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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1315 Reported in House (RH)]

                                                  Union Calendar No. 49
112th CONGRESS
  1st Session
                                H. R. 1315

                          [Report No. 112-89]

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.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 1, 2011

  Mr. Duffy (for himself, Mrs. Capito, and Mr. Bachus) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

                              May 25, 2011

            Additional sponsors: Mr. McKinley and Mr. Carter

                              May 25, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL

 
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.

 

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

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Consumer Financial 
Protection Safety and Soundness Improvement Act of 2011''.</DELETED>

<DELETED>SEC. 2. COUNCIL VOTING PROCEDURE.</DELETED>

<DELETED>    Section 1023(c)(3)(A) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended--</DELETED>
        <DELETED>    (1) by striking ``</DELETED>\<DELETED>2/
        3</DELETED>\<DELETED>'' and inserting ``a majority''; 
        and</DELETED>
        <DELETED>    (2) by inserting before the period the following: 
        ``, excluding the Director of the Bureau''.</DELETED>

<DELETED>SEC. 3. REVIEW AUTHORITY OF THE COUNCIL.</DELETED>

<DELETED>    Section 1023 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended--</DELETED>
        <DELETED>    (1) in subsection (a)--</DELETED>
                <DELETED>    (A) by striking ``may'' and inserting 
                ``shall''; and</DELETED>
                <DELETED>    (B) by striking ``regulation or provision 
                would put the safety and soundness of the United States 
                banking system or the stability of the financial system 
                of the United States at risk'' and inserting 
                ``regulation which is the subject of the petition is 
                inconsistent with the safe and sound operations of 
                United States financial institutions''; and</DELETED>
        <DELETED>    (2) in subsection (c)--</DELETED>
                <DELETED>    (A) in paragraph (3)(B)(ii), by striking 
                ``would put the safety and soundness of the United 
                States banking system or the stability of the financial 
                system of the United States at risk'' and inserting 
                ``is inconsistent with the safe and sound operations of 
                United States financial institutions'';</DELETED>
                <DELETED>    (B) in paragraph (4)--</DELETED>
                        <DELETED>    (i) by striking subparagraph (B); 
                        and</DELETED>
                        <DELETED>    (ii) by redesignating subparagraph 
                        (C) as subparagraph (B);</DELETED>
                <DELETED>    (C) by striking paragraph (5); 
                and</DELETED>
                <DELETED>    (D) by redesignating paragraphs (6), (7), 
                and (8) as paragraphs (5), (6), and (7), 
                respectively.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Financial Protection Safety 
and Soundness Improvement Act of 2011''.

SEC. 2. COUNCIL VOTING PROCEDURE.

    Section 1023(c)(3)(A) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended--
            (1) by striking ``\2/3\'' and inserting ``a majority''; and
            (2) by inserting before the period the following: ``, 
        excluding the Director of the Bureau''.

SEC. 3. REVIEW AUTHORITY OF THE COUNCIL.

    Section 1023 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act is amended--
            (1) in subsection (a)--
                    (A) by striking ``may'' and inserting ``shall''; 
                and
                    (B) by striking ``regulation or provision would put 
                the safety and soundness of the United States banking 
                system or the stability of the financial system of the 
                United States at risk'' and inserting ``regulation 
                which is the subject of the petition is inconsistent 
                with the safe and sound operations of United States 
                financial institutions''; and
            (2) in subsection (c)--
                    (A) in paragraph (3)(B)(ii), by striking ``would 
                put the safety and soundness of the United States 
                banking system or the stability of the financial system 
                of the United States at risk'' and inserting ``is 
                inconsistent with the safe and sound operations of 
                United States financial institutions'';
                    (B) in paragraph (4)--
                            (i) by striking subparagraph (B); and
                            (ii) by redesignating subparagraph (C) as 
                        subparagraph (B);
                    (C) by striking paragraph (5);
                    (D) by redesignating paragraphs (6), (7), and (8) 
                as paragraphs (5), (6), and (7), respectively; and
                    (E) by adding at the end the following new 
                paragraph:
            ``(8) Public meetings.--Any time the Council meets pursuant 
        to this section to decide whether to issue a stay of, or set 
        aside, any regulation, every portion of such meeting shall be 
        open to public observation.''.
                                                  Union Calendar No. 49

112th CONGRESS

  1st Session

                               H. R. 1315

                          [Report No. 112-89]

_______________________________________________________________________

                                 A BILL

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.

_______________________________________________________________________

                              May 25, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
```