[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 557 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 557

  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

                            February 8, 2011

Mr. Neugebauer 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 ``Consumer Financial Protection 
Oversight 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), by striking ``Federal Reserve 
        System'' and inserting ``Department of the Treasury'';
            (2) in section 1012(c)--
                    (A) in paragraph (2)--
                            (i) in subparagraph (A), by striking 
                        ``Board of Governors under the Federal Reserve 
                        Act, the Board of Governors'' and inserting 
                        ``Secretary of the Treasury, the Secretary''; 
                        and
                            (ii) in subparagraph (C), by striking 
                        ``Board of Governors or the Federal reserve 
                        banks'' and inserting ``Department of the 
                        Treasury'';
                    (B) in paragraph (3), by striking ``Board of 
                Governors. The Board of Governors'' and inserting 
                ``Secretary of the Treasury. The Secretary'';
                    (C) in paragraph (4), by striking ``Board of 
                Governors'' and inserting ``Secretary of the 
                Treasury''; and
                    (D) in paragraph (5), by striking ``Board of 
                Governors, and the Board of Governors'' and inserting 
                ``Secretary of the Treasury, and the Secretary''; and
            (3) in section 1013(a), by striking paragraph (3).
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