I 

112TH CONGRESS 

1ST SESSION H. R. 1355 

To amend the Consumer Financial Protection Act of 2010 to move the 

Bureau of Consumer Financial Protection into the Department of the 

Treasury. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 4, 2011 

Mr. NEUGEBAUER (for himself, Mrs. CAPITO, and Mr. CANSECO) introduced 

the following bill; which was referred to the Committee on Financial Services 

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to move the Bureau of Consumer Financial Protection 

into the Department of the Treasury. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Bureau of Consumer 

5 Financial Protection Accountability and Transparency Act 

6 of 2011’’. 


tjames on DSKG8SOYB1PROD with BILLS
2 

•HR 1355 IH

1 SEC. 2. MOVING THE BUREAU FROM THE FEDERAL RE2 SERVE TO THE TREASURY. 

3 The Consumer Financial Protection Act of 2010 is 

4 amended— 

5 (1) in section 1011— 

6 (A) in subsection (a)— 

7 (i) by striking ‘‘independent’’; and 

8 (ii) by striking ‘‘Federal Reserve Sys9 tem’’ and inserting ‘‘Department of the 

10 Treasury’’; and 

11 (B) in subsection (e), by striking ‘‘, includ12 ing in cities in which the Federal reserve banks, 

13 or branches of such banks, are located,’’; 

14 (2) in section 1012(c), by striking paragraphs 

15 (2), (3), (4), and (5); 

16 (3) in section 1013(a)— 

17 (A) by amending paragraph (2) to read as 

18 follows: 

19 ‘‘(2) COMPENSATION.—The rates of basic pay 

20 for all employees of the Bureau shall be set and ad21 justed by the Director in accordance with the Gen22 eral Schedule set forth in section 5332 of title 5, 

23 United States Code.’’; and 

24 (B) by striking paragraph (3); and 

25 (4) in section 1014(b), by striking ‘‘Not fewer 

26 than 6 members shall be appointed upon the recVerDate Mar 15 2010 03:05 Apr 06, 2011 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1355.IH H1355

tjames on DSKG8SOYB1PROD with BILLS
3 

•HR 1355 IH

1 ommendation of the regional Federal Reserve Bank 

2 Presidents, on a rotating basis.’’. 

3 SEC. 3. BRINGING THE BUREAU INTO THE REGULAR AP4 PROPRIATIONS PROCESS. 

5 Section 1017 of the Consumer Financial Protection 

6 Act of 2010 is amended— 

7 (1) in subsection (a)— 

8 (A) by amending the heading of such sub9 section to read as follows: ‘‘BUDGET, FINAN10 CIAL MANAGEMENT, AND AUDIT.—’’; 

11 (B) by striking paragraphs (1), (2), and 

12 (3); 

13 (C) by redesignating paragraphs (4) and 

14 (5) as paragraphs (1) and (2), respectively; and 

15 (D) by striking subparagraphs (E) and (F) 

16 of paragraph (1), as so redesignated; 

17 (2) by striking subsections (b), (c), and (d); 

18 (3) by redesignating subsection (e) as sub19 section (b); and 

20 (4) in subsection (b), as so redesignated— 

21 (A) by striking paragraphs (1), (2), and 

22 (3) and inserting the following: 

23 ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— 

24 There is authorized to be appropriated 


tjames on DSKG8SOYB1PROD with BILLS
4 

•HR 1355 IH

1 $200,000,000 to carry out this title for each of fiscal 

2 years 2011 and 2012.’’; and 

3 (B) by redesignating paragraph (4) as 

4 paragraph (2). 

Æ 


tjames on DSKG8SOYB1PROD with BILLS