[House Report 113-350]
[From the U.S. Government Publishing Office]


113th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                     113-350

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   PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 3193) TO AMEND THE 
  CONSUMER FINANCIAL PROTECTION ACT OF 2010 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; PROVIDING FOR PROCEEDINGS DURING THE PERIOD FROM FEBRUARY 13, 
        2014, THROUGH FEBRUARY 24, 2014; AND FOR OTHER PURPOSES

                                _______
                                

 February 10, 2014.--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. 475]

    The Committee on Rules, having had under consideration 
House Resolution 475, by a record vote of 6 to 4, 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. 3193, the 
Consumer Financial Protection Safety and Soundness Improvement 
Act of 2013, 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 an 
amendment in the nature of a substitute consisting of the text 
of Rules Committee Print 113-36 modified by the amendment 
printed in part A of this report and provides that it shall be 
considered as read. The resolution waives all points of order 
against that amendment in the nature of a substitute. The 
resolution makes in order only those further amendments printed 
in part B of 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 part B of 
this report. The resolution provides for one motion to recommit 
with or without instructions.
    Section 2 of the resolution provides that on any 
legislative day during the period from February 13, 2014, 
through February 24, 2014: the Journal of the proceedings of 
the previous day shall be considered as approved; and the Chair 
may at any time declare the House adjourned to meet at a date 
and time to be announced by the Chair in declaring the 
adjournment.
    Section 3 of the resolution provides that the Speaker may 
appoint Members to perform the duties of the Chair for the 
duration of the period addressed by section 2.
    Section 4 of the resolution waives clause 6(a) of rule XIII 
for a two-thirds vote to consider a report from the Committee 
on Rules on the same day it is presented to the House with 
respect to any resolution reported through the legislative day 
of February 12, 2014, providing for consideration or 
disposition of a measure relating to the public debt limit.

                         EXPLANATION OF WAIVERS

    The waiver of all points of order against consideration of 
the bill includes a waiver of clause 10 of rule XXI, which 
prohibits the consideration of a bill if it has the net effect 
of increasing mandatory spending over the five- or ten-year 
period. It is important to note that the amendment in the 
nature of a substitute made in order as original text cures the 
violation. The Congressional Budget Office has estimated that 
the amendment in the nature of a substitute will reduce direct 
spending by $2.98 billion over the five-year period and $6.16 
billion over the 10-year period.
    The waiver of all points of order against the amendment in 
the nature of a substitute as modified made in order as 
original text includes a waiver of clause 7 of rule XVI, which 
requires that no motion or proposition on a subject different 
from that under consideration shall be admitted under color of 
amendment. It is important to note that while the waiver is 
necessary, all of the provisions contained in Rules Committee 
Print 113-36 are directly related to the establishment of the 
Financial Product Safety Commission and were considered in 
tandem during committee consideration.
    Although the resolution waives all points of order against 
the amendments printed in part B of this report, the Committee 
is not aware of any points of order. The waiver is prophylactic 
in nature.

                            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. 108

    Motion by Ms. Slaughter to report an open rule. Defeated: 
4-6

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Ms. Foxx........................................          Nay   Ms. Slaughter.....................          Yea
Mr. Bishop of Utah..............................  ............  Mr. McGovern......................          Yea
Mr. Cole........................................  ............  Mr. Hastings of Florida...........          Yea
Mr. Woodall.....................................          Nay   Mr. Polis.........................          Yea
Mr. Nugent......................................          Nay
Mr. Webster.....................................          Nay
Ms. Ros-Lehtinen................................  ............
Mr. Burgess.....................................          Nay
Mr. Sessions, Chairman..........................          Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 109

    Motion by Ms. Foxx to report the rule. Adopted: 6-4

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Ms. Foxx........................................          Yea   Ms. Slaughter.....................          Nay
Mr. Bishop of Utah..............................  ............  Mr. McGovern......................          Nay
Mr. Cole........................................  ............  Mr. Hastings of Florida...........          Nay
Mr. Woodall.....................................          Yea   Mr. Polis.........................          Nay
Mr. Nugent......................................          Yea
Mr. Webster.....................................          Yea
Ms. Ros-Lehtinen................................  ............
Mr. Burgess.....................................          Yea
Mr. Sessions, Chairman..........................          Yea
----------------------------------------------------------------------------------------------------------------

        SUMMARY OF THE AMENDMENT IN PART A CONSIDERED AS ADOPTED

    Amash (MI): Inserts parallel citations to the U.S. Code for 
uncodified statutes proposed to be amended by this legislation, 
as required by section 3(i) of H. Res. 5.

