<clause id="HD907D042E0CC46B6961B4576C8A49753"><enum>(i)</enum><text>simplifying the titles used by brokers, dealers, and investment advisers; and</text> </clause><clause id="HE0070B82B02840459070E45D2BF25244"><enum>(ii)</enum><text>enhancing disclosure surrounding the different standards of conduct currently applicable to brokers, dealers, and investment advisers;</text>
</clause></subparagraph><subparagraph id="H89C3C7DEF027416997914E89C0857632"><enum>(C)</enum><text>the adoption of a uniform fiduciary standard of conduct for brokers, dealers, and investment advisors would adversely impact the commissions of brokers and dealers, the availability of proprietary products offered by brokers and dealers, and the ability of brokers and dealers to engage in principal transactions with customers; and</text>
</subparagraph><subparagraph id="H9C2CCB57C31E4FECB685FBC09720422D"><enum>(D)</enum><text display-inline="yes-display-inline">the adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized and cost-effective investment advice, recommendations about securities, or the availability of such advice and recommendations.</text>
</subparagraph></paragraph><paragraph id="H11348B69655C467D996E3B606F95FBFC"><enum>(4)</enum><header>Economic analysis</header><text display-inline="yes-display-inline">The Commission’s conclusions contained in the report described in paragraph (3) shall be supported by economic analysis.</text>
</paragraph><paragraph id="H0DEFCC96B7E94288A80DA14A0C5B142C"><enum>(5)</enum><header>Requirements for promulgating a rule</header><text display-inline="yes-display-inline">The Commission shall publish in the Federal Register alongside the rule promulgated pursuant to paragraph (1) formal findings that such rule would reduce confusion or harm to retail customers (and such other customers as the Commission may by rule provide) due to different standards of conduct applicable to brokers, dealers, and investment advisors.</text>
</paragraph><paragraph id="H38779A0AB2F14D5B942CA70F1EBC9FC2"><enum>(6)</enum><header>Requirements under Investment Advisers Act of 1940</header><text display-inline="yes-display-inline">In proposing rules under paragraph (1) for brokers or dealers, the Commission shall consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="HBDC7E4DCEB5349298A72999C0F8E46AF"><enum>842.</enum><header>Exemption from risk retention requirements for nonresidential mortgage</header>
<subsection id="HC8E7F200CC3948CEAEC9B0A66C4CBB0A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 15G of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-11">15 U.S.C. 78o–11</external-xref>) is amended—</text> <paragraph id="H22E143223C1E4AA2A40DAE0B8909D6B7"><enum>(1)</enum><text>in subsection (a)—</text>
<subparagraph commented="no" id="H44F27A2A7636444C950EF6035BA861AA"><enum>(A)</enum><text>in paragraph (3)(B), by striking <quote>and</quote> at the end;</text> </subparagraph><subparagraph commented="no" id="HED74C5F407714537A852C2C9C1B9640E"><enum>(B)</enum><text>in paragraph (4)(B), by striking the period and inserting <quote>; and</quote>; and</text>
</subparagraph><subparagraph commented="no" id="H8F5D07AE341A44849B1703284C531246"><enum>(C)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HADEBB5D929044CA1AB6790D992913E66" reported-display-style="italic" style="OLC"> <paragraph commented="no" id="HFEA427AC10CE40EFA5A4E447C750B445"><enum>(5)</enum><text display-inline="yes-display-inline">the term <term>asset-backed security</term> refers only to an asset-backed security that is comprised wholly of residential mortgages.</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HECC3413ED77F4195ADE1F32D11D08550"><enum>(2)</enum><text>in subsection (b)—</text> <subparagraph id="HB5D5DC0DAC274C488259C8CCA467D79E"><enum>(A)</enum><text>by striking paragraph (1); and</text>
</subparagraph><subparagraph id="HE1A1390B32314A31BA05AD73DB385E52"><enum>(B)</enum><text>by striking <quote>(2) <header-in-text level="paragraph" style="OLC">Residential mortgages.—</header-in-text></quote>;</text> </subparagraph></paragraph><paragraph id="HD8A6D2DD9830497EABFC44D7C44F090C"><enum>(3)</enum><text>by striking subsection (h) and redesignating subsection (i) as subsection (h); and</text>
</paragraph><paragraph id="H131966919A864413AC27E95837E75CF8"><enum>(4)</enum><text>in subsection (h) (as so redesignated)—</text> <subparagraph id="HC1BB4575E47B4F9787876155EA6A848A"><enum>(A)</enum><text>by striking <quote>effective—</quote> and all that follows through <quote>(1) with respect to</quote> and inserting <quote>effective with respect to</quote>;</text>
</subparagraph><subparagraph id="H467DF48DA60A41CD88E1EF3BCB33F35C"><enum>(B)</enum><text display-inline="yes-display-inline">in paragraph (1), by striking <quote>; and</quote> and inserting a period; and</text> </subparagraph><subparagraph id="H8011A0E1C20440B3A260397C06C77AAD"><enum>(C)</enum><text>by striking paragraph (2).</text>
</subparagraph></paragraph></subsection><subsection id="H659D9C8CA736437CBA5E90677F1824E4"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking subsection (c).</text>
</subsection></section><section id="H33A9036025C04465B9AC3C03242182E2"><enum>843.</enum><header>Frequency of shareholder approval of executive compensation</header><text display-inline="no-display-inline">Section 14A(a) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78n-1">15 U.S.C. 78n–1(a)</external-xref>) is amended—</text> <paragraph id="H765A100A3E1041F5B2A17258C127AFAD"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraph (1), by striking <quote>Not less frequently than once every 3 years</quote> and inserting <quote>Each year in which there has been a material change to the compensation of executives of an issuer from the previous year</quote>; and</text>
</paragraph><paragraph id="H660F038E46B74650979D37A59F009911"><enum>(2)</enum><text>by striking paragraph (2) and redesignating paragraph (3) as paragraph (2).</text> </paragraph></section><section id="HBE182C98CB0D488C94DC77A6418C2A2F" section-type="subsequent-section"><enum>844.</enum><header>Shareholder Proposals</header> <subsection id="HADC1D4D224214D6E870AFE9690D3BF33"><enum>(a)</enum><header>Resubmission thresholds</header><text display-inline="yes-display-inline">The Securities and Exchange Commission shall revise section 240.14a–8(i)(12) of title 17, Code of Federal Regulations to—</text>
<paragraph id="H878F3C66E2CB4D2390B19931BA9E490F"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraph (i), adjust the 3 percent threshold to 6 percent;</text> </paragraph><paragraph id="H0062DBCE5F424065B7A1F1585DB1F5BD"><enum>(2)</enum><text display-inline="yes-display-inline">in paragraph (ii), adjust the 6 percent threshold to 15 percent; and</text>
</paragraph><paragraph id="H889F2D4FEEB145C880B92EA510C4C3AB"><enum>(3)</enum><text display-inline="yes-display-inline">in paragraph (iii), adjust the 10 percent threshold to 30 percent.</text> </paragraph></subsection><subsection id="H3180A00013D643908501935CBAA0F324"><enum>(b)</enum><header>Holding requirement</header><text display-inline="yes-display-inline">The Securities and Exchange Commission shall revise the holding requirement for a shareholder to be eligible to submit a shareholder proposal to an issuer in section 240.14a–8(b)(1) of title 17, Code of Federal Regulations, to—</text>
<paragraph id="H77AB49E8AAC043938289B59AAA212000"><enum>(1)</enum><text>eliminate the option to satisfy the holding requirement by holding a certain dollar amount;</text> </paragraph><paragraph id="H87906854965647F284F397C7C9C8883B"><enum>(2)</enum><text>require the shareholder to hold 1 percent of the issuer's securities entitled to be voted on the proposal, or such greater percentage as determined by the Commission; and</text>
</paragraph><paragraph id="HD875D622BE33489C89941A26592F9E0C"><enum>(3)</enum><text>adjust the 1 year holding period to 3 years.</text> </paragraph></subsection><subsection commented="no" id="H6702EA0AEEBE41B9885BF4D41DE2BB72"><enum>(c)</enum><header>Shareholder proposals issued by proxies</header><text display-inline="yes-display-inline">Section 14 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78n">15 U.S.C. 78n</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HD99364170AF642A1BE15825D50D27ED9" reported-display-style="italic" style="OLC">
<subsection commented="no" id="H713C7CDBB044466BB5A5FBF2C4E3EC21"><enum>(j)</enum><header>Shareholder proposals by proxies not permitted</header><text display-inline="yes-display-inline">An issuer may not include in its proxy materials a shareholder proposal submitted by a person in such person’s capacity as a proxy, representative, agent, or person otherwise acting on behalf of a shareholder.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="H288B0C75F8D546898D4B05C948967E34" section-type="subsequent-section"><enum>845.</enum><header>Prohibition on requiring a single ballot</header><text display-inline="no-display-inline">Section 14 of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78n">15 U.S.C. 78n</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H16310FAC34B142298ECE7875B0A09966" reported-display-style="italic" style="OLC">
<subsection id="HFCB95EF7640F4ABB8DB80CC707D20E7C"><enum>(k)</enum><header>Prohibition on requiring a single ballot</header><text display-inline="yes-display-inline">The Commission may not require that a solicitation of a proxy, consent, or authorization to vote a security of an issuer in an election of members of the board of directors of the issuer be made using a single ballot or card that lists both individuals nominated by (or on behalf of) the issuer and individuals nominated by (or on behalf of) other proponents and permits the person granting the proxy, consent, or authorization to select from among individuals in both groups.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H0DD3241A02EF40BDB72ABB496A132C19"><enum>846.</enum><header>Requirement for municipal advisor for issuers of municipal securities</header><text display-inline="no-display-inline">Section 15B(d) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-4">15 U.S.C. 78o–4(d)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HE7B6B676367842B69080C39211DBB62B" reported-display-style="italic" style="OLC">
<paragraph id="H8CEAFC4B2639474C8FA3828C2F20998A" indent="up1"><enum>(3)</enum><text display-inline="yes-display-inline">An issuer of municipal securities shall not be required to retain a municipal advisor prior to issuing any such securities.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H0466D60537484278B758BA96827CA0FC"><enum>847.</enum><header>Small issuer exemption from internal control evaluation</header><text display-inline="no-display-inline">Section 404(c) of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7262">15 U.S.C. 7262(c)</external-xref>) is amended to read as follows:</text> <quoted-block changed="added" committee-id="HBA00" id="HBD386E832022493689DE195142C1EAD7" reported-display-style="italic" style="OLC"> <subsection id="H7173FFE0605E4A798BC41C6634285DD4"><enum>(c)</enum><header>Exemption for smaller issuers</header><text>Subsection (b) shall not apply with respect to any audit report prepared for an issuer that has total market capitalization of less than $500,000,000, nor to any issuer that is a depository institution with assets of less than $1,000,000,000.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H7179913CD1AA4BF495331CC2E801A515" section-type="subsequent-section"><enum>848.</enum><header>Streamlining of applications for an exemption from the Investment Company Act of 1940</header><text display-inline="no-display-inline">Section 6(c) of the Investment Company Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80a-6">15 U.S.C. 80a–6(c)</external-xref>) is amended—</text> <paragraph id="H05D55A1EC5F7480C9003C2CC45FA8A68"><enum>(1)</enum><text>by striking <quote>(c) The Commission</quote> and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H8C14C1DA98E849D084F9A51E56D70DA7" reported-display-style="italic" style="OLC">
<subsection id="HFDC5953C2C9B44DA8725B792545739EC"><enum>(c)</enum><header>General exemptive authority</header>
<paragraph id="HA619F68282F54F7B80C09A1FA6430734"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Commission</text></paragraph></subsection><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="H1B2EF934DEC84413A9A33A78EA75E21A"><enum>(2)</enum><text>by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HEA260C827FBB461D8E8E22634CE0166C" reported-display-style="italic" style="OLC">
<paragraph id="H111F4DDA5E484ED998A17AE4E231537F"><enum>(2)</enum><header>Application process</header>
<subparagraph id="H970B1A8C4F1F4F85A9D1905C766C0637"><enum>(A)</enum><header>In general</header><text>A person who wishes to receive an exemption from the Commission pursuant to paragraph (1) shall file an application with the Commission in such form and manner and containing such information as the Commission may require.</text>
</subparagraph><subparagraph id="HE19F65804C27478E9B4260AFE12A3688"><enum>(B)</enum><header>Publication; rejection of invalid applications</header>
<clause id="HBF21CAFD09F24AF4AF2766D342A03D17"><enum>(i)</enum><header>In general</header><text>Not later than the end of the 5-day period beginning on the date that the Commission receives an application under subparagraph (A), the Commission shall either—</text>
<subclause id="H121C116BA09246A2BF03503A77EEA5B0"><enum>(I)</enum><text>publish the application, including by publication on the website of the Commission; or</text> </subclause><subclause id="H6F83A93DE01C4B58B05CED54B0E106B9"><enum>(II)</enum><text>if the Commission determines that the application does not comply with the proper form, manner, or information requirements described under subparagraph (A), reject such application and notify the applicant of the specific reasons the application was rejected.</text>
</subclause></clause><clause id="H1EF5A324EA8D43A78CB47D742647C620"><enum>(ii)</enum><header>Failure to publish application</header><text>If the Commission does not reject an application under clause (i)(II), but fails to publish the application by the end of the time period specified under clause (i), such application shall be deemed to have been published on the date that is the end of such time period.</text>
</clause></subparagraph></paragraph><paragraph id="H2329BCEEB5DB4CBB982F13B7CB763951"><enum>(3)</enum><header>Determination by Commission</header>
<subparagraph id="HDCA6542A273341F4A81E290FF8BAA797"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 45 days after the date that the Commission publishes an application pursuant to paragraph (2)(B), the Commission shall, by order—</text>
<clause id="HEB80207DA44A4291A236F6D60B4112F7"><enum>(i)</enum><text>approve the application;</text> </clause><clause id="HED7FB1838DF943799FF96AD1F5E53BEA"><enum>(ii)</enum><text display-inline="yes-display-inline">if the Commission determines that the application would have been approved had the applicant provided additional supporting documentation or made certain amendments to the application—</text>
<subclause id="H3200D1E5B02D4AE19303EC4A3BFD7784"><enum>(I)</enum><text>provide the applicant with the specific additional supporting documentation or amendments that the Commission believes are necessary for the applicant to provide in order for the application to be approved; and</text>
</subclause><subclause id="H776D0383007B46F7AD82C95EEA333654"><enum>(II)</enum><text>request that the applicant withdraw the application and re-submit the application with such additional supporting documentation and amendments; or</text>
</subclause></clause><clause id="H8364515F67F047F0AD4533A8B23DCF8F"><enum>(iii)</enum><text>deny the application.</text> </clause></subparagraph><subparagraph id="H01250DF5D7AC4DA2969B28990891B46B"><enum>(B)</enum><header>Extension of time period</header><text display-inline="yes-display-inline">The Commission may extend the time period described under subparagraph (A) by not more than an additional 45 days, if—</text>
<clause display-inline="no-display-inline" id="H22EC63C0D54441BC8AC0F8F16CBF97B4"><enum>(i)</enum><text>the Commission determines that a longer period is appropriate and publishes the reasons for such determination; or</text>
</clause><clause id="H8684F5E238B4461BAE955F3ADB37D230"><enum>(ii)</enum><text>the applicant consents to the longer period.</text> </clause></subparagraph><subparagraph id="H4D232299AE804B21AB1B3A55A88893DA"><enum>(C)</enum><header>Time period for withdrawal</header><text>If the Commission makes a request under subparagraph (A)(ii) for an applicant to withdraw an application, such application shall be deemed to be denied if the applicant informs the Commission that the applicant will not withdraw the application or if the applicant does not withdraw the application before the end of the 30-day period beginning on the date the Commission makes such request.</text>
</subparagraph></paragraph><paragraph id="H64A3BD2975454DC785F223F9617D4008"><enum>(4)</enum><header>Proceedings; notice and hearing</header><text>If an application is denied pursuant to paragraph (3), the Commission shall provide the applicant with—</text>
<subparagraph id="H628978D0FC274483B3CC8D651FBAB635"><enum>(A)</enum><text>a written explanation for why the application was not approved; and</text> </subparagraph><subparagraph id="H9649367D4649498AB25ACA634027E931"><enum>(B)</enum><text>an opportunity for hearing, if requested by the applicant not later than 20 days after the date of such denial, with such hearing to be commenced not later than 30 days after the date of such denial.</text>
</subparagraph></paragraph><paragraph id="HC277510B5DD94CF7BE51A59A5EC5F707"><enum>(5)</enum><header>Result of failure to institute or commence proceedings</header><text>An application shall be deemed to have been approved by the Commission, if—</text> <subparagraph id="HDC6778C89969437BBCB9C17FFC1EC705"><enum>(A)</enum><text>the Commission fails to either approve, request the withdrawal of, or deny the application, as required under paragraph (3)(A), within the time period required under paragraph (3)(A), as such time period may have been extended pursuant to paragraph (3)(B); or</text>
</subparagraph><subparagraph id="HB52580FE90C54BD7B398BE946ED914BD"><enum>(B)</enum><text>the applicant requests an opportunity for hearing, pursuant to paragraph (4)(B), but the Commission does not commence such hearing within the time period required under paragraph (4)(B).</text>
</subparagraph></paragraph><paragraph id="H64A220A8F1AA4B5E8613CE2578F4A2C0"><enum>(6)</enum><header>Rulemaking</header><text>Not later than 180 days after the date of enactment of this paragraph, the Commission shall issue rules to carry out this subsection.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section commented="no" id="HC8A232C5BA5E437A98B8A68D53F443C0"><enum>849.</enum><header>Restriction on recovery of erroneously awarded compensation</header><text display-inline="no-display-inline">Section 10D(b)(2) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78j-4">15 U.S.C. 78j–4(b)(2)</external-xref>) is amended by inserting before the period the following: <quote>, where such executive officer had control or authority over the financial reporting that resulted in the accounting restatement</quote>.</text>
</section><section id="H410A031A0AAC4550ACE34D705D8C2026"><enum>850.</enum><header>Exemptive authority for certain provisions relating to registration of nationally recognized
statistical rating organizations</header><text display-inline="no-display-inline">Section 15E of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H920BB7532AB14FC587816F9158DB2E46" reported-display-style="italic" style="OLC">
<subsection commented="no" id="H0AA7DDAEC29B4DA0B510D6A4AB026A85"><enum>(w)</enum><header>Commission exemptive authority</header><text display-inline="yes-display-inline">The Commission, by rules and regulations upon its own motion, or by order upon application, may conditionally or unconditionally exempt any person from any provision or provisions of this title or of any rule or regulation thereunder, if and to the extent it determines that such rule, regulation, or requirement is creating a barrier to entry into the market for nationally recognized statistical rating organizations or impeding competition among such organizations, or that such an exemption is necessary or appropriate in the public interest and is consistent with the protection of investors.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H69786C61473440EBA875BCE4CDF3F676"><enum>851.</enum><header>Risk-based examinations of Nationally Recognized Statistical Rating Organizations</header><text display-inline="no-display-inline">Section 15E(p)(3) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7(p)(3)</external-xref>) is amended—</text> <paragraph id="H4A07751125334721985DC2F4C651FB36"><enum>(1)</enum><text>in subparagraph (A)—</text>
<subparagraph id="HE286EA3D579F46DD9652FE4A3AF388A9"><enum>(A)</enum><text>in the heading, by striking <quote><header-in-text level="subparagraph" style="OLC">Annual</header-in-text></quote> and inserting <quote><header-in-text level="subparagraph" style="OLC">Risk-based</header-in-text></quote>;</text> </subparagraph><subparagraph id="H9AC5D7F7CB3C4FFF907057BEAAD02D54"><enum>(B)</enum><text>by striking <quote>an examination</quote> and inserting <quote>examinations</quote>; and</text>
</subparagraph><subparagraph id="H59DA07ED734245928756DC52136D5BAF"><enum>(C)</enum><text>by striking <quote>at least annually</quote>; and</text> </subparagraph></paragraph><paragraph id="H049FF13282A945149ABE8D406E252E1A"><enum>(2)</enum><text>in subparagraph (B), in the matter preceding clause (i), by inserting <quote>, as appropriate, </quote> after <quote>Each examination under subparagraph (A) shall include</quote>.</text>
</paragraph></section><section id="H964884F4BCAC422EA23ECB8685F8871D" section-type="subsequent-section"><enum>852.</enum><header>Transparency of credit rating methodologies</header><text display-inline="no-display-inline">Section 15E(s) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7(s)</external-xref>) is amended—</text> <paragraph id="H3828982324344853A3035FD8191BA25E"><enum>(1)</enum><text>in paragraph (2)(B), by inserting before the semicolon the following: <quote>rated by the nationally recognized statistical rating agency</quote>; and</text>
</paragraph><paragraph id="H83066581D0B1452BB5BF9EBD4CE778C0"><enum>(2)</enum><text>in paragraph (3)—</text> <subparagraph id="HD809FA60F29A4CC5B788B9F94F8E2A5C"><enum>(A)</enum><text>in subparagraph (A)(ix), by inserting before the period the following: <quote>, except that the Commission may not require the inclusion of references to statutory or regulatory requirements or statutory provision headings or enumerators for any specific disclosure</quote>;</text>
</subparagraph><subparagraph display-inline="no-display-inline" id="HA7B583349C8543FFBCAA1046BE942295"><enum>(B)</enum><text>in subparagraph (B)(iv), by inserting before the period the following: <quote>, except that the Commission may not require the inclusion of references to statutory or regulatory requirements or statutory provision headings or enumerators for any specific disclosure</quote>; and</text>
</subparagraph><subparagraph id="HCDC1536A394648FABF9A87A563E8A325"><enum>(C)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HEAFCE61354B943D19B3D82C1A72832DB" reported-display-style="italic" style="OLC"> <subparagraph id="HDC572B8324684ED9BF19260B8460D2EC"><enum>(C)</enum><header>No mandate on the organization of disclosures</header><text display-inline="yes-display-inline">The Commission may not mandate the specific organization of the disclosures required under this paragraph.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section><section id="H5352FD0598BC4E5DB0D34F8A48300D34" section-type="subsequent-section"><enum>853.</enum><header>Repeal of certain attestation requirements relating to credit ratings</header><text display-inline="no-display-inline">Section 15E of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7</external-xref>) is amended—</text> <paragraph id="H4B1909DA47A2488BBAF648361C51B812"><enum>(1)</enum><text>in subsection (c)(3)(B)—</text>
<subparagraph id="HA564AC81B62A4E9185EF9038C45906B3"><enum>(A)</enum><text>in clause (i), by adding <quote>and</quote> at the end;</text> </subparagraph><subparagraph id="HC4C6E7533B2242B18698139F35CC80B6"><enum>(B)</enum><text>in clause (ii), by striking <quote>; and</quote> and inserting a period; and</text>
</subparagraph><subparagraph id="H51DCA039507F4EA6AD607D1CF31A779F"><enum>(C)</enum><text>by striking clause (iii); and</text> </subparagraph></paragraph><paragraph id="H02C1FF1B3A9844A7A4C78DE32F0605B7"><enum>(2)</enum><text>in subsection (q)(2)—</text>
<subparagraph id="H4980D5CFACFA4914B8136A03D14037CA"><enum>(A)</enum><text>in subparagraph (D), by adding <quote>and</quote> at the end;</text> </subparagraph><subparagraph id="H1DA4252DAD0F4D5397D3188A1F4702C9"><enum>(B)</enum><text display-inline="yes-display-inline">in subparagraph (E), by striking <quote>; and</quote> and inserting a period; and</text>
</subparagraph><subparagraph id="H7FF0234C395444848AC53C74E859C3A7"><enum>(C)</enum><text>by striking subparagraph (F).</text> </subparagraph></paragraph></section><section id="H881841681A5F41BBA8C7E618D55DBE04" section-type="subsequent-section"><enum>854.</enum><header>Look-back review by NRSRO</header><text display-inline="no-display-inline">Section 15E(h)(4)(A) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7(h)(4)(A)</external-xref>) is amended—</text>
<paragraph id="H7251E5D518BF45C48803D4DE637527DD"><enum>(1)</enum><text>by striking <quote>Each nationally</quote> and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H6BEDD0205675492296B823EF1BC3C2BA" reported-display-style="italic" style="OLC"> <clause id="HD217C5DF8C10409E8C7B8BF47FB4E58C"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">Each nationally</text></clause><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="HBC3B30CF0F9C451A80C2F7A38A0BD9E9"><enum>(2)</enum><text>by striking <quote>underwriter</quote> and inserting <quote>lead underwriter</quote>;</text> </paragraph><paragraph id="HA45CAC8ACBB1452CB44AB4CF0FCD3E3D"><enum>(3)</enum><text>by striking <quote>in any capacity</quote>;</text>
</paragraph><paragraph id="H066563BC67784DEEA55E12DEF47FE5FC"><enum>(4)</enum><text>by striking <quote>during the 1-year period preceding the date an action was taken with respect to the credit rating</quote>;</text> </paragraph><paragraph id="HB0BCFB4A5812432DAAFDB8C620EAAD60"><enum>(5)</enum><text>by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and adjusting the margin of such subclauses accordingly;</text>
</paragraph><paragraph id="HF8A422E29E5D4E788AF0703E35B18275"><enum>(6)</enum><text>in subclause (I), as so redesignated, by inserting before the semicolon the following: <quote>during the 1-year period preceding the departure of the employee from the nationally recognized statistical rating organization</quote>; and</text>
</paragraph><paragraph id="H178AA067A9AD4A15B2C12EAD336023DA"><enum>(7)</enum><text>by adding at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HFF2EACD4DD7C431F9F1D218B7CDBFDD9" reported-display-style="italic" style="OLC"> <clause id="H57BBD785A4D0427AAF96D66FABC6D19D"><enum>(ii)</enum><header>Maintenance of ratings actions</header><text display-inline="yes-display-inline">In the case of maintenance of ratings actions, the requirement under clause (i) shall only apply to employees of a person subject to a credit rating of the nationally recognized statistical rating organization or an issuer of a security or money market instrument subject to a credit rating of the nationally recognized statistical rating organization.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H142CE234D76E473198D5DC509B14E5A1" section-type="subsequent-section"><enum>855.</enum><header>Approval of credit rating procedures and methodologies</header><text display-inline="no-display-inline">Section 15E(r)(1)(A) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7(r)(1)(A)</external-xref>) is amended by inserting <quote>, or the Chief Credit Officer</quote> after <quote>performing a function similar to that of a board</quote>.</text>
</section><section id="HD716AF8F1B8046B58BC9670312B7A642" section-type="subsequent-section"><enum>856.</enum><header>Exception for providing certain material information relating to a credit rating</header><text display-inline="no-display-inline">Section 15E(h)(3) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-7">15 U.S.C. 78o–7(h)(3)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HDCD7CAE201D44448AC34B42333AE58AB" reported-display-style="italic" style="OLC">
<subparagraph id="HEDD4C414E58A444780C5DFE8420B8F53"><enum>(C)</enum><header>Exception for providing certain material information</header><text display-inline="yes-display-inline">Rules issued under this paragraph may not prohibit a person who participates in sales or marketing of a product or service of a nationally recognized statistical rating organization from providing material information, or information believed in good faith to be material, to the issuance or maintenance of a credit rating to a person who participates in determining or monitoring the credit rating, or developing or approving procedures or methodologies used for determining the credit rating, so long as the information provided is not intended to influence the determination of a credit rating, or the procedures or methodologies used to determine credit ratings.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HEA1D0D4B6FE14F0DA8E9C1B5DF2A7216"><enum>857.</enum><header>Repeals</header>
<subsection id="HEA272A6DDED446AD983D345F06157BEA"><enum>(a)</enum><header>Repeals</header><text display-inline="yes-display-inline">The following provisions of title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act are repealed, and the provisions of law amended or repealed by such sections are restored or revived as if such sections had not been enacted:</text>
<paragraph id="H07D0A830044E48AA9DB576CEAC072DB9"><enum>(1)</enum><text>Section 912.</text> </paragraph><paragraph id="HA23BF27FF0E7464A9C1A869FB0EDF495"><enum>(2)</enum><text>Section 914.</text>
</paragraph><paragraph id="H1FF97A6C9A754AB5B4A0DB761EAC3477"><enum>(3)</enum><text display-inline="yes-display-inline">Section 917.</text> </paragraph><paragraph id="H4D042A054E0B40E7AE23EEBAA5E0993B"><enum>(4)</enum><text>Section 918.</text>
