II 

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. 

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

3 That the following sums are appropriated, out of any 

4 money in the Treasury not otherwise appropriated, for fi5 nancial services and general government for the fiscal year 

6 ending September 30, 2016, and for other purposes, 

7 namely: 
2 

•S 1910 PCS

1 TITLE I 

2 DEPARTMENT OF THE TREASURY 

3 DEPARTMENTAL OFFICES

4 SALARIES AND EXPENSES

5 For necessary expenses of the Departmental Offices 

6 including operation and maintenance of the Treasury 

7 Building and Annex; hire of passenger motor vehicles; 

8 maintenance, repairs, and improvements of, and purchase 

9 of commercial insurance policies for, real properties leased 

10 or owned overseas, when necessary for the performance 

11 of official business; executive direction program activities; 

12 international affairs and economic policy activities; domes13 tic finance and tax policy activities, including technical as14 sistance to State and local governments; terrorism and fi15 nancial intelligence activities; and Treasury-wide manage16 ment policies and programs activities, $325,900,000: Pro17 vided, That of the amount appropriated under this head18 ing— 

19 (1) not less than $112,500,000 is for the Office 

20 of Terrorism and Financial Intelligence to safeguard 

21 the financial system against illicit use and to combat 

22 rogue nations, terrorist facilitators, weapons of mass 

23 destruction proliferators, money launderers, drug 

24 kingpins, and other national security threats; 
3 

•S 1910 PCS

1 (2) not to exceed $350,000 is for official recep2 tion and representation expenses; 

3 (3) not to exceed $258,000 is for unforeseen 

4 emergencies of a confidential nature to be allocated 

5 and expended under the direction of the Secretary of 

6 the Treasury and to be accounted for solely on the 

7 Secretary’s certificate; and 

8 (4) not to exceed $25,200,000 shall remain 

9 available until September 30, 2017, for— 

10 (A) the Treasury-wide Financial Statement 

11 Audit and Internal Control Program; 

12 (B) information technology modernization 

13 requirements; 

14 (C) the audit, oversight, and administra15 tion of the Gulf Coast Restoration Trust Fund; 

16 (D) the development and implementation 

17 of programs within the Office of Critical Infra18 structure Protection and Compliance Policy, in19 cluding entering into cooperative agreements; 

20 and 

21 (E) secure space requirements. 
4 

•S 1910 PCS

1 DEPARTMENT-WIDE SYSTEMS AND CAPITAL

2 INVESTMENTS PROGRAMS

3 (INCLUDING TRANSFER OF FUNDS)

4 For development and acquisition of automatic data 

5 processing equipment, software, and services and for re6 pairs and renovations to buildings owned by the Depart7 ment of the Treasury, $5,000,000, to remain available 

8 until September 30, 2018: Provided, That these funds 

9 shall be transferred to accounts and in amounts as nec10 essary to satisfy the requirements of the Department’s of11 fices, bureaus, and other organizations: Provided further, 

12 That this transfer authority shall be in addition to any 

13 other transfer authority provided in this Act: Provided fur14 ther, That none of the funds appropriated under this head15 ing shall be used to support or supplement ‘‘Internal Rev16 enue Service, Operations Support’’ or ‘‘Internal Revenue 

17 Service, Business Systems Modernization’’. 

18 OFFICE OF INSPECTOR GENERAL

19 SALARIES AND EXPENSES

20 For necessary expenses of the Office of Inspector 

21 General in carrying out the provisions of the Inspector 

22 General Act of 1978, $35,416,000, including hire of pas23 senger motor vehicles; of which not to exceed $100,000 

24 shall be available for unforeseen emergencies of a con25 fidential nature, to be allocated and expended under the 
5 

•S 1910 PCS

1 direction of the Inspector General of the Treasury; of 

2 which up to $2,800,000 to remain available until Sep3 tember 30, 2017, shall be for audits and investigations 

4 conducted pursuant to section 1608 of the Resources and 

5 Ecosystems Sustainability, Tourist Opportunities, and Re6 vived Economies of the Gulf Coast States Act of 2012 (33 

7 U.S.C. 1321 note); and of which not to exceed $1,000 

8 shall be available for official reception and representation 

9 expenses. 

10 TREASURY INSPECTOR GENERAL FOR TAX

11 ADMINISTRATION

12 SALARIES AND EXPENSES

13 For necessary expenses of the Treasury Inspector 

14 General for Tax Administration in carrying out the In15 spector General Act of 1978, as amended, including pur16 chase and hire of passenger motor vehicles (31 U.S.C. 

17 1343(b)); and services authorized by 5 U.S.C. 3109, at 

18 such rates as may be determined by the Inspector General 

19 for Tax Administration; $167,275,000, of which 

20 $5,000,000 shall remain available until September 30, 

21 2017; of which not to exceed $6,000,000 shall be available 

22 for official travel expenses; of which not to exceed 

23 $500,000 shall be available for unforeseen emergencies of 

24 a confidential nature, to be allocated and expended under 

25 the direction of the Inspector General for Tax Administra-
6 

•S 1910 PCS

1 tion; and of which not to exceed $1,500 shall be available 

2 for official reception and representation expenses. 

3 SPECIAL INSPECTOR GENERAL FOR THE TROUBLED

4 ASSET RELIEF PROGRAM

5 SALARIES AND EXPENSES

6 For necessary expenses of the Office of the Special 

7 Inspector General in carrying out the provisions of the 

8 Emergency Economic Stabilization Act of 2008 (Public 

9 Law 110–343), $36,671,000. 

10 FINANCIAL CRIMES ENFORCEMENT NETWORK

11 SALARIES AND EXPENSES

12 For necessary expenses of the Financial Crimes En13 forcement Network, including hire of passenger motor ve14 hicles; travel and training expenses of non-Federal and 

15 foreign government personnel to attend meetings and 

16 training concerned with domestic and foreign financial in17 telligence activities, law enforcement, and financial regula18 tion; services authorized by 5 U.S.C. 3109; not to exceed 

19 $10,000 for official reception and representation expenses; 

20 and for assistance to Federal law enforcement agencies, 

21 with or without reimbursement, $112,979,000, of which 

22 not to exceed $34,335,000 shall remain available until 

23 September 30, 2018. 
7 

•S 1910 PCS

1 TREASURY FORFEITURE FUND

2 (RESCISSION)

3 Of the unobligated balances available under this 

4 heading, $700,000,000 are rescinded. 

5 BUREAU OF THE FISCAL SERVICE

6 SALARIES AND EXPENSES

7 For necessary expenses of operations of the Bureau 

8 of the Fiscal Service, $356,000,000; of which not to ex9 ceed $4,210,000, to remain available until September 30, 

10 2018, is for information systems modernization initiatives; 

11 of which $5,000 shall be available for official reception and 

12 representation expenses; and of which not to exceed 

13 $19,800,000, to remain available until September 30, 

14 2018, is to support the Department’s activities related to 

15 implementation of the Digital Accountability and Trans16 parency Act (DATA Act; Public Law 113–101), including 

17 changes in business processes, workforce, or information 

18 technology to support high quality, transparent Federal 

19 spending information. 

20 In addition, $165,000, to be derived from the Oil 

21 Spill Liability Trust Fund to reimburse administrative 

22 and personnel expenses for financial management of the 

23 Fund, as authorized by section 1012 of Public Law 101– 

24 380. 
8 

•S 1910 PCS

1 ALCOHOL AND TOBACCO TAX AND TRADE BUREAU

2 SALARIES AND EXPENSES

3 For necessary expenses of carrying out section 1111 

4 of the Homeland Security Act of 2002, including hire of 

5 passenger motor vehicles, $101,439,000; of which not to 

6 exceed $6,000 for official reception and representation ex7 penses; not to exceed $50,000 for cooperative research and 

8 development programs for laboratory services; and provi9 sion of laboratory assistance to State and local agencies 

10 with or without reimbursement. 

11 UNITED STATES MINT

12 UNITED STATES MINT PUBLIC ENTERPRISE FUND

13 Pursuant to section 5136 of title 31, United States 

14 Code, the United States Mint is provided funding through 

15 the United States Mint Public Enterprise Fund for costs 

16 associated with the production of circulating coins, numis17 matic coins, and protective services, including both oper18 ating expenses and capital investments: Provided, That 

19 the aggregate amount of new liabilities and obligations in20 curred during fiscal year 2016 under such section 5136 

21 for circulating coinage and protective service capital in22 vestments of the United States Mint shall not exceed 

23 $20,000,000. 
9 

•S 1910 PCS

1 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS

2 FUND PROGRAM ACCOUNT

3 To carry out the Riegle Community Development and 

4 Regulatory Improvements Act of 1994 (subtitle A of title 

5 I of Public Law 103–325), including services authorized 

6 by section 3109 of title 5, United States Code, but at rates 

7 for individuals not to exceed the per diem rate equivalent 

8 to the rate for EX–3, $221,000,000. Of the amount ap9 propriated under this heading— 

10 (1) not less than $161,900,000, notwith11 standing section 108(e) of Public Law 103–325 (12 

12 U.S.C. 4707(e)) with regard to Small and/or Emerg13 ing Community Development Financial Institutions 

14 Assistance awards, is available until September 30, 

15 2017, for financial assistance and technical assist16 ance under subparagraphs (A) and (B) of section 

17 108(a)(1), respectively, of Public Law 103–325 (12 

18 U.S.C. 4707(a)(1)(A) and (B)), of which up to 

19 $3,102,500 may be used for the cost of direct loans: 

20 Provided, That the cost of direct and guaranteed 

21 loans, including the cost of modifying such loans, 

22 shall be as defined in section 502 of the Congres23 sional Budget Act of 1974: Provided further, That 

24 these funds are available to subsidize gross obliga-
10 

•S 1910 PCS

1 tions for the principal amount of direct loans not to 

2 exceed $25,000,000; 

3 (2) not less than $15,000,000, notwithstanding 

4 section 108(e) of Public Law 103–325 (12 U.S.C. 

5 4707(e)), is available until September 30, 2017, for 

6 financial assistance, technical assistance, training 

7 and outreach programs designed to benefit Native 

8 American, Native Hawaiian, and Alaskan Native 

9 communities and provided primarily through quali10 fied community development lender organizations 

11 with experience and expertise in community develop12 ment banking and lending in Indian country, Native 

13 American organizations, tribes and tribal organiza14 tions, and other suitable providers; 

15 (3) not less than $21,000,000 is available until 

16 September 30, 2017, for the Bank Enterprise Award 

17 program; 

18 (4) up to $23,100,000 is available until Sep19 tember 30, 2016, for administrative expenses, in20 cluding administration of CDFI fund programs and 

21 the New Markets Tax Credit Program, of which not 

22 less than $1,000,000 is for capacity building to ex23 pand CDFI investments in underserved rural areas, 

24 and up to $300,000 is for administrative expenses to 

25 carry out the direct loan program; and 
11 

•S 1910 PCS

1 (5) during fiscal year 2016, none of the funds 

2 available under this heading are available for the 

3 cost, as defined in section 502 of the Congressional 

4 Budget Act of 1974, of commitments to guarantee 

5 bonds and notes under section 114A of the Riegle 

6 Community Development and Regulatory Improve7 ment Act of 1994 (12 U.S.C. 4713a): Provided, 

8 That commitments to guarantee bonds and notes 

9 under such section 114A shall not exceed 

10 $750,000,000: Provided further, That such section 

11 114A shall remain in effect until September 30, 

12 2016. 

13 INTERNAL REVENUE SERVICE

14 TAXPAYER SERVICES

15 For necessary expenses of the Internal Revenue Serv16 ice to provide taxpayer services, including pre-filing assist17 ance and education, filing and account services, taxpayer 

18 advocacy services, and other services as authorized by 5 

19 U.S.C. 3109, at such rates as may be determined by the 

20 Commissioner, $2,156,554,000, of which not less than 

21 $5,600,000 shall be for the Tax Counseling for the Elderly 

22 Program, of which not less than $12,000,000 shall be 

23 available for low-income taxpayer clinic grants, and of 

24 which not less than $12,000,000, to remain available until 

25 September 30, 2017, shall be available for a Community 
12 

•S 1910 PCS

1 Volunteer Income Tax Assistance matching grants pro2 gram for tax return preparation assistance, of which not 

3 less than $206,000,000 shall be available for operating ex4 penses of the Taxpayer Advocate Service: Provided, That 

5 of the amounts made available for the Taxpayer Advocate 

6 Service, not less than $5,000,000 shall be for identity 

7 theft casework. 

8 In addition, $90,000,000 is available solely for meas9 urable improvements in the customer service representa10 tive level of service rate, the number of days to resolve 

11 tax refund fraud by identity theft cases, and the percent12 age of correspondence the IRS responds to within estab13 lished timeframes: Provided, That such funds shall supple14 ment and not supplant any other amounts made available 

15 to the IRS for such purposes. 

16 ENFORCEMENT

17 For necessary expenses for tax enforcement activities 

18 of the Internal Revenue Service to determine and collect 

19 owed taxes, to provide legal and litigation support, to con20 duct criminal investigations, to enforce criminal statutes 

21 related to violations of internal revenue laws and other fi22 nancial crimes, to purchase and hire passenger motor vehi23 cles (31 U.S.C. 1343(b)), and to provide other services 

24 as authorized by 5 U.S.C. 3109, at such rates as may be 

25 determined by the Commissioner, $4,500,000,000, of 
13 

•S 1910 PCS

1 which not to exceed $50,000,000 shall remain available 

2 until September 30, 2017, and of which not less than 

3 $57,493,000 shall be for the Interagency Crime and Drug 

4 Enforcement program. 

5 OPERATIONS SUPPORT

6 For necessary expenses of the Internal Revenue Serv7 ice to support taxpayer services and enforcement pro8 grams, including rent payments; facilities services; print9 ing; postage; physical security; headquarters and other 

10 IRS-wide administration activities; research and statistics 

11 of income; telecommunications; information technology de12 velopment, enhancement, operations, maintenance, and se13 curity; the hire of passenger motor vehicles (31 U.S.C. 

14 1343(b)); and other services as authorized by 5 U.S.C. 

15 3109, at such rates as may be determined by the Commis16 sioner; $3,468,446,000, of which not to exceed 

17 $50,000,000 shall remain available until September 30, 

18 2017; of which not to exceed $10,000,000 shall remain 

19 available until expended for acquisition of equipment and 

20 construction, repair and renovation of facilities; of which 

21 not to exceed $1,000,000 shall remain available until Sep22 tember 30, 2018, for research; of which not to exceed 

23 $1,850,000 shall be for the Internal Revenue Service 

24 Oversight Board; of which not to exceed $20,000 shall be 

25 for official reception and representation expenses: Pro-
14 

•S 1910 PCS

1 vided, That not later than 30 days after the end of each 

2 quarter, the Internal Revenue Service shall submit a re3 port to the Committees on Appropriations of the House 

4 of Representatives and the Senate and the Comptroller 

5 General of the United States detailing the cost and sched6 ule performance for its major information technology in7 vestments, including the purpose and life-cycle stages of 

8 the investments; the reasons for any cost and schedule 

9 variances; the risks of such investments and strategies the 

10 Internal Revenue Service is using to mitigate such risks; 

11 and the expected developmental milestones to be achieved 

12 and costs to be incurred in the next quarter: Provided fur13 ther, That the Internal Revenue Service shall include, in 

14 its budget justification for fiscal year 2017, a summary 

15 of cost and schedule performance information for its major 

16 information technology systems. 

17 BUSINESS SYSTEMS MODERNIZATION

18 For necessary expenses of the Internal Revenue Serv19 ice’s business systems modernization program, 

20 $260,000,000, to remain available until September 30, 

21 2018, for the capital asset acquisition of information tech22 nology systems, including management and related con23 tractual costs of said acquisitions, including related Inter24 nal Revenue Service labor costs, and contractual costs as25 sociated with operations authorized by 5 U.S.C. 3109: 
15 

•S 1910 PCS

1 Provided, That not later than 30 days after the end of 

2 each quarter, the Internal Revenue Service shall submit 

3 a report to the Committees on Appropriations of the 

4 House of Representatives and the Senate and the Comp5 troller General of the United States detailing the cost and 

6 schedule performance for CADE 2 and Modernized e-File 

7 information technology investments, including the pur8 poses and life-cycle stages of the investments; the reasons 

9 for any cost and schedule variances; the risks of such in10 vestments and the strategies the Internal Revenue Service 

11 is using to mitigate such risks; and the expected develop12 mental milestones to be achieved and costs to be incurred 

13 in the next quarter. 

14 ADMINISTRATIVE PROVISIONS—INTERNAL REVENUE

15 SERVICE

16 (INCLUDING TRANSFER OF FUNDS)

17 SEC. 101. Not to exceed 5 percent of any appropria18 tion made available in this Act to the Internal Revenue 

19 Service may be transferred to any other Internal Revenue 

20 Service appropriation upon the advance approval of the 

21 Committees on Appropriations. 

22 SEC. 102. The Internal Revenue Service shall main23 tain an employee training program, which shall include the 

24 following topics: taxpayers’ rights, dealing courteously 
16 

•S 1910 PCS

1 with taxpayers, cross-cultural relations, ethics, and the im2 partial application of tax law. 

3 SEC. 103. The Internal Revenue Service shall insti4 tute and enforce policies and procedures that will safe5 guard the confidentiality of taxpayer information and pro6 tect taxpayers against identity theft. 

7 SEC. 104. Funds made available by this or any other 

8 Act to the Internal Revenue Service shall be available for 

9 improved facilities and increased staffing to provide suffi10 cient and effective 1–800 help line service for taxpayers. 

11 The Commissioner shall continue to make improvements 

12 to the Internal Revenue Service 1–800 help line service 

13 a priority and allocate resources necessary to enhance the 

14 response time to taxpayer communications, particularly 

15 with regard to victims of tax-related crimes. 

16 SEC. 105. None of the funds made available to the 

17 Internal Revenue Service by this Act may be used to make 

18 a video unless the Service-Wide Video Editorial Board de19 termines in advance that making the video is appropriate, 

20 taking into account the cost, topic, tone, and purpose of 

21 the video. 

22 SEC. 106. The Internal Revenue Service shall issue 

23 a notice of confirmation of any address change relating 

24 to an employer making employment tax payments, and 

25 such notice shall be sent to both the employer’s former 
17 

•S 1910 PCS

1 and new address and an officer or employee of the Internal 

2 Revenue Service shall give special consideration to an 

3 offer-in-compromise from a taxpayer who has been the vic4 tim of fraud by a third party payroll tax preparer. 

5 SEC. 107. None of the funds made available under 

6 this Act may be used by the Internal Revenue Service to 

7 target citizens of the United States for exercising any 

8 right guaranteed under the First Amendment to the Con9 stitution of the United States. 

10 SEC. 108. None of the funds made available in this 

11 Act may be used by the Internal Revenue Service to target 

12 groups for regulatory scrutiny based on their ideological 

13 beliefs. 

14 SEC. 109. None of funds made available by this Act 

15 to the Internal Revenue Service shall be obligated or ex16 pended on conferences that do not adhere to the proce17 dures, verification processes, documentation requirements, 

18 and policies issued by the Chief Financial Officer, Human 

19 Capital Office, and Agency-Wide Shared Services as a re20 sult of the recommendations in the report published on 

21 May 31, 2013, by the Treasury Inspector General for Tax 

22 Administration entitled ‘‘Review of the August 2010 Small 

23 Business/Self-Employed Division’s Conference in Ana24 heim, California’’ (Reference Number 2013–10–037). 
18 

•S 1910 PCS

1 SEC. 110. None of the funds made available by this 

2 Act may be used in contravention of section 6103 of the 

3 Internal Revenue Code of 1986 (relating to confidentiality 

4 and disclosure of returns and return information). 

5 SEC. 111. None of the funds made available in this 

6 Act to the Internal Revenue Service may be obligated or 

7 expended— 

8 (1) to make a payment to any employee under 

9 a bonus, award, or recognition program; or 

10 (2) under any hiring or personnel selection 

11 process with respect to re-hiring a former employee, 

12 unless such program or process takes into account 

13 the conduct and Federal tax compliance of such em14 ployee or former employee. 

15 ADMINISTRATIVE PROVISIONS—DEPARTMENT OF THE

16 TREASURY

17 (INCLUDING TRANSFERS OF FUNDS)

18 SEC. 112. Appropriations to the Department of the 

19 Treasury in this Act shall be available for uniforms or al20 lowances therefor, as authorized by law (5 U.S.C. 5901), 

21 including maintenance, repairs, and cleaning; purchase of 

22 insurance for official motor vehicles operated in foreign 

23 countries; purchase of motor vehicles without regard to the 

24 general purchase price limitations for vehicles purchased 

25 and used overseas for the current fiscal year; entering into 
19 

•S 1910 PCS

1 contracts with the Department of State for the furnishing 

2 of health and medical services to employees and their de3 pendents serving in foreign countries; and services author4 ized by 5 U.S.C. 3109. 

5 SEC. 113. Not to exceed 2 percent of any appropria6 tions in this title made available under the headings ‘‘De7 partmental Offices—Salaries and Expenses’’, ‘‘Office of 

8 Inspector General’’, ‘‘Special Inspector General for the 

9 Troubled Asset Relief Program’’, ‘‘Financial Crimes En10 forcement Network’’, ‘‘Bureau of the Fiscal Service’’, and 

11 ‘‘Alcohol and Tobacco Tax and Trade Bureau’’ may be 

12 transferred between such appropriations upon the advance 

13 approval of the Committees on Appropriations of the 

14 House of Representatives and the Senate: Provided, That 

15 no transfer under this section may increase or decrease 

16 any such appropriation by more than 2 percent. 

17 SEC. 114. Not to exceed 2 percent of any appropria18 tion made available in this Act to the Internal Revenue 

19 Service may be transferred to the Treasury Inspector Gen20 eral for Tax Administration’s appropriation upon the ad21 vance approval of the Committees on Appropriations of 

22 the House of Representatives and the Senate: Provided, 

23 That no transfer may increase or decrease any such appro24 priation by more than 2 percent. 
20 

•S 1910 PCS

1 SEC. 115. None of the funds appropriated in this Act 

2 or otherwise available to the Department of the Treasury 

3 or the Bureau of Engraving and Printing may be used 

4 to redesign the $1 Federal Reserve note. 

5 SEC. 116. The Secretary of the Treasury may trans6 fer funds from the ‘‘Bureau of the Fiscal Service-Salaries 

7 and Expenses’’ to the Debt Collection Fund as necessary 

8 to cover the costs of debt collection: Provided, That such 

9 amounts shall be reimbursed to such salaries and expenses 

10 account from debt collections received in the Debt Collec11 tion Fund. 

12 SEC. 117. None of the funds appropriated or other13 wise made available by this or any other Act may be used 

14 by the United States Mint to construct or operate any mu15 seum without the explicit approval of the Committees on 

16 Appropriations of the House of Representatives and the 

17 Senate, the House Committee on Financial Services, and 

18 the Senate Committee on Banking, Housing, and Urban 

19 Affairs. 

20 SEC. 118. None of the funds appropriated or other21 wise made available by this or any other Act or source 

22 to the Department of the Treasury, the Bureau of Engrav23 ing and Printing, and the United States Mint, individually 

24 or collectively, may be used to consolidate any or all func25 tions of the Bureau of Engraving and Printing and the 
21 

•S 1910 PCS

1 United States Mint without the explicit approval of the 

2 House Committee on Financial Services; the Senate Com3 mittee on Banking, Housing, and Urban Affairs; and the 

4 Committees on Appropriations of the House of Represent5 atives and the Senate. 

6 SEC. 119. Funds appropriated by this Act, or made 

7 available by the transfer of funds in this Act, for the De8 partment of the Treasury’s intelligence or intelligence re9 lated activities are deemed to be specifically authorized by 

10 the Congress for purposes of section 504 of the National 

11 Security Act of 1947 (50 U.S.C. 414) during fiscal year 

12 2016 until the enactment of the Intelligence Authorization 

13 Act for Fiscal Year 2016. 

14 SEC. 120. Not to exceed $5,000 shall be made avail15 able from the Bureau of Engraving and Printing’s Indus16 trial Revolving Fund for necessary official reception and 

17 representation expenses. 

18 SEC. 121. The Secretary of the Treasury shall submit 

19 a Capital Investment Plan to the Committees on Appro20 priations of the Senate and the House of Representatives 

21 not later than 30 days following the submission of the an22 nual budget submitted by the President: Provided, That 

23 such Capital Investment Plan shall include capital invest24 ment spending from all accounts within the Department 

25 of the Treasury, including but not limited to the Depart-
22 

•S 1910 PCS

1 ment-wide Systems and Capital Investment Programs ac2 count, Treasury Franchise Fund account, and the Treas3 ury Forfeiture Fund account: Provided further, That such 

4 Capital Investment Plan shall include expenditures occur5 ring in previous fiscal years for each capital investment 

6 project that has not been fully completed. 

7 SEC. 122. (a) Not later than 60 days after the end 

8 of each quarter, the Office of Financial Stability and the 

9 Office of Financial Research shall submit reports on their 

10 activities to the Committees on Appropriations of the 

11 House of Representatives and the Senate, the Committee 

12 on Financial Services of the House of Representatives and 

13 the Senate Committee on Banking, Housing, and Urban 

14 Affairs. 

15 (b) The reports required under subsection (a) shall 

16 include— 

17 (1) the obligations made during the previous 

18 quarter by object class, office, and activity; 

19 (2) the estimated obligations for the remainder 

20 of the fiscal year by object class, office, and activity; 

21 (3) the number of full-time equivalents within 

22 each office during the previous quarter; 

23 (4) the estimated number of full-time equiva24 lents within each office for the remainder of the fis25 cal year; and 
23 

•S 1910 PCS

1 (5) actions taken to achieve the goals, objec2 tives, and performance measures of each office. 

3 (c) At the request of any such Committees specified 

4 in subsection (a), the Office of Financial Stability and the 

5 Office of Financial Research shall make officials available 

6 to testify on the contents of the reports required under 

7 subsection (a). 

8 SEC. 123. Within 45 days after the date of enactment 

9 of this Act, the Secretary of the Treasury shall submit 

10 an itemized report to the Committees on Appropriations 

11 of the House of Representatives and the Senate on the 

12 amount of total funds charged to each office by the Fran13 chise Fund including the amount charged for each service 

14 provided by the Franchise Fund to each office, a detailed 

15 description of the services, a detailed explanation of how 

16 each charge for each service is calculated, and a descrip17 tion of the role customers have in governing in the Fran18 chise Fund. 

19 SEC. 124. The Secretary of the Treasury, in consulta20 tion with the appropriate agencies, departments, bureaus, 

21 and commissions that have expertise in terrorism and 

22 complex financial instruments, shall provide a report to 

23 the Committees on Appropriations of the House of Rep24 resentatives and Senate, the Committee on Financial Serv25 ices of the House of Representatives, and the Committee 
24 

•S 1910 PCS

1 on Banking, Housing, and Urban Affairs of the Senate 

2 not later than 90 days after the date of enactment of this 

3 Act on economic warfare and financial terrorism. 

4 SEC. 125. None of the funds appropriated or other5 wise made available in this Act may be obligated or ex6 pended to provide for the enforcement of any rule, regula7 tion, policy, or guideline implemented pursuant to the De8 partment of the Treasury Guidance for United States Po9 sitions on MDBs Engaging with Developing Countries on 

10 Coal-Fired Power Generation dated October 29, 2013, 

11 when enforcement of such rule, regulation, policy, or 

12 guideline would prohibit, or have the effect of prohibiting, 

13 the carrying out of any coal-fired or other power-genera14 tion project the purpose of which is to increase exports 

15 of goods and services from the United States or prevent 

16 the loss of jobs from the United States. 

17 This title may be cited as the ‘‘Department of the 

18 Treasury Appropriations Act, 2016’’. 

19 TITLE II 

20 EXECUTIVE OFFICE OF THE PRESIDENT AND 

21 FUNDS APPROPRIATED TO THE PRESIDENT 

22 THE WHITE HOUSE

23 SALARIES AND EXPENSES

24 For necessary expenses for the White House as au25 thorized by law, including not to exceed $3,850,000 for 
25 

•S 1910 PCS

1 services as authorized by 5 U.S.C. 3109 and 3 U.S.C. 105; 

2 subsistence expenses as authorized by 3 U.S.C. 105, which 

3 shall be expended and accounted for as provided in that 

4 section; hire of passenger motor vehicles, and travel (not 

5 to exceed $100,000 to be expended and accounted for as 

6 provided by 3 U.S.C. 103); and not to exceed $19,000 for 

7 official reception and representation expenses, to be avail8 able for allocation within the Executive Office of the Presi9 dent; and for necessary expenses of the Office of Policy 

10 Development, including services as authorized by 5 U.S.C. 

11 3109 and 3 U.S.C. 107, $55,000,000. 

12 EXECUTIVE RESIDENCE AT THE WHITE HOUSE

13 OPERATING EXPENSES

14 For necessary expenses of the Executive Residence 

15 at the White House, $12,700,000, to be expended and ac16 counted for as provided by 3 U.S.C. 105, 109, 110, and 

17 112–114. 

18 REIMBURSABLE EXPENSES

19 For the reimbursable expenses of the Executive Resi20 dence at the White House, such sums as may be nec21 essary: Provided, That all reimbursable operating expenses 

22 of the Executive Residence shall be made in accordance 

23 with the provisions of this paragraph: Provided further, 

24 That, notwithstanding any other provision of law, such 

25 amount for reimbursable operating expenses shall be the 
26 

•S 1910 PCS

1 exclusive authority of the Executive Residence to incur ob2 ligations and to receive offsetting collections, for such ex3 penses: Provided further, That the Executive Residence 

4 shall require each person sponsoring a reimbursable polit5 ical event to pay in advance an amount equal to the esti6 mated cost of the event, and all such advance payments 

7 shall be credited to this account and remain available until 

8 expended: Provided further, That the Executive Residence 

9 shall require the national committee of the political party 

10 of the President to maintain on deposit $25,000, to be 

11 separately accounted for and available for expenses relat12 ing to reimbursable political events sponsored by such 

13 committee during such fiscal year: Provided further, That 

14 the Executive Residence shall ensure that a written notice 

15 of any amount owed for a reimbursable operating expense 

16 under this paragraph is submitted to the person owing 

17 such amount within 60 days after such expense is in18 curred, and that such amount is collected within 30 days 

19 after the submission of such notice: Provided further, That 

20 the Executive Residence shall charge interest and assess 

21 penalties and other charges on any such amount that is 

22 not reimbursed within such 30 days, in accordance with 

23 the interest and penalty provisions applicable to an out24 standing debt on a United States Government claim under 

25 31 U.S.C. 3717: Provided further, That each such amount 
27 

•S 1910 PCS

1 that is reimbursed, and any accompanying interest and 

2 charges, shall be deposited in the Treasury as miscella3 neous receipts: Provided further, That the Executive Resi4 dence shall prepare and submit to the Committees on Ap5 propriations, by not later than 90 days after the end of 

6 the fiscal year covered by this Act, a report setting forth 

7 the reimbursable operating expenses of the Executive Res8 idence during the preceding fiscal year, including the total 

9 amount of such expenses, the amount of such total that 

10 consists of reimbursable official and ceremonial events, the 

11 amount of such total that consists of reimbursable political 

12 events, and the portion of each such amount that has been 

13 reimbursed as of the date of the report: Provided further, 

14 That the Executive Residence shall maintain a system for 

15 the tracking of expenses related to reimbursable events 

16 within the Executive Residence that includes a standard 

17 for the classification of any such expense as political or 

18 nonpolitical: Provided further, That no provision of this 

19 paragraph may be construed to exempt the Executive Res20 idence from any other applicable requirement of sub21 chapter I or II of chapter 37 of title 31, United States 

22 Code. 

23 WHITE HOUSE REPAIR AND RESTORATION

24 For the repair, alteration, and improvement of the 

25 Executive Residence at the White House pursuant to 3 
28 

•S 1910 PCS

1 U.S.C. 105(d), $625,000, to remain available until ex2 pended, for required maintenance, resolution of safety and 

3 health issues, and continued preventative maintenance. 

4 COUNCIL OF ECONOMIC ADVISERS

5 SALARIES AND EXPENSES

6 For necessary expenses of the Council of Economic 

7 Advisers in carrying out its functions under the Employ8 ment Act of 1946 (15 U.S.C. 1021 et seq.), $4,184,000. 

9 NATIONAL SECURITY COUNCIL AND HOMELAND

10 SECURITY COUNCIL

11 SALARIES AND EXPENSES

12 For necessary expenses of the National Security 

13 Council and the Homeland Security Council, including 

14 services as authorized by 5 U.S.C. 3109, $12,600,000. 

15 OFFICE OF ADMINISTRATION

16 SALARIES AND EXPENSES

17 For necessary expenses of the Office of Administra18 tion, including services as authorized by 5 U.S.C. 3109 

19 and 3 U.S.C. 107, and hire of passenger motor vehicles, 

20 $96,116,000, of which not to exceed $7,994,000 shall re21 main available until expended for continued modernization 

22 of information resources within the Executive Office of the 

23 President. 
29 

•S 1910 PCS

1 OFFICE OF MANAGEMENT AND BUDGET

2 SALARIES AND EXPENSES

3 For necessary expenses of the Office of Management 

4 and Budget, including hire of passenger motor vehicles 

5 and services as authorized by 5 U.S.C. 3109, to carry out 

6 the provisions of chapter 35 of title 44, United States 

7 Code, and to prepare and submit the budget of the United 

8 States Government, in accordance with section 1105(a) of 

9 title 31, United States Code, $91,750,000, of which not 

10 to exceed $3,000 shall be available for official representa11 tion expenses: Provided, That none of the funds appro12 priated in this Act for the Office of Management and 

13 Budget may be used for the purpose of reviewing any agri14 cultural marketing orders or any activities or regulations 

15 under the provisions of the Agricultural Marketing Agree16 ment Act of 1937 (7 U.S.C. 601 et seq.): Provided further, 

17 That none of the funds made available for the Office of 

18 Management and Budget by this Act may be expended for 

19 the altering of the transcript of actual testimony of wit20 nesses, except for testimony of officials of the Office of 

21 Management and Budget, before the Committees on Ap22 propriations or their subcommittees: Provided further, 

23 That of the funds made available for the Office of Man24 agement and Budget by this Act, no less than one full25 time equivalent senior staff position shall be dedicated 
30 

•S 1910 PCS

1 solely to the Office of the Intellectual Property Enforce2 ment Coordinator: Provided further, That none of the 

3 funds provided in this or prior Acts shall be used, directly 

4 or indirectly, by the Office of Management and Budget, 

5 for evaluating or determining if water resource project or 

6 study reports submitted by the Chief of Engineers acting 

7 through the Secretary of the Army are in compliance with 

8 all applicable laws, regulations, and requirements relevant 

9 to the Civil Works water resource planning process: Pro10 vided further, That the Office of Management and Budget 

11 shall have not more than 60 days in which to perform 

12 budgetary policy reviews of water resource matters on 

13 which the Chief of Engineers has reported: Provided fur14 ther, That the Director of the Office of Management and 

15 Budget shall notify the appropriate authorizing and ap16 propriating committees when the 60-day review is initi17 ated: Provided further, That if water resource reports have 

18 not been transmitted to the appropriate authorizing and 

19 appropriating committees within 15 days after the end of 

20 the Office of Management and Budget review period based 

21 on the notification from the Director, Congress shall as22 sume Office of Management and Budget concurrence with 

23 the report and act accordingly. 
31 

•S 1910 PCS

1 OFFICE OF NATIONAL DRUG CONTROL POLICY

2 SALARIES AND EXPENSES

3 For necessary expenses of the Office of National 

4 Drug Control Policy; for research activities pursuant to 

5 the Office of National Drug Control Policy Reauthoriza6 tion Act of 2006 (Public Law 109–469); not to exceed 

7 $10,000 for official reception and representation expenses; 

8 and for participation in joint projects or in the provision 

9 of services on matters of mutual interest with nonprofit, 

10 research, or public organizations or agencies, with or with11 out reimbursement, $20,047,000: Provided, That the Of12 fice is authorized to accept, hold, administer, and utilize 

13 gifts, both real and personal, public and private, without 

14 fiscal year limitation, for the purpose of aiding or facili15 tating the work of the Office. 

