[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3519 Reported in House (RH)]

                                                 Union Calendar No. 257
113th CONGRESS
  2d Session
                                H. R. 3519

                          [Report No. 113-347]

  To amend the Consumer Financial Protection Act of 2010 to make the 
     Bureau of Consumer Financial Protection an independent agency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 2013

Mr. Neugebauer introduced the following bill; which was referred to the 
                    Committee on Financial Services

                            February 6, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]


_______________________________________________________________________

                                 A BILL


 
  To amend the Consumer Financial Protection Act of 2010 to make the 
     Bureau of Consumer Financial Protection an independent agency.


 


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

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Bureau of Consumer 
Financial Protection Accountability and Transparency Act of 
2013''.</DELETED>

<DELETED>SEC. 2. MAKING THE BUREAU AN INDEPENDENT AGENCY.</DELETED>

<DELETED>    The Consumer Financial Protection Act of 2010 is amended--
</DELETED>
        <DELETED>    (1) in section 1011--</DELETED>
                <DELETED>    (A) in subsection (a), by striking ``in 
                the Federal Reserve System,''; and</DELETED>
                <DELETED>    (B) in subsection (e), by striking ``, 
                including in cities in which the Federal reserve banks, 
                or branches of such banks, are located,'';</DELETED>
        <DELETED>    (2) in section 1012(c), by striking paragraphs 
        (2), (3), (4), and (5); and</DELETED>
        <DELETED>    (3) 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.''.</DELETED>

<DELETED>SEC. 3. BRINGING THE BUREAU INTO THE REGULAR APPROPRIATIONS 
              PROCESS.</DELETED>

<DELETED>    Section 1017 of the Consumer Financial Protection Act of 
2010 is amended--</DELETED>
        <DELETED>    (1) in subsection (a)--</DELETED>
                <DELETED>    (A) by amending the heading of such 
                subsection to read as follows: ``Budget, Financial 
                Management, and Audit.--'';</DELETED>
                <DELETED>    (B) by striking paragraphs (1), (2), and 
                (3);</DELETED>
                <DELETED>    (C) by redesignating paragraphs (4) and 
                (5) as paragraphs (1) and (2), respectively; 
                and</DELETED>
                <DELETED>    (D) by striking subparagraphs (E) and (F) 
                of paragraph (1), as so redesignated;</DELETED>
        <DELETED>    (2) by striking subsections (b) and (c);</DELETED>
        <DELETED>    (3) by redesignating subsections (d) and (e) as 
        subsections (b) and (c), respectively; and</DELETED>
        <DELETED>    (4) in subsection (c), as so redesignated--
        </DELETED>
                <DELETED>    (A) by striking paragraphs (1), (2), and 
                (3) and inserting the following:</DELETED>
        <DELETED>    ``(1) Authorization of appropriations.--There are 
        authorized to be appropriated such sums as may be necessary to 
        carry out this title for each of fiscal years 2014 and 2015.''; 
        and</DELETED>
                <DELETED>    (B) by redesignating paragraph (4) as 
                paragraph (2).</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau of Consumer Financial 
Protection Accountability and Transparency Act of 2013''.

SEC. 2. MAKING THE BUREAU AN INDEPENDENT AGENCY.

    The Consumer Financial Protection Act of 2010 is amended--
            (1) in section 1011--
                    (A) in subsection (a)--
                            (i) by striking ``in the Federal Reserve 
                        System,''; and
                            (ii) by striking ``Bureau of Consumer 
                        Financial Protection'' and inserting 
                        ``Financial Product Safety Commission''; 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); and
            (3) 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) and (c);
            (3) by redesignating subsections (d) and (e) as subsections 
        (b) and (c), respectively; and
            (4) in subsection (c), as so redesignated--
                    (A) by striking paragraphs (1), (2), and (3) and 
                inserting the following:
            ``(1) Authorization of appropriations.--There are 
        authorized to be appropriated such sums as may be necessary to 
        carry out this title for each of fiscal years 2014 and 2015.''; 
        and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).

SEC. 4. DEEMING OF NAME.

    Any reference in a law, regulation, document, paper, or other 
record of the United States to the Bureau of Consumer Financial 
Protection shall be deemed a reference to the Financial Product Safety 
Commission.
                                                 Union Calendar No. 257

113th CONGRESS

  2d Session

                               H. R. 3519

                          [Report No. 113-347]

_______________________________________________________________________

                                 A BILL

  To amend the Consumer Financial Protection Act of 2010 to make the 
     Bureau of Consumer Financial Protection an independent agency.

_______________________________________________________________________

                            February 6, 2014

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed