[House Report 112-172]
[From the U.S. Government Publishing Office]
112th Congress Report
HOUSE OF REPRESENTATIVES
1st Session 112-172
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PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1315) TO AMEND THE DODD-
FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT TO STRENGTHEN THE
REVIEW AUTHORITY OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL OF
REGULATIONS ISSUED BY THE BUREAU OF CONSUMER FINANCIAL PROTECTION, AND
FOR OTHER PURPOSES
_______
July 20, 2011.--Referred to the House Calendar and ordered to be
printed
_______
Mr. Sessions, from the Committee on Rules,
submitted the following
R E P O R T
[To accompany H. Res. 358]
The Committee on Rules, having had under consideration
House Resolution 358, by a nonrecord vote, report the same to
the House with the recommendation that the resolution be
adopted.
SUMMARY OF PROVISIONS OF THE RESOLUTION
The resolution provides for consideration of H.R. 1315, the
Consumer Financial Protection Safety and Soundness Improvement
Act of 2011, under a structured rule. The resolution provides
one hour of general debate equally divided and controlled by
the chair and ranking minority member of the Committee on
Financial Services. The resolution waives all points of order
against consideration of the bill. The resolution makes in
order as original text for the purpose of amendment the Rules
Committee Print of H.R. 1315 dated July 14, 2011 and provides
that the print shall be considered as read. The resolution
waives all points of order against the Rules Committee Print.
The resolution makes in order only those amendments printed in
this report. Each such amendment may be offered only in the
order printed in this report, may be offered only by a Member
designated in this report, shall be considered as read, shall
be debatable for the time specified in this report equally
divided and controlled by the proponent and an opponent, shall
not be subject to amendment, and shall not be subject to a
demand for division of the question in the House or in the
Committee of the Whole. The resolution waives all points of
order against the amendments printed in this report. The
resolution provides one motion to recommit with or without
instructions.
Finally, the resolution directs the Clerk to, in the
engrossment of H.R. 1315, add the text of H.R. 830 as passed by
the House as a new matter at the end of H.R. 1315. The
resolution also directs the Clerk to make conforming
modifications in the engrossment.
EXPLANATION OF WAIVERS
Although the rule waives all points of order against
consideration of the bill, the Committee is not aware of any
points of order. The waiver is prophylactic.
The waiver of all points of order against the Rules
Committee Print of H.R. 1315 dated July 14, 2011 includes a
waiver of:
Section 302(f) of the Congressional Budget Act,
which prohibits the consideration of legislation that exceeds a
committee's allocation of new budget authority. This budgetary
violation will be cured when, pursuant to the resolution, H.R.
830 is added as new matter at the end of H.R. 1315. In
accordance to clause 10(b) of rule XXI, the provisions of H.R.
830 will offset the breach in allocation of budget authority
for a total net reduction in direct spending of $104 million
over the 2011-2021 period.
Clause 7 of rule XVI, which prohibits the
consideration of nongermane measures. The waiver is necessary
because the Rules Committee Print incorporates the text of H.R.
1121 and H.R. 1667 as reported by the Committee on Financial
Services, which are not germane to H.R. 1315 as reported.
Although the rule waives all points of order against the
amendments printed in this report, the Committee is not aware
of any points of order. The waiver is prophylactic.
COMMITTEE VOTES
The results of each record vote on an amendment or motion
to report, together with the names of those voting for and
against, are printed below:
Rules Committee record vote No. 116
Motion by Ms. Slaughter to report an open rule. Defeated:
4-8.
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Majority Members Vote Minority Members Vote
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Mr. Sessions.................................... Nay Ms. Slaughter..................... Yea
Ms. Foxx........................................ Nay Mr. McGovern...................... Yea
Mr. Bishop of Utah.............................. Nay Mr. Hastings of Florida........... Yea
Mr. Woodall..................................... Nay Mr. Polis......................... Yea
Mr. Nugent...................................... Nay
Mr. Scott of South Carolina..................... Nay
Mr. Webster..................................... Nay
Mr. Dreier, Chairman............................ Nay
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SUMMARY OF AMENDMENTS MADE IN ORDER
1. Ellison (MN): Would strike Section 1023 of the Dodd-
Frank Act giving the Financial Stability Oversight Council the
ability to override Consumer Financial Protection Bureau rules.
(10 minutes)
2. Jackson Lee (TX): Would restore a 2/3 majority vote in
order for the Financial Stability Oversight Council to overrule
Consumer Financial Protection Bureau regulation. (10 minutes)
3. DeFazio (OR): Would eliminate potential conflicts of
interest by providing that no Member of the Financial Stability
Oversight Council may participate in a vote to issue a stay of,
or set aside, a regulation issued by the Bureau of Consumer
Financial Protection if said regulation would affect an
institution for which that individual was employed in the
preceding 2 years. (10 minutes)
4. Paulsen (MN): Would clarify that the nonvoting members
of the council are allowed to petition against any rule made by
the Consumer Financial Protection Bureau (CFPB), even if they
represent an industry the CFPB is not permitted to regulate.