           SUMMARY OF THE AMENDMENTS IN PART B MADE IN ORDER

    1. Rigell (VA): Requires 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) submit an 
analysis of consumer and small business access to credit as a 
result of the regulation, to the Financial Stability Oversight 
Council for the purposes of public review. (10 minutes)
    2. Stivers (OH), Walz (MN): Creates an independent, Senate-
confirmed Inspector General for the Financial Product Safety 
Commission. (10 minutes)
    3. DeSantis (FL): Repeals the exclusive rulemaking 
authority of the Consumer Financial Protection Bureau. (10 
minutes)
    4. Moore, Gwen (WI): Adds Findings and Sense of Congress 
language to the end of the bill that acknowledges and honors 
the work of the Consumer Financial Protection Bureau in 
providing protection and relief to consumers from instances of 
unfair, deceptive, and abusive practices in financial markets. 
(10 minutes)

            PART A--TEXT OF AMENDMENT CONSIDERED AS ADOPTED

  Page 7, line 11, after ``2010'' insert the following: ``(12 
U.S.C. 5497)''.
  Page 8, line 12, after ``1012(c)'' insert the following: 
``(12 U.S.C. 5492(c))''.
  Page 8, line 14, after ``1014(b)'' insert the following: 
``(12 U.S.C. 5494(b))''.
  Page 8, line 23, after ``2010'' insert the following: ``(12 
U.S.C. 5481 et seq.)''.
  Page 9, line 11, after ``1002'' insert the following: ``(12 
U.S.C. 5481)''.
  Page 9, line 15, after ``1012(c)(4)'' insert the following: 
``(12 U.S.C. 5492(c)(4))''.
  Page 9, line 19, after ``1013(c)(3)'' insert the following: 
``(12 U.S.C. 5493(c)(3))''.
  Page 10, line 1, after ``1013(g)(2)'' insert the following: 
``(12 U.S.C. 5493(g)(2))''.
  Page 10, line 9, after ``1016(a)'' insert the following: 
``(12 U.S.C. 5496(a))''.
  Page 10, line 12, after ``1066(a)'' insert the following: 
``(12 U.S.C. 5586(a))''.
  Page 10, line 17, after ``Act'' insert the following: ``(12 
U.S.C. 5301 et seq.)''.
  Page 10, line 22, after ``111(b)(1)(D)'' insert the 
following: ``(12 U.S.C. 5321(b)(1)(D))''.
  Page 11, line 1, after ``1447'' insert the following: ``(12 
U.S.C. 1701p-2)''.
  Page 11, line 7, after ``Act'' insert the following: ``(15 
U.S.C. 1693o-2(a)(4)(C))''.
  Page 11, line 13, after ``Act'' insert the following: ``(12 
U.S.C. 4001 et seq.)''.
  Page 11, line 19, after ``Act'' insert the following: ``(12 
U.S.C. 1812)''.
  Page 12, line 12, after ``Act'' insert the following: ``(20 
U.S.C. 9702)''.
  Page 12, line 19, after ``Act of 1975'' insert the following: 
``(12 U.S.C. 2806)''.
  Page 13, line 3, after ``Act'' insert the following: ``(15 
U.S.C. 1701 et seq.)''.
  Page 13, line 6, after ``1402(1)'' insert the following: 
``(15 U.S.C. 1701(1))''.
  Page 13, line 10, after ``1416(a)'' insert the following: 
``(15 U.S.C. 1715(a))''.
  Page 13, line 15, after ``Act of 1974'' insert the following: 
``(12 U.S.C. 2604)''.
  Page 14, line 3, after ``2008'' insert the following: ``(12 
U.S.C. 5101 et seq.)''.
  Page 14, line 11, after ``1503'' insert the following: ``(12 
U.S.C. 5102)''.

                PART B--TEXT OF AMENDMENTS MADE IN ORDER

 1. An Amendment To Be Offered By Representative Rigell of Virginia or 
                 His Designee, Debatable for 10 Minutes

  Add at the end the following new section:

SEC. 6. ANALYSIS OF REGULATIONS.

  Section 1022 of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5512) is amended by adding at the end the following 
new subsection:
  ``(e) Analysis of Regulations.--
          ``(1) In general.--Each time the Commission proposes 
        a new rule or regulation, the Commission 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 covered persons, 
                regardless of size; and
                  ``(B) carry out an analysis of whether the 
                proposed rule or regulation will impair the 
                ability of individuals and small businesses to 
                have access to credit.
          ``(2) Report.--The Commission shall issue a report to 
        the Council on each analysis carried out under 
        paragraph (1), and make such analysis available to the 
        public.
          ``(3) Use of existing resources.--The Commission 
        shall use existing resources to carry out the 
        requirements of this subsection.''.
                              ----------                              


2. An Amendment To Be Offered by Representative Stivers of Ohio or His 
                   Designee, Debatable for 10 Minutes

  Add at the end the following:

SEC. 6. FINANCIAL PRODUCT SAFETY COMMISSION INSPECTOR GENERAL REFORM.