16 FEDERAL DRUG CONTROL PROGRAMS

17 HIGH INTENSITY DRUG TRAFFICKING AREAS PROGRAM

18 (INCLUDING TRANSFERS OF FUNDS)

19 For necessary expenses of the Office of National 

20 Drug Control Policy’s High Intensity Drug Trafficking 

21 Areas Program, $245,000,000, to remain available until 

22 September 30, 2017, for drug control activities consistent 

23 with the approved strategy for each of the designated 

24 High Intensity Drug Trafficking Areas (‘‘HIDTAs’’), of 

25 which not less than 51 percent shall be transferred to 
32 

•S 1910 PCS

1 State and local entities for drug control activities and shall 

2 be obligated not later than 120 days after enactment of 

3 this Act: Provided, That up to 49 percent may be trans4 ferred to Federal agencies and departments in amounts 

5 determined by the Director of the Office of National Drug 

6 Control Policy, of which up to $2,700,000 may be used 

7 for auditing services and associated activities: Provided 

8 further, That, notwithstanding the requirements of Public 

9 Law 106–58, any unexpended funds obligated prior to fis10 cal year 2014 may be used for any other approved activi11 ties of that HIDTA, subject to reprogramming require12 ments: Provided further, That each HIDTA designated as 

13 of September 30, 2015, shall be funded at not less than 

14 the fiscal year 2015 base level, unless the Director submits 

15 to the Committees on Appropriations of the House of Rep16 resentatives and the Senate justification for changes to 

17 those levels based on clearly articulated priorities and pub18 lished Office of National Drug Control Policy performance 

19 measures of effectiveness: Provided further, That the Di20 rector shall notify the Committees on Appropriations of 

21 the initial allocation of fiscal year 2016 funding among 

22 HIDTAs not later than 45 days after enactment of this 

23 Act, and shall notify the Committees of planned uses of 

24 discretionary HIDTA funding, as determined in consulta25 tion with the HIDTA Directors, not later than 90 days 
33 

•S 1910 PCS

1 after enactment of this Act: Provided further, That upon 

2 a determination that all or part of the funds so transferred 

3 from this appropriation are not necessary for the purposes 

4 provided herein and upon notification to the Committees 

5 on Appropriations of the House of Representatives and the 

6 Senate, such amounts may be transferred back to this ap7 propriation. 

8 OTHER FEDERAL DRUG CONTROL PROGRAMS

9 (INCLUDING TRANSFERS OF FUNDS)

10 For other drug control activities authorized by the 

11 Office of National Drug Control Policy Reauthorization 

12 Act of 2006 (Public Law 109–469), $108,310,000, to re13 main available until expended, which shall be available as 

14 follows: $93,500,000 for the Drug-Free Communities Pro15 gram, of which $2,000,000 shall be made available as di16 rected by section 4 of Public Law 107–82, as amended 

17 by Public Law 109–469 (21 U.S.C. 1521 note); 

18 $2,000,000 for drug court training and technical assist19 ance; $9,500,000 for anti-doping activities; $2,060,000 for 

20 the United States membership dues to the World Anti21 Doping Agency; and $1,250,000 shall be made available 

22 as directed by section 1105 of Public Law 109–469: Pro23 vided, That amounts made available under this heading 

24 may be transferred to other Federal departments and 

25 agencies to carry out such activities. 
34 

•S 1910 PCS

1 UNANTICIPATED NEEDS

2 For expenses necessary to enable the President to 

3 meet unanticipated needs, in furtherance of the national 

4 interest, security, or defense which may arise at home or 

5 abroad during the current fiscal year, as authorized by 

6 3 U.S.C. 108, $800,000, to remain available until Sep7 tember 30, 2017. 

8 INFORMATION TECHNOLOGY OVERSIGHT AND REFORM

9 (INCLUDING TRANSFER OF FUNDS)

10 For necessary expenses for the furtherance of inte11 grated, efficient, secure, and effective uses of information 

12 technology in the Federal Government, $25,000,000, to 

13 remain available until expended: Provided, That the Direc14 tor of the Office of Management and Budget may transfer 

15 these funds to one or more other agencies to carry out 

16 projects to meet these purposes: Provided further, That 

17 the Director of the Office of Management and Budget 

18 shall submit quarterly reports not later than 45 days after 

19 the end of each quarter to the Committees on Appropria20 tions of the House of Representatives and the Senate and 

21 the Government Accountability Office identifying the sav22 ings achieved by the Office of Management and Budget’s 

23 government-wide information technology reform efforts: 

24 Provided further, That such reports shall include savings 

25 identified by fiscal year, agency, and appropriation. 
35 

•S 1910 PCS

1 SPECIAL ASSISTANCE TO THE PRESIDENT

2 SALARIES AND EXPENSES

3 For necessary expenses to enable the Vice President 

4 to provide assistance to the President in connection with 

5 specially assigned functions; services as authorized by 5 

6 U.S.C. 3109 and 3 U.S.C. 106, including subsistence ex7 penses as authorized by 3 U.S.C. 106, which shall be ex8 pended and accounted for as provided in that section; and 

9 hire of passenger motor vehicles, $4,211,000. 

10 OFFICIAL RESIDENCE OF THE VICE PRESIDENT

11 OPERATING EXPENSES

12 (INCLUDING TRANSFER OF FUNDS)

13 For the care, operation, refurnishing, improvement, 

14 and to the extent not otherwise provided for, heating and 

15 lighting, including electric power and fixtures, of the offi16 cial residence of the Vice President; the hire of passenger 

17 motor vehicles; and not to exceed $90,000 pursuant to 3 

18 U.S.C. 106(b)(2), $299,000: Provided, That advances, re19 payments, or transfers from this appropriation may be 

20 made to any department or agency for expenses of car21 rying out such activities. 
36 

•S 1910 PCS

1 ADMINISTRATIVE PROVISIONS—EXECUTIVE OFFICE OF

2 THE PRESIDENT AND FUNDS APPROPRIATED TO

3 THE PRESIDENT

4 (INCLUDING TRANSFER OF FUNDS)

5 SEC. 201. From funds made available in this Act 

6 under the headings ‘‘The White House’’, ‘‘Executive Resi7 dence at the White House’’, ‘‘White House Repair and 

8 Restoration’’, ‘‘Council of Economic Advisers’’, ‘‘National 

9 Security Council and Homeland Security Council’’, ‘‘Of10 fice of Administration’’, ‘‘Special Assistance to the Presi11 dent’’, and ‘‘Official Residence of the Vice President’’, the 

12 Director of the Office of Management and Budget (or 

13 such other officer as the President may designate in writ14 ing), may, with advance approval of the Committees on 

15 Appropriations of the House of Representatives and the 

16 Senate, transfer not to exceed 10 percent of any such ap17 propriation to any other such appropriation, to be merged 

18 with and available for the same time and for the same 

19 purposes as the appropriation to which transferred: Pro20 vided, That the amount of an appropriation shall not be 

21 increased by more than 50 percent by such transfers: Pro22 vided further, That no amount shall be transferred from 

23 ‘‘Special Assistance to the President’’ or ‘‘Official Resi24 dence of the Vice President’’ without the approval of the 

25 Vice President. 
37 

•S 1910 PCS

1 SEC. 202. Within 90 days after the date of enactment 

2 of this section, the Director of the Office of Management 

3 and Budget shall submit a report to the Committees on 

4 Appropriations of the House of Representatives and the 

5 Senate on the costs of implementing the Dodd-Frank Wall 

6 Street Reform and Consumer Protection Act (Public Law 

7 111–203). Such report shall include— 

8 (1) the estimated mandatory and discretionary 

9 obligations of funds through fiscal year 2018, by 

10 Federal agency and by fiscal year, including— 

11 (A) the estimated obligations by cost in12 puts such as rent, information technology, con13 tracts, and personnel; 

14 (B) the methodology and data sources used 

15 to calculate such estimated obligations; and 

16 (C) the specific section of such Act that re17 quires the obligation of funds; and 

18 (2) the estimated receipts through fiscal year 

19 2017 from assessments, user fees, and other fees by 

20 the Federal agency making the collections, by fiscal 

21 year, including— 

22 (A) the methodology and data sources used 

23 to calculate such estimated collections; and 

24 (B) the specific section of such Act that 

25 authorizes the collection of funds. 
38 

•S 1910 PCS

1 SEC. 203. (a) During fiscal year 2016, any Executive 

2 order issued by the President shall be accompanied by a 

3 statement from the Director of the Office of Management 

4 and Budget on the budgetary impact, including costs, ben5 efits, and revenues, of the Executive order. 

6 (b) Any such statement shall include— 

7 (1) a narrative summary of the budgetary im8 pact of such order on the Federal Government; 

9 (2) the impact on mandatory and discretionary 

10 obligations and outlays, listed by Federal agency, for 

11 each year in the 5-fiscal year period beginning in fis12 cal year 2016; and 

13 (3) the impact on revenues of the Federal Gov14 ernment over the 5-fiscal year period beginning in 

15 fiscal year 2016. 

16 (c) If an Executive order is issued during fiscal year 

17 2016 due to a national emergency, the Director of the Of18 fice of Management and Budget may issue the statement 

19 required by subsection (a) not later than 15 days after 

20 the date that the Executive order is issued. 

21 This title may be cited as the ‘‘Executive Office of 

22 the President Appropriations Act, 2016’’. 
39 

•S 1910 PCS

1 TITLE III 

2 THE JUDICIARY 

3 SUPREME COURT OF THE UNITED STATES

4 SALARIES AND EXPENSES

5 For expenses necessary for the operation of the Su6 preme Court, as required by law, excluding care of the 

7 building and grounds, including hire of passenger motor 

8 vehicles as authorized by 31 U.S.C. 1343 and 1344; not 

9 to exceed $10,000 for official reception and representation 

10 expenses; and for miscellaneous expenses, to be expended 

11 as the Chief Justice may approve, $75,838,000, of which 

12 $2,000,000 shall remain available until expended. 

13 In addition, there are appropriated such sums as may 

14 be necessary under current law for the salaries of the chief 

15 justice and associate justices of the court. 

16 CARE OF THE BUILDING AND GROUNDS

17 For such expenditures as may be necessary to enable 

18 the Architect of the Capitol to carry out the duties im19 posed upon the Architect by 40 U.S.C. 6111 and 6112, 

20 $9,964,000, to remain available until expended. 
40 

•S 1910 PCS

1 UNITED STATES COURT OF APPEALS FOR THE FEDERAL

2 CIRCUIT

3 SALARIES AND EXPENSES

4 For salaries of officers and employees, and for nec5 essary expenses of the court, as authorized by law, 

6 $30,872,000. 

7 In addition, there are appropriated such sums as may 

8 be necessary under current law for the salaries of the chief 

9 judge and judges of the court. 

10 UNITED STATES COURT OF INTERNATIONAL TRADE

11 SALARIES AND EXPENSES

12 For salaries of officers and employees of the court, 

13 services, and necessary expenses of the court, as author14 ized by law, $18,160,000. 

15 In addition, there are appropriated such sums as may 

16 be necessary under current law for the salaries of the chief 

17 judge and judges of the court. 

18 COURTS OF APPEALS, DISTRICT COURTS, AND OTHER

19 JUDICIAL SERVICES

20 SALARIES AND EXPENSES

21 For the salaries of judges of the United States Court 

22 of Federal Claims, magistrate judges, and all other offi23 cers and employees of the Federal Judiciary not otherwise 

24 specifically provided for, necessary expenses of the courts, 

25 and the purchase, rental, repair, and cleaning of uniforms 
41 

•S 1910 PCS

1 for Probation and Pretrial Services Office staff, as author2 ized by law, $4,960,008,000 (including the purchase of 

3 firearms and ammunition); of which not to exceed 

4 $27,817,000 shall remain available until expended for 

5 space alteration projects and for furniture and furnishings 

6 related to new space alteration and construction projects. 

7 In addition, there are appropriated such sums as may 

8 be necessary under current law for the salaries of circuit 

9 and district judges (including judges of the territorial 

10 courts of the United States), bankruptcy judges, and jus11 tices and judges retired from office or from regular active 

12 service. 

13 In addition, for expenses of the United States Court 

14 of Federal Claims associated with processing cases under 

15 the National Childhood Vaccine Injury Act of 1986 (Pub16 lic Law 99–660), not to exceed $6,045,000, to be appro17 priated from the Vaccine Injury Compensation Trust 

18 Fund. 

19 DEFENDER SERVICES

20 For the operation of Federal Defender organizations; 

21 the compensation and reimbursement of expenses of attor22 neys appointed to represent persons under 18 U.S.C. 

23 3006A and 3599, and for the compensation and reim24 bursement of expenses of persons furnishing investigative, 

25 expert, and other services for such representations as au-
42 

•S 1910 PCS

1 thorized by law; the compensation (in accordance with the 

2 maximums under 18 U.S.C. 3006A) and reimbursement 

3 of expenses of attorneys appointed to assist the court in 

4 criminal cases where the defendant has waived representa5 tion by counsel; the compensation and reimbursement of 

6 expenses of attorneys appointed to represent jurors in civil 

7 actions for the protection of their employment, as author8 ized by 28 U.S.C. 1875(d)(1); the compensation and reim9 bursement of expenses of attorneys appointed under 18 

10 U.S.C. 983(b)(1) in connection with certain judicial civil 

11 forfeiture proceedings; the compensation and reimburse12 ment of travel expenses of guardians ad litem appointed 

13 under 18 U.S.C. 4100(b); and for necessary training and 

14 general administrative expenses, $1,042,616,000, to re15 main available until expended. 

16 FEES OF JURORS AND COMMISSIONERS

17 For fees and expenses of jurors as authorized by 28 

18 U.S.C. 1871 and 1876; compensation of jury commis19 sioners as authorized by 28 U.S.C. 1863; and compensa20 tion of commissioners appointed in condemnation cases 

21 pursuant to rule 71.1(h) of the Federal Rules of Civil Pro22 cedure (28 U.S.C. Appendix Rule 71.1(h)), $48,423,000, 

23 to remain available until expended: Provided, That the 

24 compensation of land commissioners shall not exceed the 
43 

•S 1910 PCS

1 daily equivalent of the highest rate payable under 5 U.S.C. 

2 5332. 

3 COURT SECURITY

4 (INCLUDING TRANSFERS OF FUNDS)

5 For necessary expenses, not otherwise provided for, 

6 incident to the provision of protective guard services for 

7 United States courthouses and other facilities housing 

8 Federal court operations, and the procurement, installa9 tion, and maintenance of security systems and equipment 

10 for United States courthouses and other facilities housing 

11 Federal court operations, including building ingress-egress 

12 control, inspection of mail and packages, directed security 

13 patrols, perimeter security, basic security services provided 

14 by the Federal Protective Service, and other similar activi15 ties as authorized by section 1010 of the Judicial Improve16 ment and Access to Justice Act (Public Law 100–702), 

17 $538,771,000, of which not to exceed $15,000,000 shall 

18 remain available until expended, to be expended directly 

19 or transferred to the United States Marshals Service, 

20 which shall be responsible for administering the Judicial 

21 Facility Security Program consistent with standards or 

22 guidelines agreed to by the Director of the Administrative 

23 Office of the United States Courts and the Attorney Gen24 eral. 
44 

•S 1910 PCS

1 ADMINISTRATIVE OFFICE OF THE UNITED STATES

2 COURTS

3 SALARIES AND EXPENSES

4 For necessary expenses of the Administrative Office 

5 of the United States Courts as authorized by law, includ6 ing travel as authorized by 31 U.S.C. 1345, hire of a pas7 senger motor vehicle as authorized by 31 U.S.C. 1343(b), 

8 advertising and rent in the District of Columbia and else9 where, $86,000,000, of which not to exceed $8,500 is au10 thorized for official reception and representation expenses. 

11 FEDERAL JUDICIAL CENTER

12 SALARIES AND EXPENSES

13 For necessary expenses of the Federal Judicial Cen14 ter, as authorized by Public Law 90–219, $27,000,000; 

15 of which $1,800,000 shall remain available through Sep16 tember 30, 2017, to provide education and training to 

17 Federal court personnel; and of which not to exceed 

18 $1,500 is authorized for official reception and representa19 tion expenses. 

20 UNITED STATES SENTENCING COMMISSION

21 SALARIES AND EXPENSES

22 For the salaries and expenses necessary to carry out 

23 the provisions of chapter 58 of title 28, United States 

24 Code, $17,000,000, of which not to exceed $1,000 is au25 thorized for official reception and representation expenses. 
45 

•S 1910 PCS

1 ADMINISTRATIVE PROVISIONS—THE JUDICIARY

2 (INCLUDING TRANSFER OF FUNDS)

3 SEC. 301. Appropriations and authorizations made in 

4 this title which are available for salaries and expenses shall 

5 be available for services as authorized by 5 U.S.C. 3109. 

6 SEC. 302. Not to exceed 5 percent of any appropria7 tion made available for the current fiscal year for the Judi8 ciary in this Act may be transferred between such appro9 priations, but no such appropriation, except ‘‘Courts of 

10 Appeals, District Courts, and Other Judicial Services, De11 fender Services’’ and ‘‘Courts of Appeals, District Courts, 

12 and Other Judicial Services, Fees of Jurors and Commis13 sioners’’, shall be increased by more than 10 percent by 

14 any such transfers: Provided, That any transfer pursuant 

15 to this section shall be treated as a reprogramming of 

16 funds under sections 604 and 608 of this Act and shall 

17 not be available for obligation or expenditure except in 

18 compliance with the procedures set forth in section 608. 

19 SEC. 303. Notwithstanding any other provision of 

20 law, the salaries and expenses appropriation for ‘‘Courts 

21 of Appeals, District Courts, and Other Judicial Services’’ 

22 shall be available for official reception and representation 

23 expenses of the Judicial Conference of the United States: 

24 Provided, That such available funds shall not exceed 

25 $11,000 and shall be administered by the Director of the 
46 

•S 1910 PCS

1 Administrative Office of the United States Courts in the 

2 capacity as Secretary of the Judicial Conference. 

3 SEC. 304. Section 3314(a) of title 40, United States 

4 Code, shall be applied by substituting ‘‘Federal’’ for ‘‘exec5 utive’’ each place it appears. 

6 SEC. 305. In accordance with 28 U.S.C. 561–569, 

7 and notwithstanding any other provision of law, the 

8 United States Marshals Service shall provide, for such 

9 courthouses as its Director may designate in consultation 

10 with the Director of the Administrative Office of the 

11 United States Courts, for purposes of a pilot program, the 

12 security services that 40 U.S.C. 1315 authorizes the De13 partment of Homeland Security to provide, except for the 

14 services specified in 40 U.S.C. 1315(b)(2)(E). For build15 ing-specific security services at these courthouses, the Di16 rector of the Administrative Office of the United States 

17 Courts shall reimburse the United States Marshals Service 

18 rather than the Department of Homeland Security. 

19 SEC. 306. (a) Section 3602(a) of title 18, United 

20 States Code, is amended— 

21 (1) by inserting after the first sentence: ‘‘A per22 son appointed as a probation officer in one district 

23 may serve in another district with the consent of the 

24 appointing court and the court in the other dis25 trict.’’; and 
47 

•S 1910 PCS

1 (2) by inserting in the last sentence ‘‘appoint2 ing’’ before ‘‘court may, for cause’’. 

3 SEC. 307. (a) Section 203(c) of the Judicial Improve4 ments Act of 1990 (Public Law 101–650; 28 U.S.C. 133 

5 note), is amended in the second sentence (relating to the 

6 District of Kansas) following paragraph (12), by striking 

7 ‘‘24 years and 6 months’’ and inserting ‘‘25 years and 

8 6 months’’. 

9 (b) Section 406 of the Transportation, Treasury, 

10 Housing and Urban Development, the Judiciary, the Dis11 trict of Columbia, and Independent Agencies Appropria12 tions Act, 2006 (Public Law 109–115; 119 Stat. 2470; 

13 28 U.S.C. 133 note) is amended in the second sentence 

14 (relating to the eastern District of Missouri) by striking 

15 ‘‘22 years and 6 months’’ and inserting ‘‘23 years and 

16 6 months’’. 

17 (c) Section 312(c)(2) of the 21st Century Depart18 ment of Justice Appropriations Authorization Act (Public 

19 Law 107–273; 28 U.S.C. 133 note), is amended— 

20 (1) in the first sentence by striking ‘‘13 years’’ 

21 and inserting ‘‘14 years’’; 

22 (2) in the second sentence (relating to the cen23 tral District of California), by striking ‘‘12 years 

24 and 6 months’’ and inserting ‘‘13 years and 6 

25 months’’; and 
48 

•S 1910 PCS

1 (3) in the third sentence (relating to the west2 ern district of North Carolina), by striking ‘‘11 

3 years’’ and inserting ‘‘12 years’’. 

4 This title may be cited as the ‘‘Judiciary Appropria5 tions Act, 2016’’. 

6 TITLE IV 

7 DISTRICT OF COLUMBIA 

8 FEDERAL FUNDS

9 FEDERAL PAYMENT FOR RESIDENT TUITION SUPPORT

10 For a Federal payment to the District of Columbia, 

11 to be deposited into a dedicated account, for a nationwide 

12 program to be administered by the Mayor, for District of 

13 Columbia resident tuition support, $30,000,000, to remain 

14 available until expended: Provided, That such funds, in15 cluding any interest accrued thereon, may be used on be16 half of eligible District of Columbia residents to pay an 

17 amount based upon the difference between in-State and 

18 out-of-State tuition at public institutions of higher edu19 cation, or to pay up to $2,500 each year at eligible private 

20 institutions of higher education: Provided further, That the 

21 awarding of such funds may be prioritized on the basis 

22 of a resident’s academic merit, the income and need of 

23 eligible students and such other factors as may be author24 ized: Provided further, That the District of Columbia gov25 ernment shall maintain a dedicated account for the Resi-
49 

•S 1910 PCS

1 dent Tuition Support Program that shall consist of the 

2 Federal funds appropriated to the Program in this Act 

3 and any subsequent appropriations, any unobligated bal4 ances from prior fiscal years, and any interest earned in 

5 this or any fiscal year: Provided further, That the account 

6 shall be under the control of the District of Columbia 

7 Chief Financial Officer, who shall use those funds solely 

8 for the purposes of carrying out the Resident Tuition Sup9 port Program: Provided further, That the Office of the 

10 Chief Financial Officer shall provide a quarterly financial 

11 report to the Committees on Appropriations of the House 

12 of Representatives and the Senate for these funds show13 ing, by object class, the expenditures made and the pur14 pose therefor. 

15 FEDERAL PAYMENT FOR EMERGENCY PLANNING AND

16 SECURITY COSTS IN THE DISTRICT OF COLUMBIA

17 For a Federal payment of necessary expenses, as de18 termined by the Mayor of the District of Columbia in writ19 ten consultation with the elected county or city officials 

20 of surrounding jurisdictions, $13,000,000, to remain 

21 available until expended, for the costs of providing public 

22 safety at events related to the presence of the National 

23 Capital in the District of Columbia, including support re24 quested by the Director of the United States Secret Serv25 ice in carrying out protective duties under the direction 
50 

•S 1910 PCS

1 of the Secretary of Homeland Security, and for the costs 

2 of providing support to respond to immediate and specific 

3 terrorist threats or attacks in the District of Columbia or 

4 surrounding jurisdictions. 

5 FEDERAL PAYMENT TO THE DISTRICT OF COLUMBIA

6 COURTS

7 For salaries and expenses for the District of Colum8 bia Courts, $246,000,000 to be allocated as follows: for 

9 the District of Columbia Court of Appeals, $14,000,000, 

10 of which not to exceed $2,500 is for official reception and 

11 representation expenses; for the Superior Court of the 

12 District of Columbia, $122,000,000, of which not to ex13 ceed $2,500 is for official reception and representation ex14 penses; for the District of Columbia Court System, 

15 $72,000,000, of which not to exceed $2,500 is for official 

16 reception and representation expenses; and $38,000,000, 

17 to remain available until September 30, 2017, for capital 

18 improvements for District of Columbia courthouse facili19 ties: Provided, That funds made available for capital im20 provements shall be expended consistent with the District 

21 of Columbia Courts master plan study and facilities condi22 tion assessment: Provided further, That notwithstanding 

23 any other provision of law, all amounts under this heading 

24 shall be apportioned quarterly by the Office of Manage25 ment and Budget and obligated and expended in the same 
51 

•S 1910 PCS

1 manner as funds appropriated for salaries and expenses 

2 of other Federal agencies: Provided further, That 30 days 

3 after providing written notice to the Committees on Ap4 propriations of the House of Representatives and the Sen5 ate, the District of Columbia Courts may reallocate not 

6 more than $6,000,000 of the funds provided under this 

7 heading among the items and entities funded under this 

8 heading: Provided further, That the Joint Committee on 

9 Judicial Administration in the District of Columbia may, 

10 by regulation, establish a program substantially similar to 

11 the program set forth in subchapter II of chapter 35 of 

12 title 5, United States Code, for employees of the District 

13 of Columbia Courts. 

14 FEDERAL PAYMENT FOR DEFENDER SERVICES IN

15 DISTRICT OF COLUMBIA COURTS

16 For payments authorized under section 11–2604 and 

17 section 11–2605, D.C. Official Code (relating to represen18 tation provided under the District of Columbia Criminal 

19 Justice Act), payments for counsel appointed in pro20 ceedings in the Family Court of the Superior Court of the 

21 District of Columbia under chapter 23 of title 16, D.C. 

22 Official Code, or pursuant to contractual agreements to 

23 provide guardian ad litem representation, training, tech24 nical assistance, and such other services as are necessary 

25 to improve the quality of guardian ad litem representation, 
52 

•S 1910 PCS

1 payments for counsel appointed in adoption proceedings 

2 under chapter 3 of title 16, D.C. Official Code, and pay3 ments authorized under section 21–2060, D.C. Official 

4 Code (relating to services provided under the District of 

5 Columbia Guardianship, Protective Proceedings, and Du6 rable Power of Attorney Act of 1986), $49,890,000, to 

7 remain available until expended: Provided, That funds 

8 provided under this heading shall be administered by the 

9 Joint Committee on Judicial Administration in the Dis10 trict of Columbia: Provided further, That, notwithstanding 

11 any other provision of law, this appropriation shall be ap12 portioned quarterly by the Office of Management and 

13 Budget and obligated and expended in the same manner 

14 as funds appropriated for expenses of other Federal agen15 cies. 

16 FEDERAL PAYMENT TO THE COURT SERVICES AND OF17 FENDER SUPERVISION AGENCY FOR THE DISTRICT

18 OF COLUMBIA

19 For salaries and expenses, including the transfer and 

20 hire of motor vehicles, of the Court Services and Offender 

21 Supervision Agency for the District of Columbia, as au22 thorized by the National Capital Revitalization and Self23 Government Improvement Act of 1997, $242,000,000, of 

24 which not to exceed $2,000 is for official reception and 

25 representation expenses related to Community Supervision 
53 

•S 1910 PCS

1 and Pretrial Services Agency programs, of which not to 

2 exceed $25,000 is for dues and assessments relating to 

3 the implementation of the Court Services and Offender 

4 Supervision Agency Interstate Supervision Act of 2002; 

5 of which $181,000,000 shall be for necessary expenses of 

6 Community Supervision and Sex Offender Registration, to 

7 include expenses relating to the supervision of adults sub8 ject to protection orders or the provision of services for 

9 or related to such persons, of which up to $3,159,000 shall 

10 remain available until September 30, 2018, for the reloca11 tion of offender supervision field offices; and of which 

12 $61,000,000 shall be available to the Pretrial Services 

13 Agency: Provided, That notwithstanding any other provi14 sion of law, all amounts under this heading shall be appor15 tioned quarterly by the Office of Management and Budget 

16 and obligated and expended in the same manner as funds 

17 appropriated for salaries and expenses of other Federal 

18 agencies: Provided further, That amounts under this head19 ing may be used for programmatic incentives for offenders 

20 and defendants successfully meeting terms of supervision: 

21 Provided further, That the Director is authorized to accept 

22 and use gifts in the form of in-kind contributions of the 

23 following: space and hospitality to support offender and 

24 defendant programs; equipment, supplies, clothing, and 

25 professional development and vocational training services 
54 

•S 1910 PCS

1 and items necessary to sustain, educate, and train offend2 ers and defendants, including their dependent children; 

3 and programmatic incentives for offenders and defendants 

4 meeting terms of supervision: Provided further, That the 

5 Director shall keep accurate and detailed records of the 

6 acceptance and use of any gift under the previous proviso, 

7 and shall make such records available for audit and public 

8 inspection: Provided further, That the Court Services and 

9 Offender Supervision Agency Director is authorized to ac10 cept and use reimbursement from the District of Columbia 

11 Government for space and services provided on a cost re12 imbursable basis. 

13 FEDERAL PAYMENT TO THE DISTRICT OF COLUMBIA

14 PUBLIC DEFENDER SERVICE

15 For salaries and expenses, including the transfer and 

16 hire of motor vehicles, of the District of Columbia Public 

17 Defender Service, as authorized by the National Capital 

18 Revitalization and Self-Government Improvement Act of 

19 1997, $40,889,000: Provided, That notwithstanding any 

20 other provision of law, all amounts under this heading 

21 shall be apportioned quarterly by the Office of Manage22 ment and Budget and obligated and expended in the same 

23 manner as funds appropriated for salaries and expenses 

24 of Federal agencies: Provided further, That, notwith25 standing section 1342 of title 31, United States Code, and 
55 

•S 1910 PCS

1 in addition to the authority provided by the District of 

2 Columbia Code Section 2–1607(b), upon approval of the 

3 Board of Trustees, the District of Columbia Public De4 fender Service may accept and use voluntary and uncom5 pensated services for the purpose of aiding or facilitating 

6 the work of the District of Columbia Public Defender 

7 Service: Provided further, That, notwithstanding District 

8 of Columbia Code section 2–1603(d), for the purpose of 

9 any action brought against the Board of the Trustees of 

10 the District of Columbia Public Defender Service, the 

11 trustees shall be deemed to be employees of the Public 

12 Defender Service. 

13 FEDERAL PAYMENT TO THE DISTRICT OF COLUMBIA

14 WATER AND SEWER AUTHORITY

15 For a Federal payment to the District of Columbia 

16 Water and Sewer Authority, $14,000,000, to remain avail17 able until expended, to continue implementation of the 

18 Combined Sewer Overflow Long-Term Plan: Provided, 

19 That the District of Columbia Water and Sewer Authority 

20 provides a 100 percent match for this payment. 

21 FEDERAL PAYMENT TO THE CRIMINAL JUSTICE

22 COORDINATING COUNCIL

23 For a Federal payment to the Criminal Justice Co24 ordinating Council, $1,900,000, to remain available until 

25 expended, to support initiatives related to the coordination 
56 

•S 1910 PCS

1 of Federal and local criminal justice resources in the Dis2 trict of Columbia. 

3 FEDERAL PAYMENT FOR JUDICIAL COMMISSIONS

4 For a Federal payment, to remain available until 

5 September 30, 2017, to the Commission on Judicial Dis6 abilities and Tenure, $295,000, and for the Judicial Nomi7 nation Commission, $270,000. 

8 FEDERAL PAYMENT FOR SCHOOL IMPROVEMENT

9 For a Federal payment for a school improvement pro10 gram in the District of Columbia, $45,000,000, to remain 

11 available until expended, for payments authorized under 

12 the Scholarship for Opportunity and Results Act (division 

13 C of Public Law 112–10): Provided, That within funds 

14 provided for opportunity scholarships $3,200,000 shall be 

15 for the activities specified in sections 3007(b) through 

16 3007(d) and 3009 of the Act. 

17 FEDERAL PAYMENT FOR THE DISTRICT OF COLUMBIA

18 NATIONAL GUARD

19 For a Federal payment to the District of Columbia 

20 National Guard, $435,000, to remain available until ex21 pended for the Major General David F. Wherley, Jr. Dis22 trict of Columbia National Guard Retention and College 

23 Access Program. 
57 

•S 1910 PCS

1 FEDERAL PAYMENT FOR TESTING AND TREATMENT OF

2 HIV/AIDS

3 For a Federal payment to the District of Columbia 

4 for the testing of individuals for, and the treatment of in5 dividuals with, human immunodeficiency virus and ac6 quired immunodeficiency syndrome in the District of Co7 lumbia, $5,000,000. 