(10 minutes)
5. Miller, Brad (NC): Would require specific disclosure of
information related to filing agency petitions to the Financial
Stability Oversight Council to overturn Consumer Financial
Protection Bureau rulemaking. (10 minutes)
6. Jackson Lee (TX): Would restore time limits in which the
Financial Stability Oversight Council must review and make a
determination on regulations issued by the Consumer Financial
Protection Bureau. (10 minutes)
7. Quigley (IL): Would require the Financial Stability
Oversight Council to provide live online streaming or
broadcasting of Council meetings pertaining to review of
Consumer Financial Protection Bureau regulations. (10 minutes)
8. Chu (CA): Would give additional responsibility to the
Commissioner responsible for oversight of the Bureau's
activities pertaining to the protection of older consumers,
minorities, youth, and veterans. The commissioner would be
required to research how language barriers can lead to unfair
and abusive lending practices, and report to full Commission
ways to protect consumers from these unfair and deceptive
practices. (10 minutes)
9. Maloney (NY): Would transfer all authority that the
Consumer Financial Protection Bureau would receive to the
Secretary of the Treasury if no Commission Chair is in place by
July 21st until such time as a Chair has been confirmed by the
Senate. (10 minutes)
10. Lankford (OK): Would require the Inspector General of
the Board of Governors of the Federal Reserve System/CFPB to
submit an annual report to Congress no later than February 1,
2012, and every year thereafter, which identifies (1) all new
guidance/regulation/rules prescribed by the Bureau, (2) any
Bureau authority which overlaps with other federal agencies/
departments, (3) Bureau administrative expenses, and (4) Bureau
unobligated balances. Would require that the report be posted
online and published using existing funds. (10 minutes)
11. Rigell (VA): Would require the Consumer Financial
Protection Bureau to (1) submit an analysis on the impact of
its proposed rule or regulation on the financial industry, and
(2) an analysis of consumers and small businesses' access to
credit as a result of the regulation, to the Financial
Stability Oversight Council for the purposes of public review.
(10 minutes)
TEXT OF AMENDMENTS MADE IN ORDER
1. An Amendment To Be Offered by Representative Ellison of Minnesota or
His Designee, Debatable for 10 Minutes
Page 1, strike line 5 and all that follows through page 3,
line 2 (and redesignate succeeding sections accordingly).
Page 10, after line 21, insert the following new subparagraph
(and redesignate succeeding subparagraphs accordingly):
(G) by striking section 1023;
----------
2. An Amendment To Be Offered by Representative Jackson Lee of Texas or
Her Designee, Debatable for 10 Minutes
Page 1, strike lines 5 through 12 (and redesignate succeeding
sections accordingly).
----------
3. An Amendment To Be Offered by Representative DeFazio of Oregon or
His Designee, Debatable for 10 Minutes
Page 1, line 6, strike ``Section'' and insert the following:
(a) In General.--Section
Page 1, after line 12, insert the following:
(b) Conflict of Interest.--Section 1023(c)(3) of the Dodd-
Frank Wall Street Reform and Consumer Protection Act is amended
by adding at the end the following new subparagraph:
``(C) Conflict of interest.--No member of the
Council may vote on the decision to issue a
stay of, or set aside, any regulation under
this section, if such member has, within the
previous 2-year period, been employed by any
company or other entity that is subject to such
regulation.''.
----------
4. An Amendment To Be Offered by Representative Paulsen of Minnesota or
His Designee, Debatable for 10 Minutes
Page 1, line 6, strike ``Section'' and insert the following:
(a) In General.--Section
Page 1, after line 12, insert the following:
(b) Petition by Nonvoting Members; No Restrictions on
Petition Subject Matter.--Section 1023 of the Dodd-Frank Wall
Street Reform and Consumer Protection act is amended by adding
at the end the following new subsection:
``(g) Petition by Nonvoting Members.--Notwithstanding any
other subsection of this section, the provisions of this
section shall apply to a petition by a nonvoting member of the
Council to the same extent that they apply to a petition by an
agency represented by a member of the Council.
``(h) No Restrictions on Petition Subject Matter.--Petitions
made under this section may be made by an agency or a nonvoting
member of the Council on any subject matter, regardless of the
areas of particular expertise of such agency or nonvoting
member.''.
----------
5. An Amendment To Be Offered by Representative Miller of North
Carolina or His Designee, Debatable for 10 Minutes
Page 1, line 14, strike ``Section'' and insert the
following::
(a) In General.--Section
Page 3, after line 2, insert the following:
(b) Specific Disclosures Required.--Section 1023(b) of the
Dodd-Frank Wall Street Reform and Consumer Protection Act is
amended by adding at the end the following new paragraph:
``(3) Specific disclosures required.--With respect to
the regulation or provision that is the subject of a
petition an agency files with the Council under this
section, the agency shall publicly disclose, at the
time such petition is filed--
``(A) an analysis of the practice that is the
subject matter of such regulation or provision;
and
``(B) a list of any specific financial
institutions whose safe and sound operation the
agency believes would be placed in jeopardy due
to such regulation or provision.''.
