[Congressional Record Volume 170, Number 50 (Thursday, March 21, 2024)]
[Senate]
[Pages S2550-S2551]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1776. Mr. LEE submitted an amendment intended to be proposed by 
him to the bill H.R. 2882, to reauthorize the Morris K. Udall and 
Stewart L. Udall Trust Fund, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:
       Sec. ___.  Section 1017 of the Consumer Financial 
     Protection Act of 2010 (12 U.S.C. 5497) is amended--
       (1) in subsection (a)--
       (A) by amending the subsection heading 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) in paragraph (1), as so redesignated, by striking 
     subparagraphs (E) and (F);
       (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 is authorized 
     to be appropriated to the Bureau $650,000,000 for fiscal year 
     2024 to carry out the authorities of the Bureau.''; and
       (B) by redesignating paragraph (4) as paragraph (2).
       Sec. ___. (a) The Consumer Financial Protection Act of 2010 
     (12 U.S.C. 5481 et seq.) is amended--
       (1) in section 1011 (12 U.S.C. 5491)--
       (A) in subsection (a)--
       (i) by striking ``in the Federal Reserve System,''; and
       (ii) by striking ``independent bureau'' and inserting 
     ``independent agency'';
       (B) by striking subsections (b), (c), and (d);
       (C) by redesignating subsection (e) as subsection (j);
       (D) by inserting after subsection (a) the following:
       ``(b) Authority to Prescribe Regulations.--The commission 
     of the Bureau--
       ``(1) may prescribe such regulations and issue such orders 
     in accordance with this title as the Bureau may determine to 
     be necessary for carrying out this title and all other laws 
     within the jurisdiction of the Bureau; and
       ``(2) shall exercise any authorities granted under this 
     title and all other laws within the jurisdiction of the 
     Bureau.
       ``(c) Composition of the Commission.--
       ``(1) In general.--The management of the Bureau shall be 
     vested in a commission (referred to in this section as the 
     `commission'), which shall be composed of 5 members who shall 
     be appointed by the President, by and with the advice and 
     consent of the Senate, and at least 2 of whom shall have 
     private sector experience in the provision of consumer 
     financial products and services.
       ``(2) Staggering.--The members of the commission shall 
     serve staggered terms, which initially shall be established 
     by the President for terms of 1, 2, 3, 4, and 5 years, 
     respectively.
       ``(3) Terms.--
       ``(A) In general.--Except with respect to the initial 
     staggered terms described in paragraph (2), each member of 
     the commission, including the Chair, shall serve for a term 
     of 5 years.
       ``(B) Removal.--The President may remove any member of the 
     commission for inefficiency, neglect of duty, or malfeasance 
     in office.
       ``(C) Vacancies.--Any member of the commission appointed to 
     fill a vacancy occurring before the expiration of the term to 
     which that member's predecessor was appointed (including the 
     Chair) shall be appointed only for the remainder of the term.
       ``(D) Continuation of service.--Each member of the 
     commission may continue to serve after the expiration of the 
     term of office to which that member was appointed until a 
     successor has been appointed by the President and confirmed 
     by the Senate, except that a member may not continue to serve 
     more than 1 year after the date on which the term of that 
     member would otherwise expire.
       ``(E) Other employment prohibited.--No member of the 
     commission shall engage in any other business, vocation, or 
     employment.
       ``(d) Affiliation.--Not more than 3 members of the 
     commission shall be members of any 1 political party.
       ``(e) Chair of the Commission.--
       ``(1) Initial chair.--The first member and Chair of the 
     commission shall be the individual serving as Director of the 
     Bureau of Consumer Financial Protection on the day before the 
     date of enactment of this subsection. Such individual shall 
     serve until the President has appointed all 5 members of the 
     commission in accordance with subsection (c).
       ``(2) Subsequent chair.--Of the 5 members appointed in 
     accordance with subsection (c), the President shall appoint 1 
     member to serve as the subsequent Chair of the commission.
       ``(3) Authority.--The Chair shall be the principal 
     executive officer of the commission, and shall exercise all 
     of the executive and administrative functions of the 
     commission, including with respect to--
       ``(A) the appointment and supervision of personnel employed 
     under the commission (other than personnel employed regularly 
     and full time in the immediate offices of members of the 
     commission other than the Chair);
       ``(B) the distribution of business among personnel 
     appointed and supervised by the Chair and among 
     administrative units of the commission; and
       ``(C) the use and expenditure of funds.
       ``(4) Limitation.--In carrying out any of the functions of 
     the Chair under this subsection, the Chair shall be governed 
     by general policies of the commission and by such regulatory 
     decisions, findings, and determinations as the commission may 
     by law be authorized to make.
       ``(5) Requests or estimates related to appropriations.--
     Requests or estimates for regular, supplemental, or 
     deficiency appropriations on behalf of the commission may not 
     be submitted by the Chair without the prior approval of the 
     commission.
       ``(6) Designation.--The Chair shall be known as both the 
     `Chair of the commission' of the Bureau and the `Chair of the 
     Bureau'.
