[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''.
______