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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1910 Placed on Calendar Senate (PCS)]

                                                       Calendar No. 176
114th CONGRESS
  1st Session
                                S. 1910

                          [Report No. 114-97]

Making appropriations for financial services and general government for 
   the fiscal year ending September 30, 2016, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 30, 2015

    Mr. Boozman, from the Committee on Appropriations, reported the 
    following original bill; which was read twice and placed on the 
                                calendar

_______________________________________________________________________

                                 A BILL

 
Making appropriations for financial services and general government for 
   the fiscal year ending September 30, 2016, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That the following sums 
are appropriated, out of any money in the Treasury not otherwise 
appropriated, for financial services and general government for the 
fiscal year ending September 30, 2016, and for other purposes, namely:

                                TITLE I

                       DEPARTMENT OF THE TREASURY

                          Departmental Offices

                         salaries and expenses

    For necessary expenses of the Departmental Offices including 
operation and maintenance of the Treasury Building and Annex; hire of 
passenger motor vehicles; maintenance, repairs, and improvements of, 
and purchase of commercial insurance policies for, real properties 
leased or owned overseas, when necessary for the performance of 
official business; executive direction program activities; 
international affairs and economic policy activities; domestic finance 
and tax policy activities, including technical assistance to State and 
local governments; terrorism and financial intelligence activities; and 
Treasury-wide management policies and programs activities, 
$325,900,000:  Provided, That of the amount appropriated under this 
heading--
            (1) not less than $112,500,000 is for the Office of 
        Terrorism and Financial Intelligence to safeguard the financial 
        system against illicit use and to combat rogue nations, 
        terrorist facilitators, weapons of mass destruction 
        proliferators, money launderers, drug kingpins, and other 
        national security threats;
            (2) not to exceed $350,000 is for official reception and 
        representation expenses;
            (3) not to exceed $258,000 is for unforeseen emergencies of 
        a confidential nature to be allocated and expended under the 
        direction of the Secretary of the Treasury and to be accounted 
        for solely on the Secretary's certificate; and
            (4) not to exceed $25,200,000 shall remain available until 
        September 30, 2017, for--
                    (A) the Treasury-wide Financial Statement Audit and 
                Internal Control Program;
                    (B) information technology modernization 
                requirements;
                    (C) the audit, oversight, and administration of the 
                Gulf Coast Restoration Trust Fund;
                    (D) the development and implementation of programs 
                within the Office of Critical Infrastructure Protection 
                and Compliance Policy, including entering into 
                cooperative agreements; and
                    (E) secure space requirements.

        department-wide systems and capital investments programs

                     (including transfer of funds)

    For development and acquisition of automatic data processing 
equipment, software, and services and for repairs and renovations to 
buildings owned by the Department of the Treasury, $5,000,000, to 
remain available until September 30, 2018:  Provided, That these funds 
shall be transferred to accounts and in amounts as necessary to satisfy 
the requirements of the Department's offices, bureaus, and other 
organizations:  Provided further, That this transfer authority shall be 
in addition to any other transfer authority provided in this Act:  
Provided further, That none of the funds appropriated under this 
heading shall be used to support or supplement ``Internal Revenue 
Service, Operations Support'' or ``Internal Revenue Service, Business 
Systems Modernization''.

                      office of inspector general

                         salaries and expenses

    For necessary expenses of the Office of Inspector General in 
carrying out the provisions of the Inspector General Act of 1978, 
$35,416,000, including hire of passenger motor vehicles; of which not 
to exceed $100,000 shall be available for unforeseen emergencies of a 
confidential nature, to be allocated and expended under the direction 
of the Inspector General of the Treasury; of which up to $2,800,000 to 
remain available until September 30, 2017, shall be for audits and 
investigations conducted pursuant to section 1608 of the Resources and 
Ecosystems Sustainability, Tourist Opportunities, and Revived Economies 
of the Gulf Coast States Act of 2012 (33 U.S.C. 1321 note); and of 
which not to exceed $1,000 shall be available for official reception 
and representation expenses.

           treasury inspector general for tax administration

                         salaries and expenses

    For necessary expenses of the Treasury Inspector General for Tax 
Administration in carrying out the Inspector General Act of 1978, as 
amended, including purchase and hire of passenger motor vehicles (31 
U.S.C. 1343(b)); and services authorized by 5 U.S.C. 3109, at such 
rates as may be determined by the Inspector General for Tax 
Administration; $167,275,000, of which $5,000,000 shall remain 
available until September 30, 2017; of which not to exceed $6,000,000 
shall be available for official travel expenses; of which not to exceed 
$500,000 shall be available for unforeseen emergencies of a 
confidential nature, to be allocated and expended under the direction 
of the Inspector General for Tax Administration; and of which not to 
exceed $1,500 shall be available for official reception and 
representation expenses.

    special inspector general for the troubled asset relief program

                         salaries and expenses

    For necessary expenses of the Office of the Special Inspector 
General in carrying out the provisions of the Emergency Economic 
Stabilization Act of 2008 (Public Law 110-343), $36,671,000.

                  Financial Crimes Enforcement Network

                         salaries and expenses

    For necessary expenses of the Financial Crimes Enforcement Network, 
including hire of passenger motor vehicles; travel and training 
expenses of non-Federal and foreign government personnel to attend 
meetings and training concerned with domestic and foreign financial 
intelligence activities, law enforcement, and financial regulation; 
services authorized by 5 U.S.C. 3109; not to exceed $10,000 for 
official reception and representation expenses; and for assistance to 
Federal law enforcement agencies, with or without reimbursement, 
$112,979,000, of which not to exceed $34,335,000 shall remain available 
until September 30, 2018.

                        Treasury Forfeiture Fund

                              (rescission)

    Of the unobligated balances available under this heading, 
$700,000,000 are rescinded.

                      Bureau of the Fiscal Service

                         salaries and expenses

    For necessary expenses of operations of the Bureau of the Fiscal 
Service, $356,000,000; of which not to exceed $4,210,000, to remain 
available until September 30, 2018, is for information systems 
modernization initiatives; of which $5,000 shall be available for 
official reception and representation expenses; and of which not to 
exceed $19,800,000, to remain available until September 30, 2018, is to 
support the Department's activities related to implementation of the 
Digital Accountability and Transparency Act (DATA Act; Public Law 113-
101), including changes in business processes, workforce, or 
information technology to support high quality, transparent Federal 
spending information.
    In addition, $165,000, to be derived from the Oil Spill Liability 
Trust Fund to reimburse administrative and personnel expenses for 
financial management of the Fund, as authorized by section 1012 of 
Public Law 101-380.

                Alcohol and Tobacco Tax and Trade Bureau

                         salaries and expenses

    For necessary expenses of carrying out section 1111 of the Homeland 
Security Act of 2002, including hire of passenger motor vehicles, 
$101,439,000; of which not to exceed $6,000 for official reception and 
representation expenses; not to exceed $50,000 for cooperative research 
and development programs for laboratory services; and provision of 
laboratory assistance to State and local agencies with or without 
reimbursement.

                           United States Mint

               united states mint public enterprise fund

    Pursuant to section 5136 of title 31, United States Code, the 
United States Mint is provided funding through the United States Mint 
Public Enterprise Fund for costs associated with the production of 
circulating coins, numismatic coins, and protective services, including 
both operating expenses and capital investments:  Provided, That the 
aggregate amount of new liabilities and obligations incurred during 
fiscal year 2016 under such section 5136 for circulating coinage and 
protective service capital investments of the United States Mint shall 
not exceed $20,000,000.

   Community Development Financial Institutions Fund Program Account

    To carry out the Riegle Community Development and Regulatory 
Improvements Act of 1994 (subtitle A of title I of Public Law 103-325), 
including services authorized by section 3109 of title 5, United States 
Code, but at rates for individuals not to exceed the per diem rate 
equivalent to the rate for EX-3, $221,000,000. Of the amount 
appropriated under this heading--
            (1) not less than $161,900,000, notwithstanding section 
        108(e) of Public Law 103-325 (12 U.S.C. 4707(e)) with regard to 
        Small and/or Emerging Community Development Financial 
        Institutions Assistance awards, is available until September 
        30, 2017, for financial assistance and technical assistance 
        under subparagraphs (A) and (B) of section 108(a)(1), 
        respectively, of Public Law 103-325 (12 U.S.C. 4707(a)(1)(A) 
        and (B)), of which up to $3,102,500 may be used for the cost of 
        direct loans:  Provided, That the cost of direct and guaranteed 
        loans, including the cost of modifying such loans, shall be as 
        defined in section 502 of the Congressional Budget Act of 1974: 
         Provided further, That these funds are available to subsidize 
        gross obligations for the principal amount of direct loans not 
        to exceed $25,000,000;
            (2) not less than $15,000,000, notwithstanding section 
        108(e) of Public Law 103-325 (12 U.S.C. 4707(e)), is available 
        until September 30, 2017, for financial assistance, technical 
        assistance, training and outreach programs designed to benefit 
        Native American, Native Hawaiian, and Alaskan Native 
        communities and provided primarily through qualified community 
        development lender organizations with experience and expertise 
        in community development banking and lending in Indian country, 
        Native American organizations, tribes and tribal organizations, 
        and other suitable providers;
            (3) not less than $21,000,000 is available until September 
        30, 2017, for the Bank Enterprise Award program;
            (4) up to $23,100,000 is available until September 30, 
        2016, for administrative expenses, including administration of 
        CDFI fund programs and the New Markets Tax Credit Program, of 
        which not less than $1,000,000 is for capacity building to 
        expand CDFI investments in underserved rural areas, and up to 
        $300,000 is for administrative expenses to carry out the direct 
        loan program; and
            (5) during fiscal year 2016, none of the funds available 
        under this heading are available for the cost, as defined in 
        section 502 of the Congressional Budget Act of 1974, of 
        commitments to guarantee bonds and notes under section 114A of 
        the Riegle Community Development and Regulatory Improvement Act 
        of 1994 (12 U.S.C. 4713a):  Provided, That commitments to 
        guarantee bonds and notes under such section 114A shall not 
        exceed $750,000,000:  Provided further, That such section 114A 
        shall remain in effect until September 30, 2016.

                        Internal Revenue Service

                           taxpayer services

    For necessary expenses of the Internal Revenue Service to provide 
taxpayer services, including pre-filing assistance and education, 
filing and account services, taxpayer advocacy services, and other 
services as authorized by 5 U.S.C. 3109, at such rates as may be 
determined by the Commissioner, $2,156,554,000, of which not less than 
$5,600,000 shall be for the Tax Counseling for the Elderly Program, of 
which not less than $12,000,000 shall be available for low-income 
taxpayer clinic grants, and of which not less than $12,000,000, to 
remain available until September 30, 2017, shall be available for a 
Community Volunteer Income Tax Assistance matching grants program for 
tax return preparation assistance, of which not less than $206,000,000 
shall be available for operating expenses of the Taxpayer Advocate 
Service:  Provided, That of the amounts made available for the Taxpayer 
Advocate Service, not less than $5,000,000 shall be for identity theft 
casework.
    In addition, $90,000,000 is available solely for measurable 
improvements in the customer service representative level of service 
rate, the number of days to resolve tax refund fraud by identity theft 
cases, and the percentage of correspondence the IRS responds to within 
established timeframes:  Provided, That such funds shall supplement and 
not supplant any other amounts made available to the IRS for such 
purposes.

                              enforcement

    For necessary expenses for tax enforcement activities of the 
Internal Revenue Service to determine and collect owed taxes, to 
provide legal and litigation support, to conduct criminal 
investigations, to enforce criminal statutes related to violations of 
internal revenue laws and other financial crimes, to purchase and hire 
passenger motor vehicles (31 U.S.C. 1343(b)), and to provide other 
services as authorized by 5 U.S.C. 3109, at such rates as may be 
determined by the Commissioner, $4,500,000,000, of which not to exceed 
$50,000,000 shall remain available until September 30, 2017, and of 
which not less than $57,493,000 shall be for the Interagency Crime and 
Drug Enforcement program.

                           operations support

    For necessary expenses of the Internal Revenue Service to support 
taxpayer services and enforcement programs, including rent payments; 
facilities services; printing; postage; physical security; headquarters 
and other IRS-wide administration activities; research and statistics 
of income; telecommunications; information technology development, 
enhancement, operations, maintenance, and security; the hire of 
passenger motor vehicles (31 U.S.C. 1343(b)); and other services as 
authorized by 5 U.S.C. 3109, at such rates as may be determined by the 
Commissioner; $3,468,446,000, of which not to exceed $50,000,000 shall 
remain available until September 30, 2017; of which not to exceed 
$10,000,000 shall remain available until expended for acquisition of 
equipment and construction, repair and renovation of facilities; of 
which not to exceed $1,000,000 shall remain available until September 
30, 2018, for research; of which not to exceed $1,850,000 shall be for 
the Internal Revenue Service Oversight Board; of which not to exceed 
$20,000 shall be for official reception and representation expenses:  
Provided, That not later than 30 days after the end of each quarter, 
the Internal Revenue Service shall submit a report to the Committees on 
Appropriations of the House of Representatives and the Senate and the 
Comptroller General of the United States detailing the cost and 
schedule performance for its major information technology investments, 
including the purpose and life-cycle stages of the investments; the 
reasons for any cost and schedule variances; the risks of such 
investments and strategies the Internal Revenue Service is using to 
mitigate such risks; and the expected developmental milestones to be 
achieved and costs to be incurred in the next quarter:  Provided 
further, That the Internal Revenue Service shall include, in its budget 
justification for fiscal year 2017, a summary of cost and schedule 
performance information for its major information technology systems.

                     business systems modernization

    For necessary expenses of the Internal Revenue Service's business 
systems modernization program, $260,000,000, to remain available until 
September 30, 2018, for the capital asset acquisition of information 
technology systems, including management and related contractual costs 
of said acquisitions, including related Internal Revenue Service labor 
costs, and contractual costs associated with operations authorized by 5 
U.S.C. 3109:  Provided, That not later than 30 days after the end of 
each quarter, the Internal Revenue Service shall submit a report to the 
Committees on Appropriations of the House of Representatives and the 
Senate and the Comptroller General of the United States detailing the 
cost and schedule performance for CADE 2 and Modernized e-File 
information technology investments, including the purposes and life-
cycle stages of the investments; the reasons for any cost and schedule 
variances; the risks of such investments and the strategies the 
Internal Revenue Service is using to mitigate such risks; and the 
expected developmental milestones to be achieved and costs to be 
incurred in the next quarter.

          administrative provisions--internal revenue service

                     (including transfer of funds)

    Sec. 101.  Not to exceed 5 percent of any appropriation made 
available in this Act to the Internal Revenue Service may be 
transferred to any other Internal Revenue Service appropriation upon 
the advance approval of the Committees on Appropriations.
    Sec. 102.  The Internal Revenue Service shall maintain an employee 
training program, which shall include the following topics: taxpayers' 
rights, dealing courteously with taxpayers, cross-cultural relations, 
ethics, and the impartial application of tax law.
    Sec. 103.  The Internal Revenue Service shall institute and enforce 
policies and procedures that will safeguard the confidentiality of 
taxpayer information and protect taxpayers against identity theft.
    Sec. 104.  Funds made available by this or any other Act to the 
Internal Revenue Service shall be available for improved facilities and 
increased staffing to provide sufficient and effective 1-800 help line 
service for taxpayers. The Commissioner shall continue to make 
improvements to the Internal Revenue Service 1-800 help line service a 
priority and allocate resources necessary to enhance the response time 
to taxpayer communications, particularly with regard to victims of tax-
related crimes.
    Sec. 105.  None of the funds made available to the Internal Revenue 
Service by this Act may be used to make a video unless the Service-Wide 
Video Editorial Board determines in advance that making the video is 
appropriate, taking into account the cost, topic, tone, and purpose of 
the video.
    Sec. 106.  The Internal Revenue Service shall issue a notice of 
confirmation of any address change relating to an employer making 
employment tax payments, and such notice shall be sent to both the 
employer's former and new address and an officer or employee of the 
Internal Revenue Service shall give special consideration to an offer-
in-compromise from a taxpayer who has been the victim of fraud by a 
third party payroll tax preparer.
    Sec. 107.  None of the funds made available under this Act may be 
used by the Internal Revenue Service to target citizens of the United 
States for exercising any right guaranteed under the First Amendment to 
the Constitution of the United States.
    Sec. 108.  None of the funds made available in this Act may be used 
by the Internal Revenue Service to target groups for regulatory 
scrutiny based on their ideological beliefs.
    Sec. 109.  None of funds made available by this Act to the Internal 
Revenue Service shall be obligated or expended on conferences that do 
not adhere to the procedures, verification processes, documentation 
requirements, and policies issued by the Chief Financial Officer, Human 
Capital Office, and Agency-Wide Shared Services as a result of the 
recommendations in the report published on May 31, 2013, by the 
Treasury Inspector General for Tax Administration entitled ``Review of 
the August 2010 Small Business/Self-Employed Division's Conference in 
Anaheim, California'' (Reference Number 2013-10-037).
    Sec. 110.  None of the funds made available by this Act may be used 
in contravention of section 6103 of the Internal Revenue Code of 1986 
(relating to confidentiality and disclosure of returns and return 
information).
    Sec. 111.  None of the funds made available in this Act to the 
Internal Revenue Service may be obligated or expended--
            (1) to make a payment to any employee under a bonus, award, 
        or recognition program; or
            (2) under any hiring or personnel selection process with 
        respect to re-hiring a former employee, unless such program or 
        process takes into account the conduct and Federal tax 
        compliance of such employee or former employee.

         Administrative Provisions--Department of the Treasury

                     (including transfers of funds)

    Sec. 112.  Appropriations to the Department of the Treasury in this 
Act shall be available for uniforms or allowances therefor, as 
authorized by law (5 U.S.C. 5901), including maintenance, repairs, and 
cleaning; purchase of insurance for official motor vehicles operated in 
foreign countries; purchase of motor vehicles without regard to the 
general purchase price limitations for vehicles purchased and used 
overseas for the current fiscal year; entering into contracts with the 
Department of State for the furnishing of health and medical services 
to employees and their dependents serving in foreign countries; and 
services authorized by 5 U.S.C. 3109.
    Sec. 113.  Not to exceed 2 percent of any appropriations in this 
title made available under the headings ``Departmental Offices--
Salaries and Expenses'', ``Office of Inspector General'', ``Special 
Inspector General for the Troubled Asset Relief Program'', ``Financial 
Crimes Enforcement Network'', ``Bureau of the Fiscal Service'', and 
``Alcohol and Tobacco Tax and Trade Bureau'' may be transferred between 
such appropriations upon the advance approval of the Committees on 
Appropriations of the House of Representatives and the Senate:  
Provided, That no transfer under this section may increase or decrease 
any such appropriation by more than 2 percent.
    Sec. 114.  Not to exceed 2 percent of any appropriation made 
available in this Act to the Internal Revenue Service may be 
transferred to the Treasury Inspector General for Tax Administration's 
appropriation upon the advance approval of the Committees on 
Appropriations of the House of Representatives and the Senate:  
Provided, That no transfer may increase or decrease any such 
appropriation by more than 2 percent.
    Sec. 115.  None of the funds appropriated in this Act or otherwise 
available to the Department of the Treasury or the Bureau of Engraving 
and Printing may be used to redesign the $1 Federal Reserve note.
    Sec. 116.  The Secretary of the Treasury may transfer funds from 
the ``Bureau of the Fiscal Service-Salaries and Expenses'' to the Debt 
Collection Fund as necessary to cover the costs of debt collection:  
Provided, That such amounts shall be reimbursed to such salaries and 
expenses account from debt collections received in the Debt Collection 
Fund.
    Sec. 117.  None of the funds appropriated or otherwise made 
available by this or any other Act may be used by the United States 
Mint to construct or operate any museum without the explicit approval 
of the Committees on Appropriations of the House of Representatives and 
the Senate, the House Committee on Financial Services, and the Senate 
Committee on Banking, Housing, and Urban Affairs.
    Sec. 118.  None of the funds appropriated or otherwise made 
available by this or any other Act or source to the Department of the 
Treasury, the Bureau of Engraving and Printing, and the United States 
Mint, individually or collectively, may be used to consolidate any or 
all functions of the Bureau of Engraving and Printing and the United 
States Mint without the explicit approval of the House Committee on 
Financial Services; the Senate Committee on Banking, Housing, and Urban 
Affairs; and the Committees on Appropriations of the House of 
Representatives and the Senate.
    Sec. 119.  Funds appropriated by this Act, or made available by the 
transfer of funds in this Act, for the Department of the Treasury's 
intelligence or intelligence related activities are deemed to be 
specifically authorized by the Congress for purposes of section 504 of 
the National Security Act of 1947 (50 U.S.C. 414) during fiscal year 
2016 until the enactment of the Intelligence Authorization Act for 
Fiscal Year 2016.
    Sec. 120.  Not to exceed $5,000 shall be made available from the 
Bureau of Engraving and Printing's Industrial Revolving Fund for 
necessary official reception and representation expenses.
    Sec. 121.  The Secretary of the Treasury shall submit a Capital 
Investment Plan to the Committees on Appropriations of the Senate and 
the House of Representatives not later than 30 days following the 
submission of the annual budget submitted by the President:  Provided, 
That such Capital Investment Plan shall include capital investment 
spending from all accounts within the Department of the Treasury, 
including but not limited to the Department-wide Systems and Capital 
Investment Programs account, Treasury Franchise Fund account, and the 
Treasury Forfeiture Fund account:  Provided further, That such Capital 
Investment Plan shall include expenditures occurring in previous fiscal 
years for each capital investment project that has not been fully 
completed.
    Sec. 122. (a) Not later than 60 days after the end of each quarter, 
the Office of Financial Stability and the Office of Financial Research 
shall submit reports on their activities to the Committees on 
Appropriations of the House of Representatives and the Senate, the 
Committee on Financial Services of the House of Representatives and the 
Senate Committee on Banking, Housing, and Urban Affairs.
    (b) The reports required under subsection (a) shall include--
            (1) the obligations made during the previous quarter by 
        object class, office, and activity;
            (2) the estimated obligations for the remainder of the 
        fiscal year by object class, office, and activity;
            (3) the number of full-time equivalents within each office 
        during the previous quarter;
            (4) the estimated number of full-time equivalents within 
        each office for the remainder of the fiscal year; and
            (5) actions taken to achieve the goals, objectives, and 
        performance measures of each office.
    (c) At the request of any such Committees specified in subsection 
(a), the Office of Financial Stability and the Office of Financial 
Research shall make officials available to testify on the contents of 
the reports required under subsection (a).
    Sec. 123.  Within 45 days after the date of enactment of this Act, 
the Secretary of the Treasury shall submit an itemized report to the 
Committees on Appropriations of the House of Representatives and the 
Senate on the amount of total funds charged to each office by the 
Franchise Fund including the amount charged for each service provided 
by the Franchise Fund to each office, a detailed description of the 
services, a detailed explanation of how each charge for each service is 
calculated, and a description of the role customers have in governing 
in the Franchise Fund.
    Sec. 124.  The Secretary of the Treasury, in consultation with the 
appropriate agencies, departments, bureaus, and commissions that have 
expertise in terrorism and complex financial instruments, shall provide 
a report to the Committees on Appropriations of the House of 
Representatives and Senate, the Committee on Financial Services of the 
House of Representatives, and the Committee on Banking, Housing, and 
Urban Affairs of the Senate not later than 90 days after the date of 
enactment of this Act on economic warfare and financial terrorism.
    Sec. 125.  None of the funds appropriated or otherwise made 
available in this Act may be obligated or expended to provide for the 
enforcement of any rule, regulation, policy, or guideline implemented 
pursuant to the Department of the Treasury Guidance for United States 
Positions on MDBs Engaging with Developing Countries on Coal-Fired 
Power Generation dated October 29, 2013, when enforcement of such rule, 
regulation, policy, or guideline would prohibit, or have the effect of 
prohibiting, the carrying out of any coal-fired or other power-
generation project the purpose of which is to increase exports of goods 
and services from the United States or prevent the loss of jobs from 
the United States.
    This title may be cited as the ``Department of the Treasury 
Appropriations Act, 2016''.

                                TITLE II

    EXECUTIVE OFFICE OF THE PRESIDENT AND FUNDS APPROPRIATED TO THE 
                               PRESIDENT

                            The White House

                         salaries and expenses

    For necessary expenses for the White House as authorized by law, 
including not to exceed $3,850,000 for services as authorized by 5 
U.S.C. 3109 and 3 U.S.C. 105; subsistence expenses as authorized by 3 
U.S.C. 105, which shall be expended and accounted for as provided in 
that section; hire of passenger motor vehicles, and travel (not to 
exceed $100,000 to be expended and accounted for as provided by 3 
U.S.C. 103); and not to exceed $19,000 for official reception and 
representation expenses, to be available for allocation within the 
Executive Office of the President; and for necessary expenses of the 
Office of Policy Development, including services as authorized by 5 
U.S.C. 3109 and 3 U.S.C. 107, $55,000,000.

                 Executive Residence at the White House

                           operating expenses

    For necessary expenses of the Executive Residence at the White 
House, $12,700,000, to be expended and accounted for as provided by 3 
U.S.C. 105, 109, 110, and 112-114.

                         reimbursable expenses

    For the reimbursable expenses of the Executive Residence at the 
White House, such sums as may be necessary:  Provided, That all 
reimbursable operating expenses of the Executive Residence shall be 
made in accordance with the provisions of this paragraph:  Provided 
further, That, notwithstanding any other provision of law, such amount 
for reimbursable operating expenses shall be the exclusive authority of 
the Executive Residence to incur obligations and to receive offsetting 
collections, for such expenses:  Provided further, That the Executive 
Residence shall require each person sponsoring a reimbursable political 
event to pay in advance an amount equal to the estimated cost of the 
event, and all such advance payments shall be credited to this account 
and remain available until expended:  Provided further, That the 
Executive Residence shall require the national committee of the 
political party of the President to maintain on deposit $25,000, to be 
separately accounted for and available for expenses relating to 
reimbursable political events sponsored by such committee during such 
fiscal year:  Provided further, That the Executive Residence shall 
ensure that a written notice of any amount owed for a reimbursable 
operating expense under this paragraph is submitted to the person owing 
such amount within 60 days after such expense is incurred, and that 
such amount is collected within 30 days after the submission of such 
notice:  Provided further, That the Executive Residence shall charge 
interest and assess penalties and other charges on any such amount that 
is not reimbursed within such 30 days, in accordance with the interest 
and penalty provisions applicable to an outstanding debt on a United 
States Government claim under 31 U.S.C. 3717:  Provided further, That 
each such amount that is reimbursed, and any accompanying interest and 
charges, shall be deposited in the Treasury as miscellaneous receipts:  
Provided further, That the Executive Residence shall prepare and submit 
to the Committees on Appropriations, by not later than 90 days after 
the end of the fiscal year covered by this Act, a report setting forth 
the reimbursable operating expenses of the Executive Residence during 
the preceding fiscal year, including the total amount of such expenses, 
the amount of such total that consists of reimbursable official and 
ceremonial events, the amount of such total that consists of 
reimbursable political events, and the portion of each such amount that 
has been reimbursed as of the date of the report:  Provided further, 
That the Executive Residence shall maintain a system for the tracking 
of expenses related to reimbursable events within the Executive 
Residence that includes a standard for the classification of any such 
expense as political or nonpolitical:  Provided further, That no 
provision of this paragraph may be construed to exempt the Executive 
Residence from any other applicable requirement of subchapter I or II 
of chapter 37 of title 31, United States Code.

                   White House Repair and Restoration

    For the repair, alteration, and improvement of the Executive 
Residence at the White House pursuant to 3 U.S.C. 105(d), $625,000, to 
remain available until expended, for required maintenance, resolution 
of safety and health issues, and continued preventative maintenance.

                      Council of Economic Advisers

                         salaries and expenses

    For necessary expenses of the Council of Economic Advisers in 
carrying out its functions under the Employment Act of 1946 (15 U.S.C. 
1021 et seq.), $4,184,000.

        National Security Council and Homeland Security Council

                         salaries and expenses

    For necessary expenses of the National Security Council and the 
Homeland Security Council, including services as authorized by 5 U.S.C. 
3109, $12,600,000.

                        Office of Administration

                         salaries and expenses

    For necessary expenses of the Office of Administration, including 
services as authorized by 5 U.S.C. 3109 and 3 U.S.C. 107, and hire of 
passenger motor vehicles, $96,116,000, of which not to exceed 
$7,994,000 shall remain available until expended for continued 
modernization of information resources within the Executive Office of 
the President.

                    Office of Management and Budget

                         salaries and expenses

    For necessary expenses of the Office of Management and Budget, 
including hire of passenger motor vehicles and services as authorized 
by 5 U.S.C. 3109, to carry out the provisions of chapter 35 of title 
44, United States Code, and to prepare and submit the budget of the 
United States Government, in accordance with section 1105(a) of title 
31, United States Code, $91,750,000, of which not to exceed $3,000 
shall be available for official representation expenses:  Provided, 
That none of the funds appropriated in this Act for the Office of 
Management and Budget may be used for the purpose of reviewing any 
agricultural marketing orders or any activities or regulations under 
the provisions of the Agricultural Marketing Agreement Act of 1937 (7 
U.S.C. 601 et seq.):  Provided further, That none of the funds made 
available for the Office of Management and Budget by this Act may be 
expended for the altering of the transcript of actual testimony of 
witnesses, except for testimony of officials of the Office of 
Management and Budget, before the Committees on Appropriations or their 
subcommittees:  Provided further, That of the funds made available for 
the Office of Management and Budget by this Act, no less than one full-
time equivalent senior staff position shall be dedicated solely to the 
Office of the Intellectual Property Enforcement Coordinator:  Provided 
further, That none of the funds provided in this or prior Acts shall be 
used, directly or indirectly, by the Office of Management and Budget, 
for evaluating or determining if water resource project or study 
reports submitted by the Chief of Engineers acting through the 
Secretary of the Army are in compliance with all applicable laws, 
regulations, and requirements relevant to the Civil Works water 
resource planning process:  Provided further, That the Office of 
Management and Budget shall have not more than 60 days in which to 
perform budgetary policy reviews of water resource matters on which the 
Chief of Engineers has reported:  Provided further, That the Director 
of the Office of Management and Budget shall notify the appropriate 
authorizing and appropriating committees when the 60-day review is 
initiated:  Provided further, That if water resource reports have not 
been transmitted to the appropriate authorizing and appropriating 
committees within 15 days after the end of the Office of Management and 
Budget review period based on the notification from the Director, 
Congress shall assume Office of Management and Budget concurrence with 
the report and act accordingly.

                 Office of National Drug Control Policy

                         salaries and expenses

    For necessary expenses of the Office of National Drug Control 
Policy; for research activities pursuant to the Office of National Drug 
Control Policy Reauthorization Act of 2006 (Public Law 109-469); not to 
exceed $10,000 for official reception and representation expenses; and 
for participation in joint projects or in the provision of services on 
matters of mutual interest with nonprofit, research, or public 
organizations or agencies, with or without reimbursement, $20,047,000:  
Provided, That the Office is authorized to accept, hold, administer, 
and utilize gifts, both real and personal, public and private, without 
fiscal year limitation, for the purpose of aiding or facilitating the 
work of the Office.

                     federal drug control programs

             high intensity drug trafficking areas program

                     (including transfers of funds)

    For necessary expenses of the Office of National Drug Control 
Policy's High Intensity Drug Trafficking Areas Program, $245,000,000, 
to remain available until September 30, 2017, for drug control 
activities consistent with the approved strategy for each of the 
designated High Intensity Drug Trafficking Areas (``HIDTAs''), of which 
not less than 51 percent shall be transferred to State and local 
entities for drug control activities and shall be obligated not later 
than 120 days after enactment of this Act:  Provided, That up to 49 
percent may be transferred to Federal agencies and departments in 
amounts determined by the Director of the Office of National Drug 
Control Policy, of which up to $2,700,000 may be used for auditing 
services and associated activities:  Provided further, That, 
notwithstanding the requirements of Public Law 106-58, any unexpended 
funds obligated prior to fiscal year 2014 may be used for any other 
approved activities of that HIDTA, subject to reprogramming 
requirements:  Provided further, That each HIDTA designated as of 
September 30, 2015, shall be funded at not less than the fiscal year 
2015 base level, unless the Director submits to the Committees on 
Appropriations of the House of Representatives and the Senate 
justification for changes to those levels based on clearly articulated 
priorities and published Office of National Drug Control Policy 
performance measures of effectiveness:  Provided further, That the 
Director shall notify the Committees on Appropriations of the initial 
allocation of fiscal year 2016 funding among HIDTAs not later than 45 
days after enactment of this Act, and shall notify the Committees of 
planned uses of discretionary HIDTA funding, as determined in 
consultation with the HIDTA Directors, not later than 90 days after 
enactment of this Act:  Provided further, That upon a determination 
that all or part of the funds so transferred from this appropriation 
are not necessary for the purposes provided herein and upon 
notification to the Committees on Appropriations of the House of 
Representatives and the Senate, such amounts may be transferred back to 
this appropriation.

                  other federal drug control programs

                     (including transfers of funds)

    For other drug control activities authorized by the Office of 
National Drug Control Policy Reauthorization Act of 2006 (Public Law 
109-469), $108,310,000, to remain available until expended, which shall 
be available as follows: $93,500,000 for the Drug-Free Communities 
Program, of which $2,000,000 shall be made available as directed by 
section 4 of Public Law 107-82, as amended by Public Law 109-469 (21 
U.S.C. 1521 note); $2,000,000 for drug court training and technical 
assistance; $9,500,000 for anti-doping activities; $2,060,000 for the 
United States membership dues to the World Anti-Doping Agency; and 
$1,250,000 shall be made available as directed by section 1105 of 
Public Law 109-469:  Provided, That amounts made available under this 
heading may be transferred to other Federal departments and agencies to 
carry out such activities.

                          Unanticipated Needs

    For expenses necessary to enable the President to meet 
unanticipated needs, in furtherance of the national interest, security, 
or defense which may arise at home or abroad during the current fiscal 
year, as authorized by 3 U.S.C. 108, $800,000, to remain available 
until September 30, 2017.

              Information Technology Oversight and Reform

                     (including transfer of funds)

    For necessary expenses for the furtherance of integrated, 
efficient, secure, and effective uses of information technology in the 
Federal Government, $25,000,000, to remain available until expended:  
Provided, That the Director of the Office of Management and Budget may 
transfer these funds to one or more other agencies to carry out 
projects to meet these purposes:  Provided further, That the Director 
of the Office of Management and Budget shall submit quarterly reports 
not later than 45 days after the end of each quarter to the Committees 
on Appropriations of the House of Representatives and the Senate and 
the Government Accountability Office identifying the savings achieved 
by the Office of Management and Budget's government-wide information 
technology reform efforts:  Provided further, That such reports shall 
include savings identified by fiscal year, agency, and appropriation.

                  Special Assistance to the President

                         salaries and expenses

    For necessary expenses to enable the Vice President to provide 
assistance to the President in connection with specially assigned 
functions; services as authorized by 5 U.S.C. 3109 and 3 U.S.C. 106, 
including subsistence expenses as authorized by 3 U.S.C. 106, which 
shall be expended and accounted for as provided in that section; and 
hire of passenger motor vehicles, $4,211,000.

                Official Residence of the Vice President

                           operating expenses

                     (including transfer of funds)

    For the care, operation, refurnishing, improvement, and to the 
extent not otherwise provided for, heating and lighting, including 
electric power and fixtures, of the official residence of the Vice 
President; the hire of passenger motor vehicles; and not to exceed 
$90,000 pursuant to 3 U.S.C. 106(b)(2), $299,000:  Provided, That 
advances, repayments, or transfers from this appropriation may be made 
to any department or agency for expenses of carrying out such 
activities.

Administrative Provisions--Executive Office of the President and Funds 
                     Appropriated to the President

                     (including transfer of funds)

    Sec. 201.  From funds made available in this Act under the headings 
``The White House'', ``Executive Residence at the White House'', 
``White House Repair and Restoration'', ``Council of Economic 
Advisers'', ``National Security Council and Homeland Security 
Council'', ``Office of Administration'', ``Special Assistance to the 
President'', and ``Official Residence of the Vice President'', the 
Director of the Office of Management and Budget (or such other officer 
as the President may designate in writing), may, with advance approval 
of the Committees on Appropriations of the House of Representatives and 
the Senate, transfer not to exceed 10 percent of any such appropriation 
to any other such appropriation, to be merged with and available for 
the same time and for the same purposes as the appropriation to which 
transferred:  Provided, That the amount of an appropriation shall not 
be increased by more than 50 percent by such transfers:  Provided 
further, That no amount shall be transferred from ``Special Assistance 
to the President'' or ``Official Residence of the Vice President'' 
without the approval of the Vice President.
    Sec. 202.  Within 90 days after the date of enactment of this 
section, the Director of the Office of Management and Budget shall 
submit a report to the Committees on Appropriations of the House of 
Representatives and the Senate on the costs of implementing the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Public Law 111-
203). Such report shall include--
            (1) the estimated mandatory and discretionary obligations 
        of funds through fiscal year 2018, by Federal agency and by 
        fiscal year, including--
                    (A) the estimated obligations by cost inputs such 
                as rent, information technology, contracts, and 
                personnel;
                    (B) the methodology and data sources used to 
                calculate such estimated obligations; and
                    (C) the specific section of such Act that requires 
                the obligation of funds; and
            (2) the estimated receipts through fiscal year 2017 from 
        assessments, user fees, and other fees by the Federal agency 
        making the collections, by fiscal year, including--
                    (A) the methodology and data sources used to 
                calculate such estimated collections; and
                    (B) the specific section of such Act that 
                authorizes the collection of funds.
    Sec. 203. (a) During fiscal year 2016, any Executive order issued 
by the President shall be accompanied by a statement from the Director 
of the Office of Management and Budget on the budgetary impact, 
including costs, benefits, and revenues, of the Executive order.
    (b) Any such statement shall include--
            (1) a narrative summary of the budgetary impact of such 
        order on the Federal Government;
            (2) the impact on mandatory and discretionary obligations 
        and outlays, listed by Federal agency, for each year in the 5-
        fiscal year period beginning in fiscal year 2016; and
            (3) the impact on revenues of the Federal Government over 
        the 5-fiscal year period beginning in fiscal year 2016.
    (c) If an Executive order is issued during fiscal year 2016 due to 
a national emergency, the Director of the Office of Management and 
Budget may issue the statement required by subsection (a) not later 
than 15 days after the date that the Executive order is issued.
     This title may be cited as the ``Executive Office of the President 
Appropriations Act, 2016''.

                               TITLE III

                             THE JUDICIARY

                   Supreme Court of the United States

                         salaries and expenses

    For expenses necessary for the operation of the Supreme Court, as 
required by law, excluding care of the building and grounds, including 
hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and 
1344; not to exceed $10,000 for official reception and representation 
expenses; and for miscellaneous expenses, to be expended as the Chief 
Justice may approve, $75,838,000, of which $2,000,000 shall remain 
available until expended.
    In addition, there are appropriated such sums as may be necessary 
under current law for the salaries of the chief justice and associate 
justices of the court.

                    care of the building and grounds

    For such expenditures as may be necessary to enable the Architect 
of the Capitol to carry out the duties imposed upon the Architect by 40 
U.S.C. 6111 and 6112, $9,964,000, to remain available until expended.

         United States Court of Appeals for the Federal Circuit

                         salaries and expenses

    For salaries of officers and employees, and for necessary expenses 
of the court, as authorized by law, $30,872,000.
    In addition, there are appropriated such sums as may be necessary 
under current law for the salaries of the chief judge and judges of the 
court.

               United States Court of International Trade

                         salaries and expenses

    For salaries of officers and employees of the court, services, and 
necessary expenses of the court, as authorized by law, $18,160,000.
    In addition, there are appropriated such sums as may be necessary 
under current law for the salaries of the chief judge and judges of the 
court.

    Courts of Appeals, District Courts, and Other Judicial Services

                         salaries and expenses

    For the salaries of judges of the United States Court of Federal 
Claims, magistrate judges, and all other officers and employees of the 
Federal Judiciary not otherwise specifically provided for, necessary 
expenses of the courts, and the purchase, rental, repair, and cleaning 
of uniforms for Probation and Pretrial Services Office staff, as 
authorized by law, $4,960,008,000 (including the purchase of firearms 
and ammunition); of which not to exceed $27,817,000 shall remain 
available until expended for space alteration projects and for 
furniture and furnishings related to new space alteration and 
construction projects.
    In addition, there are appropriated such sums as may be necessary 
under current law for the salaries of circuit and district judges 
(including judges of the territorial courts of the United States), 
bankruptcy judges, and justices and judges retired from office or from 
regular active service.
    In addition, for expenses of the United States Court of Federal 
Claims associated with processing cases under the National Childhood 
Vaccine Injury Act of 1986 (Public Law 99-660), not to exceed 
$6,045,000, to be appropriated from the Vaccine Injury Compensation 
Trust Fund.

                           defender services

    For the operation of Federal Defender organizations; the 
compensation and reimbursement of expenses of attorneys appointed to 
represent persons under 18 U.S.C. 3006A and 3599, and for the 
compensation and reimbursement of expenses of persons furnishing 
investigative, expert, and other services for such representations as 
authorized by law; the compensation (in accordance with the maximums 
under 18 U.S.C. 3006A) and reimbursement of expenses of attorneys 
appointed to assist the court in criminal cases where the defendant has 
waived representation by counsel; the compensation and reimbursement of 
expenses of attorneys appointed to represent jurors in civil actions 
for the protection of their employment, as authorized by 28 U.S.C. 
1875(d)(1); the compensation and reimbursement of expenses of attorneys 
appointed under 18 U.S.C. 983(b)(1) in connection with certain judicial 
civil forfeiture proceedings; the compensation and reimbursement of 
travel expenses of guardians ad litem appointed under 18 U.S.C. 
4100(b); and for necessary training and general administrative 
expenses, $1,042,616,000, to remain available until expended.

                    fees of jurors and commissioners

    For fees and expenses of jurors as authorized by 28 U.S.C. 1871 and 
1876; compensation of jury commissioners as authorized by 28 U.S.C. 
1863; and compensation of commissioners appointed in condemnation cases 
pursuant to rule 71.1(h) of the Federal Rules of Civil Procedure (28 
U.S.C. Appendix Rule 71.1(h)), $48,423,000, to remain available until 
expended:  Provided, That the compensation of land commissioners shall 
not exceed the daily equivalent of the highest rate payable under 5 
U.S.C. 5332.

                             court security

                     (including transfers of funds)

    For necessary expenses, not otherwise provided for, incident to the 
provision of protective guard services for United States courthouses 
and other facilities housing Federal court operations, and the 
procurement, installation, and maintenance of security systems and 
equipment for United States courthouses and other facilities housing 
Federal court operations, including building ingress-egress control, 
inspection of mail and packages, directed security patrols, perimeter 
security, basic security services provided by the Federal Protective 
Service, and other similar activities as authorized by section 1010 of 
the Judicial Improvement and Access to Justice Act (Public Law 100-
702), $538,771,000, of which not to exceed $15,000,000 shall remain 
available until expended, to be expended directly or transferred to the 
United States Marshals Service, which shall be responsible for 
administering the Judicial Facility Security Program consistent with 
standards or guidelines agreed to by the Director of the Administrative 
Office of the United States Courts and the Attorney General.

           Administrative Office of the United States Courts

                         salaries and expenses

    For necessary expenses of the Administrative Office of the United 
States Courts as authorized by law, including travel as authorized by 
31 U.S.C. 1345, hire of a passenger motor vehicle as authorized by 31 
U.S.C. 1343(b), advertising and rent in the District of Columbia and 
elsewhere, $86,000,000, of which not to exceed $8,500 is authorized for 
official reception and representation expenses.

                        Federal Judicial Center

                         salaries and expenses

    For necessary expenses of the Federal Judicial Center, as 
authorized by Public Law 90-219, $27,000,000; of which $1,800,000 shall 
remain available through September 30, 2017, to provide education and 
training to Federal court personnel; and of which not to exceed $1,500 
is authorized for official reception and representation expenses.

                  United States Sentencing Commission

                         salaries and expenses

    For the salaries and expenses necessary to carry out the provisions 
of chapter 58 of title 28, United States Code, $17,000,000, of which 
not to exceed $1,000 is authorized for official reception and 
representation expenses.

                Administrative Provisions--The Judiciary

                     (including transfer of funds)

    Sec. 301.  Appropriations and authorizations made in this title 
which are available for salaries and expenses shall be available for 
services as authorized by 5 U.S.C. 3109.
    Sec. 302.  Not to exceed 5 percent of any appropriation made 
available for the current fiscal year for the Judiciary in this Act may 
be transferred between such appropriations, but no such appropriation, 
except ``Courts of Appeals, District Courts, and Other Judicial 
Services, Defender Services'' and ``Courts of Appeals, District Courts, 
and Other Judicial Services, Fees of Jurors and Commissioners'', shall 
be increased by more than 10 percent by any such transfers:  Provided, 
That any transfer pursuant to this section shall be treated as a 
reprogramming of funds under sections 604 and 608 of this Act and shall 
not be available for obligation or expenditure except in compliance 
with the procedures set forth in section 608.
    Sec. 303.  Notwithstanding any other provision of law, the salaries 
and expenses appropriation for ``Courts of Appeals, District Courts, 
and Other Judicial Services'' shall be available for official reception 
and representation expenses of the Judicial Conference of the United 
States:  Provided, That such available funds shall not exceed $11,000 
and shall be administered by the Director of the Administrative Office 
of the United States Courts in the capacity as Secretary of the 
Judicial Conference.
    Sec. 304.  Section 3314(a) of title 40, United States Code, shall 
be applied by substituting ``Federal'' for ``executive'' each place it 
appears.
    Sec. 305.  In accordance with 28 U.S.C. 561-569, and 
notwithstanding any other provision of law, the United States Marshals 
Service shall provide, for such courthouses as its Director may 
designate in consultation with the Director of the Administrative 
Office of the United States Courts, for purposes of a pilot program, 
the security services that 40 U.S.C. 1315 authorizes the Department of 
Homeland Security to provide, except for the services specified in 40 
U.S.C. 1315(b)(2)(E). For building-specific security services at these 
courthouses, the Director of the Administrative Office of the United 
States Courts shall reimburse the United States Marshals Service rather 
than the Department of Homeland Security.
    Sec. 306. (a) Section 3602(a) of title 18, United States Code, is 
amended--
            (1) by inserting after the first sentence: ``A person 
        appointed as a probation officer in one district may serve in 
        another district with the consent of the appointing court and 
        the court in the other district.''; and
            (2) by inserting in the last sentence ``appointing'' before 
        ``court may, for cause''.
    Sec. 307. (a) Section 203(c) of the Judicial Improvements Act of 
1990 (Public Law 101-650; 28 U.S.C. 133 note), is amended in the second 
sentence (relating to the District of Kansas) following paragraph (12), 
by striking ``24 years and 6 months'' and inserting ``25 years and 6 
months''.
    (b) Section 406 of the Transportation, Treasury, Housing and Urban 
Development, the Judiciary, the District of Columbia, and Independent 
Agencies Appropriations Act, 2006 (Public Law 109-115; 119 Stat. 2470; 
28 U.S.C. 133 note) is amended in the second sentence (relating to the 
eastern District of Missouri) by striking ``22 years and 6 months'' and 
inserting ``23 years and 6 months''.
    (c) Section 312(c)(2) of the 21st Century Department of Justice 
Appropriations Authorization Act (Public Law 107-273; 28 U.S.C. 133 
note), is amended--
            (1) in the first sentence by striking ``13 years'' and 
        inserting ``14 years'';
            (2) in the second sentence (relating to the central 
        District of California), by striking ``12 years and 6 months'' 
        and inserting ``13 years and 6 months''; and
            (3) in the third sentence (relating to the western district 
        of North Carolina), by striking ``11 years'' and inserting ``12 
        years''.
    This title may be cited as the ``Judiciary Appropriations Act, 
2016''.

