I 112th CONGRESS 1st Session H. R. 557 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.

1.

Short title

This Act may be cited as the Consumer Financial Protection Oversight Act of 2011.

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).