</paragraph><paragraph id="H94CF5269B73F4D70AE063940A28DD9E7"><enum>(5)</enum><text>Section 919A.</text> </paragraph><paragraph id="HCD122448756C42B4AF5685F002A7D0CF"><enum>(6)</enum><text display-inline="yes-display-inline">Section 919B.</text>
</paragraph><paragraph id="H2F32D662953D4F4098A557DCD21683B8"><enum>(7)</enum><text>Section 919C.</text> </paragraph><paragraph id="H9D1C5A8637E048378438EBFCF5DFE9E2"><enum>(8)</enum><text display-inline="yes-display-inline">Section 921.</text>
</paragraph><paragraph id="HE99C1F27C9AD4290BCAFC3803E61CD7B"><enum>(9)</enum><text>Section 929T.</text> </paragraph><paragraph id="H286C5FFE512A40BB8E78C77754466D3A"><enum>(10)</enum><text>Section 929X.</text>
</paragraph><paragraph id="H7518E7326A11439BAFB82F0514EB4A59"><enum>(11)</enum><text>Section 929Y.</text> </paragraph><paragraph id="H1042C2C9210B4EE1BD69700747F635BB"><enum>(12)</enum><text>Section 929Z.</text>
</paragraph><paragraph id="H98C620EC96B44C048D00B3AFF367BBDB"><enum>(13)</enum><text>Section 931.</text> </paragraph><paragraph id="H92880DBA0A0F46F5B4D3E66287EFFB82"><enum>(14)</enum><text>Section 933.</text>
</paragraph><paragraph id="H7548C47BBD074E14AEA7EF392DA8C5AB"><enum>(15)</enum><text>Section 937.</text> </paragraph><paragraph id="H202EF81EB99C478A8FE1646298E5DE60"><enum>(16)</enum><text>Section 939B.</text>
</paragraph><paragraph id="HA4679135FF6E408AA2E8E3554967DE29"><enum>(17)</enum><text>Section 939C.</text> </paragraph><paragraph id="HA5B7446D9F5342FF94F9E2E59C3FCB69"><enum>(18)</enum><text>Section 939D.</text>
</paragraph><paragraph id="HD908710B00DB458A9DFEC15ABCCA634D"><enum>(19)</enum><text>Section 939E.</text> </paragraph><paragraph id="H6A1FDD7C7DF74AB183E5D6DBE74CC233"><enum>(20)</enum><text>Section 939F.</text>
</paragraph><paragraph id="H0DA34CBB678B4308BFEB61796AFF8138"><enum>(21)</enum><text>Section 939G.</text> </paragraph><paragraph id="H73B3DF1D6BAB416187D17CA167C59676"><enum>(22)</enum><text>Section 939H.</text>
</paragraph><paragraph id="H3CC3A4EA1A484A51869E87E1B86F3E5B"><enum>(23)</enum><text>Section 946.</text> </paragraph><paragraph commented="no" id="H12C167887C124FE0BC56EEF86BB6BBFD"><enum>(24)</enum><text>Subsection (b) of section 953.</text>
</paragraph><paragraph id="H7C35098E75CE4318A6D4A34EE9556E79"><enum>(25)</enum><text>Section 955.</text> </paragraph><paragraph id="H5A4ACC9D8E55479882B88A57A8C87662"><enum>(26)</enum><text>Section 956.</text>
</paragraph><paragraph id="HBDFF589837914F0F8229D60EDC756165"><enum>(27)</enum><text>Section 964.</text> </paragraph><paragraph commented="no" id="H9A826EE4B16C4918AAEDA6953A4E95AB"><enum>(28)</enum><text>Section 965.</text>
</paragraph><paragraph id="H3DBACD523D81483B9AF2EBC488A15D0A"><enum>(29)</enum><text>Section 968.</text> </paragraph><paragraph id="H70C1287186A14E18A25AEA138BB52351"><enum>(30)</enum><text>Section 971.</text>
</paragraph><paragraph id="H7B9C48E5F546474CAA63563F50706325"><enum>(31)</enum><text>Section 972.</text> </paragraph><paragraph id="HABC83EFBB968434498726A08B8F0CC52"><enum>(32)</enum><text>Section 976.</text>
</paragraph><paragraph id="H95F7B38E18724B438E654CAB413C0768"><enum>(33)</enum><text>Section 977.</text> </paragraph><paragraph id="H3F318AA980B546129C262F845423A786"><enum>(34)</enum><text>Section 978.</text>
</paragraph><paragraph id="H5F0FA08505434AEC9F4BB4F27AD72075"><enum>(35)</enum><text>Section 984.</text> </paragraph><paragraph id="H7EA4E883844F4469A11C5C2609AC6E5D"><enum>(36)</enum><text>Section 989.</text>
</paragraph><paragraph id="H3E361CE453A84957BBE19444E41C9034"><enum>(37)</enum><text>Section 989A.</text> </paragraph><paragraph id="H5F86049BDF8E4DBA8709C12FC2F66650"><enum>(38)</enum><text>Section 989F.</text>
</paragraph><paragraph id="HC8B4F61C87224874B8A2C514B60B02BB"><enum>(39)</enum><text>Subsection (b) of section 989G.</text> </paragraph><paragraph id="HC058D53DF3374E8EB50D24AB123C6B55"><enum>(40)</enum><text>Section 989I.</text>
</paragraph></subsection><subsection id="H10D2B12ECD1F496BBFCF98397A314AFD"><enum>(b)</enum><header>Conforming amendments</header><text display-inline="yes-display-inline">The Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref>) is amended—</text> <paragraph id="H9BDBB8053FEE4CF3ABC2B484B6422885"><enum>(1)</enum><text>in the table of contents in section 1(b), by striking the items relating to the sections described under paragraphs (1) through (23), (25) through (38), and (40) of subsection (a);</text>
</paragraph><paragraph id="H4F2F24A7E30E4A478EE4F6FC36AFFF23"><enum>(2)</enum><text>in section 953, by striking <quote>(a) <header-in-text level="subsection" style="OLC">Disclosure of pay versus performance.—</header-in-text></quote>; and</text> </paragraph><paragraph id="HB3FBF87071214C0D826A9BDB1C163971"><enum>(3)</enum><text>in section 989G, by striking <quote>(a) <header-in-text level="subsection" style="OLC">Exemption</header-in-text>.—</quote>.</text>
</paragraph></subsection></section><section id="H2402E86C27564C93988B82A46FD57BAE"><enum>858.</enum><header>Exemption of and reporting by private equity fund advisers</header><text display-inline="no-display-inline">Section 203 of the Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-3">15 U.S.C. 80b–3</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H3CC6BA49009949EAAD972E18A3BD4D3A" reported-display-style="italic" style="OLC">
<subsection id="H66E13CE58EE24309BAF8528C8E72F187"><enum>(o)</enum><header>Exemption of and reporting by private equity fund advisers</header>
<paragraph id="HD012D94D89A84689854316F62231E4B7"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Except as provided in this subsection, no investment adviser shall be subject to the registration or reporting requirements of this title with respect to the provision of investment advice relating to a private equity fund.</text>
</paragraph><paragraph id="H33C7D8073E024EADABF07D005772DC93"><enum>(2)</enum><header>Maintenance of records and access by Commission</header><text>Not later than 6 months after the date of enactment of this subsection, the Commission shall issue final rules—</text>
<subparagraph id="H9CA8168C9B054FF49B04A7C334B94714"><enum>(A)</enum><text>to require investment advisers described in paragraph (1) to maintain such records and provide to the Commission such annual or other reports as the Commission, taking into account fund size, governance, investment strategy, risk, and other factors, determines necessary and appropriate in the public interest and for the protection of investors; and</text>
</subparagraph><subparagraph id="H0207E5478C1D4731909855D9DE762AD6"><enum>(B)</enum><text>to define the term <term>private equity fund</term> for purposes of this subsection.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section><section id="HD7C2075DB2DF4C05A2C9E9A6C87DC770"><enum>859.</enum><header>Records and reports of private funds</header><text display-inline="no-display-inline">The Investment Advisers Act of 1940 (<external-xref legal-doc="usc" parsable-cite="usc/15/80b-1">15 U.S.C. 80b–1</external-xref> et seq.) is amended—</text>
<paragraph id="H128425C95CBD40928F23EA7E9EBD869B"><enum>(1)</enum><text>in section 204(b)—</text> <subparagraph id="HC842B9E200C64425BADA4246FCEDED2C"><enum>(A)</enum><text>in paragraph (1)—</text>
<clause id="H7B4F01AE862B4997B68F806D3D6230BC"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>investors,</quote> and all that follows and inserting <quote>investors.</quote>;</text> </clause><clause id="H30CC6442B5454521A28663D8EA00EAAE"><enum>(ii)</enum><text>by striking subparagraph (B); and</text>
</clause><clause id="HB1E0E24128FE451081E2C84BAF774A8C"><enum>(iii)</enum><text>by striking <quote>this title—</quote> and all that follows through <quote>to maintain</quote> and inserting <quote>this title to maintain</quote>;</text> </clause></subparagraph><subparagraph id="HDBED3FFB664443E0942993A67D12EDBB"><enum>(B)</enum><text>in paragraph (3)(H)—</text>
<clause id="H2C8563BAC57548F5B579672DFD6560B0"><enum>(i)</enum><text>by striking <quote>, in consultation with the Council,</quote>; and</text> </clause><clause id="HC446AB6E5B244553BBE9A1798DDD6D6A"><enum>(ii)</enum><text>by striking <quote>or for the assessment of systemic risk</quote>;</text>
</clause></subparagraph><subparagraph id="HBE3FBFF0A8D0499F95CF91CB6613A544"><enum>(C)</enum><text>in paragraph (4), by striking <quote>, or for the assessment of systemic risk</quote>;</text> </subparagraph><subparagraph id="HA8F98DF9F3234023A706ABA52BCB07B4"><enum>(D)</enum><text>in paragraph (5), by striking <quote>or for the assessment of systemic risk</quote>;</text>
</subparagraph><subparagraph id="H27ADE34EE4484010996EBD33FAE7BB4D"><enum>(E)</enum><text>in paragraph (6)(A)(ii), by striking <quote>, or for the assessment of systemic risk</quote>;</text> </subparagraph><subparagraph id="H84ECFDEF3ABF43C2B35948835070B8BE"><enum>(F)</enum><text>by striking paragraph (7) and redesignating paragraphs (8) through (11) as paragraphs (7) through (10), respectively; and</text>
</subparagraph><subparagraph id="H1E17326E26D94E9295EBF11FA0E98FEC"><enum>(G)</enum><text>in paragraph (8) (as so redesignated), by striking <quote>paragraph (8)</quote> and inserting <quote>paragraph (7)</quote>; and</text> </subparagraph></paragraph><paragraph id="HD14E884594F44E85BC70475EF46BFFBD"><enum>(2)</enum><text>in section 211(e)—</text>
<subparagraph id="H39DC25A0A4D140FE9F3B17942C9C678C"><enum>(A)</enum><text>by striking <quote>after consultation with the Council but</quote>; and</text> </subparagraph><subparagraph id="HAB9422FFCF104910847446A8F3536252"><enum>(B)</enum><text>by striking <quote>subsection 204(b)</quote> and inserting <quote>section 204(b)</quote>.</text>
</subparagraph></paragraph></section><section id="HBED5EFA56F454F7184CD092A158D7236" section-type="subsequent-section"><enum>860.</enum><header>Definition of accredited investor</header>
<subsection id="H26BB4DCBD40048EC8EBD688552BB538E"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 2(a)(15) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77b">15 U.S.C. 77b(a)(15)</external-xref>) is amended—</text> <paragraph id="HCFCEA4873CD249DFB330A8DD573075A6"><enum>(1)</enum><text>by redesignating clauses (i) and (ii) as subparagraphs (A) and (F), respectively; and</text>
</paragraph><paragraph id="H9408AC55BBE44F709D999CFA651A7C1E"><enum>(2)</enum><text display-inline="yes-display-inline">in subparagraph (A) (as so redesignated), by striking <quote>; or</quote> at the end and inserting a semicolon, and inserting after such subparagraph the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H51B4C929D9904E6498075609D2885AA1" reported-display-style="italic" style="OLC"> <subparagraph id="HF7562219B6504F6288132C8A45422F50"><enum>(B)</enum><text display-inline="yes-display-inline">any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000 (which amount, along with the amounts set forth in subparagraph (C), shall be adjusted for inflation by the Commission every 5 years to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics) where, for purposes of calculating net worth under this subparagraph—</text>
<clause id="H18745512D5DC43F08B5BF86F6705A96D"><enum>(i)</enum><text>the person’s primary residence shall not be included as an asset;</text> </clause><clause id="H24F54F57992F4F7B9FDE066C6A1D5B0D"><enum>(ii)</enum><text>indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and</text>
</clause><clause id="HAB3E7FDC7B884713B5DDF918652D7A6E"><enum>(iii)</enum><text>indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;</text>
</clause></subparagraph><subparagraph id="HD922C4BCCA9747B2803CD42ABB7241B6"><enum>(C)</enum><text>any natural person who had an individual income in excess of $200,000 in each of the 2 most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;</text>
</subparagraph><subparagraph id="H384490B2FCF047F7A5C7DF79DA0D464B"><enum>(D)</enum><text display-inline="yes-display-inline">any natural person who, by reason of their net worth or income, is an accredited investor under section 230.215 of title 17, Code of Federal Regulations (as in effect on the day before the date of enactment of this subparagraph);</text>
</subparagraph><subparagraph id="H8EE0B714ED814DD8BE70D97444C9A79D"><enum>(E)</enum><text>any natural person who is currently licensed or registered as a broker or investment adviser by the Commission, the Financial Industry Regulatory Authority, or an equivalent self-regulatory organization (as defined in section 3(a)(26) of the Securities Exchange Act of 1934), or the securities division of a State or the equivalent State division responsible for licensing or registration of individuals in connection with securities activities;</text>
</subparagraph><subparagraph id="HFC82DCE65F6941E99FE7280A1B745F14"><enum>(F)</enum><text>any natural person the Commission determines, by regulation, to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the Financial Industry Regulatory Authority or an equivalent self-regulatory organization (as defined in section 3(a)(26) of the Securities Exchange Act of 1934); or</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HD6BFF80125164AB5A5699059571D18E5"><enum>(b)</enum><header>Repeal</header>
<paragraph id="H757DD9523C3C4E398CFB274C9126593D"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Section 413 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="public-law" parsable-cite="pl/111/203">Public Law 111–203</external-xref>) is hereby repealed.</text>
</paragraph><paragraph id="H24983DE5A0A74299BC4A3B0211076453"><enum>(2)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to section 413.</text>
</paragraph></subsection></section><section id="HDBB48715AB7B4480B02442EF60445863"><enum>861.</enum><header>Repeal of certain provisions requiring a study and report to Congress</header>
<subsection id="HA715ADA949C1422F82F0A7D713FD6ECA"><enum>(a)</enum><header>Repeal</header><text display-inline="yes-display-inline">The following provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act are repealed:</text>
<paragraph id="H2004E3D9743047D49DDE45E0E453EA14"><enum>(1)</enum><text>Section 412.</text> </paragraph><paragraph id="H744798B41408492C8EEBE8FE54225E3B"><enum>(2)</enum><text>Section 415.</text>
</paragraph><paragraph id="HF888014B1AAA42619B903068FFC53C22"><enum>(3)</enum><text>Section 416.</text> </paragraph><paragraph id="HBCAA0FE2A4A74C82A340778FD1AF4676"><enum>(4)</enum><text>Section 417.</text>
</paragraph></subsection><subsection id="H9F6CB003A37D4860840E667FE0138CF3"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to sections 412, 415, 416, and 417.</text>
</subsection></section><section id="H0A959AFFA0564CFC93B78DFBA3C8813A" section-type="subsequent-section"><enum>862.</enum><header>Repeal</header>
<subsection id="HD35ADCF015694ABBB005258348B5EC68"><enum>(a)</enum><header>Repeal</header><text display-inline="yes-display-inline">The following sections of title XV of the Dodd-Frank Wall Street Reform and Consumer Protection Act are repealed, and the provisions of law amended or repealed by such sections are restored or revived as if such sections had not been enacted:</text>
<paragraph id="H4005FFAB22454EF2AD7621B515418B5D"><enum>(1)</enum><text>Section 1502.</text> </paragraph><paragraph id="HD38EAC1D18A5403190927BBCEE913EF4"><enum>(2)</enum><text>Section 1503.</text>
</paragraph><paragraph id="H9CE7D20B93544D47ACBD1E220EB0CDF4"><enum>(3)</enum><text>Section 1504.</text> </paragraph><paragraph id="H3E6A5E7C0BFE48F8AE08F1493D2174C1"><enum>(4)</enum><text>Section 1505.</text>
</paragraph><paragraph id="H5A351402F3A940D188DE09D0194C26D0"><enum>(5)</enum><text>Section 1506.</text> </paragraph></subsection><subsection id="H8F648D0DF44343E292B54B2445DC4AB4"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to sections 1502, 1503, 1504, 1505, and 1506.</text>
</subsection></section></subtitle><subtitle id="H0E96C3C066CB4120A7128F512987C5B0"><enum>C</enum><header>Harmonization of Derivatives Rules</header>
<section id="H1CA06E5AF0BB459391F10B1A72F20649"><enum>871.</enum><header>Commissions review and harmonization of rules relating to the regulation of over-the-counter swaps
markets</header><text display-inline="no-display-inline">The Securities and Exchange Commission and the Commodity Futures Trading Commission shall review each rule, order, and interpretive guidance issued by either such Commission pursuant to title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/15/8301">15 U.S.C. 8301</external-xref> et seq.) and, where the Commissions find inconsistencies in any such rules, orders, or interpretive guidance, shall jointly issue new rules, orders, or interpretive guidance to resolve such inconsistencies.</text>
</section><section id="H74804272980646058A12D432108E86E5" section-type="subsequent-section"><enum>872.</enum><header>Treatment of transactions between affiliates</header>
<subsection id="HD15A5D1A7B50446882F708AA11020F04"><enum>(a)</enum><header>Commodity Exchange Act</header><text display-inline="yes-display-inline">Section 1a(47) of the Commodity Exchange Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1a">7 U.S.C. 1a(47)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HF5024F698FA64F38A92420C3802FFFDD" reported-display-style="italic" style="OLC">
<subparagraph id="HCAB9FE3EEBB54E9E92451342FD59ABDF"><enum>(G)</enum><header>Treatment of swap transactions between affiliates</header>
<clause id="HA5877B43F5D045E3A41D03B91B817772"><enum>(i)</enum><header>Exemption from swap rules</header><text display-inline="yes-display-inline">Except as provided under clause (ii), the Commission may not regulate a swap under this Act if all of the following apply to such swap:</text>
<subclause id="HB94DAD398245496BA967D2E3ACEAC1BB"><enum>(I)</enum><header>Affiliation</header><text>One counterparty, directly or indirectly, holds a majority ownership interest in the other counterparty, or a third party, directly or indirectly, holds a majority ownership interest in both counterparties.</text>
</subclause><subclause id="HB3FEA8F1706749C1B843993090448E75"><enum>(II)</enum><header>Financial statements</header><text>The affiliated counterparty that holds the majority interest in the other counterparty or the third party that, directly or indirectly, holds the majority interests in both affiliated counterparties, reports its financial statements on a consolidated basis under generally accepted accounting principles or International Financial Reporting Standards, or other similar standards, and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties.</text>
</subclause></clause><clause id="H059AD2581CA042B8B9DF06F8C2E0870B"><enum>(ii)</enum><header>Requirements for exempted swaps</header><text>With respect to a swap described under clause (i):</text> <subclause id="H54DD850896DA4955B68B997A53C66755"><enum>(I)</enum><header>Reporting requirement</header><text display-inline="yes-display-inline">If at least one counterparty is a swap dealer or major swap participant, that counterparty shall report the swap pursuant to section 4r, within such time period as the Commission may by rule or regulation prescribe—</text>
<item id="H5C54A407745444F39103B37B62E9F048"><enum>(aa)</enum><text>to a swap data repository; or</text> </item><item id="H2210DA8DDE5A4551A3748F70DB48A6E2"><enum>(bb)</enum><text>if there is no swap data repository that would accept the agreement, contract or transaction, to the Commission.</text>
</item></subclause><subclause id="H05A2EAA590C0483EB7164951B6F73290"><enum>(II)</enum><header>Risk management requirement</header><text>If at least one counterparty is a swap dealer or major swap participant, the swap shall be subject to a centralized risk management program pursuant to section 4s(j) that is reasonably designed to monitor and to manage the risks associated with the swap.</text>
</subclause><subclause id="HF5C814202143465FAD201694BE86E077"><enum>(III)</enum><header>Anti-evasion requirement</header><text>The swap shall not be structured to evade the Dodd-Frank Wall Street Reform and Consumer Protection Act in violation of any rule promulgated by the Commission pursuant to section 721(c) of such Act.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H2919D81B99EA4E44B4C5914621EE2D06"><enum>(b)</enum><header>Securities Exchange Act of 1934</header><text display-inline="yes-display-inline">Section 3(a)(68) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)(68)</external-xref>) is amended by inserting before subsection (b) the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H9B4B5B01560E465F86227E7FBF8CD51C" reported-display-style="italic" style="OLC">
<subparagraph id="H185C31F513644B2AA46380AD1D9E1E65"><enum>(F)</enum><header>Treatment of security-based swap transactions between affiliates</header>
<clause id="H5A160545E5B6480082865AA623ED93C1"><enum>(i)</enum><header>Exemption from security-based swap rules</header><text display-inline="yes-display-inline">Except as provided under clause (ii), the Commission may not regulate a security-based swap under this Act if all of the following apply to such security-based swap:</text>
<subclause id="H8453CFB1244C4726B2659BD2BCFD0947"><enum>(I)</enum><header>Affiliation</header><text>One counterparty, directly or indirectly, holds a majority ownership interest in the other counterparty, or a third party, directly or indirectly, holds a majority ownership interest in both counterparties.</text>
</subclause><subclause id="H122495574B5D4C94A974F5C0C52C743C"><enum>(II)</enum><header>Financial statements</header><text>The affiliated counterparty that holds the majority interest in the other counterparty or the third party that, directly or indirectly, holds the majority interests in both affiliated counterparties, reports its financial statements on a consolidated basis under generally accepted accounting principles or International Financial Reporting Standards, or other similar standards, and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties.</text>
</subclause></clause><clause id="HCA852D6705EF4E85BF959AA888CCB179"><enum>(ii)</enum><header>Requirements for exempted security-based swaps</header><text>With respect to a security-based swap described under clause (i):</text> <subclause id="H7C06747428254308BCDD82B6BD3F5B2C"><enum>(I)</enum><header>Reporting requirement</header><text display-inline="yes-display-inline">If at least one counterparty is a security-based swap dealer or major security-based swap participant, that counterparty shall report the security-based swap pursuant to section 13A, within such time period as the Commission may by rule or regulation prescribe—</text>
<item id="H1A6ACE31C88645359A62561FD7FA60E1"><enum>(aa)</enum><text>to a security-based swap data repository; or</text> </item><item id="H4FB5E8837DD64E9B882A73D50AA41A61"><enum>(bb)</enum><text>if there is no security-based swap data repository that would accept the agreement, contract or transaction, to the Commission.</text>
</item></subclause><subclause id="HA0A03926312B4A1BB295BEF233256C64"><enum>(II)</enum><header>Risk management requirement</header><text display-inline="yes-display-inline">If at least one counterparty is a security-based swap dealer or major security-based swap participant, the security-based swap shall be subject to a centralized risk management program pursuant to section 15F(j) that is reasonably designed to monitor and to manage the risks associated with the security-based swap.</text>
</subclause><subclause id="H7E14A4C1F7254ABF9B71155C03B161F4"><enum>(III)</enum><header>Anti-evasion requirement</header><text display-inline="yes-display-inline">The security-based swap shall not be structured to evade the Dodd-Frank Wall Street Reform and Consumer Protection Act in violation of any rule promulgated by the Commission pursuant to section 761(b)(3) of such Act.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section></subtitle><enum>IX</enum><header>Repeal of the Volcker Rule and Other Provisions</header>
<section id="HA9EC78ACA9234B9CB8318C4655232A09"><enum>901.</enum><header>Repeals</header>
<subsection id="HA67A3A004DAA4944846621E49F366B2D"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The following sections of title VI of the Dodd-Frank Wall Street Reform and Consumer Protection Act are repealed, and the provisions of law amended or repealed by such sections are restored or revived as if such sections had not been enacted:</text>
<paragraph id="HB87EE925CFA6486FB03E3E075999904C"><enum>(1)</enum><text>Section 603.</text> </paragraph><paragraph id="H67EC92EA24D74A08B4D4BD4C6A0A3F5D"><enum>(2)</enum><text>Section 618.</text>
</paragraph><paragraph id="H8A04A9C955264CFFA047F39D32DA3084"><enum>(3)</enum><text>Section 619.</text> </paragraph><paragraph id="HDF44CFFB88144B81B53591E119C84DF5"><enum>(4)</enum><text>Section 620.</text>
</paragraph><paragraph id="H4105B27020544B709B2D33454A91DC91"><enum>(5)</enum><text>Section 621.</text> </paragraph></subsection><subsection id="HAC957DA039DA4B67B0A80321663A0326"><enum>(b)</enum><header>Clerical amendment</header><text display-inline="yes-display-inline">The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to sections 603, 618, 619, 620, and 621.</text>
</subsection></section><enum>X</enum><header>Fed Oversight Reform and Modernization </header>
<section id="H142AEDE11DDE4D1AA6D0883D8B9D028B" section-type="subsequent-section"><enum>1001.</enum><header>Requirements for policy rules of the Federal Open Market Committee</header><text display-inline="no-display-inline">The Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/221">12 U.S.C. 221</external-xref> et seq.) is amended by inserting after section 2B the following new section:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H65D063C63A9D41E990D682D8D0D85EA4" reported-display-style="italic" style="OLC">
<section id="HE319008B9D034D758CC3CD227305A586"><enum>2C.</enum><header>Directive Policy Rules of the Federal Open Market Committee</header>
<subsection id="H290DE32B9ECF45E8B9B4C6DABD987129"><enum>(a)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section the following definitions shall apply:</text> <paragraph id="H3C0729DB89284189AA31DF87FAA723CD"><enum>(1)</enum><header>Appropriate congressional committees</header><text display-inline="yes-display-inline">The term <term>appropriate congressional committees</term> means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.</text>
</paragraph><paragraph id="HA25C3DC9FAB04025B688AFE05CED2B82"><enum>(2)</enum><header>Directive Policy Rule</header><text display-inline="yes-display-inline">The term <term>Directive Policy Rule</term> means a policy rule developed by the Federal Open Market Committee that meets the requirements of subsection (c) and that provides the basis for the Open Market Operations Directive.</text>
</paragraph><paragraph id="H34C339BC21044092AC532C642A77C1CB"><enum>(3)</enum><header>GDP</header><text display-inline="yes-display-inline">The term <term>GDP</term> means the gross domestic product of the United States as computed and published by the Department of Commerce.</text>
</paragraph><paragraph id="H24B683BCB27C416FBFAEF05643D061D5"><enum>(4)</enum><header>Intermediate Policy Input</header><text display-inline="yes-display-inline">The term <term>Intermediate Policy Input</term>—</text> <subparagraph id="HE6FE29280B4C44D5A130F9FEA9843BEE"><enum>(A)</enum><text>may include any variable determined by the Federal Open Market Committee as a necessary input to guide open-market operations;</text>
</subparagraph><subparagraph id="HFC31D4D85E4C4E4386E025D180E65316"><enum>(B)</enum><text display-inline="yes-display-inline">shall include an estimate of, and the method of calculation for, the current rate of inflation or current inflation expectations; and</text>
</subparagraph><subparagraph id="H5E1169D76D8B4365BC2EBB0EBEA564F3"><enum>(C)</enum><text display-inline="yes-display-inline">shall include, specifying whether the variable or estimate is historical, current, or a forecast and the method of calculation, at least one of—</text>
<clause id="H33DF60A36F3F4D5C8F7F847B1F66A7CA"><enum>(i)</enum><text display-inline="yes-display-inline">an estimate of real GDP, nominal GDP, or potential GDP;</text> </clause><clause id="HB7C7ED7C5C024C488011BEA675F5D302"><enum>(ii)</enum><text display-inline="yes-display-inline">an estimate of the monetary aggregate compiled by the Board of Governors of the Federal Reserve System and Federal reserve banks; or</text>
</clause><clause id="H6E29BDBA54CC4BCB86AFAE217EA622DF"><enum>(iii)</enum><text display-inline="yes-display-inline">an interactive variable or a net estimate composed of the estimates described in clauses (i) and (ii).</text>
</clause></subparagraph></paragraph><paragraph commented="no" id="HEB706D3852E4436F8E157CAE7EA818FE"><enum>(5)</enum><header>Legislative day</header><text>The term <term>legislative day</term> means a day on which either House of Congress is in session.</text> </paragraph><paragraph id="H8C6367ABA5D64EDCB210AEDA46758A43"><enum>(6)</enum><header>Open Market Operations Directive</header><text display-inline="yes-display-inline">The term <term>Open Market Operations Directive</term> means an order to achieve a specified Policy Instrument Target provided to the Federal Reserve Bank of New York by the Federal Open Market Committee pursuant to powers authorized under section 14 of this Act that guide open-market operations.</text>
</paragraph><paragraph id="H60B5B04626D14FECB58CBCD82C56A383"><enum>(7)</enum><header>Policy Instrument</header><text>The term <term>Policy Instrument</term> means—</text> <subparagraph id="H064E1705C99146CFB4433FA0CC3FA116"><enum>(A)</enum><text>the nominal Federal funds rate;</text>
</subparagraph><subparagraph id="HA93678D55A13491182EFBD539D2DF876"><enum>(B)</enum><text>the nominal rate of interest paid on nonborrowed reserves; or</text> </subparagraph><subparagraph id="HDBDB0F79298747B881E73DAFE1BE6FD9"><enum>(C)</enum><text>the discount window primary credit interest rate most recently published on the Federal Reserve Statistical Release on selected interest rates (daily or weekly), commonly referred to as the H.15 release.</text>
</subparagraph></paragraph><paragraph id="HE113DECF9DE24A73850937611145BC70"><enum>(8)</enum><header>Policy Instrument Target</header><text display-inline="yes-display-inline">The term <term>Policy Instrument Target</term> means the target for the Policy Instrument specified in the Open Market Operations Directive.</text> </paragraph><paragraph id="H252A4D9EA6B24040AF4C68A9176211E2"><enum>(9)</enum><header>Reference Policy Rule</header><text display-inline="yes-display-inline">The term <term>Reference Policy Rule</term> means a calculation of the nominal Federal funds rate as equal to the sum of the following:</text>