                                TITLE IV

                          DISTRICT OF COLUMBIA

                             Federal Funds

              federal payment for resident tuition support

    For a Federal payment to the District of Columbia, to be deposited 
into a dedicated account, for a nationwide program to be administered 
by the Mayor, for District of Columbia resident tuition support, 
$30,000,000, to remain available until expended:  Provided, That such 
funds, including any interest accrued thereon, may be used on behalf of 
eligible District of Columbia residents to pay an amount based upon the 
difference between in-State and out-of-State tuition at public 
institutions of higher education, or to pay up to $2,500 each year at 
eligible private institutions of higher education:  Provided further, 
That the awarding of such funds may be prioritized on the basis of a 
resident's academic merit, the income and need of eligible students and 
such other factors as may be authorized:  Provided further, That the 
District of Columbia government shall maintain a dedicated account for 
the Resident Tuition Support Program that shall consist of the Federal 
funds appropriated to the Program in this Act and any subsequent 
appropriations, any unobligated balances from prior fiscal years, and 
any interest earned in this or any fiscal year:  Provided further, That 
the account shall be under the control of the District of Columbia 
Chief Financial Officer, who shall use those funds solely for the 
purposes of carrying out the Resident Tuition Support Program:  
Provided further, That the Office of the Chief Financial Officer shall 
provide a quarterly financial report to the Committees on 
Appropriations of the House of Representatives and the Senate for these 
funds showing, by object class, the expenditures made and the purpose 
therefor.

   federal payment for emergency planning and security costs in the 
                          district of columbia

    For a Federal payment of necessary expenses, as determined by the 
Mayor of the District of Columbia in written consultation with the 
elected county or city officials of surrounding jurisdictions, 
$13,000,000, to remain available until expended, for the costs of 
providing public safety at events related to the presence of the 
National Capital in the District of Columbia, including support 
requested by the Director of the United States Secret Service in 
carrying out protective duties under the direction of the Secretary of 
Homeland Security, and for the costs of providing support to respond to 
immediate and specific terrorist threats or attacks in the District of 
Columbia or surrounding jurisdictions.

           federal payment to the district of columbia courts

    For salaries and expenses for the District of Columbia Courts, 
$246,000,000 to be allocated as follows: for the District of Columbia 
Court of Appeals, $14,000,000, of which not to exceed $2,500 is for 
official reception and representation expenses; for the Superior Court 
of the District of Columbia, $122,000,000, of which not to exceed 
$2,500 is for official reception and representation expenses; for the 
District of Columbia Court System, $72,000,000, of which not to exceed 
$2,500 is for official reception and representation expenses; and 
$38,000,000, to remain available until September 30, 2017, for capital 
improvements for District of Columbia courthouse facilities:  Provided, 
That funds made available for capital improvements shall be expended 
consistent with the District of Columbia Courts master plan study and 
facilities condition assessment:  Provided further, That 
notwithstanding any other provision of law, all amounts under this 
heading shall be apportioned quarterly by the Office of Management and 
Budget and obligated and expended in the same manner as funds 
appropriated for salaries and expenses of other Federal agencies:  
Provided further, That 30 days after providing written notice to the 
Committees on Appropriations of the House of Representatives and the 
Senate, the District of Columbia Courts may reallocate not more than 
$6,000,000 of the funds provided under this heading among the items and 
entities funded under this heading:  Provided further, That the Joint 
Committee on Judicial Administration in the District of Columbia may, 
by regulation, establish a program substantially similar to the program 
set forth in subchapter II of chapter 35 of title 5, United States 
Code, for employees of the District of Columbia Courts.

  federal payment for defender services in district of columbia courts

    For payments authorized under section 11-2604 and section 11-2605, 
D.C. Official Code (relating to representation provided under the 
District of Columbia Criminal Justice Act), payments for counsel 
appointed in proceedings in the Family Court of the Superior Court of 
the District of Columbia under chapter 23 of title 16, D.C. Official 
Code, or pursuant to contractual agreements to provide guardian ad 
litem representation, training, technical assistance, and such other 
services as are necessary to improve the quality of guardian ad litem 
representation, payments for counsel appointed in adoption proceedings 
under chapter 3 of title 16, D.C. Official Code, and payments 
authorized under section 21-2060, D.C. Official Code (relating to 
services provided under the District of Columbia Guardianship, 
Protective Proceedings, and Durable Power of Attorney Act of 1986), 
$49,890,000, to remain available until expended:  Provided, That funds 
provided under this heading shall be administered by the Joint 
Committee on Judicial Administration in the District of Columbia:  
Provided further, That, notwithstanding any other provision of law, 
this appropriation shall be apportioned quarterly by the Office of 
Management and Budget and obligated and expended in the same manner as 
funds appropriated for expenses of other Federal agencies.

 federal payment to the court services and offender supervision agency 
                      for the district of columbia

    For salaries and expenses, including the transfer and hire of motor 
vehicles, of the Court Services and Offender Supervision Agency for the 
District of Columbia, as authorized by the National Capital 
Revitalization and Self-Government Improvement Act of 1997, 
$242,000,000, of which not to exceed $2,000 is for official reception 
and representation expenses related to Community Supervision and 
Pretrial Services Agency programs, of which not to exceed $25,000 is 
for dues and assessments relating to the implementation of the Court 
Services and Offender Supervision Agency Interstate Supervision Act of 
2002; of which $181,000,000 shall be for necessary expenses of 
Community Supervision and Sex Offender Registration, to include 
expenses relating to the supervision of adults subject to protection 
orders or the provision of services for or related to such persons, of 
which up to $3,159,000 shall remain available until September 30, 2018, 
for the relocation of offender supervision field offices; and of which 
$61,000,000 shall be available to the Pretrial Services Agency:  
Provided, That notwithstanding any other provision of law, all amounts 
under this heading shall be apportioned quarterly by the Office of 
Management and Budget and obligated and expended in the same manner as 
funds appropriated for salaries and expenses of other Federal agencies: 
 Provided further, That amounts under this heading may be used for 
programmatic incentives for offenders and defendants successfully 
meeting terms of supervision:  Provided further, That the Director is 
authorized to accept and use gifts in the form of in-kind contributions 
of the following: space and hospitality to support offender and 
defendant programs; equipment, supplies, clothing, and professional 
development and vocational training services and items necessary to 
sustain, educate, and train offenders and defendants, including their 
dependent children; and programmatic incentives for offenders and 
defendants meeting terms of supervision:  Provided further, That the 
Director shall keep accurate and detailed records of the acceptance and 
use of any gift under the previous proviso, and shall make such records 
available for audit and public inspection:  Provided further, That the 
Court Services and Offender Supervision Agency Director is authorized 
to accept and use reimbursement from the District of Columbia 
Government for space and services provided on a cost reimbursable 
basis.

  federal payment to the district of columbia public defender service

    For salaries and expenses, including the transfer and hire of motor 
vehicles, of the District of Columbia Public Defender Service, as 
authorized by the National Capital Revitalization and Self-Government 
Improvement Act of 1997, $40,889,000:  Provided, That notwithstanding 
any other provision of law, all amounts under this heading shall be 
apportioned quarterly by the Office of Management and Budget and 
obligated and expended in the same manner as funds appropriated for 
salaries and expenses of Federal agencies:  Provided further, That, 
notwithstanding section 1342 of title 31, United States Code, and in 
addition to the authority provided by the District of Columbia Code 
Section 2-1607(b), upon approval of the Board of Trustees, the District 
of Columbia Public Defender Service may accept and use voluntary and 
uncompensated services for the purpose of aiding or facilitating the 
work of the District of Columbia Public Defender Service:  Provided 
further, That, notwithstanding District of Columbia Code section 2-
1603(d), for the purpose of any action brought against the Board of the 
Trustees of the District of Columbia Public Defender Service, the 
trustees shall be deemed to be employees of the Public Defender 
Service.

 federal payment to the district of columbia water and sewer authority

    For a Federal payment to the District of Columbia Water and Sewer 
Authority, $14,000,000, to remain available until expended, to continue 
implementation of the Combined Sewer Overflow Long-Term Plan:  
Provided, That the District of Columbia Water and Sewer Authority 
provides a 100 percent match for this payment.

      federal payment to the criminal justice coordinating council

    For a Federal payment to the Criminal Justice Coordinating Council, 
$1,900,000, to remain available until expended, to support initiatives 
related to the coordination of Federal and local criminal justice 
resources in the District of Columbia.

                federal payment for judicial commissions

    For a Federal payment, to remain available until September 30, 
2017, to the Commission on Judicial Disabilities and Tenure, $295,000, 
and for the Judicial Nomination Commission, $270,000.

                 federal payment for school improvement

    For a Federal payment for a school improvement program in the 
District of Columbia, $45,000,000, to remain available until expended, 
for payments authorized under the Scholarship for Opportunity and 
Results Act (division C of Public Law 112-10):  Provided, That within 
funds provided for opportunity scholarships $3,200,000 shall be for the 
activities specified in sections 3007(b) through 3007(d) and 3009 of 
the Act.

      federal payment for the district of columbia national guard

    For a Federal payment to the District of Columbia National Guard, 
$435,000, to remain available until expended for the Major General 
David F. Wherley, Jr. District of Columbia National Guard Retention and 
College Access Program.

         federal payment for testing and treatment of hiv/aids

    For a Federal payment to the District of Columbia for the testing 
of individuals for, and the treatment of individuals with, human 
immunodeficiency virus and acquired immunodeficiency syndrome in the 
District of Columbia, $5,000,000.

                       District of Columbia Funds

    Local funds are appropriated for the District of Columbia for the 
current fiscal year out of the General Fund of the District of Columbia 
(``General Fund'') for programs and activities set forth under the 
heading ``District of Columbia Funds Summary of Expenses'' and at the 
rate set forth under such heading, as included in the Fiscal Year 2016 
Budget Request Act of 2015 submitted to the Congress by the District of 
Columbia as amended as of the date of enactment of this Act:  Provided, 
That notwithstanding any other provision of law, except as provided in 
section 450A of the District of Columbia Home Rule Act (section 1-
204.50a, D.C. Official Code), sections 816 and 817 of the Financial 
Services and General Government Appropriations Act, 2009 (secs. 47-
369.01 and 47-369.02, D.C. Official Code), and provisions of this Act, 
the total amount appropriated in this Act for operating expenses for 
the District of Columbia for fiscal year 2016 under this heading shall 
not exceed the estimates included in the Fiscal Year 2016 Budget 
Request Act of 2015 submitted to Congress by the District of Columbia 
as amended as of the date of enactment of this Act or the sum of the 
total revenues of the District of Columbia for such fiscal year:  
Provided further, That the amount appropriated may be increased by 
proceeds of one-time transactions, which are expended for emergency or 
unanticipated operating or capital needs:  Provided further, That such 
increases shall be approved by enactment of local District law and 
shall comply with all reserve requirements contained in the District of 
Columbia Home Rule Act:  Provided further, That the Chief Financial 
Officer of the District of Columbia shall take such steps as are 
necessary to assure that the District of Columbia meets these 
requirements, including the apportioning by the Chief Financial Officer 
of the appropriations and funds made available to the District during 
fiscal year 2016, except that the Chief Financial Officer may not 
reprogram for operating expenses any funds derived from bonds, notes, 
or other obligations issued for capital projects.
    This title may be cited as the ``District of Columbia 
Appropriations Act, 2016''.

                                TITLE V

                          INDEPENDENT AGENCIES

             Administrative Conference of the United States

                         salaries and expenses

    For necessary expenses of the Administrative Conference of the 
United States, authorized by 5 U.S.C. 591 et seq., $3,100,000, to 
remain available until September 30, 2017, of which not to exceed 
$1,000 is for official reception and representation expenses.

                Bureau of Consumer Financial Protection

                        administrative provisions

    Sec. 501.  Section 1017(a)(2)(C) of Public Law 111-203 is repealed.
    Sec. 502.  Effective October 1, 2016, notwithstanding section 1017 
of Public Law 111-203--
            (1) the Board of Governors of the Federal Reserve System 
        shall not transfer amounts specified under such section to the 
        Bureau of Consumer Financial Protection; and
            (2) there are authorized to be appropriated to the Bureau 
        of Consumer Financial Protection such sums as may be necessary 
        to carry out the authorities of the Bureau under Federal 
        consumer financial law.
    Sec. 503. (a) During fiscal year 2016, on the date on which a 
request is made for a transfer of funds in accordance with section 1017 
of Public Law 111-203, the Bureau of Consumer Financial Protection 
shall notify the Committees on Appropriations of the House of 
Representatives and the Senate, the Committee on Financial Services of 
the House of Representatives, and the Committee on Banking, Housing, 
and Urban Affairs of the Senate of such request.
    (b)(1) Any such notification shall include the amount of the funds 
requested, an explanation of how the funds will be obligated by object 
class and activity, and why the funds are necessary to protect 
consumers.
    (2) Any notification required by this section shall be made 
available on the Bureau's public Web site.
    Sec. 504. (a) Not later than 2 weeks after the end of each quarter 
of each fiscal year, the Bureau of Consumer Financial Protection shall 
submit a report on its activities to the Committees on Appropriations 
of the House of Representatives and the Senate, the Committee on 
Financial Services of the House of Representatives, and the Committee 
on Banking, Housing, and Urban Affairs of the Senate.
    (b) The reports required under subsection (a) shall include--
            (1) the obligations made during the previous quarter by 
        object class, office, and activity;
            (2) the estimated obligations for the remainder of the 
        fiscal year by object class, office, and activity;
            (3) the number of full-time equivalents within each office 
        during the previous quarter;
            (4) the estimated number of full-time equivalents within 
        each office for the remainder of the fiscal year; and
            (5) actions taken to achieve the goals, objectives, and 
        performance measures of each office.
    (c) At the request of any committee specified in subsection (a), 
the Bureau of Consumer Financial Protection shall make Bureau officials 
available to testify on the contents of the reports required under 
subsection (a).
    Sec. 505. (a) In General.--Section 1011 of the Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5491) is amended--
            (1) by striking subsections (b), (c), and (d);
            (2) by redesignating subsection (e) as subsection (c); and
            (3) by inserting after subsection (a) the following:
    ``(b) Management of the Bureau.--
            ``(1) In general.--The management of the Bureau shall be 
        vested in a Board of Directors consisting of 5 members, who 
        shall be appointed by the President, by and with the advice and 
        consent of the Senate, from among individuals who--
                    ``(A) are citizens of the United States; and
                    ``(B) have developed strong competency and 
                understanding of, and have experience working with, 
                financial products and services.
            ``(2) Terms.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), each member of the Board, including 
                the Chairperson, shall serve for a term of 5 years.
                    ``(B) Staggered terms.--The members of the Board 
                shall serve staggered terms, which shall initially be 
                for terms of 1, 2, 3, 4, and 5 years, respectively, and 
                such members shall be appointed such that, after the 
                appointments of the initial 5 members of the Board, 
                members of different political parties are appointed 
                alternately.
                    ``(C) Removal.--The President may remove any member 
                of the Board for inefficiency, neglect of duty, or 
                malfeasance in office.
                    ``(D) Vacancies.--Any member of the Board appointed 
                to fill a vacancy occurring before the expiration of 
                the term to which the predecessor of that member was 
                appointed (including the Chairperson) shall be 
                appointed only for the remainder of the term.
                    ``(E) Continuation of service.--Each member of the 
                Board may continue to serve after the expiration of the 
                term of office to which that member was appointed until 
                a successor has been appointed by the President and 
                confirmed by the Senate, except that a member may not 
                continue to serve more than 1 year after the date on 
                which the term of that member would otherwise expire.
                    ``(F) Successive terms.--A member of the Board may 
                not be reappointed to a second consecutive term, except 
                that an initial member of the Board appointed for less 
                than a 5-year term may be reappointed to a full 5-year 
                term and a future member appointed to fill an unexpired 
                term may be reappointed for a full 5-year term.
            ``(3) Affiliation.--Not more than 3 members of the Board 
        shall be members of any 1 political party.
            ``(4) Chairperson of the board.--
                    ``(A) Appointment.--The President shall appoint 1 
                of the 5 members of the Board to serve as Chairperson 
                of the Board.
                    ``(B) Authority.--The Chairperson shall be the 
                principal executive officer of the Bureau, and shall 
                exercise all of the executive and administrative 
                functions of the Bureau, including with respect to--
                            ``(i) the supervision of personnel employed 
                        by the Bureau (other than personnel employed 
                        regularly and full time in the immediate 
                        offices of members of the Board other than the 
                        Chairperson);
                            ``(ii) the distribution of business among 
                        personnel appointed and supervised by the 
                        Chairperson and among administrative units of 
                        the Bureau; and
                            ``(iii) the use and expenditure of funds.
                    ``(C) Limitation.--In carrying out any of the 
                functions of the Chairperson under this paragraph, the 
                Chairperson shall be governed by general policies of 
                the Bureau and by such regulatory decisions, findings, 
                and determinations as the Bureau may by law be 
                authorized to make.
                    ``(D) Requests or estimates related to 
                appropriations.--Any request or estimate for regular, 
                supplemental, or deficiency appropriations on behalf of 
                the Bureau, including any request for a transfer of 
                funds under section 1017(a), may not be submitted by 
                the Chairperson without the prior approval of the 
                Board.
                    ``(E) Vacancy.--The President may designate a 
                member of the Board to serve as Acting Chairperson in 
                the event of a vacancy in the office of the 
                Chairperson.
            ``(5) Compensation.--
                    ``(A) Chairperson.--The Chairperson shall receive 
                compensation at the rate prescribed for level I of the 
                Executive Schedule under section 5312 of title 5, 
                United States Code.
                    ``(B) Other members of the board.--The 4 members of 
                the Board other than the Chairperson shall each receive 
                compensation at the rate prescribed for level II of the 
                Executive Schedule under section 5313 of title 5, 
                United States Code.
            ``(6) Other employment prohibited.--A member of the Board 
        may not engage in any other business, vocation, or 
        employment.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on the later of--
            (1) October 1, 2016; or
            (2) the date on which not less than 3 persons have been 
        confirmed by the Senate to serve as members of the Board of 
        Directors of the Bureau of Consumer Financial Protection.

                  Commodity Futures Trading Commission

                     (including transfers of funds)

    For necessary expenses to carry out the provisions of the Commodity 
Exchange Act (7 U.S.C. 1 et seq.), including the purchase and hire of 
passenger motor vehicles, and the rental of space (to include multiple 
year leases) in the District of Columbia and elsewhere, $250,000,000, 
including not to exceed $3,000 for official reception and 
representation expenses, and not to exceed $25,000 for the expenses for 
consultations and meetings hosted by the Commission with foreign 
governmental and other regulatory officials, of which not less than 
$51,000,000, to remain available until September 30, 2017, shall be for 
the purchase of information technology and of which not less than 
$2,620,000 shall be for the Office of the Inspector General.

                   Consumer Product Safety Commission

                         salaries and expenses

    For necessary expenses of the Consumer Product Safety Commission, 
including hire of passenger motor vehicles, services as authorized by 5 
U.S.C. 3109, but at rates for individuals not to exceed the per diem 
rate equivalent to the maximum rate payable under 5 U.S.C. 5376, 
purchase of nominal awards to recognize non-Federal officials' 
contributions to Commission activities, and not to exceed $4,000 for 
official reception and representation expenses, $123,000,000.

                     Election Assistance Commission

                         salaries and expenses

                     (including transfer of funds)

    For necessary expenses to carry out the Help America Vote Act of 
2002 (Public Law 107-252), $9,600,000, of which $1,500,000 shall be 
transferred to the National Institute of Standards and Technology for 
election reform activities authorized under the Help America Vote Act 
of 2002.

                   Federal Communications Commission

                         salaries and expenses

    For necessary expenses of the Federal Communications Commission, as 
authorized by law, including uniforms and allowances therefor, as 
authorized by 5 U.S.C. 5901-5902; not to exceed $4,000 for official 
reception and representation expenses; purchase and hire of motor 
vehicles; special counsel fees; and services as authorized by 5 U.S.C. 
3109, $320,000,000, to remain available until expended:  Provided, That 
in addition, $44,168,497 shall be made available until expended for 
necessary expenses associated with moving to a new facility or 
reconfiguring the existing space to significantly reduce space 
consumption:  Provided further, That $364,168,497 of offsetting 
collections shall be assessed and collected pursuant to section 9 of 
title I of the Communications Act of 1934, shall be retained and used 
for necessary expenses and shall remain available until expended:  
Provided further, That the sum herein appropriated shall be reduced as 
such offsetting collections are received during fiscal year 2016 so as 
to result in a final fiscal year 2016 appropriation estimated at $0:  
Provided further, That any offsetting collections received in excess of 
$364,168,497 in fiscal year 2016 shall not be available for obligation: 
 Provided further, That remaining offsetting collections from prior 
years collected in excess of the amount specified for collection in 
each such year and otherwise becoming available on October 1, 2015, 
shall not be available for obligation:  Provided further, That, 
notwithstanding 47 U.S.C. 309(j)(8)(B), proceeds from the use of a 
competitive bidding system that may be retained and made available for 
obligation shall not exceed $117,000,000 for fiscal year 2016, 
including not to exceed $518,981 for obligation by the Office of the 
Inspector General:  Provided further, That, of the amount appropriated 
under this heading, not less than $11,090,000 shall be for the salaries 
and expenses of the Office of Inspector General.

      administrative provisions--federal communications commission

    Sec. 510.  Section 302 of the Universal Service Antideficiency 
Temporary Suspension Act is amended by striking ``December 31, 2016'', 
each place it appears and inserting ``December 31, 2017''.
    Sec. 511.  None of the funds appropriated by this Act may be used 
by the Federal Communications Commission to modify, amend, or change 
its rules or regulations for universal service support payments to 
implement the February 27, 2004 recommendations of the Federal-State 
Joint Board on Universal Service regarding single connection or primary 
line restrictions on universal service support payments.

                 Federal Deposit Insurance Corporation

                    office of the inspector general

    For necessary expenses of the Office of Inspector General in 
carrying out the provisions of the Inspector General Act of 1978, 
$34,568,000, to be derived from the Deposit Insurance Fund or, only 
when appropriate, the FSLIC Resolution Fund.

                      Federal Election Commission

                         salaries and expenses

    For necessary expenses to carry out the provisions of the Federal 
Election Campaign Act of 1971, $72,500,000, of which $5,000,000 shall 
remain available until September 30, 2017, for lease expiration and 
replacement lease expenses; and of which not to exceed $5,000 shall be 
available for reception and representation expenses.

                   Federal Labor Relations Authority

                         salaries and expenses

    For necessary expenses to carry out functions of the Federal Labor 
Relations Authority, pursuant to Reorganization Plan Numbered 2 of 
1978, and the Civil Service Reform Act of 1978, including services 
authorized by 5 U.S.C. 3109, and including hire of experts and 
consultants, hire of passenger motor vehicles, and including official 
reception and representation expenses (not to exceed $1,500) and rental 
of conference rooms in the District of Columbia and elsewhere, 
$25,548,000:  Provided, That public members of the Federal Service 
Impasses Panel may be paid travel expenses and per diem in lieu of 
subsistence as authorized by law (5 U.S.C. 5703) for persons employed 
intermittently in the Government service, and compensation as 
authorized by 5 U.S.C. 3109:  Provided further, That, notwithstanding 
31 U.S.C. 3302, funds received from fees charged to non-Federal 
participants at labor-management relations conferences shall be 
credited to and merged with this account, to be available without 
further appropriation for the costs of carrying out these conferences.

                        Federal Trade Commission

                         salaries and expenses

    For necessary expenses of the Federal Trade Commission, including 
uniforms or allowances therefor, as authorized by 5 U.S.C. 5901-5902; 
services as authorized by 5 U.S.C. 3109; hire of passenger motor 
vehicles; and not to exceed $2,000 for official reception and 
representation expenses, $300,000,000, to remain available until 
expended:  Provided, That not to exceed $300,000 shall be available for 
use to contract with a person or persons for collection services in 
accordance with the terms of 31 U.S.C. 3718:  Provided further, That, 
notwithstanding any other provision of law, not to exceed $124,000,000 
of offsetting collections derived from fees collected for premerger 
notification filings under the Hart-Scott-Rodino Antitrust Improvements 
Act of 1976 (15 U.S.C. 18a), regardless of the year of collection, 
shall be retained and used for necessary expenses in this 
appropriation:  Provided further, That, notwithstanding any other 
provision of law, not to exceed $14,000,000 in offsetting collections 
derived from fees sufficient to implement and enforce the Telemarketing 
Sales Rule, promulgated under the Telemarketing and Consumer Fraud and 
Abuse Prevention Act (15 U.S.C. 6101 et seq.), shall be credited to 
this account, and be retained and used for necessary expenses in this 
appropriation:  Provided further, That the sum herein appropriated from 
the general fund shall be reduced as such offsetting collections are 
received during fiscal year 2016, so as to result in a final fiscal 
year 2016 appropriation from the general fund estimated at not more 
than $162,000,000:  Provided further, That none of the funds made 
available to the Federal Trade Commission may be used to implement 
subsection (e)(2)(B) of section 43 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831t).

                    General Services Administration

                        real property activities

                         federal buildings fund

                 limitations on availability of revenue

                     (including transfers of funds)

    Amounts in the Fund, including revenues and collections deposited 
into the Fund shall be available for necessary expenses of real 
property management and related activities not otherwise provided for, 
including operation, maintenance, and protection of federally owned and 
leased buildings; rental of buildings in the District of Columbia; 
restoration of leased premises; moving governmental agencies (including 
space adjustments and telecommunications relocation expenses) in 
connection with the assignment, allocation and transfer of space; 
contractual services incident to cleaning or servicing buildings, and 
moving; repair and alteration of federally owned buildings including 
grounds, approaches and appurtenances; care and safeguarding of sites; 
maintenance, preservation, demolition, and equipment; acquisition of 
buildings and sites by purchase, condemnation, or as otherwise 
authorized by law; acquisition of options to purchase buildings and 
sites; conversion and extension of federally owned buildings; 
preliminary planning and design of projects by contract or otherwise; 
construction of new buildings (including equipment for such buildings); 
and payment of principal, interest, and any other obligations for 
public buildings acquired by installment purchase and purchase 
contract; in the aggregate amount of $8,304,422,000, of which--
            (1) $181,500,000 shall remain available until expended for 
        construction and acquisition activities (including funds for 
        sites and expenses, and associated design and construction 
        services) for the United States Courthouse in Nashville, 
        Tennessee:  Provided, That the foregoing limit of costs on new 
        construction and acquisition may be exceeded to the extent that 
        savings are effected in other such projects, but not to exceed 
        10 percent of the amounts included in a transmitted prospectus, 
        if required, unless advance approval is obtained from the 
        Committees on Appropriations of a greater amount;
            (2) $357,189,000 shall remain available until expended for 
        repairs and alterations, including associated design and 
        construction services, of which--
                    (A) $157,189,000 is for Major Repair and 
                Alterations activities, including $96,344,000 for the 
                Jacob K. Javits Federal Office Building in New York 
                City, New York, and $60,845,000 for the Edward J. 
                Schwartz Federal Building and U.S. Courthouse in San 
                Diego, California;
                    (B) $200,000,000 is for Basic Repairs and 
                Alterations, Consolidation Activities, the Judiciary 
                Capital Security Program, and the Fire and Life Safety 
                Program:
          Provided, That funds made available in this or any previous 
        Act in the Federal Buildings Fund for Repairs and Alterations 
        shall, for prospectus projects, be limited to the amount 
        identified for each project, except each project in this or any 
        previous Act may be increased by an amount not to exceed 10 
        percent unless advance approval is obtained from the Committees 
        on Appropriations of a greater amount:  Provided further, That 
        additional projects for which prospectuses have been fully 
        approved may be funded under this category only if advance 
        approval is obtained from the Committees on Appropriations:  
        Provided further, That the amounts provided in this or any 
        prior Act for ``Repairs and Alterations'' may be used to fund 
        costs associated with implementing security improvements to 
        buildings necessary to meet the minimum standards for security 
        in accordance with current law and in compliance with the 
        reprogramming guidelines of the appropriate Committees of the 
        House and Senate:  Provided further, That the difference 
        between the funds appropriated and expended on any projects in 
        this or any prior Act, under the heading ``Repairs and 
        Alterations'', may be transferred to Basic Repairs and 
        Alterations or used to fund authorized increases in prospectus 
        projects:  Provided further, That the amount provided in this 
        or any prior Act for Basic Repairs and Alterations may be used 
        to pay claims against the Government arising from any projects 
        under the heading ``Repairs and Alterations'' or used to fund 
        authorized increases in prospectus projects;
            (3) $5,521,601,000 for rental of space to remain available 
        until expended; and
            (4) $2,244,132,000 for building operations to remain 
        available until expended:
  Provided further, That the total amount of funds made available from 
this Fund to the General Services Administration shall not be available 
for expenses of any construction, repair, alteration and acquisition 
project for which a prospectus, if required by 40 U.S.C. 3307(a), has 
not been approved, except that necessary funds may be expended for each 
project for required expenses for the development of a proposed 
prospectus:  Provided further, That funds available in the Federal 
Buildings Fund may be expended for emergency repairs when advance 
approval is obtained from the Committees on Appropriations:  Provided 
further, That amounts necessary to provide reimbursable special 
services to other agencies under 40 U.S.C. 592(b)(2) and amounts to 
provide such reimbursable fencing, lighting, guard booths, and other 
facilities on private or other property not in Government ownership or 
control as may be appropriate to enable the United States Secret 
Service to perform its protective functions pursuant to 18 U.S.C. 3056, 
shall be available from such revenues and collections:  Provided 
further, That revenues and collections and any other sums accruing to 
this Fund during fiscal year 2016, excluding reimbursements under 40 
U.S.C. 592(b)(2), in excess of the aggregate new obligational authority 
authorized for Real Property Activities of the Federal Buildings Fund 
in this Act shall remain in the Fund and shall not be available for 
expenditure except as authorized in appropriations Acts.

                           general activities

                         government-wide policy

    For expenses authorized by law, not otherwise provided for, for 
Government-wide policy and evaluation activities associated with the 
management of real and personal property assets and certain 
administrative services; Government-wide policy support 
responsibilities relating to acquisition, travel, motor vehicles, 
information technology management, and related technology activities; 
and services as authorized by 5 U.S.C. 3109; $58,000,000.

                           operating expenses

                     (including transfer of funds)

    For expenses authorized by law, not otherwise provided for, for 
Government-wide activities associated with utilization and donation of 
surplus personal property; disposal of real property; agency-wide 
policy direction, management, and communications; the Civilian Board of 
Contract Appeals; and services as authorized by 5 U.S.C. 3109; 
$58,560,000, of which not to exceed $7,500 is for official reception 
and representation expenses.

                      office of inspector general

    For necessary expenses of the Office of Inspector General and 
service authorized by 5 U.S.C. 3109, $65,000,000, of which $2,000,000 
is available until expended:  Provided, That not to exceed $50,000 
shall be available for payment for information and detection of fraud 
against the Government, including payment for recovery of stolen 
Government property:  Provided further, That not to exceed $2,500 shall 
be available for awards to employees of other Federal agencies and 
private citizens in recognition of efforts and initiatives resulting in 
enhanced Office of Inspector General effectiveness.

           allowances and office staff for former presidents

    For carrying out the provisions of the Act of August 25, 1958 (3 
U.S.C. 102 note), and Public Law 95-138, $3,277,000.

                  pre-election presidential transition

                      (including transfer of funds)

    For activities authorized by the Pre-Election Presidential 
Transition Act of 2010 (Public Law 111-283), not to exceed $13,278,000, 
to remain available until September 30, 2017:  Provided, That such 
amounts may be transferred to ``Acquisition Services Fund'' or 
``Federal Buildings Fund'' to reimburse obligations incurred for the 
purposes provided herein in fiscal year 2015:  Provided further, That 
amounts made available under this heading shall be in addition to any 
other amounts available for such purposes.

                     federal citizen services fund

                     (including transfers of funds)

    For necessary expenses of the Office of Citizen Services and 
Innovative Technologies, including services authorized by 40 U.S.C. 323 
and 44 U.S.C. 3604; and for necessary expenses in support of 
interagency projects that enable the Federal Government to enhance its 
ability to conduct activities electronically, through the development 
and implementation of innovative uses of information technology; 
$55,894,000, to be deposited into the Federal Citizen Services Fund:  
Provided, That the previous amount may be transferred to Federal 
agencies to carry out the purpose of the Federal Citizen Services Fund: 
 Provided further, That the appropriations, revenues, reimbursements, 
and collections deposited into the Fund shall be available until 
expended for necessary expenses of Federal Citizen Services and other 
activities that enable the Federal Government to enhance its ability to 
conduct activities electronically in the aggregate amount not to exceed 
$90,000,000:  Provided further, That appropriations, revenues, 
reimbursements, and collections accruing to this Fund during fiscal 
year 2016 in excess of such amount shall remain in the Fund and shall 
not be available for expenditure except as authorized in appropriations 
Acts:  Provided further, That any appropriations provided to the 
Electronic Government Fund that remain unobligated may be transferred 
to the Federal Citizen Services Fund:  Provided further, That the 
transfer authorities provided herein shall be in addition to any other 
transfer authority provided in this Act.

       administrative provisions--general services administration

                     (including transfer of funds)

    Sec. 520.  Funds available to the General Services Administration 
shall be available for the hire of passenger motor vehicles.
    Sec. 521.  Funds in the Federal Buildings Fund made available for 
fiscal year 2016 for Federal Buildings Fund activities may be 
transferred between such activities only to the extent necessary to 
meet program requirements:  Provided, That any proposed transfers shall 
be approved in advance by the Committees on Appropriations of the House 
of Representatives and the Senate.
    Sec. 522.  Except as otherwise provided in this title, funds made 
available by this Act shall be used to transmit a fiscal year 2017 
request for United States Courthouse construction only if the request: 
(1) meets the design guide standards for construction as established 
and approved by the General Services Administration, the Judicial 
Conference of the United States, and the Office of Management and 
Budget; (2) reflects the priorities of the Judicial Conference of the 
United States as set out in its approved 5-year construction plan; and 
(3) includes a standardized courtroom utilization study of each 
facility to be constructed, replaced, or expanded.
    Sec. 523.  None of the funds provided in this Act may be used to 
increase the amount of occupiable square feet, provide cleaning 
services, security enhancements, or any other service usually provided 
through the Federal Buildings Fund, to any agency that does not pay the 
rate per square foot assessment for space and services as determined by 
the General Services Administration in consideration of the Public 
Buildings Amendments Act of 1972 (Public Law 92-313).
    Sec. 524.  From funds made available under the heading ``Federal 
Buildings Fund, Limitations on Availability of Revenue'', claims 
against the Government of less than $250,000 arising from direct 
construction projects and acquisition of buildings may be liquidated 
from savings effected in other construction projects with prior 
notification to the Committees on Appropriations of the House of 
Representatives and the Senate.
    Sec. 525.  In any case in which the Committee on Transportation and 
Infrastructure of the House of Representatives and the Committee on 
Environment and Public Works of the Senate adopt a resolution granting 
lease authority pursuant to a prospectus transmitted to Congress by the 
Administrator of the General Services Administration under 40 U.S.C. 
3307, the Administrator shall ensure that the delineated area of 
procurement is identical to the delineated area included in the 
prospectus for all lease agreements, except that, if the Administrator 
determines that the delineated area of the procurement should not be 
identical to the delineated area included in the prospectus, the 
Administrator shall provide an explanatory statement to each of such 
committees and the Committees on Appropriations of the House of 
Representatives and the Senate prior to exercising any lease authority 
provided in the resolution.
    Sec. 526.  With respect to each project funded under the heading 
``Major Repairs and Alterations'' or ``Judiciary Capital Security 
Program'', the Administrator of General Services shall submit a 
spending plan and explanation for each project to be undertaken to the 
Committees on Appropriations of the House of Representatives and the 
Senate not later than 30 days after the date of enactment of this Act.
    Sec. 527.  Any consolidation of the headquarters of the Federal 
Bureau of Investigation must result in a full consolidation.

                 Harry S Truman Scholarship Foundation

                         salaries and expenses

    For payment to the Harry S Truman Scholarship Foundation Trust 
Fund, established by section 10 of Public Law 93-642, $1,000,000, to 
remain available until expended.

                     Merit Systems Protection Board

                         salaries and expenses

                     (including transfer of funds)

    For necessary expenses to carry out functions of the Merit Systems 
Protection Board pursuant to Reorganization Plan Numbered 2 of 1978, 
the Civil Service Reform Act of 1978, and the Whistleblower Protection 
Act of 1989 (5 U.S.C. 5509 note), including services as authorized by 5 
U.S.C. 3109, rental of conference rooms in the District of Columbia and 
elsewhere, hire of passenger motor vehicles, direct procurement of 
survey printing, and not to exceed $2,000 for official reception and 
representation expenses, $42,740,000, to remain available until 
September 30, 2017, together with not to exceed $2,345,000, to remain 
available until September 30, 2017, for administrative expenses to 
adjudicate retirement appeals to be transferred from the Civil Service 
Retirement and Disability Fund in amounts determined by the Merit 
Systems Protection Board.

            Morris K. Udall and Stewart L. Udall Foundation

            morris k. udall and stewart l. udall trust fund

                     (including transfer of funds)

    For payment to the Morris K. Udall and Stewart L. Udall Trust Fund, 
pursuant to the Morris K. Udall and Stewart L. Udall Foundation Act (20 
U.S.C. 5601 et seq.), $1,995,000, to remain available until expended, 
of which, notwithstanding sections 8 and 9 of such Act: (1) up to 
$50,000 shall be used to conduct financial audits pursuant to the 
Accountability of Tax Dollars Act of 2002 (Public Law 107-289); and (2) 
up to $1,000,000 shall be available to carry out the activities 
authorized by section 6(7) of Public Law 102-259 and section 817(a) of 
Public Law 106-568 (20 U.S.C. 5604(7)):  Provided, That of the total 
amount made available under this heading $200,000 shall be transferred 
to the Office of Inspector General of the Department of the Interior, 
to remain available until expended, for audits and investigations of 
the Morris K. Udall and Stewart L. Udall Foundation, consistent with 
the Inspector General Act of 1978 (5 U.S.C. App.).

                 environmental dispute resolution fund

    For payment to the Environmental Dispute Resolution Fund to carry 
out activities authorized in the Environmental Policy and Conflict 
Resolution Act of 1998, $3,400,000, to remain available until expended.

              National Archives and Records Administration

                           operating expenses

    For necessary expenses in connection with the administration of the 
National Archives and Records Administration and archived Federal 
records and related activities, as provided by law, and for expenses 
necessary for the review and declassification of documents, the 
activities of the Public Interest Declassification Board, the 
operations and maintenance of the electronic records archives, the hire 
of passenger motor vehicles, and for uniforms or allowances therefor, 
as authorized by law (5 U.S.C. 5901), including maintenance, repairs, 
and cleaning, $372,000,000.

                      office of inspector general

    For necessary expenses of the Office of Inspector General in 
carrying out the provisions of the Inspector General Reform Act of 
2008, Public Law 110-409, 122 Stat. 4302-16 (2008), and the Inspector 
General Act of 1978 (5 U.S.C. App.), and for the hire of passenger 
motor vehicles, $4,180,000.

                        repairs and restoration

    For the repair, alteration, and improvement of archives facilities, 
and to provide adequate storage for holdings, $7,500,000, to remain 
available until expended:  Provided, That from amounts made available 
under this heading in Public Laws 111-8 and 111-117 for necessary 
expenses related to the repair and renovation of the Franklin D. 
Roosevelt Presidential Library and Museum in Hyde Park, New York, the 
remaining unobligated balances shall be available to implement the 
National Archives and Records Administration Capital Improvement Plan.

         national historical publications and records commission

                             grants program

    For necessary expenses for allocations and grants for historical 
publications and records as authorized by 44 U.S.C. 2504, $5,000,000, 
to remain available until expended.

                  National Credit Union Administration

               community development revolving loan fund

    For the Community Development Revolving Loan Fund program as 
authorized by 42 U.S.C. 9812, 9822 and 9910, $2,000,000 shall be 
available until September 30, 2017, for technical assistance to low-
income designated credit unions.

                      Office of Government Ethics

                         salaries and expenses

    For necessary expenses to carry out functions of the Office of 
Government Ethics pursuant to the Ethics in Government Act of 1978, the 
Ethics Reform Act of 1989, and the Stop Trading on Congressional 
Knowledge Act of 2012, including services as authorized by 5 U.S.C. 
3109, rental of conference rooms in the District of Columbia and 
elsewhere, hire of passenger motor vehicles, and not to exceed $1,500 
for official reception and representation expenses, $15,420,000.

                     Office of Personnel Management

                         salaries and expenses

                  (including transfer of trust funds)

    For necessary expenses to carry out functions of the Office of 
Personnel Management (OPM) pursuant to Reorganization Plan Numbered 2 
of 1978 and the Civil Service Reform Act of 1978, including services as 
authorized by 5 U.S.C. 3109; medical examinations performed for 
veterans by private physicians on a fee basis; rental of conference 
rooms in the District of Columbia and elsewhere; hire of passenger 
motor vehicles; not to exceed $2,500 for official reception and 
representation expenses; advances for reimbursements to applicable 
funds of OPM and the Federal Bureau of Investigation for expenses 
incurred under Executive Order No. 10422 of January 9, 1953, as 
amended; and payment of per diem and/or subsistence allowances to 
employees where Voting Rights Act activities require an employee to 
remain overnight at his or her post of duty, $119,239,000, of which 
$616,000 may be for strengthening the capacity and capabilities of the 
acquisition workforce (as defined by the Office of Federal Procurement 
Policy Act, as amended (41 U.S.C. 4001 et seq.)), including the 
recruitment, hiring, training, and retention of such workforce and 
information technology in support of acquisition workforce 
effectiveness or for management solutions to improve acquisition 
management; and in addition $118,425,000 for administrative expenses, 
to be transferred from the appropriate trust funds of OPM without 
regard to other statutes, including direct procurement of printed 
materials, for the retirement and insurance programs:  Provided, That 
the provisions of this appropriation shall not affect the authority to 
use applicable trust funds as provided by sections 8348(a)(1)(B), 
8958(f)(2)(A), 8988(f)(2)(A), and 9004(f)(2)(A) of title 5, United 
States Code:  Provided further, That no part of this appropriation 
shall be available for salaries and expenses of the Legal Examining 
Unit of OPM established pursuant to Executive Order No. 9358 of July 1, 
1943, or any successor unit of like purpose:  Provided further, That 
the President's Commission on White House Fellows, established by 
Executive Order No. 11183 of October 3, 1964, may, during fiscal year 
2016, accept donations of money, property, and personal services:  
Provided further, That such donations, including those from prior 
years, may be used for the development of publicity materials to 
provide information about the White House Fellows, except that no such 
donations shall be accepted for travel or reimbursement of travel 
expenses, or for the salaries of employees of such Commission.

                      office of inspector general

                         salaries and expenses

                  (including transfer of trust funds)

    For necessary expenses of the Office of Inspector General in 
carrying out the provisions of the Inspector General Act of 1978, 
including services as authorized by 5 U.S.C. 3109, hire of passenger 
motor vehicles, $4,384,000, and in addition, not to exceed $22,479,000 
for administrative expenses to audit, investigate, and provide other 
oversight of the Office of Personnel Management's retirement and 
insurance programs, to be transferred from the appropriate trust funds 
of the Office of Personnel Management, as determined by the Inspector 
General:  Provided, That the Inspector General is authorized to rent 
conference rooms in the District of Columbia and elsewhere.

                       Office of Special Counsel

                         salaries and expenses

    For necessary expenses to carry out functions of the Office of 
Special Counsel pursuant to Reorganization Plan Numbered 2 of 1978, the 
Civil Service Reform Act of 1978 (Public Law 95-454), the Whistleblower 
Protection Act of 1989 (Public Law 101-12) as amended by Public Law 
107-304, the Whistleblower Protection Enhancement Act of 2012 (Public 
Law 112-199), and the Uniformed Services Employment and Reemployment 
Rights Act of 1994 (Public Law 103-353), including services as 
authorized by 5 U.S.C. 3109, payment of fees and expenses for 
witnesses, rental of conference rooms in the District of Columbia and 
elsewhere, and hire of passenger motor vehicles; $23,500,000.

                      Postal Regulatory Commission

                         salaries and expenses

                     (including transfer of funds)

    For necessary expenses of the Postal Regulatory Commission in 
carrying out the provisions of the Postal Accountability and 
Enhancement Act (Public Law 109-435), $15,000,000, to be derived by 
transfer from the Postal Service Fund and expended as authorized by 
section 603(a) of such Act.

              Privacy and Civil Liberties Oversight Board

                         salaries and expenses

    For necessary expenses of the Privacy and Civil Liberties Oversight 
Board, as authorized by section 1061 of the Intelligence Reform and 
Terrorism Prevention Act of 2004 (42 U.S.C. 2000ee), $23,297,000, to 
remain available until September 30, 2017.

                   Securities and Exchange Commission

                         salaries and expenses

    For necessary expenses for the Securities and Exchange Commission, 
including services as authorized by 5 U.S.C. 3109, the rental of space 
(to include multiple year leases) in the District of Columbia and 
elsewhere, and not to exceed $3,500 for official reception and 
representation expenses, $1,500,000,000, to remain available until 
expended; of which not less than $11,315,971 shall be for the Office of 
Inspector General; of which not to exceed $75,000 shall be available 
for a permanent secretariat for the International Organization of 
Securities Commissions; of which not to exceed $100,000 shall be 
available for expenses for consultations and meetings hosted by the 
Commission with foreign governmental and other regulatory officials, 
members of their delegations and staffs to exchange views concerning 
securities matters, such expenses to include necessary logistic and 
administrative expenses and the expenses of Commission staff and 
foreign invitees in attendance including: (1) incidental expenses such 
as meals; (2) travel and transportation; and (3) related lodging or 
subsistence; and of which not less than $60,971,000 shall be for the 
Division of Economic and Risk Analysis:  Provided, That fees and 
charges authorized by section 31 of the Securities Exchange Act of 1934 
(15 U.S.C. 78ee) shall be credited to this account as offsetting 
collections:  Provided further, That not to exceed $1,500,000,000 of 
such offsetting collections shall be available until expended for 
necessary expenses of this account:  Provided further, That the total 
amount appropriated under this heading from the general fund for fiscal 
year 2016 shall be reduced as such offsetting fees are received so as 
to result in a final total fiscal year 2016 appropriation from the 
general fund estimated at not more than $0.

                        Selective Service System

                         salaries and expenses

    For necessary expenses of the Selective Service System, including 
expenses of attendance at meetings and of training for uniformed 
personnel assigned to the Selective Service System, as authorized by 5 
U.S.C. 4101-4118 for civilian employees; hire of passenger motor 
vehicles; services as authorized by 5 U.S.C. 3109; and not to exceed 
$750 for official reception and representation expenses; $22,703,000:  
Provided, That during the current fiscal year, the President may exempt 
this appropriation from the provisions of 31 U.S.C. 1341, whenever the 
President deems such action to be necessary in the interest of national 
defense:  Provided further, That none of the funds appropriated by this 
Act may be expended for or in connection with the induction of any 
person into the Armed Forces of the United States.

                     Small Business Administration

                         salaries and expenses

    For necessary expenses, not otherwise provided for, of the Small 
Business Administration, including hire of passenger motor vehicles as 
authorized by sections 1343 and 1344 of title 31, United States Code, 
and not to exceed $3,500 for official reception and representation 
expenses, $257,000,000, of which not less than $12,000,000 shall be 
available for examinations, reviews, and other lender oversight 
activities:  Provided, That the Administrator is authorized to charge 
fees to cover the cost of publications developed by the Small Business 
Administration, and certain loan program activities, including fees 
authorized by section 5(b) of the Small Business Act:  Provided 
further, That, notwithstanding 31 U.S.C. 3302, revenues received from 
all such activities shall be credited to this account, to remain 
available until expended, for carrying out these purposes without 
further appropriations:  Provided further, That the Small Business 
Administration may accept gifts in an amount not to exceed $4,000,000 
and may co-sponsor activities, each in accordance with section 132(a) 
of division K of Public Law 108-447, during fiscal year 2016:  Provided 
further, That $6,100,000 shall be available for the Loan Modernization 
and Accounting System, to be available until September 30, 2017:  
Provided further, That $3,000,000 shall be for the Federal and State 
Technology Partnership Program under section 34 of the Small Business 
Act (15 U.S.C. 657d).

                  entrepreneurial development programs

    For necessary expenses of programs supporting entrepreneurial and 
small business development, $220,150,000, to remain available until 
September 30, 2017:  Provided, That $115,000,000 shall be available to 
fund grants for performance in fiscal year 2016 or fiscal year 2017 as 
authorized by section 21 of the Small Business Act:  Provided further, 
That $25,000,000 shall be for marketing, management, and technical 
assistance under section 7(m) of the Small Business Act (15 U.S.C. 
636(m)(4)) by intermediaries that make microloans under the microloan 
program:  Provided further, That $17,400,000 shall be available for 
grants to States to carry out export programs that assist small 
business concerns authorized under section 1207 of Public Law 111-240.

                      office of inspector general

    For necessary expenses of the Office of Inspector General in 
carrying out the provisions of the Inspector General Act of 1978, 
$19,900,000.

                           office of advocacy

    For necessary expenses of the Office of Advocacy in carrying out 
the provisions of title II of Public Law 94-305 (15 U.S.C. 634a et 
seq.) and the Regulatory Flexibility Act of 1980 (5 U.S.C. 601 et 
seq.), $9,120,000, to remain available until expended.

                     business loans program account

                     (including transfer of funds)

    For the cost of direct loans, $3,338,172, to remain available until 
expended:  Provided, That such costs, including the cost of modifying 
such loans, shall be as defined in section 502 of the Congressional 
Budget Act of 1974:  Provided further, That subject to section 502 of 
the Congressional Budget Act of 1974, during fiscal year 2016 
commitments to guarantee loans under section 503 of the Small Business 
Investment Act of 1958 shall not exceed $7,500,000,000:  Provided 
further, That during fiscal year 2016 commitments for general business 
loans authorized under section 7(a) of the Small Business Act shall not 
exceed $23,500,000,000 for a combination of amortizing term loans and 
the aggregated maximum line of credit provided by revolving loans:  
Provided further, That during fiscal year 2016 commitments for loans 
authorized under subparagraph (C) of section 502(7) of The Small 
Business Investment Act of 1958 (15 U.S.C. 696(7)) shall not exceed 
$7,500,000:  Provided further, That during fiscal year 2016 commitments 
to guarantee loans for debentures under section 303(b) of the Small 
Business Investment Act of 1958 shall not exceed $4,000,000,000:  
Provided further, That during fiscal year 2016, guarantees of trust 
certificates authorized by section 5(g) of the Small Business Act shall 
not exceed a principal amount of $12,000,000,000. In addition, for 
administrative expenses to carry out the direct and guaranteed loan 
programs, $152,725,828, which may be transferred to and merged with the 
appropriations for Salaries and Expenses.

                     disaster loans program account

                     (including transfers of funds)

    For administrative expenses to carry out the direct loan program 
authorized by section 7(b) of the Small Business Act, $186,858,000, to 
be available until expended, of which $1,000,000 is for the Office of 
Inspector General of the Small Business Administration for audits and 
reviews of disaster loans and the disaster loan programs and shall be 
transferred to and merged with the appropriations for the Office of 
Inspector General; of which $176,858,000 is for direct administrative 
expenses of loan making and servicing to carry out the direct loan 
program, which may be transferred to and merged with the appropriations 
for Salaries and Expenses; and of which $9,000,000 is for indirect 
administrative expenses for the direct loan program, which may be 
transferred to and merged with the appropriations for Salaries and 
Expenses:  Provided, That, of the funds provided herein, $158,829,000 
shall be for major disasters declared pursuant to the Robert T. 
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5122(2)); $151,179,014 is for direct administrative expenses of loan 
making and servicing to carry out the direct loan program; and 
$7,649,986 is for indirect administrative expenses for the direct loan 
program:  Provided further, That the amount for major disasters under 
this heading is designated by Congress as being for disaster relief 
pursuant to section 251(b)(2)(D) of the Balanced Budget and Emergency 
Deficit Control Act of 1985 (Public Law 99-177), as amended.

        administrative provisions--small business administration

                     (including transfer of funds)

    Sec. 530.  Not to exceed 5 percent of any appropriation made 
available for the current fiscal year for the Small Business 
Administration in this Act may be transferred between such 
appropriations, but no such appropriation shall be increased by more 
than 10 percent by any such transfers:  Provided, That any transfer 
pursuant to this paragraph shall be treated as a reprogramming of funds 
under section 608 of this Act and shall not be available for obligation 
or expenditure except in compliance with the procedures set forth in 
that section.
    Sec. 531. (a) None of the funds made available under this Act may 
be used to collect a guarantee fee under section 7(a)(18) of the Small 
Business Act (15 U.S.C. 636(a)(18)) with respect to a loan guaranteed 
under section 7(a)(31) of such Act that is made to a small business 
concern (as defined under section 3 of such Act (15 U.S.C. 632)) that 
is 51 percent or more owned and controlled by 1 or more individuals who 
is a veteran (as defined in section 101 of title 38, United States 
Code) or the spouse of a veteran.
    (b) Nothing in this section shall be construed to limit the 
authority of the Administrator of the Small Business Administration to 
waive such a guarantee fee or any other loan fee with respect to a loan 
to a small business concern described in subsection (a) or any other 
borrower.
    Sec. 532.  Subparagraph (C) of section 502(7) of the Small Business 
Investment Act of 1958 (15 U.S.C 696(7)), as in effect on September 25, 
2012, shall be in effect during fiscal year 2016.

                      United States Postal Service

                   payment to the postal service fund

    For payment to the Postal Service Fund for revenue forgone on free 
and reduced rate mail, pursuant to subsections (c) and (d) of section 
2401 of title 39, United States Code, $49,923,000, which shall not be 
available for obligation until October 1, 2016:  Provided, That mail 
for overseas voting and mail for the blind shall continue to be free:  
Provided further, That 6-day delivery and rural delivery of mail shall 
continue at not less than the 1983 level:  Provided further, That none 
of the funds made available to the Postal Service by this Act shall be 
used to implement any rule, regulation, or policy of charging any 
officer or employee of any State or local child support enforcement 
agency, or any individual participating in a State or local program of 
child support enforcement, a fee for information requested or provided 
concerning an address of a postal customer:  Provided further, That 
none of the funds provided in this Act shall be used to consolidate or 
close small rural and other small post offices.

                      office of inspector general

                         salaries and expenses

                     (including transfer of funds)

    For necessary expenses of the Office of Inspector General in 
carrying out the provisions of the Inspector General Act of 1978, 
$243,883,000, to be derived by transfer from the Postal Service Fund 
and expended as authorized by section 603(b)(3) of the Postal 
Accountability and Enhancement Act (Public Law 109-435).

                        United States Tax Court

                         salaries and expenses

    For necessary expenses, including contract reporting and other 
services as authorized by 5 U.S.C. 3109, $51,300,000:  Provided, That 
travel expenses of the judges shall be paid upon the written 
certificate of the judge.