8 DISTRICT OF COLUMBIA FUNDS

9 Local funds are appropriated for the District of Co10 lumbia for the current fiscal year out of the General Fund 

11 of the District of Columbia (‘‘General Fund’’) for pro12 grams and activities set forth under the heading ‘‘District 

13 of Columbia Funds Summary of Expenses’’ and at the 

14 rate set forth under such heading, as included in the Fis15 cal Year 2016 Budget Request Act of 2015 submitted to 

16 the Congress by the District of Columbia as amended as 

17 of the date of enactment of this Act: Provided, That not18 withstanding any other provision of law, except as pro19 vided in section 450A of the District of Columbia Home 

20 Rule Act (section 1–204.50a, D.C. Official Code), sections 

21 816 and 817 of the Financial Services and General Gov22 ernment Appropriations Act, 2009 (secs. 47–369.01 and 

23 47–369.02, D.C. Official Code), and provisions of this Act, 

24 the total amount appropriated in this Act for operating 

25 expenses for the District of Columbia for fiscal year 2016 
58 

•S 1910 PCS

1 under this heading shall not exceed the estimates included 

2 in the Fiscal Year 2016 Budget Request Act of 2015 sub3 mitted to Congress by the District of Columbia as amend4 ed as of the date of enactment of this Act or the sum 

5 of the total revenues of the District of Columbia for such 

6 fiscal year: Provided further, That the amount appro7 priated may be increased by proceeds of one-time trans8 actions, which are expended for emergency or unantici9 pated operating or capital needs: Provided further, That 

10 such increases shall be approved by enactment of local 

11 District law and shall comply with all reserve requirements 

12 contained in the District of Columbia Home Rule Act: 

13 Provided further, That the Chief Financial Officer of the 

14 District of Columbia shall take such steps as are necessary 

15 to assure that the District of Columbia meets these re16 quirements, including the apportioning by the Chief Fi17 nancial Officer of the appropriations and funds made 

18 available to the District during fiscal year 2016, except 

19 that the Chief Financial Officer may not reprogram for 

20 operating expenses any funds derived from bonds, notes, 

21 or other obligations issued for capital projects. 

22 This title may be cited as the ‘‘District of Columbia 

23 Appropriations Act, 2016’’. 
59 

•S 1910 PCS

1 TITLE V 

2 INDEPENDENT AGENCIES 

3 ADMINISTRATIVE CONFERENCE OF THE UNITED STATES

4 SALARIES AND EXPENSES

5 For necessary expenses of the Administrative Con6 ference of the United States, authorized by 5 U.S.C. 591 

7 et seq., $3,100,000, to remain available until September 

8 30, 2017, of which not to exceed $1,000 is for official re9 ception and representation expenses. 

10 BUREAU OF CONSUMER FINANCIAL PROTECTION

11 ADMINISTRATIVE PROVISIONS

12 SEC. 501. Section 1017(a)(2)(C) of Public Law 111– 

13 203 is repealed. 

14 SEC. 502. Effective October 1, 2016, notwithstanding 

15 section 1017 of Public Law 111–203— 

16 (1) the Board of Governors of the Federal Re17 serve System shall not transfer amounts specified 

18 under such section to the Bureau of Consumer Fi19 nancial Protection; and 

20 (2) there are authorized to be appropriated to 

21 the Bureau of Consumer Financial Protection such 

22 sums as may be necessary to carry out the authori23 ties of the Bureau under Federal consumer financial 

24 law. 
60 

•S 1910 PCS

1 SEC. 503. (a) During fiscal year 2016, on the date 

2 on which a request is made for a transfer of funds in ac3 cordance with section 1017 of Public Law 111–203, the 

4 Bureau of Consumer Financial Protection shall notify the 

5 Committees on Appropriations of the House of Represent6 atives and the Senate, the Committee on Financial Serv7 ices of the House of Representatives, and the Committee 

8 on Banking, Housing, and Urban Affairs of the Senate 

9 of such request. 

10 (b)(1) Any such notification shall include the amount 

11 of the funds requested, an explanation of how the funds 

12 will be obligated by object class and activity, and why the 

13 funds are necessary to protect consumers. 

14 (2) Any notification required by this section shall be 

15 made available on the Bureau’s public Web site. 

16 SEC. 504. (a) Not later than 2 weeks after the end 

17 of each quarter of each fiscal year, the Bureau of Con18 sumer Financial Protection shall submit a report on its 

19 activities to the Committees on Appropriations of the 

20 House of Representatives and the Senate, the Committee 

21 on Financial Services of the House of Representatives, 

22 and the Committee on Banking, Housing, and Urban Af23 fairs of the Senate. 

24 (b) The reports required under subsection (a) shall 

25 include— 
61 

•S 1910 PCS

1 (1) the obligations made during the previous 

2 quarter by object class, office, and activity; 

3 (2) the estimated obligations for the remainder 

4 of the fiscal year by object class, office, and activity; 

5 (3) the number of full-time equivalents within 

6 each office during the previous quarter; 

7 (4) the estimated number of full-time equiva8 lents within each office for the remainder of the fis9 cal year; and 

10 (5) actions taken to achieve the goals, objec11 tives, and performance measures of each office. 

12 (c) At the request of any committee specified in sub13 section (a), the Bureau of Consumer Financial Protection 

14 shall make Bureau officials available to testify on the con15 tents of the reports required under subsection (a). 

16 SEC. 505. (a) IN GENERAL.—Section 1011 of the 

17 Consumer Financial Protection Act of 2010 (12 U.S.C. 

18 5491) is amended— 

19 (1) by striking subsections (b), (c), and (d); 

20 (2) by redesignating subsection (e) as sub21 section (c); and 

22 (3) by inserting after subsection (a) the fol23 lowing: 

24 ‘‘(b) MANAGEMENT OF THE BUREAU.— 
62 

•S 1910 PCS

1 ‘‘(1) IN GENERAL.—The management of the 

2 Bureau shall be vested in a Board of Directors con3 sisting of 5 members, who shall be appointed by the 

4 President, by and with the advice and consent of the 

5 Senate, from among individuals who— 

6 ‘‘(A) are citizens of the United States; and 

7 ‘‘(B) have developed strong competency 

8 and understanding of, and have experience 

9 working with, financial products and services. 

10 ‘‘(2) TERMS.— 

11 ‘‘(A) IN GENERAL.—Except as provided in 

12 subparagraph (B), each member of the Board, 

13 including the Chairperson, shall serve for a 

14 term of 5 years. 

15 ‘‘(B) STAGGERED TERMS.—The members 

16 of the Board shall serve staggered terms, which 

17 shall initially be for terms of 1, 2, 3, 4, and 5 

18 years, respectively, and such members shall be 

19 appointed such that, after the appointments of 

20 the initial 5 members of the Board, members of 

21 different political parties are appointed alter22 nately. 

23 ‘‘(C) REMOVAL.—The President may re24 move any member of the Board for inefficiency, 

25 neglect of duty, or malfeasance in office. 
63 

•S 1910 PCS

1 ‘‘(D) VACANCIES.—Any member of the 

2 Board appointed to fill a vacancy occurring be3 fore the expiration of the term to which the 

4 predecessor of that member was appointed (in5 cluding the Chairperson) shall be appointed 

6 only for the remainder of the term. 

7 ‘‘(E) CONTINUATION OF SERVICE.—Each 

8 member of the Board may continue to serve 

9 after the expiration of the term of office to 

10 which that member was appointed until a suc11 cessor has been appointed by the President and 

12 confirmed by the Senate, except that a member 

13 may not continue to serve more than 1 year 

14 after the date on which the term of that mem15 ber would otherwise expire. 

16 ‘‘(F) SUCCESSIVE TERMS.—A member of 

17 the Board may not be reappointed to a second 

18 consecutive term, except that an initial member 

19 of the Board appointed for less than a 5-year 

20 term may be reappointed to a full 5-year term 

21 and a future member appointed to fill an unex22 pired term may be reappointed for a full 5-year 

23 term. 
64 

•S 1910 PCS

1 ‘‘(3) AFFILIATION.—Not more than 3 members 

2 of the Board shall be members of any 1 political 

3 party. 

4 ‘‘(4) CHAIRPERSON OF THE BOARD.— 

5 ‘‘(A) APPOINTMENT.—The President shall 

6 appoint 1 of the 5 members of the Board to 

7 serve as Chairperson of the Board. 

8 ‘‘(B) AUTHORITY.—The Chairperson shall 

9 be the principal executive officer of the Bureau, 

10 and shall exercise all of the executive and ad11 ministrative functions of the Bureau, including 

12 with respect to— 

13 ‘‘(i) the supervision of personnel em14 ployed by the Bureau (other than per15 sonnel employed regularly and full time in 

16 the immediate offices of members of the 

17 Board other than the Chairperson); 

18 ‘‘(ii) the distribution of business 

19 among personnel appointed and supervised 

20 by the Chairperson and among administra21 tive units of the Bureau; and 

22 ‘‘(iii) the use and expenditure of 

23 funds. 

24 ‘‘(C) LIMITATION.—In carrying out any of 

25 the functions of the Chairperson under this 
65 

•S 1910 PCS

1 paragraph, the Chairperson shall be governed 

2 by general policies of the Bureau and by such 

3 regulatory decisions, findings, and determina4 tions as the Bureau may by law be authorized 

5 to make. 

6 ‘‘(D) REQUESTS OR ESTIMATES RELATED

7 TO APPROPRIATIONS.—Any request or estimate 

8 for regular, supplemental, or deficiency appro9 priations on behalf of the Bureau, including any 

10 request for a transfer of funds under section 

11 1017(a), may not be submitted by the Chair12 person without the prior approval of the Board. 

13 ‘‘(E) VACANCY.—The President may des14 ignate a member of the Board to serve as Act15 ing Chairperson in the event of a vacancy in the 

16 office of the Chairperson. 

17 ‘‘(5) COMPENSATION.— 

18 ‘‘(A) CHAIRPERSON.—The Chairperson 

19 shall receive compensation at the rate pre20 scribed for level I of the Executive Schedule 

21 under section 5312 of title 5, United States 

22 Code. 

23 ‘‘(B) OTHER MEMBERS OF THE BOARD.— 

24 The 4 members of the Board other than the 

25 Chairperson shall each receive compensation at 
66 

•S 1910 PCS

1 the rate prescribed for level II of the Executive 

2 Schedule under section 5313 of title 5, United 

3 States Code. 

4 ‘‘(6) OTHER EMPLOYMENT PROHIBITED.—A 

5 member of the Board may not engage in any other 

6 business, vocation, or employment.’’. 

7 (b) EFFECTIVE DATE.—The amendments made by 

8 this section shall take effect on the later of— 

9 (1) October 1, 2016; or 

10 (2) the date on which not less than 3 persons 

11 have been confirmed by the Senate to serve as mem12 bers of the Board of Directors of the Bureau of 

13 Consumer Financial Protection. 

14 COMMODITY FUTURES TRADING COMMISSION

15 (INCLUDING TRANSFERS OF FUNDS)

16 For necessary expenses to carry out the provisions 

17 of the Commodity Exchange Act (7 U.S.C. 1 et seq.), in18 cluding the purchase and hire of passenger motor vehicles, 

19 and the rental of space (to include multiple year leases) 

20 in the District of Columbia and elsewhere, $250,000,000, 

21 including not to exceed $3,000 for official reception and 

22 representation expenses, and not to exceed $25,000 for the 

23 expenses for consultations and meetings hosted by the 

24 Commission with foreign governmental and other regu25 latory officials, of which not less than $51,000,000, to re-
67 

•S 1910 PCS

1 main available until September 30, 2017, shall be for the 

2 purchase of information technology and of which not less 

3 than $2,620,000 shall be for the Office of the Inspector 

4 General. 

5 CONSUMER PRODUCT SAFETY COMMISSION

6 SALARIES AND EXPENSES

7 For necessary expenses of the Consumer Product 

8 Safety Commission, including hire of passenger motor ve9 hicles, services as authorized by 5 U.S.C. 3109, but at 

10 rates for individuals not to exceed the per diem rate equiv11 alent to the maximum rate payable under 5 U.S.C. 5376, 

12 purchase of nominal awards to recognize non-Federal offi13 cials’ contributions to Commission activities, and not to 

14 exceed $4,000 for official reception and representation ex15 penses, $123,000,000. 

16 ELECTION ASSISTANCE COMMISSION

17 SALARIES AND EXPENSES

18 (INCLUDING TRANSFER OF FUNDS)

19 For necessary expenses to carry out the Help Amer20 ica Vote Act of 2002 (Public Law 107–252), $9,600,000, 

21 of which $1,500,000 shall be transferred to the National 

22 Institute of Standards and Technology for election reform 

23 activities authorized under the Help America Vote Act of 

24 2002. 
68 

•S 1910 PCS

1 FEDERAL COMMUNICATIONS COMMISSION

2 SALARIES AND EXPENSES

3 For necessary expenses of the Federal Communica4 tions Commission, as authorized by law, including uni5 forms and allowances therefor, as authorized by 5 U.S.C. 

6 5901–5902; not to exceed $4,000 for official reception and 

7 representation expenses; purchase and hire of motor vehi8 cles; special counsel fees; and services as authorized by 

9 5 U.S.C. 3109, $320,000,000, to remain available until 

10 expended: Provided, That in addition, $44,168,497 shall 

11 be made available until expended for necessary expenses 

12 associated with moving to a new facility or reconfiguring 

13 the existing space to significantly reduce space consump14 tion: Provided further, That $364,168,497 of offsetting 

15 collections shall be assessed and collected pursuant to sec16 tion 9 of title I of the Communications Act of 1934, shall 

17 be retained and used for necessary expenses and shall re18 main available until expended: Provided further, That the 

19 sum herein appropriated shall be reduced as such offset20 ting collections are received during fiscal year 2016 so as 

21 to result in a final fiscal year 2016 appropriation esti22 mated at $0: Provided further, That any offsetting collec23 tions received in excess of $364,168,497 in fiscal year 

24 2016 shall not be available for obligation: Provided further, 

25 That remaining offsetting collections from prior years col-
69 

•S 1910 PCS

1 lected in excess of the amount specified for collection in 

2 each such year and otherwise becoming available on Octo3 ber 1, 2015, shall not be available for obligation: Provided 

4 further, That, notwithstanding 47 U.S.C. 309(j)(8)(B), 

5 proceeds from the use of a competitive bidding system that 

6 may be retained and made available for obligation shall 

7 not exceed $117,000,000 for fiscal year 2016, including 

8 not to exceed $518,981 for obligation by the Office of the 

9 Inspector General: Provided further, That, of the amount 

10 appropriated under this heading, not less than 

11 $11,090,000 shall be for the salaries and expenses of the 

12 Office of Inspector General. 

13 ADMINISTRATIVE PROVISIONS—FEDERAL

14 COMMUNICATIONS COMMISSION

15 SEC. 510. Section 302 of the Universal Service 

16 Antideficiency Temporary Suspension Act is amended by 

17 striking ‘‘December 31, 2016’’, each place it appears and 

18 inserting ‘‘December 31, 2017’’. 

19 SEC. 511. None of the funds appropriated by this Act 

20 may be used by the Federal Communications Commission 

21 to modify, amend, or change its rules or regulations for 

22 universal service support payments to implement the Feb23 ruary 27, 2004 recommendations of the Federal-State 

24 Joint Board on Universal Service regarding single connec-
70 

•S 1910 PCS

1 tion or primary line restrictions on universal service sup2 port payments. 

3 FEDERAL DEPOSIT INSURANCE CORPORATION

4 OFFICE OF THE INSPECTOR GENERAL

5 For necessary expenses of the Office of Inspector 

6 General in carrying out the provisions of the Inspector 

7 General Act of 1978, $34,568,000, to be derived from the 

8 Deposit Insurance Fund or, only when appropriate, the 

9 FSLIC Resolution Fund. 

10 FEDERAL ELECTION COMMISSION

11 SALARIES AND EXPENSES

12 For necessary expenses to carry out the provisions 

13 of the Federal Election Campaign Act of 1971, 

14 $72,500,000, of which $5,000,000 shall remain available 

15 until September 30, 2017, for lease expiration and re16 placement lease expenses; and of which not to exceed 

17 $5,000 shall be available for reception and representation 

18 expenses. 

19 FEDERAL LABOR RELATIONS AUTHORITY

20 SALARIES AND EXPENSES

21 For necessary expenses to carry out functions of the 

22 Federal Labor Relations Authority, pursuant to Reorga23 nization Plan Numbered 2 of 1978, and the Civil Service 

24 Reform Act of 1978, including services authorized by 5 

25 U.S.C. 3109, and including hire of experts and consult-
71 

•S 1910 PCS

1 ants, hire of passenger motor vehicles, and including offi2 cial reception and representation expenses (not to exceed 

3 $1,500) and rental of conference rooms in the District of 

4 Columbia and elsewhere, $25,548,000: Provided, That 

5 public members of the Federal Service Impasses Panel 

6 may be paid travel expenses and per diem in lieu of sub7 sistence as authorized by law (5 U.S.C. 5703) for persons 

8 employed intermittently in the Government service, and 

9 compensation as authorized by 5 U.S.C. 3109: Provided 

10 further, That, notwithstanding 31 U.S.C. 3302, funds re11 ceived from fees charged to non-Federal participants at 

12 labor-management relations conferences shall be credited 

13 to and merged with this account, to be available without 

14 further appropriation for the costs of carrying out these 

15 conferences. 

16 FEDERAL TRADE COMMISSION

17 SALARIES AND EXPENSES

18 For necessary expenses of the Federal Trade Com19 mission, including uniforms or allowances therefor, as au20 thorized by 5 U.S.C. 5901–5902; services as authorized 

21 by 5 U.S.C. 3109; hire of passenger motor vehicles; and 

22 not to exceed $2,000 for official reception and representa23 tion expenses, $300,000,000, to remain available until ex24 pended: Provided, That not to exceed $300,000 shall be 

25 available for use to contract with a person or persons for 
72 

•S 1910 PCS

1 collection services in accordance with the terms of 31 

2 U.S.C. 3718: Provided further, That, notwithstanding any 

3 other provision of law, not to exceed $124,000,000 of off4 setting collections derived from fees collected for 

5 premerger notification filings under the Hart-Scott-Ro6 dino Antitrust Improvements Act of 1976 (15 U.S.C. 

7 18a), regardless of the year of collection, shall be retained 

8 and used for necessary expenses in this appropriation: 

9 Provided further, That, notwithstanding any other provi10 sion of law, not to exceed $14,000,000 in offsetting collec11 tions derived from fees sufficient to implement and enforce 

12 the Telemarketing Sales Rule, promulgated under the 

13 Telemarketing and Consumer Fraud and Abuse Preven14 tion Act (15 U.S.C. 6101 et seq.), shall be credited to this 

15 account, and be retained and used for necessary expenses 

16 in this appropriation: Provided further, That the sum here17 in appropriated from the general fund shall be reduced 

18 as such offsetting collections are received during fiscal 

19 year 2016, so as to result in a final fiscal year 2016 appro20 priation from the general fund estimated at not more than 

21 $162,000,000: Provided further, That none of the funds 

22 made available to the Federal Trade Commission may be 

23 used to implement subsection (e)(2)(B) of section 43 of 

24 the Federal Deposit Insurance Act (12 U.S.C. 1831t). 
73 

•S 1910 PCS

1 GENERAL SERVICES ADMINISTRATION

2 REAL PROPERTY ACTIVITIES

3 FEDERAL BUILDINGS FUND

4 LIMITATIONS ON AVAILABILITY OF REVENUE

5 (INCLUDING TRANSFERS OF FUNDS)

6 Amounts in the Fund, including revenues and collec7 tions deposited into the Fund shall be available for nec8 essary expenses of real property management and related 

9 activities not otherwise provided for, including operation, 

10 maintenance, and protection of federally owned and leased 

11 buildings; rental of buildings in the District of Columbia; 

12 restoration of leased premises; moving governmental agen13 cies (including space adjustments and telecommunications 

14 relocation expenses) in connection with the assignment, al15 location and transfer of space; contractual services inci16 dent to cleaning or servicing buildings, and moving; repair 

17 and alteration of federally owned buildings including 

18 grounds, approaches and appurtenances; care and safe19 guarding of sites; maintenance, preservation, demolition, 

20 and equipment; acquisition of buildings and sites by pur21 chase, condemnation, or as otherwise authorized by law; 

22 acquisition of options to purchase buildings and sites; con23 version and extension of federally owned buildings; pre24 liminary planning and design of projects by contract or 

25 otherwise; construction of new buildings (including equip-
74 

•S 1910 PCS

1 ment for such buildings); and payment of principal, inter2 est, and any other obligations for public buildings acquired 

3 by installment purchase and purchase contract; in the ag4 gregate amount of $8,304,422,000, of which— 

5 (1) $181,500,000 shall remain available until 

6 expended for construction and acquisition activities 

7 (including funds for sites and expenses, and associ8 ated design and construction services) for the United 

9 States Courthouse in Nashville, Tennessee: Provided, 

10 That the foregoing limit of costs on new construc11 tion and acquisition may be exceeded to the extent 

12 that savings are effected in other such projects, but 

13 not to exceed 10 percent of the amounts included in 

14 a transmitted prospectus, if required, unless advance 

15 approval is obtained from the Committees on Appro16 priations of a greater amount; 

17 (2) $357,189,000 shall remain available until 

18 expended for repairs and alterations, including asso19 ciated design and construction services, of which— 

20 (A) $157,189,000 is for Major Repair and 

21 Alterations activities, including $96,344,000 for 

22 the Jacob K. Javits Federal Office Building in 

23 New York City, New York, and $60,845,000 

24 for the Edward J. Schwartz Federal Building 

25 and U.S. Courthouse in San Diego, California; 
75 

•S 1910 PCS

1 (B) $200,000,000 is for Basic Repairs and 

2 Alterations, Consolidation Activities, the Judici3 ary Capital Security Program, and the Fire and 

4 Life Safety Program: 

5 Provided, That funds made available in this or any 

6 previous Act in the Federal Buildings Fund for Re7 pairs and Alterations shall, for prospectus projects, 

8 be limited to the amount identified for each project, 

9 except each project in this or any previous Act may 

10 be increased by an amount not to exceed 10 percent 

11 unless advance approval is obtained from the Com12 mittees on Appropriations of a greater amount: Pro13 vided further, That additional projects for which 

14 prospectuses have been fully approved may be fund15 ed under this category only if advance approval is 

16 obtained from the Committees on Appropriations: 

17 Provided further, That the amounts provided in this 

18 or any prior Act for ‘‘Repairs and Alterations’’ may 

19 be used to fund costs associated with implementing 

20 security improvements to buildings necessary to 

21 meet the minimum standards for security in accord22 ance with current law and in compliance with the re23 programming guidelines of the appropriate Commit24 tees of the House and Senate: Provided further, That 

25 the difference between the funds appropriated and 
76 

•S 1910 PCS

1 expended on any projects in this or any prior Act, 

2 under the heading ‘‘Repairs and Alterations’’, may 

3 be transferred to Basic Repairs and Alterations or 

4 used to fund authorized increases in prospectus 

5 projects: Provided further, That the amount provided 

6 in this or any prior Act for Basic Repairs and Alter7 ations may be used to pay claims against the Gov8 ernment arising from any projects under the heading 

9 ‘‘Repairs and Alterations’’ or used to fund author10 ized increases in prospectus projects; 

11 (3) $5,521,601,000 for rental of space to re12 main available until expended; and 

13 (4) $2,244,132,000 for building operations to 

14 remain available until expended: 

15 Provided further, That the total amount of funds made 

16 available from this Fund to the General Services Adminis17 tration shall not be available for expenses of any construc18 tion, repair, alteration and acquisition project for which 

19 a prospectus, if required by 40 U.S.C. 3307(a), has not 

20 been approved, except that necessary funds may be ex21 pended for each project for required expenses for the de22 velopment of a proposed prospectus: Provided further, 

23 That funds available in the Federal Buildings Fund may 

24 be expended for emergency repairs when advance approval 

25 is obtained from the Committees on Appropriations: Pro-
77 

•S 1910 PCS

1 vided further, That amounts necessary to provide reim2 bursable special services to other agencies under 40 U.S.C. 

3 592(b)(2) and amounts to provide such reimbursable fenc4 ing, lighting, guard booths, and other facilities on private 

5 or other property not in Government ownership or control 

6 as may be appropriate to enable the United States Secret 

7 Service to perform its protective functions pursuant to 18 

8 U.S.C. 3056, shall be available from such revenues and 

9 collections: Provided further, That revenues and collections 

10 and any other sums accruing to this Fund during fiscal 

11 year 2016, excluding reimbursements under 40 U.S.C. 

12 592(b)(2), in excess of the aggregate new obligational au13 thority authorized for Real Property Activities of the Fed14 eral Buildings Fund in this Act shall remain in the Fund 

15 and shall not be available for expenditure except as au16 thorized in appropriations Acts. 

17 GENERAL ACTIVITIES

18 GOVERNMENT-WIDE POLICY

19 For expenses authorized by law, not otherwise pro20 vided for, for Government-wide policy and evaluation ac21 tivities associated with the management of real and per22 sonal property assets and certain administrative services; 

23 Government-wide policy support responsibilities relating to 

24 acquisition, travel, motor vehicles, information technology 
78 

•S 1910 PCS

1 management, and related technology activities; and serv2 ices as authorized by 5 U.S.C. 3109; $58,000,000. 

3 OPERATING EXPENSES

4 (INCLUDING TRANSFER OF FUNDS)

5 For expenses authorized by law, not otherwise pro6 vided for, for Government-wide activities associated with 

7 utilization and donation of surplus personal property; dis8 posal of real property; agency-wide policy direction, man9 agement, and communications; the Civilian Board of Con10 tract Appeals; and services as authorized by 5 U.S.C. 

11 3109; $58,560,000, of which not to exceed $7,500 is for 

12 official reception and representation expenses. 

13 OFFICE OF INSPECTOR GENERAL

14 For necessary expenses of the Office of Inspector 

15 General and service authorized by 5 U.S.C. 3109, 

16 $65,000,000, of which $2,000,000 is available until ex17 pended: Provided, That not to exceed $50,000 shall be 

18 available for payment for information and detection of 

19 fraud against the Government, including payment for re20 covery of stolen Government property: Provided further, 

21 That not to exceed $2,500 shall be available for awards 

22 to employees of other Federal agencies and private citizens 

23 in recognition of efforts and initiatives resulting in en24 hanced Office of Inspector General effectiveness. 
79 

•S 1910 PCS

1 ALLOWANCES AND OFFICE STAFF FOR FORMER

2 PRESIDENTS

3 For carrying out the provisions of the Act of August 

4 25, 1958 (3 U.S.C. 102 note), and Public Law 95–138, 

5 $3,277,000. 

6 PRE-ELECTION PRESIDENTIAL TRANSITION

7 (INCLUDING TRANSFER OF FUNDS)

8 For activities authorized by the Pre-Election Presi9 dential Transition Act of 2010 (Public Law 111–283), not 

10 to exceed $13,278,000, to remain available until Sep11 tember 30, 2017: Provided, That such amounts may be 

12 transferred to ‘‘Acquisition Services Fund’’ or ‘‘Federal 

13 Buildings Fund’’ to reimburse obligations incurred for the 

14 purposes provided herein in fiscal year 2015: Provided fur15 ther, That amounts made available under this heading 

16 shall be in addition to any other amounts available for 

17 such purposes. 

18 FEDERAL CITIZEN SERVICES FUND

19 (INCLUDING TRANSFERS OF FUNDS)

20 For necessary expenses of the Office of Citizen Serv21 ices and Innovative Technologies, including services au22 thorized by 40 U.S.C. 323 and 44 U.S.C. 3604; and for 

23 necessary expenses in support of interagency projects that 

24 enable the Federal Government to enhance its ability to 

25 conduct activities electronically, through the development 
80 

•S 1910 PCS

1 and implementation of innovative uses of information 

2 technology; $55,894,000, to be deposited into the Federal 

3 Citizen Services Fund: Provided, That the previous 

4 amount may be transferred to Federal agencies to carry 

5 out the purpose of the Federal Citizen Services Fund: Pro6 vided further, That the appropriations, revenues, reim7 bursements, and collections deposited into the Fund shall 

8 be available until expended for necessary expenses of Fed9 eral Citizen Services and other activities that enable the 

10 Federal Government to enhance its ability to conduct ac11 tivities electronically in the aggregate amount not to ex12 ceed $90,000,000: Provided further, That appropriations, 

13 revenues, reimbursements, and collections accruing to this 

14 Fund during fiscal year 2016 in excess of such amount 

15 shall remain in the Fund and shall not be available for 

16 expenditure except as authorized in appropriations Acts: 

17 Provided further, That any appropriations provided to the 

18 Electronic Government Fund that remain unobligated 

19 may be transferred to the Federal Citizen Services Fund: 

20 Provided further, That the transfer authorities provided 

21 herein shall be in addition to any other transfer authority 

22 provided in this Act. 
81 

•S 1910 PCS

1 ADMINISTRATIVE PROVISIONS—GENERAL SERVICES

2 ADMINISTRATION

3 (INCLUDING TRANSFER OF FUNDS)

4 SEC. 520. Funds available to the General Services 

5 Administration shall be available for the hire of passenger 

6 motor vehicles. 

7 SEC. 521. Funds in the Federal Buildings Fund 

8 made available for fiscal year 2016 for Federal Buildings 

9 Fund activities may be transferred between such activities 

10 only to the extent necessary to meet program require11 ments: Provided, That any proposed transfers shall be ap12 proved in advance by the Committees on Appropriations 

13 of the House of Representatives and the Senate. 

14 SEC. 522. Except as otherwise provided in this title, 

15 funds made available by this Act shall be used to transmit 

16 a fiscal year 2017 request for United States Courthouse 

17 construction only if the request: (1) meets the design guide 

18 standards for construction as established and approved by 

19 the General Services Administration, the Judicial Con20 ference of the United States, and the Office of Manage21 ment and Budget; (2) reflects the priorities of the Judicial 

22 Conference of the United States as set out in its approved 

23 5-year construction plan; and (3) includes a standardized 

24 courtroom utilization study of each facility to be con25 structed, replaced, or expanded. 
82 

•S 1910 PCS

1 SEC. 523. None of the funds provided in this Act may 

2 be used to increase the amount of occupiable square feet, 

3 provide cleaning services, security enhancements, or any 

4 other service usually provided through the Federal Build5 ings Fund, to any agency that does not pay the rate per 

6 square foot assessment for space and services as deter7 mined by the General Services Administration in consider8 ation of the Public Buildings Amendments Act of 1972 

9 (Public Law 92–313). 

10 SEC. 524. From funds made available under the 

11 heading ‘‘Federal Buildings Fund, Limitations on Avail12 ability of Revenue’’, claims against the Government of less 

13 than $250,000 arising from direct construction projects 

14 and acquisition of buildings may be liquidated from sav15 ings effected in other construction projects with prior noti16 fication to the Committees on Appropriations of the House 

17 of Representatives and the Senate. 

18 SEC. 525. In any case in which the Committee on 

19 Transportation and Infrastructure of the House of Rep20 resentatives and the Committee on Environment and Pub21 lic Works of the Senate adopt a resolution granting lease 

22 authority pursuant to a prospectus transmitted to Con23 gress by the Administrator of the General Services Admin24 istration under 40 U.S.C. 3307, the Administrator shall 

25 ensure that the delineated area of procurement is identical 
83 

•S 1910 PCS

1 to the delineated area included in the prospectus for all 

2 lease agreements, except that, if the Administrator deter3 mines that the delineated area of the procurement should 

4 not be identical to the delineated area included in the pro5 spectus, the Administrator shall provide an explanatory 

6 statement to each of such committees and the Committees 

7 on Appropriations of the House of Representatives and the 

8 Senate prior to exercising any lease authority provided in 

9 the resolution. 

10 SEC. 526. With respect to each project funded under 

11 the heading ‘‘Major Repairs and Alterations’’ or ‘‘Judici12 ary Capital Security Program’’, the Administrator of Gen13 eral Services shall submit a spending plan and explanation 

14 for each project to be undertaken to the Committees on 

15 Appropriations of the House of Representatives and the 

16 Senate not later than 30 days after the date of enactment 

17 of this Act. 

18 SEC. 527. Any consolidation of the headquarters of 

19 the Federal Bureau of Investigation must result in a full 

20 consolidation. 

21 HARRY S TRUMAN SCHOLARSHIP FOUNDATION

22 SALARIES AND EXPENSES

23 For payment to the Harry S Truman Scholarship 

24 Foundation Trust Fund, established by section 10 of Pub-
84 

•S 1910 PCS

1 lic Law 93–642, $1,000,000, to remain available until ex2 pended. 

3 MERIT SYSTEMS PROTECTION BOARD

4 SALARIES AND EXPENSES

5 (INCLUDING TRANSFER OF FUNDS)

6 For necessary expenses to carry out functions of the 

7 Merit Systems Protection Board pursuant to Reorganiza8 tion Plan Numbered 2 of 1978, the Civil Service Reform 

9 Act of 1978, and the Whistleblower Protection Act of 

10 1989 (5 U.S.C. 5509 note), including services as author11 ized by 5 U.S.C. 3109, rental of conference rooms in the 

12 District of Columbia and elsewhere, hire of passenger 

13 motor vehicles, direct procurement of survey printing, and 

14 not to exceed $2,000 for official reception and representa15 tion expenses, $42,740,000, to remain available until Sep16 tember 30, 2017, together with not to exceed $2,345,000, 

17 to remain available until September 30, 2017, for adminis18 trative expenses to adjudicate retirement appeals to be 

19 transferred from the Civil Service Retirement and Dis20 ability Fund in amounts determined by the Merit Systems 

21 Protection Board. 
85 

•S 1910 PCS

1 MORRIS K. UDALL AND STEWART L. UDALL

2 FOUNDATION

3 MORRIS K. UDALL AND STEWART L. UDALL TRUST FUND

4 (INCLUDING TRANSFER OF FUNDS)

5 For payment to the Morris K. Udall and Stewart L. 

6 Udall Trust Fund, pursuant to the Morris K. Udall and 

7 Stewart L. Udall Foundation Act (20 U.S.C. 5601 et 

8 seq.), $1,995,000, to remain available until expended, of 

9 which, notwithstanding sections 8 and 9 of such Act: (1) 

10 up to $50,000 shall be used to conduct financial audits 

11 pursuant to the Accountability of Tax Dollars Act of 2002 

12 (Public Law 107–289); and (2) up to $1,000,000 shall 

13 be available to carry out the activities authorized by sec14 tion 6(7) of Public Law 102–259 and section 817(a) of 

15 Public Law 106–568 (20 U.S.C. 5604(7)): Provided, That 

16 of the total amount made available under this heading 

17 $200,000 shall be transferred to the Office of Inspector 

18 General of the Department of the Interior, to remain 

19 available until expended, for audits and investigations of 

20 the Morris K. Udall and Stewart L. Udall Foundation, 

21 consistent with the Inspector General Act of 1978 (5 

22 U.S.C. App.). 

23 ENVIRONMENTAL DISPUTE RESOLUTION FUND

24 For payment to the Environmental Dispute Resolu25 tion Fund to carry out activities authorized in the Envi-
86 

•S 1910 PCS

1 ronmental Policy and Conflict Resolution Act of 1998, 

2 $3,400,000, to remain available until expended. 