<subparagraph id="H1147C1CAE5A34DF2BEADF5ABDB231235"><enum>(A)</enum><text display-inline="yes-display-inline">The rate of inflation over the previous four quarters.</text> </subparagraph><subparagraph id="H9ACDB02F541B47DAA049DD320DC29544"><enum>(B)</enum><text display-inline="yes-display-inline">One-half of the percentage deviation of the real GDP from an estimate of potential GDP.</text>
</subparagraph><subparagraph id="H758493C520AD4488A34C0FD12BBFD95F"><enum>(C)</enum><text display-inline="yes-display-inline">One-half of the difference between the rate of inflation over the previous four quarters and two percent.</text>
</subparagraph><subparagraph id="H727B9CB6E387494B954728F0E69EDB9A"><enum>(D)</enum><text>Two percent.</text> </subparagraph></paragraph></subsection><subsection id="H14DF3CCF68FB476E8CFA682676A13533"><enum>(b)</enum><header>Submitting a Directive Policy Rule</header><text display-inline="yes-display-inline">Not later than 48 hours after the end of a meeting of the Federal Open Market Committee, the Chairman of the Federal Open Market Committee shall submit to the appropriate congressional committees and the Comptroller General of the United States a Directive Policy Rule and a statement that identifies the members of the Federal Open Market Committee who voted in favor of the Directive Policy Rule.</text>
</subsection><subsection id="HE6758E92717346B49F6AABE2C21278D8"><enum>(c)</enum><header>Requirements for a Directive Policy Rule</header><text>A Directive Policy Rule shall—</text> <paragraph id="HFC71797FADB24035B46FCBC527D9AA97"><enum>(1)</enum><text display-inline="yes-display-inline">identify the Policy Instrument the Directive Policy Rule is designed to target;</text>
</paragraph><paragraph id="H972480A434064622B55B06FF9E4287EC"><enum>(2)</enum><text display-inline="yes-display-inline">describe the strategy or rule of the Federal Open Market Committee for the systematic quantitative adjustment of the Policy Instrument Target to respond to a change in the Intermediate Policy Inputs;</text>
</paragraph><paragraph display-inline="no-display-inline" id="HC01DE4DAB6754D18BBF9E50BEA76DC09"><enum>(3)</enum><text>include a function that comprehensively models the interactive relationship between the Intermediate Policy Inputs;</text>
</paragraph><paragraph id="H963E24F74A0D45AF85DCE72F57B14D05"><enum>(4)</enum><text>include the coefficients of the Directive Policy Rule that generate the current Policy Instrument Target and a range of predicted future values for the Policy Instrument Target if changes occur in any Intermediate Policy Input;</text>
</paragraph><paragraph id="HEDFB1E8F2F444C20A817EA0FB117342F"><enum>(5)</enum><text>describe the procedure for adjusting the supply of bank reserves to achieve the Policy Instrument Target;</text>
</paragraph><paragraph id="H97D69D8D34D64F9D87D7639A50ED232C"><enum>(6)</enum><text display-inline="yes-display-inline">include a statement as to whether the Directive Policy Rule substantially conforms to the Reference Policy Rule and, if applicable—</text>
<subparagraph id="H66137B5479B041A0A118B200C13F3F7B"><enum>(A)</enum><text>an explanation of the extent to which it departs from the Reference Policy Rule;</text> </subparagraph><subparagraph id="HE1434BE665404AF1BDC2A838AD2E3F7B"><enum>(B)</enum><text>a detailed justification for that departure; and</text>
</subparagraph><subparagraph id="H351CB16311714DA491EE4C5471A168EE"><enum>(C)</enum><text>a description of the circumstances under which the Directive Policy Rule may be amended in the future;</text>
</subparagraph></paragraph><paragraph id="H5970AFCF784145479CA2D6CFC97CD025"><enum>(7)</enum><text>include a certification that the Directive Policy Rule is expected to support the economy in achieving stable prices and maximum natural employment over the long term;</text>
</paragraph><paragraph id="HF0A8488E4FD64EB597ECAAB9674E0C8F"><enum>(8)</enum><text display-inline="yes-display-inline">include a calculation that describes with mathematical precision the expected annual inflation rate over a 5-year period; and</text>
</paragraph><paragraph id="HB8B2881E1ED04E6A87CA4B6F3D17064A"><enum>(9)</enum><text display-inline="yes-display-inline">include a plan to use the most accurate data, subject to all historical revisions, for inputs into the Directive Policy Rule and the Reference Policy Rule.</text>
</paragraph></subsection><subsection id="HC4CE772F4A7F49DA80AA1E0FCD9D247B"><enum>(d)</enum><header>GAO report</header><text display-inline="yes-display-inline">The Comptroller General of the United States shall compare the Directive Policy Rule submitted under subsection (b) with the rule that was most recently submitted to determine whether the Directive Policy Rule has materially changed. If the Directive Policy Rule has materially changed, the Comptroller General shall, not later than 7 days after each meeting of the Federal Open Market Committee, prepare and submit a compliance report to the appropriate congressional committees specifying whether the Directive Policy Rule submitted after that meeting and the Federal Open Market Committee are in compliance with this section.</text>
</subsection><subsection id="HBF2B3959BDF045BE94550F14F8A852C6"><enum>(e)</enum><header>Changing market conditions</header>
<paragraph id="H5C6B6A9119554F66915E1E8722663D8A"><enum>(1)</enum><header>Rule of construction</header><text display-inline="yes-display-inline">Nothing in this Act shall be construed to require that the plans with respect to the systematic quantitative adjustment of the Policy Instrument Target described under subsection (c)(2) be implemented if the Federal Open Market Committee determines that such plans cannot or should not be achieved due to changing market conditions.</text>
</paragraph><paragraph id="H646F5B86C10A4238B45E41FB5E3A2611"><enum>(2)</enum><header>GAO approval of update</header><text display-inline="yes-display-inline">Upon determining that plans described in paragraph (1) cannot or should not be achieved, the Federal Open Market Committee shall submit an explanation for that determination and an updated version of the Directive Policy Rule to the Comptroller General of the United States and the appropriate congressional committees not later than 48 hours after making the determination. The Comptroller General shall, not later than 48 hours after receiving such updated version, prepare and submit to the appropriate congressional committees a compliance report determining whether such updated version and the Federal Open Market Committee are in compliance with this section.</text>
</paragraph></subsection><subsection id="HAFED266BEB184765BDCB06CA2F61B788"><enum>(f)</enum><header>Directive Policy Rule and Federal Open Market Committee not in compliance</header>
<paragraph id="HFF3334A9927B444290430C0058C10EB7"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">If the Comptroller General of the United States determines that the Directive Policy Rule and the Federal Open Market Committee are not in compliance with this section in the report submitted pursuant to subsection (d), or that the updated version of the Directive Policy Rule and the Federal Open Market Committee are not in compliance with this section in the report submitted pursuant to subsection (e)(2), the Chairman of the Board of Governors of the Federal Reserve System shall, if requested by the chairman of either of the appropriate congressional committees, not later than 7 legislative days after such request, testify before such committee as to why the Directive Policy Rule, the updated version, or the Federal Open Market Committee is not in compliance.</text>
</paragraph><paragraph commented="no" id="HF68629E5042D49EC840523A60BE5B871"><enum>(2)</enum><header>GAO audit</header><text display-inline="yes-display-inline">Notwithstanding subsection (b) of section 714 of title 31, United States Code, upon submitting a report of noncompliance pursuant to subsection (d) or subsection (e)(2) and after the period of 7 legislative days described in paragraph (1), the Comptroller General shall audit the conduct of monetary policy by the Board of Governors of the Federal Reserve System and the Federal Open Market Committee upon request of the appropriate congressional committee. Such committee may specify the parameters of such audit.</text>
</paragraph></subsection><subsection commented="no" id="H6AD30E21554F4860A69E1B83DE3A18AA"><enum>(g)</enum><header>Congressional hearings</header><text>The Chairman of the Board of Governors of the Federal Reserve System shall, if requested by the chairman of either of the appropriate congressional committees and not later than 7 legislative days after such request, appear before such committee to explain any change to the Directive Policy Rule.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section display-inline="no-display-inline" id="HC46C937E10EF42BF9C6DB5F70E64A46A" section-type="subsequent-section"><enum>1002.</enum><header>Federal Open Market Committee blackout period</header><text display-inline="no-display-inline">Section 12A of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/263">12 U.S.C. 263</external-xref>) is amended by adding at the end the following new subsection:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HA953011959624126B583F454B0D1BFE2" reported-display-style="italic" style="OLC">
<subsection id="HD767DCCB03184E24BE9ACCD13F70A877"><enum>(d)</enum><header>Blackout period</header>
<paragraph id="HFF3345763CBA4FF490F3106CBF91B544"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">During a blackout period, the only public communications that may be made by members and staff of the Committee with respect to macroeconomic or financial developments or about current or prospective monetary policy issues are the following:</text>
<subparagraph id="H304D430B44CE46BBB3939EC844F777A0"><enum>(A)</enum><text display-inline="yes-display-inline">The dissemination of published data, surveys, and reports that have been cleared for publication by the Board of Governors of the Federal Reserve System.</text>
</subparagraph><subparagraph id="HA193562D925442B186F88639C97942E4"><enum>(B)</enum><text>Answers to technical questions specific to a data release.</text> </subparagraph><subparagraph id="HEA622C7F64AE4283842B381967174A23"><enum>(C)</enum><text>Communications with respect to the prudential or supervisory functions of the Board of Governors.</text>
</subparagraph></paragraph><paragraph id="H671D1EAAC5734CB29A4266F4A81CF28F"><enum>(2)</enum><header>Blackout period defined</header><text>For purposes of this subsection, and with respect to a meeting of the Committee described under subsection (a), the term <term>blackout period</term> means the time period that—</text>
<subparagraph id="HADDFC9BBCD814FFC8376ECE6FC7BBC85"><enum>(A)</enum><text>begins immediately after midnight on the day that is one week prior to the date on which such meeting takes place; and</text>
</subparagraph><subparagraph id="HE20C0D391D8543BFBEA32148452A758C"><enum>(B)</enum><text>ends at midnight on the day after the date on which such meeting takes place.</text> </subparagraph></paragraph><paragraph id="H0D37249FD5434E0BA344876DFA2306B7"><enum>(3)</enum><header>Exemption for Chairman of the Board of Governors</header><text display-inline="yes-display-inline">Nothing in this section shall prohibit the Chairman of the Board of Governors of the Federal Reserve System from participating in or issuing public communications.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H3389B0445BB14219B5422E7C2A983585"><enum>1003.</enum><header>Public transcripts of FOMC meetings</header><text display-inline="no-display-inline">Section 12A of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/263">12 U.S.C. 263</external-xref>), as amended by section 1002, is further amended by adding at the end the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB24ED8B0F71E4454A05374F9286B3239" reported-display-style="italic" style="OLC">
<subsection id="H5439288759D64C83A12B8AB644D15569"><enum>(e)</enum><header>Public transcripts of meetings</header><text display-inline="yes-display-inline">The Committee shall—</text> <paragraph id="HBF263695137643F58E982C5A91543964"><enum>(1)</enum><text>record all meetings of the Committee; and</text>
</paragraph><paragraph id="H9037019A104C44088615902F2561D496"><enum>(2)</enum><text>make the full transcript of such meetings available to the public.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section><section display-inline="no-display-inline" id="H6087A7496DD44927B75C7C2174D478E0" section-type="subsequent-section"><enum>1004.</enum><header>Membership of Federal Open Market Committee</header><text display-inline="no-display-inline">Section 12A(a) of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/263">12 U.S.C. 263(a)</external-xref>) is amended—</text>
<paragraph id="HFB0D7215D4A54E8684F1ABF678F2B39E"><enum>(1)</enum><text>in the first sentence, by striking <quote>five</quote> and inserting <quote>six</quote>;</text> </paragraph><paragraph id="H25D1207F475042C4ABA9BD686A3ECA0B"><enum>(2)</enum><text>in the second sentence, by striking <quote>One by the board of directors</quote> and all that follows through the period at the end and inserting the following: <quote>One by the boards of directors of the Federal Reserve Banks of New York and Boston; one by the boards of directors of the Federal Reserve Banks of Philadelphia and Cleveland; one by the boards of directors of the Federal Reserve Banks of Richmond and Atlanta; one by the boards of directors of the Federal Reserve Banks of Chicago and St. Louis; one by the boards of directors of the Federal Reserve Banks of Minneapolis and Kansas City; and one by the boards of directors of the Federal Reserve Banks of Dallas and San Francisco.</quote>; and</text>
</paragraph><paragraph id="H69866E8FC3574B8DACAF9A722EB51EAB"><enum>(3)</enum><text>by inserting after the second sentence the following: <quote>In odd numbered calendar years, one representative shall be elected from each of the Federal Reserve Banks of Boston, Philadelphia, Richmond, Chicago, Minneapolis, and Dallas. In even-numbered calendar years, one representative shall be elected from each of the Federal Reserve Banks of New York, Cleveland, Atlanta, St. Louis, Kansas City, and San Francisco.</quote>.</text>
</paragraph></section><section id="H027142144214460799BA4C4FF8AC7100"><enum>1005.</enum><header>Frequency of testimony of the Chairman of the Board of Governors of the Federal Reserve System to
Congress</header>
<subsection id="HAD66B275E6864C8383259A7FAC714157"><enum>(a)</enum><header>In general</header><text>Section 2B of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/225b">12 U.S.C. 225b</external-xref>) is amended—</text> <paragraph id="HDB12BA0FDE334C6694DA54CBB5C835A6"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>semi-annual</quote> each place it appears and inserting <quote>quarterly</quote>; and</text>
</paragraph><paragraph id="H09CCE9F9A969419A931DB0955F85FA4C"><enum>(2)</enum><text>in subsection (a)(2)—</text> <subparagraph id="HFF5E4BE4446E4800926775B559A7EB04"><enum>(A)</enum><text>by inserting <quote>and October 20</quote> after <quote>July 20</quote> each place it appears; and</text>
</subparagraph><subparagraph id="HF88F7694F1CA4B18BE36306BF57BC576"><enum>(B)</enum><text>by inserting <quote>and May 20</quote> after <quote>February 20</quote> each place it appears.</text> </subparagraph></paragraph></subsection><subsection id="HE716CE5135AD43F8B35F2087A0793EC4"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Paragraph (12) of section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/247b">12 U.S.C. 247b(12)</external-xref>) is amended by striking <quote>semi-annual</quote> and inserting <quote>quarterly</quote>.</text>
</subsection></section><section display-inline="no-display-inline" id="H4D3D49C9F7EB462DBF3741BDBEC16709" section-type="subsequent-section"><enum>1006.</enum><header>Vice Chairman for Supervision report requirement</header><text display-inline="no-display-inline">Paragraph (12) of section 10 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/247">12 U.S.C. 247(b)</external-xref>) is amended—</text> <paragraph id="H90665D14AA2843F79D31A3157D303769"><enum>(1)</enum><text>by redesignating such paragraph as paragraph (11); and</text>
</paragraph><paragraph id="H4D86D9E8DF574357A39F86FC2F20FFAA"><enum>(2)</enum><text>in such paragraph, by adding at the end the following: <quote>In each such appearance, the Vice Chairman for Supervision shall provide written testimony that includes the status of all pending and anticipated rulemakings that are being made by the Board of Governors of the Federal Reserve System. If, at the time of any appearance described in this paragraph, the position of Vice Chairman for Supervision is vacant, the Vice Chairman for the Board of Governors of the Federal Reserve System (who has the responsibility to serve in the absence of the Chairman) shall appear instead and provide the required written testimony. If, at the time of any appearance described in this paragraph, both Vice Chairman positions are vacant, the Chairman of the Board of Governors of the Federal Reserve System shall appear instead and provide the required written testimony.</quote>.</text>
</paragraph></section><section id="HDDF91986317B4F8F866BF0861A05FF5D"><enum>1007.</enum><header>Salaries, financial disclosures, and office staff of the Board of Governors of the Federal Reserve
System</header>
<subsection id="H36287FC0737E4F0FBE6CEBA87D0EE528"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248</external-xref>) is amended—</text> <paragraph id="H80E12E7111254DAE9E186C8D36D0D63A"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating the second subsection (s) (relating to <quote>Assessments, Fees, and Other Charges for Certain Companies</quote>) as subsection (t); and</text>
</paragraph><paragraph id="H1E86585B951D400EA6DF379B8EEFDE5B"><enum>(2)</enum><text>by inserting before subsection (w), as added by section 371(a), the following new subsections:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H8791FD0602914827A788B2E089FAE06E" reported-display-style="italic" style="OLC"> <subsection commented="no" display-inline="no-display-inline" id="H417A7B4EC5644240895CC14992BDFF3D"><enum>(u)</enum><header>Ethics standards for members and employees</header> <paragraph commented="no" id="H21F47A4C3DD248CC9B589619B34338F7"><enum>(1)</enum><header>Prohibited and restricted financial interests and transactions</header><text display-inline="yes-display-inline">The members and employees of the Board of Governors of the Federal Reserve System shall be subject to the provisions under section 4401.102 of title 5, Code of Federal Regulations, to the same extent as such provisions apply to an employee of the Securities and Exchange Commission.</text>
</paragraph><paragraph id="H71DBB3DBB4DE453EA5C044A579748D73"><enum>(2)</enum><header>Treatment of brokerage accounts and availability of account statements</header><text display-inline="yes-display-inline">The members and employees of the Board of Governors of the Federal Reserve System shall—</text> <subparagraph id="HA633E604E1BA49558C7D167667EB3E4E"><enum>(A)</enum><text>disclose all brokerage accounts that the member or employee maintains, as well as any accounts in which the member or employee controls trading or has a financial interest (including managed accounts, trust accounts, investment club accounts, and accounts of spouses or minor children who live with the member or employee); and</text>
</subparagraph><subparagraph id="H25E2932B2BFB4852AD1EB986BED0FA57"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to any securities account that the member or employee is required to disclose to the Board of Governors, authorize the brokers and dealers of such account to send duplicate account statements directly to Board of Governors.</text>
</subparagraph></paragraph><paragraph commented="no" id="H42C56823A3034975B9644D984E51562D"><enum>(3)</enum><header>Prohibitions related to outside employment and activities</header><text display-inline="yes-display-inline">The members and employees of the Board of Governors of the Federal Reserve System shall be subject to the prohibitions related to outside employment and activities described under section 4401.103(c) of title 5, Code of Federal Regulations, to the same extent as such prohibitions apply to an employee of the Securities and Exchange Commission.</text>
</paragraph><paragraph commented="no" id="HDE617FA82B134BE19090242B15F3C5C0"><enum>(4)</enum><header>Additional ethics standards</header><text display-inline="yes-display-inline">The members and employees of the Board of Governors of the Federal Reserve System shall be subject to—</text>
<subparagraph id="H6E89A4F6B8934816B07816A70C070DD5"><enum>(A)</enum><text>the employee responsibilities and conduct regulations of the Office of Personnel Management under part 735 of title 5, Code of Federal Regulations;</text>
</subparagraph><subparagraph id="H49D184E91D5740758D60221490C7084B"><enum>(B)</enum><text display-inline="yes-display-inline">the canons of ethics contained in subpart C of part 200 of title 17, Code of Federal Regulations, to the same extent as such subpart applies to the employees of the Securities and Exchange Commission; and</text>
</subparagraph><subparagraph id="H17D44089BF474CA9BC8A9192033429F2"><enum>(C)</enum><text display-inline="yes-display-inline">the regulations concerning the conduct of members and employees and former members and employees contained in subpart M of part 200 of title 17, Code of Federal Regulations, to the same extent as such subpart applies to the employees of the Securities and Exchange Commission.</text>
</subparagraph></paragraph></subsection><subsection id="HE0C2A11D54AB4DB39CC4A362D0F0712C"><enum>(v)</enum><header>Disclosure of staff salaries and financial information</header><text display-inline="yes-display-inline">The Board of Governors of the Federal Reserve System shall make publicly available, on the website of the Board of Governors, a searchable database that contains the names of all members, officers, and employees of the Board of Governors who receive an annual salary in excess of the annual rate of basic pay for GS–15 of the General Schedule, and—</text>
<paragraph id="H2AD5D445DC594431822A2D8FE249808A"><enum>(1)</enum><text>the yearly salary information for such individuals, along with any nonsalary compensation received by such individuals; and</text>
</paragraph><paragraph id="H0B54A848149A4C65BAC763B877FFBC50"><enum>(2)</enum><text>any financial disclosures required to be made by such individuals.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection display-inline="no-display-inline" id="HDBA249E6845B4B72A6B2099ECC752E17"><enum>(b)</enum><header>Office staff for each member of the Board of Governors</header><text>Subsection (l) of section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248</external-xref>) is amended by adding at the end the following: <quote>Each member of the Board of Governors of the Federal Reserve System may employ, at a minimum, 2 individuals, with such individuals selected by such member and the salaries of such individuals set by such member. A member may employ additional individuals as determined necessary by the Board of Governors.</quote>.</text>
</subsection></section><section id="H8A5B874C6CC447C3B9A61A861C3B1A26" section-type="subsequent-section"><enum>1008.</enum><header>Amendments to powers of the Board of Governors of the Federal Reserve System</header>
<subsection id="H9D527A1AEFD04D44AEE50D60332A0D35"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 13(3) of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/343">12 U.S.C. 343(3)</external-xref>), as amended by section 111(b)(3), is further amended—</text>
<paragraph id="H77E95DC8946F433D96658CB5AECF7250"><enum>(1)</enum><text>in subparagraph (A)—</text> <subparagraph id="H859C2950CE844BCEA921B533FB488A93"><enum>(A)</enum><text>by inserting <quote>that pose a threat to the financial stability of the United States</quote> after <quote>unusual and exigent circumstances</quote>; and</text>
</subparagraph><subparagraph id="H2CAB01E9BFF2470B9799D4EF7D8FA686"><enum>(B)</enum><text>by inserting <quote>and by the affirmative vote of not less than nine presidents of the Federal reserve banks</quote> after <quote>five members</quote>;</text> </subparagraph></paragraph><paragraph id="H25AD202D67CD4A4790B45656D9F54B20"><enum>(2)</enum><text>in subparagraph (B)—</text>
<subparagraph id="H4F2F1CDC56694E62AF97042B805BE43A"><enum>(A)</enum><text>in clause (i), by inserting at the end the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="yes-display-inline" id="H9C09CB1B8CDE45748F363F0548B6AE46" reported-display-style="italic" style="OLC"> <text>Federal reserve banks may not accept equity securities issued by the recipient of any loan or other financial assistance under this paragraph as collateral. Not later than 6 months after the date of enactment of this sentence, the Board shall, by rule, establish—</text><subclause id="H28C501A820CC429E9FB0C6CAD1FF90E5"><enum>(I)</enum><text display-inline="yes-display-inline">a method for determining the sufficiency of the collateral required under this paragraph;</text> </subclause><subclause id="HF5438B2063134007B39A75B7635DB93C"><enum>(II)</enum><text>acceptable classes of collateral;</text>
</subclause><subclause id="H0710D2BDA26E4871AE7B9F78167D4527"><enum>(III)</enum><text display-inline="yes-display-inline">the amount of any discount on the value of the collateral that the Federal reserve banks will apply for purposes of calculating the sufficiency of collateral under this paragraph; and</text>
</subclause><subclause id="H9B70AFEC62604EEAB573F6AA5C20325D"><enum>(IV)</enum><text display-inline="yes-display-inline">a method for obtaining independent appraisals of the value of collateral the Federal reserve banks receive.</text></subclause><after-quoted-block>; and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H3854FD42C13040AE863FF0E452F10A82"><enum>(B)</enum><text>in clause (ii)—</text> <clause id="HD7704223B30D433F90A22559A603FB0A"><enum>(i)</enum><text>by striking the second sentence; and</text>
</clause><clause id="HA5173AD32B3B4778B18540F15537830E"><enum>(ii)</enum><text>by inserting after the first sentence the following: <quote>A borrower shall not be eligible to borrow from any emergency lending program or facility unless the Board and all Federal banking regulators with jurisdiction over the borrower certify that, at the time the borrower initially borrows under the program or facility, the borrower is not insolvent.</quote>;</text>
</clause></subparagraph></paragraph><paragraph id="HF4243C571CB44309924FE773BD0ACD55"><enum>(3)</enum><text>by inserting <quote>financial institution</quote> before <quote>participant</quote> each place such term appears;</text> </paragraph><paragraph id="HC02522DC86B64DEE92E74233F998C7E7"><enum>(4)</enum><text>in subparagraph (D)(i), by inserting <quote>financial institution</quote> before <quote>participants</quote>; and</text>
</paragraph><paragraph id="HE16D90EED63747178BD07C30066B4266"><enum>(5)</enum><text>by adding at the end the following new subparagraphs:</text> <quoted-block changed="added" committee-id="HBA00" id="H32A7989EDC8A4628BEAB6AD52268D990" reported-display-style="italic" style="OLC"> <subparagraph id="HB38B423DEC9B41FEA5AAFBAB092B4D97"><enum>(E)</enum><header>Penalty rate</header> <clause id="H7DCFDD1EA0A74BB7A91D5C0840226D57"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 6 months after the date of enactment of this subparagraph, the Board shall, with respect to a recipient of any loan or other financial assistance under this paragraph, establish by rule a minimum interest rate on the principal amount of any loan or other financial assistance.</text>
</clause><clause id="HB76915D5E0454EB285EF1783C3AEF891"><enum>(ii)</enum><header>Minimum interest rate defined</header><text>In this subparagraph, the term <term>minimum interest rate</term> shall mean the sum of—</text> <subclause id="HECC7C727B7794721ACF32D3DF4CA37CE"><enum>(I)</enum><text>the average of the secondary discount rate of all Federal Reserve banks over the most recent 90-day period; and</text>
</subclause><subclause id="H0D5EE3686D4A4AF28784C75408A716C4"><enum>(II)</enum><text>the average of the difference between a distressed corporate bond yield index (as defined by rule of the Board) and a bond yield index of debt issued by the United States (as defined by rule of the Board) over the most recent 90-day period.</text>
</subclause></clause></subparagraph><subparagraph id="H9ED717CEFAC1487FBA4BC5BCD11D0998"><enum>(F)</enum><header>Financial institution participant defined</header><text display-inline="yes-display-inline">For purposes of this paragraph, the term <term>financial institution participant</term>—</text> <clause id="H93968A28ECE1420EB396A7721D20D250"><enum>(i)</enum><text>means a company that is predominantly engaged in financial activities (as defined in section 102(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311(a)</external-xref>)); and</text>
</clause><clause id="HD4F705F8DDA54E90BAF63E5B1E78FAE7"><enum>(ii)</enum><text>does not include an agency described in subparagraph (W) of section 5312(a)(2) of title 31, United States Code, or an entity controlled or sponsored by such an agency.</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HD119E58E9D8940858DA1A041E6B796D8"><enum>(b)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 11(r)(2)(A) of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248(r)(2)(A)</external-xref>) is amended—</text> <paragraph id="HFF835998E26941879A16B83882AD7C41"><enum>(1)</enum><text>in clause (ii)(IV), by striking <quote>; and</quote> and inserting a semicolon;</text>
</paragraph><paragraph id="H816F3035BBBA40C28C5BC0F630340858"><enum>(2)</enum><text>in clause (iii), by striking the period at the end and inserting <quote>; and</quote>; and</text> </paragraph><paragraph id="H14E97BD9C0F94BB0A62153828FF7AE86"><enum>(3)</enum><text>by adding at the end the following new clause:</text>
<quoted-block changed="added" committee-id="HBA00" id="H0FF1A1964227402DBEBC765B5DDACC8E" reported-display-style="italic" style="OLC">
<clause id="HDA09A698175A4F77AED25E31903BF884" indent="up2"><enum>(iv)</enum><text display-inline="yes-display-inline">the available members secure the affirmative vote of not less than nine presidents of the Federal reserve banks.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="H41561E1711564EEE8BBB9FAB47CEC692"><enum>1009.</enum><header>Interest rates on balances maintained at a Federal Reserve bank by depository institutions