                                TITLE VI

                      GENERAL PROVISIONS--THIS ACT

                         (including rescission)

    Sec. 601.  None of the funds in this Act shall be used for the 
planning or execution of any program to pay the expenses of, or 
otherwise compensate, non-Federal parties intervening in regulatory or 
adjudicatory proceedings funded in this Act.
    Sec. 602.  None of the funds appropriated in this Act shall remain 
available for obligation beyond the current fiscal year, nor may any be 
transferred to other appropriations, unless expressly so provided 
herein.
    Sec. 603.  The expenditure of any appropriation under this Act for 
any consulting service through procurement contract pursuant to 5 
U.S.C. 3109, shall be limited to those contracts where such 
expenditures are a matter of public record and available for public 
inspection, except where otherwise provided under existing law, or 
under existing Executive order issued pursuant to existing law.
    Sec. 604.  None of the funds made available in this Act may be 
transferred to any department, agency, or instrumentality of the United 
States Government, except pursuant to a transfer made by, or transfer 
authority provided in, this Act or any other appropriations Act.
    Sec. 605.  None of the funds made available by this Act shall be 
available for any activity or for paying the salary of any Government 
employee where funding an activity or paying a salary to a Government 
employee would result in a decision, determination, rule, regulation, 
or policy that would prohibit the enforcement of section 307 of the 
Tariff Act of 1930 (19 U.S.C. 1307).
    Sec. 606.  No funds appropriated pursuant to this Act may be 
expended by an entity unless the entity agrees that in expending the 
assistance the entity will comply with chapter 83 of title 41, United 
States Code.
    Sec. 607.  No funds appropriated or otherwise made available under 
this Act shall be made available to any person or entity that has been 
convicted of violating chapter 83 of title 41, United States Code.
    Sec. 608.  Except as otherwise provided in this Act, none of the 
funds provided in this Act, provided by previous appropriations Acts to 
the agencies or entities funded in this Act that remain available for 
obligation or expenditure in fiscal year 2016, or provided from any 
accounts in the Treasury derived by the collection of fees and 
available to the agencies funded by this Act, shall be available for 
obligation or expenditure through a reprogramming of funds that: (1) 
creates a new program; (2) eliminates a program, project, or activity; 
(3) increases funds or personnel for any program, project, or activity 
for which funds have been denied or restricted by the Congress; (4) 
proposes to use funds directed for a specific activity by the Committee 
on Appropriations of either the House of Representatives or the Senate 
for a different purpose; (5) augments existing programs, projects, or 
activities in excess of $5,000,000 or 10 percent, whichever is less; 
(6) reduces existing programs, projects, or activities by $5,000,000 or 
10 percent, whichever is less; or (7) creates or reorganizes offices, 
programs, or activities unless prior approval is received from the 
Committees on Appropriations of the House of Representatives and the 
Senate:  Provided, That prior to any significant reorganization or 
restructuring of offices, programs, or activities, each agency or 
entity funded in this Act shall consult with the Committees on 
Appropriations of the House of Representatives and the Senate:  
Provided further, That not later than 60 days after the date of 
enactment of this Act, each agency funded by this Act shall submit a 
report to the Committees on Appropriations of the House of 
Representatives and the Senate to establish the baseline for 
application of reprogramming and transfer authorities for the current 
fiscal year:  Provided further, That at a minimum the report shall 
include: (1) a table for each appropriation with a separate column to 
display the President's budget request, adjustments made by Congress, 
adjustments due to enacted rescissions, if appropriate, and the fiscal 
year enacted level; (2) a delineation in the table for each 
appropriation both by object class and program, project, and activity 
as detailed in the budget appendix for the respective appropriation; 
and (3) an identification of items of special congressional interest:  
Provided further, That the amount appropriated or limited for salaries 
and expenses for an agency shall be reduced by $100,000 per day for 
each day after the required date that the report has not been submitted 
to the Congress.
    Sec. 609.  Except as otherwise specifically provided by law, not to 
exceed 50 percent of unobligated balances remaining available at the 
end of fiscal year 2016 from appropriations made available for salaries 
and expenses for fiscal year 2016 in this Act, shall remain available 
through September 30, 2017, for each such account for the purposes 
authorized:  Provided, That a request shall be submitted to the 
Committees on Appropriations of the House of Representatives and the 
Senate for approval prior to the expenditure of such funds:  Provided 
further, That these requests shall be made in compliance with 
reprogramming guidelines.
    Sec. 610. (a) None of the funds made available in this Act may be 
used by the Executive Office of the President to request--
            (1) any official background investigation report on any 
        individual from the Federal Bureau of Investigation; or
            (2) a determination with respect to the treatment of an 
        organization as described in section 501(c) of the Internal 
        Revenue Code of 1986 and exempt from taxation under section 
        501(a) of such Code from the Department of the Treasury or the 
        Internal Revenue Service.
    (b) Subsection (a) shall not apply--
            (1) in the case of an official background investigation 
        report, if such individual has given express written consent 
        for such request not more than 6 months prior to the date of 
        such request and during the same presidential administration; 
        or
            (2) if such request is required due to extraordinary 
        circumstances involving national security.
    Sec. 611.  The cost accounting standards promulgated under chapter 
15 of title 41, United States Code shall not apply with respect to a 
contract under the Federal Employees Health Benefits Program 
established under chapter 89 of title 5, United States Code.
    Sec. 612.  For the purpose of resolving litigation and implementing 
any settlement agreements regarding the nonforeign area cost-of-living 
allowance program, the Office of Personnel Management may accept and 
utilize (without regard to any restriction on unanticipated travel 
expenses imposed in an Appropriations Act) funds made available to the 
Office of Personnel Management pursuant to court approval.
    Sec. 613.  No funds appropriated by this Act shall be available to 
pay for an abortion, or the administrative expenses in connection with 
any health plan under the Federal employees health benefits program 
which provides any benefits or coverage for abortions.
    Sec. 614.  The provision of section 613 shall not apply where the 
life of the mother would be endangered if the fetus were carried to 
term, or the pregnancy is the result of an act of rape or incest.
    Sec. 615.  In order to promote Government access to commercial 
information technology, the restriction on purchasing nondomestic 
articles, materials, and supplies set forth in chapter 83 of title 41, 
United States Code (popularly known as the Buy American Act), shall not 
apply to the acquisition by the Federal Government of information 
technology (as defined in section 11101 of title 40, United States 
Code), that is a commercial item (as defined in section 103 of title 
41, United States Code).
    Sec. 616.  Notwithstanding section 1353 of title 31, United States 
Code, no officer or employee of any regulatory agency or commission 
funded by this Act may accept on behalf of that agency, nor may such 
agency or commission accept, payment or reimbursement from a non-
Federal entity for travel, subsistence, or related expenses for the 
purpose of enabling an officer or employee to attend and participate in 
any meeting or similar function relating to the official duties of the 
officer or employee when the entity offering payment or reimbursement 
is a person or entity subject to regulation by such agency or 
commission, or represents a person or entity subject to regulation by 
such agency or commission, unless the person or entity is an 
organization described in section 501(c)(3) of the Internal Revenue 
Code of 1986 and exempt from tax under section 501(a) of such Code.
    Sec. 617.  Notwithstanding section 708 of this Act, funds made 
available to the Commodity Futures Trading Commission and the 
Securities and Exchange Commission by this or any other Act may be used 
for the interagency funding and sponsorship of a joint advisory 
committee to advise on emerging regulatory issues.
    Sec. 618. (a)(1) Notwithstanding any other provision of law, an 
Executive agency covered by this Act otherwise authorized to enter into 
contracts for either leases or the construction or alteration of real 
property for office, meeting, storage, or other space must consult with 
the General Services Administration before issuing a solicitation for 
offers of new leases or construction contracts, and in the case of 
succeeding leases, before entering into negotiations with the current 
lessor.
    (2) Any such agency with authority to enter into an emergency lease 
may do so during any period declared by the President to require 
emergency leasing authority with respect to such agency.
    (b) For purposes of this section, the term ``Executive agency 
covered by this Act'' means any Executive agency provided funds by this 
Act, but does not include the General Services Administration or the 
United States Postal Service.
    Sec. 619. (a) There are appropriated for the following activities 
the amounts required under current law:
            (1) Compensation of the President (3 U.S.C. 102).
            (2) Payments to--
                    (A) the Judicial Officers' Retirement Fund (28 
                U.S.C. 377(o));
                    (B) the Judicial Survivors' Annuities Fund (28 
                U.S.C. 376(c)); and
                    (C) the United States Court of Federal Claims 
                Judges' Retirement Fund (28 U.S.C. 178(l)).
            (3) Payment of Government contributions--
                    (A) with respect to the health benefits of retired 
                employees, as authorized by chapter 89 of title 5, 
                United States Code, and the Retired Federal Employees 
                Health Benefits Act (74 Stat. 849); and
                    (B) with respect to the life insurance benefits for 
                employees retiring after December 31, 1989 (5 U.S.C. 
                ch. 87).
            (4) Payment to finance the unfunded liability of new and 
        increased annuity benefits under the Civil Service Retirement 
        and Disability Fund (5 U.S.C. 8348).
            (5) Payment of annuities authorized to be paid from the 
        Civil Service Retirement and Disability Fund by statutory 
        provisions other than subchapter III of chapter 83 or chapter 
        84 of title 5, United States Code.
    (b) Nothing in this section may be construed to exempt any amount 
appropriated by this section from any otherwise applicable limitation 
on the use of funds contained in this Act.
    Sec. 620.  The Public Company Accounting Oversight Board (Board) 
shall have authority to obligate funds for the scholarship program 
established by section 109(c)(2) of the Sarbanes-Oxley Act of 2002 
(Public Law 107-204) in an aggregate amount not exceeding the amount of 
funds collected by the Board as of December 31, 2015, including accrued 
interest, as a result of the assessment of monetary penalties. Funds 
available for obligation in fiscal year 2016 shall remain available 
until expended.
    Sec. 621.  None of the funds made available in this Act may be used 
by the Federal Trade Commission to complete the draft report entitled 
``Interagency Working Group on Food Marketed to Children: Preliminary 
Proposed Nutrition Principles to Guide Industry Self-Regulatory 
Efforts'' unless the Interagency Working Group on Food Marketed to 
Children complies with Executive Order No. 13563.
    Sec. 622.  None of the funds made available by this Act may be used 
to pay the salaries and expenses for the following positions:
            (1) Director, White House Office of Health Reform.
            (2) Assistant to the President for Energy and Climate 
        Change.
            (3) Senior Advisor to the Secretary of the Treasury 
        assigned to the Presidential Task Force on the Auto Industry 
        and Senior Counselor for Manufacturing Policy.
            (4) White House Director of Urban Affairs.
    Sec. 623.  None of the funds in this Act may be used for the 
Director of the Office of Personnel Management to award a contract, 
enter an extension of, or exercise an option on a contract to a 
contractor conducting the final quality review processes for background 
investigation fieldwork services or background investigation support 
services that, as of the date of the award of the contract, are being 
conducted by that contractor.
    Sec. 624.  Each executive agency covered by this Act shall include, 
in its fiscal year 2017 budget justification materials submitted to the 
Committees on Appropriations of the House of Representatives and the 
Senate, a separate table briefly describing the top management 
challenges for fiscal year 2016 as identified by the agency inspector 
general, together with an explanation of how the fiscal year 2017 
budget request addresses each such management challenge.
    Sec. 625. (a) The head of each executive branch agency funded by 
this Act shall ensure that the Chief Information Officer of the agency 
has the authority to participate in decisions regarding the budget 
planning process related to information technology.
    (b) Amounts appropriated for any executive branch agency funded by 
this Act that are available for information technology shall be 
allocated within the agency, consistent with the provisions of 
appropriations Acts and budget guidelines and recommendations from the 
Director of the Office of Management and Budget, in such manner as 
specified by, or approved by, the Chief Information Officer of the 
agency in consultation with the Chief Financial Officer of the agency 
and budget officials.
    Sec. 626.  None of the funds made available in this Act may be used 
in contravention of chapter 29, 31, or 33 of title 44, United States 
Code.
    Sec. 627.  From the unobligated balances available in the 
Securities and Exchange Commission Reserve Fund established by section 
991 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Public Law 111-203), $25,000,000 are rescinded.
    Sec. 628.  The head of any executive branch department, agency, 
board, commission, or office funded by this Act shall require that all 
contracts within their purview that provide award fees link such fees 
to successful acquisition outcomes, specifying the terms of cost, 
schedule, and performance.
    Sec. 629.  Notwithstanding any other provision of this Act, none of 
the funds appropriated or otherwise made available by this Act may be 
used to pay award or incentive fees for contractor performance that has 
been judged to be below satisfactory performance or performance that 
does not meet the basic requirements of a contract.
    Sec. 630. (a) Treatment of Payment for Public Communication as 
Contribution if Made Under Control or Direction of Candidate.--Section 
301(8)(A) of the Federal Election Campaign Act of 1971 (52 U.S.C. 
30101(8)(A)) is amended--
            (1) by striking ``or'' at the end of clause (i);
            (2) by striking the period at the end of clause (ii) and 
        inserting ``; or''; and
            (3) by adding at the end the following new clause:
                            ``(iii) any payment by a political 
                        committee of a political party for the direct 
                        costs of a public communication (as defined in 
                        paragraph (22)) made on behalf of a candidate 
                        for Federal office who is affiliated with such 
                        party, but only if the communication is 
                        controlled by, or made at the direction of, the 
                        candidate or an authorized committee of the 
                        candidate.''.
    (b) Requiring Control or Direction by Candidate for Treatment as 
Coordinated Party Expenditure.--
            (1) In general.--Paragraph (4) of section 315(d) of such 
        Act (52 U.S.C. 30116(d)) is amended to read as follows:
            ``(4) Special rule for direct costs of communications.--The 
        direct costs incurred by a political committee of a political 
        party for a communication made in connection with the campaign 
        of a candidate for Federal office shall not be subject to the 
        limitations contained in paragraphs (2) and (3) unless the 
        communication is controlled by, or made at the direction of, 
        the candidate or an authorized committee of the candidate.''.
            (2) Conforming amendment.--Paragraph (1) of section 315(d) 
        of such Act (52 U.S.C. 30116(d)) is amended by striking 
        ``paragraphs (2), (3), and (4)'' and inserting ``paragraphs (2) 
        and (3)''.
    Sec. 631.  Section 302(g) of the Federal Election Campaign Act of 
1971 (52 U.S.C. 30102(g)) is amended to read as follows:
    ``(g) Filing With the Commission.--All designations, statements, 
and reports required to be filed under this Act shall be filed with the 
Commission.''.
    Sec. 632.  On and after the date of enactment of this Act, in the 
case of a party to a joint sales agreement (as defined in Note 2(k) to 
section 73.3555 of title 47, Code of Federal Regulations) that is in 
effect on the effective date of the amendment to Note 2(k)(2) to that 
section made by the Further Notice of Proposed Rulemaking and Report 
and Order adopted by the Federal Communications Commission on March 31, 
2014 (FCC 14-28), the party shall not be considered to be in violation 
of the ownership limitations of that section by reason of the 
application of the rule in Note 2(k)(2), as so amended, to the joint 
sales agreement.
    Sec. 633.  None of the funds made available by this Act may be used 
to regulate, directly or indirectly, the prices or related terms (as 
such terms are described in paragraph 164 of the Report and Order on 
Remand, Declaratory Ruling, and Order in the matter of protecting and 
promoting the open Internet, adopted by the Federal Communications 
Commission on February 26, 2015 (FCC 15-24)) charged or imposed by 
providers of broadband Internet access service (as defined in the final 
rules in Appendix A of such Report and Order on Remand, Declaratory 
Ruling, and Order) for such service, regardless of whether such 
regulation takes the form of requirements for future conduct or 
enforcement regarding past conduct.
    Sec. 634.  None of the amounts made available by this Act may be 
used to finalize or implement the Safety Standard for Recreational Off-
Highway Vehicles published by the Consumer Product Safety Commission in 
the Federal Register on November 19, 2014 (79 Fed. Reg. 68964) until 
after--
            (1) the National Academy of Sciences, in consultation with 
        the National Highway Traffic Safety Administration and the 
        Department of Defense, completes a study to determine--
                    (A) the technical validity of the lateral stability 
                and vehicle handling requirements proposed by such 
                standard for purposes of reducing the risk of 
                Recreational Off-Highway Vehicle (referred to in this 
                section as ``ROV'') rollovers in the off-road 
                environment, including the repeatability and 
                reproducibility of testing for compliance with such 
                requirements;
                    (B) the number of ROV rollovers that would be 
                prevented if the proposed requirements were adopted;
                    (C) whether there is a technical basis for the 
                proposal to provide information on a point-of-sale 
                hangtag about a ROV's rollover resistance on a 
                progressive scale; and
                    (D) the effect on the utility of ROVs used by the 
                United States military if the proposed requirements 
                were adopted; and
            (2) a report containing the results of the study completed 
        under paragraph (1) is delivered to--
                    (A) the Committee on Commerce, Science, and 
                Transportation of the Senate;
                    (B) the Committee on Energy and Commerce of the 
                House of Representatives;
                    (C) the Committee on Appropriations of the Senate; 
                and
                    (D) the Committee on Appropriations of the House of 
                Representatives.
    Sec. 635.  Notwithstanding any other provision of law, not to 
exceed $2,266,085 of unobligated balances from ``Election Assistance 
Commission, Election Reform Programs'' shall be available to record a 
disbursement previously incurred under that heading in fiscal year 2014 
against a 2008 cancelled account.
    Sec. 636.  None of the funds appropriated by this Act may be used 
by the Federal Communications Commission to modify, amend, or change 
the rules or regulations of the Commission for universal service high-
cost support for competitive eligible telecommunications carriers in a 
way that is inconsistent with paragraph (e)(5) or (e)(6) of section 
54.307 of title 47, Code of Federal Regulations, as in effect on July 
15, 2015:  Provided, That this section shall not prohibit the 
Commission from considering, developing, or adopting other support 
mechanisms as an alternative to Mobility Fund Phase II.
    Sec. 637. (a) Consumer Financial Protection Act of 2010.--The 
Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is 
amended--
            (1) in section 1002 (12 U.S.C. 5481)--
                    (A) by striking paragraph (10) and inserting:
            ``(10) Board.--The term `Board' means the Board of 
        Directors of the Bureau of Consumer Financial Protection.''; 
        and
                    (B) by inserting after paragraph (29) the 
                following:
            ``(30) Chairperson.--The term `Chairperson' means the 
        Chairperson of the Board of Directors of the Bureau of Consumer 
        Financial Protection.'';
            (2) in section 1012 (12 U.S.C. 5492)--
                    (A) in subsection (a)(8), by striking ``appointed 
                and supervised by the Director'' and inserting 
                ``appointed by the Board and supervised by the 
                Chairperson'';
                    (B) in subsection (b), by striking ``Director'' and 
                inserting ``Board''; and
                    (C) in subsection (c)--
                            (i) in paragraph (2)(A), by striking 
                        ``Director'' and inserting ``Board''; and
                            (ii) in paragraph (4), by striking ``the 
                        Director'' each place that term appears and 
                        inserting ``any member of the Board'';
            (3) in section 1013 (12 U.S.C. 5493)--
                    (A) in subsections (a), (b), (d), and (e), by 
                striking ``Director'' each place that term appears and 
                inserting ``Board'';
                    (B) in subsection (c)--
                            (i) in paragraphs (1) and (2), by striking 
                        ``Director'' each place that term appears and 
                        inserting ``Board''; and
                            (ii) in paragraph (3)--
                                    (I) by striking ``Assistant 
                                Director'' each place that term appears 
                                and inserting ``Head of Office''; and
                                    (II) by striking ``the Director'' 
                                each place that term appears and 
                                inserting ``the Board'';
                    (C) in subsection (g)--
                            (i) in paragraph (1), by striking 
                        ``Director'' and inserting ``Board''; and
                            (ii) in paragraph (2)--
                                    (I) in the paragraph heading, by 
                                striking ``Assistant director'' and 
                                inserting ``Head of the office''; and
                                    (II) by striking ``an assistant 
                                director'' and inserting ``the Head of 
                                the Office of Financial Protection for 
                                Older Americans'';
            (4) in section 1014 (12 U.S.C. 5494), by striking 
        ``Director'' each place that term appears and inserting 
        ``Board'';
            (5) in section 1016(a) (12 U.S.C. 5496(a)), by striking 
        ``Director of the Bureau'' and inserting ``Chairperson'';
            (6) in section 1017--
                    (A) in subsection (a)--
                            (i) in paragraph (1), by striking 
                        ``Director'' and inserting ``Board'';
                            (ii) in paragraph (4)--
                                    (I) in subparagraph (A)--
                                            (aa) by striking ``Director 
                                        shall'' and inserting ``Board 
                                        shall'';
                                            (bb) by striking 
                                        ``Director,'' and inserting 
                                        ``Board,''; and
                                            (cc) by striking ``Director 
                                        in'' each place that term 
                                        appears and inserting ``Board 
                                        in'';
                                    (II) in subparagraph (D), by 
                                striking ``Director'' and inserting 
                                ``Board''; and
                                    (III) in subparagraph (E), by 
                                striking ``Director to'' and inserting 
                                ``Board to''; and
                            (iii) in paragraph (5)(C), by striking 
                        ``Director of the Bureau'' and inserting 
                        ``Chairperson'';
                    (B) in subsection (c)(1)--
                            (i) by striking ``Director,'' and inserting 
                        ``Board,''; and
                            (ii) by striking ``Director and'' and 
                        inserting ``the members of the Board and''; and
                    (C) in subsection (e), by striking ``Director'' 
                each place that term appears and inserting ``Board'';
            (7) in subtitles B (12 U.S.C. 5511 et seq.), C (12 U.S.C. 
        5531 et seq.), and G (12 U.S.C. 5601 et seq.), by striking 
        ``Director'' each place that term appears and inserting 
        ``Board'';
            (8) in section 1061(c)(2)(C)(i) (12 U.S.C. 
        5581(c)(2)(C)(i)), by striking ``the Board'' and inserting 
        ``the National Credit Union Administration Board''; and
            (9) in section 1066(a) (12 U.S.C. 5586(a)), by inserting 
        ``first'' before ``Director''.
    (b) Financial Stability Act of 2010.--Section 111(b)(1)(D) of the 
Financial Stability Act of 2010 (12 U.S.C. 5321(b)(1)(D)) is amended by 
striking ``Director of the Bureau'' and inserting ``Chairperson of the 
Board of Directors of the Bureau''.
    (c) Mortgage Reform and Anti-predatory Lending Act.--Section 1447 
of the Mortgage Reform and Anti-Predatory Lending Act (12 U.S.C. 1701p-
2) is amended by striking ``Director'' each place the term appears and 
inserting ``Board of Directors''.
    (d) Electronic Fund Transfer Act.--Section 920(a)(4)(C) of the 
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(4)(C)) is amended by 
striking ``Director of the Bureau'' and inserting ``Board of Directors 
of the Bureau''.
    (e) Expedited Funds Availability Act.--The Expedited Funds 
Availability Act (12 U.S.C. 4001 et seq.) is amended by striking 
``Director of the Bureau'' each place that term appears and inserting 
``Board of Directors of the Bureau''.
    (f) Federal Deposit Insurance Act.--Section 2 of the Federal 
Deposit Insurance Act (12 U.S.C. 1812) is amended--
            (1) by striking ``Director of the Consumer Financial 
        Protection Bureau'' each place that term appears and inserting 
        ``Chairperson of the Board of Directors of the Bureau of 
        Consumer Financial Protection''; and
            (2) in subsection (d)(2), by striking ``Comptroller or 
        Director'' and inserting ``Comptroller or Chairperson''.
    (g) Federal Financial Institutions Examination Council Act of 
1978.--Section 1004(a)(4) of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3303(a)(4)) is amended by 
striking ``Director of the Consumer Financial Protection Bureau'' and 
inserting ``Chairperson of the Board of Directors of the Bureau of 
Consumer Financial Protection''.
    (h) Financial Literacy and Education Improvement Act.--Section 513 
of the Financial Literacy and Education Improvement Act (20 U.S.C. 
9702) is amended by striking ``Director'' each place that term appears 
and inserting ``Chairperson of the Board of Directors''.
    (i) Home Mortgage Disclosure Act of 1975.--Section 307 of the Home 
Mortgage Disclosure Act of 1975 (12 U.S.C. 2806) is amended by striking 
``Director of the Bureau of Consumer'' each place that term appears and 
inserting ``Board of Directors of the Bureau of Consumer''.
    (j) Interstate Land Sales Full Disclosure Act.--The Interstate Land 
Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended--
            (1) in section 1402(1) (15 U.S.C. 1701(1)), by striking 
        ```Director' means the Director'' and inserting ```Board' means 
        the Board of Directors'';
            (2) by striking ``Director'' each place that term appears 
        and inserting ``Board'';
            (3) in section 1403(c) (15 U.S.C. 1702(c))--
                    (A) by striking ``by him'' and inserting ``by the 
                Board''; and
                    (B) by striking ``he'' and inserting ``the Board'';
            (4) in section 1407 (15 U.S.C. 1706)--
                    (A) in subsection (c), by striking ``he'' and 
                inserting ``the Board''; and
                    (B) in subsection (e), by striking ``him'' and 
                inserting ``the Board'';
            (5) in section 1411 (15 U.S.C. 1710)--
                    (A) in subsection (a)--
                            (i) by striking ``his findings'' and 
                        inserting ``its finding''; and
                            (ii) by striking ``his recommendation'' and 
                        inserting ``a recommendation''; and
                    (B) in subsection (b), by striking ``Secretary's 
                order'' and inserting ``order of the Board'';
            (6) in section 1415 (15 U.S.C. 1714)--
                    (A) by striking ``him'' each place that term 
                appears and inserting ``the Board'';
                    (B) in subsection (a), by striking ``he may, in his 
                discretion'' and inserting ``the Board may, at the 
                discretion of the Board'';
                    (C) in subsection (b), by striking ``he'' each time 
                that term appears and inserting ``the Board''; and
                    (D) by striking ``in his discretion'' each time 
                that term appears and inserting ``at the discretion of 
                the Board'';
            (7) in section 1416(a) (15 U.S.C. 1715(a))--
                    (A) by striking ``of the Bureau of Consumer 
                Financial Protection'' the first time that term 
                appears;
                    (B) by striking ``his functions, duties, and 
                powers'' and inserting ``the functions, duties, and 
                powers of the Board'';
                    (C) by striking ``his administrative law judges'' 
                and inserting ``the administrative law judges of the 
                Bureau of Consumer Financial Protection''; and
                    (D) by striking ``himself'' and inserting ``the 
                Board'';
            (8)(A) in section 1418a(b)(4) (15 U.S.C. 1717a(b)(4)), by 
        striking ``The Secretary's determination or order'' and 
        inserting ``A determination or order of the Board''; and
            (B) in section 1418a(d) (15 U.S.C. 1717a(d)), by striking 
        ``the Secretary's determination or order'' and inserting ``a 
        determination or order of the Board'';
            (9) in section 1419 (15 U.S.C. 1718)--
                    (A) by striking ``him'' and inserting ``the 
                Board'';
                    (B) by striking ``his rules and regulations'' and 
                inserting ``the rules and regulations of the Board''; 
                and
                    (C) by striking ``his jurisdiction'' and inserting 
                ``the jurisdiction of the Bureau of Consumer Financial 
                Protection''; and
            (10) in section 1420 (15 U.S.C. 1719)--
                    (A) by inserting ``or any member of the Board'' 
                before ``in any proceeding''; and
                    (B) by striking ``him'' and inserting ``the Board 
                or any member of the Board''.
    (k) Real Estate Settlement Procedures Act of 1974.--Section 5 of 
the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2604) is 
amended--
            (1) by striking ``Director of'' and inserting ``Board of 
        Directors of''; and
            (2) by striking ``Director'' each place that term appears 
        and inserting ``Board''.
    (l) S.A.F.E. Mortgage Licensing Act of 2008.--The S.A.F.E. Mortgage 
Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended--
            (1) in section 1503(10) (12 U.S.C. 5102(10))--
                    (A) in the paragraph heading, by striking 
                ``Director'' and inserting ``Board''; and
                    (B) by striking ```Director' means the Director'' 
                and inserting ```Board' means the Board of Directors'';
            (2) by striking ``Director'' each place that term appears 
        and inserting ``Board'';
            (3) in section 1514(b)(5) (12 U.S.C. 5113(b)(5)) and 
        section 1514(c)(4)(C) (12 U.S.C. 5113(c)(4)(C)), by striking 
        ``Secretary's expenses'' and inserting ``expenses of the 
        Board'';
            (4) in the headings of section 1514(c)(1), (c)(4)(A), and 
        (c)(5), by striking ``director'' and inserting ``board''; and
            (5) in the heading of section 1514(d), by striking 
        ``Director'' and inserting ``Board''.
    (m) Title 44.--Section 3513(c) of title 44, United States Code, is 
amended by striking ``Director of the Bureau'' and inserting ``Board of 
Directors of the Bureau''.
    (n) Deeming of Name.--Any reference in a law, regulation, document, 
paper, or other record of the United States to the Director of the 
Bureau of Consumer Financial Protection shall be deemed a reference to 
the Board of Directors of the Bureau of Consumer Financial Protection, 
unless otherwise specified in this Act.
    (o) Effective Date.--This section and the amendments made by this 
section shall take effect on the later of--
            (1) October 1, 2016; or
            (2) the date on which not less than 3 persons have been 
        confirmed by the Senate to serve as members of the Board of 
        Directors of the Bureau of Consumer Financial Protection.
    Sec. 638. (a) Financing of Sales of Agricultural Commodities to 
Cuba.--Notwithstanding any other provision of law (other than section 
908 of the Trade Sanctions Reform and Export Enhancement Act of 2000 
(22 U.S.C. 7207), as amended by subsection (c)), a person subject to 
the jurisdiction of the United States may provide payment or financing 
terms for sales of agricultural commodities to Cuba or an individual or 
entity in Cuba.
    (b) Definitions.--In this section:
            (1) Agricultural commodity.--The term ``agricultural 
        commodity'' has the meaning given the term in section 102 of 
        the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
            (2) Financing.--The term ``financing'' includes any loan or 
        extension of credit.
    (c) Conforming Amendment.--Section 908 of the Trade Sanctions 
Reform and Export Enhancement Act of 2000 (22 U.S.C. 7207) is amended--
            (1) in the section heading, by striking ``and financing'';
            (2) by striking subsection (b);
            (3) in subsection (a)--
                    (A) by striking ``Prohibition'' and all that 
                follows through ``(1) In general.--Notwithstanding'' 
                and inserting ``In General.--Notwithstanding''; and
                    (B) by redesignating paragraphs (2) and (3) as 
                subsections (b) and (c), respectively, and by moving 
                those subsections, as so redesignated, 2 ems to the 
                left; and
            (4) by striking ``paragraph (1)'' each place it appears and 
        inserting ``subsection (a)''.
    Sec. 639.  None of the funds made available in this Act may be 
used, with respect to a State where marijuana is legal for recreational 
or medicinal purposes, to prohibit or penalize a financial institution 
solely because the institution provides financial services to an entity 
that is a manufacturer, producer, or a person that participates in any 
business or organized activity that--
            (1) involves handling marijuana or marijuana products; and
            (2) engages in such activity pursuant to a law established 
        by a State or a unit of local government.
    Sec. 640. (a) The Office of Personnel Management shall provide to 
each affected individual as defined in subsection (b) complimentary 
identity protection coverage that--
            (1) is not less comprehensive than the complimentary 
        identify protection coverage that the Office provided to 
        affected individuals before the date of enactment of this Act;
            (2) is effective for a period of not less than 10 years; 
        and
            (3) includes not less than $5,000,000 in identity theft 
        insurance.
    (b) Definition.--In this section, the term ``affected individual'' 
means any individual whose personally identifiable information was 
compromised during--
            (1) the data breach of personnel records of current and 
        former Federal employees, at a network maintained by the 
        Department of the Interior, that was announced by the Office of 
        Personnel Management on June 4, 2015; or
            (2) the data breach of systems of the Office of Personnel 
        Management containing information related to the background 
        investigations of current, former, and prospective Federal 
        employees, and of other individuals.
    Sec. 641. (a) Notwithstanding any other provision of law, none of 
the funds appropriated or otherwise made available by this Act or any 
other Act may be used to implement any law, regulation, or policy that 
prohibits or otherwise restricts travel, or any transaction incident to 
travel, to or from Cuba by any citizen or legal resident of the United 
States.
    (b) Any law, regulation, or policy described in subsection (a) 
shall cease to have any force or effect on and after the date of the 
enactment of this Act.
    (c) Nothing in this section limits the authority of the President 
to restrict travel described in subsection (a), or any transaction 
incident to such travel, if such restriction is important to the 
national security of the United States or to protect human health or 
welfare.
    Sec. 642.  Section 1706(b) of the Cuban Democracy Act of 1992 (22 
U.S.C. 6005(b)) is amended--
            (1) by striking paragraph (1); and
            (2) by redesignating paragraphs (2), (3), and (4) as 
        paragraphs (1), (2), and (3), respectively.

                               TITLE VII

                  GENERAL PROVISIONS--GOVERNMENT-WIDE

                Departments, Agencies, and Corporations

                     (including transfer of funds)

    Sec. 701.  No department, agency, or instrumentality of the United 
States receiving appropriated funds under this or any other Act for 
fiscal year 2016 shall obligate or expend any such funds, unless such 
department, agency, or instrumentality has in place, and will continue 
to administer in good faith, a written policy designed to ensure that 
all of its workplaces are free from the illegal use, possession, or 
distribution of controlled substances (as defined in the Controlled 
Substances Act (21 U.S.C. 802)) by the officers and employees of such 
department, agency, or instrumentality.
    Sec. 702.  Unless otherwise specifically provided, the maximum 
amount allowable during the current fiscal year in accordance with 
subsection 1343(c) of title 31, United States Code, for the purchase of 
any passenger motor vehicle (exclusive of buses, ambulances, law 
enforcement vehicles, protective vehicles, and undercover surveillance 
vehicles), is hereby fixed at $19,947 except station wagons for which 
the maximum shall be $19,997:  Provided, That these limits may be 
exceeded by not to exceed $7,250 for police-type vehicles:  Provided 
further, That the limits set forth in this section may not be exceeded 
by more than 5 percent for electric or hybrid vehicles purchased for 
demonstration under the provisions of the Electric and Hybrid Vehicle 
Research, Development, and Demonstration Act of 1976:  Provided 
further, That the limits set forth in this section may be exceeded by 
the incremental cost of clean alternative fuels vehicles acquired 
pursuant to Public Law 101-549 over the cost of comparable 
conventionally fueled vehicles:  Provided further, That the limits set 
forth in this section shall not apply to any vehicle that is a 
commercial item and which operates on alternative fuel, including but 
not limited to electric, plug-in hybrid electric, and hydrogen fuel 
cell vehicles.
    Sec. 703.  Appropriations of the executive departments and 
independent establishments for the current fiscal year available for 
expenses of travel, or for the expenses of the activity concerned, are 
hereby made available for quarters allowances and cost-of-living 
allowances, in accordance with 5 U.S.C. 5922-5924.
    Sec. 704.  Unless otherwise specified in law during the current 
fiscal year, no part of any appropriation contained in this or any 
other Act shall be used to pay the compensation of any officer or 
employee of the Government of the United States (including any agency 
the majority of the stock of which is owned by the Government of the 
United States) whose post of duty is in the continental United States 
unless such person: (1) is a citizen of the United States; (2) is a 
person who is lawfully admitted for permanent residence and is seeking 
citizenship as outlined in 8 U.S.C. 1324b(a)(3)(B); (3) is a person who 
is admitted as a refugee under 8 U.S.C. 1157 or is granted asylum under 
8 U.S.C. 1158 and has filed a declaration of intention to become a 
lawful permanent resident and then a citizen when eligible; or (4) is a 
person who owes allegiance to the United States:  Provided, That for 
purposes of this section, affidavits signed by any such person shall be 
considered prima facie evidence that the requirements of this section 
with respect to his or her status are being complied with:  Provided 
further, That for purposes of subsections (2) and (3) such affidavits 
shall be submitted prior to employment and updated thereafter as 
necessary:  Provided further, That any person making a false affidavit 
shall be guilty of a felony, and upon conviction, shall be fined no 
more than $4,000 or imprisoned for not more than 1 year, or both:  
Provided further, That the above penal clause shall be in addition to, 
and not in substitution for, any other provisions of existing law:  
Provided further, That any payment made to any officer or employee 
contrary to the provisions of this section shall be recoverable in 
action by the Federal Government:  Provided further, That this section 
shall not apply to any person who is an officer or employee of the 
Government of the United States on the date of enactment of this Act, 
or to international broadcasters employed by the Broadcasting Board of 
Governors, or to temporary employment of translators, or to temporary 
employment in the field service (not to exceed 60 days) as a result of 
emergencies:  Provided further, That this section does not apply to the 
employment as Wildland firefighters for not more than 120 days of 
nonresident aliens employed by the Department of the Interior or the 
USDA Forest Service pursuant to an agreement with another country.
    Sec. 705.  Appropriations available to any department or agency 
during the current fiscal year for necessary expenses, including 
maintenance or operating expenses, shall also be available for payment 
to the General Services Administration for charges for space and 
services and those expenses of renovation and alteration of buildings 
and facilities which constitute public improvements performed in 
accordance with the Public Buildings Act of 1959 (73 Stat. 479), the 
Public Buildings Amendments of 1972 (86 Stat. 216), or other applicable 
law.
    Sec. 706.  In addition to funds provided in this or any other Act, 
all Federal agencies are authorized to receive and use funds resulting 
from the sale of materials, including Federal records disposed of 
pursuant to a records schedule recovered through recycling or waste 
prevention programs. Such funds shall be available until expended for 
the following purposes:
            (1) Acquisition, waste reduction and prevention, and 
        recycling programs as described in Executive Order No. 13423 
        (January 24, 2007), including any such programs adopted prior 
        to the effective date of the Executive order.
            (2) Other Federal agency environmental management programs, 
        including, but not limited to, the development and 
        implementation of hazardous waste management and pollution 
        prevention programs.
            (3) Other employee programs as authorized by law or as 
        deemed appropriate by the head of the Federal agency.
    Sec. 707.  Funds made available by this or any other Act for 
administrative expenses in the current fiscal year of the corporations 
and agencies subject to chapter 91 of title 31, United States Code, 
shall be available, in addition to objects for which such funds are 
otherwise available, for rent in the District of Columbia; services in 
accordance with 5 U.S.C. 3109; and the objects specified under this 
head, all the provisions of which shall be applicable to the 
expenditure of such funds unless otherwise specified in the Act by 
which they are made available:  Provided, That in the event any 
functions budgeted as administrative expenses are subsequently 
transferred to or paid from other funds, the limitations on 
administrative expenses shall be correspondingly reduced.
    Sec. 708.  No part of any appropriation contained in this or any 
other Act shall be available for interagency financing of boards 
(except Federal Executive Boards), commissions, councils, committees, 
or similar groups (whether or not they are interagency entities) which 
do not have a prior and specific statutory approval to receive 
financial support from more than one agency or instrumentality.
    Sec. 709.  None of the funds made available pursuant to the 
provisions of this or any other Act shall be used to implement, 
administer, or enforce any regulation which has been disapproved 
pursuant to a joint resolution duly adopted in accordance with the 
applicable law of the United States.
    Sec. 710.  During the period in which the head of any department or 
agency, or any other officer or civilian employee of the Federal 
Government appointed by the President of the United States, holds 
office, no funds may be obligated or expended in excess of $5,000 to 
furnish or redecorate the office of such department head, agency head, 
officer, or employee, or to purchase furniture or make improvements for 
any such office, unless advance notice of such furnishing or 
redecoration is transmitted to the Committees on Appropriations of the 
House of Representatives and the Senate. For the purposes of this 
section, the term ``office'' shall include the entire suite of offices 
assigned to the individual, as well as any other space used primarily 
by the individual or the use of which is directly controlled by the 
individual.
    Sec. 711.  Notwithstanding 31 U.S.C. 1346, or section 708 of this 
Act, funds made available for the current fiscal year by this or any 
other Act shall be available for the interagency funding of national 
security and emergency preparedness telecommunications initiatives 
which benefit multiple Federal departments, agencies, or entities, as 
provided by Executive Order No. 13618 (July 6, 2012).
    Sec. 712. (a) None of the funds made available by this or any other 
Act may be obligated or expended by any department, agency, or other 
instrumentality of the Federal Government to pay the salaries or 
expenses of any individual appointed to a position of a confidential or 
policy-determining character that is excepted from the competitive 
service under section 3302 of title 5, United States Code, (pursuant to 
schedule C of subpart C of part 213 of title 5 of the Code of Federal 
Regulations) unless the head of the applicable department, agency, or 
other instrumentality employing such schedule C individual certifies to 
the Director of the Office of Personnel Management that the schedule C 
position occupied by the individual was not created solely or primarily 
in order to detail the individual to the White House.
    (b) The provisions of this section shall not apply to Federal 
employees or members of the armed forces detailed to or from an element 
of the intelligence community (as that term is defined under section 
3(4) of the National Security Act of 1947 (50 U.S.C. 3003(4))).
    Sec. 713.  No part of any appropriation contained in this or any 
other Act shall be available for the payment of the salary of any 
officer or employee of the Federal Government, who--
            (1) prohibits or prevents, or attempts or threatens to 
        prohibit or prevent, any other officer or employee of the 
        Federal Government from having any direct oral or written 
        communication or contact with any Member, committee, or 
        subcommittee of the Congress in connection with any matter 
        pertaining to the employment of such other officer or employee 
        or pertaining to the department or agency of such other officer 
        or employee in any way, irrespective of whether such 
        communication or contact is at the initiative of such other 
        officer or employee or in response to the request or inquiry of 
        such Member, committee, or subcommittee; or
            (2) removes, suspends from duty without pay, demotes, 
        reduces in rank, seniority, status, pay, or performance or 
        efficiency rating, denies promotion to, relocates, reassigns, 
        transfers, disciplines, or discriminates in regard to any 
        employment right, entitlement, or benefit, or any term or 
        condition of employment of, any other officer or employee of 
        the Federal Government, or attempts or threatens to commit any 
        of the foregoing actions with respect to such other officer or 
        employee, by reason of any communication or contact of such 
        other officer or employee with any Member, committee, or 
        subcommittee of the Congress as described in paragraph (1).
    Sec. 714. (a) None of the funds made available in this or any other 
Act may be obligated or expended for any employee training that--
            (1) does not meet identified needs for knowledge, skills, 
        and abilities bearing directly upon the performance of official 
        duties;
            (2) contains elements likely to induce high levels of 
        emotional response or psychological stress in some 
        participants;
            (3) does not require prior employee notification of the 
        content and methods to be used in the training and written end 
        of course evaluation;
            (4) contains any methods or content associated with 
        religious or quasi-religious belief systems or ``new age'' 
        belief systems as defined in Equal Employment Opportunity 
        Commission Notice N-915.022, dated September 2, 1988; or
            (5) is offensive to, or designed to change, participants' 
        personal values or lifestyle outside the workplace.
    (b) Nothing in this section shall prohibit, restrict, or otherwise 
preclude an agency from conducting training bearing directly upon the 
performance of official duties.
    Sec. 715.  No part of any funds appropriated in this or any other 
Act shall be used by an agency of the executive branch, other than for 
normal and recognized executive-legislative relationships, for 
publicity or propaganda purposes, and for the preparation, distribution 
or use of any kit, pamphlet, booklet, publication, radio, television, 
or film presentation designed to support or defeat legislation pending 
before the Congress, except in presentation to the Congress itself.
    Sec. 716.  None of the funds appropriated by this or any other Act 
may be used by an agency to provide a Federal employee's home address 
to any labor organization except when the employee has authorized such 
disclosure or when such disclosure has been ordered by a court of 
competent jurisdiction.
    Sec. 717.  None of the funds made available in this or any other 
Act may be used to provide any non-public information such as mailing, 
telephone or electronic mailing lists to any person or any organization 
outside of the Federal Government without the approval of the 
Committees on Appropriations of the House of Representatives and the 
Senate.
    Sec. 718.  No part of any appropriation contained in this or any 
other Act shall be used directly or indirectly, including by private 
contractor, for publicity or propaganda purposes within the United 
States not heretofore authorized by Congress.
    Sec. 719. (a) In this section, the term ``agency''--
            (1) means an Executive agency, as defined under 5 U.S.C. 
        105; and
            (2) includes a military department, as defined under 
        section 102 of such title, the Postal Service, and the Postal 
        Regulatory Commission.
    (b) Unless authorized in accordance with law or regulations to use 
such time for other purposes, an employee of an agency shall use 
official time in an honest effort to perform official duties. An 
employee not under a leave system, including a Presidential appointee 
exempted under 5 U.S.C. 6301(2), has an obligation to expend an honest 
effort and a reasonable proportion of such employee's time in the 
performance of official duties.
    Sec. 720.  Notwithstanding 31 U.S.C. 1346 and section 708 of this 
Act, funds made available for the current fiscal year by this or any 
other Act to any department or agency, which is a member of the Federal 
Accounting Standards Advisory Board (FASAB), shall be available to 
finance an appropriate share of FASAB administrative costs.
    Sec. 721.  Notwithstanding 31 U.S.C. 1346 and section 708 of this 
Act, the head of each Executive department and agency is hereby 
authorized to transfer to or reimburse ``General Services 
Administration, Government-wide Policy'' with the approval of the 
Director of the Office of Management and Budget, funds made available 
for the current fiscal year by this or any other Act, including rebates 
from charge card and other contracts:  Provided, That these funds shall 
be administered by the Administrator of General Services to support 
Government-wide and other multi-agency financial, information 
technology, procurement, and other management innovations, initiatives, 
and activities, including improving coordination and reducing 
duplication, as approved by the Director of the Office of Management 
and Budget, in consultation with the appropriate interagency and multi-
agency groups designated by the Director (including the President's 
Management Council for overall management improvement initiatives, the 
Chief Financial Officers Council for financial management initiatives, 
the Chief Information Officers Council for information technology 
initiatives, the Chief Human Capital Officers Council for human capital 
initiatives, the Chief Acquisition Officers Council for procurement 
initiatives, and the Performance Improvement Council for performance 
improvement initiatives):  Provided further, That the total funds 
transferred or reimbursed shall not exceed $17,000,000 for Government-
Wide innovations, initiatives, and activities:  Provided further, That 
the funds transferred to or for reimbursement of ``General Services 
Administration, Government-wide Policy'' during fiscal year 2016 shall 
remain available for obligation through September 30, 2017:  Provided 
further, That such transfers or reimbursements may only be made after 
15 days following notification of the Committees on Appropriations of 
the House of Representatives and the Senate by the Director of the 
Office of Management and Budget.
    Sec. 722.  Notwithstanding any other provision of law, a woman may 
breastfeed her child at any location in a Federal building or on 
Federal property, if the woman and her child are otherwise authorized 
to be present at the location.
    Sec. 723.  Notwithstanding 31 U.S.C. 1346, or section 708 of this 
Act, funds made available for the current fiscal year by this or any 
other Act shall be available for the interagency funding of specific 
projects, workshops, studies, and similar efforts to carry out the 
purposes of the National Science and Technology Council (authorized by 
Executive Order No. 12881), which benefit multiple Federal departments, 
agencies, or entities:  Provided, That the Office of Management and 
Budget shall provide a report describing the budget of and resources 
connected with the National Science and Technology Council to the 
Committees on Appropriations, the House Committee on Science and 
Technology, and the Senate Committee on Commerce, Science, and 
Transportation 90 days after enactment of this Act.
    Sec. 724.  Any request for proposals, solicitation, grant 
application, form, notification, press release, or other publications 
involving the distribution of Federal funds shall comply with any 
relevant requirements in part 200 of title 2, Code of Federal 
Regulations:  Provided, That this section shall apply to direct 
payments, formula funds, and grants received by a State receiving 
Federal funds.
    Sec. 725. (a) Prohibition of Federal Agency Monitoring of 
Individuals' Internet Use.--None of the funds made available in this or 
any other Act may be used by any Federal agency--
            (1) to collect, review, or create any aggregation of data, 
        derived from any means, that includes any personally 
        identifiable information relating to an individual's access to 
        or use of any Federal Government Internet site of the agency; 
        or
            (2) to enter into any agreement with a third party 
        (including another government agency) to collect, review, or 
        obtain any aggregation of data, derived from any means, that 
        includes any personally identifiable information relating to an 
        individual's access to or use of any nongovernmental Internet 
        site.
    (b) Exceptions.--The limitations established in subsection (a) 
shall not apply to--
            (1) any record of aggregate data that does not identify 
        particular persons;
            (2) any voluntary submission of personally identifiable 
        information;
            (3) any action taken for law enforcement, regulatory, or 
        supervisory purposes, in accordance with applicable law; or
            (4) any action described in subsection (a)(1) that is a 
        system security action taken by the operator of an Internet 
        site and is necessarily incident to providing the Internet site 
        services or to protecting the rights or property of the 
        provider of the Internet site.
    (c) Definitions.--For the purposes of this section:
            (1) The term ``regulatory'' means agency actions to 
        implement, interpret or enforce authorities provided in law.
            (2) The term ``supervisory'' means examinations of the 
        agency's supervised institutions, including assessing safety 
        and soundness, overall financial condition, management 
        practices and policies and compliance with applicable standards 
        as provided in law.
    Sec. 726. (a) None of the funds appropriated by this Act may be 
used to enter into or renew a contract which includes a provision 
providing prescription drug coverage, except where the contract also 
includes a provision for contraceptive coverage.
    (b) Nothing in this section shall apply to a contract with--
            (1) any of the following religious plans:
                    (A) Personal Care's HMO; and
                    (B) OSF HealthPlans, Inc.; and
            (2) any existing or future plan, if the carrier for the 
        plan objects to such coverage on the basis of religious 
        beliefs.
    (c) In implementing this section, any plan that enters into or 
renews a contract under this section may not subject any individual to 
discrimination on the basis that the individual refuses to prescribe or 
otherwise provide for contraceptives because such activities would be 
contrary to the individual's religious beliefs or moral convictions.
    (d) Nothing in this section shall be construed to require coverage 
of abortion or abortion-related services.
    Sec. 727.  The United States is committed to ensuring the health of 
its Olympic, Pan American, and Paralympic athletes, and supports the 
strict adherence to anti-doping in sport through testing, adjudication, 
education, and research as performed by nationally recognized oversight 
authorities.
    Sec. 728.  Notwithstanding any other provision of law, funds 
appropriated for official travel to Federal departments and agencies 
may be used by such departments and agencies, if consistent with Office 
of Management and Budget Circular A-126 regarding official travel for 
Government personnel, to participate in the fractional aircraft 
ownership pilot program.
    Sec. 729.  Notwithstanding any other provision of law, none of the 
funds appropriated or made available under this or any other 
appropriations Act may be used to implement or enforce restrictions or 
limitations on the Coast Guard Congressional Fellowship Program, or to 
implement the proposed regulations of the Office of Personnel 
Management to add sections 300.311 through 300.316 to part 300 of title 
5 of the Code of Federal Regulations, published in the Federal 
Register, volume 68, number 174, on September 9, 2003 (relating to the 
detail of executive branch employees to the legislative branch).
    Sec. 730.  Notwithstanding any other provision of law, no executive 
branch agency shall purchase, construct, or lease any additional 
facilities, except within or contiguous to existing locations, to be 
used for the purpose of conducting Federal law enforcement training 
without the advance approval of the Committees on Appropriations of the 
House of Representatives and the Senate, except that the Federal Law 
Enforcement Training Center is authorized to obtain the temporary use 
of additional facilities by lease, contract, or other agreement for 
training which cannot be accommodated in existing Center facilities.
    Sec. 731.  Unless otherwise authorized by existing law, none of the 
funds provided in this or any other Act may be used by an executive 
branch agency to produce any prepackaged news story intended for 
broadcast or distribution in the United States, unless the story 
includes a clear notification within the text or audio of the 
prepackaged news story that the prepackaged news story was prepared or 
funded by that executive branch agency.
    Sec. 732.  None of the funds made available in this Act may be used 
in contravention of section 552a of title 5, United States Code 
(popularly known as the Privacy Act), and regulations implementing that 
section.
    Sec. 733. (a) In General.--None of the funds appropriated or 
otherwise made available by this or any other Act may be used for any 
Federal Government contract with any foreign incorporated entity which 
is treated as an inverted domestic corporation under section 835(b) of 
the Homeland Security Act of 2002 (6 U.S.C. 395(b)) or any subsidiary 
of such an entity.
    (b) Waivers.--
            (1) In general.--Any Secretary shall waive subsection (a) 
        with respect to any Federal Government contract under the 
        authority of such Secretary if the Secretary determines that 
        the waiver is required in the interest of national security.
            (2) Report to congress.--Any Secretary issuing a waiver 
        under paragraph (1) shall report such issuance to Congress.
    (c) Exception.--This section shall not apply to any Federal 
Government contract entered into before the date of the enactment of 
this Act, or to any task order issued pursuant to such contract.
    Sec. 734.  During fiscal year 2016, for each employee who--
            (1) retires under section 8336(d)(2) or 8414(b)(1)(B) of 
        title 5, United States Code; or
            (2) retires under any other provision of subchapter III of 
        chapter 83 or chapter 84 of such title 5 and receives a payment 
        as an incentive to separate, the separating agency shall remit 
        to the Civil Service Retirement and Disability Fund an amount 
        equal to the Office of Personnel Management's average unit cost 
        of processing a retirement claim for the preceding fiscal year. 
        Such amounts shall be available until expended to the Office of 
        Personnel Management and shall be deemed to be an 
        administrative expense under section 8348(a)(1)(B) of title 5, 
        United States Code.
    Sec. 735. (a) None of the funds made available in this or any other 
Act may be used to recommend or require any entity submitting an offer 
for a Federal contract to disclose any of the following information as 
a condition of submitting the offer:
            (1) Any payment consisting of a contribution, expenditure, 
        independent expenditure, or disbursement for an electioneering 
        communication that is made by the entity, its officers or 
        directors, or any of its affiliates or subsidiaries to a 
        candidate for election for Federal office or to a political 
        committee, or that is otherwise made with respect to any 
        election for Federal office.
            (2) Any disbursement of funds (other than a payment 
        described in paragraph (1)) made by the entity, its officers or 
        directors, or any of its affiliates or subsidiaries to any 
        person with the intent or the reasonable expectation that the 
        person will use the funds to make a payment described in 
        paragraph (1).
    (b) In this section, each of the terms ``contribution'', 
``expenditure'', ``independent expenditure'', ``electioneering 
communication'', ``candidate'', ``election'', and ``Federal office'' 
has the meaning given such term in the Federal Election Campaign Act of 
1971 (2 U.S.C. 431 et seq.).
    Sec. 736.  None of the funds made available in this or any other 
Act may be used to pay for the painting of a portrait of an officer or 
employee of the Federal government, including the President, the Vice 
President, a member of Congress (including a Delegate or a Resident 
Commissioner to Congress), the head of an executive branch agency (as 
defined in section 133 of title 41, United States Code), or the head of 
an office of the legislative branch.
    Sec. 737. (a)(1) Notwithstanding any other provision of law, and 
except as otherwise provided in this section, no part of any of the 
funds appropriated for fiscal year 2016, by this or any other Act, may 
be used to pay any prevailing rate employee described in section 
5342(a)(2)(A) of title 5, United States Code--
            (A) during the period from the date of expiration of the 
        limitation imposed by the comparable section for the previous 
        fiscal years until the normal effective date of the applicable 
        wage survey adjustment that is to take effect in fiscal year 
        2016, in an amount that exceeds the rate payable for the 
        applicable grade and step of the applicable wage schedule in 
        accordance with such section; and
            (B) during the period consisting of the remainder of fiscal 
        year 2016, in an amount that exceeds, as a result of a wage 
        survey adjustment, the rate payable under subparagraph (A) by 
        more than the sum of--
                    (i) the percentage adjustment taking effect in 
                fiscal year 2016 under section 5303 of title 5, United 
                States Code, in the rates of pay under the General 
                Schedule; and
                    (ii) the difference between the overall average 
                percentage of the locality-based comparability payments 
                taking effect in fiscal year 2016 under section 5304 of 
                such title (whether by adjustment or otherwise), and 
                the overall average percentage of such payments which 
                was effective in the previous fiscal year under such 
                section.
    (2) Notwithstanding any other provision of law, no prevailing rate 
employee described in subparagraph (B) or (C) of section 5342(a)(2) of 
title 5, United States Code, and no employee covered by section 5348 of 
such title, may be paid during the periods for which paragraph (1) is 
in effect at a rate that exceeds the rates that would be payable under 
paragraph (1) were paragraph (1) applicable to such employee.
    (3) For the purposes of this subsection, the rates payable to an 
employee who is covered by this subsection and who is paid from a 
schedule not in existence on September 30, 2015, shall be determined 
under regulations prescribed by the Office of Personnel Management.
    (4) Notwithstanding any other provision of law, rates of premium 
pay for employees subject to this subsection may not be changed from 
the rates in effect on September 30, 2015, except to the extent 
determined by the Office of Personnel Management to be consistent with 
the purpose of this subsection.
    (5) This subsection shall apply with respect to pay for service 
performed after September 30, 2015.
    (6) For the purpose of administering any provision of law 
(including any rule or regulation that provides premium pay, 
retirement, life insurance, or any other employee benefit) that 
requires any deduction or contribution, or that imposes any requirement 
or limitation on the basis of a rate of salary or basic pay, the rate 
of salary or basic pay payable after the application of this subsection 
shall be treated as the rate of salary or basic pay.
    (7) Nothing in this subsection shall be considered to permit or 
require the payment to any employee covered by this subsection at a 
rate in excess of the rate that would be payable were this subsection 
not in effect.
    (8) The Office of Personnel Management may provide for exceptions 
to the limitations imposed by this subsection if the Office determines 
that such exceptions are necessary to ensure the recruitment or 
retention of qualified employees.
    (b) Notwithstanding subsection (a), the adjustment in rates of 
basic pay for the statutory pay systems that take place in fiscal year 
2016 under sections 5344 and 5348 of title 5, United States Code, shall 
be--
            (1) not less than the percentage received by employees in 
        the same location whose rates of basic pay are adjusted 
        pursuant to the statutory pay systems under sections 5303 and 
        5304 of title 5, United States Code:  Provided, That prevailing 
        rate employees at locations where there are no employees whose 
        pay is increased pursuant to sections 5303 and 5304 of title 5, 
        United States Code, and prevailing rate employees described in 
        section 5343(a)(5) of title 5, United States Code, shall be 
        considered to be located in the pay locality designated as 
        ``Rest of United States'' pursuant to section 5304 of title 5, 
        United States Code, for purposes of this subsection; and
            (2) effective as of the first day of the first applicable 
        pay period beginning after September 30, 2015.
    Sec. 738. (a) The Vice President may not receive a pay raise in 
calendar year 2016, notwithstanding the rate adjustment made under 
section 104 of title 3, United States Code, or any other provision of 
law.
    (b) An employee serving in an Executive Schedule position, or in a 
position for which the rate of pay is fixed by statute at an Executive 
Schedule rate, may not receive a pay rate increase in calendar year 
2016, notwithstanding schedule adjustments made under section 5318 of 
title 5, United States Code, or any other provision of law, except as 
provided in subsection (g), (h), or (i). This subsection applies only 
to employees who are holding a position under a political appointment.
    (c) A chief of mission or ambassador at large may not receive a pay 
rate increase in calendar year 2016, notwithstanding section 401 of the 
Foreign Service Act of 1980 (Public Law 96-465) or any other provision 
of law, except as provided in subsection (g), (h), or (i).
    (d) Notwithstanding sections 5382 and 5383 of title 5, United 
States Code, a pay rate increase may not be received in calendar year 
2016 (except as provided in subsection (g), (h), or (i)) by--
            (1) a noncareer appointee in the Senior Executive Service 
        paid a rate of basic pay at or above level IV of the Executive 
        Schedule; or
            (2) a limited term appointee or limited emergency appointee 
        in the Senior Executive Service serving under a political 
        appointment and paid a rate of basic pay at or above level IV 
        of the Executive Schedule.
    (e) Any employee paid a rate of basic pay (including any locality-
based payments under section 5304 of title 5, United States Code, or 
similar authority) at or above level IV of the Executive Schedule who 
serves under a political appointment may not receive a pay rate 
increase in calendar year 2016, notwithstanding any other provision of 
law, except as provided in subsection (g), (h), or (i). This subsection 
does not apply to employees in the General Schedule pay system or the 
Foreign Service pay system, or to employees appointed under section 
3161 of title 5, United States Code, or to employees in another pay 
system whose position would be classified at GS-15 or below if chapter 
51 of title 5, United States Code, applied to them.
    (f) Nothing in subsections (b) through (e) shall prevent employees 
who do not serve under a political appointment from receiving pay 
increases as otherwise provided under applicable law.
    (g) A career appointee in the Senior Executive Service who receives 
a Presidential appointment and who makes an election to retain Senior 
Executive Service basic pay entitlements under section 3392 of title 5, 
United States Code, is not subject to this section.
    (h) A member of the Senior Foreign Service who receives a 
Presidential appointment to any position in the executive branch and 
who makes an election to retain Senior Foreign Service pay entitlements 
under section 302(b) of the Foreign Service Act of 1980 (Public Law 96-
465) is not subject to this section.
    (i) Notwithstanding subsections (b) through (e), an employee in a 
covered position may receive a pay rate increase upon an authorized 
movement to a different covered position with higher-level duties and a 
pre-established higher level or range of pay, except that any such 
increase must be based on the rates of pay and applicable pay 
limitations in effect on December 31, 2013.
    (j) Notwithstanding any other provision of law, for an individual 
who is newly appointed to a covered position during the period of time 
subject to this section, the initial pay rate shall be based on the 
rates of pay and applicable pay limitations in effect on December 31, 
2013.
    (k) If an employee affected by subsections (b) through (e) is 
subject to a biweekly pay period that begins in calendar year 2016 but 
ends in calendar year 2017, the bar on the employee's receipt of pay 
rate increases shall apply through the end of that pay period.
    Sec. 739. (a) The head of any Executive branch department, agency, 
board, commission, or office funded by this or any other appropriations 
Act shall submit annual reports to the Inspector General or senior 
ethics official for any entity without an Inspector General, regarding 
the costs and contracting procedures related to each conference held by 
any such department, agency, board, commission, or office during fiscal 
year 2016 for which the cost to the United States Government was more 
than $100,000.
    (b) Each report submitted shall include, for each conference 
described in subsection (a) held during the applicable period--
            (1) a description of its purpose;
            (2) the number of participants attending;
            (3) a detailed statement of the costs to the United States 
        Government, including--
                    (A) the cost of any food or beverages;
                    (B) the cost of any audio-visual services;
                    (C) the cost of employee or contractor travel to 
                and from the conference; and
                    (D) a discussion of the methodology used to 
                determine which costs relate to the conference; and
            (4) a description of the contracting procedures used 
        including--
                    (A) whether contracts were awarded on a competitive 
                basis; and
                    (B) a discussion of any cost comparison conducted 
                by the departmental component or office in evaluating 
                potential contractors for the conference.
    (c) Within 15 days of the date of a conference held by any 
Executive branch department, agency, board, commission, or office 
funded by this or any other appropriations Act during fiscal year 2016 
for which the cost to the United States Government was more than 
$20,000, the head of any such department, agency, board, commission, or 
office shall notify the Inspector General or senior ethics official for 
any entity without an Inspector General, of the date, location, and 
number of employees attending such conference.
    (d) A grant or contract funded by amounts appropriated by this or 
any other appropriations Act may not be used for the purpose of 
defraying the costs of a conference described in subsection (c) that is 
not directly and programmatically related to the purpose for which the 
grant or contract was awarded, such as a conference held in connection 
with planning, training, assessment, review, or other routine purposes 
related to a project funded by the grant or contract.
    (e) None of the funds made available in this or any other 
appropriations Act may be used for travel and conference activities 
that are not in compliance with Office of Management and Budget 
Memorandum M-12-12 dated May 11, 2012.
    Sec. 740.  None of the funds made available in this or any other 
appropriations Act may be used to increase, eliminate, or reduce 
funding for a program, project, or activity as proposed in the 
President's budget request for a fiscal year until such proposed change 
is subsequently enacted in an appropriation Act, or unless such change 
is made pursuant to the reprogramming or transfer provisions of this or 
any other appropriations Act.
    Sec. 741.  None of the funds made available by this or any other 
Act may be used to implement, administer, enforce, or apply the rule 
entitled ``Competitive Area'' published by the Office of Personnel 
Management in the Federal Register on April 15, 2008 (73 Fed. Reg. 
20180 et seq.).
    Sec. 742.  None of the funds appropriated or otherwise made 
available by this or any other Act may be used to begin or announce a 
study or public-private competition regarding the conversion to 
contractor performance of any function performed by Federal employees 
pursuant to Office of Management and Budget Circular A-76 or any other 
administrative regulation, directive, or policy.
    Sec. 743. (a) None of the funds appropriated or otherwise made 
available by this or any other Act may be available for a contract, 
grant, or cooperative agreement with an entity that requires employees 
or contractors of such entity seeking to report fraud, waste, or abuse 
to sign internal confidentiality agreements or statements prohibiting 
or otherwise restricting such employees or contractors from lawfully 
reporting such waste, fraud, or abuse to a designated investigative or 
law enforcement representative of a Federal department or agency 
authorized to receive such information.
    (b) The limitation in subsection (a) shall not contravene 
requirements applicable to Standard Form 312, Form 4414, or any other 
form issued by a Federal department or agency governing the 
nondisclosure of classified information.
    Sec. 744.  None of the funds made available by this or any other 
Act may be used to enter into a contract, memorandum of understanding, 
or cooperative agreement with, make a grant to, or provide a loan or 
loan guarantee to, any corporation that has any unpaid Federal tax 
liability that has been assessed, for which all judicial and 
administrative remedies have been exhausted or have lapsed, and that is 
not being paid in a timely manner pursuant to an agreement with the 
authority responsible for collecting the tax liability, where the 
awarding agency is aware of the unpaid tax liability, unless a Federal 
agency has considered suspension or debarment of the corporation and 
has made a determination that this further action is not necessary to 
protect the interests of the Government.
    Sec. 745.  None of the funds made available by this or any other 
Act may be used to enter into a contract, memorandum of understanding, 
or cooperative agreement with, make a grant to, or provide a loan or 
loan guarantee to, any corporation that was convicted of a felony 
criminal violation under any Federal law within the preceding 24 
months, where the awarding agency is aware of the conviction, unless a 
Federal agency has considered suspension or debarment of the 
corporation and has made a determination that this further action is 
not necessary to protect the interests of the Government.
    Sec. 746. (a) No funds appropriated in this or any other Act may be 
used to implement or enforce the agreements in Standard Forms 312 and 
4414 of the Government or any other nondisclosure policy, form, or 
agreement if such policy, form, or agreement does not contain the 
following provisions: ``These provisions are consistent with and do not 
supersede, conflict with, or otherwise alter the employee obligations, 
rights, or liabilities created by existing statute or Executive order 
relating to (1) classified information, (2) communications to Congress, 
(3) the reporting to an Inspector General of a violation of any law, 
rule, or regulation, or mismanagement, a gross waste of funds, an abuse 
of authority, or a substantial and specific danger to public health or 
safety, or (4) any other whistleblower protection. The definitions, 
requirements, obligations, rights, sanctions, and liabilities created 
by controlling Executive orders and statutory provisions are 
incorporated into this agreement and are controlling.'':  Provided, 
That notwithstanding the preceding provision of this section, a 
nondisclosure policy form or agreement that is to be executed by a 
person connected with the conduct of an intelligence or intelligence-
related activity, other than an employee or officer of the United 
States Government, may contain provisions appropriate to the particular 
activity for which such document is to be used. Such form or agreement 
shall, at a minimum, require that the person will not disclose any 
classified information received in the course of such activity unless 
specifically authorized to do so by the United States Government. Such 
nondisclosure forms shall also make it clear that they do not bar 
disclosures to Congress, or to an authorized official of an executive 
agency or the Department of Justice, that are essential to reporting a 
substantial violation of law.
    (b) A nondisclosure agreement may continue to be implemented and 
enforced notwithstanding subsection (a) if it complies with the 
requirements for such agreement that were in effect when the agreement 
was entered into.
    (c) No funds appropriated in this or any other Act may be used to 
implement or enforce any agreement entered into during fiscal year 2014 
which does not contain substantially similar language to that required 
in subsection (a).
    Sec. 747.  None of the funds made available by this or any other 
Act may be used to implement, administer, carry out, modify, revise, or 
enforce Executive Order 13690 (entitled ``Establishing a Federal Flood 
Risk Management Standard and a Process for Further Soliciting and 
Considering Stakeholder Input'').
    Sec. 748.  If, for fiscal year 2016, new budget authority provided 
in appropriations Acts exceeds the discretionary spending limit for any 
category set forth in section 251(c) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 due to estimating differences 
with the Congressional Budget Office, an adjustment to the 
discretionary spending limit in such category for fiscal year 2016 
shall be made by the Director of the Office of Management and Budget in 
the amount of the excess but the total of all such adjustments shall 
not exceed 0.2 percent of the sum of the adjusted discretionary 
spending limits for all categories for that fiscal year.
    Sec. 749.  Except as expressly provided otherwise, any reference to 
``this Act'' contained in any title other than title IV or VIII shall 
not apply to such title IV or VIII.

