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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] 


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•HR 1315 RH

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. 


emcdonald on DSK2BSOYB1PROD with BILLS
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•HR 1315 RH

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 ‘‘Consumer Financial 

5 Protection Safety and Soundness Improvement Act of 

6 2011’’. 

7 SEC. 2. COUNCIL VOTING PROCEDURE. 

8 Section 1023(c)(3)(A) of the Dodd-Frank Wall Street 

9 Reform and Consumer Protection Act is amended— 

(1) by striking ‘‘2 10 ⁄3’’ and inserting ‘‘a major11 ity’’; and 

12 (2) by inserting before the period the following: 

13 ‘‘, excluding the Director of the Bureau’’. 

14 SEC. 3. REVIEW AUTHORITY OF THE COUNCIL. 

15 Section 1023 of the Dodd-Frank Wall Street Reform 

16 and Consumer Protection Act is amended— 

17 (1) in subsection (a)— 

18 (A) by striking ‘‘may’’ and inserting 

19 ‘‘shall’’; and 

20 (B) by striking ‘‘regulation or provision 

21 would put the safety and soundness of the 

22 United States banking system or the stability of 

23 the financial system of the United States at 

24 risk’’ and inserting ‘‘regulation which is the 

25 subject of the petition is inconsistent with the 


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1 safe and sound operations of United States fi2 nancial institutions’’; and 

3 (2) in subsection (c)— 

4 (A) in paragraph (3)(B)(ii), by striking 

5 ‘‘would put the safety and soundness of the 

6 United States banking system or the stability of 

7 the financial system of the United States at 

8 risk’’ and inserting ‘‘is inconsistent with the 

9 safe and sound operations of United States fi10 nancial institutions’’; 

11 (B) in paragraph (4)— 

12 (i) by striking subparagraph (B); and 

13 (ii) by redesignating subparagraph 

14 (C) as subparagraph (B); 

15 (C) by striking paragraph (5); and 

16 (D) by redesignating paragraphs (6), (7), 

17 and (8) as paragraphs (5), (6), and (7), respec18 tively. 

19 SECTION 1. SHORT TITLE. 

20 This Act may be cited as the ‘‘Consumer Financial 

21 Protection Safety and Soundness Improvement Act of 

22 2011’’. 

23 SEC. 2. COUNCIL VOTING PROCEDURE. 

24 Section 1023(c)(3)(A) of the Dodd-Frank Wall Street 

25 Reform and Consumer Protection Act is amended— 


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•HR 1315 RH

(1) by striking ‘‘2 1 ⁄3’’ and inserting ‘‘a majority’’; 

2 and 

3 (2) by inserting before the period the following: 

4 ‘‘, excluding the Director of the Bureau’’. 

5 SEC. 3. REVIEW AUTHORITY OF THE COUNCIL. 

6 Section 1023 of the Dodd-Frank Wall Street Reform 

7 and Consumer Protection Act is amended— 

8 (1) in subsection (a)— 

9 (A) by striking ‘‘may’’ and inserting 

10 ‘‘shall’’; and 

11 (B) by striking ‘‘regulation or provision 

12 would put the safety and soundness of the United 

13 States banking system or the stability of the fi14 nancial system of the United States at risk’’ and 

15 inserting ‘‘regulation which is the subject of the 

16 petition is inconsistent with the safe and sound 

17 operations of United States financial institu18 tions’’; and 

19 (2) in subsection (c)— 

20 (A) in paragraph (3)(B)(ii), by striking 

21 ‘‘would put the safety and soundness of the 

22 United States banking system or the stability of 

23 the financial system of the United States at risk’’ 

24 and inserting ‘‘is inconsistent with the safe and 


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•HR 1315 RH

1 sound operations of United States financial in2 stitutions’’; 

3 (B) in paragraph (4)— 

4 (i) by striking subparagraph (B); and 

5 (ii) by redesignating subparagraph (C) 

6 as subparagraph (B); 

7 (C) by striking paragraph (5); 

8 (D) by redesignating paragraphs (6), (7), 

9 and (8) as paragraphs (5), (6), and (7), respec10 tively; and 

11 (E) by adding at the end the following new 

12 paragraph: 

13 ‘‘(8) PUBLIC MEETINGS.—Any time the Council 

14 meets pursuant to this section to decide whether to 

15 issue a stay of, or set aside, any regulation, every 

16 portion of such meeting shall be open to public obser17 vation.’’. 


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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 

of Consumer Financial Protection. sight Council of regulations issued by the Bureau view authority of the Financial Stability OverConsumer Protection Act to strengthen the reMAY 25, 2011 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


emcdonald on DSK2BSOYB1PROD with BILLS