established by Federal Open Market Committee</header><text display-inline="no-display-inline">Subparagraph (A) of section 19(b)(12) of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/461">12 U.S.C. 461(b)(12)(A)</external-xref>) is amended by inserting <quote>established by the Federal Open Market Committee</quote> after <quote>rate or rates</quote>.</text>
</section><section id="H65FE2EB426BE4E9DA6D4819615E12235"><enum>1010.</enum><header>Audit reform and transparency for the Board of Governors of the Federal Reserve System</header>
<subsection id="H707E9EF18F07469C9E0BFADAC4E2521D"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Notwithstanding section 714 of title 31, United States Code, or any other provision of law, the Comptroller General of the United States shall annually complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 within 12 months after the date of the enactment of this Act.</text>
</subsection><subsection id="HE5417E7891C9487BACB9962942CA78A9"><enum>(b)</enum><header>Report</header>
<paragraph id="H95EB60536EF444A0886CF8BDED52AE39"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Not later than 90 days after each audit required pursuant to subsection (a) is completed, the Comptroller General—</text>
<subparagraph id="HB3AFFBEA8F53461C91017B844C4FF725"><enum>(A)</enum><text>shall submit to Congress a report on such audit; and</text> </subparagraph><subparagraph id="H1CC2ADA42B5F423893CE70BAAA3535DA"><enum>(B)</enum><text>shall make such report available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests the report.</text>
</subparagraph></paragraph><paragraph id="H4F4C05802A854D7EBC9EA3FE05F82649"><enum>(2)</enum><header>Contents</header><text>The report under paragraph (1) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.</text>
</paragraph></subsection><subsection id="HB7E0C78AE95C465A9754CD9D956F718B"><enum>(c)</enum><header>Repeal of certain limitations</header><text>Subsection (b) of section 714 of title 31, United States Code, is amended by striking the second sentence.</text>
</subsection><subsection id="H57F110106D9741F69AA11CEB57979FEF"><enum>(d)</enum><header>Technical and conforming amendments</header>
<paragraph id="HBFB2BBC0ACF1439686CD0AE27F919A3B"><enum>(1)</enum><header>In general</header><text>Section 714 of title 31, United States Code, is amended—</text> <subparagraph id="HBB4CA00F12984B98BBD63ABEC55A53DD"><enum>(A)</enum><text>in subsection (d)(3), by striking <quote>or (f)</quote> each place such term appears;</text>
</subparagraph><subparagraph id="H413F6976CDBD4213B238ACF6273BACBE"><enum>(B)</enum><text display-inline="yes-display-inline">in subsection (e), by striking <quote>the third undesignated paragraph of section 13</quote> and inserting <quote>section 13(3)</quote>; and</text> </subparagraph><subparagraph id="H43BEFEDEAECF4950B9B90B62DC3423EF"><enum>(C)</enum><text>by striking subsection (f).</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="HA6B5756B47914B16AA6934DEBA156E04"><enum>(2)</enum><header>Federal Reserve Act</header><text display-inline="yes-display-inline">Subsection (s) (relating to <quote>Federal Reserve Transparency and Release of Information</quote>) of section 11 of the Federal Reserve Act (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248</external-xref>) is amended—</text> <subparagraph commented="no" id="HB9FD62316AFC4B938B6A9C4230558765"><enum>(A)</enum><text>in paragraph (4)(A), by striking <quote>has the same meaning as in section 714(f)(1)(A) of title 31, United States Code</quote> and inserting <quote>means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the Board of Governors of the Federal Reserve System or a Federal reserve bank, authorized by the Board of Governors under section 13(3), that is not subject to audit under section 714(e) of title 31, United States Code</quote>;</text>
</subparagraph><subparagraph commented="no" id="H02AB713BD8154FC89D458D4EA9F2C9BF"><enum>(B)</enum><text>in paragraph (6), by striking <quote>or in section 714(f)(3)(C) of title 31, United States Code, the information described in paragraph (1) and information concerning the transactions described in section 714(f) of such title,</quote> and inserting <quote>the information described in paragraph (1)</quote>; and</text>
</subparagraph><subparagraph commented="no" id="HB5708B9DED6A4C06A559F5BE24C66464"><enum>(C)</enum><text>in paragraph (7), by striking <quote>and section 13(3)(C), section 714(f)(3)(C) of title 31, United States Code, and</quote> and inserting <quote>, section 13(3)(C), and</quote>.</text> </subparagraph></paragraph></subsection></section><section id="H2EFB1D36EC2F4128A89B6FB074A9F699"><enum>1011.</enum><header>Establishment of a Centennial Monetary Commission</header> <subsection id="H3F01DEC9CD9F47E89BAF4FDB20182D50"><enum>(a)</enum><header>Findings</header><text>Congress finds the following:</text>
<paragraph id="H1310C32EA4DA4B90A3F2DC0D82FEBD7B"><enum>(1)</enum><text display-inline="yes-display-inline">The Constitution endows Congress with the power <quote>to coin money, regulate the value thereof</quote>.</text> </paragraph><paragraph id="HFEC8CFF19D194023B90FB5B36FA5F4D3"><enum>(2)</enum><text>Following the financial crisis known as the Panic of 1907, Congress established the National Monetary Commission to provide recommendations for the reform of the financial and monetary systems of the United States.</text>
</paragraph><paragraph id="HDDD995D56349471FA6F8BFD9A2A855CB"><enum>(3)</enum><text>Incorporating several of the recommendations of the National Monetary Commission, Congress created the Federal Reserve System in 1913. As currently organized, the Federal Reserve System consists of the Board of Governors in Washington, District of Columbia, and the Federal reserve banks organized into 12 districts around the United States. The stockholders of the 12 Federal reserve banks include national and certain State-chartered commercial banks, which operate on a fractional reserve basis.</text>
</paragraph><paragraph id="H5BED2A8D2C0E4546AAB839C68B26198A"><enum>(4)</enum><text>Originally, Congress gave the Federal Reserve System a monetary mandate to provide an elastic currency, within the context of a gold standard, in response to seasonal fluctuations in the demand for currency.</text>
</paragraph><paragraph id="H4A575D2AA164479AADD9402F7595BFAB"><enum>(5)</enum><text>Congress also gave the Federal Reserve System a financial stability mandate to serve as the lender of last resort to solvent but illiquid banks during a financial crisis.</text>
</paragraph><paragraph id="H7250D6566A2A4574ADC2FB47509F0BC9"><enum>(6)</enum><text>In 1977, Congress changed the monetary mandate of the Federal Reserve System to a dual mandate for maximum employment and stable prices.</text>
</paragraph><paragraph id="H3052373C6A074DFB903A630EE884D543"><enum>(7)</enum><text>Empirical studies and historical evidence, both within the United States and in other countries, demonstrate that price stability is desirable because both inflation and deflation damage the economy.</text>
</paragraph><paragraph id="H19FFA4BF141947B48A82A6E0CCE114B7"><enum>(8)</enum><text>The economic challenge of recent years—most notably the bursting of the housing bubble, the financial crisis of 2008, and the ensuing anemic recovery—have occurred at great cost in terms of lost jobs and output.</text>
</paragraph><paragraph id="H39B309FD3E964130A37B172C9F7BC32F"><enum>(9)</enum><text>Policymakers are reexamining the structure and functioning of financial institutions and markets to determine what, if any, changes need to be made to place the financial system on a stronger, more sustainable path going forward.</text>
</paragraph><paragraph id="H622BA14CCE7743F58594961A284591C8"><enum>(10)</enum><text>The Federal Reserve System has taken extraordinary actions in response to the recent economic challenges.</text>
</paragraph><paragraph id="H2510E4E3CAEB4F1C81403AB1702B6088"><enum>(11)</enum><text>The Federal Open Market Committee has engaged in multiple rounds of quantitative easing, providing unprecedented liquidity to financial markets, while committing to holding short-term interest rates low for a seemingly indefinite period, and pursuing a policy of credit allocation by purchasing Federal agency debt and mortgage-backed securities.</text>
</paragraph><paragraph id="H4CE4747A225A4A5A8CA141CF5C85B350"><enum>(12)</enum><text>In the wake of the recent extraordinary actions of the Federal Reserve System, Congress—consistent with its constitutional responsibilities and as it has done periodically throughout the history of the United States—has once again renewed its examination of monetary policy.</text>
</paragraph><paragraph id="HBF64178BC6E74751BC40138AF0EBE585"><enum>(13)</enum><text>Central in such examination has been a renewed look at what is the most proper mandate for the Federal Reserve System to conduct monetary policy in the 21st century.</text>
</paragraph></subsection><subsection id="HA2B2A3DFCC26416585B134A0B44686F6"><enum>(b)</enum><header>Establishment of a Centennial Monetary Commission</header><text display-inline="yes-display-inline">There is established a commission to be known as the <quote>Centennial Monetary Commission</quote> (in this section referred to as the <quote>Commission</quote>).</text> </subsection><subsection id="HD72EA5902BE84CEDB6E0485553DD5E34"><enum>(c)</enum><header>Study and report on monetary policy</header> <paragraph id="H7758663C4793499BA1B15BCEF3016023"><enum>(1)</enum><header>Study</header><text>The Commission shall—</text>
<subparagraph id="H6C66CBFE353C44B0A0C460DDF63E91F6"><enum>(A)</enum><text display-inline="yes-display-inline">examine how United States monetary policy since the creation of the Board of Governors of the Federal Reserve System in 1913 has affected the performance of the United States economy in terms of output, employment, prices, and financial stability over time;</text>
</subparagraph><subparagraph id="HFD554E8792C64408B915EA20BDDC0880"><enum>(B)</enum><text display-inline="yes-display-inline">evaluate various operational regimes under which the Board of Governors of the Federal Reserve System and the Federal Open Market Committee may conduct monetary policy in terms achieving the maximum sustainable level of output and employment and price stability over the long term, including—</text>
<clause commented="no" id="H2628EAA89EC144CABAA957FD901A7718"><enum>(i)</enum><text>discretion in determining monetary policy without an operational regime;</text> </clause><clause id="H0C6BF5FFB91B4B9BB12760736DE58C26"><enum>(ii)</enum><text>price level targeting;</text>
</clause><clause id="HD2A37A93176349FE8CB0D9D9319A2422"><enum>(iii)</enum><text>inflation rate targeting;</text> </clause><clause id="H44E5DA2F31364CC1AC10798401F3355B"><enum>(iv)</enum><text>nominal gross domestic product targeting (both level and growth rate);</text>
</clause><clause commented="no" id="H9F36FF3159144897B9361EF45AC934E8"><enum>(v)</enum><text>the use of monetary policy rules; and</text> </clause><clause id="HB0EEF18EA38D47EB863D64F45C3378C3"><enum>(vi)</enum><text>the gold standard;</text>
</clause></subparagraph><subparagraph id="H51E981B8000E4AEA919479DF8272960C"><enum>(C)</enum><text display-inline="yes-display-inline">evaluate the use of macro-prudential supervision and regulation as a tool of monetary policy in terms of achieving the maximum sustainable level of output and employment and price stability over the long term;</text>
</subparagraph><subparagraph id="H215DAAB107164E62B4B16D156C337F94"><enum>(D)</enum><text display-inline="yes-display-inline">evaluate the use of the lender-of-last-resort function of the Board of Governors of the Federal Reserve System as a tool of monetary policy in terms of achieving the maximum sustainable level of output and employment and price stability over the long term;</text>
</subparagraph><subparagraph id="H1474BFA4C5794F2C8305ABA8E1287E65"><enum>(E)</enum><text>recommend a course for United States monetary policy going forward, including—</text> <clause id="HBBAF66F24BBA4E66991AD2FAB00DABEF"><enum>(i)</enum><text>the legislative mandate;</text>
</clause><clause id="H0B1E2ED53AE8470FAA54936A15898503"><enum>(ii)</enum><text>the operational regime;</text> </clause><clause id="HEEBE27D74ECC49B4853B8D2BF07D2E49"><enum>(iii)</enum><text display-inline="yes-display-inline">the securities used in open-market operations; and</text>
</clause><clause id="H1F9F08457BA74289B8F26994291E1719"><enum>(iv)</enum><text>transparency issues; and</text> </clause></subparagraph><subparagraph id="HA888EE4F35BB4F5FAB1E66C4D1EED325"><enum>(F)</enum><text display-inline="yes-display-inline">consider the effects of the GDP output and employment targets of the <quote>dual mandate</quote> (both from the creation of the dual mandate in 1977 until the present time and estimates of the future effect of the dual mandate ) on—</text>
<clause id="H327C15CD0CDB47DA9557F5CB5851B1EF"><enum>(i)</enum><text>United States economic activity;</text> </clause><clause id="H6F02873B3B8D4321B00A2625A1C80B0F"><enum>(ii)</enum><text>actions of the Board of Governors of the Federal Reserve System; and</text>
</clause><clause id="H41BD6A4095B94A29908D8705E3F086B0"><enum>(iii)</enum><text>Federal debt.</text> </clause></subparagraph></paragraph><paragraph id="H2EAC6A5743A04068AB6E889E52F55ED2"><enum>(2)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than 1 year after the date of the enactment of this section, the Commission shall submit to Congress and make publicly available a report containing a statement of the findings and conclusions of the Commission in carrying out the study under paragraph (1), together with the recommendations the Commission considers appropriate. In making such report, the Commission shall specifically report on the considerations required under paragraph (1)(F).</text>
</paragraph></subsection><subsection id="H37ECA2085F154FFD8323518A0DF51649"><enum>(d)</enum><header>Membership</header>
<paragraph id="H47603BC0E19D436FBD5B16582C9DCC82"><enum>(1)</enum><header>Number and appointment</header>
<subparagraph id="H67E2C79EE02E460A84EDC995B4719C27"><enum>(A)</enum><header>Appointed voting members</header><text display-inline="yes-display-inline">The Commission shall contain 12 voting members as follows:</text> <clause id="H6B1654F8DB5D48748AFC4979F1615580"><enum>(i)</enum><text>Six members appointed by the Speaker of the House of Representatives, with four members from the majority party and two members from the minority party.</text>
</clause><clause id="H4FC42EF4DAA849E5A884F645C6AF52D2"><enum>(ii)</enum><text>Six members appointed by the President Pro Tempore of the Senate, with four members from the majority party and two members from the minority party.</text>
</clause></subparagraph><subparagraph id="H060B8D6F5C2941328573E621013012C5"><enum>(B)</enum><header>Chairman</header><text>The Speaker of the House of Representatives and the majority leader of the Senate shall jointly designate one of the members of the Commission as Chairman.</text>
</subparagraph><subparagraph id="H64E2ECE0A7E24F7C8FC110E7B81862C4"><enum>(C)</enum><header>Non-voting members</header><text>The Commission shall contain 2 non-voting members as follows:</text> <clause id="H45262E02306A4457832960BB1F3DF4A7"><enum>(i)</enum><text>One member appointed by the Secretary of the Treasury.</text>
</clause><clause id="H29C5C95D15C24FE88A781DF8A5C34C33"><enum>(ii)</enum><text display-inline="yes-display-inline">One member who is the president of a district Federal reserve bank appointed by the Chair of the Board of Governors of the Federal Reserve System.</text>
</clause></subparagraph></paragraph><paragraph id="H1C16CCE705554593A650E9C9FC8231C3"><enum>(2)</enum><header>Period of Appointment</header><text display-inline="yes-display-inline">Each member shall be appointed for the life of the Commission.</text> </paragraph><paragraph id="H926EF3D8A7624FD79EC76DBEB79D51F5"><enum>(3)</enum><header>Timing of appointment</header><text>All members of the Commission shall be appointed not later than 30 days after the date of the enactment of this section.</text>
</paragraph><paragraph id="H7432A3BE6FF74E93BC7787918E7014B7"><enum>(4)</enum><header>Vacancies</header><text>A vacancy in the Commission shall not affect its powers, and shall be filled in the manner in which the original appointment was made.</text>
</paragraph><paragraph id="H75659B267A214884843540C86DB25520"><enum>(5)</enum><header>Meetings</header>
<subparagraph id="H6BFCEF152C664F568573937D05C24675"><enum>(A)</enum><header>Initial meeting</header><text>The Commission shall hold its initial meeting and begin the operations of the Commission as soon as is practicable.</text>
</subparagraph><subparagraph id="HF3250F7DC14C49098BBE175411A8CC75"><enum>(B)</enum><header>Further Meetings</header><text>The Commission shall meet upon the call of the Chair or a majority of its members.</text> </subparagraph></paragraph><paragraph id="H470B722854A84394854C9DDB8BCE9156"><enum>(6)</enum><header>Quorum</header><text display-inline="yes-display-inline">Seven voting members of the Commission shall constitute a quorum but a lesser number may hold hearings.</text>
</paragraph><paragraph id="H60FD01A440CD4665AE6E6F371B6E2E51"><enum>(7)</enum><header>Member of Congress Defined</header><text display-inline="yes-display-inline">In this subsection, the term <term>Member of Congress</term> means a Senator or a Representative in, or Delegate or Resident Commissioner to, the Congress.</text> </paragraph></subsection><subsection id="H461611D9C8D54C7BBE622AE63E7E6456"><enum>(e)</enum><header>Powers</header> <paragraph id="HDAD43128F23B4935A218A22141A44533"><enum>(1)</enum><header>Hearings and sessions</header><text>The Commission or, on the authority of the Commission, any subcommittee or member thereof, may, for the purpose of carrying out this section, hold hearings, sit and act at times and places, take testimony, receive evidence, or administer oaths as the Commission or such subcommittee or member thereof considers appropriate.</text>
</paragraph><paragraph id="H583679225CE74A9C8E932D97FF064D41"><enum>(2)</enum><header>Contract authority</header><text display-inline="yes-display-inline">To the extent or in the amounts provided in advance in appropriation Acts, the Commission may contract with and compensate government and private agencies or persons to enable the Commission to discharge its duties under this section, without regard to section 3709 of the Revised Statutes (<external-xref legal-doc="usc" parsable-cite="usc/41/5">41 U.S.C. 5</external-xref>).</text>
</paragraph><paragraph id="HEF90C7662F794549B556968CB4DFD5A3"><enum>(3)</enum><header>Obtaining official data</header>
<subparagraph id="H9CA986CECBF0406D95C70B915F4AD579"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Commission is authorized to secure directly from any executive department, bureau, agency, board, commission, office, independent establishment, or instrumentality of the Government, any information, including suggestions, estimates, or statistics, for the purposes of this section.</text>
</subparagraph><subparagraph id="HC30EE318DAEF429C8A7B27A2C59097C1"><enum>(B)</enum><header>Requesting official data</header><text display-inline="yes-display-inline">The head of such department, bureau, agency, board, commission, office, independent establishment, or instrumentality of the government shall, to the extent authorized by law, furnish such information upon request made by—</text>
<clause id="HAA16934AEFA245F2B2058005A0908595"><enum>(i)</enum><text>the Chair;</text> </clause><clause id="HE94827A49F4C45149B75080A01D613E5"><enum>(ii)</enum><text>the Chair of any subcommittee created by a majority of the Commission; or</text>
</clause><clause id="HA8240BB0DF964BDC98E843831F15BE76"><enum>(iii)</enum><text>any member of the Commission designated by a majority of the commission to request such information.</text>
</clause></subparagraph></paragraph><paragraph display-inline="no-display-inline" id="HEFAE9FD3D6204E21940962689F08AF4A"><enum>(4)</enum><header>Assistance From Federal Agencies</header>
<subparagraph id="H6356B9A1AF3E40B3BBC69C184339B695"><enum>(A)</enum><header>General services administration</header><text>The Administrator of General Services shall provide to the Commission on a reimbursable basis administrative support and other services for the performance of the functions of the Commission.</text>
</subparagraph><subparagraph id="H2435F3C8AE1F422989DFADA936480A99"><enum>(B)</enum><header>Other departments and agencies</header><text display-inline="yes-display-inline">In addition to the assistance prescribed in subparagraph (A), at the request of the Commission, departments and agencies of the United States shall provide such services, funds, facilities, staff, and other support services as may be authorized by law.</text>
</subparagraph></paragraph><paragraph id="H1A75E43152A14A4AA49F62AFB86BE730"><enum>(5)</enum><header>Postal service</header><text display-inline="yes-display-inline">The Commission may use the United States mails in the same manner and under the same conditions as other departments and agencies of the United States.</text>
</paragraph></subsection><subsection id="H7261A9DD3DC04865848F1AF266C3BC3B"><enum>(f)</enum><header>Commission personnel</header>
<paragraph id="H84E7F11FCC8E4D09ABE3EBB6C604775E"><enum>(1)</enum><header>Appointment and compensation of staff</header>
<subparagraph id="H6B2056C02126437FAC7EA4A91AC5369E"><enum>(A)</enum><header>In General</header><text display-inline="yes-display-inline">Subject to rules prescribed by the Commission, the Chair may appoint and fix the pay of the executive director and other personnel as the Chair considers appropriate.</text>
</subparagraph><subparagraph id="H16DC17C7CF9F43ADACE617BB2C9CC94D"><enum>(B)</enum><header>Applicability of civil service laws</header><text display-inline="yes-display-inline">The staff of the Commission may be appointed without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, and may be paid without regard to the provisions of chapter 51 and subchapter III of chapter 53 of that title relating to classification and General Schedule pay rates, except that an individual so appointed may not receive pay in excess of level V of the Executive Schedule.</text>
</subparagraph></paragraph><paragraph id="H2F75BF25E83E4CFCBEE95F7E28F93AD2"><enum>(2)</enum><header>Consultants</header><text display-inline="yes-display-inline">The Commission may procure temporary and intermittent services under section 3109(b) of title 5, United States Code, but at rates for individuals not to exceed the daily equivalent of the rate of pay for a person occupying a position at level IV of the Executive Schedule.</text>
</paragraph><paragraph id="HFFE91AAFE3ED4BE8ACF1E795581D5F27"><enum>(3)</enum><header>Staff of federal agencies</header><text display-inline="yes-display-inline">Upon request of the Commission, the head of any Federal department or agency may detail, on a reimbursable basis, any of the personnel of such department or agency to the Commission to assist it in carrying out its duties under this section.</text>
</paragraph></subsection><subsection id="H3FE6DD303D904F8D8CED60E1D795C3B3"><enum>(g)</enum><header>Termination of commission</header>
<paragraph id="HD959D6194EDB448C86622E26D92473CF"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The Commission shall terminate 6 months after the date on which the report is submitted under subsection (c)(2).</text>
</paragraph><paragraph id="H150765389A484171A9A641669D197B74"><enum>(2)</enum><header>Administrative Activities before termination</header><text>The Commission may use the period between the submission of its report and its termination for the purpose of concluding its activities, including providing testimony to the committee of Congress concerning its report.</text>
</paragraph></subsection><subsection id="H4515AF485F1E4509B6C09C1FC6C5502E"><enum>(h)</enum><header>Authorization of Appropriations</header><text display-inline="yes-display-inline">There is authorized to be appropriated to carry out this section $1,000,000, which shall remain available until the date on which the Commission terminates.</text>
</subsection></section><enum>XI</enum><header>Improving Insurance Coordination through an Independent Advocate</header>
<section id="H539208E6C902429A8185A87467A1946D"><enum>1101.</enum><header>Repeal of the Federal Insurance Office; Creation of the Office of the Independent Insurance
Advocate</header>
<subsection id="H7E50F441AC8343F585C72D43FDAE9AD5"><enum>(a)</enum><header>Establishment</header><text display-inline="yes-display-inline">Section 313 of title 31, United States Code, is amended to read as follows (and conforming the table of contents for chapter 3 of such title accordingly):</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H39A645B62F3843B0A6CD20054D6B9967" reported-display-style="italic" style="USC">
<section id="H4DEC0CAC79854603B142C2DAADF3C627"><enum>313.</enum><header>Office of the Independent Insurance Advocate</header>
<subsection id="H1555F7F9178A485A956D6AFCFDE2DC03"><enum>(a)</enum><header>Establishment</header><text display-inline="yes-display-inline">There is established in the Department of the Treasury a bureau to be known as the Office of the Independent Insurance Advocate (in this section referred to as the <quote>Office</quote>).</text>
</subsection><subsection id="H21FD81AC2D434EF9B8EF87D401FF3FFE"><enum>(b)</enum><header>Independent insurance advocate</header>
<paragraph id="H9B6F47AC5BF04A98BF0D8F72430359DA"><enum>(1)</enum><header>Establishment of position</header><text display-inline="yes-display-inline">The chief officer of the Office of the Independent Insurance Advocate shall be known as the Independent Insurance Advocate. The Independent Insurance Advocate shall perform the duties of such office under the general direction of the Secretary of the Treasury.</text>
</paragraph><paragraph id="H3C81E1C0905A4DEF96080823CC032F9A"><enum>(2)</enum><header>Appointment</header><text display-inline="yes-display-inline">The Independent Insurance Advocate shall be appointed by the President, by and with the advice and consent of the Senate, from among persons having insurance expertise.</text>
</paragraph><paragraph id="H5AB6179F2A4F4430AB2FA33C95AAFF5B"><enum>(3)</enum><header>Term</header>
<subparagraph id="H4C6A4A515AF74E64951DBE1BF936EEB9"><enum>(A)</enum><header>In general</header><text>The Independent Insurance Advocate shall serve a term of 6 years, unless sooner removed by the President upon reasons which shall be communicated to the Senate.</text>
</subparagraph><subparagraph id="HC5BBAECD741F44AA82D27064286E40EC"><enum>(B)</enum><header>Service after expiration</header><text display-inline="yes-display-inline">If a successor is not nominated and confirmed by the end of the term of service of the Independent Insurance Advocate, the person serving as Independent Insurance Advocate shall continue to serve until such time a successor is appointed and confirmed.</text>
</subparagraph><subparagraph id="H6C739A67A66D4501BDA77E3289AB71E9"><enum>(C)</enum><header>Vacancy</header><text display-inline="yes-display-inline">An Independent Insurance Advocate who is appointed to serve the remainder of a predecessor’s uncompleted term shall be eligible thereafter to be appointed to a full 6 year term.</text>
</subparagraph><subparagraph id="H69AE00ED3DBE4FC6BA0D672BFE8BC695"><enum>(D)</enum><header>Acting official on Financial Stability Oversight Council</header><text display-inline="yes-display-inline">In the event of a vacancy in the office of the Independent Insurance Advocate, and pending the appointment and confirmation of a successor, or during the absence or disability of the Independent Insurance Advocate, the Independent Member shall appoint a federal official appointed by the President and confirmed by the Senate from a member agency of the Financial Stability Oversight Council, not otherwise serving on the Council, who shall serve as a member of the Council and act in the place of the Independent Insurance Advocate until such vacancy, absence, or disability concludes.</text>
</subparagraph></paragraph><paragraph id="H9603B27ADCFA4A85AF8E4C46DAF47E68"><enum>(4)</enum><header>Employment</header><text display-inline="yes-display-inline">The Independent Insurance Advocate shall be an employee of the Federal Government within the definition of employee under section 2105 of title 5, United States Code.</text>
</paragraph></subsection><subsection id="HED329391ABB44C989EF59E1DC2C43743"><enum>(c)</enum><header>Independence; oversight</header>
<paragraph id="H906EED064EF3432DB7C5B4940BA47004"><enum>(1)</enum><header>Independence</header><text display-inline="yes-display-inline">The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Independent Insurance Advocate, and may not intervene in any matter or proceeding before the Independent Insurance Advocate, unless otherwise specifically provided by law.</text>
</paragraph><paragraph commented="no" id="HFFFB2FFBAEF14ED59AB12423B6D1E27F"><enum>(2)</enum><header>Oversight by Inspector General</header><text>The Office of the Independent Insurance Advocate shall be an office in the establishment of the Department of the Treasury for purposes of the Inspector General Act of 1978 (5 U.S.C. App.).</text>
</paragraph></subsection><subsection id="H215684285CB54C6C9CBD24EC3EF27751"><enum>(d)</enum><header>Retention of existing State regulatory authority</header><text>Nothing in this section or section 314 shall be construed to establish or provide the Office or the Department of the Treasury with general supervisory or regulatory authority over the business of insurance.</text>
</subsection><subsection id="HDD1558465D774EF99C89B04D9833F1E5"><enum>(e)</enum><header>Budget</header>
<paragraph id="H006BE1E21E9A440E912D3737767DDD75"><enum>(1)</enum><header>Annual transmittal</header><text display-inline="yes-display-inline">For each fiscal year, the Independent Insurance Advocate shall transmit a budget estimate and request to the Secretary of the Treasury, which shall specify the aggregate amount of funds requested for such fiscal year for the operations of the Office of the Independent Insurance Advocate.</text>
</paragraph><paragraph id="H50AAE676FB57471B94D46FFA0B14427A"><enum>(2)</enum><header>Inclusions</header><text>In transmitting the proposed budget to the President for approval, the Secretary of the Treasury shall include—</text>