                               TITLE VIII

                GENERAL PROVISIONS--DISTRICT OF COLUMBIA

                     (including transfers of funds)

    Sec. 801.  There are appropriated from the applicable funds of the 
District of Columbia such sums as may be necessary for making refunds 
and for the payment of legal settlements or judgments that have been 
entered against the District of Columbia government.
    Sec. 802.  None of the Federal funds provided in this Act shall be 
used for publicity or propaganda purposes or implementation of any 
policy including boycott designed to support or defeat legislation 
pending before Congress or any State legislature.
    Sec. 803. (a) None of the Federal funds provided under this Act to 
the agencies funded by this Act, both Federal and District government 
agencies, that remain available for obligation or expenditure in fiscal 
year 2016, or provided from any accounts in the Treasury of the United 
States derived by the collection of fees available to the agencies 
funded by this Act, shall be available for obligation or expenditures 
for an agency through a reprogramming of funds which--
            (1) creates new programs;
            (2) eliminates a program, project, or responsibility 
        center;
            (3) establishes or changes allocations specifically denied, 
        limited or increased under this Act;
            (4) increases funds or personnel by any means for any 
        program, project, or responsibility center for which funds have 
        been denied or restricted;
            (5) re-establishes any program or project previously 
        deferred through reprogramming;
            (6) augments any existing program, project, or 
        responsibility center through a reprogramming of funds in 
        excess of $3,000,000 or 10 percent, whichever is less; or
            (7) increases by 20 percent or more personnel assigned to a 
        specific program, project or responsibility center,
unless prior approval is received from the Committees on Appropriations 
of the House of Representatives and the Senate.
    (b) The District of Columbia government is authorized to approve 
and execute reprogramming and transfer requests of local funds under 
this title through November 7, 2016.
    Sec. 804.  None of the Federal funds provided in this Act may be 
used by the District of Columbia to provide for salaries, expenses, or 
other costs associated with the offices of United States Senator or 
United States Representative under section 4(d) of the District of 
Columbia Statehood Constitutional Convention Initiatives of 1979 (D.C. 
Law 3-171; D.C. Official Code, sec. 1-123).
    Sec. 805.  Except as otherwise provided in this section, none of 
the funds made available by this Act or by any other Act may be used to 
provide any officer or employee of the District of Columbia with an 
official vehicle unless the officer or employee uses the vehicle only 
in the performance of the officer's or employee's official duties. For 
purposes of this section, the term ``official duties'' does not include 
travel between the officer's or employee's residence and workplace, 
except in the case of--
            (1) an officer or employee of the Metropolitan Police 
        Department who resides in the District of Columbia or is 
        otherwise designated by the Chief of the Department;
            (2) at the discretion of the Fire Chief, an officer or 
        employee of the District of Columbia Fire and Emergency Medical 
        Services Department who resides in the District of Columbia and 
        is on call 24 hours a day;
            (3) at the discretion of the Director of the Department of 
        Corrections, an officer or employee of the District of Columbia 
        Department of Corrections who resides in the District of 
        Columbia and is on call 24 hours a day;
            (4) at the discretion of the Chief Medical Examiner, an 
        officer or employee of the Office of the Chief Medical Examiner 
        who resides in the District of Columbia and is on call 24 hours 
        a day;
            (5) at the discretion of the Director of the Homeland 
        Security and Emergency Management Agency, an officer or 
        employee of the Homeland Security and Emergency Management 
        Agency who resides in the District of Columbia and is on call 
        24 hours a day;
            (6) the Mayor of the District of Columbia; and
            (7) the Chairman of the Council of the District of 
        Columbia.
    Sec. 806. (a) None of the Federal funds contained in this Act may 
be used by the District of Columbia Attorney General or any other 
officer or entity of the District government to provide assistance for 
any petition drive or civil action which seeks to require Congress to 
provide for voting representation in Congress for the District of 
Columbia.
    (b) Nothing in this section bars the District of Columbia Attorney 
General from reviewing or commenting on briefs in private lawsuits, or 
from consulting with officials of the District government regarding 
such lawsuits.
    Sec. 807.  None of the Federal funds contained in this Act may be 
used to distribute any needle or syringe for the purpose of preventing 
the spread of blood borne pathogens in any location that has been 
determined by the local public health or local law enforcement 
authorities to be inappropriate for such distribution.
    Sec. 808.  Nothing in this Act may be construed to prevent the 
Council or Mayor of the District of Columbia from addressing the issue 
of the provision of contraceptive coverage by health insurance plans, 
but it is the intent of Congress that any legislation enacted on such 
issue should include a ``conscience clause'' which provides exceptions 
for religious beliefs and moral convictions.
    Sec. 809.  None of the Federal funds appropriated under this Act 
shall be expended for any abortion except where the life of the mother 
would be endangered if the fetus were carried to term or where the 
pregnancy is the result of an act of rape or incest.
    Sec. 810. (a) No later than 30 calendar days after the date of the 
enactment of this Act, the Chief Financial Officer for the District of 
Columbia shall submit to the appropriate committees of Congress, the 
Mayor, and the Council of the District of Columbia, a revised 
appropriated funds operating budget in the format of the budget that 
the District of Columbia government submitted pursuant to section 442 
of the District of Columbia Home Rule Act (D.C. Official Code, sec. 1-
204.42), for all agencies of the District of Columbia government for 
fiscal year 2016 that is in the total amount of the approved 
appropriation and that realigns all budgeted data for personal services 
and other-than-personal services, respectively, with anticipated actual 
expenditures.
    (b) This section shall apply only to an agency for which the Chief 
Financial Officer for the District of Columbia certifies that a 
reallocation is required to address unanticipated changes in program 
requirements.
    Sec. 811.  No later than 30 calendar days after the date of the 
enactment of this Act, the Chief Financial Officer for the District of 
Columbia shall submit to the appropriate committees of Congress, the 
Mayor, and the Council for the District of Columbia, a revised 
appropriated funds operating budget for the District of Columbia Public 
Schools that aligns schools budgets to actual enrollment. The revised 
appropriated funds budget shall be in the format of the budget that the 
District of Columbia government submitted pursuant to section 442 of 
the District of Columbia Home Rule Act (D.C. Official Code, sec. 1-
204.42).
    Sec. 812. (a) Amounts appropriated in this Act as operating funds 
may be transferred to the District of Columbia's enterprise and capital 
funds and such amounts, once transferred, shall retain appropriation 
authority consistent with the provisions of this Act.
    (b) The District of Columbia government is authorized to reprogram 
or transfer for operating expenses any local funds transferred or 
reprogrammed in this or the four prior fiscal years from operating 
funds to capital funds, and such amounts, once transferred or 
reprogrammed, shall retain appropriation authority consistent with the 
provisions of this Act.
    (c) The District of Columbia government may not transfer or 
reprogram for operating expenses any funds derived from bonds, notes, 
or other obligations issued for capital projects.
    Sec. 813.  None of the Federal funds appropriated in this Act shall 
remain available for obligation beyond the current fiscal year, nor may 
any be transferred to other appropriations, unless expressly so 
provided herein.
    Sec. 814.  Except as otherwise specifically provided by law or 
under this Act, not to exceed 50 percent of unobligated balances 
remaining available at the end of fiscal year 2016 from appropriations 
of Federal funds made available for salaries and expenses for fiscal 
year 2016 in this Act, shall remain available through September 30, 
2017, for each such account for the purposes authorized:  Provided, 
That a request shall be submitted to the Committees on Appropriations 
of the House of Representatives and the Senate for approval prior to 
the expenditure of such funds:  Provided further, That these requests 
shall be made in compliance with reprogramming guidelines outlined in 
section 803 of this Act.
    Sec. 815. (a) During fiscal year 2017, during a period in which 
neither a District of Columbia continuing resolution or a regular 
District of Columbia appropriation bill is in effect, local funds are 
appropriated in the amount provided for any project or activity for 
which local funds are provided in the Fiscal Year 2017 Budget Request 
Act of 2016 as submitted to Congress (subject to any modifications 
enacted by the District of Columbia as of the beginning of the period 
during which this subsection is in effect) at the rate set forth by 
such Act.
    (b) Appropriations made by subsection (a) shall cease to be 
available--
            (1) during any period in which a District of Columbia 
        continuing resolution for fiscal year 2017 is in effect; or
            (2) upon the enactment into law of the regular District of 
        Columbia appropriation bill for fiscal year 2017.
    (c) An appropriation made by subsection (a) is provided under the 
authority and conditions as provided under this Act and shall be 
available to the extent and in the manner that would be provided by 
this Act.
    (d) An appropriation made by subsection (a) shall cover all 
obligations or expenditures incurred for such project or activity 
during the portion of fiscal year 2017 for which this section applies 
to such project or activity.
    (e) This section shall not apply to a project or activity during 
any period of fiscal year 2017 if any other provision of law (other 
than an authorization of appropriations)--
            (1) makes an appropriation, makes funds available, or 
        grants authority for such project or activity to continue for 
        such period; or
            (2) specifically provides that no appropriation shall be 
        made, no funds shall be made available, or no authority shall 
        be granted for such project or activity to continue for such 
        period.
    (f) Nothing in this section shall be construed to affect 
obligations of the government of the District of Columbia mandated by 
other law.
    Sec. 816. (a) This section may be cited as the ``D.C. Opportunity 
Scholarship Program School Certification Requirements Act''.
    (b) Section 3007(a) of the Scholarships for Opportunity and Results 
Act (Public Law 112-10; 125 Stat. 203) is amended--
            (1) in paragraph (4)--
                    (A) in subparagraph (E), by striking ``and'' after 
                the semicolon;
                    (B) in subparagraph (F), by striking the period at 
                the end and inserting a semicolon; and
                    (C) by adding at the end the following:
                    ``(G)(i) is provisionally or fully accredited by a 
                national or regional accrediting agency that is 
                recognized in the District of Columbia School Reform 
                Act of 1995 (sec. 38-1802.02(16)(A)-(G), D.C. Official 
                Code) or any other accrediting body deemed appropriate 
                by the Office of the State Superintendent for Schools 
                for the purposes of accrediting an elementary or 
                secondary school; or
                            ``(ii) in the case of a school that is a 
                        participating school as of the day before the 
                        date of enactment of the D.C. Opportunity 
                        Scholarship Program School Certification 
                        Requirements Act and, as of such day, does not 
                        meet the requirements of clause (i)--
                                    ``(I) by not later than 1 year 
                                after such date of enactment, is 
                                pursuing accreditation by a national or 
                                regional accrediting agency recognized 
                                in the District of Columbia School 
                                Reform Act of 1995 (sec. 38-
                                1802.02(16)(A)-(G), D.C. Official Code) 
                                or any other accrediting body deemed 
                                appropriate by the Office of the State 
                                Superintendent for Schools for the 
                                purposes of accrediting an elementary 
                                or secondary school; and
                                    ``(II) by not later than 5 years 
                                after such date of enactment, is 
                                provisionally or fully accredited by 
                                such accrediting agency, except that an 
                                eligible entity may grant not more than 
                                one 1-year extension to meet this 
                                requirement for each participating 
                                school that provides evidence to the 
                                eligible entity from such accrediting 
                                agency that the school's application 
                                for accreditation is in process and the 
                                school will be awarded accreditation 
                                before the end of the 1-year extension 
                                period;
                    ``(H) conducts criminal background checks on school 
                employees who have direct and unsupervised interaction 
                with students; and
                    ``(I) complies with all requests for data and 
                information regarding the reporting requirements 
                described in section 3010.''; and
            (2) by adding at the end the following:
            ``(5) New participating schools.--If a school is not a 
        participating school as of the date of enactment of the D.C. 
        Opportunity Scholarship Program School Certification 
        Requirements Act, the school shall not become a participating 
        school and none of the funds provided under this division for 
        opportunity scholarships may be used by an eligible student to 
        enroll in that school unless the school--
                    ``(A) is actively pursuing provisional or full 
                accreditation by a national or regional accrediting 
                agency that is recognized in the District of Columbia 
                School Reform Act of 1995 (sec. 38-1802.02(16)(A)-(G), 
                D.C. Official Code) or any other accrediting body 
                deemed appropriate by the Office of the State 
                Superintendent for Schools for the purposes of 
                accrediting an elementary or secondary school; and
                    ``(B) meets all of the other requirements for 
                participating schools under this Act.
            ``(6) Enrolling in another school.--An eligible entity 
        shall assist the parents of a participating eligible student in 
        identifying, applying to, and enrolling in an another 
        participating school for which opportunity scholarship funds 
        may be used, if--
                    ``(A) such student is enrolled in a participating 
                private school and may no longer use opportunity 
                scholarship funds for enrollment in that participating 
                private school because such school fails to meet a 
                requirement under paragraph 4, or any other requirement 
                of this Act; or
                    ``(B) a participating eligible student is enrolled 
                in a school that ceases to be a participating 
                school.''.
    (c) Report to Eligible Entities.--Section 3010 of the Scholarships 
for Opportunity and Results Act (Public Law 112-10; 125 Stat. 203) is 
further amended--
            (1) by redesignating subsection (d) as subsection (e); and
            (2) by inserting after subsection (c) the following:
    ``(d) Reports to Eligible Entities.--The eligible entity receiving 
funds under section 3004(a) shall ensure that each participating school 
under this division submits to the eligible entity beginning not later 
than 5 years after the date of the enactment of the D.C. Opportunity 
Scholarship Program School Certification Requirements Act, a 
certification that the school has been awarded provisional or full 
accreditation, or has been granted an extension by the eligible entity 
in accordance with section 3007(a)(4)(G).''.
    (d) Unless specifically provided otherwise, this section, and the 
amendments made by this section, shall take effect 1 year after the 
date of enactment of this Act.
    Sec. 817.  Subparagraph (G) of section 3(c)(2) of the District of 
Columbia College Access Act of 1999 (Public Law 106-98), as amended, is 
further amended:
            (1) by inserting after ``(G)'', ``(i) for individuals who 
        began an undergraduate course of study prior to school year 
        2015-2016,''; and
            (2) by inserting the following before the period at the 
        end: ``and (ii) for individuals who begin an undergraduate 
        course of study in or after school year 2016-2017, is from a 
        family with a taxable annual income of less than $450,000. 
        Beginning with school year 2017-2018, the Mayor shall adjust 
        the amounts in clauses (i) and (ii) for inflation, as measured 
        by the percentage increase, if any, from the preceding fiscal 
        year in the Consumer Price Index for All Urban Consumers, 
        published by the Bureau of Labor Statistics of the Department 
        of Labor''.
    Sec. 818.  Except as expressly provided otherwise, any reference to 
``this Act'' contained in this title or in title IV shall be treated as 
referring only to the provisions of this title or of title IV.

              TITLE IX--FINANCIAL REGULATORY IMPROVEMENTS

SEC. 901. SHORT TITLE.

    This title may be cited as the ``Financial Regulatory Improvement 
Act of 2015''.

  Subtitle A--Regulatory Relief and Protection of Consumer Access to 
                                 Credit

SEC. 902. EXCEPTION TO ANNUAL WRITTEN PRIVACY NOTICE REQUIREMENT UNDER 
              THE GRAMM-LEACH-BLILEY ACT.

    Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is 
amended by adding at the end the following:
    ``(f) Exception to Annual Written Notice Requirement.--
            ``(1) In general.--A financial institution described in 
        paragraph (2) shall not be required to provide an annual 
        written disclosure under this section until such time as the 
        financial institution fails to comply with subparagraph (A), 
        (B), or (C) of paragraph (2).
            ``(2) Covered institutions.--A financial institution 
        described in this paragraph is a financial institution that--
                    ``(A) provides nonpublic personal information only 
                in accordance with the provisions of subsection (b)(2) 
                or (e) of section 502 or regulations prescribed under 
                section 504(b);
                    ``(B) has not changed its policies and practices 
                with respect to disclosing nonpublic personal 
                information from the policies and practices that were 
                disclosed in the most recent disclosure sent to 
                consumers in accordance with this section; and
                    ``(C) otherwise provides customers access to such 
                most recent disclosure in electronic or other form 
                permitted by regulations prescribed under section 
                504.''.

SEC. 903. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO BECOME MEMBERS 
              OF A FEDERAL HOME LOAN BANK.

    (a) In General.--Section 4(a) of the Federal Home Loan Bank Act (12 
U.S.C. 1424(a)) is amended by adding at the end the following:
            ``(5) Certain privately insured credit unions.--
                    ``(A) In general.--Subject to the requirements of 
                subparagraph (B), a credit union that lacks insurance 
                of its member accounts under Federal law shall be 
                treated as an insured depository institution for 
                purposes of this Act.
                    ``(B) Certification by appropriate state 
                supervisor.--For purposes of this paragraph, a credit 
                union that lacks insurance of its member accounts under 
                Federal law and that has applied for membership in a 
                Federal Home Loan Bank shall be treated as an insured 
                depository institution if the following has occurred:
                            ``(i) Determination by state supervisor of 
                        the credit union.--
                                    ``(I) In general.--Subject to 
                                subclause (II), the appropriate 
                                supervisor of the State in which the 
                                credit union is chartered has 
                                determined that the credit union meets 
                                all the eligibility requirements under 
                                section 201(a) of the Federal Credit 
                                Union Act (12 U.S.C. 1781(a)) to apply 
                                for insurance of its member accounts as 
                                of the date of the application for 
                                membership.
                                    ``(II) Certification deemed 
                                valid.--In the case of any credit union 
                                to which subclause (I) applies, if the 
                                appropriate supervisor of the State in 
                                which such credit union is chartered 
                                fails to make the determination 
                                required pursuant to such subclause by 
                                the end of the 12-month period 
                                beginning on the date on which the 
                                application is submitted to the 
                                supervisor, the credit union shall be 
                                deemed to have met the requirements of 
                                subclause (I).
                            ``(ii) Determination by state supervisor of 
                        the private deposit insurer.--The licensing 
                        entity of the private deposit insurer that is 
                        insuring the member accounts of the credit 
                        union--
                                    ``(I) receives, on an annual basis, 
                                an independent actuarial opinion that 
                                the private insurer has set aside 
                                sufficient reserves for losses; and
                                    ``(II) obtains, as frequently as 
                                appropriate, but not less frequently 
                                than once every 36 months, a study by 
                                an independent actuary on the capital 
                                adequacy of the private insurer.
                            ``(iii) Submission of financial 
                        information.--The credit union or the 
                        appropriate supervisor of the State in which 
                        the credit union is chartered makes available, 
                        and continues to make available for such time 
                        as the credit union is a member of a Federal 
                        Home Loan Bank, to the Federal Housing Finance 
                        Agency or to the Federal Home Loan Bank all 
                        reports, records, and other information related 
                        to any examination or inquiry performed by the 
                        supervisor concerning the financial condition 
                        of the credit union, as soon as is practicable.
                    ``(C) Security interests of federal home loan bank 
                not avoidable.--Notwithstanding any provision of State 
                law authorizing a conservator or liquidating agent of a 
                credit union to repudiate contracts, no such provision 
                shall apply with respect to--
                            ``(i) any extension of credit from any 
                        Federal Home Loan Bank to any credit union that 
                        is a member of any such bank pursuant to this 
                        paragraph; or
                            ``(ii) any security interest in the assets 
                        of such a credit union securing any such 
                        extension of credit.
                    ``(D) Protection for certain federal home loan bank 
                advances.--Notwithstanding any State law to the 
                contrary, if a Bank makes an advance under section 10 
                to a State-chartered credit union that is not federally 
                insured--
                            ``(i) the interest of the Bank in any 
                        collateral securing the advance has the same 
                        priority and is afforded the same standing and 
                        rights that the security interest would have 
                        had if the advance had been made to a federally 
                        insured credit union; and
                            ``(ii) the Bank has the same right to 
                        access such collateral that the Bank would have 
                        had if the advance had been made to a federally 
                        insured credit union.''.
    (b) Copies of Audits of Private Insurers of Certain Depository 
Institutions Required to Be Provided to Supervisory Agencies.--Section 
43(a)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 
1831t(a)(2)(A)) is amended--
            (1) in clause (i), by striking ``; and'' and inserting a 
        semicolon;
            (2) in clause (ii), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following:
                            ``(iii) in the case of depository 
                        institutions described in subsection (e)(2)(A), 
                        the member accounts of which are insured by the 
                        private deposit insurer, which are members of a 
                        Federal home loan bank, to the Federal Housing 
                        Finance Agency, not later than 7 days after the 
                        audit is completed.''.
    (c) GAO Report.--Not later than 18 months after the date of 
enactment of this title, the Comptroller General of the United States 
shall conduct a study and submit to Congress a report on--
            (1) the adequacy of insurance reserves held by any private 
        deposit insurer that insures the member accounts of any entity 
        described in section 43(e)(2)(A) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1831t(e)(2)(A)); and
            (2) for any entity described in paragraph (1), the member 
        accounts of which are insured by a private deposit insurer, the 
        level of compliance with Federal regulations relating to the 
        disclosure of a lack of Federal deposit insurance.

SEC. 904. DESIGNATION OF RURAL AREA.

    (a) Application.--Not later than 90 days after the date of 
enactment of this title, the Bureau of Consumer Financial Protection 
shall establish an application process under which a person who lives 
or does business in a State may, with respect to an area identified by 
the person in the State that has not been designated by the Bureau of 
Consumer Financial Protection as a rural area for purposes of a Federal 
consumer financial law (as defined in section 1002 of the Consumer 
Financial Protection Act of 2010 (12 U.S.C. 5481)), apply for such area 
to be so designated.
    (b) Evaluation Criteria.--In evaluating an application submitted 
under subsection (a), the Bureau of Consumer Financial Protection shall 
take into consideration the following factors:
            (1) Criteria used by the Director of the Bureau of the 
        Census for classifying geographical areas as rural or urban.
            (2) Criteria used by the Director of the Office of 
        Management and Budget to designate counties as metropolitan, 
        micropolitan, or neither.
            (3) Criteria used by the Secretary of Agriculture to 
        determine property eligibility for rural development programs.
            (4) The Department of Agriculture rural-urban commuting 
        area codes.
            (5) A written opinion provided by the State bank supervisor 
        (as defined in section 3 of the Federal Deposit Insurance Act 
        (12 U.S.C. 1813).
            (6) Population density.
    (c) Rule of Construction.--If, at any time before the date on which 
an application is submitted under subsection (a), the area subject to 
review has been designated as nonrural by any Federal agency described 
in subsection (b) using any of the criteria described in that 
subsection, the Bureau of Consumer Financial Protection shall not be 
required to consider such designation in its evaluation.
    (d) Public Comment Period.--
            (1) In general.--Not later than 60 days after the date on 
        which an application submitted under subsection (a) is 
        received, the Bureau of Consumer Financial Protection shall--
                    (A) publish the application on the website of the 
                Bureau of Consumer Financial Protection; and
                    (B) make the application available for public 
                comment for not fewer than 90 days.
            (2)  Limitation on additional applications.--Nothing in 
        this section shall be construed to require the Bureau of 
        Consumer Financial Protection, during the public comment period 
        described in paragraph (1) with respect to an application 
        submitted under subsection (a), to accept an additional 
        application with respect to the area that is the subject of the 
        initial application.
    (e) Decision on Designation.--Not later than 90 days after the end 
of the public comment period described in subsection (d)(1), the Bureau 
of Consumer Financial Protection shall--
            (1) grant or deny such application, in whole or in part; 
        and
            (2) publish such grant or denial in the Federal Register, 
        along with an explanation of the factors on which the Bureau of 
        Consumer Financial Protection relied in making such decision.
    (f) Subsequent Applications.--A decision by the Bureau under 
subsection (e) to deny an application for an area to be designated as a 
rural area shall not preclude the Bureau of Consumer Financial 
Protection from accepting a subsequent application submitted under 
subsection (a) for the area to be so designated if the subsequent 
application is submitted after the date on which the 90-day period 
beginning on the date on which the Bureau of Consumer Financial 
Protection denies the application under subsection (e) expires.
    (g) Operations in Rural Areas.--The Truth in Lending Act (15 U.S.C. 
1601 et seq.) is amended--
            (1) in section 129C(b)(2)(E)(iv)(I) (15 U.S.C. 
        1639c(b)(2)(E)(iv)(I)), by striking ``predominantly''; and
            (2) in section 129D(c)(1) (15 U.S.C. 1639d(c)(1)), by 
        striking ``predominantly''.

SEC. 905. INDEPENDENT EXAMINATION REVIEW.

    (a) In General.--The Federal Financial Institutions Examination 
Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at 
the end the following:

``SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION REVIEW.

    ``(a) Establishment.--There is established in the Council an Office 
of Independent Examination Review.
    ``(b) Head of Office.--
            ``(1) Establishment.--There is established the position of 
        the Director as the head of the Office of Independent 
        Examination Review, who shall be appointed by the Council for a 
        term of 5 years.
            ``(2) Removal.--
                    ``(A) In general.--The President may remove the 
                Director from office.
                    ``(B) Congressional notification.--Not later than 
                30 days after the date on which the Director is removed 
                from office under subparagraph (A), the President shall 
                submit to Congress a written notification describing 
                the reasons for the removal.
    ``(c) Staffing.--The Director may hire staff to support the 
activities of the Office of Independent Examination Review.
    ``(d) Duties.--The Director shall--
            ``(1) receive and, at the discretion of the Director, 
        investigate complaints from financial institutions, 
        representatives of financial institutions, or any other entity 
        acting on behalf of financial institutions, concerning 
        examinations, examination practices, or examination reports;
            ``(2) hold meetings, not less than once every 90 days and 
        in locations designed to encourage participation from all 
        regions of the United States, with financial institutions, 
        representatives of financial institutions, or any other entity 
        acting on behalf of financial institutions, to discuss 
        examination procedures, examination practices, or examination 
        policies;
            ``(3) review examination procedures of the Federal 
        financial institutions regulatory agencies to ensure that the 
        written examination policies of the agencies are being followed 
        in practice and adhere to the standards for consistency 
        established by the Council;
            ``(4) conduct a continuing and regular program of 
        examination quality assurance for all types of examinations 
        conducted by the Federal financial institutions regulatory 
        agencies; and
            ``(5) submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate, the Committee on Financial 
        Services of the House of Representatives, and the Council an 
        annual report on the reviews carried out pursuant to paragraphs 
        (3) and (4), including recommendations for improvements in 
        examination procedures, practices, and policies.
    ``(e) Confidentiality.--The Director shall keep confidential--
            ``(1) all meetings, discussions, and information provided 
        by financial institutions; and
            ``(2) any confidential or privileged information provided 
        by a Federal financial institutions regulatory agency.
    ``(f) Funding; Budget.--
            ``(1) In general.--One-fifth of the costs and expenses of 
        the Office of Independent Examination Review, including the 
        salaries of its employees, shall be paid by each of the Federal 
        financial institutions regulatory agencies, which shall be 
        based on the budget submitted under paragraph (2).
            ``(2) Budget.--Not later than April 15 of each fiscal year, 
        the Director shall submit to the Council a projected budget for 
        the Office of Independent Examination Review for the following 
        fiscal year.''.
    (b) Definitions.--Section 1003 of the Federal Financial 
Institutions Examination Council Act of 1978 (12 U.S.C. 3302) is 
amended--
            (1) by striking paragraph (1) and inserting the following:
            ``(1) the term `Federal financial institutions regulatory 
        agencies' means the Office of the Comptroller of the Currency, 
        the Board of Governors of the Federal Reserve System, the 
        Federal Deposit Insurance Corporation, the National Credit 
        Union Administration, and the Bureau of Consumer Financial 
        Protection;'';
            (2) in paragraph (2), by striking ``; and'' and inserting a 
        semicolon;
            (3) in paragraph (3), by striking the semicolon and 
        inserting ``; and''; and
            (4) by adding at the end the following:
            ``(4) the term `Director' means the Director established 
        under section 1012.''.
    (c) Federal Banking Agency Ombudsman.--
            (1) In general.--Section 309 of the Riegle Community 
        Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
        4806) is amended--
                    (A) in the first sentence of subsection (a), by 
                inserting ``, the Bureau of Consumer Financial 
                Protection,'' after ``Federal banking agency'';
                    (B) in subsection (b)--
                            (i) by redesignating paragraphs (1) and (2) 
                        as subparagraphs (A) and (B), respectively, and 
                        adjusting the margins accordingly;
                            (ii) in the matter preceding subparagraph 
                        (A), as so redesignated, by striking ``In 
                        establishing'' and inserting the following:
            ``(1) In general.--In establishing'';
                            (iii) in paragraph (1)(B), as so 
                        redesignated, by striking ``the appellant from 
                        retaliation by agency examiners'' and inserting 
                        ``the insured depository institution or insured 
                        credit union from retaliation by an agency 
                        referred to in subsection (a)''; and
                            (iv) by adding at the end the following:
            ``(2) Retaliation.--For purposes of this subsection and 
        subsection (e), retaliation includes delaying consideration of, 
        or withholding approval of, any request, notice, or application 
        that otherwise would have been approved, but for the exercise 
        of the rights of the insured depository institution or insured 
        credit union under this section.''; and
                    (C) in subsection (e)(2)--
                            (i) in subparagraph (B), by striking ``; 
                        and'' and inserting a semicolon;
                            (ii) in subparagraph (C), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                    ``(D) ensure that appropriate safeguards exist for 
                protecting the insured depository institution or 
                insured credit union from retaliation by any 
                appropriate Federal banking agency for exercising the 
                rights of the insured depository institution or insured 
                credit union under this subsection.''.
            (2) Effect.--Nothing in this subsection shall be construed 
        to affect the authority of an appropriate Federal banking 
        agency (as defined in section 3 of the Federal Deposit 
        Insurance Act (12 U.S.C. 1813)) or the National Credit Union 
        Administration Board to take enforcement or other supervisory 
        action.
    (d) Federal Credit Union Act.--Section 205(j) of the Federal Credit 
Union Act (12 U.S.C. 1785(j)) is amended by inserting ``the Bureau of 
Consumer Financial Protection,'' before ``the Administration'' each 
place that term appears.
    (e) Federal Financial Institutions Examination Council Act.--
Section 1005 of the Federal Financial Institutions Examination Council 
Act of 1978 (12 U.S.C. 3304) is amended by striking ``One-fifth'' and 
inserting ``One-fourth''.

SEC. 906. CONFIDENTIALITY OF INFORMATION SHARED BETWEEN STATE AND 
              FEDERAL FINANCIAL SERVICES REGULATORS.

    Section 1512(a) of the S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5111(a)) is amended by inserting ``or financial services'' 
before ``industry''.

SEC. 907. SAFE HARBOR FOR CERTAIN LOANS HELD IN PORTFOLIO.

    (a) In General.--Section 129C of the Truth in Lending Act (15 
U.S.C. 1639c) is amended by adding at the end the following:
    ``(j) Safe Harbor for Certain Loans Held in Portfolio.--
            ``(1) Definitions.--In this section--
                    ``(A) the term `appropriate Federal banking agency' 
                has the meaning given that term in section 3 of the 
                Federal Deposit Insurance Act (12 U.S.C. 1813);
                    ``(B) the term `depository institution' has the 
                meaning given that term in section 19(b)(1) of the 
                Federal Reserve Act (12 U.S.C. 461(b)(1)); and
                    ``(C) the term `financial institution regulator' 
                means an appropriate Federal banking agency, the 
                Bureau, and the National Credit Union Administration.
            ``(2) Safe harbor for creditors.--
                    ``(A) In general.--A creditor shall not be subject 
                to suit for failure to comply with subsection (a), 
                (c)(1), or (f)(2) of this section or section 129H with 
                respect to a residential mortgage loan, and the 
                financial institution regulators shall treat such loan 
                as a qualified mortgage, if--
                            ``(i)(I) the creditor has, since the 
                        origination of the loan, held the loan on the 
                        balance sheet of the creditor; or
                            ``(II) any person acquiring the loan has 
                        continued to hold the loan on the balance sheet 
                        of the person;
                    ``(ii) the loan has not been acquired through a 
                securitization;
                    ``(iii) all prepayment penalties with respect to 
                the loan comply with the limitations described in 
                subsection (c)(3);
                    ``(iv) the loan does not have--
                            ``(I) negative amortization;
                            ``(II) interest-only features; or
                            ``(III) a loan term of more than 30 years; 
                        and
                    ``(v) the creditor has documented the consumer's--
                            ``(I) income;
                            ``(II) employment;
                            ``(III) assets; and
                            ``(IV) credit history.
                    ``(B) Exception for certain transfers.--In the case 
                of a depository institution that transfers a loan 
                originated by that institution to another depository 
                institution by reason of the bankruptcy or failure of 
                the originating depository institution or the purchase 
                of the originating depository institution, the 
                depository institution acquiring the loan shall be 
                deemed to have complied with the requirement under 
                subparagraph (A)(i).''.
    (b) Reviewing the Portfolio of Systemically Important Banks.--
Section 18(o) of the Federal Deposit Insurance Act (12 U.S.C. 1828(o)) 
is amended by adding at the end the following:
            ``(5) Systemically important bank review.--The appropriate 
        Federal banking agency shall periodically review the mortgage 
        portfolio or targeted segments of the portfolios of a bank 
        subject to a determination under section 113A(a) of the 
        Financial Stability Act of 2010 if--
                    ``(A) there is elevated risk;
                    ``(B) there is an increase in delinquency and loss 
                rates;
                    ``(C) there are new lines of business;
                    ``(D) there are new acquisition channels;
                    ``(E) there is rapid growth; or
                    ``(F) an internal audit is inadequate.''.
    (c) Rule of Construction.--Nothing in the amendment made by 
subsection (a) shall be construed to prevent a balloon loan from 
qualifying for the safe harbor provided under section 129C(j) of the 
Truth in Lending Act, as added by subsection (a), if the balloon loan 
otherwise meets all of the requirements under subsection (j) of that 
section, regardless of whether the balloon loan meets the requirements 
described under clauses (i) through (iv) of section 129C(b)(2)(E) of 
that Act (12 U.S.C. 129C(b)(2)(E)).