       ``(f) Initial Quorum Established.--For the 6 month period 
     beginning on the date of enactment of this subsection, the 
     first member and Chair of the commission described in 
     subsection (e)(1) shall constitute a quorum for the 
     transaction of business until the President has appointed all 
     5 members of the commission in accordance with subsection 
     (c). Following such appointment of 5 members, the quorum 
     requirements of subsection (g) shall apply.
       ``(g) No Impairment by Reason of Vacancies.--No vacancy in 
     the members of the commission after the establishment of an 
     initial quorum under subsection (f) shall impair the right of 
     the remaining members of the commission to exercise all the 
     powers of the commission. Three members of the commission 
     shall constitute a quorum for the transaction of business, 
     except that if there are only 3 members serving on the 
     commission because of vacancies in the commission, 2 members 
     of the commission shall constitute a quorum for the 
     transaction of business. If there are only 2 members serving 
     on the commission because of vacancies in the commission, 2 
     members shall constitute a quorum for the 6-month period 
     beginning on the date of the vacancy which caused the number 
     of commission members to decline to 2.
       ``(h) Seal.--The Bureau shall have an official seal.
       ``(i) Compensation.--
       ``(1) Chair.--The Chair shall receive compensation at the 
     annual rate of basic pay prescribed for level I of the 
     Executive Schedule under section 5313 of title 5, United 
     States Code.
       ``(2) Other members of the commission.--The 4 other members 
     of the commission shall each receive compensation at the 
     annual rate of basic pay prescribed for level II of the 
     Executive Schedule under section 5314 of title 5, United 
     States Code.''; and
       (E) in subsection (j), as so redesignated, in the second 
     sentence, by striking ``, including in cities in which the 
     Federal reserve banks, or branches of such banks, are 
     located,'';
       (2) in section 1012(c) (12 U.S.C. 5492(c))--
       (A) in the subsection heading, by striking ``Autonomy of 
     the Bureau'' and inserting ``Coordination With the Board of 
     Governors'';
       (B) by striking paragraphs (2), (3), (4), and (5); and
       (C) by striking ``Governors'' in the subsection heading, as 
     amended by this subsection, and all that follows through 
     ``Notwithstanding any'' in paragraph (1) and inserting the 
     following:``Governors.--Notwithstanding any''; and
       (3) in section 1014(b) (12 U.S.C. 5494(b)), by striking the 
     second sentence and inserting the following: ``Not fewer than 
     \1/2\ of all members shall have private sector experience in 
     the provision of consumer financial products and services.''.
       (b) Any reference in a law, regulation, document, paper, or 
     other record of the United States to the Director of the 
     Bureau of Consumer Financial Protection, except in subsection 
     (e)(1) of section 1011 of the Consumer Financial Protection 
     Act of 2010 (12 U.S.C. 5491), as added by this Act, shall be 
     deemed a reference to the commission leading and governing 
     the Bureau of Consumer Financial Protection, as described in 
     such section 1011, as amended by this Act.
       (c)(1)(A) Except as provided in subparagraph (B), the 
     Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et 
     seq.) is amended--
       (i) by striking ``Director of the Bureau'' each place that 
     term appears, other than

[[Page S2551]]

     where that term is used to refer to a Director other than the 
     Director of the Bureau of Consumer Financial Protection, and 
     inserting ``Bureau'';
       (ii) by striking ``Director'' each place that term appears 
     and inserting ``Bureau'', other than where that term is used 
     to refer to a Director other than the Director of the Bureau 
     of Consumer Financial Protection; and
       (iii) in section 1002 (12 U.S.C. 5481), by striking 
     paragraph (10).
       (B)(i) The Consumer Financial Protection Act of 2010 (12 
     U.S.C. 5481 et seq.) is amended--
       (I) in section 1013 (12 U.S.C. 5493)--
       (aa) in subsection (c)(3)--
       (AA) by striking ``Assistant Director of the Bureau for'' 
     and inserting ``Head of the Office of''; and
       (BB) in subparagraph (B), by striking ``Assistant 
     Director'' and inserting ``Head of the Office''; and
       (bb) in subsection (g)(2)--
       (AA) in the paragraph heading, by striking ``Assistant 
     director'' and inserting ``Head of the office''; and
       (BB) by striking ``an assistant director'' and inserting 
     ``a Head of the Office of Financial Protection for Older 
     Americans'';
       (II) in section 1016(a) (12 U.S.C. 5496(a)), by striking 
     ``Director of the Bureau'' and inserting ``Chair of the 
     Bureau''; and
       (III) by striking section 1066 (12 U.S.C. 5586).
       (ii) The table of contents in section 1(b) of the Dodd-
     Frank Wall Street Reform and Consumer Protection Act (Public 
     Law 111-203) is amended by striking the item relating to 
     section 1066.
       (2) The Dodd-Frank Wall Street Reform and Consumer 
     Protection Act (12 U.S.C. 5301 et seq.) is amended--
       (A) in section 111(b)(1)(D) (12 U.S.C. 5321(b)(1)(D)), by 
     striking ``Director'' and inserting ``Chair''; and
       (B) in section 1447 (12 U.S.C. 1701p-2), by striking 
     ``Director of the Bureau'' each place that term appears and 
     inserting ``Chair of the Bureau''.