3 NATIONAL ARCHIVES AND RECORDS ADMINISTRATION

4 OPERATING EXPENSES

5 For necessary expenses in connection with the admin6 istration of the National Archives and Records Adminis7 tration and archived Federal records and related activities, 

8 as provided by law, and for expenses necessary for the re9 view and declassification of documents, the activities of 

10 the Public Interest Declassification Board, the operations 

11 and maintenance of the electronic records archives, the 

12 hire of passenger motor vehicles, and for uniforms or al13 lowances therefor, as authorized by law (5 U.S.C. 5901), 

14 including maintenance, repairs, and cleaning, 

15 $372,000,000. 

16 OFFICE OF INSPECTOR GENERAL

17 For necessary expenses of the Office of Inspector 

18 General in carrying out the provisions of the Inspector 

19 General Reform Act of 2008, Public Law 110–409, 122 

20 Stat. 4302–16 (2008), and the Inspector General Act of 

21 1978 (5 U.S.C. App.), and for the hire of passenger motor 

22 vehicles, $4,180,000. 

23 REPAIRS AND RESTORATION

24 For the repair, alteration, and improvement of ar25 chives facilities, and to provide adequate storage for hold-
87 

•S 1910 PCS

1 ings, $7,500,000, to remain available until expended: Pro2 vided, That from amounts made available under this head3 ing in Public Laws 111–8 and 111–117 for necessary ex4 penses related to the repair and renovation of the Franklin 

5 D. Roosevelt Presidential Library and Museum in Hyde 

6 Park, New York, the remaining unobligated balances shall 

7 be available to implement the National Archives and 

8 Records Administration Capital Improvement Plan. 

9 NATIONAL HISTORICAL PUBLICATIONS AND RECORDS

10 COMMISSION

11 GRANTS PROGRAM

12 For necessary expenses for allocations and grants for 

13 historical publications and records as authorized by 44 

14 U.S.C. 2504, $5,000,000, to remain available until ex15 pended. 

16 NATIONAL CREDIT UNION ADMINISTRATION

17 COMMUNITY DEVELOPMENT REVOLVING LOAN FUND

18 For the Community Development Revolving Loan 

19 Fund program as authorized by 42 U.S.C. 9812, 9822 

20 and 9910, $2,000,000 shall be available until September 

21 30, 2017, for technical assistance to low-income des22 ignated credit unions. 
88 

•S 1910 PCS

1 OFFICE OF GOVERNMENT ETHICS

2 SALARIES AND EXPENSES

3 For necessary expenses to carry out functions of the 

4 Office of Government Ethics pursuant to the Ethics in 

5 Government Act of 1978, the Ethics Reform Act of 1989, 

6 and the Stop Trading on Congressional Knowledge Act of 

7 2012, including services as authorized by 5 U.S.C. 3109, 

8 rental of conference rooms in the District of Columbia and 

9 elsewhere, hire of passenger motor vehicles, and not to ex10 ceed $1,500 for official reception and representation ex11 penses, $15,420,000. 

12 OFFICE OF PERSONNEL MANAGEMENT

13 SALARIES AND EXPENSES

14 (INCLUDING TRANSFER OF TRUST FUNDS)

15 For necessary expenses to carry out functions of the 

16 Office of Personnel Management (OPM) pursuant to Re17 organization Plan Numbered 2 of 1978 and the Civil Serv18 ice Reform Act of 1978, including services as authorized 

19 by 5 U.S.C. 3109; medical examinations performed for 

20 veterans by private physicians on a fee basis; rental of con21 ference rooms in the District of Columbia and elsewhere; 

22 hire of passenger motor vehicles; not to exceed $2,500 for 

23 official reception and representation expenses; advances 

24 for reimbursements to applicable funds of OPM and the 

25 Federal Bureau of Investigation for expenses incurred 
89 

•S 1910 PCS

1 under Executive Order No. 10422 of January 9, 1953, 

2 as amended; and payment of per diem and/or subsistence 

3 allowances to employees where Voting Rights Act activities 

4 require an employee to remain overnight at his or her post 

5 of duty, $119,239,000, of which $616,000 may be for 

6 strengthening the capacity and capabilities of the acquisi7 tion workforce (as defined by the Office of Federal Pro8 curement Policy Act, as amended (41 U.S.C. 4001 et 

9 seq.)), including the recruitment, hiring, training, and re10 tention of such workforce and information technology in 

11 support of acquisition workforce effectiveness or for man12 agement solutions to improve acquisition management; 

13 and in addition $118,425,000 for administrative expenses, 

14 to be transferred from the appropriate trust funds of OPM 

15 without regard to other statutes, including direct procure16 ment of printed materials, for the retirement and insur17 ance programs: Provided, That the provisions of this ap18 propriation shall not affect the authority to use applicable 

19 trust funds as provided by sections 8348(a)(1)(B), 

20 8958(f)(2)(A), 8988(f)(2)(A), and 9004(f)(2)(A) of title 

21 5, United States Code: Provided further, That no part of 

22 this appropriation shall be available for salaries and ex23 penses of the Legal Examining Unit of OPM established 

24 pursuant to Executive Order No. 9358 of July 1, 1943, 

25 or any successor unit of like purpose: Provided further, 
90 

•S 1910 PCS

1 That the President’s Commission on White House Fel2 lows, established by Executive Order No. 11183 of Octo3 ber 3, 1964, may, during fiscal year 2016, accept dona4 tions of money, property, and personal services: Provided 

5 further, That such donations, including those from prior 

6 years, may be used for the development of publicity mate7 rials to provide information about the White House Fel8 lows, except that no such donations shall be accepted for 

9 travel or reimbursement of travel expenses, or for the sala10 ries of employees of such Commission. 

11 OFFICE OF INSPECTOR GENERAL

12 SALARIES AND EXPENSES

13 (INCLUDING TRANSFER OF TRUST FUNDS)

14 For necessary expenses of the Office of Inspector 

15 General in carrying out the provisions of the Inspector 

16 General Act of 1978, including services as authorized by 

17 5 U.S.C. 3109, hire of passenger motor vehicles, 

18 $4,384,000, and in addition, not to exceed $22,479,000 

19 for administrative expenses to audit, investigate, and pro20 vide other oversight of the Office of Personnel Manage21 ment’s retirement and insurance programs, to be trans22 ferred from the appropriate trust funds of the Office of 

23 Personnel Management, as determined by the Inspector 

24 General: Provided, That the Inspector General is author-
91 

•S 1910 PCS

1 ized to rent conference rooms in the District of Columbia 

2 and elsewhere. 

3 OFFICE OF SPECIAL COUNSEL

4 SALARIES AND EXPENSES

5 For necessary expenses to carry out functions of the 

6 Office of Special Counsel pursuant to Reorganization Plan 

7 Numbered 2 of 1978, the Civil Service Reform Act of 

8 1978 (Public Law 95–454), the Whistleblower Protection 

9 Act of 1989 (Public Law 101–12) as amended by Public 

10 Law 107–304, the Whistleblower Protection Enhancement 

11 Act of 2012 (Public Law 112–199), and the Uniformed 

12 Services Employment and Reemployment Rights Act of 

13 1994 (Public Law 103–353), including services as author14 ized by 5 U.S.C. 3109, payment of fees and expenses for 

15 witnesses, rental of conference rooms in the District of Co16 lumbia and elsewhere, and hire of passenger motor vehi17 cles; $23,500,000. 

18 POSTAL REGULATORY COMMISSION

19 SALARIES AND EXPENSES

20 (INCLUDING TRANSFER OF FUNDS)

21 For necessary expenses of the Postal Regulatory 

22 Commission in carrying out the provisions of the Postal 

23 Accountability and Enhancement Act (Public Law 109– 

24 435), $15,000,000, to be derived by transfer from the 
92 

•S 1910 PCS

1 Postal Service Fund and expended as authorized by sec2 tion 603(a) of such Act. 

3 PRIVACY AND CIVIL LIBERTIES OVERSIGHT BOARD

4 SALARIES AND EXPENSES

5 For necessary expenses of the Privacy and Civil Lib6 erties Oversight Board, as authorized by section 1061 of 

7 the Intelligence Reform and Terrorism Prevention Act of 

8 2004 (42 U.S.C. 2000ee), $23,297,000, to remain avail9 able until September 30, 2017. 

10 SECURITIES AND EXCHANGE COMMISSION

11 SALARIES AND EXPENSES

12 For necessary expenses for the Securities and Ex13 change Commission, including services as authorized by 

14 5 U.S.C. 3109, the rental of space (to include multiple 

15 year leases) in the District of Columbia and elsewhere, and 

16 not to exceed $3,500 for official reception and representa17 tion expenses, $1,500,000,000, to remain available until 

18 expended; of which not less than $11,315,971 shall be for 

19 the Office of Inspector General; of which not to exceed 

20 $75,000 shall be available for a permanent secretariat for 

21 the International Organization of Securities Commissions; 

22 of which not to exceed $100,000 shall be available for ex23 penses for consultations and meetings hosted by the Com24 mission with foreign governmental and other regulatory 

25 officials, members of their delegations and staffs to ex-
93 

•S 1910 PCS

1 change views concerning securities matters, such expenses 

2 to include necessary logistic and administrative expenses 

3 and the expenses of Commission staff and foreign invitees 

4 in attendance including: (1) incidental expenses such as 

5 meals; (2) travel and transportation; and (3) related lodg6 ing or subsistence; and of which not less than $60,971,000 

7 shall be for the Division of Economic and Risk Analysis: 

8 Provided, That fees and charges authorized by section 31 

9 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) 

10 shall be credited to this account as offsetting collections: 

11 Provided further, That not to exceed $1,500,000,000 of 

12 such offsetting collections shall be available until expended 

13 for necessary expenses of this account: Provided further, 

14 That the total amount appropriated under this heading 

15 from the general fund for fiscal year 2016 shall be reduced 

16 as such offsetting fees are received so as to result in a 

17 final total fiscal year 2016 appropriation from the general 

18 fund estimated at not more than $0. 

19 SELECTIVE SERVICE SYSTEM

20 SALARIES AND EXPENSES

21 For necessary expenses of the Selective Service Sys22 tem, including expenses of attendance at meetings and of 

23 training for uniformed personnel assigned to the Selective 

24 Service System, as authorized by 5 U.S.C. 4101–4118 for 

25 civilian employees; hire of passenger motor vehicles; serv-
94 

•S 1910 PCS

1 ices as authorized by 5 U.S.C. 3109; and not to exceed 

2 $750 for official reception and representation expenses; 

3 $22,703,000: Provided, That during the current fiscal 

4 year, the President may exempt this appropriation from 

5 the provisions of 31 U.S.C. 1341, whenever the President 

6 deems such action to be necessary in the interest of na7 tional defense: Provided further, That none of the funds 

8 appropriated by this Act may be expended for or in con9 nection with the induction of any person into the Armed 

10 Forces of the United States. 

11 SMALL BUSINESS ADMINISTRATION

12 SALARIES AND EXPENSES

13 For necessary expenses, not otherwise provided for, 

14 of the Small Business Administration, including hire of 

15 passenger motor vehicles as authorized by sections 1343 

16 and 1344 of title 31, United States Code, and not to ex17 ceed $3,500 for official reception and representation ex18 penses, $257,000,000, of which not less than $12,000,000 

19 shall be available for examinations, reviews, and other 

20 lender oversight activities: Provided, That the Adminis21 trator is authorized to charge fees to cover the cost of pub22 lications developed by the Small Business Administration, 

23 and certain loan program activities, including fees author24 ized by section 5(b) of the Small Business Act: Provided 

25 further, That, notwithstanding 31 U.S.C. 3302, revenues 
95 

•S 1910 PCS

1 received from all such activities shall be credited to this 

2 account, to remain available until expended, for carrying 

3 out these purposes without further appropriations: Pro4 vided further, That the Small Business Administration 

5 may accept gifts in an amount not to exceed $4,000,000 

6 and may co-sponsor activities, each in accordance with sec7 tion 132(a) of division K of Public Law 108–447, during 

8 fiscal year 2016: Provided further, That $6,100,000 shall 

9 be available for the Loan Modernization and Accounting 

10 System, to be available until September 30, 2017: Pro11 vided further, That $3,000,000 shall be for the Federal 

12 and State Technology Partnership Program under section 

13 34 of the Small Business Act (15 U.S.C. 657d). 

14 ENTREPRENEURIAL DEVELOPMENT PROGRAMS

15 For necessary expenses of programs supporting en16 trepreneurial and small business development, 

17 $220,150,000, to remain available until September 30, 

18 2017: Provided, That $115,000,000 shall be available to 

19 fund grants for performance in fiscal year 2016 or fiscal 

20 year 2017 as authorized by section 21 of the Small Busi21 ness Act: Provided further, That $25,000,000 shall be for 

22 marketing, management, and technical assistance under 

23 section 7(m) of the Small Business Act (15 U.S.C. 

24 636(m)(4)) by intermediaries that make microloans under 

25 the microloan program: Provided further, That 
96 

•S 1910 PCS

1 $17,400,000 shall be available for grants to States to 

2 carry out export programs that assist small business con3 cerns authorized under section 1207 of Public Law 111– 

4 240. 

5 OFFICE OF INSPECTOR GENERAL

6 For necessary expenses of the Office of Inspector 

7 General in carrying out the provisions of the Inspector 

8 General Act of 1978, $19,900,000. 

9 OFFICE OF ADVOCACY

10 For necessary expenses of the Office of Advocacy in 

11 carrying out the provisions of title II of Public Law 94– 

12 305 (15 U.S.C. 634a et seq.) and the Regulatory Flexi13 bility Act of 1980 (5 U.S.C. 601 et seq.), $9,120,000, to 

14 remain available until expended. 

15 BUSINESS LOANS PROGRAM ACCOUNT

16 (INCLUDING TRANSFER OF FUNDS)

17 For the cost of direct loans, $3,338,172, to remain 

18 available until expended: Provided, That such costs, in19 cluding the cost of modifying such loans, shall be as de20 fined in section 502 of the Congressional Budget Act of 

21 1974: Provided further, That subject to section 502 of the 

22 Congressional Budget Act of 1974, during fiscal year 

23 2016 commitments to guarantee loans under section 503 

24 of the Small Business Investment Act of 1958 shall not 

25 exceed $7,500,000,000: Provided further, That during fis-
97 

•S 1910 PCS

1 cal year 2016 commitments for general business loans au2 thorized under section 7(a) of the Small Business Act 

3 shall not exceed $23,500,000,000 for a combination of 

4 amortizing term loans and the aggregated maximum line 

5 of credit provided by revolving loans: Provided further, 

6 That during fiscal year 2016 commitments for loans au7 thorized under subparagraph (C) of section 502(7) of The 

8 Small Business Investment Act of 1958 (15 U.S.C. 

9 696(7)) shall not exceed $7,500,000: Provided further, 

10 That during fiscal year 2016 commitments to guarantee 

11 loans for debentures under section 303(b) of the Small 

12 Business Investment Act of 1958 shall not exceed 

13 $4,000,000,000: Provided further, That during fiscal year 

14 2016, guarantees of trust certificates authorized by sec15 tion 5(g) of the Small Business Act shall not exceed a 

16 principal amount of $12,000,000,000. In addition, for ad17 ministrative expenses to carry out the direct and guaran18 teed loan programs, $152,725,828, which may be trans19 ferred to and merged with the appropriations for Salaries 

20 and Expenses. 

21 DISASTER LOANS PROGRAM ACCOUNT

22 (INCLUDING TRANSFERS OF FUNDS)

23 For administrative expenses to carry out the direct 

24 loan program authorized by section 7(b) of the Small 

25 Business Act, $186,858,000, to be available until ex-
98 

•S 1910 PCS

1 pended, of which $1,000,000 is for the Office of Inspector 

2 General of the Small Business Administration for audits 

3 and reviews of disaster loans and the disaster loan pro4 grams and shall be transferred to and merged with the 

5 appropriations for the Office of Inspector General; of 

6 which $176,858,000 is for direct administrative expenses 

7 of loan making and servicing to carry out the direct loan 

8 program, which may be transferred to and merged with 

9 the appropriations for Salaries and Expenses; and of 

10 which $9,000,000 is for indirect administrative expenses 

11 for the direct loan program, which may be transferred to 

12 and merged with the appropriations for Salaries and Ex13 penses: Provided, That, of the funds provided herein, 

14 $158,829,000 shall be for major disasters declared pursu15 ant to the Robert T. Stafford Disaster Relief and Emer16 gency Assistance Act (42 U.S.C. 5122(2)); $151,179,014 

17 is for direct administrative expenses of loan making and 

18 servicing to carry out the direct loan program; and 

19 $7,649,986 is for indirect administrative expenses for the 

20 direct loan program: Provided further, That the amount 

21 for major disasters under this heading is designated by 

22 Congress as being for disaster relief pursuant to section 

23 251(b)(2)(D) of the Balanced Budget and Emergency 

24 Deficit Control Act of 1985 (Public Law 99–177), as 

25 amended. 
99 

•S 1910 PCS

1 ADMINISTRATIVE PROVISIONS—SMALL BUSINESS

2 ADMINISTRATION

3 (INCLUDING TRANSFER OF FUNDS)

4 SEC. 530. Not to exceed 5 percent of any appropria5 tion made available for the current fiscal year for the 

6 Small Business Administration in this Act may be trans7 ferred between such appropriations, but no such appro8 priation shall be increased by more than 10 percent by 

9 any such transfers: Provided, That any transfer pursuant 

10 to this paragraph shall be treated as a reprogramming of 

11 funds under section 608 of this Act and shall not be avail12 able for obligation or expenditure except in compliance 

13 with the procedures set forth in that section. 

14 SEC. 531. (a) None of the funds made available under 

15 this Act may be used to collect a guarantee fee under sec16 tion 7(a)(18) of the Small Business Act (15 U.S.C. 

17 636(a)(18)) with respect to a loan guaranteed under sec18 tion 7(a)(31) of such Act that is made to a small business 

19 concern (as defined under section 3 of such Act (15 U.S.C. 

20 632)) that is 51 percent or more owned and controlled 

21 by 1 or more individuals who is a veteran (as defined in 

22 section 101 of title 38, United States Code) or the spouse 

23 of a veteran. 

24 (b) Nothing in this section shall be construed to limit 

25 the authority of the Administrator of the Small Business 
100 

•S 1910 PCS

1 Administration to waive such a guarantee fee or any other 

2 loan fee with respect to a loan to a small business concern 

3 described in subsection (a) or any other borrower. 

4 SEC. 532. Subparagraph (C) of section 502(7) of the 

5 Small Business Investment Act of 1958 (15 U.S.C 

6 696(7)), as in effect on September 25, 2012, shall be in 

7 effect during fiscal year 2016. 

8 UNITED STATES POSTAL SERVICE

9 PAYMENT TO THE POSTAL SERVICE FUND

10 For payment to the Postal Service Fund for revenue 

11 forgone on free and reduced rate mail, pursuant to sub12 sections (c) and (d) of section 2401 of title 39, United 

13 States Code, $49,923,000, which shall not be available for 

14 obligation until October 1, 2016: Provided, That mail for 

15 overseas voting and mail for the blind shall continue to 

16 be free: Provided further, That 6-day delivery and rural 

17 delivery of mail shall continue at not less than the 1983 

18 level: Provided further, That none of the funds made avail19 able to the Postal Service by this Act shall be used to im20 plement any rule, regulation, or policy of charging any of21 ficer or employee of any State or local child support en22 forcement agency, or any individual participating in a 

23 State or local program of child support enforcement, a fee 

24 for information requested or provided concerning an ad25 dress of a postal customer: Provided further, That none 
101 

•S 1910 PCS

1 of the funds provided in this Act shall be used to consoli2 date or close small rural and other small post offices. 

3 OFFICE OF INSPECTOR GENERAL

4 SALARIES AND EXPENSES

5 (INCLUDING TRANSFER OF FUNDS)

6 For necessary expenses of the Office of Inspector 

7 General in carrying out the provisions of the Inspector 

8 General Act of 1978, $243,883,000, to be derived by 

9 transfer from the Postal Service Fund and expended as 

10 authorized by section 603(b)(3) of the Postal Account11 ability and Enhancement Act (Public Law 109–435). 

12 UNITED STATES TAX COURT

13 SALARIES AND EXPENSES

14 For necessary expenses, including contract reporting 

15 and other services as authorized by 5 U.S.C. 3109, 

16 $51,300,000: Provided, That travel expenses of the judges 

17 shall be paid upon the written certificate of the judge. 

18 TITLE VI 

19 GENERAL PROVISIONS—THIS ACT 

20 (INCLUDING RESCISSION)

21 SEC. 601. None of the funds in this Act shall be used 

22 for the planning or execution of any program to pay the 

23 expenses of, or otherwise compensate, non-Federal parties 

24 intervening in regulatory or adjudicatory proceedings 

25 funded in this Act. 
102 

•S 1910 PCS

1 SEC. 602. None of the funds appropriated in this Act 

2 shall remain available for obligation beyond the current 

3 fiscal year, nor may any be transferred to other appropria4 tions, unless expressly so provided herein. 

5 SEC. 603. The expenditure of any appropriation 

6 under this Act for any consulting service through procure7 ment contract pursuant to 5 U.S.C. 3109, shall be limited 

8 to those contracts where such expenditures are a matter 

9 of public record and available for public inspection, except 

10 where otherwise provided under existing law, or under ex11 isting Executive order issued pursuant to existing law. 

12 SEC. 604. None of the funds made available in this 

13 Act may be transferred to any department, agency, or in14 strumentality of the United States Government, except 

15 pursuant to a transfer made by, or transfer authority pro16 vided in, this Act or any other appropriations Act. 

17 SEC. 605. None of the funds made available by this 

18 Act shall be available for any activity or for paying the 

19 salary of any Government employee where funding an ac20 tivity or paying a salary to a Government employee would 

21 result in a decision, determination, rule, regulation, or pol22 icy that would prohibit the enforcement of section 307 of 

23 the Tariff Act of 1930 (19 U.S.C. 1307). 

24 SEC. 606. No funds appropriated pursuant to this 

25 Act may be expended by an entity unless the entity agrees 
103 

•S 1910 PCS

1 that in expending the assistance the entity will comply 

2 with chapter 83 of title 41, United States Code. 

3 SEC. 607. No funds appropriated or otherwise made 

4 available under this Act shall be made available to any 

5 person or entity that has been convicted of violating chap6 ter 83 of title 41, United States Code. 

7 SEC. 608. Except as otherwise provided in this Act, 

8 none of the funds provided in this Act, provided by pre9 vious appropriations Acts to the agencies or entities fund10 ed in this Act that remain available for obligation or ex11 penditure in fiscal year 2016, or provided from any ac12 counts in the Treasury derived by the collection of fees 

13 and available to the agencies funded by this Act, shall be 

14 available for obligation or expenditure through a re15 programming of funds that: (1) creates a new program; 

16 (2) eliminates a program, project, or activity; (3) increases 

17 funds or personnel for any program, project, or activity 

18 for which funds have been denied or restricted by the Con19 gress; (4) proposes to use funds directed for a specific ac20 tivity by the Committee on Appropriations of either the 

21 House of Representatives or the Senate for a different 

22 purpose; (5) augments existing programs, projects, or ac23 tivities in excess of $5,000,000 or 10 percent, whichever 

24 is less; (6) reduces existing programs, projects, or activi25 ties by $5,000,000 or 10 percent, whichever is less; or (7) 
104 

•S 1910 PCS

1 creates or reorganizes offices, programs, or activities un2 less prior approval is received from the Committees on Ap3 propriations of the House of Representatives and the Sen4 ate: Provided, That prior to any significant reorganization 

5 or restructuring of offices, programs, or activities, each 

6 agency or entity funded in this Act shall consult with the 

7 Committees on Appropriations of the House of Represent8 atives and the Senate: Provided further, That not later 

9 than 60 days after the date of enactment of this Act, each 

10 agency funded by this Act shall submit a report to the 

11 Committees on Appropriations of the House of Represent12 atives and the Senate to establish the baseline for applica13 tion of reprogramming and transfer authorities for the 

14 current fiscal year: Provided further, That at a minimum 

15 the report shall include: (1) a table for each appropriation 

16 with a separate column to display the President’s budget 

17 request, adjustments made by Congress, adjustments due 

18 to enacted rescissions, if appropriate, and the fiscal year 

19 enacted level; (2) a delineation in the table for each appro20 priation both by object class and program, project, and 

21 activity as detailed in the budget appendix for the respec22 tive appropriation; and (3) an identification of items of 

23 special congressional interest: Provided further, That the 

24 amount appropriated or limited for salaries and expenses 

25 for an agency shall be reduced by $100,000 per day for 
105 

•S 1910 PCS

1 each day after the required date that the report has not 

2 been submitted to the Congress. 

3 SEC. 609. Except as otherwise specifically provided 

4 by law, not to exceed 50 percent of unobligated balances 

5 remaining available at the end of fiscal year 2016 from 

6 appropriations made available for salaries and expenses 

7 for fiscal year 2016 in this Act, shall remain available 

8 through September 30, 2017, for each such account for 

9 the purposes authorized: Provided, That a request shall 

10 be submitted to the Committees on Appropriations of the 

11 House of Representatives and the Senate for approval 

12 prior to the expenditure of such funds: Provided further, 

13 That these requests shall be made in compliance with re14 programming guidelines. 

15 SEC. 610. (a) None of the funds made available in 

16 this Act may be used by the Executive Office of the Presi17 dent to request— 

18 (1) any official background investigation report 

19 on any individual from the Federal Bureau of Inves20 tigation; or 

21 (2) a determination with respect to the treat22 ment of an organization as described in section 

23 501(c) of the Internal Revenue Code of 1986 and 

24 exempt from taxation under section 501(a) of such 
106 

•S 1910 PCS

1 Code from the Department of the Treasury or the 

2 Internal Revenue Service. 

3 (b) Subsection (a) shall not apply— 

4 (1) in the case of an official background inves5 tigation report, if such individual has given express 

6 written consent for such request not more than 6 

7 months prior to the date of such request and during 

8 the same presidential administration; or 

9 (2) if such request is required due to extraor10 dinary circumstances involving national security. 

11 SEC. 611. The cost accounting standards promul12 gated under chapter 15 of title 41, United States Code 

13 shall not apply with respect to a contract under the Fed14 eral Employees Health Benefits Program established 

15 under chapter 89 of title 5, United States Code. 

16 SEC. 612. For the purpose of resolving litigation and 

17 implementing any settlement agreements regarding the 

18 nonforeign area cost-of-living allowance program, the Of19 fice of Personnel Management may accept and utilize 

20 (without regard to any restriction on unanticipated travel 

21 expenses imposed in an Appropriations Act) funds made 

22 available to the Office of Personnel Management pursuant 

23 to court approval. 

24 SEC. 613. No funds appropriated by this Act shall 

25 be available to pay for an abortion, or the administrative 
107 

•S 1910 PCS

1 expenses in connection with any health plan under the 

2 Federal employees health benefits program which provides 

3 any benefits or coverage for abortions. 

4 SEC. 614. The provision of section 613 shall not 

5 apply where the life of the mother would be endangered 

6 if the fetus were carried to term, or the pregnancy is the 

7 result of an act of rape or incest. 

8 SEC. 615. In order to promote Government access to 

9 commercial information technology, the restriction on pur10 chasing nondomestic articles, materials, and supplies set 

11 forth in chapter 83 of title 41, United States Code (popu12 larly known as the Buy American Act), shall not apply 

13 to the acquisition by the Federal Government of informa14 tion technology (as defined in section 11101 of title 40, 

15 United States Code), that is a commercial item (as defined 

16 in section 103 of title 41, United States Code). 

17 SEC. 616. Notwithstanding section 1353 of title 31, 

18 United States Code, no officer or employee of any regu19 latory agency or commission funded by this Act may ac20 cept on behalf of that agency, nor may such agency or 

21 commission accept, payment or reimbursement from a 

22 non-Federal entity for travel, subsistence, or related ex23 penses for the purpose of enabling an officer or employee 

24 to attend and participate in any meeting or similar func25 tion relating to the official duties of the officer or em-
108 

•S 1910 PCS

1 ployee when the entity offering payment or reimbursement 

2 is a person or entity subject to regulation by such agency 

3 or commission, or represents a person or entity subject 

4 to regulation by such agency or commission, unless the 

5 person or entity is an organization described in section 

6 501(c)(3) of the Internal Revenue Code of 1986 and ex7 empt from tax under section 501(a) of such Code. 

8 SEC. 617. Notwithstanding section 708 of this Act, 

9 funds made available to the Commodity Futures Trading 

10 Commission and the Securities and Exchange Commission 

11 by this or any other Act may be used for the interagency 

12 funding and sponsorship of a joint advisory committee to 

13 advise on emerging regulatory issues. 

14 SEC. 618. (a)(1) Notwithstanding any other provision 

15 of law, an Executive agency covered by this Act otherwise 

16 authorized to enter into contracts for either leases or the 

17 construction or alteration of real property for office, meet18 ing, storage, or other space must consult with the General 

19 Services Administration before issuing a solicitation for of20 fers of new leases or construction contracts, and in the 

21 case of succeeding leases, before entering into negotiations 

22 with the current lessor. 

23 (2) Any such agency with authority to enter into an 

24 emergency lease may do so during any period declared by 
109 

•S 1910 PCS

1 the President to require emergency leasing authority with 

2 respect to such agency. 

3 (b) For purposes of this section, the term ‘‘Executive 

4 agency covered by this Act’’ means any Executive agency 

5 provided funds by this Act, but does not include the Gen6 eral Services Administration or the United States Postal 

7 Service. 

8 SEC. 619. (a) There are appropriated for the fol9 lowing activities the amounts required under current law: 

10 (1) Compensation of the President (3 U.S.C. 

11 102). 

12 (2) Payments to— 

13 (A) the Judicial Officers’ Retirement Fund 

14 (28 U.S.C. 377(o)); 

15 (B) the Judicial Survivors’ Annuities Fund 

16 (28 U.S.C. 376(c)); and 

17 (C) the United States Court of Federal 

18 Claims Judges’ Retirement Fund (28 U.S.C. 

19 178(l)). 

20 (3) Payment of Government contributions— 

21 (A) with respect to the health benefits of 

22 retired employees, as authorized by chapter 89 

23 of title 5, United States Code, and the Retired 

24 Federal Employees Health Benefits Act (74 

25 Stat. 849); and 
110 

•S 1910 PCS

1 (B) with respect to the life insurance bene2 fits for employees retiring after December 31, 

3 1989 (5 U.S.C. ch. 87). 

4 (4) Payment to finance the unfunded liability of 

5 new and increased annuity benefits under the Civil 

6 Service Retirement and Disability Fund (5 U.S.C. 

7 8348). 

8 (5) Payment of annuities authorized to be paid 

9 from the Civil Service Retirement and Disability 

10 Fund by statutory provisions other than subchapter 

11 III of chapter 83 or chapter 84 of title 5, United 

12 States Code. 

13 (b) Nothing in this section may be construed to ex14 empt any amount appropriated by this section from any 

15 otherwise applicable limitation on the use of funds con16 tained in this Act. 

17 SEC. 620. The Public Company Accounting Oversight 

18 Board (Board) shall have authority to obligate funds for 

19 the scholarship program established by section 109(c)(2) 

20 of the Sarbanes-Oxley Act of 2002 (Public Law 107–204) 

21 in an aggregate amount not exceeding the amount of 

22 funds collected by the Board as of December 31, 2015, 

23 including accrued interest, as a result of the assessment 

24 of monetary penalties. Funds available for obligation in 

25 fiscal year 2016 shall remain available until expended. 
111 

•S 1910 PCS

1 SEC. 621. None of the funds made available in this 

2 Act may be used by the Federal Trade Commission to 

3 complete the draft report entitled ‘‘Interagency Working 

4 Group on Food Marketed to Children: Preliminary Pro5 posed Nutrition Principles to Guide Industry Self-Regu6 latory Efforts’’ unless the Interagency Working Group on 

7 Food Marketed to Children complies with Executive Order 

8 No. 13563. 

9 SEC. 622. None of the funds made available by this 

10 Act may be used to pay the salaries and expenses for the 

11 following positions: 

12 (1) Director, White House Office of Health Re13 form. 

14 (2) Assistant to the President for Energy and 

15 Climate Change. 

16 (3) Senior Advisor to the Secretary of the 

17 Treasury assigned to the Presidential Task Force on 

18 the Auto Industry and Senior Counselor for Manu19 facturing Policy. 

20 (4) White House Director of Urban Affairs. 

21 SEC. 623. None of the funds in this Act may be used 

22 for the Director of the Office of Personnel Management 

23 to award a contract, enter an extension of, or exercise an 

24 option on a contract to a contractor conducting the final 

25 quality review processes for background investigation 
112 

•S 1910 PCS

1 fieldwork services or background investigation support 

2 services that, as of the date of the award of the contract, 

3 are being conducted by that contractor. 

4 SEC. 624. Each executive agency covered by this Act 

5 shall include, in its fiscal year 2017 budget justification 

6 materials submitted to the Committees on Appropriations 

7 of the House of Representatives and the Senate, a sepa8 rate table briefly describing the top management chal9 lenges for fiscal year 2016 as identified by the agency in10 spector general, together with an explanation of how the 

11 fiscal year 2017 budget request addresses each such man12 agement challenge. 

13 SEC. 625. (a) The head of each executive branch 

14 agency funded by this Act shall ensure that the Chief In15 formation Officer of the agency has the authority to par16 ticipate in decisions regarding the budget planning process 

17 related to information technology. 

18 (b) Amounts appropriated for any executive branch 

19 agency funded by this Act that are available for informa20 tion technology shall be allocated within the agency, con21 sistent with the provisions of appropriations Acts and 

22 budget guidelines and recommendations from the Director 

23 of the Office of Management and Budget, in such manner 

24 as specified by, or approved by, the Chief Information Of-
113 

•S 1910 PCS

1 ficer of the agency in consultation with the Chief Financial 

2 Officer of the agency and budget officials. 

3 SEC. 626. None of the funds made available in this 

4 Act may be used in contravention of chapter 29, 31, or 

5 33 of title 44, United States Code. 

