I 112th CONGRESS 1st Session H. R. 2612 IN THE HOUSE OF REPRESENTATIVES July 21, 2011 Mr. Mack (for himself, Mr. Gosar, Mr. Gowdy, and Mr. Ross of Florida) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on 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 amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal the authority of the Bureau of Consumer Financial Protection to prohibit certain acts or practices.

1.

Repeal

(a)

In general

Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is hereby repealed. (b)

Conforming amendments

(1)

Dodd-Frank Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended— (A)in the table of contents for such Act, by striking the item relating to section 1031; (B)in section 1036(a)— (i)in paragraph (1)(B), by adding or at the end; (ii)in paragraph (2)(C), by striking ; or and inserting a period; and (iii)by striking paragraph (3); and (C)in section 1061(b)(5)— (i)by amending subparagraph (B) to read as follows: (B)

Bureau authority

The Bureau shall have all powers and duties under the enumerated consumer laws to prescribe rules, issue guidelines, or to conduct studies or issue reports mandated by such laws, that were vested in the Federal Trade Commission on the day before the designated transfer date. ; (ii)by striking subparagraph (D); and (iii)by redesignating subparagraph (E) as subparagraph (D). (2)

Telemarketing and Consumer Fraud and Abuse Prevention Act

Section 3(c) of the Telemarketing and Consumer Fraud and Abuse Prevention Act is amended to read as follows: (c)

Violations

Any violation of any rule prescribed under subsection (a) shall be treated as a violation of a rule under section 18 of the Federal Trade Commission Act regarding unfair or deceptive acts or practices. .