99–008 

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 


tjames on DSKG8SOYB1PROD with REPORTS
2 

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 ProtecVerDate Mar 15 2010 03:32 Jul 21, 2011 Jkt 099008 PO 00000 Frm 00002 Fmt 6659 Sfmt 6602 E:\HR\OC\HR172.XXX HR172

tjames on DSKG8SOYB1PROD with REPORTS
3 

tion 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): 


tjames on DSKG8SOYB1PROD with REPORTS
4 

(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 PE- TITION 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: 


tjames on DSKG8SOYB1PROD with REPORTS
5 

‘‘(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 


tjames on DSKG8SOYB1PROD with REPORTS
6 

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.— 


tjames on DSKG8SOYB1PROD with REPORTS
7 

‘‘(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.’’. 

Æ 


tjames on DSKG8SOYB1PROD with REPORTS