6 SEC. 627. From the unobligated balances available 

7 in the Securities and Exchange Commission Reserve Fund 

8 established by section 991 of the Dodd-Frank Wall Street 

9 Reform and Consumer Protection Act (Public Law 111– 

10 203), $25,000,000 are rescinded. 

11 SEC. 628. The head of any executive branch depart12 ment, agency, board, commission, or office funded by this 

13 Act shall require that all contracts within their purview 

14 that provide award fees link such fees to successful acqui15 sition outcomes, specifying the terms of cost, schedule, 

16 and performance. 

17 SEC. 629. Notwithstanding any other provision of 

18 this Act, none of the funds appropriated or otherwise 

19 made available by this Act may be used to pay award or 

20 incentive fees for contractor performance that has been 

21 judged to be below satisfactory performance or perform22 ance that does not meet the basic requirements of a con23 tract. 

24 SEC. 630. (a) TREATMENT OF PAYMENT FOR PUBLIC

25 COMMUNICATION AS CONTRIBUTION IF MADE UNDER
114 

•S 1910 PCS

1 CONTROL OR DIRECTION OF CANDIDATE.—Section 

2 301(8)(A) of the Federal Election Campaign Act of 1971 

3 (52 U.S.C. 30101(8)(A)) is amended— 

4 (1) by striking ‘‘or’’ at the end of clause (i); 

5 (2) by striking the period at the end of clause 

6 (ii) and inserting ‘‘; or’’; and 

7 (3) by adding at the end the following new 

8 clause: 

9 ‘‘(iii) any payment by a political com10 mittee of a political party for the direct 

11 costs of a public communication (as de12 fined in paragraph (22)) made on behalf of 

13 a candidate for Federal office who is affili14 ated with such party, but only if the com15 munication is controlled by, or made at the 

16 direction of, the candidate or an authorized 

17 committee of the candidate.’’. 

18 (b) REQUIRING CONTROL OR DIRECTION BY CAN19 DIDATE FOR TREATMENT AS COORDINATED PARTY EX20 PENDITURE.— 

21 (1) IN GENERAL.—Paragraph (4) of section 

22 315(d) of such Act (52 U.S.C. 30116(d)) is amend23 ed to read as follows: 

24 ‘‘(4) SPECIAL RULE FOR DIRECT COSTS OF

25 COMMUNICATIONS.—The direct costs incurred by a 
115 

•S 1910 PCS

1 political committee of a political party for a commu2 nication made in connection with the campaign of a 

3 candidate for Federal office shall not be subject to 

4 the limitations contained in paragraphs (2) and (3) 

5 unless the communication is controlled by, or made 

6 at the direction of, the candidate or an authorized 

7 committee of the candidate.’’. 

8 (2) CONFORMING AMENDMENT.—Paragraph (1) 

9 of section 315(d) of such Act (52 U.S.C. 30116(d)) 

10 is amended by striking ‘‘paragraphs (2), (3), and 

11 (4)’’ and inserting ‘‘paragraphs (2) and (3)’’. 

12 SEC. 631. Section 302(g) of the Federal Election 

13 Campaign Act of 1971 (52 U.S.C. 30102(g)) is amended 

14 to read as follows: 

15 ‘‘(g) FILING WITH THE COMMISSION.—All designa16 tions, statements, and reports required to be filed under 

17 this Act shall be filed with the Commission.’’. 

18 SEC. 632. On and after the date of enactment of this 

19 Act, in the case of a party to a joint sales agreement (as 

20 defined in Note 2(k) to section 73.3555 of title 47, Code 

21 of Federal Regulations) that is in effect on the effective 

22 date of the amendment to Note 2(k)(2) to that section 

23 made by the Further Notice of Proposed Rulemaking and 

24 Report and Order adopted by the Federal Communica25 tions Commission on March 31, 2014 (FCC 14–28), the 
116 

•S 1910 PCS

1 party shall not be considered to be in violation of the own2 ership limitations of that section by reason of the applica3 tion of the rule in Note 2(k)(2), as so amended, to the 

4 joint sales agreement. 

5 SEC. 633. None of the funds made available by this 

6 Act may be used to regulate, directly or indirectly, the 

7 prices or related terms (as such terms are described in 

8 paragraph 164 of the Report and Order on Remand, De9 claratory Ruling, and Order in the matter of protecting 

10 and promoting the open Internet, adopted by the Federal 

11 Communications Commission on February 26, 2015 (FCC 

12 15–24)) charged or imposed by providers of broadband 

13 Internet access service (as defined in the final rules in Ap14 pendix A of such Report and Order on Remand, Declara15 tory Ruling, and Order) for such service, regardless of 

16 whether such regulation takes the form of requirements 

17 for future conduct or enforcement regarding past conduct. 

18 SEC. 634. None of the amounts made available by 

19 this Act may be used to finalize or implement the Safety 

20 Standard for Recreational Off-Highway Vehicles published 

21 by the Consumer Product Safety Commission in the Fed22 eral Register on November 19, 2014 (79 Fed. Reg. 68964) 

23 until after— 

24 (1) the National Academy of Sciences, in con25 sultation with the National Highway Traffic Safety 
117 

•S 1910 PCS

1 Administration and the Department of Defense, 

2 completes a study to determine— 

3 (A) the technical validity of the lateral sta4 bility and vehicle handling requirements pro5 posed by such standard for purposes of reduc6 ing the risk of Recreational Off-Highway Vehi7 cle (referred to in this section as ‘‘ROV’’) roll8 overs in the off-road environment, including the 

9 repeatability and reproducibility of testing for 

10 compliance with such requirements; 

11 (B) the number of ROV rollovers that 

12 would be prevented if the proposed require13 ments were adopted; 

14 (C) whether there is a technical basis for 

15 the proposal to provide information on a point16 of-sale hangtag about a ROV’s rollover resist17 ance on a progressive scale; and 

18 (D) the effect on the utility of ROVs used 

19 by the United States military if the proposed 

20 requirements were adopted; and 

21 (2) a report containing the results of the study 

22 completed under paragraph (1) is delivered to— 

23 (A) the Committee on Commerce, Science, 

24 and Transportation of the Senate; 
118 

•S 1910 PCS

1 (B) the Committee on Energy and Com2 merce of the House of Representatives; 

3 (C) the Committee on Appropriations of 

4 the Senate; and 

5 (D) the Committee on Appropriations of 

6 the House of Representatives. 

7 SEC. 635. Notwithstanding any other provision of 

8 law, not to exceed $2,266,085 of unobligated balances 

9 from ‘‘Election Assistance Commission, Election Reform 

10 Programs’’ shall be available to record a disbursement 

11 previously incurred under that heading in fiscal year 2014 

12 against a 2008 cancelled account. 

13 SEC. 636. None of the funds appropriated by this Act 

14 may be used by the Federal Communications Commission 

15 to modify, amend, or change the rules or regulations of 

16 the Commission for universal service high-cost support for 

17 competitive eligible telecommunications carriers in a way 

18 that is inconsistent with paragraph (e)(5) or (e)(6) of sec19 tion 54.307 of title 47, Code of Federal Regulations, as 

20 in effect on July 15, 2015: Provided, That this section 

21 shall not prohibit the Commission from considering, devel22 oping, or adopting other support mechanisms as an alter23 native to Mobility Fund Phase II. 
119 

•S 1910 PCS

1 SEC. 637. (a) CONSUMER FINANCIAL PROTECTION

2 ACT OF 2010.—The Consumer Financial Protection Act 

3 of 2010 (12 U.S.C. 5481 et seq.) is amended— 

4 (1) in section 1002 (12 U.S.C. 5481)— 

5 (A) by striking paragraph (10) and insert6 ing: 

7 ‘‘(10) BOARD.—The term ‘Board’ means the 

8 Board of Directors of the Bureau of Consumer Fi9 nancial Protection.’’; and 

10 (B) by inserting after paragraph (29) the 

11 following: 

12 ‘‘(30) CHAIRPERSON.—The term ‘Chairperson’ 

13 means the Chairperson of the Board of Directors of 

14 the Bureau of Consumer Financial Protection.’’; 

15 (2) in section 1012 (12 U.S.C. 5492)— 

16 (A) in subsection (a)(8), by striking ‘‘ap17 pointed and supervised by the Director’’ and in18 serting ‘‘appointed by the Board and supervised 

19 by the Chairperson’’; 

20 (B) in subsection (b), by striking ‘‘Direc21 tor’’ and inserting ‘‘Board’’; and 

22 (C) in subsection (c)— 

23 (i) in paragraph (2)(A), by striking 

24 ‘‘Director’’ and inserting ‘‘Board’’; and 
120 

•S 1910 PCS

1 (ii) in paragraph (4), by striking ‘‘the 

2 Director’’ each place that term appears 

3 and inserting ‘‘any member of the Board’’; 

4 (3) in section 1013 (12 U.S.C. 5493)— 

5 (A) in subsections (a), (b), (d), and (e), by 

6 striking ‘‘Director’’ each place that term ap7 pears and inserting ‘‘Board’’; 

8 (B) in subsection (c)— 

9 (i) in paragraphs (1) and (2), by 

10 striking ‘‘Director’’ each place that term 

11 appears and inserting ‘‘Board’’; and 

12 (ii) in paragraph (3)— 

13 (I) by striking ‘‘Assistant Direc14 tor’’ each place that term appears and 

15 inserting ‘‘Head of Office’’; and 

16 (II) by striking ‘‘the Director’’ 

17 each place that term appears and in18 serting ‘‘the Board’’; 

19 (C) in subsection (g)— 

20 (i) in paragraph (1), by striking ‘‘Di21 rector’’ and inserting ‘‘Board’’; and 

22 (ii) in paragraph (2)— 

23 (I) in the paragraph heading, by 

24 striking ‘‘ASSISTANT DIRECTOR’’ and 
121 

•S 1910 PCS

1 inserting ‘‘HEAD OF THE OFFICE’’; 

2 and 

3 (II) by striking ‘‘an assistant di4 rector’’ and inserting ‘‘the Head of 

5 the Office of Financial Protection for 

6 Older Americans’’; 

7 (4) in section 1014 (12 U.S.C. 5494), by strik8 ing ‘‘Director’’ each place that term appears and in9 serting ‘‘Board’’; 

10 (5) in section 1016(a) (12 U.S.C. 5496(a)), by 

11 striking ‘‘Director of the Bureau’’ and inserting 

12 ‘‘Chairperson’’; 

13 (6) in section 1017— 

14 (A) in subsection (a)— 

15 (i) in paragraph (1), by striking ‘‘Di16 rector’’ and inserting ‘‘Board’’; 

17 (ii) in paragraph (4)— 

18 (I) in subparagraph (A)— 

19 (aa) by striking ‘‘Director 

20 shall’’ and inserting ‘‘Board 

21 shall’’; 

22 (bb) by striking ‘‘Director,’’ 

23 and inserting ‘‘Board,’’; and 
122 

•S 1910 PCS

1 (cc) by striking ‘‘Director 

2 in’’ each place that term appears 

3 and inserting ‘‘Board in’’; 

4 (II) in subparagraph (D), by 

5 striking ‘‘Director’’ and inserting 

6 ‘‘Board’’; and 

7 (III) in subparagraph (E), by 

8 striking ‘‘Director to’’ and inserting 

9 ‘‘Board to’’; and 

10 (iii) in paragraph (5)(C), by striking 

11 ‘‘Director of the Bureau’’ and inserting 

12 ‘‘Chairperson’’; 

13 (B) in subsection (c)(1)— 

14 (i) by striking ‘‘Director,’’ and insert15 ing ‘‘Board,’’; and 

16 (ii) by striking ‘‘Director and’’ and in17 serting ‘‘the members of the Board and’’; 

18 and 

19 (C) in subsection (e), by striking ‘‘Direc20 tor’’ each place that term appears and inserting 

21 ‘‘Board’’; 

22 (7) in subtitles B (12 U.S.C. 5511 et seq.), C 

23 (12 U.S.C. 5531 et seq.), and G (12 U.S.C. 5601 

24 et seq.), by striking ‘‘Director’’ each place that term 

25 appears and inserting ‘‘Board’’; 
123 

•S 1910 PCS

1 (8) in section 1061(c)(2)(C)(i) (12 U.S.C. 

2 5581(c)(2)(C)(i)), by striking ‘‘the Board’’ and in3 serting ‘‘the National Credit Union Administration 

4 Board’’; and 

5 (9) in section 1066(a) (12 U.S.C. 5586(a)), by 

6 inserting ‘‘first’’ before ‘‘Director’’. 

7 (b) FINANCIAL STABILITY ACT OF 2010.—Section 

8 111(b)(1)(D) of the Financial Stability Act of 2010 (12 

9 U.S.C. 5321(b)(1)(D)) is amended by striking ‘‘Director 

10 of the Bureau’’ and inserting ‘‘Chairperson of the Board 

11 of Directors of the Bureau’’. 

12 (c) MORTGAGE REFORM AND ANTI-PREDATORY

13 LENDING ACT.—Section 1447 of the Mortgage Reform 

14 and Anti-Predatory Lending Act (12 U.S.C. 1701p–2) is 

15 amended by striking ‘‘Director’’ each place the term ap16 pears and inserting ‘‘Board of Directors’’. 

17 (d) ELECTRONIC FUND TRANSFER ACT.—Section 

18 920(a)(4)(C) of the Electronic Fund Transfer Act (15 

19 U.S.C. 1693o–2(a)(4)(C)) is amended by striking ‘‘Direc20 tor of the Bureau’’ and inserting ‘‘Board of Directors of 

21 the Bureau’’. 

22 (e) EXPEDITED FUNDS AVAILABILITY ACT.—The 

23 Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) 

24 is amended by striking ‘‘Director of the Bureau’’ each 
124 

•S 1910 PCS

1 place that term appears and inserting ‘‘Board of Directors 

2 of the Bureau’’. 

3 (f) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 

4 of the Federal Deposit Insurance Act (12 U.S.C. 1812) 

5 is amended— 

6 (1) by striking ‘‘Director of the Consumer Fi7 nancial Protection Bureau’’ each place that term ap8 pears and inserting ‘‘Chairperson of the Board of 

9 Directors of the Bureau of Consumer Financial Pro10 tection’’; and 

11 (2) in subsection (d)(2), by striking ‘‘Comp12 troller or Director’’ and inserting ‘‘Comptroller or 

13 Chairperson’’. 

14 (g) FEDERAL FINANCIAL INSTITUTIONS EXAMINA15 TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 

16 Federal Financial Institutions Examination Council Act of 

17 1978 (12 U.S.C. 3303(a)(4)) is amended by striking ‘‘Di18 rector of the Consumer Financial Protection Bureau’’ and 

19 inserting ‘‘Chairperson of the Board of Directors of the 

20 Bureau of Consumer Financial Protection’’. 

21 (h) FINANCIAL LITERACY AND EDUCATION IM22 PROVEMENT ACT.—Section 513 of the Financial Literacy 

23 and Education Improvement Act (20 U.S.C. 9702) is 

24 amended by striking ‘‘Director’’ each place that term ap-
125 

•S 1910 PCS

1 pears and inserting ‘‘Chairperson of the Board of Direc2 tors’’. 

3 (i) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 

4 Section 307 of the Home Mortgage Disclosure Act of 1975 

5 (12 U.S.C. 2806) is amended by striking ‘‘Director of the 

6 Bureau of Consumer’’ each place that term appears and 

7 inserting ‘‘Board of Directors of the Bureau of Con8 sumer’’. 

9 (j) INTERSTATE LAND SALES FULL DISCLOSURE

10 ACT.—The Interstate Land Sales Full Disclosure Act (15 

11 U.S.C. 1701 et seq.) is amended— 

12 (1) in section 1402(1) (15 U.S.C. 1701(1)), by 

13 striking ‘‘ ‘Director’ means the Director’’ and insert14 ing ‘‘ ‘Board’ means the Board of Directors’’; 

15 (2) by striking ‘‘Director’’ each place that term 

16 appears and inserting ‘‘Board’’; 

17 (3) in section 1403(c) (15 U.S.C. 1702(c))— 

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

19 the Board’’; and 

20 (B) by striking ‘‘he’’ and inserting ‘‘the 

21 Board’’; 

22 (4) in section 1407 (15 U.S.C. 1706)— 

23 (A) in subsection (c), by striking ‘‘he’’ and 

24 inserting ‘‘the Board’’; and 
126 

•S 1910 PCS

1 (B) in subsection (e), by striking ‘‘him’’ 

2 and inserting ‘‘the Board’’; 

3 (5) in section 1411 (15 U.S.C. 1710)— 

4 (A) in subsection (a)— 

5 (i) by striking ‘‘his findings’’ and in6 serting ‘‘its finding’’; and 

7 (ii) by striking ‘‘his recommendation’’ 

8 and inserting ‘‘a recommendation’’; and 

9 (B) in subsection (b), by striking ‘‘Sec10 retary’s order’’ and inserting ‘‘order of the 

11 Board’’; 

12 (6) in section 1415 (15 U.S.C. 1714)— 

13 (A) by striking ‘‘him’’ each place that term 

14 appears and inserting ‘‘the Board’’; 

15 (B) in subsection (a), by striking ‘‘he may, 

16 in his discretion’’ and inserting ‘‘the Board 

17 may, at the discretion of the Board’’; 

18 (C) in subsection (b), by striking ‘‘he’’ 

19 each time that term appears and inserting ‘‘the 

20 Board’’; and 

21 (D) by striking ‘‘in his discretion’’ each 

22 time that term appears and inserting ‘‘at the 

23 discretion of the Board’’; 

24 (7) in section 1416(a) (15 U.S.C. 1715(a))— 
127 

•S 1910 PCS

1 (A) by striking ‘‘of the Bureau of Con2 sumer Financial Protection’’ the first time that 

3 term appears; 

4 (B) by striking ‘‘his functions, duties, and 

5 powers’’ and inserting ‘‘the functions, duties, 

6 and powers of the Board’’; 

7 (C) by striking ‘‘his administrative law 

8 judges’’ and inserting ‘‘the administrative law 

9 judges of the Bureau of Consumer Financial 

10 Protection’’; and 

11 (D) by striking ‘‘himself’’ and inserting 

12 ‘‘the Board’’; 

13 (8)(A) in section 1418a(b)(4) (15 U.S.C. 

14 1717a(b)(4)), by striking ‘‘The Secretary’s deter15 mination or order’’ and inserting ‘‘A determination 

16 or order of the Board’’; and 

17 (B) in section 1418a(d) (15 U.S.C. 1717a(d)), 

18 by striking ‘‘the Secretary’s determination or order’’ 

19 and inserting ‘‘a determination or order of the 

20 Board’’; 

21 (9) in section 1419 (15 U.S.C. 1718)— 

22 (A) by striking ‘‘him’’ and inserting ‘‘the 

23 Board’’; 
128 

•S 1910 PCS

1 (B) by striking ‘‘his rules and regulations’’ 

2 and inserting ‘‘the rules and regulations of the 

3 Board’’; and 

4 (C) by striking ‘‘his jurisdiction’’ and in5 serting ‘‘the jurisdiction of the Bureau of Con6 sumer Financial Protection’’; and 

7 (10) in section 1420 (15 U.S.C. 1719)— 

8 (A) by inserting ‘‘or any member of the 

9 Board’’ before ‘‘in any proceeding’’; and 

10 (B) by striking ‘‘him’’ and inserting ‘‘the 

11 Board or any member of the Board’’. 

12 (k) REAL ESTATE SETTLEMENT PROCEDURES ACT

13 OF 1974.—Section 5 of the Real Estate Settlement Proce14 dures Act of 1974 (12 U.S.C. 2604) is amended— 

15 (1) by striking ‘‘Director of’’ and inserting 

16 ‘‘Board of Directors of’’; and 

17 (2) by striking ‘‘Director’’ each place that term 

18 appears and inserting ‘‘Board’’. 

19 (l) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 

20 The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 

21 5101 et seq.) is amended— 

22 (1) in section 1503(10) (12 U.S.C. 5102(10))— 

23 (A) in the paragraph heading, by striking 

24 ‘‘DIRECTOR’’ and inserting ‘‘BOARD’’; and 
129 

•S 1910 PCS

1 (B) by striking ‘‘ ‘Director’ means the Di2 rector’’ and inserting ‘‘ ‘Board’ means the 

3 Board of Directors’’; 

4 (2) by striking ‘‘Director’’ each place that term 

5 appears and inserting ‘‘Board’’; 

6 (3) in section 1514(b)(5) (12 U.S.C. 

7 5113(b)(5)) and section 1514(c)(4)(C) (12 U.S.C. 

8 5113(c)(4)(C)), by striking ‘‘Secretary’s expenses’’ 

9 and inserting ‘‘expenses of the Board’’; 

10 (4) in the headings of section 1514(c)(1), 

11 (c)(4)(A), and (c)(5), by striking ‘‘DIRECTOR’’ and 

12 inserting ‘‘BOARD’’; and 

13 (5) in the heading of section 1514(d), by strik14 ing ‘‘DIRECTOR’’ and inserting ‘‘BOARD’’. 

15 (m) TITLE 44.—Section 3513(c) of title 44, United 

16 States Code, is amended by striking ‘‘Director of the Bu17 reau’’ and inserting ‘‘Board of Directors of the Bureau’’. 

18 (n) DEEMING OF NAME.—Any reference in a law, 

19 regulation, document, paper, or other record of the United 

20 States to the Director of the Bureau of Consumer Finan21 cial Protection shall be deemed a reference to the Board 

22 of Directors of the Bureau of Consumer Financial Protec23 tion, unless otherwise specified in this Act. 
130 

•S 1910 PCS

1 (o) EFFECTIVE DATE.—This section and the amend2 ments made by this section shall take effect on the later 

3 of— 

4 (1) October 1, 2016; or 

5 (2) the date on which not less than 3 persons 

6 have been confirmed by the Senate to serve as mem7 bers of the Board of Directors of the Bureau of 

8 Consumer Financial Protection. 

9 SEC. 638. (a) FINANCING OF SALES OF AGRICUL10 TURAL COMMODITIES TO CUBA.—Notwithstanding any 

11 other provision of law (other than section 908 of the Trade 

12 Sanctions Reform and Export Enhancement Act of 2000 

13 (22 U.S.C. 7207), as amended by subsection (c)), a person 

14 subject to the jurisdiction of the United States may pro15 vide payment or financing terms for sales of agricultural 

16 commodities to Cuba or an individual or entity in Cuba. 

17 (b) DEFINITIONS.—In this section: 

18 (1) AGRICULTURAL COMMODITY.—The term 

19 ‘‘agricultural commodity’’ has the meaning given the 

20 term in section 102 of the Agricultural Trade Act of 

21 1978 (7 U.S.C. 5602). 

22 (2) FINANCING.—The term ‘‘financing’’ in23 cludes any loan or extension of credit. 
131 

•S 1910 PCS

1 (c) CONFORMING AMENDMENT.—Section 908 of the 

2 Trade Sanctions Reform and Export Enhancement Act of 

3 2000 (22 U.S.C. 7207) is amended— 

4 (1) in the section heading, by striking ‘‘AND

5 FINANCING’’; 

6 (2) by striking subsection (b); 

7 (3) in subsection (a)— 

8 (A) by striking ‘‘PROHIBITION’’ and all 

9 that follows through ‘‘(1) IN GENERAL.—Not10 withstanding’’ and inserting ‘‘IN GENERAL.— 

11 Notwithstanding’’; and 

12 (B) by redesignating paragraphs (2) and 

13 (3) as subsections (b) and (c), respectively, and 

14 by moving those subsections, as so redesig15 nated, 2 ems to the left; and 

16 (4) by striking ‘‘paragraph (1)’’ each place it 

17 appears and inserting ‘‘subsection (a)’’. 

18 SEC. 639. None of the funds made available in this 

19 Act may be used, with respect to a State where marijuana 

20 is legal for recreational or medicinal purposes, to prohibit 

21 or penalize a financial institution solely because the insti22 tution provides financial services to an entity that is a 

23 manufacturer, producer, or a person that participates in 

24 any business or organized activity that— 
132 

•S 1910 PCS

1 (1) involves handling marijuana or marijuana 

2 products; and 

3 (2) engages in such activity pursuant to a law 

4 established by a State or a unit of local government. 

5 SEC. 640. (a) The Office of Personnel Management 

6 shall provide to each affected individual as defined in sub7 section (b) complimentary identity protection coverage 

8 that— 

9 (1) is not less comprehensive than the com10 plimentary identify protection coverage that the Of11 fice provided to affected individuals before the date 

12 of enactment of this Act; 

13 (2) is effective for a period of not less than 10 

14 years; and 

15 (3) includes not less than $5,000,000 in iden16 tity theft insurance. 

17 (b) DEFINITION.—In this section, the term ‘‘affected 

18 individual’’ means any individual whose personally identi19 fiable information was compromised during— 

20 (1) the data breach of personnel records of cur21 rent and former Federal employees, at a network 

22 maintained by the Department of the Interior, that 

23 was announced by the Office of Personnel Manage24 ment on June 4, 2015; or 
133 

•S 1910 PCS

1 (2) the data breach of systems of the Office of 

2 Personnel Management containing information re3 lated to the background investigations of current, 

4 former, and prospective Federal employees, and of 

5 other individuals. 

6 SEC. 641. (a) Notwithstanding any other provision 

7 of law, none of the funds appropriated or otherwise made 

8 available by this Act or any other Act may be used to im9 plement any law, regulation, or policy that prohibits or 

10 otherwise restricts travel, or any transaction incident to 

11 travel, to or from Cuba by any citizen or legal resident 

12 of the United States. 

13 (b) Any law, regulation, or policy described in sub14 section (a) shall cease to have any force or effect on and 

15 after the date of the enactment of this Act. 

16 (c) Nothing in this section limits the authority of the 

17 President to restrict travel described in subsection (a), or 

18 any transaction incident to such travel, if such restriction 

19 is important to the national security of the United States 

20 or to protect human health or welfare. 

21 SEC. 642. Section 1706(b) of the Cuban Democracy 

22 Act of 1992 (22 U.S.C. 6005(b)) is amended— 

23 (1) by striking paragraph (1); and 

24 (2) by redesignating paragraphs (2), (3), and 

25 (4) as paragraphs (1), (2), and (3), respectively. 
134 

•S 1910 PCS

1 TITLE VII 

2 GENERAL PROVISIONS—GOVERNMENT-WIDE 

3 DEPARTMENTS, AGENCIES, AND CORPORATIONS

4 (INCLUDING TRANSFER OF FUNDS)

5 SEC. 701. No department, agency, or instrumentality 

6 of the United States receiving appropriated funds under 

7 this or any other Act for fiscal year 2016 shall obligate 

8 or expend any such funds, unless such department, agen9 cy, or instrumentality has in place, and will continue to 

10 administer in good faith, a written policy designed to en11 sure that all of its workplaces are free from the illegal 

12 use, possession, or distribution of controlled substances 

13 (as defined in the Controlled Substances Act (21 U.S.C. 

14 802)) by the officers and employees of such department, 

15 agency, or instrumentality. 

16 SEC. 702. Unless otherwise specifically provided, the 

17 maximum amount allowable during the current fiscal year 

18 in accordance with subsection 1343(c) of title 31, United 

19 States Code, for the purchase of any passenger motor ve20 hicle (exclusive of buses, ambulances, law enforcement ve21 hicles, protective vehicles, and undercover surveillance ve22 hicles), is hereby fixed at $19,947 except station wagons 

23 for which the maximum shall be $19,997: Provided, That 

24 these limits may be exceeded by not to exceed $7,250 for 

25 police-type vehicles: Provided further, That the limits set 
135 

•S 1910 PCS

1 forth in this section may not be exceeded by more than 

2 5 percent for electric or hybrid vehicles purchased for 

3 demonstration under the provisions of the Electric and 

4 Hybrid Vehicle Research, Development, and Demonstra5 tion Act of 1976: Provided further, That the limits set 

6 forth in this section may be exceeded by the incremental 

7 cost of clean alternative fuels vehicles acquired pursuant 

8 to Public Law 101–549 over the cost of comparable con9 ventionally fueled vehicles: Provided further, That the lim10 its set forth in this section shall not apply to any vehicle 

11 that is a commercial item and which operates on alter12 native fuel, including but not limited to electric, plug-in 

13 hybrid electric, and hydrogen fuel cell vehicles. 

14 SEC. 703. Appropriations of the executive depart15 ments and independent establishments for the current fis16 cal year available for expenses of travel, or for the ex17 penses of the activity concerned, are hereby made available 

18 for quarters allowances and cost-of-living allowances, in 

19 accordance with 5 U.S.C. 5922–5924. 

20 SEC. 704. Unless otherwise specified in law during 

21 the current fiscal year, no part of any appropriation con22 tained in this or any other Act shall be used to pay the 

23 compensation of any officer or employee of the Govern24 ment of the United States (including any agency the ma25 jority of the stock of which is owned by the Government 
136 

•S 1910 PCS

1 of the United States) whose post of duty is in the conti2 nental United States unless such person: (1) is a citizen 

3 of the United States; (2) is a person who is lawfully admit4 ted for permanent residence and is seeking citizenship as 

5 outlined in 8 U.S.C. 1324b(a)(3)(B); (3) is a person who 

6 is admitted as a refugee under 8 U.S.C. 1157 or is grant7 ed asylum under 8 U.S.C. 1158 and has filed a declaration 

8 of intention to become a lawful permanent resident and 

9 then a citizen when eligible; or (4) is a person who owes 

10 allegiance to the United States: Provided, That for pur11 poses of this section, affidavits signed by any such person 

12 shall be considered prima facie evidence that the require13 ments of this section with respect to his or her status are 

14 being complied with: Provided further, That for purposes 

15 of subsections (2) and (3) such affidavits shall be sub16 mitted prior to employment and updated thereafter as nec17 essary: Provided further, That any person making a false 

18 affidavit shall be guilty of a felony, and upon conviction, 

19 shall be fined no more than $4,000 or imprisoned for not 

20 more than 1 year, or both: Provided further, That the 

21 above penal clause shall be in addition to, and not in sub22 stitution for, any other provisions of existing law: Provided 

23 further, That any payment made to any officer or em24 ployee contrary to the provisions of this section shall be 

25 recoverable in action by the Federal Government: Provided 
137 

•S 1910 PCS

1 further, That this section shall not apply to any person 

2 who is an officer or employee of the Government of the 

3 United States on the date of enactment of this Act, or 

4 to international broadcasters employed by the Broad5 casting Board of Governors, or to temporary employment 

6 of translators, or to temporary employment in the field 

7 service (not to exceed 60 days) as a result of emergencies: 

8 Provided further, That this section does not apply to the 

9 employment as Wildland firefighters for not more than 

10 120 days of nonresident aliens employed by the Depart11 ment of the Interior or the USDA Forest Service pursuant 

12 to an agreement with another country. 

13 SEC. 705. Appropriations available to any depart14 ment or agency during the current fiscal year for nec15 essary expenses, including maintenance or operating ex16 penses, shall also be available for payment to the General 

17 Services Administration for charges for space and services 

18 and those expenses of renovation and alteration of build19 ings and facilities which constitute public improvements 

20 performed in accordance with the Public Buildings Act of 

21 1959 (73 Stat. 479), the Public Buildings Amendments 

22 of 1972 (86 Stat. 216), or other applicable law. 

23 SEC. 706. In addition to funds provided in this or 

24 any other Act, all Federal agencies are authorized to re25 ceive and use funds resulting from the sale of materials, 
138 

•S 1910 PCS

1 including Federal records disposed of pursuant to a 

2 records schedule recovered through recycling or waste pre3 vention programs. Such funds shall be available until ex4 pended for the following purposes: 

5 (1) Acquisition, waste reduction and prevention, 

6 and recycling programs as described in Executive 

7 Order No. 13423 (January 24, 2007), including any 

8 such programs adopted prior to the effective date of 

9 the Executive order. 

10 (2) Other Federal agency environmental man11 agement programs, including, but not limited to, the 

12 development and implementation of hazardous waste 

13 management and pollution prevention programs. 

14 (3) Other employee programs as authorized by 

15 law or as deemed appropriate by the head of the 

16 Federal agency. 

17 SEC. 707. Funds made available by this or any other 

18 Act for administrative expenses in the current fiscal year 

19 of the corporations and agencies subject to chapter 91 of 

20 title 31, United States Code, shall be available, in addition 

21 to objects for which such funds are otherwise available, 

22 for rent in the District of Columbia; services in accordance 

23 with 5 U.S.C. 3109; and the objects specified under this 

24 head, all the provisions of which shall be applicable to the 

25 expenditure of such funds unless otherwise specified in the 
139 

•S 1910 PCS

1 Act by which they are made available: Provided, That in 

2 the event any functions budgeted as administrative ex3 penses are subsequently transferred to or paid from other 

4 funds, the limitations on administrative expenses shall be 

5 correspondingly reduced. 

6 SEC. 708. No part of any appropriation contained in 

7 this or any other Act shall be available for interagency 

8 financing of boards (except Federal Executive Boards), 

9 commissions, councils, committees, or similar groups 

10 (whether or not they are interagency entities) which do 

11 not have a prior and specific statutory approval to receive 

12 financial support from more than one agency or instru13 mentality. 

14 SEC. 709. None of the funds made available pursuant 

15 to the provisions of this or any other Act shall be used 

16 to implement, administer, or enforce any regulation which 

17 has been disapproved pursuant to a joint resolution duly 

18 adopted in accordance with the applicable law of the 

19 United States. 

20 SEC. 710. During the period in which the head of 

21 any department or agency, or any other officer or civilian 

22 employee of the Federal Government appointed by the 

23 President of the United States, holds office, no funds may 

24 be obligated or expended in excess of $5,000 to furnish 

25 or redecorate the office of such department head, agency 
140 

•S 1910 PCS

1 head, officer, or employee, or to purchase furniture or 

2 make improvements for any such office, unless advance 

3 notice of such furnishing or redecoration is transmitted 

4 to the Committees on Appropriations of the House of Rep5 resentatives and the Senate. For the purposes of this sec6 tion, the term ‘‘office’’ shall include the entire suite of of7 fices assigned to the individual, as well as any other space 

8 used primarily by the individual or the use of which is 

9 directly controlled by the individual. 

