IB 

Union Calendar No. 257 

113TH CONGRESS 

2D SESSION H. R. 3519 

[Report No. 113–347] 

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

Bureau of Consumer Financial Protection an independent agency. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 18, 2013 

Mr. NEUGEBAUER introduced the following bill; which was referred to the 

Committee on Financial Services 

FEBRUARY 6, 2014 

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 3519 RH

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to make the Bureau of Consumer Financial Protection 

an independent agency. 


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•HR 3519 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 ‘‘Bureau of Consumer 

5 Financial Protection Accountability and Transparency Act 

6 of 2013’’. 

7 SEC. 2. MAKING THE BUREAU AN INDEPENDENT AGENCY. 

8 The Consumer Financial Protection Act of 2010 is 

9 amended— 

10 (1) in section 1011— 

11 (A) in subsection (a), by striking ‘‘in the 

12 Federal Reserve System,’’; and 

13 (B) in subsection (e), by striking ‘‘, includ14 ing in cities in which the Federal reserve banks, 

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

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

17 (2), (3), (4), and (5); and 

18 (3) in section 1014(b), by striking ‘‘Not fewer 

19 than 6 members shall be appointed upon the rec20 ommendation of the regional Federal Reserve Bank 

21 Presidents, on a rotating basis.’’. 

22 SEC. 3. BRINGING THE BUREAU INTO THE REGULAR AP23 PROPRIATIONS PROCESS. 

24 Section 1017 of the Consumer Financial Protection 

25 Act of 2010 is amended— 


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•HR 3519 RH

1 (1) in subsection (a)— 

2 (A) by amending the heading of such sub3 section to read as follows: ‘‘BUDGET, FINAN4 CIAL MANAGEMENT, AND AUDIT.—’’; 

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

6 (3); 

7 (C) by redesignating paragraphs (4) and 

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

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

10 of paragraph (1), as so redesignated; 

11 (2) by striking subsections (b) and (c); 

12 (3) by redesignating subsections (d) and (e) as 

13 subsections (b) and (c), respectively; and 

14 (4) in subsection (c), as so redesignated— 

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

16 (3) and inserting the following: 

17 ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— 

18 There are authorized to be appropriated such sums 

19 as may be necessary to carry out this title for each 

20 of fiscal years 2014 and 2015.’’; and 

21 (B) by redesignating paragraph (4) as 

22 paragraph (2). 


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•HR 3519 RH

1 SECTION 1. SHORT TITLE. 

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

3 Financial Protection Accountability and Transparency Act 

4 of 2013’’. 

5 SEC. 2. MAKING THE BUREAU AN INDEPENDENT AGENCY. 

6 The Consumer Financial Protection Act of 2010 is 

7 amended— 

8 (1) in section 1011— 

9 (A) in subsection (a)— 

10 (i) by striking ‘‘in the Federal Reserve 

11 System,’’; and 

12 (ii) by striking ‘‘Bureau of Consumer 

13 Financial Protection’’ and inserting ‘‘Fi14 nancial Product Safety Commission’’; and 

15 (B) in subsection (e), by striking ‘‘, includ16 ing in cities in which the Federal reserve banks, 

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

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

19 (2), (3), (4), and (5); and 

20 (3) in section 1014(b), by striking ‘‘Not fewer 

21 than 6 members shall be appointed upon the rec22 ommendation of the regional Federal Reserve Bank 

23 Presidents, on a rotating basis.’’. 


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•HR 3519 RH

1 SEC. 3. BRINGING THE BUREAU INTO THE REGULAR APPRO2 PRIATIONS PROCESS. 

3 Section 1017 of the Consumer Financial Protection 

4 Act of 2010 is amended— 

5 (1) in subsection (a)— 

6 (A) by amending the heading of such sub7 section to read as follows: ‘‘BUDGET, FINANCIAL

8 MANAGEMENT, AND AUDIT.—’’; 

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

10 (3); 

11 (C) by redesignating paragraphs (4) and 

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

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

14 of paragraph (1), as so redesignated; 

15 (2) by striking subsections (b) and (c); 

16 (3) by redesignating subsections (d) and (e) as 

17 subsections (b) and (c), respectively; and 

18 (4) in subsection (c), as so redesignated— 

19 (A) by striking paragraphs (1), (2), and (3) 

20 and inserting the following: 

21 ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— 

22 There are authorized to be appropriated such sums as 

23 may be necessary to carry out this title for each of 

24 fiscal years 2014 and 2015.’’; and 

25 (B) by redesignating paragraph (4) as 

26 paragraph (2). 


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•HR 3519 RH

1 SEC. 4. DEEMING OF NAME. 

2 Any reference in a law, regulation, document, paper, 

3 or other record of the United States to the Bureau of Con4 sumer Financial Protection shall be deemed a reference to 

5 the Financial Product Safety Commission. 


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Union Calendar No. 257 

113TH CONGRESS 

2D SESSION H. R. 3519 

[Report No. 113–347] 

A BILL 

To amend the Consumer Financial Protection Act 

cial Protection an independent agency. of 2010 to make the Bureau of Consumer FinanFEBRUARY 6, 2014 

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 DSK67QTVN1PROD with BILLS