  (a) Appointment of Inspector General.--The Inspector General 
Act of 1978 (5 U.S.C. App.) is amended--
          (1) in section 8G--
                  (A) in subsection (a)(2), by striking ``and 
                the Bureau of Consumer Financial Protection'';
                  (B) in subsection (c), by striking ``For 
                purposes of implementing this section'' and all 
                that follows through the end of the subsection; 
                and
                  (C) in subsection (g)(3), by striking ``and 
                the Bureau of Consumer Financial Protection''; 
                and
          (2) in section 12--
                  (A) in paragraph (1), by inserting ``the 
                Chair of the Financial Product Safety 
                Commission;'' after ``the President of the 
                Export-Import Bank;''; and
                  (B) in paragraph (2), by inserting ``the 
                Financial Product Safety Commission,'' after 
                ``the Export-Import Bank,''.
  (b) Hearings Requirements for the Inspector General.--Section 
1016 of such Act is amended by inserting after subsection (c) 
the following:
  ``(d) Additional Requirement for Inspector General.--On a 
separate occasion from that described in subsection (a), the 
Inspector General of the Commission shall appear, upon 
invitation, before the Committee on Banking, Housing, and Urban 
Affairs of the Senate and the Committee on Financial Services 
and the Committee on Energy and Commerce of the House of 
Representatives at semi-annual hearings regarding the reports 
required under subsection (b) and the reports required under 
section 5 of the Inspector General Act of 1978 (5 U.S.C. 
App.).''.
  (c) Participation in the Council of Inspectors General on 
Financial Oversight.--Section 989E(a)(1) of such Act is amended 
by adding at the end the following:
                  ``(J) The Financial Product Safety 
                Commission.''.
  (d) Deadline for Appointment.--Not later than 60 days after 
the date of the enactment of this Act, the President shall 
appoint an Inspector General for the Financial Product Safety 
Commission in accordance with section 3 of the Inspector 
General Act of 1978 (5 U.S.C. App.).
  (e) Effective Date.--The amendments made by this section 
shall take effect 60 days after the date of the enactment of 
this Act.
  (f) Transition Period.--The Inspector General of the Board of 
Governors of the Federal Reserve System and the Bureau of 
Consumer Financial Protection shall serve in that position 
until the confirmation of an Inspector General for the 
Financial Product Safety Commission. At that time, the 
Inspector General of the Board of Governors of the Federal 
Reserve System and the Bureau of Consumer Financial Protection 
shall become the Inspector General of the Board of Governors of 
the Federal Reserve System.
                              ----------                              


3. An Amendment To Be Offered by Representative DeSantis of Florida or 
                 His Designee, Debatable for 10 Minutes

  Add at the end the following:

SEC. 6. REPEAL OF EXCLUSIVE RULEMAKING AUTHORITY.

  Section 1022(b) of the Consumer Financial Protection Act of 
2010 (12 U.S.C. 5512(b)) is amended by striking paragraph (4).
                              ----------                              


 4. An Amendment To Be Offered by Representative Moore of Wisconsin or 
                 Her Designee, Debatable for 10 Minutes

  Add at the end the following:

SEC. 6. FINDINGS; SENSE OF CONGRESS.

  (a) Findings.--The Congress finds the following:
          (1) ``The Congress acknowledges and honors the 
        tremendous work of the Bureau of Consumer Financial 
        Protection in protecting and providing relief to 
        consumers from instances of unfair, deceptive, and 
        abusive practices in financial markets.
          (2) The Bureau of Consumer Financial Protection has 
        refunded over $3 billion to approximately 9.7 million 
        victims of deceptive or abusive practices in financial 
        markets since its inception.
          (3) The Bureau of Consumer Financial Protection has 
        continued to engage with consumers, industry, Congress, 
        and other regulators to promulgate rules making U.S. 
        financial markets the fairest, safest, and most robust 
        in the world.
          (4) Changes to the current management, oversight, or 
        funding of the Bureau of Consumer Financial Protection 
        would undermine the mission of the Bureau.
  (b) Sense of Congress.--It is the sense of the Congress that 
the Congress--
          (1) acknowledges the meritorious work of the Bureau 
        of Consumer Financial Protection; and
          (2) supports the Bureau's ongoing mission by 
        preserving the current management, oversight, and 
        funding structure of the Bureau.

                                  
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