SEC. 908. PROTECTING CONSUMER ACCESS TO MORTGAGE CREDIT.

    (a) Definition of High-cost Mortgage.--Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended--
            (1) by redesignating subsections (aa) and (bb) as 
        subsections (bb) and (aa), respectively, and moving subsection 
        (bb), as so redesignated, after subsection (aa), as so 
        redesignated; and
            (2) in subsection (aa)(4), as so redesignated--
                    (A) in the matter preceding subparagraph (A), by 
                striking ``paragraph (1)(B)'' and inserting ``paragraph 
                (1)(A) and section 129C'';
                    (B) in subparagraph (C)--
                            (i) in the matter preceding clause (i), by 
                        inserting ``and insurance'' after ``taxes''; 
                        and
                            (ii) in clause (iii), by striking ``; and'' 
                        and inserting a semicolon; and
                    (C) in subparagraph (D)--
                            (i) by striking ``accident,''; and
                            (ii) by striking ``or any payments'' and 
                        inserting ``and any payments''.
    (b) Rulemaking.--Not later than 90 days after the date of enactment 
of this title, the Bureau of Consumer Financial Protection shall 
promulgate regulations to carry out the amendments made by subsection 
(a)(2).
    (c) Study and Report on Consumer Access to Mortgage Credit.--
            (1) Study required.--The Comptroller General of the United 
        States shall conduct a study to determine the effects that the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
        U.S.C. 5301 et seq.) has had on the availability and 
        affordability of credit for consumers, small businesses, first-
        time homebuyers, and mortgage lending, including the effects--
                    (A) on the mortgage market for mortgages that are 
                not qualified mortgages;
                    (B) on the ability of prospective homebuyers to 
                obtain financing, including first-time homebuyers;
                    (C) on the ability of homeowners facing resets or 
                adjustments to refinance, including whether homeowners 
                have fewer refinancing options due to the 
                unavailability of certain loan products that were 
                available before the date of enactment of the Dodd-
                Frank Wall Street Reform and Consumer Protection Act 
                (12 U.S.C. 5301 et seq.);
                    (D) on the ability of minorities to access 
                affordable credit compared with other prospective 
                borrowers;
                    (E) on home sales and construction;
                    (F) of extending any right of rescission on 
                adjustable rate loans and the impact of the right of 
                rescission on litigation;
                    (G) of any State foreclosure law and the ability of 
                investors to transfer a property after foreclosure;
                    (H) of expanding the existing provisions of the 
                Home Ownership and Equity Protection Act of 1994 (15 
                U.S.C. 1601 note and 1602 note);
                    (I) of prohibiting prepayment penalties on high-
                cost mortgages;
                    (J) of establishing counseling services under the 
                Department of Housing and Urban Development and offered 
                through the Office of Housing Counseling; and
                    (K) on the differences in title insurance premiums 
                and ancillary charges paid by low- and moderate-income 
                consumers to affiliates of mortgage lenders to purchase 
                title insurance versus title insurance premiums and 
                ancillary charges paid by low- and moderate-income 
                consumers to unaffiliated title agencies or attorneys 
                to purchase title insurance in those markets in which 
                both affiliated and unaffiliated mortgage lenders 
                compete.
            (2) Report.--Not later than 1 year after the date of 
        enactment of this title, the Comptroller General of the United 
        States shall submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives a report that 
        includes--
                    (A) the findings and conclusions of the Comptroller 
                General with respect to the study conducted under 
                paragraph (1); and
                    (B) any recommendations for legislative or 
                regulatory actions that--
                            (i) would enhance the access of a consumer 
                        to mortgage credit;
                            (ii) is consistent with consumer 
                        protections and safe and sound banking 
                        operations; and
                            (iii) would address any negative effects on 
                        mortgage credit and mortgage availability 
                        identified in the study.

SEC. 909. PROTECTING ACCESS TO MANUFACTURED HOMES.

    (a) Mortgage Originator Definition.--Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended--
            (1) by redesignating the second subsection designated as 
        subsection (cc) and subsection (dd) as subsections (dd) and 
        (ee), respectively; and
            (2) in subsection (dd)(2)(C), as so redesignated, by 
        striking ``an employee of a retailer of manufactured homes who 
        is not described in clause (i) or (iii) of subparagraph (A) and 
        who does not advise a consumer on loan terms (including rates, 
        fees, and other costs)'' and inserting ``a retailer of 
        manufactured or modular homes or its employees, unless such 
        retailer or its employees receive compensation or gain for 
        engaging in activities described in subparagraph (A) that is in 
        excess of any compensation or gain received in a comparable 
        cash transaction''.
    (b) High-Cost Mortgage Definition.--Section 103(aa)(1)(A) of the 
Truth in Lending Act (15 U.S.C. 1602(aa)(1)(A)), as redesignated by 
section 908(a)(1) of this title, is amended--
            (1) in clause (i)(I), by striking ``(8.5 percentage points, 
        if the dwelling is personal property and the transaction is for 
        less than $50,000)'' and inserting ``(10 percentage points, if 
        the dwelling is personal property or is a transaction that does 
        not include the purchase of real property on which a dwelling 
        is to be placed, and the transaction is for less than $75,000 
        (as such amount is adjusted by the Bureau to reflect the change 
        in the Consumer Price Index))''; and
            (2) in clause (ii)--
                    (A) in subclause (I), by striking ``; or'' and 
                inserting a semicolon; and
                    (B) by adding at the end the following:
                                    ``(III) in the case of a 
                                transaction for less than $75,000 (as 
                                such amount is adjusted by the Bureau 
                                to reflect the change in the Consumer 
                                Price Index) in which the dwelling is 
                                personal property (or is a consumer 
                                credit transaction that does not 
                                include the purchase of real property 
                                on which a dwelling is to be placed), 
                                the greater of 5 percent of the total 
                                transaction amount or $3,000 (as such 
                                amount is adjusted by the Bureau to 
                                reflect the change in the Consumer 
                                Price Index); or''.

SEC. 910. STREAMLINING BANK EXAMS.

    Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended--
            (1) in paragraph (4)(A), by striking ``$500,000,000'' and 
        inserting ``$1,000,000,000''; and
            (2) in paragraph (10), by striking ``$500,000,000'' and 
        inserting ``$1,000,000,000''.

SEC. 911. ADJUSTMENTS FOR CHANGES IN GROSS DOMESTIC PRODUCT.

    (a) Commodity Exchange Act.--Section 2(h)(7)(C)(ii) of the 
Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(ii)) is amended by 
inserting ``(as such amount is adjusted annually by the Commission to 
reflect the percentage change for the previous calendar year in the 
gross domestic product of the United States, as calculated by the 
Bureau of Economic Analysis of the Department of Commerce)'' after 
``$10,000,000,000'' each place that term appears.
    (b) Consumer Financial Protection Bureau Examination and Reporting 
Threshold.--
            (1) Increase in the examination threshold.--Section 1025(a) 
        of the Consumer Financial Protection Act of 2010 (12 U.S.C. 
        5515(a)) is amended by striking ``$10,000,000,000'' each place 
        that term appears and inserting ``$50,000,000,000 (as such 
        amount is adjusted annually by the Commission to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)''.
            (2) Increase in the reporting threshold.--Section 1026(a) 
        of the Consumer Financial Protection Act of 2010 (12 U.S.C. 
        5516(a)) is amended by striking ``$10,000,000,000'' each place 
        that term appears and inserting ``$50,000,000,000 (as such 
        amount is adjusted annually by the Commission to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)''.
            (3) Effective date.--This subsection and the amendments 
        made by this subsection shall take effect on the date that is 
        45 days after the date of enactment of this title.
    (c) Securities Exchange Act of 1934.--Section 3C(g)(3)(B) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78c-3(g)(3)(B)) is amended 
by inserting ``(as such amount is adjusted annually by the Commission 
to reflect the percentage change for the previous calendar year in the 
gross domestic product of the United States, as calculated by the 
Bureau of Economic Analysis of the Department of Commerce)'' after 
``$10,000,000,000'' each place that term appears.
    (d) Electronic Fund Transfer Act.--Section 920(a)(6)(A) of the 
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(6)(A)) is amended by 
inserting ``(as such amount is adjusted annually by the Board to 
reflect the percentage change for the previous calendar year in the 
gross domestic product of the United States, as calculated by the 
Bureau of Economic Analysis of the Department of Commerce)'' after 
``$10,000,000,000''.
    (e) Enhancing Financial Institution Safety and Soundness Act of 
2010.--Section 334(e) of the Enhancing Financial Institution Safety and 
Soundness Act of 2010 (title III of Public Law 111-203; 124 Stat. 1539) 
is amended by inserting ``(as such amount is adjusted annually by the 
Corporation to reflect the percentage change for the previous calendar 
year in the gross domestic product of the United States, as calculated 
by the Bureau of Economic Analysis of the Department of Commerce)'' 
after ``$10,000,000,000''.
    (f) Investor Protection and Securities Reform Act of 2010.--Section 
956(f) of the Investor Protection and Securities Reform Act of 2010 (15 
U.S.C. 5641(f)) is amended by inserting ``(as such amount is adjusted 
annually by the appropriate Federal regulator to reflect the percentage 
change for the previous calendar year in the gross domestic product of 
the United States, as calculated by the Bureau of Economic Analysis of 
the Department of Commerce)'' after ``$1,000,000,000''.

SEC. 912. STUDY ON THE PRIVACY RISKS OF GOVERNMENT PUBLICATION OF 
              PERSONAL FINANCIAL DATA.

    Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 
2803) is amended--
            (1) in subsection (n), by inserting ``Such data shall not 
        be publicly disclosed by the Bureau or a depository institution 
        before the date on which the report is submitted under 
        subsection (o)(2).'' after the period at the end; and
            (2) by adding at the end the following:
    ``(o) Study and Report to Congress.--
            ``(1) Study required.--The Comptroller General of the 
        United States shall conduct a study to determine whether the 
        data published under this Act, in connection with other 
        publicly available data sources, could allow for or increase 
        the probability of--
                    ``(A) exposure of the identity of mortgage 
                applicants or mortgagors through reverse engineering;
                    ``(B) exposure of mortgage applicants or mortgagors 
                to identity theft or the loss of sensitive personal 
                financial information;
                    ``(C) the marketing or sale of unfair, deceptive, 
                or abusive financial products to mortgage applicants or 
                mortgagors based on the data published under this Act;
                    ``(D) personal financial loss or emotional distress 
                resulting from the exposure of mortgage applicants or 
                mortgagors to identify theft or the loss of sensitive 
                personal financial information; and
                    ``(E) the potential legal liability facing the 
                Bureau and market participants in the event the 
                published data leads or contributes to identity theft 
                or the capture of sensitive personal financial 
                information.
            ``(2) Report.--Not later than 1 year after the date of 
        enactment of this subsection, the Comptroller General of the 
        United States shall submit to the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Financial Services of the House of Representatives a report 
        that includes--
                    ``(A) the findings and conclusions of the 
                Comptroller General with respect to the study conducted 
                under paragraph (1); and
                    ``(B) any recommendations for legislative or 
                regulatory actions that--
                            ``(i) would enhance the privacy of a 
                        consumer when accessing mortgage credit; and
                            ``(ii) are consistent with consumer 
                        protections and safe and sound banking 
                        operations.''.

SEC. 913. ENSURING THE REPORTING OF APPRAISAL MISCONDUCT.

    Section 129E of the Truth in Lending Act (15 U.S.C. 1639e) is 
amended--
            (1) in subsection (e)--
                    (A) by striking ``Any mortgage lender'' and 
                inserting the following:
            ``(1) In general.--Any mortgage lender''; and
                    (B) by adding at the end the following:
            ``(2) Limitation on civil liability.--No person may be held 
        civilly liable under any provision of Federal, State, or other 
        law for a disclosure made in good faith pursuant to this 
        section.''; and
            (2) in subsection (k), by adding at the end the following:
            ``(4) Applicability.--This subsection shall not apply to 
        subsection (e).''.

SEC. 914. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.

    Notwithstanding the rule of the Board of Governors of the Federal 
Reserve System regarding Mutual Holding Company Dividend Waivers in 
section 239.63 of title 12, Code of Federal Regulations (or any 
successor thereto), grandfathered mutual holding companies and all 
other mutual holding companies shall be permitted to waive the receipt 
of dividends declared on the common stock of their bank or mid-size 
holding companies.

SEC. 915. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.

    Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C. 
1639e(i)(2)) is amended--
            (1) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively, and adjusting the margins 
        accordingly;
            (2) in the matter preceding clause (i), as so redesignated, 
        by striking ``For purposes of'' and inserting the following:
                    ``(A) In general.--For purposes of''; and
            (3) by adding at the end the following:
                    ``(B) Rule of construction related to appraisal 
                donations.--In the case of an appraisal for which the 
                appraiser voluntarily does not receive a fee, the 
                appraiser is not, and shall not be construed to be, 
                with respect to the donated appraisal, a fee appraiser 
                for purposes of this section.''.

SEC. 916. CLARIFYING THE APPLICABILITY OF SECTION 13(H)(1) OF THE BANK 
              HOLDING COMPANY ACT OF 1956.

    (a) In General.--Section 13(h)(1) of the Bank Holding Company Act 
of 1956 (12 U.S.C. 1851(h)(1)) is amended--
            (1) in subparagraph (D), by redesignating clauses (i) and 
        (ii) as subclauses (I) and (II), respectively, and adjusting 
        the margins accordingly;
            (2) by redesignating subparagraphs (A), (B), (C), and (D) 
        as clauses (i), (ii), (iii), and (iv), respectively, and 
        adjusting the margins accordingly;
            (3) by striking ``institution that functions solely in a 
        trust or fiduciary capacity, if--''and inserting the following: 
        ``institution--
                    ``(A) that functions solely in a trust or fiduciary 
                capacity, if--''; and
            (4) by striking the period at the end and inserting the 
        following: ``; or
                    ``(B) with total consolidated assets of 
                $10,000,000,000 or less if such institution is not 
                controlled by a company with total consolidated assets 
                of more than $10,000,000,000 (as such amounts are 
                adjusted annually by the Board to reflect the 
                percentage change for the previous calendar year in the 
                gross domestic product of the United States, as 
                calculated by the Bureau of Economic Analysis of the 
                Department of Commerce).''.
    (b) Reservation of Authority.--Section 13 of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1851) is amended by adding at the end 
the following:
    ``(i) Reservation of Authority for Certain Insured Depository 
Institutions.--
            ``(1) In general.--Notwithstanding subsection (h)(1)(B), 
        the appropriate Federal banking agency for an insured 
        depository institution with total consolidated assets of 
        $10,000,000,000 or less may apply the prohibitions and 
        restrictions of this section to the activities of the insured 
        depository institution that, but for subsection (h)(1)(B), 
        would be subject to the prohibitions and restrictions of this 
        section if the appropriate Federal banking agency determines 
        that those activities--
                    ``(A) are inconsistent with traditional banking 
                activities; or
                    ``(B) due to their nature or volume, pose a risk to 
                the safety and soundness of the insured depository 
                institution.
            ``(2) Notice and response.--Each of the appropriate Federal 
        banking agencies shall establish a procedure for providing 
        notice to an insured depository institution of a determination 
        under paragraph (1) and an opportunity for response.''.

SEC. 917. STUDY OF MORTGAGE SERVICING ASSETS.

    (a) Definitions.--In this section:
            (1) Banking institution.--The term ``banking institution'' 
        means an insured depository institution, Federal credit union, 
        State credit union, bank holding company, or savings and loan 
        holding company.
            (2) Basel iii capital requirements.--The term ``Basel III 
        capital requirements'' means the Global Regulatory Framework 
        for More Resilient Banks and Banking Systems issued by the 
        Basel Committee on Banking Supervision on December 16, 2010, as 
        revised on June 1, 2011.
            (3) Federal banking agencies.--The term ``Federal banking 
        agencies'' means the Board of Governors of the Federal Reserve 
        System, the Office of the Comptroller of the Currency, the 
        Federal Deposit Insurance Corporation, and the National Credit 
        Union Administration.
            (4) Mortgage servicing assets.--The term ``mortgage 
        servicing assets'' means those assets that result from 
        contracts to service loans secured by real estate, where such 
        loans are owned by third parties.
            (5) NCUA capital requirements.--The term ``NCUA capital 
        requirements'' means the proposed rule of the National Credit 
        Union Administration entitled ``Risk-Based Capital'' (80 Fed. 
        Reg. 4340 (January 27, 2015)).
            (6) Other definitions.--
                    (A) Banking definitions.--The terms ``bank holding 
                company'', ``insured depository institution'', and 
                ``savings and loan holding company'' have the meanings 
                given those terms in section 3 of the Federal Deposit 
                Insurance Act (12 U.S.C. 1813).
                    (B) Credit union definitions.--The terms ``Federal 
                credit union'' and ``State credit union'' have the 
                meanings given those terms in section 101 of the 
                Federal Credit Union Act (12 U.S.C. 1752).
    (b) Study of the Appropriate Capital for Mortgage Servicing 
Assets.--
            (1) In general.--The Federal banking agencies shall jointly 
        conduct a study of the appropriate capital requirements for 
        mortgage servicing assets for banking institutions.
            (2) Issues to be studied.--The study required under 
        paragraph (1) shall include, with a specific focus on banking 
        institutions--
                    (A) the risk to banking institutions of holding 
                mortgage servicing assets;
                    (B) the history of the market for mortgage 
                servicing assets, including in particular the market 
                for those assets in the period of the financial crisis;
                    (C) the ability of banking institutions to 
                establish a value for mortgage servicing assets of the 
                institution through periodic sales or other means;
                    (D) regulatory approaches to mortgage servicing 
                assets and capital requirements that may be used to 
                address concerns about the value of and ability to sell 
                mortgage servicing assets;
                    (E) the impact of imposing the Basel III capital 
                requirements and the NCUA capital requirements on 
                banking institutions on the ability of those 
                institutions--
                            (i) to compete in the mortgage servicing 
                        business, including the need for economies of 
                        scale to compete in that business; and
                            (ii) to provide service to consumers to 
                        whom the institutions have made mortgage loans;
                    (F) an analysis of what the mortgage servicing 
                marketplace would look like if the Basel III capital 
                requirements and the NCUA capital requirements on 
                mortgage servicing assets--
                            (i) were fully implemented; and
                            (ii) applied to both banking institutions 
                        and nondepository residential mortgage loan 
                        servicers;
                    (G) the significance of problems with mortgage 
                servicing assets, if any, in banking institution 
                failures and problem banking institutions, including 
                specifically identifying failed banking institutions 
                where mortgage servicing assets contributed to the 
                failure; and
                    (H) an analysis of the relevance of the Basel III 
                capital requirements and the NCUA capital requirements 
                on mortgage servicing assets to the banking systems of 
                other significantly developed countries.
            (3) Report to congress.--Not later than 180 days after the 
        date of enactment of this title, the Federal banking agencies 
        shall submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives a report containing--
                    (A) the results of the study required under 
                paragraph (1);
                    (B) any analysis on the specific issue of mortgage 
                servicing assets undertaken by the Federal banking 
                agencies before finalizing regulations implementing the 
                Basel III capital requirements and the NCUA capital 
                requirements; and
                    (C) any recommendations for legislative or 
                regulatory actions that would address concerns about 
                the value of and ability to sell and the ability of 
                banking institutions to hold mortgage servicing assets.

SEC. 918. NO WAIT FOR LOWER MORTGAGE RATES.

    (a) In General.--Section 129(b) of the Truth in Lending Act (15 
U.S.C. 1639(b)) is amended--
            (1) by redesignating paragraph (3) as paragraph (4); and
            (2) by inserting after paragraph (2) the following:
            ``(3) No wait for lower rate.--If a creditor extends to a 
        consumer a second offer of credit with a lower annual 
        percentage rate, the transaction may be consummated without 
        regard to the period specified in paragraph (1).''.
    (b) Safe Harbor for Good Faith Compliance With TILA-RESPA 
Integrated Disclosure Rule.--Section 1032(f) of the Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5532(f)) is amended--
            (1) by striking ``Not later than'' and inserting the 
        following:
            ``(1) In general.--Not later than''; and
            (2) by adding at the end the following:
            ``(2) Safe harbor for good faith compliance.--
                    ``(A) Safe harbor.--Notwithstanding any other 
                provision of law, during the period described in 
                subparagraph (B), an entity that provides the 
                disclosures required under the Truth in Lending Act (15 
                U.S.C. 1601 et seq.) and sections 4 and 5 of the Real 
                Estate Settlement Procedures Act of 1974 (12 U.S.C. 
                2603 and 2604), as in effect on July 31, 2015, shall 
                not be subject to any civil, criminal, or 
                administrative action or penalty for failure to fully 
                comply with any requirement under this subsection.
                    ``(B) Applicable period.--Subparagraph (A) shall 
                apply to an entity during the period beginning on the 
                date of enactment of this paragraph and ending on the 
                date that is 30 days after the date on which a 
                certification by the Director that the model 
                disclosures required under paragraph (1) are accurate 
                and in compliance with all State laws is published in 
                the Federal Register.''.

SEC. 919. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.

    (a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5101 et seq.) is amended by adding at the end the following:

``SEC. 1518. EMPLOYMENT TRANSITION.

    ``(a) Temporary License for Persons Moving From a Financial 
Institution to a Non-bank Originator.--A registered loan originator 
shall be deemed to be a State-licensed loan originator for the 120-day 
period beginning on the date on which a State-licensed mortgage lender, 
mortgage banker, or mortgage servicer that is not a depository 
institution registers with the Nationwide Mortgage Licensing System and 
Registry that the registered loan originator is employed by the State-
licensed mortgage lender, mortgage banker, or mortgage servicer, as 
applicable.
    ``(b) Temporary License for Persons Moving Interstate.--A 
registered loan originator or State-licensed loan originator in 1 State 
shall be deemed to be a State-licensed loan originator in another State 
for the 120-day period beginning on the date on which a State-licensed 
mortgage lender, mortgage banker, or mortgage servicer in that State 
registers with the Nationwide Mortgage Licensing System and Registry 
that the registered loan originator or State-licensed loan originator 
is employed by the State-licensed mortgage lender, mortgage banker, or 
mortgage servicer, as applicable.
    ``(c) Federal and State Recognition.--The registration provided 
under subsections (a) and (b) shall fulfill any licensing or 
registration requirement for a loan originator under section 1504 and 
any State law or regulation.''.
    (b) Technical and Conforming Amendment.--The table of contents for 
the Housing and Economic Recovery Act of 2008 (Public Law 110-289; 122 
Stat. 2654) is amended by inserting after the item relating to section 
1517 the following:

``Sec. 1518. Employment transition.''.

SEC. 920. SHORT FORM CALL REPORTS.

    Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following:
            ``(12) Short form reporting.--
                    ``(A) Review of reports of condition.--The 
                appropriate Federal banking agencies shall jointly 
                review the information and schedules that are required 
                to be filed by an insured depository institution in a 
                report of condition required under paragraph (3). As 
                part of this review, the appropriate Federal banking 
                agencies shall jointly--
                            ``(i) establish guiding principles for 
                        determining the appropriateness of information 
                        and schedules collected in a report of 
                        condition; and
                            ``(ii) consistent with the principles 
                        established under clause (i), consider and 
                        document the need for each data item collected, 
                        the frequency with which each data item will be 
                        collected, and the population of insured 
                        depository institutions from which each data 
                        item is required.
                    ``(B) Development of short form reports of 
                condition.--After completing the review required under 
                subparagraph (A), the appropriate Federal banking 
                agencies shall jointly develop, to the extent 
                appropriate, 1 or more report of condition forms that 
                reduce or eliminate information or schedules required 
                to be filed by an insured depository institution in a 
                report of condition required under paragraph (3). Such 
                form or forms shall, as determined by the appropriate 
                Federal banking agencies, be appropriate for the size 
                and complexity of the insured depository institution.
                    ``(C) Reports to congress.--Not later than 180 days 
                after the date of enactment of this paragraph, and 
                every 180 days thereafter until the appropriate Federal 
                banking agencies have jointly completed the 
                requirements under subparagraphs (A) and (B), the 
                appropriate Federal banking agencies shall submit to 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate and the Committee on Financial Services of 
                the House of Representatives a report describing the 
                progress made concerning the completion of such 
                responsibilities.''.

SEC. 921. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT.

    (a) In General.--The Expedited Funds Availability Act (12 U.S.C. 
4001 et seq.) is amended--
            (1) in section 602 (12 U.S.C. 4001)--
                    (A) in paragraph (20), by inserting ``, located in 
                the United States,'' after ``ATM'';
                    (B) in paragraph (21), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana 
                Islands,'' after ``Puerto Rico,''; and
                    (C) in paragraph (23), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana 
                Islands,'' after ``Puerto Rico,''; and
            (2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by 
        inserting ``American Samoa, the Commonwealth of the Northern 
        Mariana Islands,'' after ``Puerto Rico,''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on January 1, 2016.

SEC. 922. APPLICATION OF THE FEDERAL ADVISORY COMMITTEE ACT.

    Section 1013 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5493) is amended by adding at the end the following:
    ``(h) Application of FACA.--Notwithstanding any provision of the 
Federal Advisory Committee Act (5 U.S.C. App.), such Act shall apply to 
each advisory committee of the Bureau and each subcommittee of such an 
advisory committee.''.

SEC. 923. BUDGET TRANSPARENCY FOR THE NCUA.

    Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789) is 
amended--
            (1) by redesignating paragraphs (1) and (2) as paragraphs 
        (2) and (3), respectively;
            (2) by inserting before paragraph (2), as so redesignated, 
        the following:
            ``(1) on an annual basis and prior to the submission of the 
        detailed business-type budget required under paragraph (2)--
                    ``(A) make publicly available and cause to be 
                printed in the Federal Register a draft of the detailed 
                business-type budget; and
                    ``(B) hold a public hearing, with public notice 
                provided of the hearing, wherein the public may submit 
                comments on the draft of the detailed business-type 
                budget;''; and
            (3) in paragraph (2), as so redesignated--
                    (A) by inserting ``detailed'' after ``submit a''; 
                and
                    (B) by inserting ``, which shall address any 
                comment submitted by the public under paragraph 
                (1)(B)'' after ``Control Act''.

SEC. 924. DATE FOR DETERMINING CONSOLIDATED ASSETS.

    Section 171(b)(4)(C) of the Financial Stability Act of 2010 (12 
U.S.C. 5371(b)(4)(C)) is amended by inserting ``or March 31, 2010,'' 
after ``December 31, 2009,''.

SEC. 925. FHLB MEMBERSHIP.

    (a) FHLB Membership Proposed Rule.--
            (1) Definitions.--In this subsection:
                    (A) Community development financial institution.--
                The term ``community development financial 
                institution'' has the meaning given that term in 
                section 103 of the Community Development Banking and 
                Financial Institutions Act of 1994 (12 U.S.C. 4702).
                    (B) Covered proposed rule.--The term ``covered 
                proposed rule'' means the proposed rule of the Federal 
                Housing Finance Agency entitled ``Members of Federal 
                Home Loan Banks'' (79 Fed. Reg. 54848 (September 12, 
                2014)).
                    (C) Other terms from the federal home loan bank 
                act.--The terms ``community financial institution'', 
                ``Federal Home Loan Bank'', and ``Federal Home Loan 
                Bank System'' have the meanings given those terms in 
                section 2 of the Federal Home Loan Bank Act (12 U.S.C. 
                1422).
            (2) Withdrawal of proposed rule.--Not later than 30 days 
        after the date of enactment of this title, the Federal Housing 
        Finance Agency shall withdraw the covered proposed rule.
            (3) GAO study and report on proposed rule.--
                    (A) Study.--
                            (i) In general.--The Comptroller General of 
                        the United States shall conduct a study on the 
                        impact that the covered proposed rule would 
                        have, if adopted as proposed, on--
                                    (I) the ability of the Federal Home 
                                Loan Banks to fulfill the mandate to 
                                provide liquidity to support housing 
                                finance and economic and community 
                                development;
                                    (II) the safety and soundness of 
                                the Federal Home Loan Bank System;
                                    (III) the liquidity needs of 
                                financial intermediaries;
                                    (IV) the stability of the Federal 
                                Home Loan Bank System;
                                    (V) the benefits of a diverse 
                                membership base for Federal Home Loan 
                                Banks; and
                                    (VI) the ability of member 
                                institutions to rely on access to 
                                Federal Home Loan Bank advances.
                            (ii) Considerations.--In conducting the 
                        study under clause (i), the Comptroller General 
                        of the United States shall consider--
                                    (I) the comment letters submitted 
                                in response to the notice of proposed 
                                rulemaking for the covered proposed 
                                rule;
                                    (II) the legislative and 
                                administrative history of the Federal 
                                Home Loan Bank membership rules;
                                    (III) the burden placed on 
                                community financial institutions and 
                                community development financial 
                                institutions; and
                                    (IV) the legal authority of the 
                                Federal Housing Finance Agency to 
                                exclude from membership any class or 
                                category of insurance companies.
                    (B) Report.--Not later than 1 year after the date 
                of enactment of this title, the Comptroller General of 
                the United States shall submit to the Committee on 
                Banking, Housing, and Urban Affairs of the Senate and 
                the Committee on Financial Services of the House of 
                Representatives a report on the findings of the study 
                conducted under subparagraph (A)(i).
    (b) Credit Union Parity for FHLB Membership Eligibility.--Section 
2(10)(A)(i) of the Federal Home Loan Bank Act (12 U.S.C. 
1422(10)(A)(i)) is amended to read as follows:
                            ``(i) the deposits of which--
                                    ``(I) are insured under the Federal 
                                Deposit Insurance Act (12 U.S.C. 1811 
                                et seq.); or
                                    ``(II) are insured under or 
                                eligible to be insured under the 
                                Federal Credit Union Act (12 U.S.C. 
                                1751 et seq.); and''.

SEC. 926. ENSURING A COMPREHENSIVE REGULATORY REVIEW.

    Section 2222 of the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (12 U.S.C. 3311) is amended--
            (1) in subsection (a)--
                    (A) by striking ``each appropriate Federal banking 
                agency represented on the Council'' and inserting 
                ``each of the Office of the Comptroller of the 
                Currency, the Federal Deposit Insurance Corporation, 
                the Board of Governors of the Federal Reserve System, 
                the Bureau of Consumer Financial Protection, and the 
                National Credit Union Administration Board as the 
                Federal agency representatives on the Council'';
                    (B) by inserting ``, joint or otherwise, and 
                including all regulations issued pursuant to any 
                authority provided under the Dodd-Frank Wall Street 
                Reform and Consumer Protection Act (Public Law 111-203; 
                124 Stat. 1376),'' after ``prescribed by the Council'';
                    (C) by striking ``any such appropriate Federal 
                banking agency'' and inserting ``any such Federal 
                agency''; and
                    (D) by striking ``insured depository institutions'' 
                and inserting ``financial institutions'';
            (2) in subsections (b), (c), and (d), by striking ``the 
        appropriate Federal banking agency'' each place that term 
        appears and inserting ``the appropriate Federal agency''; and
            (3) in subsection (e)--
                    (A) in paragraph (1), by striking ``the appropriate 
                Federal banking agencies'' and inserting ``the 
                appropriate Federal agencies''; and
                    (B) in paragraph (2), by striking ``the appropriate 
                Federal banking agency'' and inserting ``the 
                appropriate Federal agency''.

SEC. 927. PROHIBITION ON IMPLEMENTATION OR PARTICIPATION IN OPERATION 
              CHOKE POINT.

    The Federal Deposit Insurance Corporation, the Office of the 
Comptroller of the Currency, the Board of Governors of the Federal 
Reserve System, the Bureau of Consumer Financial Protection, or the 
National Credit Union Administration may not implement or participate 
in the Operation Choke Point initiative of the Department of Justice.

SEC. 928. EXEMPTIVE AUTHORITY.

    (a) Exemptive Authority for the Federal Deposit Insurance 
Corporation.--Section 10 of the Federal Deposit Insurance Act (12 
U.S.C. 1820) is amended by adding at the end the following:
    ``(l) Exemptive Authority.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, the Corporation, after considering the factors in 
        paragraph (3), may exempt by rule any depository institution 
        having less than $10,000,000,000 in total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act 
                conferring authority to the Corporation.
            ``(2) Conditions.--The Corporation may impose conditions on 
        an exemption granted under paragraph (1).
            ``(3) Factors to consider.--In issuing an exemption under 
        paragraph (1), the Corporation shall consider, as appropriate, 
        the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the depository 
                institution;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted in order to promote the safety and 
                soundness of the depository institution; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(4) Adjustment for changes in gross domestic product.--
        The asset threshold identified in paragraph (1) shall be 
        adjusted annually by the Corporation to reflect the percentage 
        change for the previous calendar year in the gross domestic 
        product of the United States, as calculated by the Bureau of 
        Economic Analysis of the Department of Commerce.''.
    (b) Exemptive Authority for the Office of the Comptroller of the 
Currency.--
            (1) Exemptive authority for national banks.--Section 5239A 
        of the Revised Statutes is amended--
                    (A) by striking ``Except'' and inserting the 
                following:
    ``(a) In General.--Except''.; and
                    (B) by adding at the end the following:
    ``(b) Exemptive Authority.--
            ``(1) Definition.--In this subsection, the term `insured 
        depository institution' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Comptroller of the Currency, after considering the 
        factors in paragraph (4), may exempt by rule any national bank 
        having less than $10,000,000,000 in total assets from--
                    ``(A) any provision of this title;
                    ``(B) any rule promulgated under this title; or
                    ``(C) any rule promulgated under any other title or 
                Act that confers authority to the Comptroller.
            ``(3) Conditions.--The Comptroller may impose conditions on 
        an exemption granted under paragraph (2).
            ``(4) Factors to consider.--In issuing an exemption under 
        paragraph (2), the Comptroller shall consider, as appropriate, 
        the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the national 
                bank;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted to promote the safety and soundness of the 
                national bank; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(5) Adjustment for changes in gross domestic product.--
        The asset threshold identified in paragraph (2) shall be 
        adjusted annually by the Comptroller to reflect the percentage 
        change for the previous calendar year in the gross domestic 
        product of the United States, as calculated by the Bureau of 
        Economic Analysis of the Department of Commerce.''.
            (2) Exemptive authority for savings associations.--Section 
        4(a) of the Home Owners' Loan Act (12 U.S.C. 1463) is amended 
        by adding at the end the following:
            ``(4) Exemptive authority.--
                    ``(A) Definition.--In this paragraph, the term 
                `insured depository institution' has the meaning given 
                the term in section 3 of the Federal Deposit Insurance 
                Act (12 U.S.C. 1813).
                    ``(B) Exemption.--Notwithstanding any other 
                provision of law, the Comptroller of the Currency, 
                after considering the factors in subparagraph (D), may 
                exempt by rule any savings association having less than 
                $10,000,000,000 in total assets from--
                            ``(i) any provision of this title;
                            ``(ii) any rule promulgated under this 
                        title; or
                            ``(iii) any rule promulgated under any 
                        other title or act conferring authority on the 
                        Comptroller.
                    ``(C) Conditions.--The Comptroller may impose 
                conditions on an exemption granted under subparagraph 
                (B).
                    ``(D) Factors to consider.--In issuing an exemption 
                under subparagraph (B), the Comptroller shall consider, 
                as appropriate, the extent to which--
                            ``(i) the provision or rule would impose an 
                        unnecessary or undue burden or cost on the 
                        savings association;
                            ``(ii) the provision or rule is unnecessary 
                        or unwarranted to promote the safety and 
                        soundness of the savings association; and
                            ``(iii) the exemption is necessary, 
                        appropriate, or consistent with the public 
                        interest.
                    ``(E) Adjustment for changes in gross domestic 
                product.--The asset threshold identified in 
                subparagraph (B) shall be adjusted annually by the 
                Comptroller to reflect the percentage change for the 
                previous calendar year in the gross domestic product of 
                the United States, as calculated by the Bureau of 
                Economic Analysis of the Department of Commerce.''.
    (c) Exemptive Authority for the Board of Governors of the Federal 
Reserve System.--
            (1) Exemptive authority for state member banks.--Section 11 
        of the Federal Reserve Act (12 U.S.C. 248) is amended by adding 
        at the end the following:
    ``(t) Exemptive Authority.--
            ``(1) Definition.--In this section, the term `insured 
        depository institution' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Board, after considering the factors in paragraph (4), 
        may exempt by rule any state member bank having less than 
        $10,000,000,000 in total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other act 
                conferring authority on the Board.
            ``(3) Conditions.--The Board may impose conditions on an 
        exemption granted under paragraph (2).
            ``(4) Factors to consider.--In issuing an exemption under 
        paragraph (2), the Board shall consider, as appropriate, the 
        extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the state member 
                bank;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted to promote the safety and soundness of the 
                state member bank; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(5) Adjustment for changes in gross domestic product.--
        The asset threshold identified in paragraph (2) shall be 
        adjusted annually by the Board to reflect the percentage change 
        for the previous calendar year in the gross domestic product of 
        the United States, as calculated by the Bureau of Economic 
        Analysis of the Department of Commerce.''.
            (2) Exemptive authority for bank holding companies.--The 
        Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is 
        amended by adding at the end the following:

``SEC. 15. EXEMPTIVE AUTHORITY.

    ``(a) Definition.--In this section, the term `insured depository 
institution' has the meaning given the term in section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813).
    ``(b) Exemption.--Notwithstanding any other provision of law, the 
Board, after considering the factors in subsection (d), may exempt by 
rule any bank holding company having less than $10,000,000,000 in total 
assets from--
            ``(1) any provision of this Act;
            ``(2) any rule promulgated under this Act; or
            ``(3) any rule promulgated under any other act conferring 
        authority on the Board.
    ``(c) Conditions.--The Board may impose conditions on an exemption 
granted under subsection (b).
    ``(d) Factors to Consider.--In issuing an exemption under 
subsection (b), the Board shall consider, as appropriate, the extent to 
which--
            ``(1) the provision or rule would impose an unnecessary or 
        undue burden or cost on the bank holding company;
            ``(2) the provision or rule is unnecessary or unwarranted 
        to promote the safety and soundness of the bank holding 
        company; and
            ``(3) the exemption is necessary, appropriate, or 
        consistent with the public interest.
    ``(e) Adjustment for Changes in Gross Domestic Product.--The asset 
threshold identified in subsection (b) shall be adjusted annually by 
the Board to reflect the percentage change for the previous calendar 
year in the gross domestic product of the United States, as calculated 
by the Bureau of Economic Analysis of the Department of Commerce.''.
            (3) Exemptive authority for savings and loan holding 
        companies and mutual holding companies.--Section 10 of the Home 
        Owners' Loan Act (12 U.S.C. 1467a) is amended by adding at the 
        end the following:
    ``(u) Exemptive Authority.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `insured depository institution' has 
                the meaning given the term in section 3 of the Federal 
                Deposit Insurance Act (12 U.S.C. 1813); and
                    ``(B) the term `mutual holding company' has the 
                meaning given the term in subsection (o)(10)(A).
            ``(2) Exemption.--Notwithstanding any other provision of 
        law, the Board, after considering the factors in paragraph (4), 
        may exempt by rule any savings and loan holding company or any 
        mutual holding company having less than $10,000,000,000 in 
        total assets from--
                    ``(A) any provision of this Act;
                    ``(B) any rule promulgated under this Act; or
                    ``(C) any rule promulgated under any other Act 
                conferring authority on the Board.
            ``(3) Conditions.--The Board may impose conditions on an 
        exemption granted under paragraph (2).
            ``(4) Factors to consider.--In issuing an exemption under 
        paragraph (2), the Board shall consider the extent to which--
                    ``(A) the provision or rule would impose an 
                unnecessary or undue burden or cost on the savings and 
                loan holding company or the mutual holding company;
                    ``(B) the provision or rule is unnecessary or 
                unwarranted to promote the safety and soundness of the 
                savings and loan holding company or the mutual holding 
                company; and
                    ``(C) the exemption is necessary, appropriate, or 
                consistent with the public interest.
            ``(5) Limitation.--The authority granted under paragraph 
        (2) shall not apply with respect to a savings and loan holding 
        company described in subsection (c)(9)(C).
            ``(6) Adjustment for changes in gross domestic product.--
        The asset threshold identified in paragraph (2) shall be 
        adjusted annually by the Board to reflect the percentage change 
        for the previous calendar year in the gross domestic product of 
        the United States, as calculated by the Bureau of Economic 
        Analysis of the Department of Commerce.''.

       Subtitle B--Systemically Important Bank Holding Companies

SEC. 931. REVISIONS TO COUNCIL AUTHORITY.

    (a) Purposes and Duties.--Section 112(a)(2)(I) of the Financial 
Stability Act of 2010 (12 U.S.C. 5322(a)(2)(I)) is amended--
            (1) by striking ``and large, interconnected bank holding 
        companies''; and
            (2) by inserting ``and bank holding companies subject to a 
        determination under section 113A(a)'' before the semicolon at 
        the end.
    (b) Authority to Require Supervision and Regulation of Certain Bank 
Holding Companies.--The Financial Stability Act of 2010 (12 U.S.C. 5311 
et seq.) is amended by adding after section 113 (12 U.S.C. 5323) the 
following:

``SEC. 113A. AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF 
              SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES.

    ``(a) In General.--The Council may, in accordance with the 
procedures described in subsections (c) and (d), determine that a bank 
holding company shall be deemed systemically important.
    ``(b) Considerations.--
            ``(1) The Council shall, not later than 90 days after the 
        date of enactment of this section, issue regulations describing 
        with specificity the factors that the Council will use to make 
        a determination under subsection (a). Such factors shall 
        initially include the following:
                    ``(A) The size of the bank holding company.
                    ``(B) The interconnectedness of the bank holding 
                company.
                    ``(C) The extent of readily available substitutes 
                or financial institution infrastructure for the 
                services provided by the bank holding company.
                    ``(D) The global cross-jurisdictional activity of 
                the bank holding company.
                    ``(E) The complexity of the bank holding company.
            ``(2) The Council may, by regulation, add to, subtract, or 
        modify the factors used by the Council pursuant to paragraph 
        (1) if the Council--
                    ``(A) provides notice to the public and opportunity 
                for comment on any proposed changes;
                    ``(B) explains, as part of the notice required in 
                subparagraph (A), with specificity how any proposed 
                changes would result in factors that more accurately 
                measure the threat that the material financial distress 
                of a bank holding company could pose to the financial 
                stability of the United States, in comparison with the 
                existing factors; and
                    ``(C) finds, on a nondelegable basis and by a vote 
                of not fewer than \2/3\ of the voting members then 
                serving, including an affirmative vote by the 
                Chairperson, that such a change would result in factors 
                that more accurately measure the threat that the 
                material financial distress of a bank holding company 
                could pose to the financial stability of the United 
                States, in comparison with the existing factors.
    ``(c) Bank Holding Companies Deemed Systemically Important.--
            ``(1) In general.--With respect to a bank holding company 
        with total consolidated assets of not less than $50,000,000,000 
        and not more than $500,000,000,000 (as such amounts are 
        adjusted annually by the Council to reflect the percentage 
        change for the previous calendar year in the gross domestic 
        product of the United States, as calculated by the Bureau of 
        Economic Analysis of the Department of Commerce), the Council 
        may, on a nondelegable basis and by a vote of not fewer than 
        \2/3\ of the voting members then serving, including an 
        affirmative vote by the Chairperson, make a determination under 
        subsection (a) if the Council determines, based on the factors 
        considered pursuant to subsection (b), that the material 
        financial distress of a bank holding company could pose a 
        threat to the financial stability of the United States.
            ``(2) Requirements for proposed determination, notice and 
        opportunity for hearing, and final determination.--
                    ``(A) Initial evaluation by the board of 
                governors.--The Board of Governors may identify a bank 
                holding company for an evaluation of whether, based on 
                the factors considered pursuant to subsection (b), the 
                material financial distress of the bank holding company 
                could pose a threat to the financial stability of the 
                United States. Upon identifying such bank holding 
                company, the Board of Governors--
                            ``(i) shall provide the bank holding 
                        company with--
                                    ``(I) a written notice that shall 
                                include any quantitative analysis used 
                                in identifying the bank holding company 
                                and shall explain with specificity the 
                                basis for identifying the bank holding 
                                company;
                                    ``(II) an opportunity to submit 
                                written materials for consideration by 
                                the Board of Governors as part of an 
                                evaluation by the Board of Governors 
                                under clause (ii); and
                                    ``(III) an opportunity to meet with 
                                representatives of the Board of 
                                Governors to discuss the analysis 
                                conducted by the Board of Governors to 
                                identify the bank holding company;
                            ``(ii) may, after fulfilling the 
                        requirements of clause (i), evaluate whether, 
                        based on the factors considered pursuant to 
                        subsection (b), the material financial distress 
                        of the bank holding company could pose a threat 
                        to the financial stability of the United 
                        States;
                            ``(iii) may, at the conclusion of an 
                        evaluation under clause (ii), make a 
                        recommendation to the Council that the Council 
                        perform an evaluation under subparagraph 
                        (B)(ii)(I); and
                            ``(iv) shall, if a recommendation is made 
                        under clause (iii), provide written notice to 
                        the bank holding company that a recommendation 
                        was made, which notice shall include a detailed 
                        explanation of the basis for the 
                        recommendation, including how each factor 
                        considered pursuant to subsection (b) relates 
                        to the potential threat posed by the bank 
                        holding company to the financial stability of 
                        the United States.
                    ``(B) Evaluation by the council.--
                            ``(i) In general.--The Council may only 
                        make a proposed determination with respect to a 
                        bank holding company under subparagraph (C)(i) 
                        if the Council--
                                    ``(I) has received a recommendation 
                                under subparagraph (A)(iii) with 
                                respect to the bank holding company; or
                                    ``(II) not earlier than the 
                                effective date of this section, and 
                                after consultation and coordination 
                                with the Board of Governors, on a 
                                nondelegable basis and by a vote of not 
                                fewer than \2/3\ of the voting members 
                                then serving, including an affirmative 
                                vote by the Chairperson, decides to 
                                evaluate the bank holding company for a 
                                proposed determination under 
                                subparagraph (C)(i).
                            ``(ii) Requirements before making a 
                        proposed determination.--Before making a 
                        proposed determination with respect to a bank 
                        holding company under subparagraph (C)(i), and 
                        after receiving a recommendation under clause 
                        (i)(I) or making a decision under clause 
                        (i)(II), the Council shall--
                                    ``(I) perform an evaluation of the 
                                bank holding company, including an 
                                evaluation of--
                                            ``(aa) whether the material 
                                        financial distress of the bank 
                                        holding company could pose a 
                                        threat to the financial 
                                        stability of the United States; 
                                        and
                                            ``(bb) how each of the 
                                        factors considered pursuant to 
                                        subsection (b) relates to the 
                                        potential threat posed by the 
                                        bank holding company to the 
                                        financial stability of the 
                                        United States; and
                                    ``(II) provide the bank holding 
                                company with--
                                            ``(aa) a written notice 
                                        that the bank holding company 
                                        is being evaluated;
                                            ``(bb) an opportunity to 
                                        meet with representatives of 
                                        the Council to discuss the 
                                        evaluation by the Council; and
                                            ``(cc) an opportunity to 
                                        submit written materials to the 
                                        Council, within such time as 
                                        the Council deems appropriate 
                                        (but not earlier than 30 days 
                                        after the date of receipt of 
                                        the notice under item (aa)).
                    ``(C) Proposed determination.--
                            ``(i) Voting.--After fulfilling the 
                        requirements of subparagraph (B), the Council 
                        may, on a nondelegable basis and by a vote of 
                        not fewer than \2/3\ of the voting members then 
                        serving, including an affirmative vote by the 
                        Chairperson, propose to make a determination 
                        under paragraph (1) with respect to a bank 
                        holding company.
                            ``(ii) Notice of proposed determination.--
                        If the Council makes a proposed determination 
                        under clause (i), the Council shall provide a 
                        notice to the bank holding company, which 
                        notice shall contain the basis for the proposed 
                        determination, including a detailed explanation 
                        of the evaluation performed under subparagraph 
                        (B)(ii)(I).
                    ``(D) Requirements before final determination.--
                After making a proposed determination under 
                subparagraph (C)(i) and prior to making a final 
                determination under paragraph (1), the Council shall--
                            ``(i) not later than 30 days after the date 
                        of receipt of any notice under subparagraph 
                        (C)(ii), provide the bank holding company with 
                        an opportunity to request, in writing, a 
                        hearing before the Council to contest the 
                        proposed determination;
                            ``(ii) if the Council receives a timely 
                        request under clause (i), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the bank 
                        holding company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        bank holding company--
                                    ``(I) submit a plan to modify the 
                                business, structure, or operations of 
                                the bank holding company in order to 
                                address the factors and the potential 
                                threat posed by the bank holding 
                                company to the financial stability of 
                                the United States identified pursuant 
                                to subparagraph (C)(ii);
                                    ``(II) submit written materials in 
                                addition to or separate from the plan 
                                described in subclause (I); and
                                    ``(III) provide oral testimony and 
                                oral argument to the members of the 
                                Council, with not fewer than \2/3\ of 
                                the voting members of the Council, 
                                including the Chairperson, in 
                                attendance; and
                            ``(iii) in the event a plan is submitted to 
                        the Council under clause (ii)(I)--
                                    ``(I) consider whether the plan, if 
                                implemented, would address the factors 
                                and the potential threat posed by the 
                                bank holding company to the financial 
                                stability of the United States 
                                identified pursuant to subparagraph 
                                (C)(ii); and
                                    ``(II) provide the bank holding 
                                company with--
                                            ``(aa) analysis of whether 
                                        and to what extent the plan 
                                        addresses the factors and the 
                                        potential threat posed by the 
                                        bank holding company to the 
                                        financial stability of the 
                                        United States identified 
                                        pursuant to subparagraph 
                                        (C)(ii);
                                            ``(bb) an opportunity to 
                                        meet with representatives of 
                                        the Council to discuss the 
                                        analysis provided under item 
                                        (aa); and
                                            ``(cc) an opportunity to 
                                        revise the plan after 
                                        discussions with 
                                        representatives of the Council.
                    ``(E) Final determination.--
                            ``(i) In general.--After fulfilling the 
                        requirements of subparagraph (D), and not later 
                        than 90 days after the date on which a hearing 
                        is held under subparagraph (D)(ii), the Council 
                        may vote to make a final determination under 
                        paragraph (1). The Council may delay the vote 
                        up to 1 additional year after the conclusion of 
                        the 90-day period if considering a plan under 
                        subparagraph (D)(iii).
                            ``(ii) Outcome of the vote.--If the Council 
                        votes on a final determination under paragraph 
                        (1), the Council shall promptly inform the bank 
                        holding company of the outcome of the vote in 
                        writing.
                            ``(iii) Notice of final determination.--If 
                        the Council votes to make a final determination 
                        under paragraph (1), the Council shall, not 
                        later than 30 days after the date of the vote, 
                        provide a notice to the bank holding company, 
                        which notice shall contain--
                                    ``(I) the basis for the 
                                determination, including--
                                            ``(aa) a detailed analysis 
                                        of any plan submitted by the 
                                        bank holding company and 
                                        considered by the Council under 
                                        subparagraph (D), if 
                                        applicable, which analysis 
                                        shall, at a minimum, include--