<subparagraph id="H9D28483C408C40BDA99F4FED55CC2FA2"><enum>(A)</enum><text>an aggregate request for the Independent Insurance Advocate; and</text> </subparagraph><subparagraph id="H35B515E5087A4C67ADBD19F9257A22E4"><enum>(B)</enum><text display-inline="yes-display-inline">any comments of the Independent Insurance Advocate with respect to the proposal.</text>
</subparagraph></paragraph><paragraph id="H2D49130F00224D85A76D9EE635C15CBC"><enum>(3)</enum><header>President’s budget</header><text>The President shall include in each budget of the United States Government submitted to the Congress—</text>
<subparagraph id="HD1D47085756D4A42AF574DFB46641D13"><enum>(A)</enum><text>a separate statement of the budget estimate prepared in accordance with paragraph (1);</text> </subparagraph><subparagraph id="H16F1B5E6D12F41F998A6E544E7695FBC"><enum>(B)</enum><text display-inline="yes-display-inline">the amount requested by the President for the Independent Insurance Advocate; and</text>
</subparagraph><subparagraph id="HA7C5E659FAAD46F78AF9E47F8E78424E"><enum>(C)</enum><text display-inline="yes-display-inline">any comments of the Independent Insurance Advocate with respect to the proposal if the Independent Insurance Advocate concludes that the budget submitted by the President would substantially inhibit the Independent Insurance Advocate from performing the duties of the office.</text>
</subparagraph></paragraph></subsection><subsection id="HEA40057BE30745018A7F8FC034141146"><enum>(f)</enum><header>Assistance</header><text>The Secretary of the Treasury shall provide the Independent Insurance Advocate such services, funds, facilities and other support services as the Independent Insurance Advocate may request and as the Secretary may approve.</text>
</subsection><subsection id="H19E060AA21A34E50AD146C938676D4FC"><enum>(g)</enum><header>Personnel</header>
<paragraph id="HBE5C3E2912024775A3B1CC33C2FE4EBE"><enum>(1)</enum><header>Employees</header><text display-inline="yes-display-inline">The Independent Insurance Advocate may fix the number of, and appoint and direct, the employees of the Office, in accordance with the applicable provisions of title 5, United States Code. The Independent Insurance Advocate is authorized to employ attorneys, analysts, economists, and other employees as may be deemed necessary to assist the Independent Insurance Advocate to carry out the duties and functions of the Office. Unless otherwise provided expressly by law, any individual appointed under this paragraph shall be an employee as defined in section 2105 of title 5, United States Code, and subject to the provisions of such title and other laws generally applicable to the employees of the Executive Branch.</text>
</paragraph><paragraph id="H938324438B3E44839CBA22C9E16F0D03"><enum>(2)</enum><header>Compensation</header><text display-inline="yes-display-inline">Employees of the Office shall be paid in accordance with the provisions of chapter 51 and subchapter III of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/53">chapter 53</external-xref> of title 5, United States Code, relating to classification and General Schedule pay rates.</text>
</paragraph><paragraph id="HCAF8A81A4A3C4C729089261DEF84C1C4"><enum>(3)</enum><header>Procurement of temporary and intermittent services</header><text>The Independent Insurance Advocate may procure temporary and intermittent services under section 3109(b) of title 5, United States Code, at rates for individuals which do not exceed the daily equivalent of the annual rate of basic pay prescribed for Level V of the Executive Schedule under section 5316 of such title.</text>
</paragraph><paragraph id="H9514431C60644A9E94DE14749631FAB5"><enum>(4)</enum><header>Details</header><text display-inline="yes-display-inline">Any employee of the Federal Government may be detailed to the Office with or without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege. An employee of the Federal Government detailed to the Office shall report to and be subject to oversight by the Independent Insurance Advocate during the assignment to the office, and may be compensated by the branch, department, or agency from which the employee was detailed.</text>
</paragraph><paragraph id="H3DCBD245CB994BAB9D63E20B42281BA0"><enum>(5)</enum><header>Intergovernmental personnel</header><text display-inline="yes-display-inline">The Independent Insurance Advocate may enter into agreements under subchapter VI of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/33">chapter 33</external-xref> of title 5, United States Code, with State and local governments, institutions of higher education, Indian tribal governments, and other eligible organizations for the assignment of intermittent, part-time, and full-time personnel, on a reimbursable or non-reimbursable basis.</text>
</paragraph></subsection><subsection id="H00FAD3B977F148668393D997E96589B0"><enum>(h)</enum><header>Ethics</header>
<paragraph id="H052950124E2C49B3BFEA06EAC9496708"><enum>(1)</enum><header>Designated ethics official</header><text display-inline="yes-display-inline">The Legal Counsel of the Financial Stability Oversight Council, or in the absence of a Legal Counsel of the Council, the designated ethics official of any Council member agency, as chosen by the Independent Insurance Advocate, shall be the ethics official for the Independent Insurance Advocate.</text>
</paragraph><paragraph id="HFD6AB3AB36E345078917ACCBBC20BEAE"><enum>(2)</enum><header>Restriction on representation</header><text>In addition to any restriction under section 205(c) of title18, United States Code, except as provided in subsections (d) through (i) of section 205 of such title, the Independent Insurance Advocate (except in the proper discharge of official duties) shall not, with or without compensation, represent anyone to or before any officer or employee of—</text>
<subparagraph id="H14998CF606E841F3B6E550E492AE1109"><enum>(A)</enum><text>the Financial Stability Oversight Council on any matter; or</text> </subparagraph><subparagraph id="H3C01C59394614278BA8FA0DE6E365E70"><enum>(B)</enum><text>the Department of Justice with respect to litigation involving a matter described in subparagraph (A).</text>
</subparagraph></paragraph><paragraph id="H358B1307FF0041428FD5A60706A5CC15"><enum>(3)</enum><header>Compensation for services provided by another</header><text>For purposes of section 203 of title 18, United States Code, and if a special government employee—</text> <subparagraph id="HAF51DE8F5AF64485ACF5539D2D6E5E9A"><enum>(A)</enum><text>the Independent Insurance Advocate shall not be subject to the restrictions of subsection (a)(1) of section 203,of title 18, United States Code, for sharing in compensation earned by another for representations on matters covered by such section; and</text>
</subparagraph><subparagraph id="HE26EEFEB3E974CA6A9929B0777851955"><enum>(B)</enum><text>a person shall not be subject to the restrictions of subsection (a)(2) of such section for sharing such compensation with the Independent Insurance Advocate.</text>
</subparagraph></paragraph></subsection><subsection commented="no" id="HB4E6721585734C7388534717D58676F5"><enum>(i)</enum><header>Advisory, technical, and professional committees</header><text display-inline="yes-display-inline">The Independent Insurance Advocate may appoint such special advisory, technical, or professional committees as may be useful in carrying out the functions of the Office and the members of such committees may be staff of the Office, or other persons, or both.</text>
</subsection><subsection id="HB657967ECF054661B0DC94901835D45A"><enum>(j)</enum><header>Mission and functions</header>
<paragraph id="H731A8A91FDAE41AA9CCE89B322D2E1DD"><enum>(1)</enum><header>Mission</header><text display-inline="yes-display-inline">In carrying out the functions under this subsection, the mission of the Office shall be to act as an independent advocate on behalf of the interests of United States policyholders on prudential aspects of insurance matters of importance, and to provide perspective on protecting their interests, separate and apart from any other Federal agency or State insurance regulator.</text>
</paragraph><paragraph id="HEB735A1679B645B5952866A480E56FA8"><enum>(2)</enum><header>Office</header><text>The Office shall have the authority—</text> <subparagraph id="H6EBDCF554E3E43F3BD878514633FE3B7"><enum>(A)</enum><text>to coordinate Federal efforts on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (or a successor entity) and assisting the Secretary in negotiating covered agreements (as such term is defined in subsection (q)) in coordination with States (including State insurance commissioners) and the United States Trade Representative;</text>
</subparagraph><subparagraph id="H6CEA82D14C704E22931266E6D7FC7259"><enum>(B)</enum><text display-inline="yes-display-inline">to consult with the States (including State insurance regulators) regarding insurance matters of national importance and prudential insurance matters of international importance;</text>
</subparagraph><subparagraph id="H56969533720A43FFAA34E2D9035516EA"><enum>(C)</enum><text>to assist the Secretary in administering the Terrorism Insurance Program established in the Department of the Treasury under the Terrorism Risk Insurance Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/6701">15 U.S.C. 6701</external-xref> note);</text>
</subparagraph><subparagraph commented="no" id="H9D0ABB4B009449C2A9903F3D9EB63D5A"><enum>(D)</enum><text>to observe all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system; and</text>
</subparagraph><subparagraph commented="no" id="HC209AC352B584EC4A486F328AC2C6788"><enum>(E)</enum><text>to make determinations and exercise the authority under subsection (m) with respect to covered agreements and State insurance measures.</text>
</subparagraph></paragraph><paragraph id="H171141C0D2DD409B93F596F6B51B19CE"><enum>(3)</enum><header>Membership on Financial Stability Oversight Council</header>
<subparagraph id="H5EEF5E2F90104D02B24EFB4D8B934C40"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">The Independent Insurance Advocate shall serve, pursuant to section 111(b)(1)(J) of the Financial Stability Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5321">12 U.S.C. 5321(b)(1)(J)</external-xref>), as a member on the Financial Stability Oversight Council.</text>
</subparagraph><subparagraph id="H1BD41FBCAFDB414FB1CA723FF4C58A78"><enum>(B)</enum><header>Authority</header><text display-inline="yes-display-inline">To assist the Financial Stability Oversight Council with its responsibilities to monitor international insurance developments, advise the Congress, and make recommendations, the Independent Insurance Advocate shall have the authority—</text>
<clause id="H7A3EA57267834A479DF66007DAC1F6AD"><enum>(i)</enum><text>to regularly consult with international insurance supervisors and international financial stability counterparts;</text>
</clause><clause id="HB6AFEBEEABC44A4A86139606F89099E1"><enum>(ii)</enum><text display-inline="yes-display-inline">to consult with the Board of Governors of the Federal Reserve System and the States with respect to representing the United States, as appropriate, in the International Association of Insurance Supervisors (including to become a non-voting member thereof), particularly on matters of systemic risk;</text>
</clause><clause id="H7E38AFCC57BF4623B0421C1AEC90E773"><enum>(iii)</enum><text>to participate at the Financial Stability Board of The Group of Twenty and to join with other members from the United States including on matters related to insurance; and</text>
</clause><clause id="H2AF45FF1FB964263B12C9AE9915D5719"><enum>(iv)</enum><text>to participate with the United States delegation to the Organization for Economic Cooperation and Development and observe and participate at the Insurance and Private Pensions Committee.</text>
</clause></subparagraph></paragraph><paragraph id="H15B50459F28E45768F97F8490749D81F"><enum>(4)</enum><header>Limitations on participation in supervisory colleges</header><text display-inline="yes-display-inline">The Office may not engage in any activities that it is not specifically authorized to engage in under this section or any other provision of law, including participation in any supervisory college or other meetings or fora for cooperation and communication between the involved insurance supervisors established for the fundamental purpose of facilitating the effectiveness of supervision of entities which belong to an insurance group.</text>
</paragraph></subsection><subsection commented="no" id="H5AFE4BA71D204D558481C76A99884758"><enum>(k)</enum><header>Scope</header><text display-inline="yes-display-inline">The authority of the Office as specified and limited in this section shall extend to all lines of insurance except—</text>
<paragraph commented="no" id="H0EDBA9D450814DFB8BE2854BC560AD74"><enum>(1)</enum><text>health insurance, as determined by the Secretary in coordination with the Secretary of Health and Human Services based on section 2791 of the Public Health Service Act (<external-xref legal-doc="usc" parsable-cite="usc/42/300gg-91">42 U.S.C. 300gg-91</external-xref>);</text>
</paragraph><paragraph commented="no" id="HEF981834B1CC47CF833D744E5C4B31F4"><enum>(2)</enum><text>long-term care insurance, except long-term care insurance that is included with life or annuity insurance components, as determined by the Secretary in coordination with the Secretary of Health and Human Services, and in the case of long-term care insurance that is included with such components, the Secretary shall coordinate with the Secretary of Health and Human Services in performing the functions of the Office; and</text>
</paragraph><paragraph commented="no" id="H77549EEBFB544368AF3BBCB8E4B4AAE7"><enum>(3)</enum><text>crop insurance, as established by the Federal Crop Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/7/1501">7 U.S.C. 1501</external-xref> et seq.).</text> </paragraph></subsection><subsection commented="no" id="HFDEE1CC7A82D4BBD9B845FD3206EBB5F"><enum>(l)</enum><header>Access to information</header><text>In carrying out the functions required under subsection (j), the Office may coordinate with any relevant Federal agency and any State insurance regulator (or other relevant Federal or State regulatory agency, if any, in the case of an affiliate of an insurer) and any publicly available sources for the provision to the Office of publicly available information. Notwithstanding any other provision of law, each such relevant Federal agency and State insurance regulator or other Federal or State regulatory agency is authorized to provide to the Office such data or information.</text>
</subsection><subsection commented="no" id="HDEC25D86B7964779BC8B1C47C9C31C30"><enum>(m)</enum><header>Preemption pursuant to covered agreements</header>
<paragraph commented="no" id="HAB835DE2BC364D1D819BB11DB9A35BA6"><enum>(1)</enum><header>Standards</header><text display-inline="yes-display-inline">A State insurance measure shall be preempted pursuant to this section or section 314 if, and only to the extent that the Independent Insurance Advocate determines, in accordance with this subsection, that the measure—</text>
<subparagraph commented="no" id="H767B582F49DE4A46BAA60F5A7AEB9583"><enum>(A)</enum><text>results in less favorable treatment of a non-United States insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a United States insurer domiciled, licensed, or otherwise admitted in that State; and</text>
</subparagraph><subparagraph commented="no" id="H01D132CBF6454903B49AC24D57818F52"><enum>(B)</enum><text>is inconsistent with a covered agreement.</text> </subparagraph></paragraph><paragraph commented="no" id="H68876EECA1BC4663BBA88EE306849828"><enum>(2)</enum><header>Determination</header> <subparagraph commented="no" id="H1481323FC22A4C089F0E62B8F412A79F"><enum>(A)</enum><header>Notice of potential inconsistency</header><text display-inline="yes-display-inline">Before making any determination under paragraph (1), the Independent Insurance Advocate shall—</text>
<clause commented="no" id="H79ECBDA37C9E4D48B2BD81EDDF3FB324"><enum>(i)</enum><text>notify and consult with the appropriate State regarding any potential inconsistency or preemption;</text> </clause><clause commented="no" id="HF591C0A178754F98B9D316E2D5EA8441"><enum>(ii)</enum><text>notify and consult with the United States Trade Representative regarding any potential inconsistency or preemption;</text>
</clause><clause commented="no" id="H83873B0E2A22408DA17CE0A3D2E12F73"><enum>(iii)</enum><text>cause to be published in the Federal Register notice of the issue regarding the potential inconsistency or preemption, including a description of each State insurance measure at issue and any applicable covered agreement;</text>
</clause><clause commented="no" id="HC162C5B45D904764827B54EEC4E5A41C"><enum>(iv)</enum><text>provide interested parties a reasonable opportunity to submit written comments to the Office; and</text> </clause><clause commented="no" id="H43791F2EA28B411B88C40E4086C2AC7B"><enum>(v)</enum><text>consider any comments received.</text>
</clause></subparagraph><subparagraph commented="no" id="H3A9D2D1AEDD24D5A97D81801D103D9AB"><enum>(B)</enum><header>Scope of review</header><text display-inline="yes-display-inline">For purposes of this subsection, any determination of the Independent Insurance Advocate regarding State insurance measures, and any preemption under paragraph (1) as a result of such determination, shall be limited to the subject matter contained within the covered agreement involved and shall achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.</text>
</subparagraph><subparagraph commented="no" id="HB956272F1ECA42BD93856C70DDB02FD9"><enum>(C)</enum><header>Notice of determination of inconsistency</header><text>Upon making any determination under paragraph (1), the Director shall—</text> <clause commented="no" id="HE3481AB00D99402296196E05BED43B2D"><enum>(i)</enum><text>notify the appropriate State of the determination and the extent of the inconsistency;</text>
</clause><clause commented="no" id="HEA285040AF3C4FFBBB4728C5DD72FAB3"><enum>(ii)</enum><text>establish a reasonable period of time, which shall not be less than 30 days, before the determination shall become effective; and</text>
</clause><clause commented="no" id="HBD9713C05C4749CEBB0A7EB53C3F3146"><enum>(iii)</enum><text>notify the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate.</text>
</clause></subparagraph></paragraph><paragraph commented="no" id="HCD63A054F4394FE7A7C0DCC8F7111EA4"><enum>(3)</enum><header>Notice of effectiveness</header><text display-inline="yes-display-inline">Upon the conclusion of the period referred to in paragraph (2)(C)(ii), if the basis for such determination still exists, the determination shall become effective and the Independent Insurance Advocate shall—</text>
<subparagraph commented="no" id="HD456DABEF8034BB29BA26FB8A574DD36"><enum>(A)</enum><text>cause to be published a notice in the Federal Register that the preemption has become effective, as well as the effective date; and</text>
</subparagraph><subparagraph commented="no" id="HEF7878EE188247FEB47B00EB31853B76"><enum>(B)</enum><text>notify the appropriate State.</text> </subparagraph></paragraph><paragraph commented="no" id="H5C02A692BC324E5BBF801F6F1ED5F34E"><enum>(4)</enum><header>Limitation</header><text>No State may enforce a State insurance measure to the extent that such measure has been preempted under this subsection.</text>
</paragraph><paragraph commented="no" id="H202FAAD68DBE447996956AFE3D6647ED"><enum>(5)</enum><header>Applicability of Administrative Procedures Act</header><text>Determinations of inconsistency made pursuant to paragraph (2) shall be subject to the applicable provisions of subchapter II of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/5">chapter 5</external-xref> of title 5, United States Code (relating to administrative procedure), and chapter 7 of such title (relating to judicial review), except that in any action for judicial review of a determination of inconsistency, the court shall determine the matter de novo.</text>
</paragraph></subsection><subsection id="HE444BE10E06A4518B3DD2FBBEB72788D"><enum>(n)</enum><header>Consultation</header><text display-inline="yes-display-inline">The Independent Insurance Advocate shall consult with State insurance regulators, individually or collectively, to the extent the Independent Insurance Advocate determines appropriate, in carrying out the functions of the Office.</text>
</subsection><subsection id="H31070A2E4D7A42CEA275F17AE2694AB4"><enum>(o)</enum><header>Notices and requests for comment</header><text display-inline="yes-display-inline">In addition to the other functions and duties specified in this section, the Independent Insurance Advocate may prescribe such notices and requests for comment in the Federal Register as are deemed necessary related to and governing the manner in which the duties and authorities of the Independent Insurance Advocate are carried out;</text>
</subsection><subsection id="H8F460E53B9B64ABF93D24CFB67E0D4CB"><enum>(p)</enum><header>Savings Provisions</header><text display-inline="yes-display-inline">Nothing in this section shall—</text> <paragraph id="HF58E650A6B4E4CED921116BF25C4A509"><enum>(1)</enum><text>preempt—</text>
<subparagraph id="H94BBDC395ED24C7F9558AF3BAC692278"><enum>(A)</enum><text>any State insurance measure that governs any insurer's rates, premiums, underwriting, or sales practices;</text>
</subparagraph><subparagraph id="H011AE6BE959A4FE885A724F54E52240A"><enum>(B)</enum><text>any State coverage requirements for insurance;</text> </subparagraph><subparagraph id="HB10E62A4AA4449A985218B2508F3810D"><enum>(C)</enum><text>the application of the antitrust laws of any State to the business of insurance; or</text>
</subparagraph><subparagraph id="H1482C48D2A614F86AF67EA20907D71F4"><enum>(D)</enum><text>any State insurance measure governing the capital or solvency of an insurer, except to the extent that such State insurance measure results in less favorable treatment of a non-United State insurer than a United States insurer; or</text>
</subparagraph></paragraph><paragraph id="HE5C2A42735B74E08B2714F8F4FBF9C5A"><enum>(2)</enum><text>affect the preemption of any State insurance measure otherwise inconsistent with and preempted by Federal law.</text>
</paragraph></subsection><subsection id="HCDBEEF07135540539F0EB4FE259FA7FC"><enum>(q)</enum><header>Retention of authority of Federal financial regulatory agencies</header><text>Nothing in this section or section 314 shall be construed to limit the authority of any Federal financial regulatory agency, including the authority to develop and coordinate policy, negotiate, and enter into agreements with foreign governments, authorities, regulators, and multinational regulatory committees and to preempt State measures to affect uniformity with international regulatory agreements.</text>
</subsection><subsection id="HBAE3D5DE992746FDABF3FF76B17422E0"><enum>(r)</enum><header>Retention of authority of United States Trade Representative</header><text display-inline="yes-display-inline">Nothing in this section or section 314 shall be construed to affect the authority of the Office of the United States Trade Representative pursuant to section 141 of the Trade Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/19/2171">19 U.S.C. 2171</external-xref>) or any other provision of law, including authority over the development and coordination of United States international trade policy and the administration of the United States trade agreements program.</text>
</subsection><subsection id="HA354CFCF58654746B9D66C9D29581D62"><enum>(s)</enum><header>Congressional testimony</header><text display-inline="yes-display-inline">The Independent Insurance Advocate shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs at semi-annual hearings and shall provide testimony, which shall include submitting written testimony in advance of such appearances to such committees and to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate, on the following matters:</text>
<paragraph id="HB726ACF3D6624EE6A1090AFB9EB90C0C"><enum>(1)</enum><header>Office activities</header><text>The efforts, activities, objectives, and plans of the Office.</text> </paragraph><paragraph commented="no" id="H84BB2C876B7F4B3380D0B1FD897AF799"><enum>(2)</enum><header>Section 313(l) actions</header><text display-inline="yes-display-inline">Any actions taken by the Office pursuant to subsection (l) (regarding preemption pursuant to covered agreements).</text>
</paragraph><paragraph id="H9ED2F434D91B41B29B722521BE991B5D"><enum>(3)</enum><header>Insurance industry</header><text display-inline="yes-display-inline">The state of, and developments in, the insurance industry.</text> </paragraph><paragraph id="H5318A9C2BA1A4D7EACD1D9EBF15A087D"><enum>(4)</enum><header>U.S. and global insurance and reinsurance markets</header><text display-inline="yes-display-inline">The breadth and scope of the global insurance and reinsurance markets and the critical role such markets plays in supporting insurance in the United States and the ongoing impacts of part II of the Nonadmitted and Reinsurance Reform Act of 2010 on the ability of State regulators to access reinsurance information for regulated companies in their jurisdictions.</text>
</paragraph><paragraph id="HEE7BE04379AD4AEC901FD552DA2A23C0"><enum>(5)</enum><header>Other</header><text display-inline="yes-display-inline">Any other matters as deemed relevant by the Independent Insurance Advocate or requested by such Committees.</text>
</paragraph></subsection><subsection id="HC92B662CF3414E5BA21CB601368B742B"><enum>(t)</enum><header>Report upon end of term of office</header><text>Not later than two months prior to the expiration of the term of office, or discontinuation of service, of each individual serving as the Independent Insurance Advocate, the Independent Insurance Advocate shall submit a report to the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate setting forth recommendations regarding the Financial Stability Oversight Council and the role, duties, and functions of the Independent Insurance Advocate.</text>
</subsection><subsection id="H2FC81B633FFE48F393B6E7D710ADF8C4"><enum>(u)</enum><header>Definitions</header><text display-inline="yes-display-inline">In this section and section 314, the following definitions shall apply:</text> <paragraph id="H7BBB24D155D14051AE25116B968A7E88"><enum>(1)</enum><header>Affiliate</header><text>The term <term>affiliate</term> means, with respect to an insurer, any person who controls, is controlled by, or is under common control with the insurer.</text>
</paragraph><paragraph id="H9F71C77CD0A34D639136AD5AE2404CA5"><enum>(2)</enum><header>Covered agreement</header><text>The term <term>covered agreement</term> means a written bilateral or multilateral agreement regarding prudential measures with respect to the business of insurance or reinsurance that—</text>
<subparagraph id="HDA1A51E537994E02B41EE524B87F1405"><enum>(A)</enum><text>is entered into between the United States and one or more foreign governments, authorities, or regulatory entities; and</text>
</subparagraph><subparagraph id="H8E177A5B72344BB1B0AC236C2C6B3A73"><enum>(B)</enum><text>relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.</text>
</subparagraph></paragraph><paragraph id="H4F06523FDEF645F29929D968C9F67077"><enum>(3)</enum><header>Insurer</header><text>The term <term>insurer</term> means any person engaged in the business of insurance, including reinsurance.</text> </paragraph><paragraph id="HB16998A28FFB42AEB28BFF211C423AC6"><enum>(4)</enum><header>Federal financial regulatory agency</header><text>The term <term>Federal financial regulatory agency</term> means the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, or the National Credit Union Administration.</text>
</paragraph><paragraph id="H0B2CF772656E4E3B99F414AF50AFCB75"><enum>(5)</enum><header>Financial Stability Oversight Council</header><text display-inline="yes-display-inline">The term <term>Financial Stability Oversight Council </term> means the Financial Stability Oversight Council established under section 111(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5321">12 U.S.C. 5321(a)</external-xref>).</text>
</paragraph><paragraph id="H70CF0708997A4332ABD6403307575274"><enum>(6)</enum><header>Member agency</header><text display-inline="yes-display-inline">The term <term>member agency</term> has the meaning given such term in section 111(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5321">12 U.S.C. 5321(a)</external-xref>).</text>
</paragraph><paragraph commented="no" id="H1BCB390BA82747969086CC325BEB63BC"><enum>(7)</enum><header>Non-United States insurer</header><text>The term <term>non-United States insurer</term> means an insurer that is organized under the laws of a jurisdiction other than a State, but does not include any United States branch of such an insurer.</text>
</paragraph><paragraph id="H6D4B502AFABC4AE4B60659076FD02D7A"><enum>(8)</enum><header>Office</header><text>The term <term>Office</term> means the Office of the Independent Insurance Advocate established by this section.</text> </paragraph><paragraph commented="no" id="HE0D156825B364780ABAC86F04F23CE5B"><enum>(9)</enum><header>State insurance measure</header><text>The term <term>State insurance measure</term> means any State law, regulation, administrative ruling, bulletin, guideline, or practice relating to or affecting prudential measures applicable to insurance or reinsurance.</text>
</paragraph><paragraph id="H05019D3722BF413C8747D4AA5D752522"><enum>(10)</enum><header>State insurance regulator</header><text>The term <term>State insurance regulator</term> means any State regulatory authority responsible for the supervision of insurers.</text> </paragraph><paragraph commented="no" id="H0610C1BB1ACA48F9979E7721E9360601"><enum>(11)</enum><header>Substantially equivalent to the level of protection achieved</header><text>The term <term>substantially equivalent to the level of protection achieved</term> means the prudential measures of a foreign government, authority, or regulatory entity achieve a similar outcome in consumer protection as the outcome achieved under State insurance or reinsurance regulation.</text>
</paragraph><paragraph id="H2C6C4A9C7E324445972C5C7CA90B4BD5"><enum>(12)</enum><header>United States insurer</header><text>The term <term>United States insurer</term> means—</text> <subparagraph id="H435CA40FB6F749E3A61BA0059E496BFC"><enum>(A)</enum><text>an insurer that is organized under the laws of a State; or</text>