----------
6. An Amendment To Be Offered by Representative Jackson Lee of Texas or
Her Designee, Debatable for 10 Minutes
Page 2, line 12, after the semicolon insert ``and''.
Page 2, strike lines 13 through 20 (and redesignate the
succeeding subparagraph accordingly).
----------
7. An Amendment To Be Offered by Representative Quigley of Illinois or
His Designee, Debatable for 10 Minutes
Page 3, line 2, after ``servation.'' insert the following:
``The Council shall provide live online streaming or
broadcasting of the meetings.''.
----------
8. An Amendment To Be Offered by Representative Chu of California or
Her Designee, Debatable for 10 Minutes
Page 6, line 17, strike ``and''.
Page 6, line 22, strike the period and insert ``; and''.
Page 6, after line 22, insert the following new subparagraph:
``(D) researching and reporting to the full
Commission about ways to protect consumers from
unfair, deceptive, or abusive lending acts or
practices, including how language barriers
contribute to lack of understanding in lending
activities.''.
----------
9. An Amendment To Be Offered by Representative Maloney of New York or
Her Designee, Debatable for 10 Minutes
Page 15, line 17, after ``section,'' insert the following:
``except for subsection (e),''.
Page 15, line 23, strike the quotation marks and following
period and insert after such line the following:
``(e) Functions to Temporarily Be Carried Out by the
Secretary.--Notwithstanding subsection (d), if no Chair of the
Commission of the Bureau has been confirmed by the Senate as of
the single calendar date designated for the transfer of
functions to the Bureau under section 1061, then until such
time as the Chair of the Commission of the Bureau has been so
confirmed, the Secretary of the Treasury shall have the
authority to carry out the following functions:
``(1) All rulemaking authority with respect to unfair
or deceptive acts or practices that would have been
conferred upon the Bureau on the designated transfer
date, but for the application of subsection (d).
``(2) All authority to carry out examinations of
nondepository covered persons that would have been
conferred upon the Bureau on the designated transfer
date, but for the application of subsection (d).
``(3) All functions of the Bureau under this subtitle
that would have been conferred upon the Bureau on the
designated transfer date, but for the application of
subsection (d).''.
----------
10. An Amendment To Be Offered by Representative Lankford of Oklahoma
or His Designee, Debatable for 10 Minutes
Add at the end the following new section:
SEC. 7. INSPECTOR GENERAL REPORT.
Section 1013 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act is amended by adding at the end the
following new subsection:
``(h) Inspector General Report.--
``(1) In general.--Not later than February 1, 2012,
and annually thereafter, the Inspector General of the
Board of Governors of the Federal Reserve System and
the Bureau of Consumer Financial Protection shall
submit a report to the Congress containing the
following:
``(A) A list of all new rules, guidelines,
and regulations prescribed by the Bureau within
the previous fiscal year, with corresponding
detailed descriptions of each.
``(B) A detailed list of all authority which
the Inspector General believes overlaps with
the efforts of other Federal departments and
agencies.
``(C) All administrative expenses of the
Bureau, including the amount spent on salaries,
office supplies, and office space.
``(D) The current amount in the Bureau of
Consumer Financial Protection Fund.
``(2) Public disclosure.--The Inspector General of
the Board of Governors of the Federal Reserve System
and the Bureau of Consumer Financial Protection shall
make each report submitted under paragraph (1)
available to the public, including on the Bureau's
website.
``(3) Use of funds.--The Inspector General shall
carry out this subsection using existing funds.''.
----------
11. An Amendment To Be Offered by Representative Rigell of Virginia or
His Designee, Debatable for 10 Minutes
Add at the end of the bill the following new section:
SEC. 7. ANALYSIS OF REGULATIONS.
Section 1022 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act is amended by adding at the end the
following new subsection:
``(e) Analysis of Regulations.--
``(1) In general.--Each time the Bureau proposes a
new rule or regulation, the Bureau shall--
``(A) carry out an initial regulatory
flexibility analysis for such proposed rule or
regulation, which shall be carried out as
closely as possible to those initial regulatory
flexibility analyses required under section 603
of title 5, United States Code, but which shall
analyze the financial impact of the proposed
rule or regulation on all financial entities,
regardless of size; and
``(B) carry out an analysis of whether the
proposed rule or regulation will impair the
ability of individuals and small business to
access credit from financial institutions.
``(2) Report.--The Bureau shall issue a report to the
Council on the analyses carried out under paragraph
(1), and make such analyses available to the public.
``(3) Use of existing resources.--The Bureau shall
use existing resources to carry out the requirements of
this subsection.''.