                                                    ``(AA) whether and 
                                                to what extent 
                                                successful 
                                                implementation of the 
                                                plan could address the 
                                                factors and the 
                                                potential threat posed 
                                                by the bank holding 
                                                company to the 
                                                financial stability of 
                                                the United States 
                                                identified pursuant to 
                                                subparagraph (C)(ii); 
                                                and

                                                    ``(BB) a detailed 
                                                explanation of why the 
                                                plan would not address 
                                                the factors and the 
                                                potential threat posed 
                                                by the bank holding 
                                                company to the 
                                                financial stability of 
                                                the United States 
                                                identified pursuant to 
                                                subparagraph (C)(ii), 
                                                if the Council, during 
                                                its consideration of 
                                                the plan under 
                                                subparagraph 
                                                (D)(iii)(I), concluded 
                                                that the plan would not 
                                                address such factors or 
                                                potential threat;

                                            ``(bb) the reasons why the 
                                        materials and other information 
                                        submitted or provided by the 
                                        bank holding company under 
                                        subclauses (II) and (III) of 
                                        subparagraph (D)(ii) did not 
                                        address the potential threat 
                                        posed by the bank holding 
                                        company to the financial 
                                        stability of the United States;
                                            ``(cc) a detailed analysis 
                                        of how the factors, including 
                                        an explanation of how each 
                                        factor relates to the potential 
                                        threat posed by the bank 
                                        holding company to the 
                                        financial stability of the 
                                        United States, that the Council 
                                        considered pursuant to 
                                        subsection (b) resulted in the 
                                        final determination under 
                                        paragraph (1); and
                                            ``(dd) specific aspects of 
                                        the business, operations, or 
                                        structure of the bank holding 
                                        company that the Council 
                                        believes could pose a threat to 
                                        the financial stability of the 
                                        United States, including an 
                                        assessment by the Council of 
                                        the probability and magnitude 
                                        of the threat; and
                                    ``(II) an explanation of actions 
                                the bank holding company could take in 
                                order for the Council to rescind the 
                                determination.
            ``(3) Reevaluation and rescission.--
                    ``(A) Reevaluation requirement.--The Council shall, 
                in accordance with this paragraph, reevaluate a final 
                determination made under paragraph (1) with respect to 
                a bank holding company--
                            ``(i) if, at any time, the Board of 
                        Governors recommends that the Council do so; 
                        and
                            ``(ii) not less frequently than once every 
                        5 years.
                    ``(B) Reevaluation procedure.--The Council, in 
                conducting any reevaluation of a bank holding company 
                required under subparagraph (A), shall--
                            ``(i) provide a written notice to the bank 
                        holding company being reevaluated;
                            ``(ii) afford the bank holding company an 
                        opportunity to submit a plan, within such time 
                        as the Council determines to be appropriate 
                        (but which shall be not earlier than 30 days 
                        after the date of receipt by the bank holding 
                        company of the notice provided under clause 
                        (i)), to modify the business, structure, or 
                        operations of the bank holding company;
                            ``(iii) afford the bank holding company an 
                        opportunity to submit written materials in 
                        addition to, or separate from, the plan 
                        described in clause (ii), within such time as 
                        the Council determines to be appropriate (but 
                        which shall be not earlier than 30 days after 
                        the date of receipt by the bank holding company 
                        of the notice provided under clause (i)), to 
                        contest the determination, including materials 
                        concerning whether, in the view of the bank 
                        holding company, the material financial 
                        distress at the bank holding company could pose 
                        a threat to the financial stability of the 
                        United States;
                            ``(iv) provide an opportunity for the bank 
                        holding company to meet with representatives of 
                        the Council to present the information 
                        described in clauses (ii) and (iii);
                            ``(v) not earlier than 30 days after the 
                        date of receipt of any notice under clause (i), 
                        provide the bank holding company with an 
                        opportunity to request, in writing, a hearing 
                        before the Council to contest its final 
                        determination under paragraph (1); and
                            ``(vi) if the Council receives a timely 
                        request under clause (v), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the bank 
                        holding company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        bank holding company, provide oral testimony 
                        and oral argument to the members of the 
                        Council, with not fewer than \2/3\ of the 
                        voting members of the Council, including the 
                        Chairperson, in attendance.
                    ``(C) Company plan.--If a bank holding company 
                submits a plan in accordance with subparagraph (B)(ii), 
                the Council shall--
                            ``(i) consider whether the plan, if 
                        implemented, would result in the bank holding 
                        company no longer meeting the criteria for a 
                        final determination under paragraph (1); and
                            ``(ii) provide the bank holding company 
                        with--
                                    ``(I) analysis of whether and to 
                                what extent the plan addresses the 
                                potential threat posed by the bank 
                                holding company to the financial 
                                stability of the United States;
                                    ``(II) an opportunity to meet with 
                                representatives of the Council to 
                                discuss the analysis provided under 
                                subclause (I); and
                                    ``(III) an opportunity to revise 
                                the plan after discussions with 
                                representatives of the Council.
                    ``(D) Voting and explanation.--
                            ``(i) In general.--After evaluating the 
                        materials and information provided by a bank 
                        holding company under subparagraph (B) and 
                        fulfilling the requirements of subparagraph 
                        (C), and not later than 180 days after the date 
                        of receipt by the bank holding company of the 
                        notice provided under subparagraph (B)(i), the 
                        Council shall, on a nondelegable basis and by a 
                        vote of not fewer than \2/3\ of the voting 
                        members then serving, including an affirmative 
                        vote by the Chairperson, determine whether to 
                        renew a final determination under paragraph 
                        (1).
                            ``(ii) Notice of final determination.--If 
                        the Council votes to renew a final 
                        determination under clause (i), the Council 
                        shall provide a notice to the bank holding 
                        company with the reasons for the decision by 
                        the Council, which notice shall address with 
                        specificity--
                                    ``(I) any changes to the basis for 
                                the final determination decision made 
                                under paragraph (1) since the date on 
                                which the final determination under 
                                paragraph (1) was made, including any 
                                changes to the information provided to 
                                the bank holding company under--
                                            ``(aa) paragraph 
                                        (2)(E)(iii)(I)(cc); or
                                            ``(bb) this clause, in 
                                        prior years;
                                    ``(II) any plan submitted by the 
                                bank holding company and considered by 
                                the Council under subparagraph (C), and 
                                shall, at a minimum, include--
                                            ``(aa) a detailed analysis 
                                        of whether and to what extent 
                                        successful implementation of 
                                        the plan could result in the 
                                        bank holding company no longer 
                                        meeting the criteria for a 
                                        final determination under 
                                        paragraph (1); and
                                            ``(bb) a detailed 
                                        explanation of why, if the plan 
                                        were implemented, the bank 
                                        holding company would still 
                                        meet the criteria for a final 
                                        determination under paragraph 
                                        (1), if the Council, during its 
                                        consideration of the plan under 
                                        subparagraph (C), concluded 
                                        that the bank holding company 
                                        would still meet those criteria 
                                        if the plan were implemented;
                                    ``(III) aspects of the business, 
                                operations, or structure of the bank 
                                holding company that the Council 
                                believes could pose a threat to the 
                                financial stability of the United 
                                States, including the probability and 
                                magnitude of that threat; and
                                    ``(IV) an explanation of actions 
                                the bank holding company could take in 
                                order for the Council to rescind the 
                                determination.
                            ``(iii) No final determination.--If the 
                        Council does not vote to renew a final 
                        determination under clause (i), then the 
                        existing final determination under paragraph 
                        (1) shall be rescinded and the Council shall 
                        inform the bank holding company in writing.
                            ``(iv) Voting threshold for rescission of 
                        determination.--Notwithstanding clause (iii), 
                        the Council may, at any time, on a nondelegable 
                        basis and by a vote of not fewer than \2/3\ of 
                        the voting members then serving, including an 
                        affirmative vote by the Chairperson, determine 
                        that a bank holding company no longer meets the 
                        criteria for a final determination under 
                        paragraph (1), in which case the Council shall 
                        rescind the final determination.
            ``(4) Emergency exception.--
                    ``(A) In general.--The Council may waive or modify 
                the requirements of paragraph (2) with respect to a 
                bank holding company with total consolidated assets of 
                not less than $50,000,000,000 and not more than 
                $500,000,000,000 (as such amounts are adjusted annually 
                by the Council to reflect the percentage change for the 
                previous calendar year in the gross domestic product of 
                the United States, as calculated by the Bureau of 
                Economic Analysis of the Department of Commerce) if the 
                Council determines, on a nondelegable basis and by a 
                vote of not fewer than \2/3\ of the voting members then 
                serving, including an affirmative vote by the 
                Chairperson, that such waiver or modification is 
                necessary or appropriate to prevent or mitigate threats 
                posed by the bank holding company to the financial 
                stability of the United States.
                    ``(B) Notice.--The Council shall provide notice of 
                a waiver or modification under this paragraph to the 
                bank holding company concerned as soon as practicable, 
                but not later than 24 hours after the waiver or 
                modification is granted.
                    ``(C) International coordination.--In making a 
                determination under subparagraph (A), the Council shall 
                consult with the appropriate home country supervisor, 
                if any, of a foreign bank holding company that is being 
                considered for such a determination.
                    ``(D) Opportunity for hearing.--The Council shall 
                allow a bank holding company to request, in writing, an 
                opportunity for a hearing before the Council to contest 
                a waiver or modification under this paragraph, not 
                later than 10 days after the date of receipt of the 
                notice of waiver or modification. Upon receipt of a 
                timely request, the Council shall fix a time (not later 
                than 15 days after the date of receipt of the request) 
                and place at which the bank holding company may appear, 
                personally or through counsel, to submit written 
                materials (or, at the sole discretion of the Council, 
                oral testimony and oral argument).
                    ``(E) Notice of final determination.--Not later 
                than 30 days after the date of any hearing under 
                subparagraph (D), the Council shall notify the subject 
                bank holding company of the final determination of the 
                Council under this paragraph, which shall contain a 
                statement of the basis for the decision of the Council.
            ``(5) Consultation.--The Council shall consult with the 
        primary financial regulatory agency for each bank holding 
        company that is being considered by the Council under this 
        section from the outset of the consideration of the bank 
        holding company by the Council, including before the Council 
        makes any proposed determination under paragraph (2)(C)(i) or 
        final determination under paragraph (1).
            ``(6) Judicial review.--If the Council makes or renews a 
        final determination under this subsection with respect to a 
        bank holding company, such bank holding company may, not later 
        than 30 days after the date of receipt of the notice of final 
        determination under paragraph (2)(E)(iii) or of renewal of a 
        final determination under paragraph (3)(D)(ii), bring an action 
        in the United States district court for the judicial district 
        in which the home office of such bank holding company is 
        located, or in the United States District Court for the 
        District of Columbia, for an order requiring that the final 
        determination be rescinded, and the court shall, upon review, 
        dismiss such action or direct the final determination to be 
        rescinded. Review of such an action shall be limited to whether 
        the final determination made under this subsection was 
        arbitrary and capricious.
            ``(7) Public disclosure requirement.--The Council shall--
                    ``(A) in each case that a bank holding company has 
                received a notice under paragraph (2)(B)(ii)(II)(aa), 
                and the bank holding company has publicly disclosed 
                that the bank holding company is being evaluated by the 
                Council, confirm that the bank holding company is being 
                evaluated by the Council, in response to a request from 
                a third party;
                    ``(B) upon making a final determination under 
                paragraph (1) or renewing a final determination under 
                paragraph (3)(D)(i), publicly provide a detailed 
                written explanation of the basis for the final 
                determination with sufficient detail to provide the 
                public with an understanding of the specific bases of 
                the determination by the Council, including any 
                assumptions related thereof, subject to the 
                requirements of section 112(d)(5); and
                    ``(C) include, in the annual report required under 
                section 112--
                            ``(i) the number of bank holding companies 
                        from the previous year that received a notice 
                        under paragraph (2)(B)(ii)(II)(aa);
                            ``(ii) the number of bank holding companies 
                        from the previous year that were subject to a 
                        proposed determination under paragraph 
                        (2)(C)(i); and
                            ``(iii) the number of bank holding 
                        companies from the previous year that were 
                        subject to a final determination under 
                        paragraph (1).
    ``(d) Bank Holding Companies Automatically Deemed Systemically 
Important.--
            ``(1) Automatic determination.--A bank holding company with 
        total consolidated assets of more than $500,000,000,000 (as 
        such amount is adjusted annually by the Council to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce) 
        shall automatically be subject to a determination under 
        subsection (a).
            ``(2) Rule of construction.--
                    ``(A) Bank holding company increasing in size.--If, 
                subsequent to the effective date, a bank holding 
                company that was previously subject to a final 
                determination under subsection (c)(1) grows to have 
                total consolidated assets of more than $500,000,000,000 
                (as such amount is adjusted annually by the Council to 
                reflect the percentage change for the previous calendar 
                year in the gross domestic product of the United 
                States, as calculated by the Bureau of Economic 
                Analysis of the Department of Commerce) for a period of 
                180 consecutive days, the bank holding company shall be 
                subject to an automatic determination under paragraph 
                (1) and not subject to a determination under subsection 
                (c)(1) for the purposes of this section.
                    ``(B) Bank holding company decreasing in size.--If 
                a bank holding company subject to an automatic 
                determination under paragraph (1) decreases in size, 
                such that the bank holding company no longer is a bank 
                holding company with total consolidated assets of more 
                than $500,000,000,000 (as such amount is adjusted 
                annually by the Council to reflect the percentage 
                change for the previous calendar year in the gross 
                domestic product of the United States, as calculated by 
                the Bureau of Economic Analysis of the Department of 
                Commerce) for a period of 180 consecutive days, the 
                bank holding company shall be considered subject to a 
                final determination under subsection (c)(1) and not 
                subject to an automatic determination under paragraph 
                (1) for the purposes of this section.
    ``(e) International Coordination.--In exercising its duties under 
this title with respect to foreign bank holding companies, foreign-
based bank holding companies, and cross-border activities and markets, 
the Council shall consult with appropriate foreign regulatory 
authorities, to the extent appropriate.''.
    (c) Enhanced Supervision.--Section 115 of the Financial Stability 
Act of 2010 (12 U.S.C. 5325) is amended--
            (1) in subsection (a)--
                    (A) in the matter preceding subparagraph (A) of 
                paragraph (1), by striking ``large, interconnected bank 
                holding companies'' and inserting ``bank holding 
                companies subject to a determination under section 
                113A(a)''; and
                    (B) in paragraph (2)--
                            (i) in subparagraph (A), by striking ``; 
                        or'' and inserting a period;
                            (ii) by striking ``the Council may'' and 
                        all that follows through ``differentiate'' and 
                        inserting ``the Council may differentiate''; 
                        and
                            (iii) by striking subparagraph (B); and
            (2) in subsection (b)(3), by inserting ``and the factors 
        used by the Council pursuant to section 113A(b)'' after 
        ``subsections (a) and (b) of section 113'' each place that term 
        appears.
    (d) Reports.--The matter preceding paragraph (1) of section 116(a) 
of the Financial Stability Act of 2010 (12 U.S.C. 5326(a)) is amended 
by striking ``with total consolidated assets of $50,000,000,000 or 
greater'' and inserting ``subject to a determination under section 
113A(a)''.
    (e) Mitigation.--Section 121 of the Financial Stability Act of 2010 
(12 U.S.C. 5331) is amended--
            (1) in the matter preceding paragraph (1) of subsection 
        (a), by striking ``with total consolidated assets of 
        $50,000,000,000 or more'' and inserting ``subject to a 
        determination under section 113A(a)''; and
            (2) in subsection (c), by inserting ``in the case of a 
        nonbank financial company, and the factors used by the Council 
        pursuant to section 113A(b) in the case of a bank holding 
        company'' after ``as applicable,''.
    (f) Office of Financial Research.--Section 155(d) of the Financial 
Stability Act of 2010 (12 U.S.C. 5345(d)) is amended by striking ``with 
total consolidated assets of 50,000,000,000 or greater'' and inserting 
``subject to a determination under section 113A(a)''.

SEC. 932. REVISIONS TO BOARD AUTHORITY.

    (a) Acquisitions.--Section 163 of the Financial Stability Act of 
2010 (12 U.S.C. 5363) is amended by striking ``with total consolidated 
assets equal to or greater than $50,000,000,000'' each place that term 
appears and inserting ``subject to a determination under section 
113A(a)''.
    (b) Management Interlocks.--Section 164 of the Financial Stability 
Act of 2010 (12 U.S.C. 5364) is amended by striking ``with total 
consolidated assets equal to or greater than $50,000,000,000'' and 
inserting ``subject to a determination under section 113A(a)''.
    (c) Enhanced Supervision and Prudential Standards.--Section 165 of 
the Financial Stability Act of 2010 (12 U.S.C. 5365) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1), by striking ``with total 
                consolidated assets equal to or greater than 
                $50,000,000,000'' and inserting ``subject to a 
                determination under section 113A(a)''; and
                    (B) in paragraph (2)--
                            (i) by striking ``Application'' and all 
                        that follows through ``In prescribing'' and 
                        inserting ``Application.--In prescribing''; and
                            (ii) by striking subparagraph (B);
            (2) in subsection (b)(3), by inserting ``and the factors 
        used by the Council pursuant to section 113A(b)'' after 
        ``subsections (a) and (b) of section 113'' each place that term 
        appears;
            (3) in subsection (h), by striking ``$10,000,000,000'' each 
        place that term appears and inserting ``$50,000,000,000 (as 
        such amount is adjusted annually by the Council to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)'';
            (4) in subsection (i)(2)(A), by striking 
        ``$10,000,000,000'' and inserting ``$50,000,000,000 (as such 
        amount is adjusted annually by the Council to reflect the 
        percentage change for the previous calendar year in the gross 
        domestic product of the United States, as calculated by the 
        Bureau of Economic Analysis of the Department of Commerce)''; 
        and
            (5) in subsection (j)--
                    (A) in paragraph (1), by striking ``with total 
                consolidated assets equal to or greater than 
                $50,000,000,000'' and inserting ``described in 
                subsection (a)''; and
                    (B) by striking paragraph (2) and inserting the 
                following:
            ``(2) Considerations.--In making a determination under this 
        subsection, the Council shall--
                    ``(A) in the case of a nonbank financial company 
                supervised by the Board of Governors, consider the 
                factors described in subsections (a) and (b) of section 
                113 and any other risk-related factors that the Council 
                deems appropriate; and
                    ``(B) in the case of a bank holding company 
                described in subsection (a), consider the factors used 
                by the Council pursuant to section 113A(b).''.
    (d) Conforming Amendment.--The second subsection designated as 
subsection (s)(2) of the Federal Reserve Act (12 U.S.C. 248(s)(2)) 
(relating to assessments, fees, and other charges for certain 
companies) is amended--
            (1) in subparagraph (A), by striking ``having total 
        consolidated assets of $50,000,000,000 or more;'' and inserting 
        ``subject to a determination under section 113A(a) of the 
        Financial Stability Act of 2010; and'';
            (2) by striking subparagraph (B); and
            (3) by redesignating subparagraph (C) as subparagraph (B).

SEC. 933. EFFECTIVE DATE.

    (a) In General.--The amendments made by this subtitle shall, except 
as otherwise provided, take effect on the date that is 180 days after 
the date on which the regulations required under section 113A(b) of the 
Financial Stability Act of 2010, as added by section 931(b) of this 
title, are issued.
    (b) Rule of Construction.--Nothing in this subtitle shall be 
construed to prohibit the Financial Stability Oversight Council 
established under section 111 of the Financial Stability Act of 2010 
(12 U.S.C. 5321) or the Board of Governors of the Federal Reserve 
System from complying with any of the requirements of section 113A of 
that Act, as added by section 931(b) of this title, with respect to a 
bank holding company (as defined in section 2 of the Bank Holding 
Company Act of 1956 (12 U.S.C. 1841)) prior to the effective date 
described in subsection (a).

SEC. 934. SENSE OF CONGRESS.

    (a) Definitions.--In this section:
            (1) Appropriate federal banking agencies; bank holding 
        company.--The terms ``appropriate Federal banking agencies'' 
        and ``bank holding company'' have the meanings given those 
        terms in section 3 of the Federal Deposit Insurance Act (12 
        U.S.C. 1813).
            (2) Nonbank financial company.--The term ``nonbank 
        financial company'' has the meaning given that term in section 
        102(a) of the Financial Stability Act of 2010 (12 U.S.C. 5311).
    (b) Sense of Congress.--It is the sense of Congress that the 
appropriate Federal banking agencies should seek to properly tailor 
prudential regulations and, in doing so, differentiate among bank 
holding companies and among nonbank financial companies supervised by 
the Board of Governors of the Federal Reserve System based on their 
capital structure, riskiness, complexity, financial activities 
(including the financial activities of their subsidiaries), size, and 
other risk-related factors, using existing authorities, including 
waiver authorities provided in statute or regulation.

SEC. 935. PRESERVATION OF AUTHORITY.

    Nothing in this title shall be construed to limit the supervisory, 
regulatory, or enforcement authority of a Federal banking agency (as 
defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813)) to further the safe and sound operation of an institution that 
the Federal banking agency supervises, except as specifically provided 
in this title.

Subtitle C--Greater Transparency for the Financial Stability Oversight 
            Council Process for Nonbank Financial Companies

SEC. 941. ACCESS TO COUNCIL MEETINGS BY AGENCY MEMBERS.

    Section 111(e) of the Financial Stability Act of 2010 (12 U.S.C. 
5321(e)) is amended by adding at the end the following:
            ``(3) Access.--Any member of the governing body of a member 
        agency headed by a member of the Council described in 
        subparagraph (B), (E), (F), (G), or (I) of paragraph (1) of 
        subsection (b)--
                    ``(A) may attend a meeting of the Council, 
                including any meeting of representatives of the members 
                of the Council; and
                    ``(B) shall have access to the same information and 
                materials that a member of the Council described in 
                subparagraph (B), (E), (F), (G), or (I) of paragraph 
                (1) of subsection (b) is provided or entitled to.''.

SEC. 942. NONBANK DETERMINATION PROCESS.

    Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) 
is amended--
            (1) in subsection (a)(2)--
                    (A) in the matter preceding subparagraph (A), by 
                inserting ``factors, including'' after ``consider'';
                    (B) in subparagraph (H), by striking ``1 or more 
                primary financial regulatory agencies'' and inserting 
                ``its primary financial regulatory agency, including 
                the appropriateness of the imposition of prudential 
                standards in addition to or as opposed to other forms 
                of regulation'';
                    (C) in subparagraph (J), by striking ``and'' at the 
                end;
                    (D) by redesignating subparagraph (K) as 
                subparagraph (L); and
                    (E) by inserting after subparagraph (J) the 
                following:
                    ``(K) actions taken by the primary financial 
                regulatory agency pursuant to subsection (e)(1)(C); 
                and'';
            (2) in subsection (b)(2)--
                    (A) in the matter preceding subparagraph (A), by 
                inserting ``factors, including'' after ``consider'';
                    (B) in subparagraph (H), by inserting ``, including 
                the appropriateness of the imposition of prudential 
                standards in addition to or as opposed to other forms 
                of regulation'' before the semicolon at the end;
                    (C) in subparagraph (J), by striking ``and'' at the 
                end;
                    (D) by redesignating subparagraph (K) as 
                subparagraph (L); and
                    (E) by inserting after subparagraph (J) the 
                following:
                    ``(K) actions taken by the primary financial 
                regulatory agency pursuant to subsection (e)(1)(C); 
                and'';
            (3) by striking subsections (d) and (e) and inserting the 
        following:
    ``(d) Annual Reevaluation and Rescission.--
            ``(1) Annual reevaluation.--Not less frequently than 
        annually, except with respect to subparagraph (E), the Council 
        shall reevaluate each final determination made under subsection 
        (a) or (b) with respect to a nonbank financial company 
        supervised by the Board of Governors and shall--
                    ``(A) provide a written notice to the nonbank 
                financial company being reevaluated;
                    ``(B) afford the nonbank financial company an 
                opportunity to submit a plan, within such time as the 
                Council determines to be appropriate (but which shall 
                be not earlier than 30 days after the date of receipt 
                by the nonbank financial company of the notice provided 
                under subparagraph (A)), to modify the business, 
                structure, or operations of the nonbank financial 
                company;
                    ``(C) afford the nonbank financial company an 
                opportunity to submit written materials in addition to, 
                or separate from, the plan described in subparagraph 
                (B), within such time as the Council determines to be 
                appropriate (but which shall be not earlier than 30 
                days after the date of receipt by the nonbank financial 
                company of the notice provided under subparagraph (A)), 
                to contest the determination, including materials 
                concerning whether, in the view of the nonbank 
                financial company, the material financial distress at 
                the nonbank financial company, or the nature, scope, 
                size, scale, concentration, interconnectedness, or mix 
                of the activities of the nonbank financial company, 
                could pose a threat to the financial stability of the 
                United States;
                    ``(D) provide an opportunity for the nonbank 
                financial company to meet with representatives of the 
                Council to present the information described in 
                subparagraphs (B) and (C); and
                    ``(E) not less than once every 5 years and prior to 
                a vote under paragraph (3)(A)(ii)--
                            ``(i) not earlier than 30 days after the 
                        date of receipt of any notice under 
                        subparagraph (A), provide the nonbank financial 
                        company with an opportunity to request, in 
                        writing, a hearing before the Council to 
                        contest its final determination under 
                        subsection (a) or (b); and
                            ``(ii) if the Council receives a timely 
                        request under clause (i), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the nonbank 
                        financial company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        nonbank financial company, provide oral 
                        testimony and oral argument to the members of 
                        the Council, with not fewer than \2/3\ of the 
                        voting members of the Council, including the 
                        Chairperson, in attendance.
            ``(2) Company plan.--If a nonbank financial company submits 
        a plan in accordance with paragraph (1)(B), the Council shall--
                    ``(A) consider whether the plan, if implemented, 
                would result in the nonbank financial company no longer 
                meeting the criteria for a final determination under 
                subsection (a) or (b); and
                    ``(B) provide the nonbank financial company with--
                            ``(i) analysis of whether and to what 
                        extent the plan addresses the potential threat 
                        posed by the nonbank financial company to the 
                        financial stability of the United States;
                            ``(ii) an opportunity to meet with 
                        representatives of the Council to discuss the 
                        analysis provided under clause (i); and
                            ``(iii) an opportunity to revise the plan, 
                        after discussions with representatives of the 
                        Council.
            ``(3) Voting and explanation.--
                    ``(A) In general.--After evaluating the materials 
                and information provided by a nonbank financial company 
                under paragraph (1) and fulfilling the requirements of 
                paragraph (2), and not later than 180 days after the 
                date of receipt by the nonbank financial company of the 
                notice provided under paragraph (1)(A), the Council 
                shall, on a nondelegable basis and by a vote of not 
                fewer than \2/3\ of the voting members then serving, 
                including an affirmative vote by the Chairperson--
                            ``(i) except as otherwise provided in 
                        clause (ii), determine whether the nonbank 
                        financial company no longer meets the criteria 
                        for a final determination under subsection (a) 
                        or (b), in which case the Council shall rescind 
                        such determination; and
                            ``(ii) not less than once every 5 years, 
                        and following a hearing held under paragraph 
                        (1)(E)(ii), determine whether to renew a final 
                        determination under subsection (a) or (b).
                    ``(B) Notice of final determination.--If the 
                Council does not vote to rescind a final determination 
                under subparagraph (A)(i) or votes to renew a final 
                determination under subparagraph (A)(ii), the Council 
                shall provide a notice to the nonbank financial company 
                and the primary financial regulatory agency of the 
                nonbank financial company with the reasons for the 
                decision by the Council, which notice shall address 
                with specificity--
                            ``(i) any changes to the basis for the 
                        final determination decision made under 
                        subsection (a) or (b) since the date on which 
                        the final determination under subsection (a) or 
                        (b) was made, including any changes to the 
                        information provided to the nonbank financial 
                        company under--
                                    ``(I) subsection (e)(2)(C)(i)(IV);
                                    ``(II) this clause, in prior years; 
                                or
                                    ``(III) subparagraph (D);
                            ``(ii) any plan submitted by the nonbank 
                        financial company and considered by the Council 
                        under paragraph (2), and shall, at a minimum, 
                        include--
                                    ``(I) a detailed analysis of 
                                whether and to what extent successful 
                                implementation of the plan could result 
                                in the nonbank financial company no 
                                longer meeting the criteria for a final 
                                determination under subsection (a) or 
                                (b); and
                                    ``(II) a detailed explanation of 
                                why, if the plan were implemented, the 
                                nonbank financial company would still 
                                meet the criteria for a final 
                                determination under subsection (a) or 
                                (b), if the Council, during its 
                                consideration of the plan under 
                                paragraph (2), concluded that the 
                                nonbank financial company would still 
                                meet those criteria if the plan were 
                                implemented;
                            ``(iii) aspects of the business, 
                        operations, or structure, including the nature, 
                        scope, size, scale, concentration, 
                        interconnectedness, or mix of the activities, 
                        of the nonbank financial company that the 
                        Council believes could pose a threat to the 
                        financial stability of the United States, 
                        including an assessment by the Council of the 
                        probability and magnitude of the threat; and
                            ``(iv) an explanation of actions the 
                        nonbank financial company could take in order 
                        for the Council to rescind the determination.
                    ``(C) No final determination.--If the Council votes 
                to rescind a final determination under subparagraph 
                (A)(i) or does not vote to renew a final determination 
                under subparagraph (A)(ii), the existing final 
                determination under subsection (a) or (b) shall be 
                rescinded and the Council shall inform the nonbank 
                financial company in writing.
                    ``(D) Explanation for certain companies.--With 
                respect to a reevaluation under this subsection in 
                which the final determination under subsection (a) or 
                (b) being reevaluated was made before the date of 
                enactment of this subparagraph, the Council, as part of 
                such reevaluation, shall provide a statement that--
                            ``(i) explains with specificity the basis 
                        for such determination; and
                            ``(ii) includes the analysis required under 
                        subsection (e)(2)(C)(i)(IV).
                    ``(E) Voting threshold for rescission of 
                determination.--Notwithstanding subparagraph (A), the 
                Council may, at any time, on a nondelegable basis and 
                by a vote of not fewer than \2/3\ of the voting members 
                then serving, including an affirmative vote by the 
                Chairperson, determine that a nonbank financial company 
                no longer meets the criteria for a final determination 
                under subsection (a) or (b), in which case the Council 
                shall rescind the final determination.
    ``(e) Requirements for Proposed Determination, Notice and 
Opportunity for Hearing, and Final Determination.--
            ``(1) In general.--Prior to making a final determination 
        under subsection (a) or (b) with respect to a nonbank financial 
        company, the Council must--
                    ``(A) provide the nonbank financial company and its 
                primary financial regulatory agency with a notice that 
                the nonbank financial company is being evaluated, which 
                notice shall, at minimum--
                            ``(i) include any quantitative analysis 
                        used by the Council as part of its evaluation;
                            ``(ii) identify with specificity any 
                        factors that the Council has considered 
                        pursuant to subsection (a)(2) or (b)(2) 
                        relating to the nonbank financial company that 
                        could cause the nonbank financial company to be 
                        subject to a final determination under 
                        subsection (a) or (b); and
                            ``(iii) include an explanation of how each 
                        factor identified in clause (ii) relates to the 
                        potential threat posed by the nonbank financial 
                        company to the financial stability of the 
                        United States;
                    ``(B) provide the nonbank financial company an 
                opportunity, not earlier than 30 days after the date of 
                receipt by the nonbank financial company of the notice 
                under subparagraph (A), to meet with representatives of 
                the Council, including to discuss the notice and any 
                analysis and factors considered by the Council;
                    ``(C) provide the primary financial regulatory 
                agency of the nonbank financial company with not less 
                than 180 days from the date of receipt of the notice in 
                subparagraph (A) to--
                            ``(i) provide a written response to the 
                        Council that includes an assessment of--
                                    ``(I) the factors identified 
                                pursuant to subparagraph (A)(ii);
                                    ``(II) the explanation provided 
                                pursuant to subparagraph (A)(iii); and
                                    ``(III) the degree to which the 
                                potential threat to the financial 
                                stability of the United States is 
                                currently addressed or could be 
                                addressed by existing or pending 
                                regulation or other regulatory action; 
                                and
                            ``(ii) issue proposed regulations or 
                        undertake other regulatory action to address--
                                    ``(I) the factors identified 
                                pursuant to subparagraph (A)(ii), as 
                                applicable; and
                                    ``(II) the potential threat posed 
                                by the nonbank financial company to the 
                                financial stability of the United 
                                States;
                    ``(D) in the event that the primary financial 
                regulatory agency has provided a written response under 
                subparagraph (C)(i) or issued proposed regulations or 
                taken other regulatory actions under subparagraph 
                (C)(ii), find that--
                            ``(i) taking into account the written 
                        response by the primary financial regulatory 
                        agency under subparagraph (C)(i), the nonbank 
                        financial company merits a proposed 
                        determination under subparagraph (E); and
                            ``(ii) the primary financial regulatory 
                        agency has not proposed regulations or taken 
                        other regulatory actions after receipt of the 
                        notice under subparagraph (A) that sufficiently 
                        address the factors identified pursuant to 
                        subparagraph (A)(ii), as applicable, and the 
                        potential threat posed by the nonbank financial 
                        company to the financial stability of the 
                        United States;
                    ``(E) after fulfilling the requirements of 
                subparagraphs (A), (B), (C), and (D), on a nondelegable 
                basis and by a vote of not fewer than \2/3\ of the 
                voting members then serving, including an affirmative 
                vote by the Chairperson, propose to make a 
                determination under subsection (a) or (b) with respect 
                to the nonbank financial company; and
                    ``(F) subsequent to making a proposed determination 
                under subparagraph (E)--
                            ``(i) provide a notice to the nonbank 
                        financial company and its primary financial 
                        regulatory agency, which notice shall contain 
                        the basis for the proposed determination under 
                        subparagraph (E), including--
                                    ``(I) the information and 
                                explanation required under subparagraph 
                                (A), along with any updates to such 
                                information or explanation related to 
                                the proposed determination under 
                                subparagraph (E); and
                                    ``(II) an explanation and 
                                justification for any finding under 
                                subparagraph (D);
                            ``(ii) not later than 30 days after the 
                        date of receipt of any notice under clause (i), 
                        provide the nonbank financial company with an 
                        opportunity to request, in writing, a hearing 
                        before the Council to contest the proposed 
                        determination under subparagraph (E);
                            ``(iii) if the Council receives a timely 
                        request under clause (ii), fix a time (not 
                        earlier than 30 days after the date of receipt 
                        of the request) and place at which the nonbank 
                        financial company may appear, personally or 
                        through counsel, to, at the discretion of the 
                        nonbank financial company--
                                    ``(I) submit a plan to modify the 
                                business, structure, or operations of 
                                the nonbank financial company in order 
                                to address the factors and the 
                                potential threat posed by the nonbank 
                                financial company to the financial 
                                stability of the United States 
                                identified pursuant to clause (i)(I), 
                                as applicable;
                                    ``(II) submit written materials in 
                                addition to or separate from the plan 
                                described in subclause (I); and
                                    ``(III) provide oral testimony and 
                                oral argument to the members of the 
                                Council, with not fewer than \2/3\ of 
                                the voting members of the Council, 
                                including the Chairperson, in 
                                attendance; and
                            ``(iv) in the event a plan is submitted to 
                        the Council under clause (iii)(I)--
                                    ``(I) consider whether the plan, if 
                                implemented, would address the factors 
                                and the potential threat posed by the 
                                nonbank financial company to the 
                                financial stability of the United 
                                States identified pursuant to clause 
                                (i)(I), as applicable; and
                                    ``(II) provide the nonbank 
                                financial company with--
                                            ``(aa) analysis of whether 
                                        and to what extent the plan 
                                        addresses the factors and the 
                                        potential threat posed by the 
                                        nonbank financial company to 
                                        the financial stability of the 
                                        United States identified 
                                        pursuant to clause (i)(I), as 
                                        applicable;
                                            ``(bb) an opportunity to 
                                        meet with representatives of 
                                        the Council to discuss the 
                                        analysis provided under item 
                                        (aa); and
                                            ``(cc) an opportunity to 
                                        revise the plan, after 
                                        discussions with 
                                        representatives of the Council.
            ``(2) Final determination.--
                    ``(A) In general.--After fulfilling the 
                requirements of paragraph (1), and not later than 90 
                days after the date on which a hearing is held under 
                paragraph (1)(F)(iii), the Council may vote to make a 
                final determination under subsection (a) or (b). The 
                Council may delay the vote up to 1 additional year 
                after the conclusion of the 90-day period if 
                considering a plan under paragraph (1)(F)(iv)(I).
                    ``(B) Outcome of the vote.--If the Council votes on 
                a final determination under subsection (a) or (b), the 
                Council shall promptly inform the nonbank financial 
                company of the outcome of the vote in writing.
                    ``(C) Notice of final determination.--If the 
                Council votes to make a final determination under 
                subsection (a) or (b), the Council shall, not later 
                than 30 days after the date of the vote, provide a 
                notice to the nonbank financial company and its primary 
                financial regulatory agency, which notice shall 
                contain--
                            ``(i) the basis for the determination, 
                        including--
                                    ``(I) a detailed analysis of any 
                                plan submitted by the nonbank financial 
                                company and considered by the Council 
                                under paragraph (1)(F), if applicable, 
                                which analysis shall, at a minimum, 
                                include--
                                            ``(aa) whether and to what 
                                        extent successful 
                                        implementation of the plan 
                                        could address the factors, as 
                                        applicable, and the potential 
                                        threat posed by the nonbank 
                                        financial company to the 
                                        financial stability of the 
                                        United States identified 
                                        pursuant to paragraph 
                                        (1)(F)(i)(I); and
                                            ``(bb) a detailed 
                                        explanation of why the plan 
                                        would not address the factors 
                                        and the potential threat posed 
                                        by the nonbank financial 
                                        company to the financial 
                                        stability of the United States 
                                        identified pursuant to 
                                        paragraph (1)(F)(i)(I), if the 
                                        Council, during its 
                                        consideration of the plan under 
                                        subparagraph (1)(F)(iv)(I), 
                                        concluded that the plan would 
                                        not address such factors or 
                                        potential threat;
                                    ``(II) the reasons why the 
                                materials and other information 
                                submitted or provided by the nonbank 
                                financial company under subclauses (II) 
                                and (III) of paragraph (1)(F)(iii) did 
                                not address the potential threat posed 
                                by the nonbank financial company to the 
                                financial stability of the United 
                                States;
                                    ``(III) a justification for any 
                                finding under paragraph (1)(D);
                                    ``(IV) a detailed analysis of how 
                                any factors, including an explanation 
                                of how each factor relates to the 
                                potential threat posed by the nonbank 
                                financial company to the financial 
                                stability of the United States, that 
                                the Council considered pursuant to 
                                subsection (a)(2) or (b)(2) resulted in 
                                the final determination under 
                                subsection (a) or (b); and
                                    ``(V) specific aspects of the 
                                business, operations, or structure of 
                                the nonbank financial company, 
                                including the nature, scope, size, 
                                scale, concentration, 
                                interconnectedness, or mix of the 
                                activities of the nonbank financial 
                                company, that the Council believes 
                                could pose a threat to the financial 
                                stability of the United States, 
                                including an assessment by the Council 
                                of the probability and magnitude of the 
                                threat; and
                            ``(ii) an explanation of actions the 
                        nonbank financial company could take in order 
                        for the Council to rescind the 
                        determination.'';
            (4) in subsection (g), by striking ``before the Council 
        makes any'' and inserting ``from the outset of the 
        consideration of the nonbank financial company by the Council, 
        including before the Council makes any proposed determination 
        under subsection (e)(1)(E) or'';
            (5) in subsection (h)--
                    (A) by inserting ``or renews'' after ``makes''; and
                    (B) by striking ``(d)(2), (e)(3), or (f)(5)'' and 
                inserting ``(d)(3)(B) or (f)(5) or of renewal of a 
                final determination under subsection (e)(2)(C)''; and
            (6) by adding at the end the following:
    ``(j) Public Disclosure Requirement.--The Council shall--
            ``(1) in each case that a nonbank financial company has 
        received a notice under subsection (e)(1)(A), and the nonbank 
        financial company has publicly disclosed that the nonbank 
        financial company is being reviewed by the Council, confirm 
        that the nonbank financial company is being reviewed, in 
        response to a request from a third party;
            ``(2) upon making a final determination under subsection 
        (a) or (b) or renewing a final determination under paragraph 
        (3)(A) of subsection (d), publicly provide a detailed written 
        explanation of the basis for the final determination with 
        sufficient detail to provide the public with an understanding 
        of the specific bases of the determination by the Council, 
        including any assumptions related thereof, subject to the 
        requirements of section 112(d)(5);
            ``(3) include, in the annual report required by section 
        112--
                    ``(A) the number of nonbank financial companies 
                from the previous year that received a notice under 
                subsection (e)(1)(A);
                    ``(B) the number of nonbank financial companies 
                from the previous year that were subject to a proposed 
                determination under subsection (e)(1)(E); and
                    ``(C) the number of nonbank financial companies 
                from the previous year that were subject to a final 
                determination under subsection (a) or (b); and
            ``(4) not earlier than 180 days after the date of enactment 
        of this subsection, publish in the Federal Register information 
        regarding the methodology the Council uses for calculating any 
        quantitative thresholds or other metrics used to consider the 
        factors listed in subsection (a)(2) or (b)(2).''.

SEC. 943. RULE OF CONSTRUCTION.

    None of the amendments made by this subtitle shall be construed as 
limiting the emergency powers of the Financial Stability Oversight 
Council under section 113(f) of the Financial Stability Act of 2010 (12 
U.S.C. 5323(f)).

Subtitle D--Improved Accountability and Transparency in the Regulation 
                              of Insurance

SEC. 951. SENSE OF CONGRESS.

    It is the sense of Congress that the Act of March 9, 1945 (commonly 
known as the ``McCarran-Ferguson Act''; 59 Stat. 33, chapter 20; 15 
U.S.C. 1011 et seq.) remains the preferred approach with respect to 
regulating the business of insurance.

SEC. 952. ENSURING THE PROTECTION OF INSURANCE POLICYHOLDERS.

    (a) Source of Strength.--Section 38A of the Federal Deposit 
Insurance Act (12 U.S.C. 1831o-1) is amended--
            (1) by redesignating subsections (c), (d), and (e) as 
        subsections (d), (e), and (f), respectively; and
            (2) by inserting after subsection (b) the following:
    ``(c) Authority of State Insurance Regulator.--
            ``(1) In general.--The provisions of section 5(g) of the 
        Bank Holding Company Act of 1956 (12 U.S.C. 1844(g)) shall 
        apply to a savings and loan holding company that is an 
        insurance company, an affiliate of an insured depository 
        institution that is an insurance company, and to any other 
        company that is an insurance company and that directly or 
        indirectly controls an insured depository institution, to the 
        same extent as the provisions of that section apply to a bank 
        holding company that is an insurance company.
            ``(2) Rule of construction.--Requiring a bank holding 
        company that is an insurance company, a savings and loan 
        holding company that is an insurance company, an affiliate of 
        an insured depository institution that is an insurance company, 
        or any other company that is an insurance company and that 
        directly or indirectly controls an insured depository 
        institution to serve as a source of financial strength under 
        this section shall be deemed an action of the Board that 
        requires a bank holding company to provide funds or other 
        assets to a subsidiary depository institution for purposes of 
        section 5(g) of the Bank Holding Company Act of 1956 (12 U.S.C. 
        1844(g)).''.
    (b) Liquidation Authority.--The Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended--
            (1) in section 203(e)(3) (12 U.S.C. 5383(e)(3)), by 
        inserting ``or rehabilitation'' after ``orderly liquidation'' 
        each place that term appears; and
            (2) in section 204(d)(4) (12 U.S.C. 5384(d)(4)), by 
        inserting before the semicolon at the end the following: ``, 
        except that, if the covered financial company or covered 
        subsidiary is an insurance company or a subsidiary of an 
        insurance company, the Corporation--
                    ``(A) shall promptly notify the State insurance 
                authority for the insurance company of the intention to 
                take such lien; and
                    ``(B) may only take such lien--
                            ``(i) to secure repayment of funds made 
                        available to such covered financial company or 
                        covered subsidiary; and
                            ``(ii) if the Corporation determines, after 
                        consultation with the State insurance 
                        authority, that such lien will not unduly 
                        impede or delay the liquidation or 
                        rehabilitation of the insurance company, or the 
                        recovery by its policyholders''.

SEC. 953. INTERNATIONAL INSURANCE CAPITAL STANDARDS ACCOUNTABILITY.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) the Secretary of the Treasury, the Board of Governors 
        of the Federal Reserve System, and the Director of the Federal 
        Insurance Office should support increasing transparency at any 
        global insurance or international standard-setting regulatory 
        or supervisory forum in which they participate, including 
        supporting and advocating for greater public observer access at 
        any such forum; and
            (2) to the extent that the Secretary of the Treasury, the 
        Board of Governors of the Federal Reserve System, and the 
        Director of the Federal Insurance Office take a position on an 
        insurance proposal by a global insurance or international 
        standard-setting regulatory or supervisory forum, the Board of 
        Governors of the Federal Reserve System and the Director of the 
        Federal Insurance Office should achieve consensus positions 
        with State insurance regulators when they are participants 
        representing the United States in negotiations on insurance 
        issues before any international forum of financial regulators 
        or supervisors that considers insurance regulatory issues.
    (b) Insurance Policy Advisory Committee.--
            (1) Establishment.--There is established the Insurance 
        Policy Advisory Committee on International Capital Standards 
        and Other Insurance Issues at the Board of Governors of the 
        Federal Reserve System.
            (2) Membership.--The Committee established under paragraph 
        (1) shall be composed of not more than 21 members, all of whom 
        represent a diverse set of expert perspectives from the various 
        sectors of the United States insurance industry, including life 
        insurance, property and casualty insurance and reinsurance, 
        agents and brokers, academics, consumer advocates, or experts 
        on issues facing underserved insurance communities and 
        consumers.
    (c) Reports.--
            (1) Reports and testimony by secretary of the treasury and 
        chairman of the board of governors of the federal reserve 
        system.--
                    (A) In general.--The Secretary of the Treasury and 
                the Chairman of the Board of Governors of the Federal 
                Reserve System, or their designees, shall submit an 
                annual report and provide annual testimony to the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate and the Committee on Financial Services of the 
                House of Representatives on the efforts of the 
                Secretary of the Treasury, the Chairman of the Board of 
                Governors of the Federal Reserve System, and State 
                insurance regulators with respect to global insurance 
                or international standard-setting regulatory or 
                supervisory forums, including--
                            (i) a description of the insurance 
                        regulatory or supervisory standard-setting 
                        issues under discussion at any international 
                        insurance standard-setting bodies;
                            (ii) a description of the effects that 
                        proposals discussed at international insurance 
                        regulatory or supervisory forums of insurance 
                        could have on consumer and insurance markets in 
                        the United States;
                            (iii) a description of any position taken 
                        by the Secretary of the Treasury, the Chairman 
                        of the Board of Governors of the Federal 
                        Reserve System, and the Director of the Federal 
                        Insurance Office in international insurance 
                        discussions; and
                            (iv) a description of the efforts by the 
                        Secretary of the Treasury, the Director of the 
                        Federal Insurance Office, and the Chairman of 
                        the Board of Governors of the Federal Reserve 
                        System to increase transparency at any 
                        international standard-setting bodies with whom 
                        they participate, including efforts to provide 
                        additional public access to working groups and 
                        committees of such international insurance 
                        standard-setting bodies.
                    (B) Termination.--This paragraph shall cease to be 
                effective on December 31, 2018.
            (2) Reports and testimony by state insurance regulators.--A 
        State insurance regulator may provide testimony to Congress on 
        the issues described in paragraph (1)(A).
            (3) Joint report by the chairman of the federal reserve and 
        the director of the federal insurance office.--
                    (A) In general.--The Secretary of the Treasury, the 
                Chairman of the Board of Governors of the Federal 
                Reserve System, and the Director of the Federal 
                Insurance Office, in consultation with State insurance 
                regulators, shall complete a study on, and submit to 
                Congress a report on the results of the study, the 
                impact on consumers and markets in the United States 
                before supporting or consenting to the adoption of any 
                key elements in any international insurance proposal or 
                international insurance capital standard.
                    (B) Notice and comment.--
                            (i) Notice.--The Secretary of the Treasury, 
                        the Chairman of the Board of Governors of the 
                        Federal Reserve System, and the Director of the 
                        Federal Insurance Office shall provide notice 
                        before the date on which drafting the report 
                        described in subparagraph (A) is commenced and 
                        after the date on which the draft of the report 
                        is completed.
                            (ii) Opportunity for comment.--There shall 
                        be an opportunity for public comment for a 
                        period beginning on the date on which the 
                        report is submitted under subparagraph (A) and 
                        ending on the date that is 60 days after the 
                        date on which the report is submitted.
                    (C) Review by comptroller general.--The Secretary 
                of the Treasury, the Chairman of the Board of Governors 
                of the Federal Reserve System, and the Director of the 
                Federal Insurance Office shall submit to the 
                Comptroller General of the United States the report 
                described in subparagraph (A) for review.
            (4) Report on promoting transparency.--Not later than 180 
        days after the date of enactment of this title, the Chairman of 
        the Board of Governors of the Federal Reserve System and the 
        Secretary of the Treasury, or their designees, shall submit a 
        report and provide testimony to the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Financial Services of the House of Representatives on the 
        efforts of the Secretary of the Treasury and the Chairman of 
        the Board of Governors of the Federal Reserve System to improve 
        transparency at any international insurance standard-setting 
        bodies in which they participate.

            Subtitle E--Improving the Federal Reserve System

SEC. 961. REPORTS TO CONGRESS.

    Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is amended 
by striking subsection (b) and inserting the following:
    ``(b) Quarterly Reports to Congress.--
            ``(1) In general.--The Federal Open Market Committee shall, 
        on a quarterly basis, and in such a manner that 1 report is 
        submitted concurrently with each semi-annual hearing required 
        by subsection (a), submit to the Committee on Banking, Housing, 
        and Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives a report explaining 
        the policy decisions of the Committee over the prior quarter 
        and the basis for those decisions.
            ``(2) Contents.--The report described in paragraph (1) 
        shall include--
                    ``(A) a detailed analysis of the conduct of 
                monetary policy and economic developments and prospects 
                for the future, taking into account past and 
                prospective developments in--
                            ``(i) employment;
                            ``(ii) unemployment;
                            ``(iii) production;
                            ``(iv) investment;
                            ``(v) real income;
                            ``(vi) productivity;
                            ``(vii) exchange rates;
                            ``(viii) international trade and payments;
                            ``(ix) prices;
                            ``(x) inflation expectations;
                            ``(xi) credit conditions; and
                            ``(xii) interest rates;
                    ``(B) a description of any monetary policy rule or 
                rules used or considered by the Committee that provides 
                or provide the basis for monetary policy decisions, 
                including short-term interest rate targets set by the 
                Committee, open market operations authorized under 
                section 14, and interest rates established by the 
                Committee pursuant to section 19(b)(12), and such 
                description shall include, at a minimum, for each rule, 
                a mathematical formula that models how monetary policy 
                instruments will be adjusted based on changes in 
                quantitative inputs;
                    ``(C) a description of any additional strategy or 
                strategies, if any such exist, used by the Committee, 
                separate from or supplementary to any rule or rules 
                described in subparagraph (B), to affect monetary 
                policy;
                    ``(D) a detailed explanation of--
                            ``(i) any deviation in the rule or rules 
                        described in subparagraph (B) in the current 
                        report from any rule or rules described in 
                        subparagraph (B) in the most recent quarterly 
                        report; and
                            ``(ii) any deviation in the strategy or 
                        strategies described in subparagraph (C) in the 
                        current report from any strategy or strategies 
                        described in subparagraph (C) in the most 
                        recent quarterly report;
                    ``(E) a description of any instruments used to 
                execute monetary policy by employees of the Federal 
                Reserve System at the direction of the Committee, and 
                how such instruments have been used;
                    ``(F) a description of the outlook for monetary 
                policy over the short term, medium term, and long term; 
                and
                    ``(G) projections of inflation and economic growth 
                over the short term, medium term, and long term.
            ``(3) Dissent.--A member of the Committee described in 
        section 12A(a) may--
                    ``(A) dissent from the report submitted under 
                paragraph (1) in whole or in part;
                    ``(B) write a dissent expressing the views of the 
                member, which shall be included as part of the report 
                submitted to the Committee on Banking, Housing, and 
                Urban Affairs of the Senate and the Committee on 
                Financial Services of the House of Representatives; and
                    ``(C) sign a dissent written by another member of 
                the Committee to express support for views contained in 
                such dissent.''.