</subparagraph><subparagraph id="H62193C0829B949BF8069FBFA81EBFECF"><enum>(B)</enum><text>a United States branch of a non-United States insurer.</text></subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection commented="no" id="HC7A6C86B36AF4339A7648E84809647B5"><enum>(b)</enum><header>Pay at Level III of Executive Schedule</header><text>Section 5314 of title 5, United States Code, is amended by adding at the end the following new item:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H6CA03AC7D8C24FA5B5AC99099DAB2176" reported-display-style="italic" style="OLC">
<item id="H84E11C6C31484A47827EA142255F43BF" indent="up4"><enum></enum><text display-inline="yes-display-inline">Independent Insurance Advocate, Department of the Treasury.</text></item><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H57FEA9F3CAC94170AD3C599A5CD5D77A"><enum>(c)</enum><header>Voting member of FSOC</header><text>Paragraph (1) of section 111(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5321">12 U.S.C. 5321(b)(1)</external-xref>) is amended by striking subparagraph (J) and inserting the following new subparagraph:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H93014D2BDC6E42BCBC0B83518F57C22E" reported-display-style="italic" style="OLC">
<subparagraph id="H28CE5659FC79469A98905C3D3FD84ACF"><enum>(J)</enum><text display-inline="yes-display-inline">the Independent Insurance Advocate appointed pursuant to section 313 of title 31, United States Code.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H67E896BB3768431093B1193323606BB3"><enum>(d)</enum><header>Independence</header><text display-inline="yes-display-inline">Section 111 of <external-xref legal-doc="public-law" parsable-cite="pl/93/495">Public Law 93–495</external-xref> (<external-xref legal-doc="usc" parsable-cite="usc/12/250">12 U.S.C. 250</external-xref>) is amended—</text> <paragraph id="H62B936F6A9544024A631CAD59EB58721"><enum>(1)</enum><text>by inserting <quote>the Independent Insurance Advocate of the Department of the Treasury,</quote> after <quote>Federal Housing Finance Agency,</quote>; and</text>
</paragraph><paragraph id="HEE2FFB79096F49AC901DB98AD01A0A0E"><enum>(2)</enum><text>by inserting <quote>or official</quote> before <quote>submitting them</quote>.</text> </paragraph></subsection><subsection id="H421C11C747514BA0BEDAF92708F4BE8A"><enum>(e)</enum><header>Transfer of employees</header><text display-inline="yes-display-inline">All employees of the Department of Treasury who are performing staff functions for the independent member of the Financial Stability Oversight Council under section 111(b)(2)(J) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5321">12 U.S.C. 5321(b)(2)(J)</external-xref>) on a full-time equivalent basis as of the date of enactment of this Act shall be eligible for transfer to the Office of the Independent Insurance Advocate established pursuant to the amendment made by subsection (a) of this section for appointment as an employee and shall be transferred at the joint discretion of the Independent Insurance Advocate and the eligible employee. Any employee eligible for transfer that is not appointed within 360 days from the date of enactment of this Act shall be eligible for detail under section 313(f)(4) of title 31, United States Code.</text>
</subsection><subsection id="HFC0A03E4D7D844799509B38FBEB19174"><enum>(f)</enum><header>Temporary service; transition</header><text display-inline="yes-display-inline">Notwithstanding the amendment made by subsection (a) of this section, during the period beginning on the date of the enactment of this Act and ending on the date on which the Independent Insurance Advocate is appointed and confirmed pursuant to section 313(b)(2) of title 31, United States Code, as amended by such amendment, the person serving, on such date of enactment, as the independent member of the Financial Stability Oversight Council pursuant to section 111(b)(1)(J) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5321">12 U.S.C. 5321(b)(1)(J)</external-xref>) shall act for all purposes as, and with the full powers of, the Independent Insurance Advocate.</text>
</subsection><subsection id="H0E7D8881C21E452994650C0E2E5945F7"><enum>(g)</enum><header>Comparability in compensation schedules</header><text display-inline="yes-display-inline">Subsection (a) of section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="usc" parsable-cite="usc/12/1833b">12 U.S.C. 1833b(a)</external-xref>) is amended by inserting <quote>the Office of the Independent Insurance Advocate of the Department of the Treasury,</quote> before <quote>and the Farm Credit Administration,</quote>.</text>
</subsection><subsection commented="no" id="HD9F117E0AFDC4E9E84BD136E3AFD5630"><enum>(h)</enum><header>Senior executives</header><text display-inline="yes-display-inline">Subparagraph (D) of section 3132(a)(1) of title 5, United States Code, is amended by inserting <quote>the Office of the Independent Insurance Advocate of the Department of the Treasury,</quote> after <quote>Finance Agency,</quote>.</text> </subsection></section><section id="H8844D0BC4C314F388E40795A275809E3"><enum>1102.</enum><header>Treatment of covered agreements</header><text display-inline="no-display-inline">Subsection (c) of section 314 of title 31, United States Code is amended—</text>
<paragraph id="H5CE7C10C191D4054B4FDBFB02D0A3246"><enum>(1)</enum><text>by designating paragraphs (1) and (2) as paragraphs (2) and (3), respectively; and</text> </paragraph><paragraph id="HE9695DC174674879B9D0CB40FF8E5C71"><enum>(2)</enum><text>by inserting before paragraph (2), as so redesignated, the following new paragraph:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H4171166D4D2047F18B55DAFD46C31B0E" reported-display-style="italic" style="OLC">
<paragraph id="H634D6D515AFD40AA8C583785D007BDD3"><enum>(1)</enum><text display-inline="yes-display-inline">the Secretary of the Treasury and the United States Trade Representative have caused to be published in the Federal Register, and made available for public comment for a period of not fewer than 30 days and not greater than 90 days (which period may run concurrently with the 90-day period for the covered agreement referred to in paragraph (3)), the proposed text of the covered agreement;</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><enum>XII</enum><header>Technical corrections</header>
<section id="H52066EB01E0B4F7680727EF093E25677"><enum>1201.</enum><header>Table of contents; Definitional corrections</header>
<subsection commented="no" id="H8E7765C1CE08433CB833487E5FDF3CE1"><enum>(a)</enum><header>Table of contents</header><text display-inline="yes-display-inline">The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="public-law" parsable-cite="pl/111/203">Public Law 111–203</external-xref>; 124 Stat. 1376) is amended by striking the items relating to section 407 through 414 and inserting the following:</text>
<quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="H969DB45BD1CC453D8815F9CC13CA77F7" reported-display-style="italic" style="OLC">
<toc changed="added" committee-id="HBA00" reported-display-style="italic">
<toc-entry bold="off" level="section">Sec. 407. Exemption of and reporting by venture capital fund advisers.</toc-entry>
<toc-entry bold="off" level="section">Sec. 408. Exemption of and reporting by certain private fund advisers.</toc-entry>
<toc-entry bold="off" level="section">Sec. 409. Family offices.</toc-entry>
<toc-entry bold="off" level="section">Sec. 410. State and Federal responsibilities; asset threshold for Federal registration of
investment advisers.</toc-entry>
<toc-entry bold="off" level="section">Sec. 411. Custody of client assets.</toc-entry>
<toc-entry bold="off" level="section">Sec. 414. Rule of construction relating to the Commodity Exchange Act.</toc-entry>
<toc-entry bold="off" level="section">Sec. 418. Qualified client standard.</toc-entry>
<toc-entry bold="off" level="section">Sec. 419. Transition period.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H55688899B9C44B46BD3EB83140B8093C"><enum>(b)</enum><header>Definitions</header><text display-inline="yes-display-inline">Section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref>) is amended—</text>
<paragraph id="H5F1C42150D84451B8186319288B38E7A"><enum>(1)</enum><text>in paragraph (1)—</text> <subparagraph id="H13D75CFC1F464404B1C59E8BB11A0577"><enum>(A)</enum><text>by striking <quote>section 3</quote> and inserting <quote>section 3(w)</quote>; and</text>
</subparagraph><subparagraph id="H7124F0318EAA4EA1A4684860079EF4F8"><enum>(B)</enum><text>by striking <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>)</quote> and inserting <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813(w)</external-xref>)</quote>;</text> </subparagraph></paragraph><paragraph id="H4F28B35215C54456A56C82B34F71A7C1"><enum>(2)</enum><text>in paragraph (6), by striking <quote>1 et seq.</quote> and inserting <quote>1a</quote>; and</text>
</paragraph><paragraph id="HB30CFEBBA5914AB3B031CC1B657A233F"><enum>(3)</enum><text>in paragraph (18)(A)—</text> <subparagraph commented="no" id="H0796B8E8608042E49CE4559CB3274958"><enum>(A)</enum><text>by striking <quote><quote>bank holding company</quote>,</quote>; and</text>
</subparagraph><subparagraph id="HBEF6D5B5F5DB4568A2D8787D5EFDA880"><enum>(B)</enum><text>by inserting <quote><quote>includes</quote>,</quote> before <quote><quote>including</quote>,</quote>.</text> </subparagraph></paragraph></subsection></section><section id="HFBA3847D4618487480FAB12DABCE39FE"><enum>1202.</enum><header>Antitrust savings clause corrections</header><text display-inline="no-display-inline">Section 6 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5303">12 U.S.C. 5303</external-xref>) is amended, in the second sentence—</text>
<paragraph id="H89A225FF97C04935A8727B6F493BBC31"><enum>(1)</enum><text display-inline="yes-display-inline">by inserting <quote>(<external-xref legal-doc="usc" parsable-cite="usc/15/12">15 U.S.C. 12(a)</external-xref>)</quote> after <quote>Clayton Act</quote>; and</text> </paragraph><paragraph id="HBC1A9EFCB5C643AEBE04B6137956F1EC"><enum>(2)</enum><text>by striking <quote>Act, to</quote> and inserting <quote>Act (<external-xref legal-doc="usc" parsable-cite="usc/15/45">15 U.S.C. 45</external-xref>) to</quote>.</text>
</paragraph></section><section id="HFD32450F0E674ECB9A63F9A36871BF74"><enum>1203.</enum><header>Title I corrections</header><text display-inline="no-display-inline">Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311</external-xref> et seq.) is amended—</text>
<paragraph commented="no" id="H2C0F62B04FE742FEB56C25AD3B2D2D3D"><enum>(1)</enum><text>in section 102(a)(6) (<external-xref legal-doc="usc" parsable-cite="usc/12/5311">12 U.S.C. 5311(a)(6)</external-xref>), by inserting <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/1843">12 U.S.C. 1843(k)</external-xref>)</quote> after <quote>of 1956</quote> each place that term appears;</text> </paragraph><paragraph id="HE7B2E7CDBB064D34B623D8060F293AD2"><enum>(2)</enum><text display-inline="yes-display-inline">in section 111(c)(3) (<external-xref legal-doc="usc" parsable-cite="usc/12/5321">12 U.S.C. 5321(c)(3)</external-xref>), by striking <quote>that agency or department head</quote> and inserting <quote>the head of that member agency or department</quote>;</text>
</paragraph><paragraph id="HBD81F2E3233B48AEAB272ED51FF3CF86"><enum>(3)</enum><text>in section 112 (<external-xref legal-doc="usc" parsable-cite="usc/12/5322">12 U.S.C. 5322</external-xref>)—</text> <subparagraph id="H5C9888DD060D412787E55A796975B1F3"><enum>(A)</enum><text>in subsection (a)(2)—</text>
<clause commented="no" id="HCA24D660869B4F8FADAEA27ADEF6522E"><enum>(i)</enum><text>in subparagraph (C) (as redesignated by section 151)—</text> <subclause commented="no" id="H505CA8C631CB4C0BADDAE52B89D420BA"><enum>(I)</enum><text>by striking <quote>to monitor</quote> and inserting <quote>monitor</quote>; and</text>
</subclause><subclause commented="no" id="HC86F3EFC9A534FAA80CC633DFE024093"><enum>(II)</enum><text>by striking <quote>to advise</quote> and inserting <quote>advise</quote>;</text> </subclause></clause><clause commented="no" id="HF760765E12844B60ADB97DAF9D19240E"><enum>(ii)</enum><text display-inline="yes-display-inline">in subparagraph (H) (as redesignated by section 151), by striking <quote>may</quote>; and</text>
</clause></subparagraph><subparagraph commented="no" id="H23368B18C6E142CE9CF984F83032D38E"><enum>(B)</enum><text>in subsection (d)(5), by striking <quote>subsection and subtitle B</quote> each place such term appears and inserting <quote>subtitle</quote>; and</text> </subparagraph></paragraph><paragraph commented="no" id="H1CD01556AB9146BE8A054527F5E57029"><enum>(4)</enum><text>in section 171(b)(4)(D) (<external-xref legal-doc="usc" parsable-cite="usc/12/5371">12 U.S.C. 5371(b)(4)(D)</external-xref>), by adding a period at the end.</text>
</paragraph></section><section commented="no" id="HBFA42BB3BDCC44BE92C974DFD7E94EDD"><enum>1204.</enum><header>Title III corrections</header>
<subsection commented="no" id="H845F7410D02A48E7826CA50A2A7163DD"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5401">12 U.S.C. 5401</external-xref> et seq.) is amended—</text>
<paragraph commented="no" id="H2E4E7FBD3F73408F8EA4F10057402657"><enum>(1)</enum><text>in section 327(b)(5) (<external-xref legal-doc="usc" parsable-cite="usc/12/5437">12 U.S.C. 5437(b)(5)</external-xref>), by striking <quote>in</quote> and inserting <quote>into</quote>;</text> </paragraph><paragraph id="H35B025588E0447A896CADD9FCB40EB88"><enum>(2)</enum><text>in section 333(b)(2) (124 Stat. 1539), by inserting <quote>the second place that term appears</quote> before <quote>and inserting</quote>; and</text>
</paragraph><paragraph id="H6CB3409009C84D149668196E765B1003"><enum>(3)</enum><text>in section 369(5) (124 Stat. 1559)—</text> <subparagraph id="H7421330FEE9A4BD3805D29EB597FE995"><enum>(A)</enum><text>in subparagraph (D)(i)—</text>
<clause id="H73A69438CFC84B41929754F1AA0469B6"><enum>(i)</enum><text>in subclause (III), by redesignating items (aa), (bb), and (cc) as subitems (AA), (BB), and (CC), respectively, and adjusting the margins accordingly;</text>
</clause><clause id="H80EF8C21AD4642DAA4478F8A72C37D57"><enum>(ii)</enum><text>in subclause (IV), redesignating items (aa) and (bb) as subitems (AA) and (BB), respectively, and adjusting the margins accordingly;</text>
</clause><clause id="H171A1C85AD0B4D2A98334D81A110E631"><enum>(iii)</enum><text>in subclause (V), by redesignating items (aa), (bb), and (cc) as subitems (AA), (BB), and (CC), respectively, and adjusting the margins accordingly; and</text>
</clause><clause id="H9063A64BB04C48C6913050996726E4BF"><enum>(iv)</enum><text>by redesignating subclauses (III), (IV), and (V) as items (bb), (cc), and (dd), respectively, and adjusting the margins accordingly;</text>
</clause></subparagraph><subparagraph commented="no" id="H0D711D76EDF54DBB9721BAEBF1A4E70C"><enum>(B)</enum><text>in subparagraph (F)—</text> <clause commented="no" id="H6EC8CE2A888747B0959D1257E3E158A5"><enum>(i)</enum><text>in clause (ii), by adding <quote>and</quote> at the end;</text>
</clause><clause commented="no" id="HC01F50E0E15B49B9A2E8766E3B9DCC07"><enum>(ii)</enum><text>in clause (iii), by striking <quote>; and</quote> and inserting a period; and</text> </clause><clause commented="no" id="H1BEA9E5E35CE46FE9E8DF14D062DCE77"><enum>(iii)</enum><text>by striking clause (iv); and</text>
</clause></subparagraph><subparagraph id="H5BD47D2DDB134E7B996557F04475558C"><enum>(C)</enum><text>in subparagraph (G)(i), by inserting <quote>each place such term appears</quote> before <quote>and inserting</quote>.</text> </subparagraph></paragraph></subsection><subsection id="HAB001C2EBA6D4D01B33082FA2E17A12C"><enum>(b)</enum><header>Effective dates</header> <paragraph id="H50D870F6E7F94B2DB62B97678B092EBC"><enum>(1)</enum><header>Section 333</header><text>The amendment made by subsection (a)(2) of this section shall take effect as though enacted as part of subtitle C of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1538).</text>
</paragraph><paragraph id="H84C4D7DE2A444B25B4059113946B0C05"><enum>(2)</enum><header>Section 369</header><text>The amendments made by subsection (a)(3) of this section shall take effect as though enacted as part of subtitle E of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1546).</text>
</paragraph></subsection></section><section id="H6061DC3CEC6B4BBC9EE86E972FDA62DD"><enum>1205.</enum><header>Title IV correction</header><text display-inline="no-display-inline">Section 414 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1578) is amended in the section heading by striking <quote><header-in-text level="section" style="OLC">Commodities</header-in-text></quote> and inserting <quote><header-in-text level="section" style="OLC">Commodity</header-in-text></quote>.</text>
</section><section commented="no" id="HCFEB7E6D45294315BF074A746485816F"><enum>1206.</enum><header>Title VI corrections</header>
<subsection commented="no" id="HC145DDD1909E4F1C99FF1C8C5EB5D3BB"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 610 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1596) is amended—</text>
<paragraph commented="no" id="H47D250116E8E4040953213955DA321E5"><enum>(1)</enum><text display-inline="yes-display-inline">by striking subsection (b); and</text> </paragraph><paragraph commented="no" id="H502C4BD886DE43F985A4FA8629356667"><enum>(2)</enum><text>by redesignating subsection (c) as subsection (b).</text>
</paragraph></subsection><subsection id="H4F6FD73A2C934119A666C0B401E7AE0A"><enum>(b)</enum><header>Effective date</header><text>The amendments made by subsection (a) of this section shall take effect as though enacted as part of section 610 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1611).</text>
</subsection></section><section commented="no" id="H71EA83707313451DAF496733A8EEDE2B"><enum>1207.</enum><header>Title VII corrections</header>
<subsection commented="no" id="H13BA1B0649B1499E9D7FEC7DEFEA8074"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/15/8301">15 U.S.C. 8301</external-xref> et seq.) is amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="H0004F42537BB4E499FA9104C92978203"><enum>(1)</enum><text>in section 719(c)(1)(B) (<external-xref legal-doc="usc" parsable-cite="usc/15/8307">15 U.S.C. 8307(c)(1)(B)</external-xref>), by adding a period at the end;</text> </paragraph><paragraph id="H8F3942325CC348B0AC2ED3C3D06370D0"><enum>(2)</enum><text>in section 723(a)(1)(B) (124 Stat. 1675), by inserting <quote>, as added by section 107 of the Commodity Futures Modernization Act of 2000 (Appendix E of <external-xref legal-doc="public-law" parsable-cite="pl/106/554">Public Law 106–554</external-xref>; 114 Stat. 2763A–382),</quote> after <quote>subsection (i)</quote>;</text>
</paragraph><paragraph commented="no" id="H6F2C8D07E8AD4ECE98A584E6EF0D7417"><enum>(3)</enum><text>in section 734(b)(1) (124 Stat. 1718), by striking <quote>is amended</quote> and all that follows through <quote>(B) in</quote> and inserting <quote>is amended in</quote>;</text> </paragraph><paragraph id="H8C3B6FCC6E514228B441F48AAC508182"><enum>(4)</enum><text>in section 741(b)(10) (124 Stat. 1732), by striking <quote>1a(19)(A)(iv)(II)</quote> each place it appears and inserting <quote>1a(18)(A)(iv)(II)</quote>; and</text>
</paragraph><paragraph id="H3465C5774F66423889A2D6AC82E67214"><enum>(5)</enum><text>in section 749 (124 Stat. 1746)—</text> <subparagraph id="H6C81AB4AF3184262810DA96D29181BC1"><enum>(A)</enum><text>in subsection (a)(2), by striking <quote>adding at the end</quote> and inserting <quote>inserting after subsection (f)</quote>; and</text>
</subparagraph><subparagraph id="HBE8021A88ECA4BDD97FDCAA04C65619A"><enum>(B)</enum><text>in subsection (h)(1)(B), by inserting <quote>the second place that term appears</quote> before the semicolon.</text> </subparagraph></paragraph></subsection><subsection id="HCEFB1E643D1949448DE83321CD05B016"><enum>(b)</enum><header>Effective date</header><text>The amendments made by paragraphs (3), (4), and (5) of subsection (a) of this section shall take effect as though enacted as part of part II of subtitle A of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1658).</text>
</subsection></section><section commented="no" id="H69F100DDBE0B4578A66E74435C1904D9"><enum>1208.</enum><header>Title IX corrections</header><text display-inline="no-display-inline">Section 939(h)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1887) is amended—</text>
<paragraph id="HD28D3DFDD0AE4FFBAB1293B4564BE3B1"><enum>(1)</enum><text>in the matter preceding subparagraph (A), by inserting <quote>The</quote> before <quote>Commission</quote>; and</text> </paragraph><paragraph id="HF4D52CFD19B74459AC1F812E31CBC2EC"><enum>(2)</enum><text>by striking <quote>feasability</quote> and inserting <quote>feasibility</quote>.</text>
</paragraph></section><section commented="no" id="H2FAC3976EA754FA8ACEAAAACCFE4C25F"><enum>1209.</enum><header>Title X corrections</header>
<subsection commented="no" id="H7DF179145BF842558909F393B59DCC28"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481</external-xref> et seq.) is amended—</text>
<paragraph commented="no" id="H8BC481D1FA8E4CBD80D40AEABCAFBA1C"><enum>(1)</enum><text display-inline="yes-display-inline">in section 1002(12)(G) (<external-xref legal-doc="usc" parsable-cite="usc/12/5481">12 U.S.C. 5481(12)(G)</external-xref>), by striking <quote>Home Owners</quote> and inserting <quote>Homeowners</quote>;</text> </paragraph><paragraph commented="no" id="H74CF0F378B574EECBE62D49902C145A0"><enum>(2)</enum><text>in section 1013(a)(1)(C) (<external-xref legal-doc="usc" parsable-cite="usc/12/5493">12 U.S.C. 5493(a)(1)(C)</external-xref>), by striking <quote>section 11(1)</quote> and inserting <quote>subsection (l) of section 11</quote>;</text>
</paragraph><paragraph commented="no" id="H448587AAD7664F979670B9E391E4375B"><enum>(3)</enum><text>in section 1017(a)(2) (as so redesignated by section 713) (<external-xref legal-doc="usc" parsable-cite="usc/12/5497">12 U.S.C. 5497(a)(5)</external-xref>)—</text> <subparagraph commented="no" id="H38C836B2C5894242A7AE587BCC65C97B"><enum>(A)</enum><text>in subparagraph (A), in the last sentence by striking <quote>716(c) of title 31, United States Code</quote> and inserting <quote>716 of title 31, United States Code</quote>; and</text>
</subparagraph><subparagraph commented="no" id="H4D7B4544116B45AC8FAFA0BF4CD53E76"><enum>(B)</enum><text>in subparagraph (C), by striking <quote>section 3709 of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/41/5">41 U.S.C. 5</external-xref>)</quote> and inserting <quote>section 6101 of title 41, United States Code</quote>;</text> </subparagraph></paragraph><paragraph commented="no" id="HDBEA4E30C24342D4AF7AA751BAF094EB"><enum>(4)</enum><text>in section 1027(d)(1)(B) (<external-xref legal-doc="usc" parsable-cite="usc/12/5517">12 U.S.C. 5517(d)(1)(B)</external-xref>), by inserting a comma after <quote>(A)</quote>;</text>
</paragraph><paragraph commented="no" id="H0FAC47446D6649C1BA37DCC69716AC1B"><enum>(5)</enum><text>in section 1029(d) (<external-xref legal-doc="usc" parsable-cite="usc/12/5519">12 U.S.C. 5519(d)</external-xref>), by striking the period after <quote>Commission Act</quote>;</text> </paragraph><paragraph id="HE64C2DFC96C3434FB0D9E6B0E5503972"><enum>(6)</enum><text display-inline="yes-display-inline">in section 1061(b)(7) (<external-xref legal-doc="usc" parsable-cite="usc/12/5581">12 U.S.C. 5581(b)(7)</external-xref>)—</text>
<subparagraph id="H42EF340A92834A6ABFAAABDA8D259014"><enum>(A)</enum><text>by striking <quote>Secretary of the Department of Housing and Urban Development</quote> each place that term appears and inserting <quote>Department of Housing and Urban Development</quote>; and</text> </subparagraph><subparagraph id="HB8A38EA1AE714A09AEAB37DB68862036"><enum>(B)</enum><text>in subparagraph (A), by striking <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/5102">12 U.S.C. 5102</external-xref> et seq.)</quote> and inserting <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/5101">12 U.S.C. 5101</external-xref> et seq.)</quote>;</text>
</subparagraph></paragraph><paragraph commented="no" id="H12E827A91CD24FC39ADBCCE6BA00E05A"><enum>(7)</enum><text>in section 1063 (<external-xref legal-doc="usc" parsable-cite="usc/12/5583">12 U.S.C. 5583</external-xref>)—</text> <subparagraph commented="no" id="HA7812431E2AB40E3ACDAE8AE44824E82"><enum>(A)</enum><text>in subsection (f)(1)(B), by striking <quote>that</quote>; and</text>
</subparagraph><subparagraph commented="no" id="HA5FED8A5969D4239B6C3F3812F2A8B4A"><enum>(B)</enum><text>in subsection (g)(1)(A)—</text> <clause commented="no" id="HF694F99D84164298B6EC599877C22078"><enum>(i)</enum><text>by striking <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/5102">12 U.S.C. 5102</external-xref> et seq.)</quote> and inserting <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/5101">12 U.S.C. 5101</external-xref> et seq.)</quote>; and</text>
</clause><clause commented="no" id="HBF35F3EE37F448BC88D61343687D8A10"><enum>(ii)</enum><text>by striking <quote>seq)</quote> and inserting <quote>seq.)</quote>;</text> </clause></subparagraph></paragraph><paragraph commented="no" id="H554669FF1C1C4E24886090AFF1BED0B2"><enum>(8)</enum><text>in section 1064(i)(1)(A)(iii) (<external-xref legal-doc="usc" parsable-cite="usc/12/5584">12 U.S.C. 5584(i)(1)(A)(iii)</external-xref>), by inserting a period before <quote>If an</quote>;</text>
</paragraph><paragraph commented="no" id="HCEC8B7FC5FE24EF2A55B4C453D19ACA9"><enum>(9)</enum><text>in section 1073(c)(2) (<external-xref legal-doc="usc" parsable-cite="usc/12/5601">12 U.S.C. 5601(c)(2)</external-xref>)—</text> <subparagraph commented="no" id="H992E4A0F7E3645179E1C34335A910B0B"><enum>(A)</enum><text>in the paragraph heading, by inserting <quote><header-in-text level="paragraph" style="OLC">and education</header-in-text></quote> after <quote><header-in-text level="paragraph" style="OLC">financial literacy</header-in-text></quote>; and</text>
</subparagraph><subparagraph commented="no" id="H0DD86330BE8C4B0DA892A41AAE38D43A"><enum>(B)</enum><text>by striking <quote>its duties</quote> and inserting <quote>their duties</quote>;</text> </subparagraph></paragraph><paragraph commented="no" id="H587C1A049F224994ABB39DB58002B519"><enum>(10)</enum><text>in section 1076(b)(1) (<external-xref legal-doc="usc" parsable-cite="usc/12/5602">12 U.S.C. 5602(b)(1)</external-xref>), by inserting before the period at the end the following: <quote>, the Agency may, after notice and opportunity for comment, prescribe regulations</quote>;</text>
</paragraph><paragraph id="H411F32307A8D4450BEDC025C2D3B418D"><enum>(11)</enum><text>in section 1077(b)(4)(F) (124 Stat. 2076), by striking <quote>associates</quote> and inserting <quote>associate’s</quote>;</text> </paragraph><paragraph id="HCDD5ED2597E74841AF221F118F44D055"><enum>(12)</enum><text>in section 1084(1) (124 Stat. 2081), by inserting a comma after <quote>2009)</quote>;</text>
</paragraph><paragraph id="H08CDCD90C06F4D86BAA615FF97C5296E"><enum>(13)</enum><text>in section 1089 (124 Stat. 2092)—</text> <subparagraph id="HA05C35D21F91428FBF814D965E4DC4D3"><enum>(A)</enum><text>in paragraph (3)—</text>
<clause id="H2E503CEC12834C4A979A8D3AA2C78537"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>and</quote> at the end; and</text> </clause><clause id="HD3C037F88260415AADCE3EE84E7515EC"><enum>(ii)</enum><text>in subparagraph (B)(vi), by striking the period at the end and inserting <quote>; and</quote>; and</text>
</clause></subparagraph><subparagraph id="H7EC0B48802044735A04D87E1DA609C41"><enum>(B)</enum><text>by redesignating paragraph (4) as subparagraph (C) and adjusting the margins accordingly; and</text> </subparagraph></paragraph><paragraph id="H7D49FA8E2F0E4998A620B60B129827D2"><enum>(14)</enum><text>in section 1098(6) (124 Stat. 2104), by inserting <quote>the first place that term appears</quote> before <quote>and</quote>.</text>
</paragraph></subsection><subsection id="HF1C238B6249740E48571728A9856FFBB"><enum>(b)</enum><header>Effective date</header><text>The amendments made by paragraphs (11), (12), (13), (14), and (15) of subsection (a) shall take effect as though enacted as part of subtitle H of title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2080).</text>
</subsection></section><section id="HC9DCF43E1E644557AD713614B7EB5D24"><enum>1210.</enum><header>Title XII correction</header><text display-inline="no-display-inline">Title XII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2129) is amended, in section 1208(b) (<external-xref legal-doc="usc" parsable-cite="usc/12/5626">12 U.S.C. 5626(b)</external-xref>), by inserting <quote>, as defined in section 103(10) of the Riegle Community Development and Regulatory Improvement Act of 1994 (<external-xref legal-doc="usc" parsable-cite="usc/12/4702">12 U.S.C. 4702(10)</external-xref>),</quote> after <quote>appropriated to the Fund</quote>.</text>
</section><section id="H0D2DC6E38B094B2B9F815C4D71715865" section-type="subsequent-section"><enum>1211.</enum><header>Title XIV correction</header><text display-inline="no-display-inline">Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2136) is amended, in section 1451(c) (<external-xref legal-doc="usc" parsable-cite="usc/12/1701x-1">12 U.S.C. 1701x–1(c)</external-xref>), by striking <quote>pursuant</quote>.</text>
</section><section commented="no" id="HEB6127859FE040F582501D3CE2CABDE4" section-type="subsequent-section"><enum>1212.</enum><header>Technical corrections to other statutes</header>
<subsection id="HC6D4A8A0824C4E509244093039017F0B"><enum>(a)</enum><header>Alternative mortgage transaction parity act of 1982</header><text>The Alternative Mortgage Transaction Parity Act of 1982 (<external-xref legal-doc="usc" parsable-cite="usc/12/3801">12 U.S.C. 3801</external-xref> et seq.) is amended—</text> <paragraph id="H14EC2D89FBFF4E94AA4CF0B563A73800"><enum>(1)</enum><text>in section 802(a)(3) (<external-xref legal-doc="usc" parsable-cite="usc/12/3801">12 U.S.C. 3801(a)(3)</external-xref>), by striking <quote>the Director of the Office of Thrift Supervision</quote> and inserting <quote>the Consumer Law Enforcement Agency</quote>;</text>
</paragraph><paragraph id="H2FC489B384FE4E75A74443A15B8647A3"><enum>(2)</enum><text display-inline="yes-display-inline">in section 804 (<external-xref legal-doc="usc" parsable-cite="usc/12/3803">12 U.S.C. 3803</external-xref>)—</text> <subparagraph commented="no" id="H2186A0EBA8B14AED9E192C3A5B7F004A"><enum>(A)</enum><text>in subsection (a), by striking <quote>the Director of the Office of Thrift Supervision</quote> each place such term appears and inserting <quote>the Comptroller of the Currency</quote>; and</text>
