39–008 

113TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 2d Session 113–350 

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 printVerDate Mar 15 2010 04:19 Feb 11, 2014 Jkt 039008 PO 00000 Frm 00001 Fmt 6659 Sfmt 6602 E:\HR\OC\HR350.XXX HR350

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ed 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 fiveyear 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 


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Majority Members Vote Minority Members Vote 

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))’’. 


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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 


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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 semiannual 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.). 


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(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. 

Æ 


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