[House Report 112-172]
[From the U.S. Government Publishing Office]


112th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 1st Session                                                    112-172

======================================================================

 
 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.

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------------------------------------

                  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.''.

                                  
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