I 111th CONGRESS 1st Session H. R. 3310 IN THE HOUSE OF REPRESENTATIVES July 23, 2009 Mr. Bachus (for himself, Mr. Boehner, Mr. Cantor, Mr. Pence, Mr. Smith of Texas, Mr. Franks of Arizona, Mr. Issa, Mr. Neugebauer, Mr. Garrett of New Jersey, Mr. Hensarling, Mr. Price of Georgia, Mrs. Biggert, Mrs. Capito, Mr. Jones, Mr. Posey, Mr. Lance, Mr. Marchant, Mr. Royce, Mr. Lee of New York, Mr. Lucas, Mr. Roskam, Mrs. Bachmann, Ms. Jenkins, Mr. Barrett of South Carolina, Mr. Scalise, Mr. Goodlatte, Mr. Gerlach, and Mr. Ryan of Wisconsin) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Education and Labor, Transportation and Infrastructure, the Judiciary, Agriculture, Oversight and Government Reform, the Budget, Rules, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To reform the financial regulatory system of the United States, and for other purposes.

1.

Short title

This Act may be cited as the Consumer Protection and Regulatory Enhancement Act.

2.

Table of contents

Sec. 1. Short title. Sec. 2. Table of contents. Title I—Resolution of non-bank financial institutions Sec. 101. Amendments to title 28 of the United States Code. Sec. 102. Amendments to title 11 of the United States Code. Sec. 103. Effective date; application of amendments. Title II—Market stability and capital adequacy Sec. 201. Establishment of Market Stability and Capital Adequacy Board. Sec. 202. Functions of Board. Sec. 203. Powers of Board. Sec. 204. Responsibilities of Federal functional regulators. Sec. 205. Staff of Board. Sec. 206. Compensation and travel expenses. Title III—Regulatory Consolidation and Consumer Protection Sec. 301. Establishment. Sec. 302. Board of Directors. Sec. 303. Powers and duties of the FIR. Sec. 304. Allocation of responsibility among FIR divisions. Sec. 305. Technical and conforming amendments relating to transfers of functions to the FIR. Sec. 306. Office of Comptroller of the Currency and position of Comptroller of the Currency abolished. Sec. 307. Office of Thrift Supervision and position of Director of the Office of Thrift Supervision abolished. Sec. 308. Savings provisions. Sec. 309. References in Federal law to Federal banking agencies. Sec. 310. National Credit Union Administration moved within the FIR. Sec. 311. Office of Consumer Protection. Title IV—Federal Reserve Reform Sec. 401. GAO authority to audit the Federal Reserve System. Sec. 402. Monetary policy and inflation targets. Sec. 403. Reforms of section 13 emergency powers. Title V—Government-Sponsored Enterprises Reform Sec. 501. Short title. Sec. 502. Definitions. Sec. 503. Termination of current conservatorship. Sec. 504. Limitation of enterprise authority upon emergence from conservatorship. Sec. 505. Requirement to periodically renew charter until wind down and dissolution. Sec. 506. Required wind down of operations and dissolution of enterprise. Title VI—Credit rating agency reform Sec. 601. Clarification of designation. Sec. 602. Elimination of security credit rating requirements in Federal law. Sec. 603. Elimination of security credit rating requirements in regulations. Title VII—Anti-fraud provisions Sec. 701. Authority to impose civil penalties in cease and desist proceedings. Sec. 702. Formerly associated persons. Sec. 703. Collateral bars. Sec. 704. Unlawful margin lending. Sec. 705. Nationwide service of subpoenas. Sec. 706. Reauthorization of the Financial Crimes Enforcement Network. Sec. 707. Fair fund improvements. Sec. 708. Authority to contract for collection of delinquent judgments and orders.