SEC. 962. TESTIMONY; VOTES; STAFF.

    (a) Testimony; Votes.--Section 10 of the Federal Reserve Act is 
amended--
            (1) in paragraph (11), as redesignated by section 999F(v) 
        of this title, by inserting at the end the following: ``In the 
        event that no member of the Board is serving as Vice Chairman 
        for Supervision at the time such appearance is required, the 
        Chairman of the Board of Governors shall appear before each 
        Committee in the place of the Vice Chairman for Supervision.''; 
        and
            (2) by adding at the end the following:
            ``(12)(A) The Board of Governors of the Federal Reserve 
        System shall, on a nondelegable basis, vote on whether to issue 
        any civil money penalty assessment order or settle any other 
        enforcement action if the issuance of such order or settlement 
        of such action involves the payment of not less than $1,000,000 
        in compensation, penalties, fines, or other payments.
            ``(B) The results of the vote of each member of the Board 
        under subparagraph (A) shall promptly be made publicly 
        available on the website of the Board.''.
    (b) Delegation of Authorities; Staff.--Section 11 of the Federal 
Reserve Act (12 U.S.C. 248) is amended--
            (1) in subsection (k), by inserting ``and except as 
        otherwise provided in section 10(12)(A),'' after ``credit 
        policies,''; and
            (2) in subsection (l), by inserting ``Of amounts made 
        available for employees of the Board of Governors under this 
        subsection, each member of the Board of Governors may employ 
        not more than 4 individuals, with such individuals selected by 
        such member and the salaries of such individuals set by such 
        member.'' after the period at the end.

SEC. 963. TRANSPARENCY AT THE FEDERAL OPEN MARKET COMMITTEE.

    Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended 
by adding at the end the following:
    ``(d) Not later than 3 years after the date on which a meeting of 
the Committee is held, the Committee shall publish the transcript of 
the meeting.''.

SEC. 964. INTEREST RATES ON BALANCES MAINTAINED AT A FEDERAL RESERVE 
              BANK BY DEPOSITORY INSTITUTIONS.

    Section 19(b)(12)(A) of the Federal Reserve Act (12 U.S.C. 
461(b)(12)(A)) is amended by inserting ``established by the Federal 
Open Market Committee'' after ``rate or rates''.

SEC. 965. COMMISSION FOR RESTRUCTURING THE FEDERAL RESERVE SYSTEM.

    (a) Establishment.--There is established an independent commission 
to be known as the ``Federal Reserve System Restructuring Commission'' 
(referred to in this section as the ``Commission'').
    (b) Membership.--
            (1) In general.--The Commission shall be composed of 7 
        members as follows:
                    (A) 2 members appointed by the Speaker of the House 
                of Representatives.
                    (B) 2 members appointed by the majority leader of 
                the Senate.
                    (C) 1 member appointed by the minority leader of 
                the House of Representatives.
                    (D) 1 member appointed by the minority leader of 
                the Senate.
                    (E) 1 member appointed by the President.
            (2) Chairman.--Once the members of the Commission have been 
        appointed, the members shall designate 1 of the members to be 
        Chairman of the Commission.
            (3) Vacancies.--Any vacancy in the Commission shall be 
        filled in the same manner as the original appointment.
    (c) Duties.--
            (1) Study.--
                    (A) In general.--The Commission shall conduct a 
                study on whether it is appropriate to restructure the 
                Federal Reserve districts, including an analysis on 
                potential benefits and costs of restructuring.
                    (B) Considerations.--In determining whether such 
                restructuring is appropriate, the Commission shall 
                specifically consider the impact of restructuring with 
                respect to--
                            (i) maximizing operational effectiveness 
                        within the Federal Reserve System while 
                        minimizing operational costs;
                            (ii) maximizing the effectiveness of 
                        supervisory and regulatory functions while 
                        minimizing potential for regulatory capture; 
                        and
                            (iii) monetary policy decision-making.
                    (C) Proposals.--The Commission shall--
                            (i) consider various proposals to 
                        restructure the existing Federal Reserve 
                        districts, including proposals to--
                                    (I) increase the number of existing 
                                Federal Reserve districts, including a 
                                proposal to divide the Federal Reserve 
                                district in which the Federal Reserve 
                                Bank of San Francisco is contained into 
                                2 or more separate districts while 
                                retaining the existing structure for 
                                the remaining Federal Reserve 
                                districts;
                                    (II) decrease the number of 
                                existing Federal Reserve districts;
                                    (III) restructure the existing 
                                Federal Reserve districts without 
                                increasing or decreasing the number of 
                                existing Federal Reserve districts; and
                                    (IV) reassign specific functions 
                                and duties, including supervisory and 
                                regulatory functions, to different 
                                Federal Reserve banks within the 
                                Federal Reserve System, including 
                                functions and duties performed by the 
                                Board; and
                            (ii) determine which of the proposals 
                        considered under clause (i) are the optimal 
                        approaches to restructuring the existing 
                        Federal Reserve districts pursuant to 
                        subclauses (I), (II), (III), and (IV) of clause 
                        (i).
            (2) Recommendation.--The Commission shall, based on the 
        proposals considered under paragraph (1)(C), develop a 
        recommendation on the optimal organization of the Federal 
        Reserve System that--
                    (A) maximizes--
                            (i) the operational effectiveness within 
                        the Federal Reserve System while minimizing 
                        operational costs; and
                            (ii) the effectiveness of supervisory and 
                        regulatory functions while minimizing potential 
                        for regulatory capture; and
                    (B) takes into account the impact of restructuring 
                on monetary policy decision-making.
            (3) Report.--Not later than 18 months after the date of 
        enactment of this title, the Commission shall submit to the 
        Committee on Banking, Housing, and Urban Affairs of the Senate 
        and the Committee on Financial Services of the House of 
        Representatives, and also furnish copies to the President and 
        the Board of Governors of the Federal Reserve System, a report 
        that includes--
                    (A) the recommendation described in paragraph (2);
                    (B) a description of the proposals considered under 
                paragraph (1)(C)(i);
                    (C) a description of the proposals determined to be 
                optimal under paragraph (1)(C)(ii);
                    (D) an analysis of the benefits and costs of each 
                of the proposals described in subparagraph (B), 
                including, with respect to each proposal, an analysis 
                of--
                            (i) the operational benefits and costs to 
                        the Federal Reserve System;
                            (ii) the impact on supervision of financial 
                        institutions and nonbank financial institutions 
                        supervised by the Federal Reserve banks; and
                            (iii) the impact on monetary policy 
                        decision-making;
                    (E) an analysis of--
                            (i) any specific benefits and costs 
                        resulting from the increase in total number of 
                        Federal Reserve districts; and
                            (ii) any specific benefits and costs 
                        resulting from the decrease in total number of 
                        Federal Reserve districts, including an 
                        evaluation of savings to the Federal Reserve 
                        System through streamlining and elimination of 
                        duplicated functions;
                    (F) a determination of--
                            (i) whether the benefits of restructuring 
                        the existing Federal Reserve districts without 
                        increasing or decreasing the number of existing 
                        Federal Reserve districts outweigh the costs;
                            (ii) whether the benefits of increasing or 
                        decreasing the number of existing Federal 
                        Reserve districts outweigh the costs;
                            (iii) whether the benefits of reassigning 
                        functions and duties to different Federal 
                        Reserve banks within the Federal Reserve System 
                        outweigh the costs; and
                            (iv) the optimal number of Federal Reserve 
                        districts in order for the Federal Reserve 
                        System to fulfill its statutory role in the 
                        most efficient and cost-effective manner; and
                    (G) a description of the methodology used by the 
                Commission to reach the conclusions for the report.
    (d) Powers of the Commission.--The Commission may lease space and 
acquire personal property to the extent funds are available.
    (e) Commission Personnel Matters.--
            (1) Compensation of members.--
                    (A) In general.--Except as provided in subparagraph 
                (B), each member of the Commission who is not an 
                officer or employee of the Federal Government shall be 
                compensated at a rate equal to the daily equivalent of 
                the annual rate of basic pay prescribed for level IV of 
                the Executive Schedule under section 5315 of title 5, 
                United States Code, for each day (including travel 
                time) during which such member is engaged in the 
                performance of the duties of the Commission. All 
                members of the Commission who are officers or employees 
                of the United States shall serve without compensation 
                in addition to that received for their services as 
                officers or employees of the United States.
                    (B) Compensation of chairman.--The Chairman of the 
                Commission shall be compensated at a rate equal to the 
                daily equivalent of the minimum annual rate of basic 
                pay payable for level III of the Executive Schedule 
                under section 5314, of title 5, United States Code.
            (2) Travel expenses.--The members of the Commission shall 
        be allowed travel expenses, including per diem in lieu of 
        subsistence, at rates authorized for employees of agencies 
        under subchapter I of chapter 57 of title 5, United States 
        Code, while away from their homes or regular places of business 
        in the performance of services for the Commission.
            (3) Director and staff.--
                    (A) Director of staff.--The Commission shall 
                appoint a Director, who shall be paid at the rate of 
                basic pay payable for level IV of the Executive 
                Schedule under section 5315 of title 5, United States 
                Code.
                    (B) Staff.--
                            (i) In general.--Subject to clauses (ii) 
                        and (iii), the Director, with the approval of 
                        the Commission, may appoint and fix the pay of 
                        additional personnel.
                            (ii) Applicability.--The Director may make 
                        such appointments without regard to the 
                        provisions of title 5, United States Code, 
                        governing appointments in the competitive 
                        service, and any personnel so appointed may be 
                        paid without regard to the provisions of 
                        chapter 51 and subchapter III of chapter 53 of 
                        that title relating to classification and 
                        General Schedule pay rates, except that an 
                        individual so appointed may not receive pay in 
                        excess of the annual rate of basic pay 
                        prescribed for level V of the Executive 
                        Schedule under section 5316 of that title.
                            (iii) Detail of government employees.--
                                    (I) In general.--Upon request of 
                                the Director, the head of any Federal 
                                department or agency, including the 
                                Comptroller General of the United 
                                States, may detail any of the personnel 
                                of that department or agency to the 
                                Commission to assist the Commission in 
                                carrying out its duties under this 
                                section.
                                    (II) Limitations.--
                                            (aa) Detail of employees 
                                        from federal reserve system.--
                                        Not more than \1/5\ of the 
                                        personnel employed by or 
                                        detailed to the Commission may 
                                        be on detail from the Federal 
                                        Reserve System.
                                            (bb) Detail of employees 
                                        from other federal agencies.--
                                        Not more than \1/5\ of the 
                                        personnel employed by or 
                                        detailed to the Commission may 
                                        be on detail from any Federal 
                                        department or agency other than 
                                        the Federal Reserve System.
                            (iv) Experts and consultants.--The 
                        Commission may procure by contract the 
                        temporary or intermittent services of experts 
                        or consultants pursuant to section 3109(b) of 
                        title 5, United States Code, at rates for 
                        individuals which do not to exceed the daily 
                        equivalent of the annual rate of basic pay for 
                        a comparable position paid under the General 
                        Schedule.
                    (C) Rule of construction.--Any individual employed 
                by the Commission under this paragraph, including any 
                expert or consultant under contract pursuant to 
                subparagraph (B)(iv), shall be considered staff for the 
                duration of such employment of such individual for the 
                purposes of this section.
    (f) Prohibition Against Restricting Communications.--No person may 
restrict an employee of the Federal Reserve System from communicating 
with a member or staff of the Commission, and no person may take (or 
threaten to take) an unfavorable personnel action, or withhold (or 
threaten to withhold) a favorable personnel action, as a reprisal for 
such communication.
    (g) Confidential Information.--No member or staff of the Commission 
shall request, either in writing or verbally, that any employee of the 
Federal Reserve System provide--
            (1) nonpublic information or documents concerning or 
        related to monetary policy deliberations; or
            (2) confidential supervisory information.
    (h) Disclosure of Nonpublic Information.--Any member or staff of 
the Commission that obtains nonpublic information from the Federal 
Reserve System or any employee of the Federal Reserve System shall 
maintain the confidentiality of such information.
    (i) Audit.--
            (1) In general.--The Comptroller General of the United 
        States shall annually audit the financial transactions of the 
        Commission in accordance with the United States generally 
        accepted government auditing standards, as may be prescribed by 
        the Comptroller General of the United States.
            (2) Location of audit.--An audit under paragraph (1) shall 
        be conducted at any place where accounts of the Commission are 
        normally kept.
            (3) Access.--
                    (A) In general.--The representatives of the 
                Government Accountability Office shall have access, in 
                accordance with section 716(c) of title 31, United 
                States Code, to--
                            (i) the Chairman of the Commission, members 
                        of the Commission, and staff of the Commission; 
                        and
                            (ii) all books, accounts, documents, 
                        papers, records (including electronic records), 
                        reports, files, property, or other information 
                        belonging to or under the control of or used or 
                        employed by the Commission pertaining to its 
                        financial transactions and necessary to 
                        facilitate the audit.
                    (B) Verification of transactions.--Representatives 
                of the Government Accountability Office shall be 
                afforded full facilities for verifying transactions 
                with the balances or securities held by depositories, 
                fiscal agents, and custodians.
            (4) Custody of documents and property.--All books, 
        accounts, documents, papers, records, reports, files, property, 
        or other information described in paragraph (3)(A)(ii) shall 
        remain in possession and custody of the Commission.
            (5) Copies.--The Comptroller General of the United States 
        may make copies of any books, accounts, documents, papers, 
        records, reports, files, property, or other information 
        described in paragraph (3)(A)(ii) without cost to the 
        Comptroller General.
            (6) Services.--In conducting an audit under this 
        subsection, the Comptroller General of the United States may 
        employ by contract, without regard to section 3709 of the 
        Revised Statutes (41 U.S.C. 6101), professional services of 
        firms and organizations of certified public accountants for 
        temporary periods or for special purposes.
            (7) Reimbursement.--
                    (A) In general.--Upon the request of the 
                Comptroller General of the United States, the Chairman 
                of the Commission shall transfer to the Government 
                Accountability Office from funds made available to the 
                Commission the amount requested by the Comptroller 
                General to cover the full costs of any audit and report 
                conducted by the Comptroller General.
                    (B) Credit.--The Comptroller General of the United 
                States shall credit funds transferred under 
                subparagraph (A) to the account established for 
                salaries and expenses of the Government Accountability 
                Office, and such amount shall be available upon receipt 
                and without fiscal year limitation to cover the full 
                costs of the audit and report.
            (8) Report.--The Comptroller General of the United States 
        shall submit to the Committee on Banking, Housing, and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives, and also furnish copies to the 
        President and the Commission, a report of each annual audit 
        conducted under this subsection, including--
                    (A) the scope of the audit;
                    (B) the statement of assets and liabilities and 
                surplus or deficit;
                    (C) the statement of income and expenses;
                    (D) the statement of sources and application of 
                funds;
                    (E) such comments and information as the 
                Comptroller General determines is necessary to inform 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate and the Committee on Financial Services of 
                the House of Representatives of the financial 
                operations and condition of the Commission; and
                    (F) such recommendations that the Comptroller 
                General may deem advisable.
    (j) Termination.--The Commission shall terminate not later than on 
December 31, 2020.
    (k) Funding.--
            (1) In general.--Beginning on the first quarter of the 
        fiscal year after the date on which the Commission is 
        established, and in each quarter of a fiscal year thereafter, 
        the Board of Governors of the Federal Reserve System shall 
        transfer to the Commission, from the combined earnings of the 
        Federal Reserve System, the amount determined by the Chairman 
        of the Commission to be reasonably necessary to carry out the 
        authorities of the Commission pursuant to this section, taking 
        into account such other sums made available to the Commission 
        in preceding quarters, to be available without fiscal year 
        limitation and not subject to appropriation.
            (2) Reviewability.--Notwithstanding any other provision in 
        this section, the funds derived from the Federal Reserve System 
        pursuant to this subsection shall not be subject to review by 
        the Committee on Appropriations of the Senate or the Committee 
        on Appropriations of the House of Representatives.
    (l) Federal Reserve Districts.--The first undesignated paragraph of 
section 2 of the Federal Reserve Act (38 Stat. 251, chapter 6) is 
amended by inserting ``, except as otherwise provided under section 965 
of the Financial Regulatory Improvement Act of 2015'' after 
``organized''.

SEC. 966. GAO STUDY ON SUPERVISION.

    (a) In General.--The Comptroller General of the United States shall 
conduct a study on the effectiveness of supervision by the Board of 
Governors of the Federal Reserve System and each Federal Reserve bank 
of--
            (1) bank holding companies subject to the requirements of 
        section 165 of the Financial Stability Act of 2010 (12 U.S.C. 
        5365) on the date of enactment of this title; and
            (2) nonbank financial companies subject to a determination 
        under subsection (a) or (b) of section 113 of the Financial 
        Stability Act of 2010 (12 U.S.C. 5323).
    (b) Report.--Not later than 18 months after the date of enactment 
of this title, the Comptroller General of the United States shall 
submit to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House of 
Representatives a report based on the study required under subsection 
(a) that includes--
            (1) an analysis of--
                    (A) the effectiveness of the delegation of 
                functions by the Board of Governors of the Federal 
                Reserve System in accordance with section 11(k) of the 
                Federal Reserve Act (12 U.S.C. 248(k));
                    (B) the effectiveness of supervision delegated to 
                each Federal Reserve bank by the Board of Governors of 
                the Federal Reserve System, including whether and how 
                the relationships between each Federal Reserve bank and 
                the institutions that each Federal Reserve bank 
                supervises impact the effectiveness of supervision;
                    (C) the propriety of the relationship between each 
                Federal Reserve bank and the institutions that each 
                Federal Reserve bank supervises, including any 
                potential conflicts of interest, and whether and how 
                such relationships impact the effectiveness of 
                supervision;
                    (D) the role played by the Large Institution 
                Supervision Coordinating Committee of the Board of 
                Governors of the Federal Reserve System, the 
                interactions between the Committee and the Federal 
                Reserve banks, and the effectiveness of the Committee; 
                and
                    (E) any other factors that could negatively 
                influence the effectiveness of supervision by any 
                Federal Reserve bank or the Board of Governors of the 
                Federal Reserve System;
            (2) an evaluation of whether additional steps should be 
        taken by the Board of Governors of the Federal Reserve System, 
        each Federal Reserve bank, or Congress to improve the 
        effectiveness of supervision at each Federal Reserve bank and 
        the Board of Governors of the Federal Reserve System; and
            (3) recommendations to improve the effectiveness of 
        supervision at each Federal Reserve bank and the Board of 
        Governors of the Federal Reserve System.
    (c) Evaluation.--As part of the study required under subsection 
(a), the Comptroller General of the United States shall separately 
evaluate the effectiveness of supervision at the Board of Governors of 
the Federal Reserve System and at each Federal Reserve bank.

SEC. 967. FEDERAL RESERVE STUDY ON NONBANK SUPERVISION.

    (a) In General.--Not later than 180 days after the date of 
enactment of this title, and not less than once every 2 years 
thereafter, the Board of Governors of the Federal Reserve System shall 
submit to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House of 
Representatives a report regarding how the Board plans to supervise and 
regulate nonbank financial companies subject to a determination under 
subsection (a) or (b) of section 113 of the Financial Stability Act of 
2010 (12 U.S.C. 5323) that includes, with respect to nonbank financial 
companies--
            (1) a specific supervisory and regulatory framework, 
        differentiating among nonbank financial companies on an 
        individual basis or by category, taking into consideration the 
        capital structure, riskiness, complexity (including the 
        financial activities of any subsidiaries), size, and any other 
        risk-related factors that the Board of Governors of the Federal 
        Reserve System determines is appropriate;
            (2) an assessment of the relevant experience and expertise 
        of staff of the Federal Reserve System assigned to such 
        supervision and regulation;
            (3) a description of--
                    (A) the method for evaluating safety and soundness;
                    (B) the frequency of examinations;
                    (C) the criteria that will be examined; and
                    (D) coordination with Federal and State regulators, 
                including efforts to minimize duplicative supervision 
                and regulation, if appropriate; and
            (4) an explanation of how the approach to supervision and 
        regulation of nonbank financial companies differs from 
        supervision and regulation of bank holding companies and member 
        banks.
    (b) Sunset.--This section shall terminate on the date that is 10 
years after the date of enactment of this title.

SEC. 968. FEDERAL RESERVE BANK GOVERNANCE.

    (a) In General.--Section 4 of the Federal Reserve Act is amended--
            (1) in paragraph (4) (12 U.S.C. 341)--
                    (A) by striking ``power--'' and inserting ``power, 
                except as provided in paragraph (25)--''; and
                    (B) by inserting ``except that the first vice 
                president of the Federal Reserve Bank of New York shall 
                be appointed by the Class B and Class C directors of 
                the bank, with the approval of the Board of Governors 
                of the Federal Reserve System, for a term of 5 years,'' 
                after ``as the president,''; and
            (2) by adding at the end the following:
            ``(25) Selection of the president of the federal reserve 
        bank of new york.--Notwithstanding any other provision of this 
        section, the president of the Federal Reserve Bank of New York 
        shall be appointed by the President, by and with the advice and 
        consent of the Senate, for terms of 5 years.
            ``(26) Testimony.--The president of the Federal Reserve 
        Bank of New York, on an annual basis, shall provide testimony 
        to the Committee on Banking, Housing, and Urban Affairs of the 
        Senate and the Committee on Financial Services of the House of 
        Representatives.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on the date of enactment of this title and apply to 
appointments for the president of the Federal Reserve Bank of New York 
made on and after that effective date.

 Subtitle F--Improved Access to Capital and Tailored Regulation in the 
                           Financial Markets

SEC. 971. HOLDING COMPANY REGISTRATION THRESHOLD EQUALIZATION.

    The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is 
amended--
            (1) in section 12(g) (15 U.S.C. 78l(g))--
                    (A) in paragraph (1)(B), by inserting ``, a savings 
                and loan holding company (as defined in section 10(a) 
                of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),'' 
                after ``is a bank''; and
                    (B) in paragraph (4), by inserting ``, a savings 
                and loan holding company (as defined in section 10(a) 
                of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),'' 
                after ``case of a bank''; and
            (2) in section 15(d)(1) (15 U.S.C. 78o(d)(1)), by striking 
        ``case of bank'' and inserting ``case of a bank, a savings and 
        loan holding company (as defined in section 10(a) of the Home 
        Owners' Loan Act (12 U.S.C. 1467a(a))),''.

SEC. 972. INCREASED THRESHOLD FOR DISCLOSURES RELATING TO COMPENSATORY 
              BENEFIT PLANS.

    Not later than 60 days after the date of enactment of this title, 
the Securities and Exchange Commission shall revise section 230.701(e) 
of title 17, Code of Federal Regulations, to increase from $5,000,000 
to $10,000,000 the aggregate sales price or amount of securities sold 
during any consecutive 12-month period in excess of which the issuer is 
required under such section to deliver an additional disclosure to 
investors. The Securities and Exchange Commission shall index for 
inflation such aggregate sales price or amount every 5 years to reflect 
the change in the Consumer Price Index for All Urban Consumers 
published by the Bureau of Labor Statistics, rounding to the nearest 
$1,000,000.

SEC. 973. REPEAL OF INDEMNIFICATION REQUIREMENTS.

    (a) Derivatives Clearing Organizations.--Section 5b(k)(5) of the 
Commodity Exchange Act (7 U.S.C. 7a-1(k)(5)) is amended to read as 
follows:
            ``(5) Confidentiality agreement.--Before the Commission may 
        share information with any entity described in paragraph (4), 
        the Commission shall receive a written agreement from each 
        entity stating that the entity shall abide by the 
        confidentiality requirements described in section 8 relating to 
        the information on swap transactions that is provided.''.
    (b) Swap Data Repositories.--Section 21(d) of the Commodity 
Exchange Act (7 U.S.C. 24a(d)) is amended to read as follows:
    ``(d) Confidentiality Agreement.--Before the swap data repository 
may share information with any entity described in subsection (c)(7), 
the swap data repository shall receive a written agreement from each 
entity stating that the entity shall abide by the confidentiality 
requirements described in section 8 relating to the information on swap 
transactions that is provided.''.
    (c) Security-based Swap Data Repositories.--Section 13(n)(5) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78m(n)(5)) is amended--
            (1) in subparagraph (G)--
                    (A) in the matter preceding clause (i), by striking 
                ``all'' and inserting ``security-based swap''; and
                    (B) in clause (v)--
                            (i) in subclause (II), by striking ``; 
                        and'' and inserting a semicolon;
                            (ii) in subclause (III), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                                    ``(IV) other foreign 
                                authorities.''; and
            (2) by striking subparagraph (H) and inserting the 
        following:
                    ``(H) Confidentiality agreement.--Before the 
                security-based swap data repository may share 
                information with any entity described in subparagraph 
                (G), the security-based swap data repository shall 
                receive a written agreement from each entity stating 
                that the entity shall abide by the confidentiality 
                requirements described in section 24 relating to the 
                information on security-based swap transactions that is 
                provided.''.
    (d) Effective Date.--The amendments made by this section shall take 
effect as if enacted as part of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Public Law 111-203).

SEC. 974. IMPROVING ACCESS TO CAPITAL FOR EMERGING GROWTH COMPANIES.

    Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) 
is amended by adding at the end the following: ``An issuer that was an 
emerging growth company at the time it submitted a confidential 
registration statement or, in lieu thereof, a publicly filed 
registration statement for review under this subsection but ceases to 
be an emerging growth company thereafter shall continue to be treated 
as an emerging growth company for the purposes of this subsection 
through the earlier of the date on which the issuer consummates its 
initial public offering pursuant to such registration statement or the 
end of the 1-year period beginning on the date on which the company 
ceases to be an emerging growth company.''.

Subtitle G--Taxpayer Protections and Market Access for Mortgage Finance

SEC. 981. DEFINITIONS.

    In this title:
            (1) Agency.--The term ``Agency'' means the Federal Housing 
        Finance Agency.
            (2) Back-end risk sharing.--The term ``back-end risk 
        sharing'' means any risk-sharing transaction that allows an 
        enterprise to share single-family mortgage credit risk that is 
        on the balance sheet of the enterprise with the private sector.
            (3) Board of directors.--The term ``Board of Directors'' 
        means the Board of Directors established under section 
        985(c)(1).
            (4) Common securitization solutions.--The term ``Common 
        Securitization Solutions'' or ``CSS'' means Common 
        Securitization Solutions, LLC, the joint venture formed by the 
        enterprises in October 2013, or any successor to Common 
        Securitization Solutions, LLC, that is a joint venture of the 
        enterprises.
            (5) Contractual and disclosure framework.--The term 
        ``contractual and disclosure framework'' means a contractual 
        and disclosure framework for securitization of mortgage loans 
        by an entity other than an enterprise.
            (6) Enterprise.--The term ``enterprise'' has the meaning 
        given that term in section 1303 of the Federal Housing 
        Enterprises Financial Safety and Soundness Act of 1992 (12 
        U.S.C. 4502).
            (7) First loss position; front-end risk sharing; risk-
        sharing transaction.--The terms ``first loss position'', 
        ``front-end risk sharing'', and ``risk-sharing transaction'' 
        have the meanings given those terms in section 1328(a) of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992, as added by section 986(b)(1).
            (8) Guarantee fee.--The term ``guarantee fee''--
                    (A) means a fee in connection with any guarantee of 
                the timely payment of principal and interest on 
                securities, notes, and other obligations based on or 
                backed by mortgages on residential real properties 
                designed principally for occupancy of from 1 to 4 
                families; and
                    (B) includes--
                            (i) the guaranty fee charged by the Federal 
                        National Mortgage Association with respect to 
                        mortgage-backed securities; and
                            (ii) the management and guarantee fee 
                        charged by the Federal Home Loan Mortgage 
                        Corporation with respect to participation 
                        certificates.
            (9) Platform.--The term ``Platform'' means the 
        securitization platform first described by the paper issued by 
        the Agency on October 4, 2012 entitled ``Building a New 
        Infrastructure for the Secondary Mortgage Market'', and updated 
        in subsequent documents released by the Agency, including 
        annual strategic plans for the conservatorship of the 
        enterprises and annual conservatorship scorecards.
            (10) Private successor.--The term ``private successor'' 
        means the private, nonprofit entity referred to in section 
        985(g) to which CSS transitions the Platform and the 
        contractual and disclosure framework, including any associated 
        intellectual property, technology, systems, and infrastructure, 
        in accordance with this title.
            (11) Second loss position.--The term ``second loss 
        position'' means, with respect to a risk-sharing transaction, 
        the position to which any credit losses on a security resulting 
        from the nonperformance of underlying mortgage loans will 
        accrue and be absorbed after a first loss position, to the full 
        extent of a holder's interest in such position.
            (12) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (13) Senior preferred stock purchase agreement.--The term 
        ``Senior Preferred Stock Purchase Agreement'' means--
                    (A) the Amended and Restated Senior Preferred Stock 
                Purchase Agreement, dated September 26, 2008, as such 
                Agreement has been amended on May 6, 2009, December 24, 
                2009, and August 17, 2012, respectively, and as such 
                Agreement may be further amended and restated, entered 
                into between the Department of the Treasury and each 
                enterprise, as applicable; and
                    (B) any provision of any certificate in connection 
                with such Agreement creating or designating the terms, 
                powers, preferences, privileges, limitations, or any 
                other conditions of the Variable Liquidation Preference 
                Senior Preferred Stock of an enterprise issued or sold 
                pursuant to such Agreement.

SEC. 982. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.

    (a) In General.--In the Senate and the House of Representatives, 
for purposes of determining budgetary impacts to evaluate points of 
order under the Congressional Budget Act of 1974, any previous budget 
resolution, and any subsequent budget resolution, provisions contained 
in any bill, resolution, amendment, motion, or conference report that 
increase, or extend the increase of, any guarantee fee of an enterprise 
shall not be scored with respect to the level of budget authority, 
outlays, or revenues contained in such legislation.
    (b) Exception.--The prohibition in subsection (a) shall not apply 
to any legislation that--
            (1) includes a specific instruction to the Secretary on the 
        sale, transfer, relinquishment, liquidation, divestiture, or 
        other disposition of senior preferred stock acquired pursuant 
        to the Senior Preferred Stock Purchase Agreement; and
            (2) provides for an increase, or extension of an increase, 
        of any guarantee fee of an enterprise to be used for the 
        purpose of financing reforms to the secondary mortgage market.

SEC. 983. LIMITATIONS ON SALE OF PREFERRED STOCK.

    Notwithstanding any other provision of law or any provision of the 
Senior Preferred Stock Purchase Agreement, the Secretary may not sell, 
transfer, relinquish, liquidate, divest, or otherwise dispose of any 
outstanding shares of senior preferred stock acquired pursuant to the 
Senior Preferred Stock Purchase Agreement, until such time as Congress 
has passed and the President has signed into law legislation that 
includes a specific instruction to the Secretary regarding the sale, 
transfer, relinquishment, liquidation, divestiture, or other 
disposition of the senior preferred stock so acquired.

SEC. 984. SECONDARY MARKET ADVISORY COMMITTEE.

    Not later than 90 days after the date of enactment of this title, 
the Agency shall direct the enterprises and CSS to establish the 
Secondary Market Advisory Committee, which shall--
            (1) provide advice to the enterprises and CSS on decisions 
        relating to the development of secondary mortgage market 
        infrastructure; and
            (2) include private market participants representing 
        multiple aspects of the mortgage market, including mortgage 
        lenders, poolers of mortgage-backed securities, and investors 
        of mortgage-backed securities.

SEC. 985. SECURITIZATION PLATFORM.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) at the direction of the Agency, the enterprises have 
        established a joint venture called Common Securitization 
        Solutions intended to facilitate the issuance of mortgage-
        backed securities through the Platform;
            (2) at the direction of the Agency, the development of the 
        Platform is currently geared toward the issuance of mortgage-
        backed securities by the enterprises;
            (3) as soon as practicable, the capacity and functionality 
        of the Platform should be expanded to facilitate the issuance 
        of mortgage-backed securities by issuers other than the 
        enterprises, and CSS should undertake to develop the 
        contractual and disclosure framework for issuers other than the 
        enterprises;
            (4) the property of the enterprises, including intellectual 
        property, technology, systems, and infrastructure (including 
        technology, systems, and infrastructure developed by the 
        enterprises for the Platform), as well as any other legacy 
        systems, infrastructure, processes, and the Platform itself are 
        valuable assets of the enterprises; and
            (5) the enterprises should receive appropriate compensation 
        for the transfer of any such assets.
    (b) Reports to Congress.--
            (1) Annual report on development.--Not later than 1 year 
        after the date of enactment of this title, and every year 
        thereafter, the Agency shall submit to Congress a report on the 
        status of the development of the Platform and the contractual 
        and disclosure framework, which shall include--
                    (A) the projected timelines for--
                            (i) completing development of the Platform 
                        to support the securitization needs of the 
                        enterprises; and
                            (ii) completing development of the Platform 
                        and the contractual and disclosure framework to 
                        support the securitization needs of issuers 
                        other than the enterprises; and
                    (B) the projected budget for the development of the 
                Platform and the contractual and disclosure framework.
            (2) Report on transition.--Not later than 3 years after the 
        date of enactment of this title, the Agency shall develop a 
        plan, and submit to the Committee on Banking, Housing and Urban 
        Affairs of the Senate and the Committee on Financial Services 
        of the House of Representatives a report on such plan, to 
        transition the Platform and the contractual and disclosure 
        framework from a joint venture owned by the enterprises into a 
        private, nonprofit entity that best facilitates a deep, liquid, 
        and resilient secondary mortgage market for mortgage-backed 
        securities.
    (c) Board of Directors.--
            (1) Establishment.--Not later than 6 months after the date 
        of enactment of this title, the Agency shall direct the 
        enterprises and CSS to re-constitute a CSS Board of Directors 
        that meets the composition requirements set forth in paragraphs 
        (2) and (3).
            (2) Composition after 1 year.--Not later than 1 year after 
        the date of enactment of this title, as determined by the 
        Agency, the Board of Directors shall be comprised of 7 
        directors, 3 of whom--
                    (A) shall have demonstrated knowledge of, or 
                experience in, financial management, financial 
                services, risk management, information technology, or 
                housing finance; and
                    (B) are not simultaneously employed by an 
                enterprise or serving as a director of an enterprise.
            (3) Composition after 18 months.--Not later than 18 months 
        after the date of enactment of this title, as determined by the 
        Agency, the Board of Directors shall be comprised of 9 
        directors, 5 of whom--
                    (A) shall have demonstrated knowledge of, or 
                experience in, financial management, financial 
                services, risk management, information technology, or 
                housing finance; and
                    (B) are not simultaneously employed by an 
                enterprise or serving as a director of an enterprise.
    (d) Authorized and Prohibited Activities.--
            (1) Authorized activities.--
                    (A) In general.--Not later than 2 years after the 
                date of enactment of this title, CSS shall--
                            (i) for an entity other than an enterprise, 
                        develop standards for--
                                    (I) becoming an approved issuer of 
                                securities issued through the Platform;
                                    (II) loans that may serve as 
                                collateral for securities issued 
                                through the Platform; and
                                    (III) originating, servicing, 
                                pooling, dispute resolution, 
                                disclosure, and securitizing 
                                residential mortgage loans that 
                                collateralize securities issued through 
                                the Platform; and
                            (ii) operate and maintain the Platform and 
                        establish fees for use of the Platform.
                    (B) Issuing securities by approved issuers.--Not 
                later than 3 years after the date of enactment of this 
                title--
                            (i) CSS shall facilitate the issuance of 
                        securities by any approved issuer other than an 
                        enterprise through the Platform; and
                            (ii) issuances of securities facilitated 
                        through the Platform shall not be limited to 
                        those made by the enterprises.
                    (C) Exception.--The Director may delay the 
                requirement under subparagraph (B) for 2 1-year periods 
                if the Director and the Secretary of the Treasury--
                            (i) determine that facilitation of such 
                        securities is not feasible within that period 
                        of time and could adversely impact the housing 
                        market; and
                            (ii) submit to Congress a report describing 
                        the justification for the determination made in 
                        clause (i).
            (2) Prohibited activities.--CSS may not, through the 
        Platform or otherwise--
                    (A) guarantee any mortgage loans or mortgage-backed 
                securities;
                    (B) assume or hold mortgage loan credit risk;
                    (C) purchase any mortgage loans for cash on a 
                single loan basis for the purpose of securitization;
                    (D) own or hold any mortgage loans or mortgage-
                backed securities for investment purposes;
                    (E) make or be a party to any representation and 
                warranty agreement on any mortgage loans; or
                    (F) take lender representation and warranty risk.
            (3) Authorized and prohibited activities of the private 
        successor.--All authorized and prohibited activities of CSS 
        under this subsection shall transfer to the private successor 
        at the time of transition under subsection (g), and shall 
        transfer to any future successor to the private successor at 
        the time of any such transition.
    (e) Regulation of CSS and the Private Successor.--The Agency shall 
have general regulatory authority over CSS, the private successor, and 
any successor to the private successor to ensure the safety and 
soundness of CSS and such successors
    (f) Funding by the FHFA and Transfer of Property.--
            (1) Transfer of funds from the enterprises.--At a time 
        established by the Agency, the Agency shall transfer to CSS 
        such funds from the enterprises as the Agency, after 
        consultation with the Board of Directors, determines may be 
        reasonably necessary for CSS to begin carrying out the 
        activities and operations of the Platform.
            (2) Transfer of property.--
                    (A) In general.--The Agency shall direct the 
                enterprises to transfer or sell to the Platform any 
                property, including intellectual property, technology, 
                systems, and infrastructure (including technology, 
                systems, and infrastructure developed by the 
                enterprises for the Platform), as well as any other 
                legacy systems, infrastructure, and processes that may 
                be necessary for the Platform to carry out the 
                functions and operations of the Platform.
                    (B) Contractual and other legal obligations.--As 
                may be necessary for the Agency and the enterprises to 
                comply with legal, contractual, or other obligations, 
                the Agency shall have the authority to require that any 
                transfer authorized under subparagraph (A) occurs as an 
                exchange for value, including through the provision of 
                appropriate compensation to the enterprises or other 
                entities responsible for creating, or contracting with, 
                the Platform.
    (g) Transition From CSS.--
            (1) In general.--Not later than 5 years after the date of 
        enactment of this title, the Agency shall oversee the 
        transition of ownership of the Platform and the contractual and 
        disclosure framework from the enterprises and CSS to a private, 
        nonprofit entity in accordance with the plan developed under 
        subsection (b)(2).
            (2) Board of directors.--The private successor shall 
        determine the structure of the Board of Directors following the 
        transition under paragraph (1).
            (3) Repayment of cost.--Not later than 10 years after the 
        date of the transition described in paragraph (1), the total 
        cost of the property transferred in accordance with subsection 
        (f)(2) at the time of the transition, as determined jointly by 
        the Agency and the Secretary, shall be repaid to the 
        enterprises.
    (h) Rule of Construction.--Nothing in this section shall be 
construed to prohibit the Agency or CSS from first developing a common 
securitization platform for use only by the enterprises, if all of the 
provisions in this Act relating to the development of the Platform and 
the contractual and disclosure framework are complied with in a timely 
manner.

SEC. 986. MANDATORY RISK SHARING.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) at the direction of the Agency, the enterprises have 
        executed a series of transactions in which the enterprises 
        share credit risk with the private sector;
            (2) in the risk-sharing transactions to date, the 
        enterprises have shared credit risk on pools of residential 
        mortgage loans that back securities on which an enterprise 
        either already guarantees or does not yet guarantee the timely 
        payment of principal and interest;
            (3) the risk that the enterprises have shared has been 
        either any loss suffered on the loans in the pool or any loss 
        in excess of some minimal level on loans in the pool;
            (4) to date, the vast majority of risk-sharing transactions 
        have involved either back-end risk sharing or the transfer of 
        the second loss position; and
            (5) the Agency should direct the enterprises to--
                    (A) engage in more front-end risk sharing in which 
                the first loss position is transferred; and
                    (B) retain data that can help inform policymakers 
                and the public about the impact to consumers, the 
                market, and the enterprises from such transactions.
    (b) Mandatory Risk Sharing.--
            (1) In general.--Subpart A of part 2 of subtitle A of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the 
        end the following:

``SEC. 1328. MANDATORY RISK-SHARING TRANSACTIONS.

    ``(a) Definitions.--In this section:
            ``(1) First loss position.--The term `first loss position' 
        means, with respect to a risk-sharing transaction, the position 
        to which any credit loss on a security resulting from the 
        nonperformance of underlying mortgage loans will accrue and be 
        absorbed, to the full extent of the holder's interest in such 
        position.
            ``(2) Front-end risk sharing.--The term `front-end risk 
        sharing' means any risk-sharing transaction that provides for 
        an enterprise to share credit risk on a pool of single-family 
        residential mortgage loans that back securities on which the 
        enterprise guarantees the timely payment of principal and 
        interest with the private sector before the enterprise provides 
        any such guarantee.
            ``(3) Risk-sharing transaction.--The term `risk-sharing 
        transaction' means any transaction that provides for an 
        enterprise to share credit risk on a pool of single-family 
        residential mortgage loans that back securities on which the 
        enterprise guarantees the timely payment of principal and 
        interest with the private sector.
    ``(b) Risk-sharing Transactions.--The Director shall require each 
enterprise to develop and undertake risk-sharing transactions in which 
the first loss position is transferred, as provided in subsection (c).
    ``(c) Required Percentage of Business.--
            ``(1) Requirement.--The Director shall require that each 
        enterprise engage in significant and increasing risk-sharing 
        transactions, including front-end risk sharing and risk-sharing 
        transactions in which the first loss position is transferred, 
        considering market conditions and the safety and soundness of 
        the enterprise.
            ``(2) Annual reporting requirement.--Not later than 1 year 
        after the date of enactment of this section, and every year 
        thereafter, the Agency shall submit to Congress a report, which 
        shall include--
                    ``(A) for the 12-month period preceding the date on 
                which the report is submitted, an assessment of the 
                market responses to the risk-sharing transactions of 
                each of the enterprises, in aggregate, and by credit 
                risk-sharing mechanism, including--
                            ``(i) impacts on borrower costs, yield 
                        spreads, and the economics of the operations of 
                        the enterprises; and
                            ``(ii) the type and characteristics of the 
                        underlying collateral and borrowers whose loans 
                        are involved in risk-sharing transactions; and
                    ``(B) a 5-year plan, which shall include, for each 
                of the 5 years following the year in which the report 
                is issued--
                            ``(i) the projected percentage of the 
                        unpaid principal balance of each enterprise 
                        covered under the credit risk-sharing program;
                            ``(ii) the projected percentage of new 
                        business for each enterprise subject to 
                        transactions in which the first loss position 
                        is transferred, including the types of deal 
                        structures;
                            ``(iii) the projected depth of front-end 
                        risk sharing per type of transaction for each 
                        enterprise; and
                            ``(iv) a description of the steps that the 
                        Agency intends to take to broaden the eligible 
                        investor base for credit risk-sharing 
                        programs.''.

 Subtitle H--Dodd-Frank Wall Street Reform and Consumer Protection Act 
                         Technical Corrections

SEC. 991. TABLE OF CONTENTS; DEFINITIONAL CORRECTIONS.

    (a) Table of Contents.--The table of contents for the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (Public Law 111-203; 124 
Stat. 1376) is amended by striking the items relating to sections 407 
through 416 and inserting the following:

``Sec. 407. Exemption of and reporting by venture capital fund 
                            advisers.
``Sec. 408. Exemption of and reporting by certain private fund 
                            advisers.
``Sec. 409. Family offices.
``Sec. 410. State and Federal responsibilities; asset threshold for 
                            Federal registration of investment 
                            advisers.
``Sec. 411. Custody of client assets.
``Sec. 412. Comptroller General study on custody rule costs.
``Sec. 413. Adjusting the accredited investor standard.
``Sec. 414. Rule of construction relating to the Commodity Exchange 
                            Act.
``Sec. 415. GAO study and report on accredited investors.
``Sec. 416. GAO study on self-regulatory organization for private 
                            funds.
``Sec. 417. Commission study and report on short selling.
``Sec. 418. Qualified client standard.
``Sec. 419. Transition period.''.
    (b) Definitions.--Section 2 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5301) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``section 3'' and inserting 
                ``section 3(w)''; and
                    (B) by striking ``(12 U.S.C. 1813)'' and inserting 
                ``(12 U.S.C. 1813(w))'';
            (2) in paragraph (6), by striking ``1 et seq.'' and 
        inserting ``1a''; and
            (3) in paragraph (18)(A)--
                    (A) by striking ```bank holding company',''; and
                    (B) by inserting ```includes','' before 
                ```including',''.

SEC. 992. ANTITRUST SAVINGS CLAUSE CORRECTIONS.

    Section 6 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5303) is amended, in the second sentence--
            (1) by inserting ``(15 U.S.C. 12(a))'' after ``Clayton 
        Act''; and
            (2) by striking ``Act, to'' and inserting ``Act (15 U.S.C. 
        45) to''.

SEC. 993. TITLE I CORRECTIONS.

    The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 
amended--
            (1) in section 102(a)(6) (12 U.S.C. 5311(a)(6)), by 
        inserting ``(12 U.S.C. 1843(k))'' after ``of 1956'' each place 
        that term appears;
            (2) in section 111 (12 U.S.C. 5321)--
                    (A) in subsection (b)--
                            (i) in paragraph (1)(G), by striking 
                        ``Chairperson'' and inserting ``Chairman''; and
                            (ii) in paragraph (2)(E), by striking 
                        ``such'' and inserting ``the''; and
                    (B) in subsection (c)(3), by striking ``that agency 
                or department head'' and inserting ``the head of that 
                member agency or department'';
            (3) in section 112 (12 U.S.C. 5322)--
                    (A) in subsection (a)(2)--
                            (i) in subparagraph (D)--
                                    (I) by striking ``to monitor'' and 
                                inserting ``monitor''; and
                                    (II) by striking ``to advise'' and 
                                inserting ``advise'';
                            (ii) in subparagraph (J)--
                                    (I) by striking ``that term is'' 
                                and inserting ``those terms are''; and
                                    (II) by striking ``and settlement'' 
                                and inserting ``or settlement''; and
                            (iii) in subparagraph (L), by striking 
                        ``may''; and
                    (B) in subsection (d)(5)--
                            (i) in subparagraph (B), by striking 
                        ``subsection and'' and inserting ``subtitle 
                        or''; and
                            (ii) in subparagraph (C), by striking 
                        ``subsection and'' and inserting ``subtitle 
                        or'';
            (4) in section 154(c) (12 U.S.C. 5344(c))--
                    (A) by striking ``Center.--'' and all that follows 
                through ``The Research'' and inserting ``Center.--The 
                Research''; and
                    (B) by redesignating subparagraphs (A) through (H) 
                as paragraphs (1) through (8), respectively, and 
                adjusting the margins accordingly;
            (5) in section 155(a)(2) (12 U.S.C. 5345(a)(2)), by 
        striking ``(c),'' and inserting ``(c)'';
            (6) in section 164 (12 U.S.C. 5364), by striking 
        ``Institutions'' and inserting ``Institution'';
            (7) in section 167(b)(1)(B)(ii) (12 U.S.C. 
        5367(b)(1)(B)(ii)), by striking ``to ensure'' and inserting 
        ``ensure''; and
            (8) in section 171(b)(4)(D) (12 U.S.C. 5371(b)(4)(D)), by 
        adding a period at the end.

SEC. 994. TITLE II CORRECTIONS.

    Title II of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5381 et seq.) is amended--
            (1) in section 210 (12 U.S.C. 5390)--
                    (A) in subsection (a)--
                            (i) in paragraph (1)(D), by striking 
                        ``wind-up'' and inserting ``wind up''; and
                            (ii) in paragraph (5)(C), by striking 
                        ``receiver seeking'' and inserting ``receiver) 
                        seeking'';
                    (B) in subsection (b)(1), by striking ``11,725'' 
                each place that term appears and inserting ``$11,725'';
                    (C) in subsection (m)(1)(B), by inserting ``of'' 
                before ``the Bankruptcy Code''; and
                    (D) in subsection (o)(1)(D)(i)(I), by striking 
                ``and (h)(5)(E)'' and inserting ``or (h)(5)(E)'';
            (2) in section 211(d)(1)(C) (12 U.S.C. 5391(d)(1)(C)), by 
        striking ``orderly liquidation plan under section 210(n)(14)'' 
        and inserting ``an orderly liquidation plan under section 
        210(n)(9)''; and
            (3) in section 215(a)(5) (124 Stat. 1518), by striking 
        ``amd'' and inserting ``and''.

SEC. 995. TITLE III CORRECTIONS.

    (a) In General.--The Enhancing Financial Institution Safety and 
Soundness Act of 2010 (12 U.S.C. 5401 et seq.) is amended--
            (1) in section 327(b)(5) (12 U.S.C. 5437(b)(5)), by 
        striking ``in'' and inserting ``into'';
            (2) in section 333(b)(2) (124 Stat. 1539), by inserting 
        ``the second place that term appears'' before ``and 
        inserting''; and
            (3) in section 369(5) (124 Stat. 1559)--
                    (A) in subparagraph (D)(i)--
                            (i) in subclause (III), by redesignating 
                        items (aa), (bb), and (cc) as subitems (AA), 
                        (BB), and (CC), respectively, and adjusting the 
                        margins accordingly;
                            (ii) in subclause (IV), by redesignating 
                        items (aa) and (bb) as subitems (AA) and (BB), 
                        respectively, and adjusting the margins 
                        accordingly;
                            (iii) in subclause (V), by redesignating 
                        items (aa), (bb), and (cc) as subitems (AA), 
                        (BB), and (CC), respectively, and adjusting the 
                        margins accordingly; and
                            (iv) by redesignating subclauses (III), 
                        (IV), and (V) as items (bb), (cc), and (dd), 
                        respectively, and adjusting the margins 
                        accordingly;
                    (B) in subparagraph (F)--
                            (i) in clause (ii), by adding ``and'' at 
                        the end;
                            (ii) in clause (iii), by striking ``; and'' 
                        and inserting a semicolon; and
                            (iii) by striking clause (iv); and
                    (C) in subparagraph (G)(i), by inserting ``each 
                place such term appears'' before ``and inserting''.
    (b) Effective Dates.--
            (1) Section 333.--The amendment made by subsection (a)(2) 
        of this section shall take effect as if enacted as part of 
        subtitle C of the Enhancing Financial Institution Safety and 
        Soundness Act of 2010 (title III of Public Law 111-203; 124 
        Stat. 1538).
            (2) Section 369.--The amendments made by subsection (a)(3) 
        of this section shall take effect as if enacted as part of 
        subtitle E of the Enhancing Financial Institution Safety and 
        Soundness Act of 2010 (title III of Public Law 111-203; 124 
        Stat. 1546).