</subparagraph><subparagraph id="H6E18591D3D4F48C9BCA287016363C0BE"><enum>(B)</enum><text>in subsection (d)(1), by striking the comma after <quote>Administration</quote>.</text> </subparagraph></paragraph></subsection><subsection commented="no" id="HB74DD5343C8444DC9E969291C0EF7081"><enum>(b)</enum><header>Bank Holding Company Act Amendments of 1970</header><text>Section 106(b)(1) of the Bank Holding Company Act Amendments of 1970 (<external-xref legal-doc="usc" parsable-cite="usc/12/1972">12 U.S.C. 1972(1)</external-xref>) is amended, in the undesignated matter at the end, by striking <quote>Federal Deposit Insurance Company</quote> and inserting <quote>Federal Deposit Insurance Corporation</quote>.</text>
</subsection><subsection id="HD293FB0DB75C4135927172E3435D68FA"><enum>(c)</enum><header>Balanced Budget and Emergency Deficit Control Act</header><text>Section 255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985 (<external-xref legal-doc="usc" parsable-cite="usc/2/905">2 U.S.C. 905(g)(1)(A)</external-xref>) is amended by striking <quote>Office of Thrift Supervision (20–4108–0–3–373).</quote>.</text>
</subsection><subsection id="H790FD14DD0F840BA8BCAFFF4ECF89693"><enum>(d)</enum><header>Bretton Woods Agreements Act</header><text>Section 68(a)(1) of the Bretton Woods Agreements Act (<external-xref legal-doc="usc" parsable-cite="usc/22/286tt">22 U.S.C. 286tt(a)(1)</external-xref>) is amended by striking <quote>Fund ,</quote> and inserting <quote>Fund,</quote>.</text> </subsection><subsection id="H0AD13B037D584921BC39B3ACE2FEA3E4"><enum>(e)</enum><header>CAN–SPAM Act of 2003</header><text>Section 7(b)(1)(D) of the CAN–SPAM Act of 2003 (<external-xref legal-doc="usc" parsable-cite="usc/15/7706">15 U.S.C. 7706(b)(1)(D)</external-xref>) is amended by striking <quote>Director of the Office of Thrift Supervision</quote> and inserting <quote>Comptroller of the Currency or the Board of Directors of Federal Deposit Insurance Corporation, as applicable,</quote>.</text>
</subsection><subsection id="H202282199F2742F68005CFE7A804CE14"><enum>(f)</enum><header>Children's Online Privacy Protection Act of 1998</header><text>Section 1306(b)(2) of the Children's Online Privacy Protection Act of 1998 (<external-xref legal-doc="usc" parsable-cite="usc/15/6505">15 U.S.C. 6505(b)(2)</external-xref>) is amended by striking <quote>Director of the Office of Thrift Supervision</quote> and inserting <quote>Comptroller of the Currency and the Board of Directors of Federal Deposit Insurance Corporation, as applicable,</quote>.</text>
</subsection><subsection commented="no" id="H08490EEF1DCD4BA8BF930858B7FC5BFE"><enum>(g)</enum><header>Community Reinvestment Act of 1977</header><text>The Community Reinvestment Act of 1977 (<external-xref legal-doc="usc" parsable-cite="usc/12/2901">12 U.S.C. 2901</external-xref> et seq.) is amended—</text> <paragraph commented="no" id="H5D5EB8758E26482B9900198653944FC6"><enum>(1)</enum><text>in section 803(1)(C) (<external-xref legal-doc="usc" parsable-cite="usc/12/2902">12 U.S.C. 2902(1)(C)</external-xref>), by striking the period at the end and inserting a semicolon; and</text>
</paragraph><paragraph commented="no" id="H924F2114589B4F1F85C1D96F016851FB"><enum>(2)</enum><text>in section 806 (<external-xref legal-doc="usc" parsable-cite="usc/12/2905">12 U.S.C. 2905</external-xref>), by striking <quote>companies,,</quote> and inserting <quote>companies,</quote>.</text> </paragraph></subsection><subsection commented="no" id="HEF272E22CB8146769003A9EBDDAAA2F8"><enum>(h)</enum><header>Credit Repair Organizations Act</header><text>Section 403(4) of the Credit Repair Organizations Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1679a">15 U.S.C. 1679a(4)</external-xref>) is amended by striking <quote>103(e)</quote> and inserting <quote>103(f)</quote>.</text>
</subsection><subsection id="HF5D489C2EF60475BA21B8CA6E6DF180C"><enum>(i)</enum><header>Depository Institution Management Interlocks Act</header><text>Section 205(9) of the Depository Institution Management Interlocks Act (<external-xref legal-doc="usc" parsable-cite="usc/12/3204">12 U.S.C. 3204(9)</external-xref>) is amended by striking <quote>Director of the Office of Thrift Supervision</quote> and inserting <quote>appropriate Federal banking agency</quote>.</text>
</subsection><subsection id="H078BCA66089B403CBA52B28229775DEB"><enum>(j)</enum><header>Economic Growth and Regulatory Paperwork Reduction Act of 1996</header><text>Section 2227(a)(1) of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (<external-xref legal-doc="usc" parsable-cite="usc/12/252">12 U.S.C. 252(a)(1)</external-xref>) is amended by striking <quote>the Director of the Office of Thrift Supervision,</quote>.</text>
</subsection><subsection id="H4D2F8BDF61B84761A03C9E2EF2602ADF"><enum>(k)</enum><header>Electronic Fund Transfer Act</header><text>The Electronic Fund Transfer Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1693">15 U.S.C. 1693</external-xref> et seq.) is amended—</text> <paragraph id="H9E6CD86DA96F49ADB2C2A261A8512C70"><enum>(1)</enum><text>in section 903 (<external-xref legal-doc="usc" parsable-cite="usc/15/1693a">15 U.S.C. 1693a</external-xref>)—</text>
<subparagraph commented="no" id="H88F250EB47164CBE86256506E8F5C3D6"><enum>(A)</enum><text>in paragraph (2), by striking <quote>103(i)</quote> and inserting <quote>103(j)</quote>; and</text> </subparagraph><subparagraph commented="no" id="H5586E38B88754E34A5D7AE4F9D7ABF59"><enum>(B)</enum><text>by redesignating the first paragraph designated as paragraph (4) (defining the term <term>Board</term>), as paragraph (3);</text>
</subparagraph></paragraph><paragraph id="HC92859E594074FB58E139EB8CA7F48F5"><enum>(2)</enum><text>in section 904(a) (<external-xref legal-doc="usc" parsable-cite="usc/15/1693b">15 U.S.C. 1693b(a)</external-xref>)—</text> <subparagraph id="HE26B4B9B0F3348F393CC86177AA80C4E"><enum>(A)</enum><text>by redesignating the second paragraph designated as paragraph (1) (relating to consultation with other agencies), the second paragraph designated as paragraph (2) (relating to the preparation of an analysis of economic impact), paragraph (3), and paragraph (4), as subparagraphs (A), (B), (C), and (D), respectively, and adjusting the margins accordingly; and</text>
</subparagraph><subparagraph id="H07BC2FC00088451FBBAB86B800443BA4"><enum>(B)</enum><text>by striking <quote>In prescribing such regulations, the Board shall:</quote> and inserting the following:</text> <quoted-block changed="added" committee-id="HBA00" display-inline="no-display-inline" id="HB7AB21E255034D1E9F11DFA0C139D116" reported-display-style="italic" style="OLC"> <paragraph id="HCAC43E161097435D9EFEAB626F19A0E2"><enum>(3)</enum><header>Regulations</header><text>In prescribing regulations under this subsection, the Agency and the Board shall—</text></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph commented="no" id="HDB2B59A956E44306B4AE8983412954AF"><enum>(3)</enum><text>in section 909(c) (<external-xref legal-doc="usc" parsable-cite="usc/15/1693g">15 U.S.C. 1693g(c)</external-xref>), by striking <quote>103(e)</quote> and inserting <quote>103(f)</quote>;</text> </paragraph><paragraph id="HEBC0BB713D7242F782CEDDBE743C7A54"><enum>(4)</enum><text>in section 918(a)(4) (<external-xref legal-doc="usc" parsable-cite="usc/15/1693o">15 U.S.C. 1693o(a)(4)</external-xref>, by striking <quote>Act and</quote> and inserting <quote>Act; and</quote>;</text>
</paragraph><paragraph commented="no" id="H67C5BB88EF47441A94A413DE939C16AD"><enum>(5)</enum><text display-inline="yes-display-inline">by redesignating the section added by section 1073(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (relating to remittance transfers) (<external-xref legal-doc="usc" parsable-cite="usc/15/1693o-1">15 U.S.C. 1693o–1</external-xref>) as section 920 of the Electronic Fund Transfer Act;</text>
</paragraph><paragraph commented="no" id="HFF20F1CF6C1F4D61B03E0B3679FF32C7"><enum>(6)</enum><text display-inline="yes-display-inline">by redesignating the section headed <quote>Relation to State laws</quote> (<external-xref legal-doc="usc" parsable-cite="usc/15/1693q">15 U.S.C. 1693q</external-xref>) as section 921 of the Electronic Fund Transfer Act;</text> </paragraph><paragraph commented="no" id="H49337DC864BA41C2A40B981E274FABB3"><enum>(7)</enum><text display-inline="yes-display-inline">by redesignating the section headed <quote>Exemption for State regulation</quote> (<external-xref legal-doc="usc" parsable-cite="usc/15/1693r">15 U.S.C. 1693r</external-xref>) as section 922 of the Electronic Fund Transfer Act; and</text>
</paragraph><paragraph commented="no" id="HD5C86B29DE4C4A62AB344C8D31195480"><enum>(8)</enum><text display-inline="yes-display-inline">by redesignating the section headed <quote>Effective date</quote> (<external-xref legal-doc="usc" parsable-cite="usc/15/1693">15 U.S.C. 1693</external-xref> note) as section 923 of the Electronic Fund Transfer Act.</text> </paragraph></subsection><subsection id="H26C642C6BA234AA79E3507D834E93D16"><enum>(l)</enum><header>Emergency Economic Stabilization Act of 2008</header><text>Section 101(b) of the Emergency Economic Stabilization Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5211">12 U.S.C. 5211(b)</external-xref>) is amended by striking <quote>the Director of the Office of Thrift Supervision,</quote>.</text>
</subsection><subsection id="HB4EFB77CCE6E4E57801D20E575529B91"><enum>(m)</enum><header>Equal Credit Opportunity Act</header><text>The Equal Credit Opportunity Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1691">15 U.S.C. 1691</external-xref> et seq.) is amended—</text> <paragraph id="H6C46F94297B14FA694C6B90A4243F55F"><enum>(1)</enum><text>in section 703 (<external-xref legal-doc="usc" parsable-cite="usc/15/1691b">15 U.S.C. 1691b</external-xref>)—</text>
<subparagraph id="H0593C707D7B54460BD1DCDD57E1CC612"><enum>(A)</enum><text>in each of subsections (c) and (d), by striking <quote>paragraph</quote> each place that term appears and inserting <quote>subsection</quote>; and</text> </subparagraph><subparagraph id="H2F299A5FA2C947AABCDB5DA1220C7A5F"><enum>(B)</enum><text>in subsection (g), by adding a period at the end;</text>
</subparagraph></paragraph><paragraph commented="no" id="HCB3FE1994B004C5DB5B78C6572B7BAF4"><enum>(2)</enum><text>in section 704 (<external-xref legal-doc="usc" parsable-cite="usc/15/1691c">15 U.S.C. 1691c</external-xref>)—</text> <subparagraph commented="no" id="HCC0FB8B27E294531B6A64326C8AC63F9"><enum>(A)</enum><text>in subsection (a)—</text>
<clause id="H71AA9FE090F147709CC8E0EE3DC1ECA1"><enum>(i)</enum><text>by striking <quote>Consumer Protection Financial Protection Act of 2010 with</quote> and inserting <quote>Consumer Financial Protection Act of 2010, compliance with</quote>;</text> </clause><clause commented="no" id="HE891A458E7484FB49DC911B4D5D00C09"><enum>(ii)</enum><text>in paragraph (1)—</text>
<subclause commented="no" id="HE33FA308368F42BF97895293256766FA"><enum>(I)</enum><text>by striking <quote>section 8</quote> and inserting <quote>Section 8</quote>; and</text> </subclause><subclause commented="no" id="H72C61E4228C34350898717076DCA0EBF"><enum>(II)</enum><text>in subparagraph (C), by striking <quote>banks;</quote> and inserting <quote>banks.</quote>;</text>
</subclause></clause><clause commented="no" id="HF34A5DD482FD4990B6F69A5CDEF76332"><enum>(iii)</enum><text>in each of paragraphs (6) and (7), by striking the semicolon at the end and inserting a period; and</text> </clause><clause commented="no" id="H252C66D50DB94E858799D1D963F906B8"><enum>(iv)</enum><text>in paragraph (8), by striking <quote>; and</quote> and inserting a period; and</text>
</clause></subparagraph><subparagraph commented="no" id="H5CE09B630B994E2FB54BBE1330DBE8DF"><enum>(B)</enum><text>in subsection (c), in the second sentence, by striking <quote>subchapter</quote> and inserting <quote>title</quote>; and</text> </subparagraph></paragraph><paragraph commented="no" id="H0410F4D339BD4EB6839FFC587CA4A17D"><enum>(3)</enum><text>in section 706(k) (<external-xref legal-doc="usc" parsable-cite="usc/15/1691e">15 U.S.C. 1691e(k)</external-xref>), by striking <quote>, (2), or (3)</quote> and inserting <quote>or (2)</quote>.</text>
</paragraph></subsection><subsection id="H7A7CBB29DCA54A57A1F658CE6DB49C39"><enum>(n)</enum><header>Expedited Funds Availability Act</header><text>The Expedited Funds Availability Act (<external-xref legal-doc="usc" parsable-cite="usc/12/4001">12 U.S.C. 4001</external-xref> et seq.) is amended—</text> <paragraph id="H9DBADCDC26F242739EC085A8323B25CC"><enum>(1)</enum><text>in section 605(f)(2)(A) (<external-xref legal-doc="usc" parsable-cite="usc/12/4004">12 U.S.C. 4004(f)(2)(A)</external-xref>), by striking <quote>,,</quote> and inserting a semicolon; and</text>
</paragraph><paragraph id="HEE66403240434EB28132F4939EEA74C1"><enum>(2)</enum><text>in section 610(a)(2) (<external-xref legal-doc="usc" parsable-cite="usc/12/4009">12 U.S.C. 4009(a)(2)</external-xref>), by striking <quote>Director of the Office of Thrift Supervision</quote> and inserting <quote>Comptroller of the Currency and the Board of Directors of the Federal Deposit Insurance Corporation, as appropriate,</quote>.</text>
</paragraph></subsection><subsection id="H08850128204848ADB5F01361CE3C13C3"><enum>(o)</enum><header>Fair Credit Reporting Act</header><text>The Fair Credit Reporting Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1681">15 U.S.C. 1681</external-xref> et seq.) is amended—</text> <paragraph id="HA199A8523C5F4B7D8094C88AC9EB7655"><enum>(1)</enum><text>in section 603 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681a">15 U.S.C. 1681a</external-xref>)—</text>
<subparagraph id="H8D791C9CEE4E4FE5B6FE570FC79DAF4C"><enum>(A)</enum><text>in subsection (d)(2)(D), by striking <quote>(x)</quote> and inserting <quote>(y)</quote>;</text> </subparagraph><subparagraph commented="no" id="H948BA6829D774096B07F4DD2EC55ECEC"><enum>(B)</enum><text>in subsection (q)(5), by striking <quote>103(i)</quote> and inserting <quote>103(j)</quote>; and</text>
</subparagraph><subparagraph id="H5273D8B11F1243038EE50B72177998C4"><enum>(C)</enum><text>in subsection (v), by striking <quote>Bureau</quote> and inserting <quote>Federal Trade Commission</quote>;</text> </subparagraph></paragraph><paragraph id="HAAD07C98987D432DAE62F39D5852FF64"><enum>(2)</enum><text>in section 604 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681b">15 U.S.C. 1681b</external-xref>)—</text>
<subparagraph id="H73013CFF6709444BB4414087070DB6A4"><enum>(A)</enum><text>in subsection (b)—</text> <clause id="H57AB7EA6CDD2423FBE79C684DAD750D1"><enum>(i)</enum><text>in paragraph (2)(B)(i), by striking <quote>section 615(a)(3)</quote> and inserting <quote>section 615(a)(4)</quote>;</text>
</clause><clause commented="no" id="H2314262A4A274DEABB099566AF97DB09"><enum>(ii)</enum><text>in paragraph (3)(B)(ii), by striking <quote>clause (B)(i)(IV)</quote> and inserting <quote>clause (i)(IV)</quote>;</text> </clause><clause commented="no" id="H84E20CA1FDAD47E6A2A6B4B28223A4D7"><enum>(iii)</enum><text>in paragraph (4)(A)(ii), by inserting <quote>and</quote> after the semicolon; and</text>
</clause><clause commented="no" id="H8C433E0D2B5C49EE924F3CEB785E9276"><enum>(iv)</enum><text>by striking <quote>section 609(c)(3)</quote> each place that term appears and inserting <quote>section 609(c)</quote>; and</text> </clause></subparagraph><subparagraph commented="no" id="HD878C3B30B86472CAA468FDBE05D1F28"><enum>(B)</enum><text>in subsection (g)(5), by striking <quote><header-in-text level="paragraph" style="OLC">paragraph (2)</header-in-text>.—</quote> and all that follows through <quote>The Bureau</quote> and inserting <quote><header-in-text level="paragraph" style="OLC">paragraph (2)</header-in-text>.—The Agency</quote>;</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="H98CEDDDBAC4E4759B9A17125E2838E14"><enum>(3)</enum><text>in section 605 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c">15 U.S.C. 1681c</external-xref>)—</text> <subparagraph commented="no" id="H8C1E95354AA945F09CE8A78BD9F376BE"><enum>(A)</enum><text>in subsection (f), by striking <quote>who</quote> and inserting <quote>which</quote>; and</text>
</subparagraph><subparagraph id="HA4029A865DD84B2093A87E5B20D51BCF"><enum>(B)</enum><text>in subsection (h)(2)(A)—</text> <clause id="H370A71BBB4AD4494AC334DA56F8B0665"><enum>(i)</enum><text>by striking <quote>shall,,</quote> and inserting <quote>shall,</quote>; and</text>
</clause><clause id="H3627AEB12C3D456DAD5ECEDD9BAA8982"><enum>(ii)</enum><text>by striking <quote>Commission,,</quote> and inserting <quote>Commission,</quote>;</text> </clause></subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H4ED1470DF7A9439BBC6DF9A0896937FB"><enum>(4)</enum><text display-inline="yes-display-inline">in section 605A(h)(1)(A) (<external-xref legal-doc="usc" parsable-cite="usc/15/1681c-1">15 U.S.C. 1681c–1(h)(1)(A)</external-xref>), by striking <quote>103(i)</quote> and inserting <quote>103(j)</quote>;</text>
</paragraph><paragraph commented="no" id="H13AA306CDFDD497F8A935095196BEB74"><enum>(5)</enum><text display-inline="yes-display-inline">in section 607(e)(3)(A) (<external-xref legal-doc="usc" parsable-cite="usc/15/1681e">15 U.S.C. 1681e(e)(3)(A)</external-xref>), by striking <quote>section 604(b)(4)(E)(i)</quote> and inserting <quote>section 604(b)(4)(D)(i)</quote>;</text> </paragraph><paragraph id="H80C68D79F7CB4CB5B574F5AC8958CFCC"><enum>(6)</enum><text>in section 609 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681g">15 U.S.C. 1681g</external-xref>)—</text>
<subparagraph commented="no" id="H82A9663C95D34AF982762723AD8D80DF"><enum>(A)</enum><text display-inline="yes-display-inline">in subsection (a)(3)(C)(i), by striking <quote>section 604(b)(4)(E)(i)</quote> and inserting <quote>section 604(b)(4)(D)(i)</quote>;</text> </subparagraph><subparagraph id="H3EEE4717FDCC46A5A6A491250C49B864"><enum>(B)</enum><text>in subsection (c)(1)—</text>
<clause id="H59945192135441B3872E4E20922B6FCD"><enum>(i)</enum><text>in the paragraph heading, by striking <quote><header-in-text level="paragraph" style="OLC">Commission</header-in-text></quote> and inserting <quote><header-in-text level="paragraph" style="OLC">Bureau</header-in-text></quote>; and</text> </clause><clause id="H3D0F9DC7780E424296D66FB08096F3AF"><enum>(ii)</enum><text>in subparagraph (B)(vi), by striking <quote>603(w)</quote> and inserting <quote>603(x)</quote>;</text>
</clause></subparagraph><subparagraph commented="no" id="H91DBCDC9CD0F49E9807BAEDFB28CA9FE"><enum>(C)</enum><text>in subsection (e)(2)(B)(ii)(II), by striking <quote>an</quote>; and</text> </subparagraph><subparagraph id="H8CA34E268E9040E9B800B36A37FFDC7C"><enum>(D)</enum><text>by striking <quote>The Commission</quote> each place that term appears and inserting <quote>The Bureau</quote>;</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H6E90F75440EC4ADCA286580222127682"><enum>(7)</enum><text>in section 610 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681h">15 U.S.C. 1681h</external-xref>)—</text> <subparagraph commented="no" id="H38A51DA0B3C543B191E0D51165237937"><enum>(A)</enum><text>in subsection (b)(1), by inserting <quote>section</quote> after <quote>under</quote>; and</text>
</subparagraph><subparagraph commented="no" id="H4D760652D1FD4F7C952686E275300526"><enum>(B)</enum><text>in subsection (e), by inserting a comma after <quote>on the report</quote>;</text> </subparagraph></paragraph><paragraph id="H164F4A770B254F35BF46A4A63DA6B1B8"><enum>(8)</enum><text>in section 611 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681i">15 U.S.C. 1681i</external-xref>), by striking <quote>The Commission</quote> each place that term appears and inserting <quote>The Agency</quote>;</text>
</paragraph><paragraph id="H100B4FBAC7BF4AA596811DF62D3FB703"><enum>(9)</enum><text>in section 612 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681j">15 U.S.C. 1681j</external-xref>)—</text> <subparagraph id="HB4543209CAFA4BFDBF8F388D4246182D"><enum>(A)</enum><text>in subsection (a)(1)—</text>
<clause id="HF884B1465F704E34B9749E1C3DFA6BEA"><enum>(i)</enum><text>by striking <quote>(w)</quote> and inserting <quote>(x)</quote>; and</text> </clause><clause commented="no" id="HB22AA6E9E71A4A1FB91CB3A5D634984F"><enum>(ii)</enum><text display-inline="yes-display-inline">in subparagraph (C), by striking <quote>603(w)</quote> each place that term appears and inserting <quote>603(x)</quote>;</text>
</clause></subparagraph><subparagraph commented="no" id="H276EB420C2C54326B10A01B5D8607781"><enum>(B)</enum><text>in subsection (g), by striking <quote>televison</quote> and inserting <quote>television</quote>; and</text> </subparagraph><subparagraph id="HFD632E0181034E96AC087E38FC585DEA"><enum>(C)</enum><text>by striking <quote>The Commission</quote> each place that term appears and inserting <quote>The Bureau</quote>;</text>
</subparagraph></paragraph><paragraph id="HB3870A5EE2354815A5CF6C45885E74A7"><enum>(10)</enum><text>in section 621 (<external-xref legal-doc="usc" parsable-cite="usc/15/1681s">15 U.S.C. 1681s</external-xref>)—</text> <subparagraph id="H5ADD3C9267C0436198955A6B3E13BA51"><enum>(A)</enum><text>in subsection (a)(1), in the first sentence, by striking <quote>, subsection (b)</quote>;</text>
</subparagraph><subparagraph id="HE18D3A27A2104C75B68ADC55C5D6FEB7"><enum>(B)</enum><text>in subsection (e)(2), by inserting a period after <quote>provisions of this title</quote>; and</text> </subparagraph><subparagraph id="H5175844398CB478A9A547E919FEE918B"><enum>(C)</enum><text>in subsection (f)(2), by striking <quote>The Commission</quote> and inserting <quote>The Agency</quote> and</text>
</subparagraph></paragraph><paragraph commented="no" id="H597DD16B91994E0F9CAD1FC4F4735858"><enum>(11)</enum><text display-inline="yes-display-inline">in section 623(a)(5) (<external-xref legal-doc="usc" parsable-cite="usc/15/1681s-2">15 U.S.C. 1681s–2(a)(5)</external-xref>), by striking <quote><header-in-text level="paragraph" style="OLC">of accounts.—</header-in-text><header-in-text level="subparagraph" style="OLC"><enum-in-header>(A) </enum-in-header>In general.—</header-in-text>A person</quote> and inserting</text> <quoted-block changed="added" committee-id="HBA00" display-inline="yes-display-inline" id="H6AC0EB6F88CD405183841918F10DDB4F" reported-display-style="italic" style="OLC"> <text><header-in-text level="paragraph" style="OLC">of accounts.—</header-in-text></text><subparagraph commented="no" id="HEC41CFD28420472BA71442A8920C9A3F"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">A person</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection commented="no" id="H2984729FAFE54408B08A725D00B1CBC9"><enum>(p)</enum><header>Federal Credit Union Act</header><text>Section 206(g)(7)(D)(iv) of the Federal Credit Union Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1786">12 U.S.C. 1786(g)(7)(D)(iv)</external-xref>) is amended by striking the semicolon at the end and inserting a period.</text>
</subsection><subsection commented="no" id="HBBB972DDF7EA4AD6ADFD889F2A39844E"><enum>(q)</enum><header>Federal Deposit Insurance Act</header><text>The Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1811">12 U.S.C. 1811</external-xref> et seq.) is amended—</text> <paragraph commented="no" id="HF5238435700B40F99AD4812968C98620"><enum>(1)</enum><text>in section 3(q)(2)(C) (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813(q)(2)(C)</external-xref>), by adding <quote>and</quote> at the end;</text>
</paragraph><paragraph id="H59919B803BC648C1BAEAD12F48D91820"><enum>(2)</enum><text>in section 7 (<external-xref legal-doc="usc" parsable-cite="usc/12/1817">12 U.S.C. 1817</external-xref>)—</text> <subparagraph id="H5C11362399D44B9F8008B3447B94EB0A"><enum>(A)</enum><text>in subsection (b)(2)—</text>
<clause id="HB059E66B202E4F409C9327D30FF25756"><enum>(i)</enum><text>in subparagraph (A), by striking <quote>(D)</quote> and inserting <quote>(C)</quote>; and</text> </clause><clause id="HC79AF5F435A54A92A166AA42836B4FA8"><enum>(ii)</enum><text>by redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively; and</text>
</clause></subparagraph><subparagraph id="H0E6D22D8D878473E9FCDAA628B6EEE35"><enum>(B)</enum><text>in subsection (e)(2)(C), by adding a period at the end;</text> </subparagraph></paragraph><paragraph id="H62C3FDF2105242EC9C18BD0D0B325141"><enum>(3)</enum><text>in section 8 (<external-xref legal-doc="usc" parsable-cite="usc/12/1818">12 U.S.C. 1818</external-xref>)—</text>
<subparagraph id="H9B3831248A55442383D0F6D134FF519D"><enum>(A)</enum><text>in subsection (b)(3), by striking <quote>Act))</quote> and inserting <quote>Act)</quote>; and</text> </subparagraph><subparagraph commented="no" id="H81BC8C9F24AA4CED8CFD9573F8286C1C"><enum>(B)</enum><text>in subsection (t)(2)(C), by striking <quote>depositors or</quote> and inserting <quote>depositors; or</quote>;</text>
</subparagraph></paragraph><paragraph commented="no" id="H463C32EC4B6847DF938C0A462B3ADD3D"><enum>(4)</enum><text>in section 11 (<external-xref legal-doc="usc" parsable-cite="usc/12/1821">12 U.S.C. 1821</external-xref>)—</text> <subparagraph commented="no" id="H0791B49819574F8790D0525DCE0F69E8"><enum>(A)</enum><text>in subsection (d)(2)(I)(ii), by striking <quote>and section 21A(b)(4)</quote>; and</text>
</subparagraph><subparagraph commented="no" id="H91BAB197C0C4435E97AE41C95F4FFB34"><enum>(B)</enum><text>in subsection (m), in each of paragraphs (16) and (18), by striking the comma after <quote>Comptroller of the Currency</quote> each place it appears; and</text> </subparagraph></paragraph><paragraph commented="no" id="HF625B0D051B74CED9483E3D8EAEE2211"><enum>(5)</enum><text>in section 26(a) (<external-xref legal-doc="usc" parsable-cite="usc/12/1831c">12 U.S.C. 1831c(a)</external-xref>), by striking <quote>Holding Company Act</quote> each place that term appears and inserting <quote>Holding Company Act of 1956</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HF0794322BE80456D91995D3C371C13C3"><enum>(r)</enum><header display-inline="yes-display-inline">Federal Fire Prevention and Control Act of 1974</header><text display-inline="yes-display-inline">Section 31(a)(5)(B) of the Federal Fire Prevention and Control Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/15/2227">15 U.S.C. 2227(a)(5)(B)</external-xref>) is amended by striking <quote>the Federal Deposit Insurance Corporation</quote> and all that follows through the period and inserting “or the Federal Deposit Insurance Corporation under the affordable housing program under section 40 of the Federal Deposit Insurance Act.”.</text>
</subsection><subsection id="HF383F430779D488C8428D751DC1E79E5"><enum>(s)</enum><header>Federal Home Loan Bank Act</header><text>The Federal Home Loan Bank Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1421">12 U.S.C. 1421</external-xref> et seq.) is amended—</text> <paragraph id="H99B1E293346B42EE89C1CB4DF80C2F2B"><enum>(1)</enum><text>in section 10(h)(1) (<external-xref legal-doc="usc" parsable-cite="usc/12/1430">12 U.S.C. 1430(h)(1)</external-xref>), by striking <quote>Director of the Office of Thrift Supervision</quote> and inserting <quote>Comptroller of the Currency or the Board of Directors of the Federal Deposit Insurance Corporation, as applicable</quote>; and</text>
</paragraph><paragraph id="H8D6F9DA0DC7443458D7B18927F9611CE"><enum>(2)</enum><text>in section 22(a) (<external-xref legal-doc="usc" parsable-cite="usc/12/1442">12 U.S.C. 1442(a)</external-xref>)—</text> <subparagraph commented="no" id="HF0967683BFD44F1587651D72F6FA5146"><enum>(A)</enum><text>in the matter preceding paragraph (1), by striking <quote>Comptroller of the Currency</quote> and all that follows through <quote>Supervision</quote> and inserting <quote>Comptroller of the Currency, the Chairman of the Board of Governors of the Federal Reserve System, the Chairperson of the Federal Deposit Insurance Corporation, and the Chairman of the National Credit Union Administration</quote>; and</text>
</subparagraph><subparagraph commented="no" id="HD77547ECA0194BF980D5D9254B4C0618"><enum>(B)</enum><text display-inline="yes-display-inline">in the undesignated matter following paragraph (2), by striking <quote>Comptroller of the Currency</quote> and all that follows through <quote>Supervision</quote> and inserting <quote>Comptroller of the Currency, the Chairman of the Board of Governors of the Federal Reserve System, and the Chairman of the National Credit Union Administration</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="HD34B498EA94D4137B420984D2E5FB9E8"><enum>(t)</enum><header>Federal Reserve Act</header><text display-inline="yes-display-inline">Paragraph (8)(B) of section 11(s) of the Federal Reserve Act (headed <quote>Federal Reserve Transparency and Release of Information</quote>) (<external-xref legal-doc="usc" parsable-cite="usc/12/248">12 U.S.C. 248</external-xref>) is amended by striking <quote>this section</quote> and inserting <quote>this subsection</quote>.</text> </subsection><subsection commented="no" id="H143455A32DBA42FD90B74D32FB959190"><enum>(u)</enum><header>Financial Institutions Reform, Recovery, and Enforcement Act of 1989</header><text>The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (<external-xref legal-doc="public-law" parsable-cite="pl/101/73">Public Law 101–73</external-xref>; 103 Stat. 183) is amended in section 1121(6) (<external-xref legal-doc="usc" parsable-cite="usc/12/3350">12 U.S.C. 3350(6)</external-xref>), by striking <quote>the Office of Thrift Supervision,</quote>.</text>
</subsection><subsection id="HC10027EA819D41A7815D232962AF76BA"><enum>(v)</enum><header>Gramm-Leach-Bliley Act</header><text>The Gramm-Leach-Bliley Act (<external-xref legal-doc="public-law" parsable-cite="pl/106/102">Public Law 106–102</external-xref>; 113 Stat. 1338) is amended—</text> <paragraph id="H47B58BB215A942C7B7C1BF13531D8A4B"><enum>(1)</enum><text>in section 132(a) (<external-xref legal-doc="usc" parsable-cite="usc/12/1828b">12 U.S.C. 1828b(a)</external-xref>), by striking <quote>the Director of the Office of Thrift Supervision,</quote>;</text>
</paragraph><paragraph id="H4E49CAEDD4AA44F79947D004CAFD03B2"><enum>(2)</enum><text>in section 206(a) (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c</external-xref> note), by striking <quote>Except as provided in subsection (e), for</quote> and inserting <quote>For</quote>;</text> </paragraph><paragraph commented="no" id="H90C66E79AD2340DCB135DA21FA0355C8"><enum>(3)</enum><text>in section 502(e)(5) (<external-xref legal-doc="usc" parsable-cite="usc/15/6802">15 U.S.C. 6802(e)(5)</external-xref>), by striking <quote>a Federal</quote> and inserting <quote>, a Federal</quote>;</text>
