[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1355 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1355

  To amend the Consumer Financial Protection Act of 2010 to move the 
  Bureau of Consumer Financial Protection into the Department of the 
                               Treasury.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 4, 2011

 Mr. Neugebauer (for himself, Mrs. Capito, and Mr. Canseco) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Consumer Financial Protection Act of 2010 to move the 
  Bureau of Consumer Financial Protection into the Department of the 
                               Treasury.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau of Consumer Financial 
Protection Accountability and Transparency Act of 2011''.

SEC. 2. MOVING THE BUREAU FROM THE FEDERAL RESERVE TO THE TREASURY.

    The Consumer Financial Protection Act of 2010 is amended--
            (1) in section 1011--
                    (A) in subsection (a)--
                            (i) by striking ``independent''; and
                            (ii) by striking ``Federal Reserve System'' 
                        and inserting ``Department of the Treasury''; 
                        and
                    (B) in subsection (e), by striking ``, including in 
                cities in which the Federal reserve banks, or branches 
                of such banks, are located,'';
            (2) in section 1012(c), by striking paragraphs (2), (3), 
        (4), and (5);
            (3) in section 1013(a)--
                    (A) by amending paragraph (2) to read as follows:
            ``(2) Compensation.--The rates of basic pay for all 
        employees of the Bureau 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.''; and
                    (B) by striking paragraph (3); and
            (4) in section 1014(b), by striking ``Not fewer than 6 
        members shall be appointed upon the recommendation of the 
        regional Federal Reserve Bank Presidents, on a rotating 
        basis.''.

SEC. 3. BRINGING THE BUREAU INTO THE REGULAR APPROPRIATIONS PROCESS.

    Section 1017 of the Consumer Financial Protection Act of 2010 is 
amended--
            (1) in subsection (a)--
                    (A) by amending the heading of such subsection to 
                read as follows: ``Budget, Financial Management, and 
                Audit.--'';
                    (B) by striking paragraphs (1), (2), and (3);
                    (C) by redesignating paragraphs (4) and (5) as 
                paragraphs (1) and (2), respectively; and
                    (D) by striking subparagraphs (E) and (F) of 
                paragraph (1), as so redesignated;
            (2) by striking subsections (b), (c), and (d);
            (3) by redesignating subsection (e) as subsection (b); and
            (4) in subsection (b), as so redesignated--
                    (A) by striking paragraphs (1), (2), and (3) and 
                inserting the following:
            ``(1) Authorization of appropriations.--There is authorized 
        to be appropriated $200,000,000 to carry out this title for 
        each of fiscal years 2011 and 2012.''; and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).
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