SEC. 996. TITLE IV CORRECTION.

    Section 414 of the Private Fund Investment Advisers Registration 
Act of 2010 (title IV of Public Law 111-203; 124 Stat. 1578) is amended 
in the section heading by striking ``commodities'' and inserting 
``commodity''.

SEC. 997. TITLE VI CORRECTIONS.

    (a) In General.--The Bank and Savings Association Holding Company 
and Depository Institution Regulatory Improvements Act of 2010 (title 
VI of Public Law 111-203; 124 Stat. 1596) is amended--
            (1) in section 610 (124 Stat. 1611)--
                    (A) by striking subsection (b); and
                    (B) by redesignating subsection (c) as subsection 
                (b); and
            (2) in section 618(a) (12 U.S.C. 1850a(a))--
                    (A) in paragraph (4)(B)(i), by inserting ``of 
                Governors'' after ``Board''; and
                    (B) in paragraph (6), by inserting ``(12 U.S.C. 
                1841)'' after ``Act of 1956''.
    (b) Effective Date.--The amendments made by subsection (a)(1) of 
this section shall take effect as if enacted as part of section 610 of 
the Bank and Savings Association Holding Company and Depository 
Institution Regulatory Improvements Act of 2010 (title VI of Public Law 
111-203; 124 Stat. 1611).

SEC. 998. TITLE VII CORRECTIONS.

    (a) In General.--The Wall Street Transparency and Accountability 
Act of 2010 (15 U.S.C. 8301 et seq.) is amended--
            (1) in section 719(c)(1)(B) (15 U.S.C. 8307(c)(1)(B)), by 
        adding a period at the end;
            (2) in section 723(a)(1)(B) (124 Stat. 1675), by inserting 
        ``, as added by section 107 of the Commodity Futures 
        Modernization Act of 2000 (Appendix E of Public Law 106-554; 
        114 Stat. 2763A-382),'' after ``subsection (i)'';
            (3) in section 724(a) (124 Stat. 1682), by striking 
        ``adding at the end'' and inserting ``inserting after 
        subsection (e)'';
            (4) in section 734(b)(1) (124 Stat. 1718), by striking ``is 
        amended'' and all that follows through ``(B) in'' and inserting 
        ``is amended in'';
            (5) in section 741(b)(10) (124 Stat. 1732), by striking 
        ``1a(19)(A)(iv)(II)'' each place that term appears and 
        inserting ``1a(18)(A)(iv)(II)''; and
            (6) in section 749 (124 Stat. 1746)--
                    (A) in subsection (a)(2), by striking ``adding at 
                the end'' and inserting ``inserting after subsection 
                (f)''; and
                    (B) in subsection (h)(1)(B), by inserting ``the 
                second place that term appears'' before the semicolon.
    (b) Effective Date.--The amendments made by paragraphs (3), (4), 
(5), and (6) of subsection (a) shall take effect as if enacted as part 
of part II of subtitle A of the Wall Street Transparency and 
Accountability Act of 2010 (title VII of Public Law 111-203; 124 Stat. 
1658).

SEC. 999. TITLE VIII CORRECTIONS.

    The Payment, Clearing, and Settlement Supervision Act of 2010 (12 
U.S.C. 5461 et seq.) is amended--
            (1) in section 805(a)(2)(E) (12 U.S.C. 5464(a)(2)(E)), by 
        striking the quotation marks at the end;
            (2) in section 806 (12 U.S.C. 5465)--
                    (A) in subsection (b), in the first sentence, by 
                striking ``(2)) after'' and inserting ``(2))) after''; 
                and
                    (B) in subsection (e)(1)(A)--
                            (i) by striking ``advance notice'' and 
                        inserting ``advance''; and
                            (ii) by striking ``each Supervisory 
                        Agency'' and inserting ``its Supervisory 
                        Agency'';
            (3) in section 807 (12 U.S.C. 5466)--
                    (A) in subsection (d)(1), by adding a period at the 
                end; and
                    (B) in subsection (f)(2), by inserting a comma 
                after ``under'' the second place that term appears;
            (4) in section 808(b) (12 U.S.C. 5467(b)), by inserting a 
        comma after ``under'' the third place that term appears; and
            (5) in section 813 (12 U.S.C. 5472), in the matter 
        preceding paragraph (1), by inserting ``that includes'' after 
        ``Representatives''.

SEC. 999A. TITLE IX CORRECTIONS.

    Section 939(h)(1) of the Investor Protection and Securities Reform 
Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1887) is 
amended, in the matter preceding subparagraph (A)--
            (1) by inserting ``The'' before ``Commission''; and
            (2) by striking ``feasability'' and inserting 
        ``feasibility''.

SEC. 999B. TITLE X CORRECTIONS.

    (a) In General.--The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended--
            (1) in section 1002(12)(G) (12 U.S.C. 5481(12)(G)), by 
        striking ``Home Owners'' and inserting ``Homeowners'';
            (2) in section 1013(a)(1)(C) (12 U.S.C. 5493(a)(1)(C)), by 
        striking ``section 11(1) of the Federal Reserve Act (12 U.S.C. 
        248(1))'' and inserting ``subsection (l) of section 11 of the 
        Federal Reserve Act (12 U.S.C. 248(l)'';
            (3) in section 1017(a)(5) (12 U.S.C. 5497(a)(5))--
                    (A) in subparagraph (A), in the last sentence by 
                striking ``716(c) of title 31, United States Code'' and 
                inserting ``716 of title 31, United States Code''; and
                    (B) in subparagraph (C), by striking ``section 3709 
                of the Revised Statutes of the United States (41 U.S.C. 
                5)'' and inserting ``section 6101 of title 41, United 
                States Code'';
            (4) in section 1022(c)(9)(B) (12 U.S.C. 5512(c)(9)(B)), by 
        striking ``1978,'' and inserting ``1978'';
            (5) in section 1025 (12 U.S.C. 5515)--
                    (A) in subsections (b), (c), and (d)--
                            (i) by inserting ``covered'' before 
                        ``persons'' each place that term appears; and
                            (ii) by inserting ``covered'' before 
                        ``person described in subsection (a)'' each 
                        place that term appears;
                    (B) in subsection (d), by striking ``12 U.S.C. 
                1867(c)'' and inserting ``(12 U.S.C. 1867(c))''; and
                    (C) in subsection (e)(4)(F), by striking ``212 of 
                the Federal Credit Union Act (112 U.S.C. 1790a)'' and 
                inserting ``216 of the Federal Credit Union Act (12 
                U.S.C. 1790d)'';
            (6) in section 1027(d)(1)(B) (12 U.S.C. 5517(d)(1)(B)), by 
        inserting a comma after ``(A)'';
            (7) in section 1029(d) (12 U.S.C. 5519(d)), by striking the 
        period after ``Commission Act'';
            (8) in section 1061 (12 U.S.C. 5581)--
                    (A) in subsection (b)(7)--
                            (i) by striking ``Secretary of the 
                        Department of Housing and Urban Development'' 
                        each place that term appears and inserting 
                        ``Department of Housing and Urban 
                        Development''; and
                            (ii) in subparagraph (A), by striking ``(12 
                        U.S.C. 5102 et seq.)'' and inserting ``(12 
                        U.S.C. 5101 et seq.)''; and
                    (B) in subsection (c)(2)(A), by striking 
                ``procedures in'' and inserting ``procedures'';
            (9) in section 1063 (12 U.S.C. 5583)--
                    (A) in subsection (f)(1)(B), by striking ``that''; 
                and
                    (B) in subsection (g)(1)(A)--
                            (i) by striking ``(12 U.S.C. 5102 et 
                        seq.)'' and inserting ``(12 U.S.C. 5101 et 
                        seq.)''; and
                            (ii) by striking ``seq)'' and inserting 
                        ``seq.)'';
            (10) in section 1064(i)(1)(A)(iii) (12 U.S.C. 
        5584(i)(1)(A)(iii)), by inserting a period before ``If an'';
            (11) in section 1073(c)(2) (12 U.S.C. 5601(c)(2))--
                    (A) in the paragraph heading, by inserting ``and 
                education'' after ``financial literacy''; and
                    (B) by striking ``its duties'' and inserting 
                ``their duties'';
            (12) in section 1076(b)(1) (12 U.S.C. 5602(b)(1)), by 
        inserting before the period at the end the following: ``, the 
        Bureau may, after notice and opportunity for comment, prescribe 
        regulations'';
            (13) in section 1077(b)(4)(F) (124 Stat. 2076), by striking 
        ``associates'' and inserting ``associate's'';
            (14) in section 1084(1) (124 Stat. 2081)--
                    (A) by inserting ``paragraph (3) of section 903 (15 
                U.S.C. 1693a),'' before ``subsections (a) and (e) of 
                section 904'';
                    (B) by striking ``and in 918'' and inserting ``, 
                section 916(d) (15 U.S.C. 1693m(d)), section 918''; and
                    (C) by inserting a comma after ``2009)'';
            (15) in section 1089 (124 Stat. 2092)--
                    (A) in paragraph (3)--
                            (i) in subparagraph (A), by striking 
                        ``and'' at the end; and
                            (ii) in subparagraph (B)(vi), by striking 
                        the period at the end and inserting ``; and''; 
                        and
                    (B) by redesignating paragraph (4) as subparagraph 
                (C) and adjusting the margins accordingly; and
            (16) in section 1098(6) (124 Stat. 2104), by inserting 
        ``the first place that term appears'' before ``and''.
    (b) Effective Date.--The amendments made by paragraphs (14), (15), 
and (16) of subsection (a) of this section shall take effect as if 
enacted as part of subtitle H of the Consumer Financial Protection Act 
of 2010 (title X of Public Law 111-203; 124 Stat. 2080).

SEC. 999C. TITLE XI CORRECTION.

    Section 1105(d)(1) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5612(d)(1)) is amended by striking 
``authority.--'' and all that follows through ``by the President'' and 
inserting ``authority.--A request by the President''.

SEC. 999D. TITLE XII CORRECTION.

    Section 1208(b) of the Improving Access to Mainstream Financial 
Institutions Act of 2010 (12 U.S.C. 5626(b)) is amended by striking 
``Fund for each'' and inserting ``Fund (as defined in section 103(10) 
of the Riegle Community Development and Regulatory Improvement Act of 
1994 (12 U.S.C. 4702(10))) for each''.

SEC. 999E. TITLE XIV CORRECTION.

    Section 1451(c) of the Mortgage Reform and Anti-Predatory Lending 
Act (12 U.S.C. 1701x-1(c)) is amended by striking ``pursuant''.

SEC. 999F. CONFORMING CORRECTIONS TO OTHER STATUTES.

    (a) Alternative Mortgage Transaction Parity Act of 1982.--The 
Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et 
seq.) is amended--
            (1) in section 802(a)(3) (12 U.S.C. 3801(a)(3)), by 
        striking ``the Director of the Office of Thrift Supervision'' 
        and inserting ``the Bureau of Consumer Financial Protection''; 
        and
            (2) in section 804(d)(1) (12 U.S.C. 3803(d)(1))--
                    (A) by striking ``identified'' and inserting 
                ``issued''; and
                    (B) by striking the comma after ``Administration''.
    (b) Bank Holding Company Acts.--
            (1) Bank holding company act amendments of 1970.--Section 
        106(b)(1) of the Bank Holding Company Act Amendments of 1970 
        (12 U.S.C. 1972(1)) is amended, in the undesignated matter 
        following subparagraph (E)--
                    (A) by inserting ``Office of the'' before 
                ``Comptroller of the''; and
                    (B) by striking ``Federal Deposit Insurance 
                Company'' and inserting ``Federal Deposit Insurance 
                Corporation''.
            (2) Bank holding company act of 1956.--Section 13 of the 
        Bank Holding Company Act of 1956 (12 U.S.C. 1851) is amended--
                    (A) in subsection (d)(1)(E), by striking ``102 of 
                the Small Business Investment Act of 1958 (15 U.S.C. 
                662)'' and inserting ``103(3) of the Small Business 
                Investment Act of 1958 (15 U.S.C. 662(3))'';
                    (B) in subsection (f)(3)(A)(ii), by striking 
                ``(d)(1)(g)(v)'' and inserting ``(d)(1)(G)(v)''; and
                    (C) in the matter preceding subparagraph (A) of 
                subsection (h)(1), by striking ``section 8 of the 
                International Banking Act of 1978'' and inserting 
                ``section 8(a) of the International Banking Act of 1978 
                (12 U.S.C. 3106(a))''.
    (c) Balanced Budget and Emergency Deficit Control Act.--Section 
255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act 
of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by striking ``Office of 
Thrift Supervision (20-4108-0-3-373).''.
    (d) Bretton Woods Agreements Act.--Section 68(a)(1) of the Bretton 
Woods Agreements Act (22 U.S.C. 286tt(a)(1)) is amended by striking 
``Fund ,'' and inserting ``Fund,''.
    (e) CAN-SPAM Act of 2003.--Section 7(b)(1)(D) of the CAN-SPAM Act 
of 2003 (15 U.S.C. 7706(b)(1)(D)) is amended by striking ``Director of 
the Office of Thrift Supervision'' and inserting ``Comptroller of the 
Currency or the Board of Directors of the Federal Deposit Insurance 
Corporation, as applicable''.
    (f) Children's Online Privacy Protection Act of 1998.--Section 
1306(b)(2) of the Children's Online Privacy Protection Act of 1998 (15 
U.S.C. 6505(b)(2)) is amended by striking ``Director of the Office of 
Thrift Supervision'' and inserting ``Comptroller of the Currency or the 
Board of Directors of the Federal Deposit Insurance Corporation, as 
applicable''.
    (g) Commodity Exchange Act.--The Commodity Exchange Act (7 U.S.C. 1 
et seq.) is amended--
            (1) in section 1a (7 U.S.C. 1a)--
                    (A) in paragraph (12)(A)(i)(II), by adding a 
                semicolon at the end;
                    (B) in paragraph (39)(A)(iv), by striking ``225'' 
                and inserting ``25''; and
                    (C) in paragraph (47)(B)(viii)(II), by striking 
                ``(15 U.S.C. 77b(a)(11))'' and inserting ``(15 U.S.C. 
                77b(a)(11)))'';
            (2) in section 2 (7 U.S.C. 2)--
                    (A) in subsection (c)(2)(D)(ii)(I), by striking 
                ``subparagraphs'' and inserting ``subparagraph''; and
                    (B) in subsection (h)--
                            (i) in paragraph (5)--
                                    (I) in subparagraph (A)--
                                            (aa) by striking ``Swaps'' 
                                        and inserting ``Each swap''; 
                                        and
                                            (bb) by striking ``no later 
                                        than 180 days after the 
                                        effective date of this 
                                        subsection.'' and inserting 
                                        ``no later than--
                            ``(i) 30 days after the issuance of the 
                        interim final rule; or
                            ``(ii) such other date as the Commission 
                        determines appropriate.''; and
                                    (II) in subparagraph (B), by 
                                striking ``Swaps'' and inserting ``Each 
                                swap'';
                            (ii) in paragraph (7)--
                                    (I) in subparagraph (C)(i)(VII), by 
                                inserting ``or a governmental plan'' 
                                after ``employee benefit plan''; and
                                    (II) in subparagraph (D)(ii)(V), by 
                                striking ``of that Act'' and inserting 
                                ``of that section''; and
                            (iii) in paragraph (8)(A)(ii), by inserting 
                        ``section'' before ``5h or'';
            (3) in section 4 (7 U.S.C. 6)--
                    (A) in subsection (b)(1)(A), by striking 
                ``commission'' each place that term appears and 
                inserting ``Commission''; and
                    (B) in subsection (c)(1)--
                            (i) in subparagraph (A)--
                                    (I) by inserting ``the Commission 
                                shall not grant exemptions,'' after 
                                ``grant exemptions,''; and
                                    (II) in clause (i)--
                                            (aa) in subclause (I)--

                                                    (AA) by striking 
                                                ``5(g), 5(h),''; and

                                                    (BB) by striking 
                                                ``8e,''; and

                                            (bb) in subclause (II), by 
                                        striking ``206(e)'' and 
                                        inserting ``206''; and
                            (ii) in subparagraph (B), by striking 
                        ``(D))'' and inserting ``(D)'';
            (4) in section 4d(f)(2)(A) (7 U.S.C. 6d(f)(2)(A)), by 
        striking ``though'' and inserting ``through'';
            (5) in section 4s (7 U.S.C. 6s)--
                    (A) in subsection (e)(3)--
                            (i) in subparagraph (B)(i)(II), by striking 
                        ``(11))'' and inserting ``(11)))''; and
                            (ii) in subparagraph (D)(ii), in the matter 
                        preceding subclause (I), by striking ``non cash 
                        collateral'' and inserting ``noncash 
                        collateral'';
                    (B) in subsection (f)(1)(B)(i), by striking 
                ``Commission'' and inserting ``prudential regulator'';
                    (C) in subsection (h)--
                            (i) in paragraph (2)(B), by inserting ``a'' 
                        before ``swap with''; and
                            (ii) in paragraph (5)(A)--
                                    (I) in clause (i)--
                                            (aa) by striking ``section 
                                        1a(18)'' and inserting 
                                        ``section 1a(18)(A)''; and
                                            (bb) in subclause (VII), by 
                                        striking ``act of'' and 
                                        inserting ``Act of''; and
                                    (II) in clause (ii), by inserting 
                                ``in connection with the transaction'' 
                                after ``acting''; and
                    (D) in subsection (k)(3)(A)(ii), by striking ``the 
                code'' and inserting ``any code'';
            (6) in section 5(d)(19)(A) (7 U.S.C. 7(d)(19)(A)), by 
        striking ``taking'' and inserting ``take'';
            (7) in section 5b (7 U.S.C. 7a-1), by redesignating 
        subsection (k) as subsection (j);
            (8) in section 5c(c) (7 U.S.C. 7a-2(c))--
                    (A) in paragraph (4)(B), by striking ``1a(10)'' and 
                inserting ``1a(9)''; and
                    (B) in paragraph (5)--
                            (i) in subparagraph (A), by striking ``this 
                        subtitle'' and inserting ``this Act''; and
                            (ii) in subparagraph (C)(i), by striking 
                        ``1a(2)(i)'' and inserting ``1a(9)'';
            (9) in section 5h (7 U.S.C. 7b-3)--
                    (A) in subsection (a)(1) , by striking ``a 
                facility'' and inserting ``a swap execution facility''; 
                and
                    (B) in subsection (f)(11)(A), by striking 
                ``taking'' and inserting ``take'';
            (10) in section 22(a)(1)(C)(ii) (7 U.S.C. 25(a)(1)(C)(ii)), 
        by striking ``or'' at the end; and
            (11) in section 23 (7 U.S.C. 26)--
                    (A) in subsection (c)--
                            (i) in paragraph (1)(B)(i)(III), by 
                        striking ``the Act'' each place that term 
                        appears and inserting ``this Act''; and
                            (ii) in paragraph (2)(A)(i), by striking 
                        ``a appropriate'' and inserting ``an 
                        appropriate''; and
                    (B) in subsection (f)(3), by striking ``7064'' and 
                inserting ``706''.
    (h) Community Reinvestment Act of 1977.--The Community Reinvestment 
Act of 1977 (12 U.S.C. 2901 et seq.) is amended--
            (1) in section 803(1)(C) (12 U.S.C. 2902(1)(C)), by 
        striking the period at the end and inserting a semicolon; and
            (2) in section 806 (12 U.S.C. 2905), by striking 
        ``companies,,'' and inserting ``companies,''.
    (i) Credit Repair Organizations Act.--Section 403(4) of the Credit 
Repair Organizations Act (15 U.S.C. 1679a(4)) is amended by striking 
``103(e)'' and inserting ``103(f)''.
    (j) Depository Institution Management Interlocks Act.--Section 
205(9) of the Depository Institution Management Interlocks Act (12 
U.S.C. 3204(9)) is amended by striking ``Director of the Office of 
Thrift Supervision'' and inserting ``appropriate Federal banking 
agency''.
    (k) Economic Growth and Regulatory Paperwork Reduction Act of 
1996.--Section 2227(a)(1) of the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996 (12 U.S.C. 252(a)(1)) is amended by 
striking ``the Director of the Office of Thrift Supervision,''.
    (l) Electronic Fund Transfer Act.--The Electronic Fund Transfer Act 
(15 U.S.C. 1693 et seq.) is amended--
            (1) in section 903 (15 U.S.C. 1693a)--
                    (A) in paragraph (2), by striking ``103(i)'' and 
                inserting ``103(j)''; and
                    (B) by redesignating the first paragraph designated 
                as paragraph (4) (defining the term ``Board'') as 
                paragraph (3);
            (2) in section 904(a) (15 U.S.C. 1693b(a))--
                    (A) by redesignating the second paragraph 
                designated as paragraph (1) (relating to consultation 
                with other agencies), the second paragraph designated 
                as paragraph (2) (relating to the preparation of an 
                analysis of economic impact), paragraph (3), and 
                paragraph (4) as subparagraphs (A), (B), (C), and (D), 
                respectively, and adjusting the margins accordingly;
                    (B) by striking ``In prescribing such regulations, 
                the Board shall:'' and inserting the following:
            ``(3) Regulations.--In prescribing regulations under this 
        subsection, the Bureau and the Board shall--'';
                    (C) in paragraph (3)(C), as so redesignated, by 
                striking ``the Board shall'';
                    (D) in paragraph (3)(D), as so redesignated--
                            (i) by inserting ``send promptly'' before 
                        ``any''; and
                            (ii) by striking ``shall be sent promptly 
                        to Congress by the Board'' and inserting ``to 
                        Congress'';
            (3) in section 909(c) (15 U.S.C. 1693g(c)), by striking 
        ``103(e)'' and inserting ``103(f)'';
            (4) in section 918(a)(4) (15 U.S.C. 1693o(a)(4), by 
        striking ``Act and'' and inserting ``Act; and''; and
            (5) in section 920(a)(4)(C) (15 U.S.C. 1693o-2(a)(4)(C)), 
        by striking ``the Director of the Office of Thrift 
        Supervision,''.
    (m) Emergency Economic Stabilization Act of 2008.--Section 101(b) 
of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b)) 
is amended by striking ``the Director of the Office of Thrift 
Supervision,''.
    (n) Equal Credit Opportunity Act.--The Equal Credit Opportunity Act 
(15 U.S.C. 1691 et seq.) is amended--
            (1) in section 703 (15 U.S.C. 1691b)--
                    (A) in each of subsections (c) and (d), by striking 
                ``paragraph'' each place that term appears and 
                inserting ``subsection''; and
                    (B) in subsection (g), by adding a period at the 
                end;
            (2) in section 704 (15 U.S.C. 1691c)--
                    (A) in subsection (a), by striking ``Consumer 
                Protection Financial Protection Act of 2010 with'' and 
                inserting ``Consumer Financial Protection Act of 2010, 
                compliance with''; and
                    (B) in subsection (c), in the second sentence, by 
                striking ``subchapter'' and inserting ``title'';
            (3) in section 704B(e)(3) (15 U.S.C. 1691c-2(e)(3)), by 
        striking ``(1)(E)'' and inserting ``(2)(E)''; and
            (4) in section 706(k) (15 U.S.C. 1691e(k)), by striking ``, 
        (2), or (3)'' and inserting ``or (2)''.
    (o) Expedited Funds Availability Act.--The Expedited Funds 
Availability Act (12 U.S.C. 4001 et seq.) is amended--
            (1) in section 605(f)(2)(A) (12 U.S.C. 4004(f)(2)(A)), by 
        striking ``,,'' and inserting a semicolon; and
            (2) in section 610(a)(2) (12 U.S.C. 4009(a)(2)), by 
        striking ``Director of the Office of Thrift Supervision'' and 
        inserting ``Comptroller of the Currency and the Board of 
        Directors of the Federal Deposit Insurance Corporation, as 
        appropriate,''.
    (p) Fair Credit Reporting Act.--The Fair Credit Reporting Act (15 
U.S.C. 1681 et seq.) is amended--
            (1) in section 603 (15 U.S.C. 1681a)--
                    (A) in subsection (d)(2)(D), by striking ``(x)'' 
                and inserting ``(y)'';
                    (B) in subsection (q)(5), by striking ``103(i)'' 
                and inserting ``103(j)''; and
                    (C) in subsection (v), by striking ``Bureau'' and 
                inserting ``Federal Trade Commission'';
            (2) in section 604 (15 U.S.C. 1681b)--
                    (A) in subsection (b)(2)(B)(i), by striking 
                ``section 615(a)(3)'' and inserting ``section 
                615(a)(4)''; and
                    (B) in subsection (g)(5), by striking ``paragraph 
                (2).--'' and all that follows through ``The Bureau'' 
                and inserting ``paragraph (2).--The Bureau'';
            (3) in section 605(h)(2)(A) (15 U.S.C. 1681c(h)(2)(A))--
                    (A) by striking ``shall,,'' and inserting 
                ``shall,''; and
                    (B) by striking ``Commission,,'' and inserting 
                ``Commission,'';
            (4) in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), and (2)(B) 
        of section 605A(h) (15 U.S.C. 1681c-1(h))--
                    (A) by striking ``103(i)'' and inserting ``103(j)'' 
                each place that term appears; and
                    (B) by striking ``open-end'' and inserting ``open 
                end'' each place that term appears;
            (5) in section 609 (15 U.S.C. 1681g)--
                    (A) in subsection (c)(1)--
                            (i) in the paragraph heading, by striking 
                        ``commission'' and inserting ``bureau''; and
                            (ii) in subparagraph (B)(vi), by striking 
                        ``603(w)'' and inserting ``603(x)''; and
                    (B) by striking ``The Commission'' each place that 
                term appears and inserting ``The Bureau'';
            (6) in section 611 (15 U.S.C. 1681i), by striking ``The 
        Commission'' each place that term appears and inserting ``The 
        Bureau'';
            (7) in section 612 (15 U.S.C. 1681j)--
                    (A) in subsection (a)(1), by striking ``(w)'' and 
                inserting ``(x)''; and
                    (B) by striking ``The Commission'' each place that 
                term appears and inserting ``The Bureau''; and
            (8) in section 621 (15 U.S.C. 1681s)--
                    (A) in subsection (a)(1), in the first sentence, by 
                striking ``, subsection (b)'';
                    (B) in subsection (e)(2), by inserting a period 
                after ``provisions of this title''; and
                    (C) in subsection (f)(2), by striking ``The 
                Commission'' and inserting ``The Bureau''.
    (q) Federal Credit Union Act.--Section 206(g)(7)(D)(iv) of the 
Federal Credit Union Act (12 U.S.C. 1786(g)(7)(D)(iv)) is amended by 
striking the semicolon at the end and inserting a period.
    (r) Federal Deposit Insurance Act.--The Federal Deposit Insurance 
Act (12 U.S.C. 1811 et seq.) is amended--
            (1) in section 3(q)(2)(C) (12 U.S.C. 1813(q)(2)(C)), by 
        adding ``and'' at the end;
            (2) in section 7 (12 U.S.C. 1817)--
                    (A) in subsection (b)(2)--
                            (i) in subparagraph (A), by striking 
                        ``(D)'' and inserting ``(C)''; and
                            (ii) by redesignating subparagraphs (D) and 
                        (E) as subparagraphs (C) and (D), respectively; 
                        and
                    (B) in subsection (e)(2)(C), by adding a period at 
                the end;
            (3) in section 8 (12 U.S.C. 1818)--
                    (A) in subsection (b)(3), by striking ``Act))'' and 
                inserting ``Act)''; and
                    (B) in subsection (t)--
                            (i) in paragraph (2)--
                                    (I) in subparagraph (C), by 
                                striking ``depositors or'' and 
                                inserting ``depositors; or''; and
                                    (II) in subparagraph (D), by 
                                striking the semicolon at the end and 
                                inserting a period; and
                            (ii) by redesignating the second paragraph 
                        designated as paragraph (6), as added by 
                        section 1090(1) of the Consumer Financial 
                        Protection Act of 2010 (title X of Public Law 
                        111-203; 124 Stat. 2093) (relating to referral 
                        to the Bureau of Consumer Financial 
                        Protection), as paragraph (7);
            (4) in section 10(b)(3)(A) (12 U.S.C. 1820(b)(3)(A)), by 
        striking ``that Act'' and inserting ``the Dodd-Frank Wall 
        Street Reform and Consumer Protection Act (12 U.S.C. 5301 et 
        seq.)'';
            (5) in section 11 (12 U.S.C. 1821)--
                    (A) in subsection (d)(2)(I)(ii), by striking ``and 
                section 21A(b)(4)''; and
                    (B) in subsection (m), in each of paragraphs (16) 
                and (18), by striking the comma after ``Comptroller of 
                the Currency'' each place it appears; and
            (6) in section 26(a) (12 U.S.C. 1831c(a)), by striking 
        ``Holding Company Act'' each place that term appears and 
        inserting ``Holding Company Act of 1956''.
    (s) Federal Financial Institutions Examination Council Act of 
1978.--Section 1003(1) of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3302(1)) is amended by 
striking ``the Office of Thrift Supervision,''.
    (t) Federal Fire Prevention and Control Act of 1974.--Section 
31(a)(5)(B) of the Federal Fire Prevention and Control Act of 1974 (15 
U.S.C. 2227(a)(5)(B)) is amended by striking ``the Federal Deposit 
Insurance Corporation'' and all that follows through the period and 
inserting ``or the Federal Deposit Insurance Corporation under the 
affordable housing program under section 40 of the Federal Deposit 
Insurance Act.''.
    (u) Federal Home Loan Bank Act.--The Federal Home Loan Bank Act (12 
U.S.C. 1421 et seq.) is amended--
            (1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), by striking 
        ``Director of the Office of Thrift Supervision'' and inserting 
        ``Comptroller of the Currency or the Board of Directors of the 
        Federal Deposit Insurance Corporation, as applicable''; and
            (2) in section 22(a) (12 U.S.C. 1442(a))--
                    (A) in the matter preceding paragraph (1), by 
                striking ``Currency'' and all that follows through 
                ``Supervision'' and inserting ``Currency, the Chairman 
                of the Board of Governors of the Federal Reserve 
                System, the Chairperson of the Federal Deposit 
                Insurance Corporation, and the Chairman of the National 
                Credit Union Administration''; and
                    (B) in the undesignated matter following paragraph 
                (2), by striking ``Currency'' and all that follows 
                through ``Supervision'' and inserting ``Currency, the 
                Chairman of the Board of Governors of the Federal 
                Reserve System, and the Chairman of the National Credit 
                Union Administration''.
    (v) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et 
seq.) is amended--
            (1) in section 10 (12 U.S.C. 247b), by redesignating 
        paragraph (12) as paragraph (11); and
            (2) in section 11 (12 U.S.C. 248)--
                    (A) by redesignating subsection (s), as added by 
                section 1103(b) of the Dodd-Frank Wall Street Reform 
                and Consumer Protection Act (124 Stat. 2118) (relating 
                to Federal Reserve transparency and release of 
                information), as subsection (t), and moving subsection 
                (t), as so redesignated, so it appears after subsection 
                (s);
                    (B) in subsection (s)(2)(C), by striking 
                ``supervised by the Board'' and inserting ``subject to 
                a final determination''; and
                    (C) in subsection (t), as so redesignated, in 
                paragraph (8)(B), by striking ``this section'' and 
                inserting ``this subsection''.
    (w) Financial Institutions Reform, Recovery, and Enforcement Act of 
1989.--The Financial Institutions Reform, Recovery, and Enforcement Act 
of 1989 (Public Law 101-73; 103 Stat. 183) is amended--
            (1) in section 1121(6) (12 U.S.C. 3350(6)), by striking 
        ``the Office of Thrift Supervision,''; and
            (2) in section 1206(a) (12 U.S.C. 1833b(a)), by striking 
        ``and the Bureau of Consumer Financial Protection,'' and 
        inserting ``the Bureau of Consumer Financial Protection, and''.
    (x) Gramm-Leach-Bliley Act.--The Gramm-Leach-Bliley Act (Public Law 
106-102; 113 Stat. 1338) is amended--
            (1) in section 132(a) (12 U.S.C. 1828b(a)), by striking 
        ``the Director of the Office of Thrift Supervision,'';
            (2) in section 206(a) (15 U.S.C. 78c note), by striking 
        ``Except as provided in subsection (e), for'' and inserting 
        ``For'';
            (3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), by 
        inserting a comma after ``Protection'';
            (4) in section 504(a)(2) (15 U.S.C. 6804(a)(2)), by 
        striking ``and, as appropriate, and with'' and inserting ``and, 
        as appropriate, with'';
            (5) in section 509(2) (15 U.S.C. 6809(2))--
                    (A) by striking subparagraph (D); and
                    (B) by redesignating subparagraphs (E) and (F) as 
                subparagraphs (D) and (E), respectively; and
            (6) in section 522(b)(1)(A)(iv) (15 U.S.C. 
        6822(b)(1)(A)(iv)), by striking ``Director of the Office of 
        Thrift Supervision'' and inserting ``Comptroller of the 
        Currency and the Board of Directors of the Federal Deposit 
        Insurance Corporation, as appropriate''.
    (y) Helping Families Save Their Homes Act of 2009.--Section 104 of 
the Helping Families Save Their Homes Act of 2009 (12 U.S.C. 1715z-25) 
is amended--
            (1) in subsection (a)--
                    (A) in the matter preceding paragraph (1)--
                            (i) by striking ``and the Director of the 
                        Office of Thrift Supervision, shall jointly'' 
                        and inserting ``shall'';
                            (ii) by striking ``Senate,'' and inserting 
                        ``Senate and'';
                            (iii) by striking ``and the Office of 
                        Thrift Supervision''; and
                            (iv) by striking ``each such'' and 
                        inserting ``such''; and
                    (B) in paragraph (1), by striking ``and the Office 
                of Thrift Supervision''; and
            (2) in subsection (b)(1)--
                    (A) in subparagraph (A)--
                            (i) in the first sentence--
                                    (I) by striking ``and the Director 
                                of the Office of Thrift Supervision,''; 
                                and
                                    (II) by striking ``or the 
                                Director''; and
                            (ii) in the second sentence, by striking 
                        ``and the Director of the Office of Thrift 
                        Supervision''; and
                    (B) in subparagraph (B), by striking ``and the 
                Director of the Office of Thrift Supervision''.
    (z) Home Mortgage Disclosure Act of 1975.--The Home Mortgage 
Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is amended--
            (1) in section 304(j)(3) (12 U.S.C. 2803(j)(3)), by adding 
        a period at the end; and
            (2) in section 305(b)(1)(A) (12 U.S.C. 2804(b)(1)(A))--
                    (A) in the matter preceding clause (i), by 
                inserting ``by'' before ``the appropriate Federal 
                banking agency''; and
                    (B) in clause (iii), by striking ``bank as,'' and 
                inserting ``bank, as''.
    (aa) Home Owners' Loan Act.--The Home Owners' Loan Act (12 U.S.C. 
1461 et seq.) is amended--
            (1) in section 5 (12 U.S.C. 1464)--
                    (A) in subsection (d)(2)(E)(ii)--
                            (i) in the first sentence, by striking 
                        ``Except as provided in section 21A of the 
                        Federal Home Loan Bank Act, the'' and inserting 
                        ``The''; and
                            (ii) by striking ``, at the Director's 
                        discretion,'';
                    (B) in subsection (i)(6), by striking ``the Office 
                of Thrift Supervision or'';
                    (C) in subsection (m), by striking ``Director's'' 
                each place that term appears and inserting 
                ``appropriate Federal banking agency's'';
                    (D) in subsection (n)(9)(B), by striking 
                ``Director's'' and inserting ``Comptroller's''; and
                    (E) in subsection (s)--
                            (i) in paragraph (1)--
                                    (I) in the matter preceding 
                                subparagraph (A), by striking ``of such 
                                Act)'' and all that follows through 
                                ``shall require'' and inserting ``of 
                                such Act), the appropriate Federal 
                                banking agency shall require''; and
                                    (II) in subparagraph (B), by 
                                striking ``other methods'' and all that 
                                follows through ``determines'' and 
                                inserting ``other methods as the 
                                appropriate Federal banking agency 
                                determines'';
                            (ii) in paragraph (2)--
                                    (I) by striking ``determined'' and 
                                all that follows through ``may, 
                                consistent'' and inserting ``determined 
                                by appropriate federal banking agency 
                                case-by-case.--The appropriate Federal 
                                banking agency may, consistent''; and
                                    (II) by striking ``capital-to-
                                assets'' and all that follows through 
                                ``determines to be necessary'' and 
                                inserting ``capital-to-assets as the 
                                appropriate Federal banking agency 
                                determines to be necessary''; and
                            (iii) in paragraph (3)--
                                    (I) by striking ``agency, may'' and 
                                inserting ``agency may''; and
                                    (II) by striking ``the 
                                Comptroller'' and inserting ``the 
                                appropriate Federal banking agency'';
            (2) in section 6(c) (12 U.S.C. 1465(c)), by striking 
        ``sections'' and inserting ``section'';
            (3) in section 10 (12 U.S.C. 1467a)--
                    (A) in subsection (b)(6), by striking ``time'' and 
                all that follows through ``release'' and inserting 
                ``time, upon the motion or application of the Board, 
                release'';
                    (B) in subsection (c)(2)(H)--
                            (i) in the matter preceding clause (i)--
                                    (I) by striking ``1841(p))'' and 
                                inserting ``1841(p)))''; and
                                    (II) by inserting ``(12 U.S.C. 
                                1843(k))'' before ``if--''; and
                            (ii) in clause (i), by inserting ``of 1956 
                        (12 U.S.C. 1843(l) and (m))'' after ``Company 
                        Act''; and
                    (C) in subsection (e)(7)(B)(iii)--
                            (i) by striking ``Board of the Office of 
                        Thrift Supervision'' and inserting ``Director 
                        of the Office of Thrift Supervision''; and
                            (ii) by inserting ``(as defined in section 
                        2 of the Dodd-Frank Wall Street Reform and 
                        Consumer Protection Act (12 U.S.C. 5301))'' 
                        after ``transfer date''; and
            (4) in section 13 (12 U.S.C. 1468b), by striking ``the a'' 
        and inserting ``a''.
    (bb) Home Ownership and Equity Protection Act of 1994.--Section 158 
of the Home Ownership and Equity Protection Act of 1994 (15 U.S.C. 1601 
note) is amended by striking ``Bureau'' each place that term appears 
and inserting ``Bureau of Consumer Financial Protection''.
    (cc) Housing Act of 1948.--Section 502(c)(3) of the Housing Act of 
1948 (12 U.S.C. 1701c(c)(3)) is amended by striking ``Federal Home Loan 
Bank Agency'' and inserting ``Federal Housing Finance Agency''.
    (dd) Housing and Urban Development Act of 1968.--Section 106(h)(5) 
of the Housing and Urban Development Act of 1968 (12 U.S.C. 
1701x(h)(5)) is amended by striking ``authorised'' and inserting 
``authorized''.
    (ee) International Banking Act of 1978.--Section 15 of the 
International Banking Act of 1978 (12 U.S.C. 3109) is amended--
            (1) in each of subsections (a) and (b)--
                    (A) by striking ``, and Director of the Office of 
                Thrift Supervision'' each place that term appears; and
                    (B) by inserting ``and'' before ``Federal Deposit'' 
                each place that term appears;
            (2) in subsection (a), by striking ``Comptroller, 
        Corporation, or Director'' and inserting ``Comptroller, or 
        Corporation''; and
            (3) in subsection (c)(4)--
                    (A) by inserting ``and'' before ``the Federal 
                Deposit''; and
                    (B) by striking ``, and the Director of the Office 
                of Thrift Supervision''.
    (ff) International Lending Supervision Act of 1983.--Section 912 of 
the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is 
amended--
            (1) in the section heading, by striking ``and the office of 
        thrift supervision'';
            (2) by striking subsection (b);
            (3) by striking ``(a) In General.--''; and
            (4) by striking ``4'' and inserting ``3''.
    (gg) Interstate Land Sales Full Disclosure Act.--The Interstate 
Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended--
            (1) in section 1402(1) (15 U.S.C. 1701(1)) by striking 
        ``Bureau of'' and all that follows through the semicolon at the 
        end and inserting ``Bureau of Consumer Financial Protection;''; 
        and
            (2) in each of section 1411(b) (15 U.S.C. 1710(b)) and 
        subsections (b)(4) and (d) of section 1418a (15 U.S.C. 1717a), 
        by striking ``Secretary's'' each place that term appears and 
        inserting ``Director's''.
    (hh) Investment Advisers Act of 1940.--Section 224 of the 
Investment Advisers Act of 1940 (15 U.S.C. 80b-18c) is amended in the 
section heading, by striking ``commodities'' and inserting 
``commodity''.
    (ii) Legal Certainty for Bank Products Act of 2000.--Section 
403(b)(1) of the Legal Certainty for Bank Products Act of 2000 (7 
U.S.C. 27a(b)(1)) is amended by striking ``that section'' and inserting 
``section''.
    (jj) Omnibus Appropriations Act, 2009.--Section 626(b) of the 
Omnibus Appropriations Act, 2009 (12 U.S.C. 5538(b)) is amended, in 
each of paragraphs (2) and (3), by inserting a comma after ``as 
appropriate'' each place that term appears.
    (kk) Public Law 93-495.--Section 111 of Public Law 93-495 (12 
U.S.C. 250) is amended by striking ``the Director of the Office of 
Thrift Supervision,''.
    (ll) Revised Statutes of the United States.--Section 5136C(i) of 
the Revised Statutes of the United States (12 U.S.C. 25b(i)) is amended 
by striking ``Powers.--'' and all that follows through ``In 
accordance'' and inserting ``Powers.--In accordance''.
    (mm) Riegle Community Development and Regulatory Improvement Act of 
1994.--Section 117(e) of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4716(e)) is amended by 
striking ``the Director of the Office of Thrift Supervision,''.
    (nn) S.A.F.E. Mortgage Licensing Act of 2008.--Section 1514 of the 
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5113) is amended in 
each of subsections (b)(5) and (c)(4)(C), by striking ``Secretary's'' 
each place that term appears and inserting ``Director's''.
    (oo) Securities Exchange Act of 1934.--The Securities Exchange Act 
of 1934 (15 U.S.C. 78a et seq.) is amended--
            (1) in section 3C(g)(4)(B)(v) (15 U.S.C. 78c-
        3(g)(4)(B)(v)), by striking ``of that Act'' and inserting ``of 
        that section'';
            (2) in section 3D(d)(10)(A) (15 U.S.C. 78c-4(d)(10)(A)), by 
        striking ``taking'' and inserting ``take'';
            (3) in section 3E(b)(1) (15 U.S.C. 78c-5(b)(1)), by 
        striking ``though'' and inserting ``through'';
            (4) in section 4(g)(8)(A) (15 U.S.C. 78d(g)(8)(A)), by 
        striking ``(2)(A)(i)'' and inserting ``(2)(A)(ii)'';
            (5) in section 15 (15 U.S.C. 78o)--
                    (A) in each of subparagraphs (B)(ii) and (C) of 
                subsection (b)(4), by striking ``dealer municipal 
                advisor,,'' and inserting ``dealer, municipal 
                advisor,'';
                    (B) by redesignating subsection (j) (relating to 
                the authority of the Commission) as subsection (p), and 
                moving that subsection so it follows subsection (o);
                    (C) by redesignating subsections (k) and (l) 
                (relating to standard of conduct and other matters, 
                respectively), as added by section 913(g)(1) of the 
                Investor Protection and Securities Reform Act of 2010 
                (title IX of Public Law 111-203; 124 Stat. 1828), as 
                subsections (q) and (r), respectively and moving those 
                subsections to the end; and
                    (D) in subsection (m), in the undesignated matter 
                following paragraph (2), by inserting ``the'' before 
                ``same extent'';
            (6) in section 15F(h) (15 U.S.C. 78o-10(h))--
                    (A) in paragraph (2)--
                            (i) in subparagraph (A), by inserting ``a'' 
                        after ``that acts as an advisor to''; and
                            (ii) in subparagraph (B), by inserting 
                        ``a'' after ``offers to enter into''; and
                    (B) in paragraph (5)(A)(i)--
                            (i) by inserting ``(A)'' after ``(18)''; 
                        and
                            (ii) in subclause (VII), by striking ``act 
                        of'' and inserting ``Act of'';
            (7) in section 15G (15 U.S.C. 78o-11)--
                    (A) in subsection (b)(2), by inserting ``Director 
                of the'' before ``Federal Housing''; and
                    (B) in subsection (e)--
                            (i) in paragraph (4)--
                                    (I) in subparagraph (A), by 
                                striking ``subsection'' and inserting 
                                ``section''; and
                                    (II) in subparagraph (C)--
                                            (aa) by striking 
                                        ``129C(c)(2)'' and inserting 
                                        ``129C(b)(2)(A)''; and
                                            (bb) by inserting ``(15 
                                        U.S.C. 1639c(b)(2)(A))'' after 
                                        ``Lending Act''; and
                            (ii) in paragraph (5), by striking 
                        ``subsection'' and inserting ``section''; and
            (8) in section 17A (15 U.S.C. 78q-1), by redesignating the 
        second subsection designated as subsection (g), as added by 
        section 929W of the Investor Protection and Securities Reform 
        Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1869) 
        (relating to due diligence for the delivery of dividends, 
        interest, and other valuable property rights), as subsection 
        (n) and moving that subsection to the end.
    (pp) Telemarketing and Consumer Fraud and Abuse Prevention Act.--
Section 3(b) of the Telemarketing and Consumer Fraud and Abuse 
Prevention Act (15 U.S.C. 6102(b)) is amended by inserting before the 
period at the end the following: ``, provided, however, that nothing in 
this section shall conflict with or supersede section 6 of the Federal 
Trade Commission Act (15 U.S.C. 46)''.
    (qq) Title 5.--Title 5, United States Code, is amended--
            (1) in section 3132(a)(1)(D), by striking ``the Office of 
        Thrift Supervision,, the Resolution Trust Corporation,''; and
            (2) in section 5314, by striking ``Director of the Office 
        of Thrift Supervision.''.
    (rr) Title 31.--
            (1) Amendments.--Title 31, United States Code, is amended--
                    (A) by striking section 309;
                    (B) in section 313--
                            (i) in subsection (j)(2), by striking 
                        ``Agency''; and
                            (ii) in subsection (r)(4), by striking 
                        ``the Office of Thrift Supervision,''; and
                    (C) in section 714(d)(3)(B) by striking ``a audit'' 
                and inserting ``an audit''.
            (2) Analysis.--The analysis for subchapter I of chapter 3 
        of title 31, United States Code, is amended by striking the 
        item relating to section 309.
    (ss) Truth in Lending Act.--The Truth in Lending Act (15 U.S.C. 
1601 et seq.) is amended--
            (1) in section 103(dd)(2)(E)(v) (15 U.S.C. 
        1602(dd)(2)(E)(v)), as redesignated by section 909(a)(1) of 
        this Act, by striking ``Board'' and inserting ``Bureau'';
            (2) in section 105 (15 U.S.C. 1604), by inserting 
        subsection (h), as added by section 1472(c) of the Mortgage 
        Reform and Anti-Predatory Lending Act (title XIV of Public Law 
        111-203; 124 Stat. 2190), before subsection (i), as added by 
        section 1100A(7) of the Consumer Financial Protection Act of 
        2010 (title X of Public Law 111-203; 124 Stat. 2108);
            (3) in section 106(f)(2)(B)(i) (15 U.S.C. 
        1605(f)(2)(B)(i)), by striking ``103(w)'' and inserting 
        ``103(x)'';
            (4) in section 121(b) (15 U.S.C. 1631(b)), by striking 
        ``103(f)'' and inserting ``103(g)'';
            (5) in section 122(d)(5) (15 U.S.C. 1632(d)(5)), by 
        striking ``and the Bureau'';
            (6) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), by 
        striking ``103(w)'' and inserting ``103(x)'';
            (7) in section 129 (15 U.S.C. 1639)--
                    (A) in subsection (q), by striking ``(l)(2)'' and 
                inserting ``(p)(2)''; and
                    (B) in subsection (u)(3), by striking ``Board'' 
                each place that term appears and inserting ``Bureau'';
            (8) in section 129C (15 U.S.C. 1639c)--
                    (A) in subsection (b)(2)(B), by striking the second 
                period at the end; and
                    (B) in subsection (c)(1)(B)(ii)(I), by striking ``a 
                original'' and inserting ``an original'';
            (9) in section 140A (15 U.S.C. 1651), by striking ``the 
        Bureau and'';
            (10) in section 148(d) (15 U.S.C. 1665c(d)), by striking 
        ``Bureau'' and inserting ``Board'';
            (11) in section 149 (15 U.S.C. 1665d)--
                    (A) by striking ``the Director of the Office of 
                Thrift Supervision,'' each place that term appears;
                    (B) by striking ``National Credit Union 
                Administration Bureau'' each place that term appears 
                and inserting ``National Credit Union Administration 
                Board''; and
                    (C) by striking ``Bureau of Directors of the 
                Federal Deposit Insurance Corporation'' each place that 
                term appears and inserting ``Board of Directors of the 
                Federal Deposit Insurance Corporation''; and
            (12) in section 181(1) (15 U.S.C. 1667(1)), by striking 
        ``103(g)'' and inserting ``103(h)''.
    (tt) Truth in Savings Act.--The Truth in Savings Act (12 U.S.C. 
4301 et seq.) is amended in each of sections 269(a)(4) (12 U.S.C. 
4308(a)(4)), 270(a)(2) (12 U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C. 
4313(6)), by striking ``Administration Bureau'' each place that term 
appears and inserting ``Administration Board''.

SEC. 999G. RULEMAKING DEADLINES.

    (a) One-Year Extension.--The deadline for issuance of any rule or 
regulation, conduct of any study, or submission of any report required 
by the Dodd-Frank Wall Street Reform and Consumer Protection Act 
(Public Law 111-203) or amendments made by that Act that has not been 
met or is not met in final form by the date specified in that Act or 
those amendments, shall be extended for 1 year.
    (b) No Effect on Finalized Rules.--The extension provided under 
subsection (a) shall have no effect on any rule required by the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Public Law 111-
203) or amendments made by that Act that have been issued in final form 
before the date of enactment of this title.

SEC. 999H. EFFECTIVE DATES.

    Except as otherwise specifically provided in this title--
            (1) the amendments made by this title to a provision of the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act 
        (Public Law 111-203) shall take effect as if enacted on the 
        effective date of the provision, immediately after the 
        provision takes effect; and
            (2) the amendments made by this title to a provision of law 
        amended by the Dodd-Frank Wall Street Reform and Consumer 
        Protection Act shall take effect as if enacted on the effective 
        date of the amendment to that provision of law made by the 
        Dodd-Frank Wall Street Reform and Consumer Protection Act, 
        immediately after the amendment made by the Dodd-Frank Wall 
        Street Reform and Consumer Protection Act takes effect.
    This Act may be cited as the ``Financial Services and General 
Government Appropriations Act, 2016''.
                                                       Calendar No. 176

114th CONGRESS

  1st Session

                                S. 1910

                          [Report No. 114-97]

_______________________________________________________________________

                                 A BILL

Making appropriations for financial services and general government for 
   the fiscal year ending September 30, 2016, and for other purposes.

_______________________________________________________________________

                             July 30, 2015

                 Read twice and placed on the calendar
```