10 SEC. 711. Notwithstanding 31 U.S.C. 1346, or sec11 tion 708 of this Act, funds made available for the current 

12 fiscal year by this or any other Act shall be available for 

13 the interagency funding of national security and emer14 gency preparedness telecommunications initiatives which 

15 benefit multiple Federal departments, agencies, or enti16 ties, as provided by Executive Order No. 13618 (July 6, 

17 2012). 

18 SEC. 712. (a) None of the funds made available by 

19 this or any other Act may be obligated or expended by 

20 any department, agency, or other instrumentality of the 

21 Federal Government to pay the salaries or expenses of any 

22 individual appointed to a position of a confidential or pol23 icy-determining character that is excepted from the com24 petitive service under section 3302 of title 5, United 

25 States Code, (pursuant to schedule C of subpart C of part 
141 

•S 1910 PCS

1 213 of title 5 of the Code of Federal Regulations) unless 

2 the head of the applicable department, agency, or other 

3 instrumentality employing such schedule C individual cer4 tifies to the Director of the Office of Personnel Manage5 ment that the schedule C position occupied by the indi6 vidual was not created solely or primarily in order to detail 

7 the individual to the White House. 

8 (b) The provisions of this section shall not apply to 

9 Federal employees or members of the armed forces de10 tailed to or from an element of the intelligence community 

11 (as that term is defined under section 3(4) of the National 

12 Security Act of 1947 (50 U.S.C. 3003(4))). 

13 SEC. 713. No part of any appropriation contained in 

14 this or any other Act shall be available for the payment 

15 of the salary of any officer or employee of the Federal 

16 Government, who— 

17 (1) prohibits or prevents, or attempts or threat18 ens to prohibit or prevent, any other officer or em19 ployee of the Federal Government from having any 

20 direct oral or written communication or contact with 

21 any Member, committee, or subcommittee of the 

22 Congress in connection with any matter pertaining 

23 to the employment of such other officer or employee 

24 or pertaining to the department or agency of such 

25 other officer or employee in any way, irrespective of 
142 

•S 1910 PCS

1 whether such communication or contact is at the ini2 tiative of such other officer or employee or in re3 sponse to the request or inquiry of such Member, 

4 committee, or subcommittee; or 

5 (2) removes, suspends from duty without pay, 

6 demotes, reduces in rank, seniority, status, pay, or 

7 performance or efficiency rating, denies promotion 

8 to, relocates, reassigns, transfers, disciplines, or dis9 criminates in regard to any employment right, enti10 tlement, or benefit, or any term or condition of em11 ployment of, any other officer or employee of the 

12 Federal Government, or attempts or threatens to 

13 commit any of the foregoing actions with respect to 

14 such other officer or employee, by reason of any 

15 communication or contact of such other officer or 

16 employee with any Member, committee, or sub17 committee of the Congress as described in paragraph 

18 (1). 

19 SEC. 714. (a) None of the funds made available in 

20 this or any other Act may be obligated or expended for 

21 any employee training that— 

22 (1) does not meet identified needs for knowl23 edge, skills, and abilities bearing directly upon the 

24 performance of official duties; 
143 

•S 1910 PCS

1 (2) contains elements likely to induce high lev2 els of emotional response or psychological stress in 

3 some participants; 

4 (3) does not require prior employee notification 

5 of the content and methods to be used in the train6 ing and written end of course evaluation; 

7 (4) contains any methods or content associated 

8 with religious or quasi-religious belief systems or 

9 ‘‘new age’’ belief systems as defined in Equal Em10 ployment Opportunity Commission Notice N– 

11 915.022, dated September 2, 1988; or 

12 (5) is offensive to, or designed to change, par13 ticipants’ personal values or lifestyle outside the 

14 workplace. 

15 (b) Nothing in this section shall prohibit, restrict, or 

16 otherwise preclude an agency from conducting training 

17 bearing directly upon the performance of official duties. 

18 SEC. 715. No part of any funds appropriated in this 

19 or any other Act shall be used by an agency of the execu20 tive branch, other than for normal and recognized execu21 tive-legislative relationships, for publicity or propaganda 

22 purposes, and for the preparation, distribution or use of 

23 any kit, pamphlet, booklet, publication, radio, television, 

24 or film presentation designed to support or defeat legisla-
144 

•S 1910 PCS

1 tion pending before the Congress, except in presentation 

2 to the Congress itself. 

3 SEC. 716. None of the funds appropriated by this or 

4 any other Act may be used by an agency to provide a Fed5 eral employee’s home address to any labor organization 

6 except when the employee has authorized such disclosure 

7 or when such disclosure has been ordered by a court of 

8 competent jurisdiction. 

9 SEC. 717. None of the funds made available in this 

10 or any other Act may be used to provide any non-public 

11 information such as mailing, telephone or electronic mail12 ing lists to any person or any organization outside of the 

13 Federal Government without the approval of the Commit14 tees on Appropriations of the House of Representatives 

15 and the Senate. 

16 SEC. 718. No part of any appropriation contained in 

17 this or any other Act shall be used directly or indirectly, 

18 including by private contractor, for publicity or propa19 ganda purposes within the United States not heretofore 

20 authorized by Congress. 

21 SEC. 719. (a) In this section, the term ‘‘agency’’— 

22 (1) means an Executive agency, as defined 

23 under 5 U.S.C. 105; and 
145 

•S 1910 PCS

1 (2) includes a military department, as defined 

2 under section 102 of such title, the Postal Service, 

3 and the Postal Regulatory Commission. 

4 (b) Unless authorized in accordance with law or regu5 lations to use such time for other purposes, an employee 

6 of an agency shall use official time in an honest effort 

7 to perform official duties. An employee not under a leave 

8 system, including a Presidential appointee exempted under 

9 5 U.S.C. 6301(2), has an obligation to expend an honest 

10 effort and a reasonable proportion of such employee’s time 

11 in the performance of official duties. 

12 SEC. 720. Notwithstanding 31 U.S.C. 1346 and sec13 tion 708 of this Act, funds made available for the current 

14 fiscal year by this or any other Act to any department 

15 or agency, which is a member of the Federal Accounting 

16 Standards Advisory Board (FASAB), shall be available to 

17 finance an appropriate share of FASAB administrative 

18 costs. 

19 SEC. 721. Notwithstanding 31 U.S.C. 1346 and sec20 tion 708 of this Act, the head of each Executive depart21 ment and agency is hereby authorized to transfer to or 

22 reimburse ‘‘General Services Administration, Government23 wide Policy’’ with the approval of the Director of the Of24 fice of Management and Budget, funds made available for 

25 the current fiscal year by this or any other Act, including 
146 

•S 1910 PCS

1 rebates from charge card and other contracts: Provided, 

2 That these funds shall be administered by the Adminis3 trator of General Services to support Government-wide 

4 and other multi-agency financial, information technology, 

5 procurement, and other management innovations, initia6 tives, and activities, including improving coordination and 

7 reducing duplication, as approved by the Director of the 

8 Office of Management and Budget, in consultation with 

9 the appropriate interagency and multi-agency groups des10 ignated by the Director (including the President’s Man11 agement Council for overall management improvement ini12 tiatives, the Chief Financial Officers Council for financial 

13 management initiatives, the Chief Information Officers 

14 Council for information technology initiatives, the Chief 

15 Human Capital Officers Council for human capital initia16 tives, the Chief Acquisition Officers Council for procure17 ment initiatives, and the Performance Improvement Coun18 cil for performance improvement initiatives): Provided fur19 ther, That the total funds transferred or reimbursed shall 

20 not exceed $17,000,000 for Government-Wide innovations, 

21 initiatives, and activities: Provided further, That the funds 

22 transferred to or for reimbursement of ‘‘General Services 

23 Administration, Government-wide Policy’’ during fiscal 

24 year 2016 shall remain available for obligation through 

25 September 30, 2017: Provided further, That such trans-
147 

•S 1910 PCS

1 fers or reimbursements may only be made after 15 days 

2 following notification of the Committees on Appropriations 

3 of the House of Representatives and the Senate by the 

4 Director of the Office of Management and Budget. 

5 SEC. 722. Notwithstanding any other provision of 

6 law, a woman may breastfeed her child at any location 

7 in a Federal building or on Federal property, if the woman 

8 and her child are otherwise authorized to be present at 

9 the location. 

10 SEC. 723. Notwithstanding 31 U.S.C. 1346, or sec11 tion 708 of this Act, funds made available for the current 

12 fiscal year by this or any other Act shall be available for 

13 the interagency funding of specific projects, workshops, 

14 studies, and similar efforts to carry out the purposes of 

15 the National Science and Technology Council (authorized 

16 by Executive Order No. 12881), which benefit multiple 

17 Federal departments, agencies, or entities: Provided, That 

18 the Office of Management and Budget shall provide a re19 port describing the budget of and resources connected with 

20 the National Science and Technology Council to the Com21 mittees on Appropriations, the House Committee on 

22 Science and Technology, and the Senate Committee on 

23 Commerce, Science, and Transportation 90 days after en24 actment of this Act. 
148 

•S 1910 PCS

1 SEC. 724. Any request for proposals, solicitation, 

2 grant application, form, notification, press release, or 

3 other publications involving the distribution of Federal 

4 funds shall comply with any relevant requirements in part 

5 200 of title 2, Code of Federal Regulations: Provided, 

6 That this section shall apply to direct payments, formula 

7 funds, and grants received by a State receiving Federal 

8 funds. 

9 SEC. 725. (a) PROHIBITION OF FEDERAL AGENCY

10 MONITORING OF INDIVIDUALS’ INTERNET USE.—None of 

11 the funds made available in this or any other Act may 

12 be used by any Federal agency— 

13 (1) to collect, review, or create any aggregation 

14 of data, derived from any means, that includes any 

15 personally identifiable information relating to an in16 dividual’s access to or use of any Federal Govern17 ment Internet site of the agency; or 

18 (2) to enter into any agreement with a third 

19 party (including another government agency) to col20 lect, review, or obtain any aggregation of data, de21 rived from any means, that includes any personally 

22 identifiable information relating to an individual’s 

23 access to or use of any nongovernmental Internet 

24 site. 
149 

•S 1910 PCS

1 (b) EXCEPTIONS.—The limitations established in 

2 subsection (a) shall not apply to— 

3 (1) any record of aggregate data that does not 

4 identify particular persons; 

5 (2) any voluntary submission of personally iden6 tifiable information; 

7 (3) any action taken for law enforcement, regu8 latory, or supervisory purposes, in accordance with 

9 applicable law; or 

10 (4) any action described in subsection (a)(1) 

11 that is a system security action taken by the oper12 ator of an Internet site and is necessarily incident 

13 to providing the Internet site services or to pro14 tecting the rights or property of the provider of the 

15 Internet site. 

16 (c) DEFINITIONS.—For the purposes of this section: 

17 (1) The term ‘‘regulatory’’ means agency ac18 tions to implement, interpret or enforce authorities 

19 provided in law. 

20 (2) The term ‘‘supervisory’’ means examina21 tions of the agency’s supervised institutions, includ22 ing assessing safety and soundness, overall financial 

23 condition, management practices and policies and 

24 compliance with applicable standards as provided in 

25 law. 
150 

•S 1910 PCS

1 SEC. 726. (a) None of the funds appropriated by this 

2 Act may be used to enter into or renew a contract which 

3 includes a provision providing prescription drug coverage, 

4 except where the contract also includes a provision for con5 traceptive coverage. 

6 (b) Nothing in this section shall apply to a contract 

7 with— 

8 (1) any of the following religious plans: 

9 (A) Personal Care’s HMO; and 

10 (B) OSF HealthPlans, Inc.; and 

11 (2) any existing or future plan, if the carrier 

12 for the plan objects to such coverage on the basis of 

13 religious beliefs. 

14 (c) In implementing this section, any plan that enters 

15 into or renews a contract under this section may not sub16 ject any individual to discrimination on the basis that the 

17 individual refuses to prescribe or otherwise provide for 

18 contraceptives because such activities would be contrary 

19 to the individual’s religious beliefs or moral convictions. 

20 (d) Nothing in this section shall be construed to re21 quire coverage of abortion or abortion-related services. 

22 SEC. 727. The United States is committed to ensur23 ing the health of its Olympic, Pan American, and 

24 Paralympic athletes, and supports the strict adherence to 

25 anti-doping in sport through testing, adjudication, edu-
151 

•S 1910 PCS

1 cation, and research as performed by nationally recognized 

2 oversight authorities. 

3 SEC. 728. Notwithstanding any other provision of 

4 law, funds appropriated for official travel to Federal de5 partments and agencies may be used by such departments 

6 and agencies, if consistent with Office of Management and 

7 Budget Circular A–126 regarding official travel for Gov8 ernment personnel, to participate in the fractional aircraft 

9 ownership pilot program. 

10 SEC. 729. Notwithstanding any other provision of 

11 law, none of the funds appropriated or made available 

12 under this or any other appropriations Act may be used 

13 to implement or enforce restrictions or limitations on the 

14 Coast Guard Congressional Fellowship Program, or to im15 plement the proposed regulations of the Office of Per16 sonnel Management to add sections 300.311 through 

17 300.316 to part 300 of title 5 of the Code of Federal Reg18 ulations, published in the Federal Register, volume 68, 

19 number 174, on September 9, 2003 (relating to the detail 

20 of executive branch employees to the legislative branch). 

21 SEC. 730. Notwithstanding any other provision of 

22 law, no executive branch agency shall purchase, construct, 

23 or lease any additional facilities, except within or contig24 uous to existing locations, to be used for the purpose of 

25 conducting Federal law enforcement training without the 
152 

•S 1910 PCS

1 advance approval of the Committees on Appropriations of 

2 the House of Representatives and the Senate, except that 

3 the Federal Law Enforcement Training Center is author4 ized to obtain the temporary use of additional facilities 

5 by lease, contract, or other agreement for training which 

6 cannot be accommodated in existing Center facilities. 

7 SEC. 731. Unless otherwise authorized by existing 

8 law, none of the funds provided in this or any other Act 

9 may be used by an executive branch agency to produce 

10 any prepackaged news story intended for broadcast or dis11 tribution in the United States, unless the story includes 

12 a clear notification within the text or audio of the pre13 packaged news story that the prepackaged news story was 

14 prepared or funded by that executive branch agency. 

15 SEC. 732. None of the funds made available in this 

16 Act may be used in contravention of section 552a of title 

17 5, United States Code (popularly known as the Privacy 

18 Act), and regulations implementing that section. 

19 SEC. 733. (a) IN GENERAL.—None of the funds ap20 propriated or otherwise made available by this or any 

21 other Act may be used for any Federal Government con22 tract with any foreign incorporated entity which is treated 

23 as an inverted domestic corporation under section 835(b) 

24 of the Homeland Security Act of 2002 (6 U.S.C. 395(b)) 

25 or any subsidiary of such an entity. 
153 

•S 1910 PCS

1 (b) WAIVERS.— 

2 (1) IN GENERAL.—Any Secretary shall waive 

3 subsection (a) with respect to any Federal Govern4 ment contract under the authority of such Secretary 

5 if the Secretary determines that the waiver is re6 quired in the interest of national security. 

7 (2) REPORT TO CONGRESS.—Any Secretary 

8 issuing a waiver under paragraph (1) shall report 

9 such issuance to Congress. 

10 (c) EXCEPTION.—This section shall not apply to any 

11 Federal Government contract entered into before the date 

12 of the enactment of this Act, or to any task order issued 

13 pursuant to such contract. 

14 SEC. 734. During fiscal year 2016, for each employee 

15 who— 

16 (1) retires under section 8336(d)(2) or 

17 8414(b)(1)(B) of title 5, United States Code; or 

18 (2) retires under any other provision of sub19 chapter III of chapter 83 or chapter 84 of such title 

20 5 and receives a payment as an incentive to sepa21 rate, the separating agency shall remit to the Civil 

22 Service Retirement and Disability Fund an amount 

23 equal to the Office of Personnel Management’s aver24 age unit cost of processing a retirement claim for 

25 the preceding fiscal year. Such amounts shall be 
154 

•S 1910 PCS

1 available until expended to the Office of Personnel 

2 Management and shall be deemed to be an adminis3 trative expense under section 8348(a)(1)(B) of title 

4 5, United States Code. 

5 SEC. 735. (a) None of the funds made available in 

6 this or any other Act may be used to recommend or re7 quire any entity submitting an offer for a Federal contract 

8 to disclose any of the following information as a condition 

9 of submitting the offer: 

10 (1) Any payment consisting of a contribution, 

11 expenditure, independent expenditure, or disburse12 ment for an electioneering communication that is 

13 made by the entity, its officers or directors, or any 

14 of its affiliates or subsidiaries to a candidate for 

15 election for Federal office or to a political com16 mittee, or that is otherwise made with respect to any 

17 election for Federal office. 

18 (2) Any disbursement of funds (other than a 

19 payment described in paragraph (1)) made by the 

20 entity, its officers or directors, or any of its affiliates 

21 or subsidiaries to any person with the intent or the 

22 reasonable expectation that the person will use the 

23 funds to make a payment described in paragraph 

24 (1). 
155 

•S 1910 PCS

1 (b) In this section, each of the terms ‘‘contribution’’, 

2 ‘‘expenditure’’, ‘‘independent expenditure’’, ‘‘election3 eering communication’’, ‘‘candidate’’, ‘‘election’’, and 

4 ‘‘Federal office’’ has the meaning given such term in the 

5 Federal Election Campaign Act of 1971 (2 U.S.C. 431 

6 et seq.). 

7 SEC. 736. None of the funds made available in this 

8 or any other Act may be used to pay for the painting of 

9 a portrait of an officer or employee of the Federal govern10 ment, including the President, the Vice President, a mem11 ber of Congress (including a Delegate or a Resident Com12 missioner to Congress), the head of an executive branch 

13 agency (as defined in section 133 of title 41, United States 

14 Code), or the head of an office of the legislative branch. 

15 SEC. 737. (a)(1) Notwithstanding any other provision 

16 of law, and except as otherwise provided in this section, 

17 no part of any of the funds appropriated for fiscal year 

18 2016, by this or any other Act, may be used to pay any 

19 prevailing rate employee described in section 

20 5342(a)(2)(A) of title 5, United States Code— 

21 (A) during the period from the date of expira22 tion of the limitation imposed by the comparable sec23 tion for the previous fiscal years until the normal ef24 fective date of the applicable wage survey adjust25 ment that is to take effect in fiscal year 2016, in an 
156 

•S 1910 PCS

1 amount that exceeds the rate payable for the appli2 cable grade and step of the applicable wage schedule 

3 in accordance with such section; and 

4 (B) during the period consisting of the remain5 der of fiscal year 2016, in an amount that exceeds, 

6 as a result of a wage survey adjustment, the rate 

7 payable under subparagraph (A) by more than the 

8 sum of— 

9 (i) the percentage adjustment taking effect 

10 in fiscal year 2016 under section 5303 of title 

11 5, United States Code, in the rates of pay 

12 under the General Schedule; and 

13 (ii) the difference between the overall aver14 age percentage of the locality-based com15 parability payments taking effect in fiscal year 

16 2016 under section 5304 of such title (whether 

17 by adjustment or otherwise), and the overall av18 erage percentage of such payments which was 

19 effective in the previous fiscal year under such 

20 section. 

21 (2) Notwithstanding any other provision of law, no 

22 prevailing rate employee described in subparagraph (B) or 

23 (C) of section 5342(a)(2) of title 5, United States Code, 

24 and no employee covered by section 5348 of such title, 

25 may be paid during the periods for which paragraph (1) 
157 

•S 1910 PCS

1 is in effect at a rate that exceeds the rates that would 

2 be payable under paragraph (1) were paragraph (1) appli3 cable to such employee. 

4 (3) For the purposes of this subsection, the rates pay5 able to an employee who is covered by this subsection and 

6 who is paid from a schedule not in existence on September 

7 30, 2015, shall be determined under regulations pre8 scribed by the Office of Personnel Management. 

9 (4) Notwithstanding any other provision of law, rates 

10 of premium pay for employees subject to this subsection 

11 may not be changed from the rates in effect on September 

12 30, 2015, except to the extent determined by the Office 

13 of Personnel Management to be consistent with the pur14 pose of this subsection. 

15 (5) This subsection shall apply with respect to pay 

16 for service performed after September 30, 2015. 

17 (6) For the purpose of administering any provision 

18 of law (including any rule or regulation that provides pre19 mium pay, retirement, life insurance, or any other em20 ployee benefit) that requires any deduction or contribu21 tion, or that imposes any requirement or limitation on the 

22 basis of a rate of salary or basic pay, the rate of salary 

23 or basic pay payable after the application of this sub24 section shall be treated as the rate of salary or basic pay. 
158 

•S 1910 PCS

1 (7) Nothing in this subsection shall be considered to 

2 permit or require the payment to any employee covered 

3 by this subsection at a rate in excess of the rate that would 

4 be payable were this subsection not in effect. 

5 (8) The Office of Personnel Management may provide 

6 for exceptions to the limitations imposed by this sub7 section if the Office determines that such exceptions are 

8 necessary to ensure the recruitment or retention of quali9 fied employees. 

10 (b) Notwithstanding subsection (a), the adjustment 

11 in rates of basic pay for the statutory pay systems that 

12 take place in fiscal year 2016 under sections 5344 and 

13 5348 of title 5, United States Code, shall be— 

14 (1) not less than the percentage received by em15 ployees in the same location whose rates of basic pay 

16 are adjusted pursuant to the statutory pay systems 

17 under sections 5303 and 5304 of title 5, United 

18 States Code: Provided, That prevailing rate employ19 ees at locations where there are no employees whose 

20 pay is increased pursuant to sections 5303 and 5304 

21 of title 5, United States Code, and prevailing rate 

22 employees described in section 5343(a)(5) of title 5, 

23 United States Code, shall be considered to be located 

24 in the pay locality designated as ‘‘Rest of United 
159 

•S 1910 PCS

1 States’’ pursuant to section 5304 of title 5, United 

2 States Code, for purposes of this subsection; and 

3 (2) effective as of the first day of the first ap4 plicable pay period beginning after September 30, 

5 2015. 

6 SEC. 738. (a) The Vice President may not receive a 

7 pay raise in calendar year 2016, notwithstanding the rate 

8 adjustment made under section 104 of title 3, United 

9 States Code, or any other provision of law. 

10 (b) An employee serving in an Executive Schedule po11 sition, or in a position for which the rate of pay is fixed 

12 by statute at an Executive Schedule rate, may not receive 

13 a pay rate increase in calendar year 2016, notwith14 standing schedule adjustments made under section 5318 

15 of title 5, United States Code, or any other provision of 

16 law, except as provided in subsection (g), (h), or (i). This 

17 subsection applies only to employees who are holding a po18 sition under a political appointment. 

19 (c) A chief of mission or ambassador at large may 

20 not receive a pay rate increase in calendar year 2016, not21 withstanding section 401 of the Foreign Service Act of 

22 1980 (Public Law 96–465) or any other provision of law, 

23 except as provided in subsection (g), (h), or (i). 

24 (d) Notwithstanding sections 5382 and 5383 of title 

25 5, United States Code, a pay rate increase may not be 
160 

•S 1910 PCS

1 received in calendar year 2016 (except as provided in sub2 section (g), (h), or (i)) by— 

3 (1) a noncareer appointee in the Senior Execu4 tive Service paid a rate of basic pay at or above level 

5 IV of the Executive Schedule; or 

6 (2) a limited term appointee or limited emer7 gency appointee in the Senior Executive Service 

8 serving under a political appointment and paid a 

9 rate of basic pay at or above level IV of the Execu10 tive Schedule. 

11 (e) Any employee paid a rate of basic pay (including 

12 any locality-based payments under section 5304 of title 

13 5, United States Code, or similar authority) at or above 

14 level IV of the Executive Schedule who serves under a po15 litical appointment may not receive a pay rate increase 

16 in calendar year 2016, notwithstanding any other provi17 sion of law, except as provided in subsection (g), (h), or 

18 (i). This subsection does not apply to employees in the 

19 General Schedule pay system or the Foreign Service pay 

20 system, or to employees appointed under section 3161 of 

21 title 5, United States Code, or to employees in another 

22 pay system whose position would be classified at GS–15 

23 or below if chapter 51 of title 5, United States Code, ap24 plied to them. 
161 

•S 1910 PCS

1 (f) Nothing in subsections (b) through (e) shall pre2 vent employees who do not serve under a political appoint3 ment from receiving pay increases as otherwise provided 

4 under applicable law. 

5 (g) A career appointee in the Senior Executive Serv6 ice who receives a Presidential appointment and who 

7 makes an election to retain Senior Executive Service basic 

8 pay entitlements under section 3392 of title 5, United 

9 States Code, is not subject to this section. 

10 (h) A member of the Senior Foreign Service who re11 ceives a Presidential appointment to any position in the 

12 executive branch and who makes an election to retain Sen13 ior Foreign Service pay entitlements under section 302(b) 

14 of the Foreign Service Act of 1980 (Public Law 96–465) 

15 is not subject to this section. 

16 (i) Notwithstanding subsections (b) through (e), an 

17 employee in a covered position may receive a pay rate in18 crease upon an authorized movement to a different cov19 ered position with higher-level duties and a pre-established 

20 higher level or range of pay, except that any such increase 

21 must be based on the rates of pay and applicable pay limi22 tations in effect on December 31, 2013. 

23 (j) Notwithstanding any other provision of law, for 

24 an individual who is newly appointed to a covered position 

25 during the period of time subject to this section, the initial 
162 

•S 1910 PCS

1 pay rate shall be based on the rates of pay and applicable 

2 pay limitations in effect on December 31, 2013. 

3 (k) If an employee affected by subsections (b) 

4 through (e) is subject to a biweekly pay period that begins 

5 in calendar year 2016 but ends in calendar year 2017, 

6 the bar on the employee’s receipt of pay rate increases 

7 shall apply through the end of that pay period. 

8 SEC. 739. (a) The head of any Executive branch de9 partment, agency, board, commission, or office funded by 

10 this or any other appropriations Act shall submit annual 

11 reports to the Inspector General or senior ethics official 

12 for any entity without an Inspector General, regarding the 

13 costs and contracting procedures related to each con14 ference held by any such department, agency, board, com15 mission, or office during fiscal year 2016 for which the 

16 cost to the United States Government was more than 

17 $100,000. 

18 (b) Each report submitted shall include, for each con19 ference described in subsection (a) held during the applica20 ble period— 

21 (1) a description of its purpose; 

22 (2) the number of participants attending; 

23 (3) a detailed statement of the costs to the 

24 United States Government, including— 

25 (A) the cost of any food or beverages; 
163 

•S 1910 PCS

1 (B) the cost of any audio-visual services; 

2 (C) the cost of employee or contractor 

3 travel to and from the conference; and 

4 (D) a discussion of the methodology used 

5 to determine which costs relate to the con6 ference; and 

7 (4) a description of the contracting procedures 

8 used including— 

9 (A) whether contracts were awarded on a 

10 competitive basis; and 

11 (B) a discussion of any cost comparison 

12 conducted by the departmental component or 

13 office in evaluating potential contractors for the 

14 conference. 

15 (c) Within 15 days of the date of a conference held 

16 by any Executive branch department, agency, board, com17 mission, or office funded by this or any other appropria18 tions Act during fiscal year 2016 for which the cost to 

19 the United States Government was more than $20,000, 

20 the head of any such department, agency, board, commis21 sion, or office shall notify the Inspector General or senior 

22 ethics official for any entity without an Inspector General, 

23 of the date, location, and number of employees attending 

24 such conference. 
164 

•S 1910 PCS

1 (d) A grant or contract funded by amounts appro2 priated by this or any other appropriations Act may not 

3 be used for the purpose of defraying the costs of a con4 ference described in subsection (c) that is not directly and 

5 programmatically related to the purpose for which the 

6 grant or contract was awarded, such as a conference held 

7 in connection with planning, training, assessment, review, 

8 or other routine purposes related to a project funded by 

9 the grant or contract. 

10 (e) None of the funds made available in this or any 

11 other appropriations Act may be used for travel and con12 ference activities that are not in compliance with Office 

13 of Management and Budget Memorandum M–12–12 

14 dated May 11, 2012. 

15 SEC. 740. None of the funds made available in this 

16 or any other appropriations Act may be used to increase, 

17 eliminate, or reduce funding for a program, project, or ac18 tivity as proposed in the President’s budget request for 

19 a fiscal year until such proposed change is subsequently 

20 enacted in an appropriation Act, or unless such change 

21 is made pursuant to the reprogramming or transfer provi22 sions of this or any other appropriations Act. 

23 SEC. 741. None of the funds made available by this 

24 or any other Act may be used to implement, administer, 

25 enforce, or apply the rule entitled ‘‘Competitive Area’’ 
165 

•S 1910 PCS

1 published by the Office of Personnel Management in the 

2 Federal Register on April 15, 2008 (73 Fed. Reg. 20180 

3 et seq.). 

4 SEC. 742. None of the funds appropriated or other5 wise made available by this or any other Act may be used 

6 to begin or announce a study or public-private competition 

7 regarding the conversion to contractor performance of any 

8 function performed by Federal employees pursuant to Of9 fice of Management and Budget Circular A–76 or any 

10 other administrative regulation, directive, or policy. 

11 SEC. 743. (a) None of the funds appropriated or oth12 erwise made available by this or any other Act may be 

13 available for a contract, grant, or cooperative agreement 

14 with an entity that requires employees or contractors of 

15 such entity seeking to report fraud, waste, or abuse to sign 

16 internal confidentiality agreements or statements prohib17 iting or otherwise restricting such employees or contrac18 tors from lawfully reporting such waste, fraud, or abuse 

19 to a designated investigative or law enforcement represent20 ative of a Federal department or agency authorized to re21 ceive such information. 

22 (b) The limitation in subsection (a) shall not con23 travene requirements applicable to Standard Form 312, 

24 Form 4414, or any other form issued by a Federal depart-
166 

•S 1910 PCS

1 ment or agency governing the nondisclosure of classified 

2 information. 

3 SEC. 744. None of the funds made available by this 

4 or any other Act may be used to enter into a contract, 

5 memorandum of understanding, or cooperative agreement 

6 with, make a grant to, or provide a loan or loan guarantee 

7 to, any corporation that has any unpaid Federal tax liabil8 ity that has been assessed, for which all judicial and ad9 ministrative remedies have been exhausted or have lapsed, 

10 and that is not being paid in a timely manner pursuant 

11 to an agreement with the authority responsible for col12 lecting the tax liability, where the awarding agency is 

13 aware of the unpaid tax liability, unless a Federal agency 

14 has considered suspension or debarment of the corporation 

15 and has made a determination that this further action is 

16 not necessary to protect the interests of the Government. 

17 SEC. 745. None of the funds made available by this 

18 or any other Act may be used to enter into a contract, 

19 memorandum of understanding, or cooperative agreement 

20 with, make a grant to, or provide a loan or loan guarantee 

21 to, any corporation that was convicted of a felony criminal 

22 violation under any Federal law within the preceding 24 

23 months, where the awarding agency is aware of the convic24 tion, unless a Federal agency has considered suspension 

25 or debarment of the corporation and has made a deter-
167 

•S 1910 PCS

1 mination that this further action is not necessary to pro2 tect the interests of the Government. 

3 SEC. 746. (a) No funds appropriated in this or any 

4 other Act may be used to implement or enforce the agree5 ments in Standard Forms 312 and 4414 of the Govern6 ment or any other nondisclosure policy, form, or agree7 ment if such policy, form, or agreement does not contain 

8 the following provisions: ‘‘These provisions are consistent 

9 with and do not supersede, conflict with, or otherwise alter 

10 the employee obligations, rights, or liabilities created by 

11 existing statute or Executive order relating to (1) classi12 fied information, (2) communications to Congress, (3) the 

13 reporting to an Inspector General of a violation of any 

14 law, rule, or regulation, or mismanagement, a gross waste 

15 of funds, an abuse of authority, or a substantial and spe16 cific danger to public health or safety, or (4) any other 

17 whistleblower protection. The definitions, requirements, 

18 obligations, rights, sanctions, and liabilities created by 

19 controlling Executive orders and statutory provisions are 

20 incorporated into this agreement and are controlling.’’: 

21 Provided, That notwithstanding the preceding provision of 

22 this section, a nondisclosure policy form or agreement that 

23 is to be executed by a person connected with the conduct 

24 of an intelligence or intelligence-related activity, other 

25 than an employee or officer of the United States Govern-
168 

•S 1910 PCS

1 ment, may contain provisions appropriate to the particular 

2 activity for which such document is to be used. Such form 

3 or agreement shall, at a minimum, require that the person 

4 will not disclose any classified information received in the 

5 course of such activity unless specifically authorized to do 

6 so by the United States Government. Such nondisclosure 

7 forms shall also make it clear that they do not bar disclo8 sures to Congress, or to an authorized official of an execu9 tive agency or the Department of Justice, that are essen10 tial to reporting a substantial violation of law. 

11 (b) A nondisclosure agreement may continue to be 

12 implemented and enforced notwithstanding subsection (a) 

13 if it complies with the requirements for such agreement 

14 that were in effect when the agreement was entered into. 

15 (c) No funds appropriated in this or any other Act 

16 may be used to implement or enforce any agreement en17 tered into during fiscal year 2014 which does not contain 

18 substantially similar language to that required in sub19 section (a). 

20 SEC. 747. None of the funds made available by this 

21 or any other Act may be used to implement, administer, 

22 carry out, modify, revise, or enforce Executive Order 

23 13690 (entitled ‘‘Establishing a Federal Flood Risk Man24 agement Standard and a Process for Further Soliciting 

25 and Considering Stakeholder Input’’). 
169 

•S 1910 PCS

1 SEC. 748. If, for fiscal year 2016, new budget author2 ity provided in appropriations Acts exceeds the discre3 tionary spending limit for any category set forth in section 

4 251(c) of the Balanced Budget and Emergency Deficit 

5 Control Act of 1985 due to estimating differences with the 

6 Congressional Budget Office, an adjustment to the discre7 tionary spending limit in such category for fiscal year 

8 2016 shall be made by the Director of the Office of Man9 agement and Budget in the amount of the excess but the 

10 total of all such adjustments shall not exceed 0.2 percent 

11 of the sum of the adjusted discretionary spending limits 

12 for all categories for that fiscal year. 