       (3) Section 921(a)(4)(C) of the Electronic Fund Transfer 
     Act (15 U.S.C. 1693o-2(a)(4)(C)) is amended by striking 
     ``Director of the Bureau of Consumer Financial Protection'' 
     and inserting ``Chair of the Bureau of Consumer Financial 
     Protection''.
       (4) The Expedited Funds Availability Act (12 U.S.C. 4001 et 
     seq.) is amended by striking ``Director of the Bureau'' each 
     place that term appears and inserting ``Bureau''.
       (5) Section 2 of the Federal Deposit Insurance Act (12 
     U.S.C. 1812) is amended by striking ``Director of the 
     Consumer Financial Protection Bureau'' each place that term 
     appears and inserting ``Chair of the Bureau of Consumer 
     Financial Protection''.
       (6) Section 1004(a)(4) of the Federal Financial 
     Institutions Examination Council Act of 1978 (12 U.S.C. 
     3303(a)(4)) is amended by striking ``Director of the Consumer 
     Financial Protection Bureau'' and inserting ``Chair of the 
     Bureau of Consumer Financial Protection''.
       (7) Section 513 of the Financial Literacy and Education 
     Improvement Act (20 U.S.C. 9702) is amended by striking 
     ``Director'' each place that term appears and inserting 
     ``Chair''.
       (8) Section 307 of the Home Mortgage Disclosure Act of 1975 
     (12 U.S.C. 2806 et seq) is amended by striking ``Director of 
     the Bureau of Consumer Financial Protection'' each place that 
     term appears and inserting ``Bureau of Consumer Financial 
     Protection''.
       (9) The Interstate Land Sales Full Disclosure Act (15 
     U.S.C. 1701 et seq) is amended--
       (A) in section 1402 (15 U.S.C. 1701)--
       (i) by striking paragraph (1); and
       (ii) by redesignating paragraphs (2) through (12) as 
     paragraphs (1) through (11), respectively;
       (B) in section 1403(c) (15 U.S.C. 1702(c))--
       (i) by striking ``him'' and inserting ``the Bureau''; and
       (ii) by striking ``he'' and inserting ``the Bureau'';
       (C) in section 1407 (15 U.S.C. 1706)--
       (i) in subsection (c), by striking ``he'' and inserting 
     ``the Bureau''; and
       (ii) in subsection (e), by striking ``Director or anyone 
     designated by him'' and inserting ``Bureau'';
       (D) in section 1411(a) (15 U.S.C. 1710(a))--
       (i) by striking ``his findings'' and inserting ``the 
     findings of the Bureau''; and
       (ii) by striking ``his recommendation'' and inserting ``the 
     recommendation of the Bureau'';
       (E) in section 1415 (15 U.S.C. 1714)--
       (i) in subsection (a), by striking ``he may, in his 
     discretion,'' and inserting ``the Bureau may, in the 
     discretion of the Bureau,'';
       (ii) in subsection (b)--
       (I) by striking ``in his discretion'' each place that term 
     appears and inserting ``in the discretion of the Bureau'';
       (II) by striking ``he deems'' and inserting ``the Bureau 
     determines''; and
       (III) by striking ``he may deem'' and inserting ``the 
     Bureau may determine''; and
       (iii) in subsection (c), by striking ``the Director, or any 
     officer designated by him,'' and inserting ``the Bureau'';
       (F) in section 1416(a) (15 U.S.C. 1715(a))--
       (i) by striking ``Director of the Bureau of Consumer 
     Financial Protection who may delegate any of his'' and 
     inserting ``Bureau of Consumer Financial Protection, which 
     may delegate any'';
       (ii) by striking ``his administrative'' and inserting 
     ``administrative''; and
       (iii) by striking ``himself'' and inserting ``the 
     commission of the Bureau'';
       (G) in section 1418a(b)(4) (15 U.S.C. 1717a(b)(4)), by 
     striking ``Secretary's determination'' and inserting 
     ``determination of the Bureau''; and
       (H) by striking ``Director'' each place that term appears 
     and inserting ``Bureau''.
       (10) Section 5 of the Real Estate Settlement Procedures Act 
     of 1974 (12 U.S.C. 2604) is amended--
       (A) by striking ``The Director of the Bureau of Consumer 
     Financial Protection (hereafter in this section referred to 
     as the `Director')'' and inserting ``The Bureau of Consumer 
     Financial Protection (hereafter in this section referred to 
     as the `Bureau')''; and
       (B) by striking ``Director'' each place that term appears 
     and inserting ``Bureau''.
       (11) The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 
     5101 et seq.) is amended--
       (A) by striking ``Director'' each place that term appears 
     in headings and text and inserting ``Bureau of Consumer 
     Financial Protection''; and
       (B) in section 1503 (12 U.S.C. 5102), by striking paragraph 
     (10).
       (12) Section 3513(c) of title 44, United States Code, is 
     amended by striking ``Director of the''.
                                 ______