</paragraph><paragraph id="H11A6EF32BD434D16AE29F8A0A3A63235"><enum>(4)</enum><text>in section 504(a)(2) (<external-xref legal-doc="usc" parsable-cite="usc/15/6804">15 U.S.C. 6804(a)(2)</external-xref>), by striking <quote>and, as appropriate, and with</quote> and inserting <quote>and, as appropriate, with</quote>;</text> </paragraph><paragraph id="HDD38F1FE1D804DA0BDC82D700B583A38"><enum>(5)</enum><text>in section 509(2) (<external-xref legal-doc="usc" parsable-cite="usc/15/6809">15 U.S.C. 6809(2)</external-xref>)—</text>
<subparagraph id="H90F0FF7DF5674CCB8A86CEFF0453FDF1"><enum>(A)</enum><text>by striking subparagraph (D); and</text> </subparagraph><subparagraph id="HCFB23A744D46463EBACDE42CE45036D7"><enum>(B)</enum><text>by redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively; and</text>
</subparagraph></paragraph><paragraph id="H5221EDE868DD4DF1BB45D0166BE06304"><enum>(6)</enum><text>in section 522(b)(1)(A)(iv) (<external-xref legal-doc="usc" parsable-cite="usc/15/6822">15 U.S.C. 6822(b)(1)(A)(iv)</external-xref>), by striking <quote>Director of the Office of Thrift Supervision</quote> and inserting <quote>Comptroller of the Currency and the Board of Directors of the Federal Deposit Insurance Corporation, as appropriate</quote>.</text>
</paragraph></subsection><subsection id="H1944F3F0ABCC4FDEAF6436A6FCDEE669"><enum>(w)</enum><header>Helping Families Save Their Homes Act of 2009</header><text>Section 104 of the Helping Families Save Their Homes Act of 2009 (<external-xref legal-doc="usc" parsable-cite="usc/12/1715z-25">12 U.S.C. 1715z–25</external-xref>) is amended—</text> <paragraph id="H0AF8D3CA19FB4A96B57438325BFDC387"><enum>(1)</enum><text>in subsection (a)—</text>
<subparagraph id="HBF0AF25A00E04098AA304E74EC019D21"><enum>(A)</enum><text>by striking <quote>and the Director of the Office of Thrift Supervision, shall jointly</quote> and inserting <quote>shall</quote>;</text> </subparagraph><subparagraph id="HE45B8F3117A24CE2AB44A2DBF381BCD8"><enum>(B)</enum><text>by striking <quote>and the Office of Thrift Supervision</quote>; and</text>
</subparagraph><subparagraph id="H1AC4C9E3E5184BBF9A3ABFB926B682CE"><enum>(C)</enum><text>by striking <quote>each such</quote> and inserting <quote>such</quote>; and</text> </subparagraph></paragraph><paragraph id="H4C11546E586D40DFB6130A371A3971A7"><enum>(2)</enum><text>in subsection (b)(1)—</text>
<subparagraph id="H42705B3B33AA4E7A86B5CB41AADA81B5"><enum>(A)</enum><text>in subparagraph (A)—</text> <clause id="HAB6D75EE866A436A823B2EAC608EBDC5"><enum>(i)</enum><text>in the first sentence—</text>
<subclause id="HE3BB550300B74F94892FAECABD8FA25D"><enum>(I)</enum><text>by striking <quote>and the Director of the Office of Thrift Supervision,</quote>; and</text> </subclause><subclause id="HFF34B65409A0435DB90927C5C6548073"><enum>(II)</enum><text>by striking <quote>or the Director</quote>;</text>
</subclause></clause><clause id="H812D7E87D5D04F2680DE0F9B23CBB1A9"><enum>(ii)</enum><text>in the second sentence, by striking <quote>and the Director of the Office of Thrift Supervision</quote>; and</text> </clause></subparagraph><subparagraph id="H278422E762D1468FA0CA2EC1E24810D0"><enum>(B)</enum><text>in subparagraph (B), by striking <quote>and the Director of the Office of Thrift Supervision</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="H5FC896727CA1401D902B684280285EA4"><enum>(x)</enum><header>Home Mortgage Disclosure Act of 1975</header><text>The Home Mortgage Disclosure Act of 1975 (<external-xref legal-doc="usc" parsable-cite="usc/12/2801">12 U.S.C. 2801</external-xref> et seq.) is amended—</text> <paragraph id="H1AE11DF5A57A44D180CAA91A432E21E8"><enum>(1)</enum><text>in section 304—</text>
<subparagraph id="H61ACD74AECD042348212D04CAEC42563"><enum>(A)</enum><text>in subsection (b)(5)(A), by striking <quote>15 U.S.C. 1602(aa)(4)</quote> and inserting <quote>section 103(aa)(4) of the Truth in Lending Act</quote>; and</text> </subparagraph><subparagraph id="HD72192DA8167401C88236AE2B7376CD6"><enum>(B)</enum><text>in subsection (j)(3) (<external-xref legal-doc="usc" parsable-cite="usc/12/2803">12 U.S.C. 2803(j)(3)</external-xref>), by adding a period at the end; and</text>
</subparagraph></paragraph><paragraph id="H293FC587767243878278E17E79075C09"><enum>(2)</enum><text>in section 305(b)(1)(A)(iii) (<external-xref legal-doc="usc" parsable-cite="usc/12/2804">12 U.S.C. 2804(b)(1)(A)(iii)</external-xref>), by striking <quote>bank as,</quote> and inserting <quote>bank, as</quote>.</text> </paragraph></subsection><subsection id="H87B4046791F04D13B6DD077D142F73DF"><enum>(y)</enum><header>Home Owners' Loan Act</header><text>The Home Owners' Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1461">12 U.S.C. 1461</external-xref> et seq.) is amended—</text>
<paragraph id="H12AC8C7DF1704685B5156A58B4D0C2DF"><enum>(1)</enum><text>in section 5 (<external-xref legal-doc="usc" parsable-cite="usc/12/1464">12 U.S.C. 1464</external-xref>)—</text> <subparagraph id="H5691951945D14C5AA2D57E72E5670F18"><enum>(A)</enum><text>in subsection (d)(2)(E)(ii)—</text>
<clause id="HCD242C955103472CB98BD0AD0CA027D0"><enum>(i)</enum><text>in the first sentence, by striking <quote>Except as provided in section 21A of the Federal Home Loan Bank Act, the</quote> and inserting <quote>The</quote>; and</text> </clause><clause id="H21F168A06A1A4C88B1EB9750A6EB2ABF"><enum>(ii)</enum><text>by striking <quote>, at the Director’s discretion,</quote>;</text>
</clause></subparagraph><subparagraph id="HAD60971897A946C395035F8F1608AC8C"><enum>(B)</enum><text>in subsection (i)(6), by striking <quote>the Office of Thrift Supervision or</quote>;</text> </subparagraph><subparagraph id="H6B791D336B044229946774F93ABF09A3"><enum>(C)</enum><text>in subsection (m), by striking <quote>Director's</quote> each place that term appears and inserting <quote>appropriate Federal banking agency's</quote>;</text>
</subparagraph><subparagraph id="HD4A8F2BCC49249A18EB4B29A8A8D009F"><enum>(D)</enum><text>in subsection (n)(9)(B), by striking <quote>Director’s</quote> and inserting <quote>Comptroller’s</quote>; and</text> </subparagraph><subparagraph id="H7FA2D5A7ACF945609ED434F78F018B5C"><enum>(E)</enum><text>in subsection (s)—</text>
<clause id="HA73B4FE6B1CC493BAEB1687A7861AF9B"><enum>(i)</enum><text>in paragraph (1)—</text> <subclause id="H0D983913308A4486BE5DA872F9B0AED3"><enum>(I)</enum><text>in the matter preceding subparagraph (A), by striking <quote>of such Act)</quote> and all that follows through <quote>shall require</quote> and inserting <quote>of such Act), the appropriate Federal banking agency shall require</quote>; and</text>
</subclause><subclause id="HCF542C08D2434110BBDD62551779CA5B"><enum>(II)</enum><text>in subparagraph (B), by striking <quote>other methods</quote> and all that follows through <quote>determines</quote> and inserting <quote>other methods as the appropriate Federal banking agency determines</quote>;</text> </subclause></clause><clause id="HC869E9C0B6B046B99F7BC90A71704346"><enum>(ii)</enum><text>in paragraph (2)—</text>
<subclause id="HFAE41F8B22F54CA99E5541EC1763A026"><enum>(I)</enum><text>by striking <quote><header-in-text level="paragraph" style="OLC">determined</header-in-text></quote> and all that follows through <quote>may, consistent</quote> and inserting <quote><header-in-text level="paragraph" style="OLC">determined by appropriate federal banking agency case-by-case</header-in-text>.—The appropriate Federal banking agency may, consistent</quote>; and</text> </subclause><subclause id="H16D90D23D1D147B9840526B7ED8F3FB6"><enum>(II)</enum><text>by striking <quote>capital-to-assets</quote> and all that follows through <quote>determines to be necessary</quote> and inserting <quote>capital-to-assets as the appropriate Federal banking agency determines to be necessary</quote>;</text>
</subclause></clause></subparagraph></paragraph><paragraph id="HD8A42689A451445FABD909F2E5A4DAEF"><enum>(2)</enum><text>in section 6(c) (<external-xref legal-doc="usc" parsable-cite="usc/12/1465">12 U.S.C. 1465(c)</external-xref>), by striking <quote>sections</quote> and inserting <quote>section</quote>;</text> </paragraph><paragraph id="HBB89758701004FF693529E34EE899A41"><enum>(3)</enum><text>in section 10 (<external-xref legal-doc="usc" parsable-cite="usc/12/1467a">12 U.S.C. 1467a</external-xref>)—</text>
<subparagraph id="H8B1DD2C8B254411082C3338868FFC305"><enum>(A)</enum><text>in subsection (b)(6), by striking <quote>time</quote> and all that follows through <quote>release</quote> and inserting <quote>time, upon the motion or application of the Board, release</quote>;</text> </subparagraph><subparagraph id="H17ED35C53E4C4FCBBB8155866E9EB4EA"><enum>(B)</enum><text>in subsection (c)(2)(H)—</text>
<clause id="HBDC1B9D83753448D8289D56148265167"><enum>(i)</enum><text>in the matter preceding clause (i)—</text> <subclause id="H158F1A08767A4D5D98A52B7A1C27D1C5"><enum>(I)</enum><text>by striking <quote>1841(p))</quote> and inserting <quote>1841(p)))</quote>; and</text>
</subclause><subclause id="H75C4F2C3490546DD979086453BFA36EB"><enum>(II)</enum><text>by inserting <quote>(<external-xref legal-doc="usc" parsable-cite="usc/12/1843">12 U.S.C. 1843(k)</external-xref>)</quote> before <quote>if—</quote>; and</text> </subclause></clause><clause id="H24BC79B7CDAA460F80DECE9004BEC31A"><enum>(ii)</enum><text>in clause (i), by inserting <quote>of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1843">12 U.S.C. 1843(l)</external-xref> and (m))</quote> after <quote>Company Act</quote>; and</text>
</clause></subparagraph><subparagraph id="HBED9F9B5F9D54DF48EEE8B948EE14AFA"><enum>(C)</enum><text>in subsection (e)(7)(B)(iii)—</text> <clause id="HA69E40C03CCD4BBE987C47DD7868AB9E"><enum>(i)</enum><text>by striking <quote>Board of the Office of Thrift Supervision</quote> and inserting <quote>Director of the Office of Thrift Supervision</quote>; and</text>
</clause><clause id="HD7B0F0F6A7704F0582ACBABB5E767D9E"><enum>(ii)</enum><text>by inserting <quote>, as defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (<external-xref legal-doc="usc" parsable-cite="usc/12/5301">12 U.S.C. 5301</external-xref>)</quote> after <quote>transfer date</quote>; and</text>
</clause></subparagraph></paragraph><paragraph id="H244E061601EE4558BE39AF1AD213FACD"><enum>(4)</enum><text>in section 13 (<external-xref legal-doc="usc" parsable-cite="usc/12/1468b">12 U.S.C. 1468b</external-xref>), by striking <quote>the a</quote> and inserting <quote>a</quote>.</text> </paragraph></subsection><subsection id="HD11C723181934F3A88B705AAC853FD13"><enum>(z)</enum><header>Housing act of 1948</header><text>Section 502(c)(3) of the Housing Act of 1948 (<external-xref legal-doc="usc" parsable-cite="usc/12/1701c">12 U.S.C. 1701c(c)(3)</external-xref>) is amended by striking <quote>Federal Home Loan Bank Agency</quote> and inserting <quote>Federal Housing Finance Agency</quote>.</text>
</subsection><subsection commented="no" id="HB80289D671DA4C5A992075600DDC1086"><enum>(aa)</enum><header>Housing and Urban Development Act of 1968</header><text>Section 106(h)(5) of the Housing and Urban Development Act of 1968 (<external-xref legal-doc="usc" parsable-cite="usc/12/1701x">12 U.S.C. 1701x(h)(5)</external-xref>) is amended by striking <quote>authorised</quote> and inserting <quote>authorized</quote>.</text>
</subsection><subsection id="H670409B490434EBFA56F0A075D70B414"><enum>(bb)</enum><header>International Banking Act of 1978</header><text>Section 15 of the International Banking Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3109">12 U.S.C. 3109</external-xref>) is amended—</text> <paragraph id="HCE50766C6FC44FE1BD49054E27C80D10"><enum>(1)</enum><text>in each of subsections (a) and (b)—</text>
<subparagraph id="HA70B9319585A4D539A4D76FCDC4846EC"><enum>(A)</enum><text>by striking <quote>, and Director of the Office of Thrift Supervision</quote> each place that term appears; and</text> </subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H5A3E6833DF734687978F5769F8CB1AB5"><enum>(B)</enum><text>by inserting <quote>and</quote> before <quote>Federal Deposit</quote> each place that term appears;</text>
</subparagraph></paragraph><paragraph id="H979A95BA48204EEEA0B60E6A337006AA"><enum>(2)</enum><text>in subsection (a), by striking <quote>Comptroller, Corporation, or Director</quote> and inserting <quote>Comptroller of the Currency, or Corporation</quote>; and</text> </paragraph><paragraph id="H8092E10AF944427799AFC509E741B0F6"><enum>(3)</enum><text>in subsection (c)(4)—</text>
<subparagraph id="H28D23ABCC30D4A129E88197753B5008E"><enum>(A)</enum><text>by inserting <quote>and</quote> before <quote>the Federal Deposit</quote>; and</text> </subparagraph><subparagraph id="H3F924D5E12654370B14A947AA549951D"><enum>(B)</enum><text>by striking <quote>, and the Director of the Office of Thrift Supervision</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="H228AA03FAD9E4962A448C9C3DF4A345D"><enum>(cc)</enum><header>International Lending Supervision Act of 1983</header><text>Section 912 of the International Lending Supervision Act of 1983 (<external-xref legal-doc="usc" parsable-cite="usc/12/3911">12 U.S.C. 3911</external-xref>) is amended—</text> <paragraph id="H57504356A88E46F1A4E54808D98AEDA0"><enum>(1)</enum><text>by amending the section heading to read as follows: <quote><header-in-text level="section" style="OLC">Equal representation for Federal Deposit Insurance Corporation</header-in-text></quote>;</text>
</paragraph><paragraph id="H2BB9706774224F93B7D6C6246E3B4994"><enum>(2)</enum><text>by striking <quote>(a) <header-in-text level="subsection" style="OLC">In general</header-in-text>.—</quote>; and</text> </paragraph><paragraph id="H0D843617C3CA4DC2B0125E592D93BD6F"><enum>(3)</enum><text>by striking subsection (b).</text>
</paragraph></subsection><subsection id="H79B5A126FBD14845B713CCE47ED06FCC"><enum>(dd)</enum><header>Interstate Land Sales Full Disclosure Act</header><text>The Interstate Land Sales Full Disclosure Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1701">15 U.S.C. 1701</external-xref> et seq.) is amended in each of section 1411(b) (<external-xref legal-doc="usc" parsable-cite="usc/15/1710">15 U.S.C. 1710(b)</external-xref>) and subsections (b)(4) and (d) of section 1418a (<external-xref legal-doc="usc" parsable-cite="usc/15/1717a">15 U.S.C. 1717a</external-xref>), by striking <quote>Secretary’s</quote> each place that term appears and inserting <quote>Director’s</quote>.</text>
</subsection><subsection id="H73FE853DE5824AA08E045450E0B21ED5"><enum>(ee)</enum><header>Legal Certainty for Bank Products Act of 2000</header><text>Section 403(b)(1) of the Legal Certainty for Bank Products Act of 2000 (<external-xref legal-doc="usc" parsable-cite="usc/7/27a">7 U.S.C. 27a(b)(1)</external-xref>) is amended by striking <quote>that section</quote> and inserting <quote>section</quote>.</text>
</subsection><subsection id="H16D4C946FDD74CADAE02365901C4FFB8"><enum>(ff)</enum><header>Public law 93–495</header><text>Section 111 of <external-xref legal-doc="public-law" parsable-cite="pl/93/495">Public Law 93–495</external-xref> (<external-xref legal-doc="usc" parsable-cite="usc/12/250">12 U.S.C. 250</external-xref>) is amended by striking <quote>the Director of the Office of Thrift Supervision,</quote>.</text> </subsection><subsection id="H8646E484AA904426BA811B2799A99831"><enum>(gg)</enum><header>Revised Statutes of the United States</header><text>Section 5136C(i) of the Revised Statutes of the United States (<external-xref legal-doc="usc" parsable-cite="usc/12/25b">12 U.S.C. 25b(i)</external-xref>) is amended by striking <quote><header-in-text level="subsection" style="OLC">powers</header-in-text>.—</quote> and all that follows through <quote>In accordance</quote> and inserting <quote><header-in-text level="subsection" style="OLC">powers</header-in-text>.—In accordance</quote>.</text>
</subsection><subsection id="H5114CA76A6704E52BF13B83AF068ED8A"><enum>(hh)</enum><header>Riegle Community Development and Regulatory Improvement Act of 1994</header><text>Section 117(e) of the Riegle Community Development and Regulatory Improvement Act of 1994 (<external-xref legal-doc="usc" parsable-cite="usc/12/4716">12 U.S.C. 4716(e)</external-xref>) is amended by striking <quote>the Director of the Office of Thrift Supervision,</quote>.</text>
</subsection><subsection id="H8AA13021739D4982AF0250C86C341117"><enum>(ii)</enum><header>S.A.F.E. Mortgage Licensing Act of 2008</header><text>Section 1514 of the S.A.F.E. Mortgage Licensing Act of 2008 (<external-xref legal-doc="usc" parsable-cite="usc/12/5113">12 U.S.C. 5113</external-xref>) is amended in each of subsections (b)(5) and (c)(4)(C), by striking <quote>Secretary’s</quote> each place that term appears and inserting <quote>Director’s</quote>.</text>
</subsection><subsection commented="no" id="H1476C9CF4C3E4CD6AB1E988C8AF967A4"><enum>(jj)</enum><header>Securities Exchange Act of 1934</header><text>The Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78a">15 U.S.C. 78a</external-xref> et seq.) is amended—</text> <paragraph commented="no" id="HC475EF555ECB4C2C84F71A00C3A26B5A"><enum>(1)</enum><text>in section 3C(g)(4)(B)(v) (<external-xref legal-doc="usc" parsable-cite="usc/15/78c-3">15 U.S.C. 78c–3(g)(4)(B)(v)</external-xref>), by striking <quote>of that Act</quote> and inserting <quote>of that section</quote>;</text>
</paragraph><paragraph commented="no" id="HD1CDA7702D5441FD9CA24581C6678D35"><enum>(2)</enum><text>in section 3D(d)(10)(A) (<external-xref legal-doc="usc" parsable-cite="usc/15/78c-4">15 U.S.C. 78c–4(d)(10)(A)</external-xref>), by striking <quote>taking</quote> and inserting <quote>take</quote>;</text> </paragraph><paragraph commented="no" id="H4F92BA536C0C447F8168946E8E92620E"><enum>(3)</enum><text>in section 3E(b)(1) (<external-xref legal-doc="usc" parsable-cite="usc/15/78c-5">15 U.S.C. 78c–5(b)(1)</external-xref>), by striking <quote>though</quote> and inserting <quote>through</quote>;</text>
</paragraph><paragraph commented="no" id="H6AE3EFE64ED54642AE6D4AB8419D526B"><enum>(4)</enum><text>in section 4(g)(8)(A) (<external-xref legal-doc="usc" parsable-cite="usc/15/78d">15 U.S.C. 78d(g)(8)(A)</external-xref>), by striking <quote>(2)(A)(i)</quote> and inserting <quote>(2)(A)(ii)</quote>;</text> </paragraph><paragraph commented="no" id="H6305CDDA19774DE484D2FBFE70CBD128"><enum>(5)</enum><text>in section 15 (<external-xref legal-doc="usc" parsable-cite="usc/15/78o">15 U.S.C. 78o</external-xref>)—</text>
<subparagraph commented="no" id="H7E0E6CC0CF604BB3A093207F23F3DAEB"><enum>(A)</enum><text>in each of subparagraphs (B)(ii) and (C) of subsection (b)(4), by striking <quote>dealer municipal advisor,,</quote> and inserting <quote>dealer, municipal advisor,</quote>;</text> </subparagraph><subparagraph commented="no" id="H758488BF849E4412AE67A13BA6574EE2"><enum>(B)</enum><text>by redesignating subsection (j) (relating to the authority of the Commission) as subsection (p) and moving that subsection to the end;</text>
</subparagraph><subparagraph commented="no" id="HA301DDE1CBBE437B821FD6A42EF53D56"><enum>(C)</enum><text>as amended by section 841(d), by redesignating the section subsection (k) and second subsection (l) (relating to standard of conduct and other matters, respectively), as added by section 913(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1828), as subsections (q) and (r), respectively and moving those subsections to the end; and</text>
</subparagraph><subparagraph commented="no" id="HD054D598A61744DA97055D9EAC7AA10B"><enum>(D)</enum><text>in subsection (m), by inserting <quote>the</quote> before <quote>same extent</quote>;</text> </subparagraph></paragraph><paragraph commented="no" id="H385CEAC52E1147F8ADB772C1B0047880"><enum>(6)</enum><text>in section 15F(h) (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-10">15 U.S.C. 78o–10(h)</external-xref>)—</text>
<subparagraph commented="no" id="H3A4EEB55DCB54B279A5F3A5FD8110FA2"><enum>(A)</enum><text>in paragraph (2)(A), by inserting “a” after “that acts as an advisor to”;</text> </subparagraph><subparagraph id="HC1B6C48828ED44FFB484BC7ADD390EB1"><enum>(B)</enum><text>in paragraph (2)(B), by inserting <quote>a</quote> after <quote>offers to enter into</quote>; and</text>
</subparagraph><subparagraph id="HE5C2A3A22256401DB522840E779C3946"><enum>(C)</enum><text>in paragraph (5)(A)(i)—</text> <clause id="HD8FF8577F7CD4E4F876F788C697FA7BD"><enum>(i)</enum><text>by inserting <quote>(A)</quote> after <quote>(18)</quote>; and</text>
</clause><clause id="HE254E5DAE6C444CA9BD10B0A5A34FF99"><enum>(ii)</enum><text>in subclause (VII), by striking <quote>act of</quote> and inserting <quote>Act of</quote>;</text> </clause></subparagraph></paragraph><paragraph commented="no" id="HFC30FF70029044AE84C2FB983BD6520E"><enum>(7)</enum><text>in section 15G (<external-xref legal-doc="usc" parsable-cite="usc/15/78o-11">15 U.S.C. 78o–11</external-xref>)—</text>
<subparagraph commented="no" id="H142302AF02D54ADBA89BAA10836419C8"><enum>(A)</enum><text>in subsection (b)(2), by inserting <quote>Board of Directors of the</quote> before <quote>Federal Housing</quote>;</text> </subparagraph><subparagraph commented="no" id="HA6FA99268CED4F16B59DB5C8793DF1FF"><enum>(B)</enum><text>in subsection (e)(4)(A), by striking <quote>subsection</quote> and inserting <quote>section</quote>;</text>
</subparagraph><subparagraph commented="no" id="H23D586183E8B453DBF39C2CFAC0A72BA"><enum>(C)</enum><text>in subsection (e)(4)(C)—</text> <clause commented="no" id="HF7FC6DE5DB024C5BAC54F7B159CCA067"><enum>(i)</enum><text>by striking <quote>129C(c)(2)</quote> and inserting <quote>129C(b)(2)(A)</quote>; and</text>
</clause><clause id="H83745DB9F6FC449CB5F990BDFA7E50DA"><enum>(ii)</enum><text>by inserting <quote>(<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c(b)(2)(A)</external-xref>)</quote> after <quote>Lending Act</quote>; and</text> </clause></subparagraph><subparagraph commented="no" id="HFB730227E4434399B0F7971968FCE7BB"><enum>(D)</enum><text>in subsection (e)(5), by striking <quote>subsection</quote> and inserting <quote>section</quote>; and</text>
</subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H8C4FC843F70C44519987856FDF689D60"><enum>(8)</enum><text>in section 17A (<external-xref legal-doc="usc" parsable-cite="usc/15/78q-1">15 U.S.C. 78q–1</external-xref>), by redesignating subsection (g), as added by section 929W of the Dodd-Frank Wall Street Reform and Consumer Protection Act (relating to due diligence for the delivery of dividends, interest, and other valuable property rights) as subsection (n) and moving that subsection to the end.</text>
</paragraph></subsection><subsection id="H8D98527D4D9A47B3A3DC2255F2FA274F"><enum>(kk)</enum><header>Telemarketing and consumer fraud and abuse prevention act</header><text>Section 3(b) of the Telemarketing and Consumer Fraud and Abuse Prevention Act (<external-xref legal-doc="usc" parsable-cite="usc/15/6102">15 U.S.C. 6102(b)</external-xref>) is amended by inserting before the period at the end the following: <quote>, provided, however, nothing in this section shall conflict with or supersede section 6 of the Federal Trade Commission Act (<external-xref legal-doc="usc" parsable-cite="usc/15/46">15 U.S.C. 46</external-xref>)</quote>.</text>
</subsection><subsection id="HB4C64E05DCAC44EDBC3F02E07DF76790"><enum>(ll)</enum><header>Title 5</header><text>Title 5, United States Code, is amended—</text> <paragraph id="H8D11BF04FA7047888B55FCD7920B8693"><enum>(1)</enum><text>in section 3132(a)(1)(D), as amended by section 711, by striking <quote>the Office of Thrift Supervision,, the Resolution Trust Corporation,</quote>; and</text>
</paragraph><paragraph id="HC9CC89253A6E4AFABEADC913A5AB41ED"><enum>(2)</enum><text>in section 5314, by striking <quote>Director of the Office of Thrift Supervision.</quote>.</text> </paragraph></subsection><subsection id="H183AB6D013494AE585F58A85C48108A2"><enum>(mm)</enum><header>Title 31</header> <paragraph id="H0E1936B150EE4C91B60001CFE3BBC741"><enum>(1)</enum><header>Amendments</header><text>Title 31, United States Code, is amended—</text>
<subparagraph id="HAE6300F35F4E435185B9E0309EA3F148"><enum>(A)</enum><text>by striking section 309; and</text> </subparagraph><subparagraph commented="no" id="H87E19252177246C88F467DC61650B988"><enum>(B)</enum><text>in section 714(d)(3)(B) by striking <quote>a audit</quote> and inserting <quote>an audit</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="H72066AE709DB42E99740570D34D1FEB9"><enum>(2)</enum><header>Analysis</header><text>The analysis for subchapter I of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/31/3">chapter 3</external-xref> of title 31, United States Code, is amended by striking the item relating to section 309.</text>
</paragraph></subsection><subsection commented="no" id="H67F73FB634974C038BB69AFDC332B9BF"><enum>(nn)</enum><header>Truth in Lending Act</header><text>The Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1601">15 U.S.C. 1601</external-xref> et seq.) is amended—</text> <paragraph commented="no" id="H9DDE5EF1B15D4C83AB27F889951E76CC"><enum>(1)</enum><text>in section 105 (<external-xref legal-doc="usc" parsable-cite="usc/15/1604">15 U.S.C. 1604</external-xref>), by inserting subsection (h), as added by section 1472(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2187), before subsection (i), as added by section 1100A(7) of that Act (124 Stat. 2108);</text>
</paragraph><paragraph id="H451D80193BBD45D3B8EA8519DAE3C25D"><enum>(2)</enum><text>in section 106(f)(2)(B)(i) (<external-xref legal-doc="usc" parsable-cite="usc/15/1605">15 U.S.C. 1605(f)(2)(B)(i)</external-xref>), by striking <quote>103(w)</quote> and inserting <quote>103(x)</quote>;</text> </paragraph><paragraph id="HF80925230ECC4937AD06CBDAD6D62A2E"><enum>(3)</enum><text>in section 121(b) (<external-xref legal-doc="usc" parsable-cite="usc/15/1631">15 U.S.C. 1631(b)</external-xref>), by striking <quote>103(f)</quote> and inserting <quote>103(g)</quote>;</text>
</paragraph><paragraph commented="no" id="H83F997FC36F749C282A2468E2B65406D"><enum>(4)</enum><text>in section 122(d)(5) (<external-xref legal-doc="usc" parsable-cite="usc/15/1632">15 U.S.C. 1632(d)(5)</external-xref>), by striking <quote>section 603)</quote> and all that follows through <quote>promulgate</quote> and inserting <quote>section 603), may promulgate</quote>;</text> </paragraph><paragraph id="H6AD257DAF2CD4AC681582AEF90581C3A"><enum>(5)</enum><text>in section 125(e)(1) (<external-xref legal-doc="usc" parsable-cite="usc/15/1635">15 U.S.C. 1635(e)(1)</external-xref>), by striking <quote>103(w)</quote> and inserting <quote>103(x)</quote>;</text>
</paragraph><paragraph commented="no" id="HE94F502F6E7B42ACA51BA875D4527BEE"><enum>(6)</enum><text>in section 129 (<external-xref legal-doc="usc" parsable-cite="usc/15/1639">15 U.S.C. 1639</external-xref>)—</text> <subparagraph commented="no" id="H97D1BF4D9A50494B9D1772538C77AE13"><enum>(A)</enum><text>in subsection (q), by striking <quote>(l)(2)</quote> and inserting <quote>(p)(2)</quote>; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H5070BCC26FC645948EB7310E4EE919BB"><enum>(B)</enum><text>in subsection (u)(3), by striking <quote>Board</quote> each place that term appears and inserting <quote>Agency</quote>;</text> </subparagraph></paragraph><paragraph commented="no" id="HF0B3BC594FB9461EAC3FF92C24DC1EC3"><enum>(7)</enum><text>in section 129C (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c</external-xref>)—</text>
<subparagraph commented="no" id="H7CDE808617A04317A499E48ECA9C96F0"><enum>(A)</enum><text>in subsection (b)(2)(B), by striking the second period at the end; and</text> </subparagraph><subparagraph commented="no" id="H3F659F2D2AD74CC992D5369303F481A5"><enum>(B)</enum><text>in subsection (c)(1)(B)(ii)(I), by striking <quote>a original</quote> and inserting <quote>an original</quote>;</text>
</subparagraph></paragraph><paragraph commented="no" id="HCA446765137E45FDB439B00A50727346"><enum>(8)</enum><text>in section 148(d) (<external-xref legal-doc="usc" parsable-cite="usc/15/1665c">15 U.S.C. 1665c(d)</external-xref>), by striking <quote>Bureau</quote> and inserting <quote>Board</quote>;</text> </paragraph><paragraph commented="no" id="H27C0CFC738F24E57BDB098E8B6C4BCF7"><enum>(9)</enum><text>in section 149 (<external-xref legal-doc="usc" parsable-cite="usc/15/1665d">15 U.S.C. 1665d</external-xref>)—</text>
<subparagraph commented="no" id="HDB11D953511A46E79F13E6F5EAE33AF3"><enum>(A)</enum><text>by striking <quote>the Director of the Office of Thrift Supervision,</quote> each place that term appears;</text> </subparagraph><subparagraph id="H8AABF066A84446D8864F2FEE4F0ECD9A"><enum>(B)</enum><text>by striking <quote>National Credit Union Administration Bureau</quote> and inserting <quote>National Credit Union Administration Board</quote> each place that term appears; and</text>
</subparagraph><subparagraph id="H7DB059326C1D408AB03CA6CE92AD3C1A"><enum>(C)</enum><text>by striking <quote>Bureau of Directors of the Federal Deposit Insurance Corporation</quote> and inserting <quote>Board of Directors of the Federal Deposit Insurance Corporation</quote> each place that term appears; and</text> </subparagraph></paragraph><paragraph commented="no" display-inline="no-display-inline" id="H7DC2F0E608E74EECA8E0E1CD3EF3B7CC"><enum>(10)</enum><text>in section 181(1) (<external-xref legal-doc="usc" parsable-cite="usc/15/1667">15 U.S.C. 1667(1)</external-xref>), by striking <quote>103(g)</quote> and inserting <quote>103(h)</quote>.</text>
</paragraph></subsection><subsection id="HE43309BC9F1848278EE5DC450971A024"><enum>(oo)</enum><header>Truth in Savings Act</header><text>The Truth in Savings Act (<external-xref legal-doc="usc" parsable-cite="usc/12/4301">12 U.S.C. 4301</external-xref> et seq.) is amended in each of sections 269(a)(4) (<external-xref legal-doc="usc" parsable-cite="usc/12/4308">12 U.S.C. 4308(a)(4)</external-xref>), 270(a)(2) (<external-xref legal-doc="usc" parsable-cite="usc/12/4309">12 U.S.C. 4309(a)(2)</external-xref>), and 274(6) (<external-xref legal-doc="usc" parsable-cite="usc/12/4313">12 U.S.C. 4313(6)</external-xref>), by striking <quote>Administration Bureau</quote> each place that term appears and inserting <quote>Administration Board</quote>.</text>
</subsection></section>
May 25, 2017
Reported from the Committee on Financial Services with an amendment
May 25, 2017
The Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce discharged; committed to the Committee of the Whole House on the State of the Union and ordered to
be printed