13 SEC. 749. Except as expressly provided otherwise, 

14 any reference to ‘‘this Act’’ contained in any title other 

15 than title IV or VIII shall not apply to such title IV or 

16 VIII. 

17 TITLE VIII 

18 GENERAL PROVISIONS—DISTRICT OF 

19 COLUMBIA 

20 (INCLUDING TRANSFERS OF FUNDS)

21 SEC. 801. There are appropriated from the applicable 

22 funds of the District of Columbia such sums as may be 

23 necessary for making refunds and for the payment of legal 

24 settlements or judgments that have been entered against 

25 the District of Columbia government. 
170 

•S 1910 PCS

1 SEC. 802. None of the Federal funds provided in this 

2 Act shall be used for publicity or propaganda purposes or 

3 implementation of any policy including boycott designed 

4 to support or defeat legislation pending before Congress 

5 or any State legislature. 

6 SEC. 803. (a) None of the Federal funds provided 

7 under this Act to the agencies funded by this Act, both 

8 Federal and District government agencies, that remain 

9 available for obligation or expenditure in fiscal year 2016, 

10 or provided from any accounts in the Treasury of the 

11 United States derived by the collection of fees available 

12 to the agencies funded by this Act, shall be available for 

13 obligation or expenditures for an agency through a re14 programming of funds which— 

15 (1) creates new programs; 

16 (2) eliminates a program, project, or responsi17 bility center; 

18 (3) establishes or changes allocations specifi19 cally denied, limited or increased under this Act; 

20 (4) increases funds or personnel by any means 

21 for any program, project, or responsibility center for 

22 which funds have been denied or restricted; 

23 (5) re-establishes any program or project pre24 viously deferred through reprogramming; 
171 

•S 1910 PCS

1 (6) augments any existing program, project, or 

2 responsibility center through a reprogramming of 

3 funds in excess of $3,000,000 or 10 percent, which4 ever is less; or 

5 (7) increases by 20 percent or more personnel 

6 assigned to a specific program, project or responsi7 bility center, 

8 unless prior approval is received from the Committees on 

9 Appropriations of the House of Representatives and the 

10 Senate. 

11 (b) The District of Columbia government is author12 ized to approve and execute reprogramming and transfer 

13 requests of local funds under this title through November 

14 7, 2016. 

15 SEC. 804. None of the Federal funds provided in this 

16 Act may be used by the District of Columbia to provide 

17 for salaries, expenses, or other costs associated with the 

18 offices of United States Senator or United States Rep19 resentative under section 4(d) of the District of Columbia 

20 Statehood Constitutional Convention Initiatives of 1979 

21 (D.C. Law 3–171; D.C. Official Code, sec. 1–123). 

22 SEC. 805. Except as otherwise provided in this sec23 tion, none of the funds made available by this Act or by 

24 any other Act may be used to provide any officer or em25 ployee of the District of Columbia with an official vehicle 
172 

•S 1910 PCS

1 unless the officer or employee uses the vehicle only in the 

2 performance of the officer’s or employee’s official duties. 

3 For purposes of this section, the term ‘‘official duties’’ 

4 does not include travel between the officer’s or employee’s 

5 residence and workplace, except in the case of— 

6 (1) an officer or employee of the Metropolitan 

7 Police Department who resides in the District of Co8 lumbia or is otherwise designated by the Chief of the 

9 Department; 

10 (2) at the discretion of the Fire Chief, an offi11 cer or employee of the District of Columbia Fire and 

12 Emergency Medical Services Department who re13 sides in the District of Columbia and is on call 24 

14 hours a day; 

15 (3) at the discretion of the Director of the De16 partment of Corrections, an officer or employee of 

17 the District of Columbia Department of Corrections 

18 who resides in the District of Columbia and is on 

19 call 24 hours a day; 

20 (4) at the discretion of the Chief Medical Ex21 aminer, an officer or employee of the Office of the 

22 Chief Medical Examiner who resides in the District 

23 of Columbia and is on call 24 hours a day; 

24 (5) at the discretion of the Director of the 

25 Homeland Security and Emergency Management 
173 

•S 1910 PCS

1 Agency, an officer or employee of the Homeland Se2 curity and Emergency Management Agency who re3 sides in the District of Columbia and is on call 24 

4 hours a day; 

5 (6) the Mayor of the District of Columbia; and 

6 (7) the Chairman of the Council of the District 

7 of Columbia. 

8 SEC. 806. (a) None of the Federal funds contained 

9 in this Act may be used by the District of Columbia Attor10 ney General or any other officer or entity of the District 

11 government to provide assistance for any petition drive or 

12 civil action which seeks to require Congress to provide for 

13 voting representation in Congress for the District of Co14 lumbia. 

15 (b) Nothing in this section bars the District of Co16 lumbia Attorney General from reviewing or commenting 

17 on briefs in private lawsuits, or from consulting with offi18 cials of the District government regarding such lawsuits. 

19 SEC. 807. None of the Federal funds contained in 

20 this Act may be used to distribute any needle or syringe 

21 for the purpose of preventing the spread of blood borne 

22 pathogens in any location that has been determined by the 

23 local public health or local law enforcement authorities to 

24 be inappropriate for such distribution. 
174 

•S 1910 PCS

1 SEC. 808. Nothing in this Act may be construed to 

2 prevent the Council or Mayor of the District of Columbia 

3 from addressing the issue of the provision of contraceptive 

4 coverage by health insurance plans, but it is the intent 

5 of Congress that any legislation enacted on such issue 

6 should include a ‘‘conscience clause’’ which provides excep7 tions for religious beliefs and moral convictions. 

8 SEC. 809. None of the Federal funds appropriated 

9 under this Act shall be expended for any abortion except 

10 where the life of the mother would be endangered if the 

11 fetus were carried to term or where the pregnancy is the 

12 result of an act of rape or incest. 

13 SEC. 810. (a) No later than 30 calendar days after 

14 the date of the enactment of this Act, the Chief Financial 

15 Officer for the District of Columbia shall submit to the 

16 appropriate committees of Congress, the Mayor, and the 

17 Council of the District of Columbia, a revised appropriated 

18 funds operating budget in the format of the budget that 

19 the District of Columbia government submitted pursuant 

20 to section 442 of the District of Columbia Home Rule Act 

21 (D.C. Official Code, sec. 1–204.42), for all agencies of the 

22 District of Columbia government for fiscal year 2016 that 

23 is in the total amount of the approved appropriation and 

24 that realigns all budgeted data for personal services and 
175 

•S 1910 PCS

1 other-than-personal services, respectively, with anticipated 

2 actual expenditures. 

3 (b) This section shall apply only to an agency for 

4 which the Chief Financial Officer for the District of Co5 lumbia certifies that a reallocation is required to address 

6 unanticipated changes in program requirements. 

7 SEC. 811. No later than 30 calendar days after the 

8 date of the enactment of this Act, the Chief Financial Offi9 cer for the District of Columbia shall submit to the appro10 priate committees of Congress, the Mayor, and the Council 

11 for the District of Columbia, a revised appropriated funds 

12 operating budget for the District of Columbia Public 

13 Schools that aligns schools budgets to actual enrollment. 

14 The revised appropriated funds budget shall be in the for15 mat of the budget that the District of Columbia govern16 ment submitted pursuant to section 442 of the District 

17 of Columbia Home Rule Act (D.C. Official Code, sec. 1– 

18 204.42). 

19 SEC. 812. (a) Amounts appropriated in this Act as 

20 operating funds may be transferred to the District of Co21 lumbia’s enterprise and capital funds and such amounts, 

22 once transferred, shall retain appropriation authority con23 sistent with the provisions of this Act. 

24 (b) The District of Columbia government is author25 ized to reprogram or transfer for operating expenses any 
176 

•S 1910 PCS

1 local funds transferred or reprogrammed in this or the 

2 four prior fiscal years from operating funds to capital 

3 funds, and such amounts, once transferred or repro4 grammed, shall retain appropriation authority consistent 

5 with the provisions of this Act. 

6 (c) The District of Columbia government may not 

7 transfer or reprogram for operating expenses any funds 

8 derived from bonds, notes, or other obligations issued for 

9 capital projects. 

10 SEC. 813. None of the Federal funds appropriated 

11 in this Act shall remain available for obligation beyond 

12 the current fiscal year, nor may any be transferred to 

13 other appropriations, unless expressly so provided herein. 

14 SEC. 814. Except as otherwise specifically provided 

15 by law or under this Act, not to exceed 50 percent of unob16 ligated balances remaining available at the end of fiscal 

17 year 2016 from appropriations of Federal funds made 

18 available for salaries and expenses for fiscal year 2016 in 

19 this Act, shall remain available through September 30, 

20 2017, for each such account for the purposes authorized: 

21 Provided, That a request shall be submitted to the Com22 mittees on Appropriations of the House of Representatives 

23 and the Senate for approval prior to the expenditure of 

24 such funds: Provided further, That these requests shall be 
177 

•S 1910 PCS

1 made in compliance with reprogramming guidelines out2 lined in section 803 of this Act. 

3 SEC. 815. (a) During fiscal year 2017, during a pe4 riod in which neither a District of Columbia continuing 

5 resolution or a regular District of Columbia appropriation 

6 bill is in effect, local funds are appropriated in the amount 

7 provided for any project or activity for which local funds 

8 are provided in the Fiscal Year 2017 Budget Request Act 

9 of 2016 as submitted to Congress (subject to any modi10 fications enacted by the District of Columbia as of the be11 ginning of the period during which this subsection is in 

12 effect) at the rate set forth by such Act. 

13 (b) Appropriations made by subsection (a) shall cease 

14 to be available— 

15 (1) during any period in which a District of Co16 lumbia continuing resolution for fiscal year 2017 is 

17 in effect; or 

18 (2) upon the enactment into law of the regular 

19 District of Columbia appropriation bill for fiscal year 

20 2017. 

21 (c) An appropriation made by subsection (a) is pro22 vided under the authority and conditions as provided 

23 under this Act and shall be available to the extent and 

24 in the manner that would be provided by this Act. 
178 

•S 1910 PCS

1 (d) An appropriation made by subsection (a) shall 

2 cover all obligations or expenditures incurred for such 

3 project or activity during the portion of fiscal year 2017 

4 for which this section applies to such project or activity. 

5 (e) This section shall not apply to a project or activity 

6 during any period of fiscal year 2017 if any other provi7 sion of law (other than an authorization of appropria8 tions)— 

9 (1) makes an appropriation, makes funds avail10 able, or grants authority for such project or activity 

11 to continue for such period; or 

12 (2) specifically provides that no appropriation 

13 shall be made, no funds shall be made available, or 

14 no authority shall be granted for such project or ac15 tivity to continue for such period. 

16 (f) Nothing in this section shall be construed to affect 

17 obligations of the government of the District of Columbia 

18 mandated by other law. 

19 SEC. 816. (a) This section may be cited as the ‘‘D.C. 

20 Opportunity Scholarship Program School Certification Re21 quirements Act’’. 

22 (b) Section 3007(a) of the Scholarships for Oppor23 tunity and Results Act (Public Law 112–10; 125 Stat. 

24 203) is amended— 

25 (1) in paragraph (4)— 
179 

•S 1910 PCS

1 (A) in subparagraph (E), by striking 

2 ‘‘and’’ after the semicolon; 

3 (B) in subparagraph (F), by striking the 

4 period at the end and inserting a semicolon; 

5 and 

6 (C) by adding at the end the following: 

7 ‘‘(G)(i) is provisionally or fully accredited 

8 by a national or regional accrediting agency 

9 that is recognized in the District of Columbia 

10 School Reform Act of 1995 (sec. 38– 

11 1802.02(16)(A)–(G), D.C. Official Code) or any 

12 other accrediting body deemed appropriate by 

13 the Office of the State Superintendent for 

14 Schools for the purposes of accrediting an ele15 mentary or secondary school; or 

16 ‘‘(ii) in the case of a school that is a 

17 participating school as of the day before 

18 the date of enactment of the D.C. Oppor19 tunity Scholarship Program School Certifi20 cation Requirements Act and, as of such 

21 day, does not meet the requirements of 

22 clause (i)— 

23 ‘‘(I) by not later than 1 year 

24 after such date of enactment, is pur25 suing accreditation by a national or 
180 

•S 1910 PCS

1 regional accrediting agency recognized 

2 in the District of Columbia School Re3 form Act of 1995 (sec. 38– 

4 1802.02(16)(A)–(G), D.C. Official 

5 Code) or any other accrediting body 

6 deemed appropriate by the Office of 

7 the State Superintendent for Schools 

8 for the purposes of accrediting an ele9 mentary or secondary school; and 

10 ‘‘(II) by not later than 5 years 

11 after such date of enactment, is provi12 sionally or fully accredited by such ac13 crediting agency, except that an eligi14 ble entity may grant not more than 

15 one 1-year extension to meet this re16 quirement for each participating 

17 school that provides evidence to the el18 igible entity from such accrediting 

19 agency that the school’s application 

20 for accreditation is in process and the 

21 school will be awarded accreditation 

22 before the end of the 1-year extension 

23 period; 
181 

•S 1910 PCS

1 ‘‘(H) conducts criminal background checks 

2 on school employees who have direct and unsu3 pervised interaction with students; and 

4 ‘‘(I) complies with all requests for data 

5 and information regarding the reporting re6 quirements described in section 3010.’’; and 

7 (2) by adding at the end the following: 

8 ‘‘(5) NEW PARTICIPATING SCHOOLS.—If a 

9 school is not a participating school as of the date of 

10 enactment of the D.C. Opportunity Scholarship Pro11 gram School Certification Requirements Act, the 

12 school shall not become a participating school and 

13 none of the funds provided under this division for 

14 opportunity scholarships may be used by an eligible 

15 student to enroll in that school unless the school— 

16 ‘‘(A) is actively pursuing provisional or full 

17 accreditation by a national or regional accred18 iting agency that is recognized in the District of 

19 Columbia School Reform Act of 1995 (sec. 38– 

20 1802.02(16)(A)–(G), D.C. Official Code) or any 

21 other accrediting body deemed appropriate by 

22 the Office of the State Superintendent for 

23 Schools for the purposes of accrediting an ele24 mentary or secondary school; and 
182 

•S 1910 PCS

1 ‘‘(B) meets all of the other requirements 

2 for participating schools under this Act. 

3 ‘‘(6) ENROLLING IN ANOTHER SCHOOL.—An el4 igible entity shall assist the parents of a partici5 pating eligible student in identifying, applying to, 

6 and enrolling in an another participating school for 

7 which opportunity scholarship funds may be used, 

8 if— 

9 ‘‘(A) such student is enrolled in a partici10 pating private school and may no longer use op11 portunity scholarship funds for enrollment in 

12 that participating private school because such 

13 school fails to meet a requirement under para14 graph 4, or any other requirement of this Act; 

15 or 

16 ‘‘(B) a participating eligible student is en17 rolled in a school that ceases to be a partici18 pating school.’’. 

19 (c) REPORT TO ELIGIBLE ENTITIES.—Section 3010 

20 of the Scholarships for Opportunity and Results Act (Pub21 lic Law 112–10; 125 Stat. 203) is further amended— 

22 (1) by redesignating subsection (d) as sub23 section (e); and 

24 (2) by inserting after subsection (c) the fol25 lowing: 
183 

•S 1910 PCS

1 ‘‘(d) REPORTS TO ELIGIBLE ENTITIES.—The eligible 

2 entity receiving funds under section 3004(a) shall ensure 

3 that each participating school under this division submits 

4 to the eligible entity beginning not later than 5 years after 

5 the date of the enactment of the D.C. Opportunity Schol6 arship Program School Certification Requirements Act, a 

7 certification that the school has been awarded provisional 

8 or full accreditation, or has been granted an extension by 

9 the eligible entity in accordance with section 

10 3007(a)(4)(G).’’. 

11 (d) Unless specifically provided otherwise, this sec12 tion, and the amendments made by this section, shall take 

13 effect 1 year after the date of enactment of this Act. 

14 SEC. 817. Subparagraph (G) of section 3(c)(2) of the 

15 District of Columbia College Access Act of 1999 (Public 

16 Law 106–98), as amended, is further amended: 

17 (1) by inserting after ‘‘(G)’’, ‘‘(i) for individuals 

18 who began an undergraduate course of study prior 

19 to school year 2015–2016,’’; and 

20 (2) by inserting the following before the period 

21 at the end: ‘‘and (ii) for individuals who begin an 

22 undergraduate course of study in or after school 

23 year 2016–2017, is from a family with a taxable an24 nual income of less than $450,000. Beginning with 

25 school year 2017–2018, the Mayor shall adjust the 
184 

•S 1910 PCS

1 amounts in clauses (i) and (ii) for inflation, as meas2 ured by the percentage increase, if any, from the 

3 preceding fiscal year in the Consumer Price Index 

4 for All Urban Consumers, published by the Bureau 

5 of Labor Statistics of the Department of Labor’’. 

6 SEC. 818. Except as expressly provided otherwise, 

7 any reference to ‘‘this Act’’ contained in this title or in 

8 title IV shall be treated as referring only to the provisions 

9 of this title or of title IV. 

10 TITLE IX—FINANCIAL 

11 REGULATORY IMPROVEMENTS 

12 SEC. 901. SHORT TITLE. 

13 This title may be cited as the ‘‘Financial Regulatory 

14 Improvement Act of 2015’’. 

15 Subtitle A—Regulatory Relief and 

16 Protection of Consumer Access 

17 to Credit 

18 SEC. 902. EXCEPTION TO ANNUAL WRITTEN PRIVACY NO19 TICE REQUIREMENT UNDER THE GRAMM20 LEACH-BLILEY ACT. 

21 Section 503 of the Gramm-Leach-Bliley Act (15 

22 U.S.C. 6803) is amended by adding at the end the fol23 lowing: 

24 ‘‘(f) EXCEPTION TO ANNUAL WRITTEN NOTICE RE25 QUIREMENT.— 
185 

•S 1910 PCS

1 ‘‘(1) IN GENERAL.—A financial institution de2 scribed in paragraph (2) shall not be required to 

3 provide an annual written disclosure under this sec4 tion until such time as the financial institution fails 

5 to comply with subparagraph (A), (B), or (C) of 

6 paragraph (2). 

7 ‘‘(2) COVERED INSTITUTIONS.—A financial in8 stitution described in this paragraph is a financial 

9 institution that— 

10 ‘‘(A) provides nonpublic personal informa11 tion only in accordance with the provisions of 

12 subsection (b)(2) or (e) of section 502 or regu13 lations prescribed under section 504(b); 

14 ‘‘(B) has not changed its policies and prac15 tices with respect to disclosing nonpublic per16 sonal information from the policies and prac17 tices that were disclosed in the most recent dis18 closure sent to consumers in accordance with 

19 this section; and 

20 ‘‘(C) otherwise provides customers access 

21 to such most recent disclosure in electronic or 

22 other form permitted by regulations prescribed 

23 under section 504.’’. 
186 

•S 1910 PCS

1 SEC. 903. PRIVATELY INSURED CREDIT UNIONS AUTHOR2 IZED TO BECOME MEMBERS OF A FEDERAL 

3 HOME LOAN BANK. 

4 (a) IN GENERAL.—Section 4(a) of the Federal Home 

5 Loan Bank Act (12 U.S.C. 1424(a)) is amended by adding 

6 at the end the following: 

7 ‘‘(5) CERTAIN PRIVATELY INSURED CREDIT

8 UNIONS.— 

9 ‘‘(A) IN GENERAL.—Subject to the re10 quirements of subparagraph (B), a credit union 

11 that lacks insurance of its member accounts 

12 under Federal law shall be treated as an in13 sured depository institution for purposes of this 

14 Act. 

15 ‘‘(B) CERTIFICATION BY APPROPRIATE

16 STATE SUPERVISOR.—For purposes of this 

17 paragraph, a credit union that lacks insurance 

18 of its member accounts under Federal law and 

19 that has applied for membership in a Federal 

20 Home Loan Bank shall be treated as an in21 sured depository institution if the following has 

22 occurred: 

23 ‘‘(i) DETERMINATION BY STATE SU24 PERVISOR OF THE CREDIT UNION.— 

25 ‘‘(I) IN GENERAL.—Subject to 

26 subclause (II), the appropriate super-
187 

•S 1910 PCS

1 visor of the State in which the credit 

2 union is chartered has determined 

3 that the credit union meets all the eli4 gibility requirements under section 

5 201(a) of the Federal Credit Union 

6 Act (12 U.S.C. 1781(a)) to apply for 

7 insurance of its member accounts as 

8 of the date of the application for 

9 membership. 

10 ‘‘(II) CERTIFICATION DEEMED

11 VALID.—In the case of any credit 

12 union to which subclause (I) applies, 

13 if the appropriate supervisor of the 

14 State in which such credit union is 

15 chartered fails to make the determina16 tion required pursuant to such sub17 clause by the end of the 12-month pe18 riod beginning on the date on which 

19 the application is submitted to the su20 pervisor, the credit union shall be 

21 deemed to have met the requirements 

22 of subclause (I). 

23 ‘‘(ii) DETERMINATION BY STATE SU24 PERVISOR OF THE PRIVATE DEPOSIT IN25 SURER.—The licensing entity of the pri-
188 

•S 1910 PCS

1 vate deposit insurer that is insuring the 

2 member accounts of the credit union— 

3 ‘‘(I) receives, on an annual basis, 

4 an independent actuarial opinion that 

5 the private insurer has set aside suffi6 cient reserves for losses; and 

7 ‘‘(II) obtains, as frequently as 

8 appropriate, but not less frequently 

9 than once every 36 months, a study 

10 by an independent actuary on the cap11 ital adequacy of the private insurer. 

12 ‘‘(iii) SUBMISSION OF FINANCIAL IN13 FORMATION.—The credit union or the ap14 propriate supervisor of the State in which 

15 the credit union is chartered makes avail16 able, and continues to make available for 

17 such time as the credit union is a member 

18 of a Federal Home Loan Bank, to the 

19 Federal Housing Finance Agency or to the 

20 Federal Home Loan Bank all reports, 

21 records, and other information related to 

22 any examination or inquiry performed by 

23 the supervisor concerning the financial 

24 condition of the credit union, as soon as is 

25 practicable. 
189 

•S 1910 PCS

1 ‘‘(C) SECURITY INTERESTS OF FEDERAL

2 HOME LOAN BANK NOT AVOIDABLE.—Notwith3 standing any provision of State law authorizing 

4 a conservator or liquidating agent of a credit 

5 union to repudiate contracts, no such provision 

6 shall apply with respect to— 

7 ‘‘(i) any extension of credit from any 

8 Federal Home Loan Bank to any credit 

9 union that is a member of any such bank 

10 pursuant to this paragraph; or 

11 ‘‘(ii) any security interest in the as12 sets of such a credit union securing any 

13 such extension of credit. 

14 ‘‘(D) PROTECTION FOR CERTAIN FEDERAL

15 HOME LOAN BANK ADVANCES.—Notwith16 standing any State law to the contrary, if a 

17 Bank makes an advance under section 10 to a 

18 State-chartered credit union that is not feder19 ally insured— 

20 ‘‘(i) the interest of the Bank in any 

21 collateral securing the advance has the 

22 same priority and is afforded the same 

23 standing and rights that the security inter24 est would have had if the advance had 
190 

•S 1910 PCS

1 been made to a federally insured credit 

2 union; and 

3 ‘‘(ii) the Bank has the same right to 

4 access such collateral that the Bank would 

5 have had if the advance had been made to 

6 a federally insured credit union.’’. 

7 (b) COPIES OF AUDITS OF PRIVATE INSURERS OF

8 CERTAIN DEPOSITORY INSTITUTIONS REQUIRED TO BE

9 PROVIDED TO SUPERVISORY AGENCIES.—Section 

10 43(a)(2)(A) of the Federal Deposit Insurance Act (12 

11 U.S.C. 1831t(a)(2)(A)) is amended— 

12 (1) in clause (i), by striking ‘‘; and’’ and insert13 ing a semicolon; 

14 (2) in clause (ii), by striking the period at the 

15 end and inserting ‘‘; and’’; and 

16 (3) by adding at the end the following: 

17 ‘‘(iii) in the case of depository institu18 tions described in subsection (e)(2)(A), the 

19 member accounts of which are insured by 

20 the private deposit insurer, which are 

21 members of a Federal home loan bank, to 

22 the Federal Housing Finance Agency, not 

23 later than 7 days after the audit is com24 pleted.’’. 
191 

•S 1910 PCS

1 (c) GAO REPORT.—Not later than 18 months after 

2 the date of enactment of this title, the Comptroller Gen3 eral of the United States shall conduct a study and submit 

4 to Congress a report on— 

5 (1) the adequacy of insurance reserves held by 

6 any private deposit insurer that insures the member 

7 accounts of any entity described in section 

8 43(e)(2)(A) of the Federal Deposit Insurance Act 

9 (12 U.S.C. 1831t(e)(2)(A)); and 

10 (2) for any entity described in paragraph (1), 

11 the member accounts of which are insured by a pri12 vate deposit insurer, the level of compliance with 

13 Federal regulations relating to the disclosure of a 

14 lack of Federal deposit insurance. 

15 SEC. 904. DESIGNATION OF RURAL AREA. 

16 (a) APPLICATION.—Not later than 90 days after the 

17 date of enactment of this title, the Bureau of Consumer 

18 Financial Protection shall establish an application process 

19 under which a person who lives or does business in a State 

20 may, with respect to an area identified by the person in 

21 the State that has not been designated by the Bureau of 

22 Consumer Financial Protection as a rural area for pur23 poses of a Federal consumer financial law (as defined in 

24 section 1002 of the Consumer Financial Protection Act 
192 

•S 1910 PCS

1 of 2010 (12 U.S.C. 5481)), apply for such area to be so 

2 designated. 

3 (b) EVALUATION CRITERIA.—In evaluating an appli4 cation submitted under subsection (a), the Bureau of Con5 sumer Financial Protection shall take into consideration 

6 the following factors: 

7 (1) Criteria used by the Director of the Bureau 

8 of the Census for classifying geographical areas as 

9 rural or urban. 

10 (2) Criteria used by the Director of the Office 

11 of Management and Budget to designate counties as 

12 metropolitan, micropolitan, or neither. 

13 (3) Criteria used by the Secretary of Agri14 culture to determine property eligibility for rural de15 velopment programs. 

16 (4) The Department of Agriculture rural-urban 

17 commuting area codes. 

18 (5) A written opinion provided by the State 

19 bank supervisor (as defined in section 3 of the Fed20 eral Deposit Insurance Act (12 U.S.C. 1813). 

21 (6) Population density. 

22 (c) RULE OF CONSTRUCTION.—If, at any time before 

23 the date on which an application is submitted under sub24 section (a), the area subject to review has been designated 

25 as nonrural by any Federal agency described in subsection 
193 

•S 1910 PCS

1 (b) using any of the criteria described in that subsection, 

2 the Bureau of Consumer Financial Protection shall not 

3 be required to consider such designation in its evaluation. 

4 (d) PUBLIC COMMENT PERIOD.— 

5 (1) IN GENERAL.—Not later than 60 days after 

6 the date on which an application submitted under 

7 subsection (a) is received, the Bureau of Consumer 

8 Financial Protection shall— 

9 (A) publish the application on the website 

10 of the Bureau of Consumer Financial Protec11 tion; and 

12 (B) make the application available for pub13 lic comment for not fewer than 90 days. 

14 (2) LIMITATION ON ADDITIONAL APPLICA15 TIONS.—Nothing in this section shall be construed 

16 to require the Bureau of Consumer Financial Pro17 tection, during the public comment period described 

18 in paragraph (1) with respect to an application sub19 mitted under subsection (a), to accept an additional 

20 application with respect to the area that is the sub21 ject of the initial application. 

22 (e) DECISION ON DESIGNATION.—Not later than 90 

23 days after the end of the public comment period described 

24 in subsection (d)(1), the Bureau of Consumer Financial 

25 Protection shall— 
194 

•S 1910 PCS

1 (1) grant or deny such application, in whole or 

2 in part; and 

3 (2) publish such grant or denial in the Federal 

4 Register, along with an explanation of the factors on 

5 which the Bureau of Consumer Financial Protection 

6 relied in making such decision. 

7 (f) SUBSEQUENT APPLICATIONS.—A decision by the 

8 Bureau under subsection (e) to deny an application for 

9 an area to be designated as a rural area shall not preclude 

10 the Bureau of Consumer Financial Protection from ac11 cepting a subsequent application submitted under sub12 section (a) for the area to be so designated if the subse13 quent application is submitted after the date on which the 

14 90-day period beginning on the date on which the Bureau 

15 of Consumer Financial Protection denies the application 

16 under subsection (e) expires. 

17 (g) OPERATIONS IN RURAL AREAS.—The Truth in 

18 Lending Act (15 U.S.C. 1601 et seq.) is amended— 

19 (1) in section 129C(b)(2)(E)(iv)(I) (15 U.S.C. 

20 1639c(b)(2)(E)(iv)(I)), by striking ‘‘predominantly’’; 

21 and 

22 (2) in section 129D(c)(1) (15 U.S.C. 

23 1639d(c)(1)), by striking ‘‘predominantly’’. 
195 

•S 1910 PCS

1 SEC. 905. INDEPENDENT EXAMINATION REVIEW. 

2 (a) IN GENERAL.—The Federal Financial Institu3 tions Examination Council Act of 1978 (12 U.S.C. 3301 

4 et seq.) is amended by adding at the end the following: 

5 ‘‘SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION RE6 VIEW. 

7 ‘‘(a) ESTABLISHMENT.—There is established in the 

8 Council an Office of Independent Examination Review. 

9 ‘‘(b) HEAD OF OFFICE.— 

10 ‘‘(1) ESTABLISHMENT.—There is established 

11 the position of the Director as the head of the Office 

12 of Independent Examination Review, who shall be 

13 appointed by the Council for a term of 5 years. 

14 ‘‘(2) REMOVAL.— 

15 ‘‘(A) IN GENERAL.—The President may re16 move the Director from office. 

17 ‘‘(B) CONGRESSIONAL NOTIFICATION.— 

18 Not later than 30 days after the date on which 

19 the Director is removed from office under sub20 paragraph (A), the President shall submit to 

21 Congress a written notification describing the 

22 reasons for the removal. 

23 ‘‘(c) STAFFING.—The Director may hire staff to sup24 port the activities of the Office of Independent Examina25 tion Review. 

26 ‘‘(d) DUTIES.—The Director shall— 
196 

•S 1910 PCS

1 ‘‘(1) receive and, at the discretion of the Direc2 tor, investigate complaints from financial institu3 tions, representatives of financial institutions, or any 

4 other entity acting on behalf of financial institutions, 

5 concerning examinations, examination practices, or 

6 examination reports; 

7 ‘‘(2) hold meetings, not less than once every 90 

8 days and in locations designed to encourage partici9 pation from all regions of the United States, with fi10 nancial institutions, representatives of financial in11 stitutions, or any other entity acting on behalf of fi12 nancial institutions, to discuss examination proce13 dures, examination practices, or examination poli14 cies; 

15 ‘‘(3) review examination procedures of the Fed16 eral financial institutions regulatory agencies to en17 sure that the written examination policies of the 

18 agencies are being followed in practice and adhere to 

19 the standards for consistency established by the 

20 Council; 

21 ‘‘(4) conduct a continuing and regular program 

22 of examination quality assurance for all types of ex23 aminations conducted by the Federal financial insti24 tutions regulatory agencies; and 
197 

•S 1910 PCS

1 ‘‘(5) submit to the Committee on Banking, 

2 Housing, and Urban Affairs of the Senate, the Com3 mittee on Financial Services of the House of Rep4 resentatives, and the Council an annual report on 

5 the reviews carried out pursuant to paragraphs (3) 

6 and (4), including recommendations for improve7 ments in examination procedures, practices, and 

8 policies. 

9 ‘‘(e) CONFIDENTIALITY.—The Director shall keep 

10 confidential— 

11 ‘‘(1) all meetings, discussions, and information 

12 provided by financial institutions; and 

13 ‘‘(2) any confidential or privileged information 

14 provided by a Federal financial institutions regu15 latory agency. 

16 ‘‘(f) FUNDING; BUDGET.— 

17 ‘‘(1) IN GENERAL.—One-fifth of the costs and 

18 expenses of the Office of Independent Examination 

19 Review, including the salaries of its employees, shall 

20 be paid by each of the Federal financial institutions 

21 regulatory agencies, which shall be based on the 

22 budget submitted under paragraph (2). 

23 ‘‘(2) BUDGET.—Not later than April 15 of each 

24 fiscal year, the Director shall submit to the Council 
198 

•S 1910 PCS

1 a projected budget for the Office of Independent Ex2 amination Review for the following fiscal year.’’. 

3 (b) DEFINITIONS.—Section 1003 of the Federal Fi4 nancial Institutions Examination Council Act of 1978 (12 

5 U.S.C. 3302) is amended— 

6 (1) by striking paragraph (1) and inserting the 

7 following: 

8 ‘‘(1) the term ‘Federal financial institutions 

9 regulatory agencies’ means the Office of the Comp10 troller of the Currency, the Board of Governors of 

11 the Federal Reserve System, the Federal Deposit In12 surance Corporation, the National Credit Union Ad13 ministration, and the Bureau of Consumer Financial 

14 Protection;’’; 

15 (2) in paragraph (2), by striking ‘‘; and’’ and 

16 inserting a semicolon; 

17 (3) in paragraph (3), by striking the semicolon 

18 and inserting ‘‘; and’’; and 

19 (4) by adding at the end the following: 

20 ‘‘(4) the term ‘Director’ means the Director es21 tablished under section 1012.’’. 

22 (c) FEDERAL BANKING AGENCY OMBUDSMAN.— 

23 (1) IN GENERAL.—Section 309 of the Riegle 

24 Community Development and Regulatory Improve25 ment Act of 1994 (12 U.S.C. 4806) is amended— 
199 

•S 1910 PCS

1 (A) in the first sentence of subsection (a), 

2 by inserting ‘‘, the Bureau of Consumer Finan3 cial Protection,’’ after ‘‘Federal banking agen4 cy’’; 

5 (B) in subsection (b)— 

6 (i) by redesignating paragraphs (1) 

7 and (2) as subparagraphs (A) and (B), re8 spectively, and adjusting the margins ac9 cordingly; 

10 (ii) in the matter preceding subpara11 graph (A), as so redesignated, by striking 

12 ‘‘In establishing’’ and inserting the fol13 lowing: 

14 ‘‘(1) IN GENERAL.—In establishing’’; 

15 (iii) in paragraph (1)(B), as so redes16 ignated, by striking ‘‘the appellant from 

17 retaliation by agency examiners’’ and in18 serting ‘‘the insured depository institution 

19 or insured credit union from retaliation by 

20 an agency referred to in subsection (a)’’; 

21 and 

22 (iv) by adding at the end the fol23 lowing: 

24 ‘‘(2) RETALIATION.—For purposes of this sub25 section and subsection (e), retaliation includes delay-
200 

•S 1910 PCS

1 ing consideration of, or withholding approval of, any 

2 request, notice, or application that otherwise would 

3 have been approved, but for the exercise of the 

4 rights of the insured depository institution or in5 sured credit union under this section.’’; and 

6 (C) in subsection (e)(2)— 

7 (i) in subparagraph (B), by striking ‘‘; 

8 and’’ and inserting a semicolon; 

9 (ii) in subparagraph (C), by striking 

10 the period at the end and inserting ‘‘; 

11 and’’; and 

12 (iii) by adding at the end the fol13 lowing: 

14 ‘‘(D) ensure that appropriate safeguards 

15 exist for protecting the insured depository insti16 tution or insured credit union from retaliation 

17 by any appropriate Federal banking agency for 

18 exercising the rights of the insured depository 

19 institution or insured credit union under this 

20 subsection.’’. 

21 (2) EFFECT.—Nothing in this subsection shall 

22 be construed to affect the authority of an appro23 priate Federal banking agency (as defined in section 

24 3 of the Federal Deposit Insurance Act (12 U.S.C. 

25 1813)) or the National Credit Union Administration 
201 

•S 1910 PCS

1 Board to take enforcement or other supervisory ac2 tion. 

3 (d) FEDERAL CREDIT UNION ACT.—Section 205(j) 

4 of the Federal Credit Union Act (12 U.S.C. 1785(j)) is 

5 amended by inserting ‘‘the Bureau of Consumer Financial 

6 Protection,’’ before ‘‘the Administration’’ each place that 

7 term appears. 

8 (e) FEDERAL FINANCIAL INSTITUTIONS EXAMINA9 TION COUNCIL ACT.—Section 1005 of the Federal Finan10 cial Institutions Examination Council Act of 1978 (12 

11 U.S.C. 3304) is amended by striking ‘‘One-fifth’’ and in12 serting ‘‘One-fourth’’. 

13 SEC. 906. CONFIDENTIALITY OF INFORMATION SHARED BE14 TWEEN STATE AND FEDERAL FINANCIAL 

15 SERVICES REGULATORS. 

16 Section 1512(a) of the S.A.F.E. Mortgage Licensing 

17 Act of 2008 (12 U.S.C. 5111(a)) is amended by inserting 

18 ‘‘or financial services’’ before ‘‘industry’’. 

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

20 PORTFOLIO. 

21 (a) IN GENERAL.—Section 129C of the Truth in 

22 Lending Act (15 U.S.C. 1639c) is amended by adding at 

23 the end the following: 

24 ‘‘(j) SAFE HARBOR FOR CERTAIN LOANS HELD IN

25 PORTFOLIO.— 
202 

•S 1910 PCS

1 ‘‘(1) DEFINITIONS.—In this section— 

2 ‘‘(A) the term ‘appropriate Federal bank3 ing agency’ has the meaning given that term in 

4 section 3 of the Federal Deposit Insurance Act 

5 (12 U.S.C. 1813); 

6 ‘‘(B) the term ‘depository institution’ has 

7 the meaning given that term in section 19(b)(1) 

8 of the Federal Reserve Act (12 U.S.C. 

9 461(b)(1)); and 

10 ‘‘(C) the term ‘financial institution regu11 lator’ means an appropriate Federal banking 

12 agency, the Bureau, and the National Credit 

13 Union Administration. 

14 ‘‘(2) SAFE HARBOR FOR CREDITORS.— 

15 ‘‘(A) IN GENERAL.—A creditor shall not be 

16 subject to suit for failure to comply with sub17 section (a), (c)(1), or (f)(2) of this section or 

18 section 129H with respect to a residential mort19 gage loan, and the financial institution regu20 lators shall treat such loan as a qualified mort21 gage, if— 

22 ‘‘(i)(I) the creditor has, since the 

23 origination of the loan, held the loan on 

24 the balance sheet of the creditor; or 
203 

•S 1910 PCS

1 ‘‘(II) any person acquiring the loan 

2 has continued to hold the loan on the bal3 ance sheet of the person; 

4 ‘‘(ii) the loan has not been acquired 

5 through a securitization; 

6 ‘‘(iii) all prepayment penalties with respect 

7 to the loan comply with the limitations de8 scribed in subsection (c)(3); 

9 ‘‘(iv) the loan does not have— 

10 ‘‘(I) negative amortization; 

11 ‘‘(II) interest-only features; or 

12 ‘‘(III) a loan term of more than 30 

13 years; and 

14 ‘‘(v) the creditor has documented the con15 sumer’s— 

16 ‘‘(I) income; 

17 ‘‘(II) employment; 

18 ‘‘(III) assets; and 

19 ‘‘(IV) credit history. 

20 ‘‘(B) EXCEPTION FOR CERTAIN TRANS21 FERS.—In the case of a depository institution 

22 that transfers a loan originated by that institu23 tion to another depository institution by reason 

24 of the bankruptcy or failure of the originating 

25 depository institution or the purchase of the 
204 

•S 1910 PCS

1 originating depository institution, the depository 

2 institution acquiring the loan shall be deemed 

3 to have complied with the requirement under 

4 subparagraph (A)(i).’’. 

5 (b) REVIEWING THE PORTFOLIO OF SYSTEMICALLY

6 IMPORTANT BANKS.—Section 18(o) of the Federal De7 posit Insurance Act (12 U.S.C. 1828(o)) is amended by 

8 adding at the end the following: 

9 ‘‘(5) SYSTEMICALLY IMPORTANT BANK RE10 VIEW.—The appropriate Federal banking agency 

11 shall periodically review the mortgage portfolio or 

12 targeted segments of the portfolios of a bank subject 

13 to a determination under section 113A(a) of the Fi14 nancial Stability Act of 2010 if— 

15 ‘‘(A) there is elevated risk; 

16 ‘‘(B) there is an increase in delinquency 

17 and loss rates; 

18 ‘‘(C) there are new lines of business; 

19 ‘‘(D) there are new acquisition channels; 

20 ‘‘(E) there is rapid growth; or 

21 ‘‘(F) an internal audit is inadequate.’’. 

22 (c) RULE OF CONSTRUCTION.—Nothing in the 

23 amendment made by subsection (a) shall be construed to 

24 prevent a balloon loan from qualifying for the safe harbor 

25 provided under section 129C(j) of the Truth in Lending 
205 

•S 1910 PCS

1 Act, as added by subsection (a), if the balloon loan other2 wise meets all of the requirements under subsection (j) 

3 of that section, regardless of whether the balloon loan 

4 meets the requirements described under clauses (i) 

5 through (iv) of section 129C(b)(2)(E) of that Act (12 

6 U.S.C. 129C(b)(2)(E)). 

7 SEC. 908. PROTECTING CONSUMER ACCESS TO MORTGAGE 

8 CREDIT. 

9 (a) DEFINITION OF HIGH-COST MORTGAGE.—Sec10 tion 103 of the Truth in Lending Act (15 U.S.C. 1602) 

11 is amended— 

12 (1) by redesignating subsections (aa) and (bb) 

13 as subsections (bb) and (aa), respectively, and mov14 ing subsection (bb), as so redesignated, after sub15 section (aa), as so redesignated; and 

16 (2) in subsection (aa)(4), as so redesignated— 

17 (A) in the matter preceding subparagraph 

18 (A), by striking ‘‘paragraph (1)(B)’’ and insert19 ing ‘‘paragraph (1)(A) and section 129C’’; 

20 (B) in subparagraph (C)— 

21 (i) in the matter preceding clause (i), 

22 by inserting ‘‘and insurance’’ after 

23 ‘‘taxes’’; and 

24 (ii) in clause (iii), by striking ‘‘; and’’ 

25 and inserting a semicolon; and 
206 

•S 1910 PCS

1 (C) in subparagraph (D)— 

2 (i) by striking ‘‘accident,’’; and 

3 (ii) by striking ‘‘or any payments’’ 

4 and inserting ‘‘and any payments’’. 

5 (b) RULEMAKING.—Not later than 90 days after the 

6 date of enactment of this title, the Bureau of Consumer 

7 Financial Protection shall promulgate regulations to carry 

8 out the amendments made by subsection (a)(2). 

9 (c) STUDY AND REPORT ON CONSUMER ACCESS TO

10 MORTGAGE CREDIT.— 

11 (1) STUDY REQUIRED.—The Comptroller Gen12 eral of the United States shall conduct a study to 

13 determine the effects that the Dodd-Frank Wall 

14 Street Reform and Consumer Protection Act (12 

15 U.S.C. 5301 et seq.) has had on the availability and 

16 affordability of credit for consumers, small busi17 nesses, first-time homebuyers, and mortgage lending, 

18 including the effects— 

19 (A) on the mortgage market for mortgages 

20 that are not qualified mortgages; 

21 (B) on the ability of prospective home22 buyers to obtain financing, including first-time 

23 homebuyers; 

24 (C) on the ability of homeowners facing 

25 resets or adjustments to refinance, including 
207 

•S 1910 PCS

1 whether homeowners have fewer refinancing op2 tions due to the unavailability of certain loan 

3 products that were available before the date of 

4 enactment of the Dodd-Frank Wall Street Re5 form and Consumer Protection Act (12 U.S.C. 

6 5301 et seq.); 

7 (D) on the ability of minorities to access 

8 affordable credit compared with other prospec9 tive borrowers; 

10 (E) on home sales and construction; 

11 (F) of extending any right of rescission on 

12 adjustable rate loans and the impact of the 

13 right of rescission on litigation; 

14 (G) of any State foreclosure law and the 

15 ability of investors to transfer a property after 

16 foreclosure; 

17 (H) of expanding the existing provisions of 

18 the Home Ownership and Equity Protection 

19 Act of 1994 (15 U.S.C. 1601 note and 1602 

20 note); 

21 (I) of prohibiting prepayment penalties on 

22 high-cost mortgages; 

23 (J) of establishing counseling services 

24 under the Department of Housing and Urban 
208 

•S 1910 PCS

1 Development and offered through the Office of 

2 Housing Counseling; and 

3 (K) on the differences in title insurance 

4 premiums and ancillary charges paid by low5 and moderate-income consumers to affiliates of 

6 mortgage lenders to purchase title insurance 

7 versus title insurance premiums and ancillary 

8 charges paid by low- and moderate-income con9 sumers to unaffiliated title agencies or attor10 neys to purchase title insurance in those mar11 kets in which both affiliated and unaffiliated 

12 mortgage lenders compete. 

13 (2) REPORT.—Not later than 1 year after the 

14 date of enactment of this title, the Comptroller Gen15 eral of the United States shall submit to the Com16 mittee on Banking, Housing, and Urban Affairs of 

17 the Senate and the Committee on Financial Services 

18 of the House of Representatives a report that in19 cludes— 

20 (A) the findings and conclusions of the 

21 Comptroller General with respect to the study 

22 conducted under paragraph (1); and 

23 (B) any recommendations for legislative or 

24 regulatory actions that— 
209 

•S 1910 PCS

1 (i) would enhance the access of a con2 sumer to mortgage credit; 

3 (ii) is consistent with consumer pro4 tections and safe and sound banking oper5 ations; and 

6 (iii) would address any negative ef7 fects on mortgage credit and mortgage 

8 availability identified in the study. 

9 SEC. 909. PROTECTING ACCESS TO MANUFACTURED 

10 HOMES. 

11 (a) MORTGAGE ORIGINATOR DEFINITION.—Section 

12 103 of the Truth in Lending Act (15 U.S.C. 1602) is 

13 amended— 

14 (1) by redesignating the second subsection des15 ignated as subsection (cc) and subsection (dd) as 

16 subsections (dd) and (ee), respectively; and 

17 (2) in subsection (dd)(2)(C), as so redesignated, 

18 by striking ‘‘an employee of a retailer of manufac19 tured homes who is not described in clause (i) or 

20 (iii) of subparagraph (A) and who does not advise a 

21 consumer on loan terms (including rates, fees, and 

22 other costs)’’ and inserting ‘‘a retailer of manufac23 tured or modular homes or its employees, unless 

24 such retailer or its employees receive compensation 

25 or gain for engaging in activities described in sub-
210 

•S 1910 PCS

1 paragraph (A) that is in excess of any compensation 

2 or gain received in a comparable cash transaction’’. 

3 (b) HIGH-COST MORTGAGE DEFINITION.—Section 

4 103(aa)(1)(A) of the Truth in Lending Act (15 U.S.C. 

5 1602(aa)(1)(A)), as redesignated by section 908(a)(1) of 

6 this title, is amended— 

7 (1) in clause (i)(I), by striking ‘‘(8.5 percentage 

8 points, if the dwelling is personal property and the 

9 transaction is for less than $50,000)’’ and inserting 

10 ‘‘(10 percentage points, if the dwelling is personal 

11 property or is a transaction that does not include 

12 the purchase of real property on which a dwelling is 

13 to be placed, and the transaction is for less than 

14 $75,000 (as such amount is adjusted by the Bureau 

15 to reflect the change in the Consumer Price 

16 Index))’’; and 

17 (2) in clause (ii)— 

18 (A) in subclause (I), by striking ‘‘; or’’ and 

19 inserting a semicolon; and 

20 (B) by adding at the end the following: 

21 ‘‘(III) in the case of a trans22 action for less than $75,000 (as such 

23 amount is adjusted by the Bureau to 

24 reflect the change in the Consumer 

25 Price Index) in which the dwelling is 
211 

•S 1910 PCS

1 personal property (or is a consumer 

2 credit transaction that does not in3 clude the purchase of real property on 

4 which a dwelling is to be placed), the 

5 greater of 5 percent of the total trans6 action amount or $3,000 (as such 

7 amount is adjusted by the Bureau to 

8 reflect the change in the Consumer 

9 Price Index); or’’. 

10 SEC. 910. STREAMLINING BANK EXAMS. 

11 Section 10(d) of the Federal Deposit Insurance Act 

12 (12 U.S.C. 1820(d)) is amended— 

13 (1) in paragraph (4)(A), by striking 

14 ‘‘$500,000,000’’ and inserting ‘‘$1,000,000,000’’; 

15 and 

16 (2) in paragraph (10), by striking 

17 ‘‘$500,000,000’’ and inserting ‘‘$1,000,000,000’’. 

18 SEC. 911. ADJUSTMENTS FOR CHANGES IN GROSS DOMES19 TIC PRODUCT. 

20 (a) COMMODITY EXCHANGE ACT.—Section 

21 2(h)(7)(C)(ii) of the Commodity Exchange Act (7 U.S.C. 

22 2(h)(7)(C)(ii)) is amended by inserting ‘‘(as such amount 

23 is adjusted annually by the Commission to reflect the per24 centage change for the previous calendar year in the gross 

25 domestic product of the United States, as calculated by 
212 

•S 1910 PCS

1 the Bureau of Economic Analysis of the Department of 

2 Commerce)’’ after ‘‘$10,000,000,000’’ each place that 

3 term appears. 

4 (b) CONSUMER FINANCIAL PROTECTION BUREAU

5 EXAMINATION AND REPORTING THRESHOLD.— 

6 (1) INCREASE IN THE EXAMINATION THRESH7 OLD.—Section 1025(a) of the Consumer Financial 

8 Protection Act of 2010 (12 U.S.C. 5515(a)) is 

9 amended by striking ‘‘$10,000,000,000’’ each place 

10 that term appears and inserting ‘‘$50,000,000,000 

11 (as such amount is adjusted annually by the Com12 mission to reflect the percentage change for the pre13 vious calendar year in the gross domestic product of 

14 the United States, as calculated by the Bureau of 

15 Economic Analysis of the Department of Com16 merce)’’. 

17 (2) INCREASE IN THE REPORTING THRESH18 OLD.—Section 1026(a) of the Consumer Financial 

19 Protection Act of 2010 (12 U.S.C. 5516(a)) is 

20 amended by striking ‘‘$10,000,000,000’’ each place 

21 that term appears and inserting ‘‘$50,000,000,000 

22 (as such amount is adjusted annually by the Com23 mission to reflect the percentage change for the pre24 vious calendar year in the gross domestic product of 

25 the United States, as calculated by the Bureau of 
213 

•S 1910 PCS

1 Economic Analysis of the Department of Com2 merce)’’. 

3 (3) EFFECTIVE DATE.—This subsection and the 

4 amendments made by this subsection shall take ef5 fect on the date that is 45 days after the date of en6 actment of this title. 

7 (c) SECURITIES EXCHANGE ACT OF 1934.—Section 

8 3C(g)(3)(B) of the Securities Exchange Act of 1934 (15 

9 U.S.C. 78c–3(g)(3)(B)) is amended by inserting ‘‘(as such 

10 amount is adjusted annually by the Commission to reflect 

11 the percentage change for the previous calendar year in 

12 the gross domestic product of the United States, as cal13 culated by the Bureau of Economic Analysis of the De14 partment of Commerce)’’ after ‘‘$10,000,000,000’’ each 

15 place that term appears. 

16 (d) ELECTRONIC FUND TRANSFER ACT.—Section 

17 920(a)(6)(A) of the Electronic Fund Transfer Act (15 

18 U.S.C. 1693o–2(a)(6)(A)) is amended by inserting ‘‘(as 

19 such amount is adjusted annually by the Board to reflect 

20 the percentage change for the previous calendar year in 

21 the gross domestic product of the United States, as cal22 culated by the Bureau of Economic Analysis of the De23 partment of Commerce)’’ after ‘‘$10,000,000,000’’. 

24 (e) ENHANCING FINANCIAL INSTITUTION SAFETY

25 AND SOUNDNESS ACT OF 2010.—Section 334(e) of the 
214 

•S 1910 PCS

1 Enhancing Financial Institution Safety and Soundness 

2 Act of 2010 (title III of Public Law 111–203; 124 Stat. 

3 1539) is amended by inserting ‘‘(as such amount is ad4 justed annually by the Corporation to reflect the percent5 age change for the previous calendar year in the gross do6 mestic product of the United States, as calculated by the 

7 Bureau of Economic Analysis of the Department of Com8 merce)’’ after ‘‘$10,000,000,000’’. 

9 (f) INVESTOR PROTECTION AND SECURITIES RE10 FORM ACT OF 2010.—Section 956(f) of the Investor Pro11 tection and Securities Reform Act of 2010 (15 U.S.C. 

12 5641(f)) is amended by inserting ‘‘(as such amount is ad13 justed annually by the appropriate Federal regulator to 

14 reflect the percentage change for the previous calendar 

15 year in the gross domestic product of the United States, 

16 as calculated by the Bureau of Economic Analysis of the 

17 Department of Commerce)’’ after ‘‘$1,000,000,000’’. 

18 SEC. 912. STUDY ON THE PRIVACY RISKS OF GOVERNMENT 

19 PUBLICATION OF PERSONAL FINANCIAL 

20 DATA. 

21 Section 304 of the Home Mortgage Disclosure Act 

22 of 1975 (12 U.S.C. 2803) is amended— 

23 (1) in subsection (n), by inserting ‘‘Such data 

24 shall not be publicly disclosed by the Bureau or a 

25 depository institution before the date on which the 
215 

•S 1910 PCS

1 report is submitted under subsection (o)(2).’’ after 

2 the period at the end; and 

3 (2) by adding at the end the following: 

4 ‘‘(o) STUDY AND REPORT TO CONGRESS.— 

5 ‘‘(1) STUDY REQUIRED.—The Comptroller Gen6 eral of the United States shall conduct a study to 

7 determine whether the data published under this 

8 Act, in connection with other publicly available data 

9 sources, could allow for or increase the probability 

10 of— 

11 ‘‘(A) exposure of the identity of mortgage 

12 applicants or mortgagors through reverse engi13 neering; 

14 ‘‘(B) exposure of mortgage applicants or 

15 mortgagors to identity theft or the loss of sen16 sitive personal financial information; 

17 ‘‘(C) the marketing or sale of unfair, de18 ceptive, or abusive financial products to mort19 gage applicants or mortgagors based on the 

20 data published under this Act; 

21 ‘‘(D) personal financial loss or emotional 

22 distress resulting from the exposure of mort23 gage applicants or mortgagors to identify theft 

24 or the loss of sensitive personal financial infor25 mation; and 
216 

•S 1910 PCS

1 ‘‘(E) the potential legal liability facing the 

2 Bureau and market participants in the event 

3 the published data leads or contributes to iden4 tity theft or the capture of sensitive personal fi5 nancial information. 

6 ‘‘(2) REPORT.—Not later than 1 year after the 

7 date of enactment of this subsection, the Comp8 troller General of the United States shall submit to 

9 the Committee on Banking, Housing, and Urban Af10 fairs of the Senate and the Committee on Financial 

11 Services of the House of Representatives a report 

12 that includes— 

13 ‘‘(A) the findings and conclusions of the 

14 Comptroller General with respect to the study 

15 conducted under paragraph (1); and 

16 ‘‘(B) any recommendations for legislative 

17 or regulatory actions that— 

18 ‘‘(i) would enhance the privacy of a 

19 consumer when accessing mortgage credit; 

20 and 

21 ‘‘(ii) are consistent with consumer 

22 protections and safe and sound banking 

23 operations.’’. 
217 

•S 1910 PCS

1 SEC. 913. ENSURING THE REPORTING OF APPRAISAL MIS2 CONDUCT. 

3 Section 129E of the Truth in Lending Act (15 U.S.C. 

4 1639e) is amended— 

5 (1) in subsection (e)— 

6 (A) by striking ‘‘Any mortgage lender’’ 

7 and inserting the following: 

8 ‘‘(1) IN GENERAL.—Any mortgage lender’’; and 

9 (B) by adding at the end the following: 

10 ‘‘(2) LIMITATION ON CIVIL LIABILITY.—No per11 son may be held civilly liable under any provision of 

12 Federal, State, or other law for a disclosure made in 

13 good faith pursuant to this section.’’; and 

14 (2) in subsection (k), by adding at the end the 

15 following: 

16 ‘‘(4) APPLICABILITY.—This subsection shall not 

17 apply to subsection (e).’’. 

18 SEC. 914. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS. 

19 Notwithstanding the rule of the Board of Governors 

20 of the Federal Reserve System regarding Mutual Holding 

21 Company Dividend Waivers in section 239.63 of title 12, 

22 Code of Federal Regulations (or any successor thereto), 

23 grandfathered mutual holding companies and all other 

24 mutual holding companies shall be permitted to waive the 

25 receipt of dividends declared on the common stock of their 

26 bank or mid-size holding companies. 
218 

•S 1910 PCS

1 SEC. 915. SAFEGUARDING ACCESS TO HABITAT FOR HU2 MANITY HOMES. 

3 Section 129E(i)(2) of the Truth in Lending Act (15 

4 U.S.C. 1639e(i)(2)) is amended— 

5 (1) by redesignating subparagraphs (A) and 

6 (B) as clauses (i) and (ii), respectively, and adjust7 ing the margins accordingly; 

8 (2) in the matter preceding clause (i), as so re9 designated, by striking ‘‘For purposes of’’ and in10 serting the following: 

11 ‘‘(A) IN GENERAL.—For purposes of’’; and 

12 (3) by adding at the end the following: 

13 ‘‘(B) RULE OF CONSTRUCTION RELATED

14 TO APPRAISAL DONATIONS.—In the case of an 

15 appraisal for which the appraiser voluntarily 

16 does not receive a fee, the appraiser is not, and 

17 shall not be construed to be, with respect to the 

18 donated appraisal, a fee appraiser for purposes 

19 of this section.’’. 

20 SEC. 916. CLARIFYING THE APPLICABILITY OF SECTION 

21 13(H)(1) OF THE BANK HOLDING COMPANY 

22 ACT OF 1956. 

23 (a) IN GENERAL.—Section 13(h)(1) of the Bank 

24 Holding Company Act of 1956 (12 U.S.C. 1851(h)(1)) is 

25 amended— 
219 

•S 1910 PCS

1 (1) in subparagraph (D), by redesignating 

2 clauses (i) and (ii) as subclauses (I) and (II), respec3 tively, and adjusting the margins accordingly; 

4 (2) by redesignating subparagraphs (A), (B), 

5 (C), and (D) as clauses (i), (ii), (iii), and (iv), re6 spectively, and adjusting the margins accordingly; 

7 (3) by striking ‘‘institution that functions solely 

8 in a trust or fiduciary capacity, if—’’and inserting 

9 the following: ‘‘institution— 

10 ‘‘(A) that functions solely in a trust or fi11 duciary capacity, if—’’; and 

12 (4) by striking the period at the end and insert13 ing the following: ‘‘; or 

14 ‘‘(B) with total consolidated assets of 

15 $10,000,000,000 or less if such institution is 

16 not controlled by a company with total consoli17 dated assets of more than $10,000,000,000 (as 

18 such amounts are adjusted annually by the 

19 Board to reflect the percentage change for the 

20 previous calendar year in the gross domestic 

21 product of the United States, as calculated by 

22 the Bureau of Economic Analysis of the De23 partment of Commerce).’’. 
220 

•S 1910 PCS

1 (b) RESERVATION OF AUTHORITY.—Section 13 of 

2 the Bank Holding Company Act of 1956 (12 U.S.C. 1851) 

3 is amended by adding at the end the following: 

4 ‘‘(i) RESERVATION OF AUTHORITY FOR CERTAIN IN5 SURED DEPOSITORY INSTITUTIONS.— 

6 ‘‘(1) IN GENERAL.—Notwithstanding subsection 

7 (h)(1)(B), the appropriate Federal banking agency 

8 for an insured depository institution with total con9 solidated assets of $10,000,000,000 or less may 

10 apply the prohibitions and restrictions of this section 

11 to the activities of the insured depository institution 

12 that, but for subsection (h)(1)(B), would be subject 

13 to the prohibitions and restrictions of this section if 

14 the appropriate Federal banking agency determines 

15 that those activities— 

16 ‘‘(A) are inconsistent with traditional 

17 banking activities; or 

18 ‘‘(B) due to their nature or volume, pose 

19 a risk to the safety and soundness of the in20 sured depository institution. 

21 ‘‘(2) NOTICE AND RESPONSE.—Each of the ap22 propriate Federal banking agencies shall establish a 

23 procedure for providing notice to an insured deposi24 tory institution of a determination under paragraph 

25 (1) and an opportunity for response.’’. 
221 

•S 1910 PCS

1 SEC. 917. STUDY OF MORTGAGE SERVICING ASSETS. 

2 (a) DEFINITIONS.—In this section: 

3 (1) BANKING INSTITUTION.—The term ‘‘bank4 ing institution’’ means an insured depository institu5 tion, Federal credit union, State credit union, bank 

6 holding company, or savings and loan holding com7 pany. 

8 (2) BASEL III CAPITAL REQUIREMENTS.—The 

9 term ‘‘Basel III capital requirements’’ means the 

10 Global Regulatory Framework for More Resilient 

11 Banks and Banking Systems issued by the Basel 

12 Committee on Banking Supervision on December 16, 

13 2010, as revised on June 1, 2011. 

14 (3) FEDERAL BANKING AGENCIES.—The term 

15 ‘‘Federal banking agencies’’ means the Board of 

16 Governors of the Federal Reserve System, the Office 

17 of the Comptroller of the Currency, the Federal De18 posit Insurance Corporation, and the National Cred19 it Union Administration. 

20 (4) MORTGAGE SERVICING ASSETS.—The term 

21 ‘‘mortgage servicing assets’’ means those assets that 

22 result from contracts to service loans secured by real 

23 estate, where such loans are owned by third parties. 

24 (5) NCUA CAPITAL REQUIREMENTS.—The 

25 term ‘‘NCUA capital requirements’’ means the pro26 posed rule of the National Credit Union Administra-
222 

•S 1910 PCS

1 tion entitled ‘‘Risk-Based Capital’’ (80 Fed. Reg. 

2 4340 (January 27, 2015)). 

3 (6) OTHER DEFINITIONS.— 

4 (A) BANKING DEFINITIONS.—The terms 

5 ‘‘bank holding company’’, ‘‘insured depository 

6 institution’’, and ‘‘savings and loan holding 

7 company’’ have the meanings given those terms 

8 in section 3 of the Federal Deposit Insurance 

9 Act (12 U.S.C. 1813). 

10 (B) CREDIT UNION DEFINITIONS.—The 

11 terms ‘‘Federal credit union’’ and ‘‘State credit 

12 union’’ have the meanings given those terms in 

13 section 101 of the Federal Credit Union Act 

14 (12 U.S.C. 1752). 

15 (b) STUDY OF THE APPROPRIATE CAPITAL FOR

16 MORTGAGE SERVICING ASSETS.— 

17 (1) IN GENERAL.—The Federal banking agen18 cies shall jointly conduct a study of the appropriate 

19 capital requirements for mortgage servicing assets 

20 for banking institutions. 

21 (2) ISSUES TO BE STUDIED.—The study re22 quired under paragraph (1) shall include, with a 

23 specific focus on banking institutions— 

24 (A) the risk to banking institutions of 

25 holding mortgage servicing assets; 
223 

•S 1910 PCS

1 (B) the history of the market for mortgage 

2 servicing assets, including in particular the 

3 market for those assets in the period of the fi4 nancial crisis; 

5 (C) the ability of banking institutions to 

6 establish a value for mortgage servicing assets 

7 of the institution through periodic sales or other 

8 means; 

9 (D) regulatory approaches to mortgage 

10 servicing assets and capital requirements that 

11 may be used to address concerns about the 

12 value of and ability to sell mortgage servicing 

13 assets; 

14 (E) the impact of imposing the Basel III 

15 capital requirements and the NCUA capital re16 quirements on banking institutions on the abil17 ity of those institutions— 

18 (i) to compete in the mortgage serv19 icing business, including the need for 

20 economies of scale to compete in that busi21 ness; and 

22 (ii) to provide service to consumers to 

23 whom the institutions have made mortgage 

24 loans; 
224 

•S 1910 PCS

1 (F) an analysis of what the mortgage serv2 icing marketplace would look like if the Basel 

3 III capital requirements and the NCUA capital 

4 requirements on mortgage servicing assets— 

5 (i) were fully implemented; and 

6 (ii) applied to both banking institu7 tions and nondepository residential mort8 gage loan servicers; 

9 (G) the significance of problems with mort10 gage servicing assets, if any, in banking institu11 tion failures and problem banking institutions, 

12 including specifically identifying failed banking 

13 institutions where mortgage servicing assets 

14 contributed to the failure; and 

15 (H) an analysis of the relevance of the 

16 Basel III capital requirements and the NCUA 

17 capital requirements on mortgage servicing as18 sets to the banking systems of other signifi19 cantly developed countries. 

20 (3) REPORT TO CONGRESS.—Not later than 

21 180 days after the date of enactment of this title, 

22 the Federal banking agencies shall submit to the 

23 Committee on Banking, Housing, and Urban Affairs 

24 of the Senate and the Committee on Financial Serv-
225 

•S 1910 PCS

1 ices of the House of Representatives a report con2 taining— 

3 (A) the results of the study required under 

4 paragraph (1); 

5 (B) any analysis on the specific issue of 

6 mortgage servicing assets undertaken by the 

7 Federal banking agencies before finalizing regu8 lations implementing the Basel III capital re9 quirements and the NCUA capital require10 ments; and 

11 (C) any recommendations for legislative or 

12 regulatory actions that would address concerns 

13 about the value of and ability to sell and the 

14 ability of banking institutions to hold mortgage 

15 servicing assets. 

16 SEC. 918. NO WAIT FOR LOWER MORTGAGE RATES. 

17 (a) IN GENERAL.—Section 129(b) of the Truth in 

18 Lending Act (15 U.S.C. 1639(b)) is amended— 

19 (1) by redesignating paragraph (3) as para20 graph (4); and 

21 (2) by inserting after paragraph (2) the fol22 lowing: 

23 ‘‘(3) NO WAIT FOR LOWER RATE.—If a creditor 

24 extends to a consumer a second offer of credit with 

25 a lower annual percentage rate, the transaction may 
226 

•S 1910 PCS

1 be consummated without regard to the period speci2 fied in paragraph (1).’’. 

3 (b) SAFE HARBOR FOR GOOD FAITH COMPLIANCE

4 WITH TILA-RESPA INTEGRATED DISCLOSURE RULE.— 

5 Section 1032(f) of the Consumer Financial Protection Act 

6 of 2010 (12 U.S.C. 5532(f)) is amended— 

7 (1) by striking ‘‘Not later than’’ and inserting 

8 the following: 

9 ‘‘(1) IN GENERAL.—Not later than’’; and 

10 (2) by adding at the end the following: 

11 ‘‘(2) SAFE HARBOR FOR GOOD FAITH COMPLI12 ANCE.— 

13 ‘‘(A) SAFE HARBOR.—Notwithstanding 

14 any other provision of law, during the period 

15 described in subparagraph (B), an entity that 

16 provides the disclosures required under the 

17 Truth in Lending Act (15 U.S.C. 1601 et seq.) 

18 and sections 4 and 5 of the Real Estate Settle19 ment Procedures Act of 1974 (12 U.S.C. 2603 

20 and 2604), as in effect on July 31, 2015, shall 

21 not be subject to any civil, criminal, or adminis22 trative action or penalty for failure to fully 

23 comply with any requirement under this sub24 section. 
227 

•S 1910 PCS

1 ‘‘(B) APPLICABLE PERIOD.—Subparagraph 

2 (A) shall apply to an entity during the period 

3 beginning on the date of enactment of this 

4 paragraph and ending on the date that is 30 

5 days after the date on which a certification by 

6 the Director that the model disclosures required 

7 under paragraph (1) are accurate and in com8 pliance with all State laws is published in the 

9 Federal Register.’’. 

10 SEC. 919. ELIMINATING BARRIERS TO JOBS FOR LOAN 

11 ORIGINATORS. 

12 (a) IN GENERAL.—The S.A.F.E. Mortgage Licensing 

13 Act of 2008 (12 U.S.C. 5101 et seq.) is amended by add14 ing at the end the following: 

15 ‘‘SEC. 1518. EMPLOYMENT TRANSITION. 

16 ‘‘(a) TEMPORARY LICENSE FOR PERSONS MOVING

17 FROM A FINANCIAL INSTITUTION TO A NON-BANK ORIGI18 NATOR.—A registered loan originator shall be deemed to 

19 be a State-licensed loan originator for the 120-day period 

20 beginning on the date on which a State-licensed mortgage 

21 lender, mortgage banker, or mortgage servicer that is not 

22 a depository institution registers with the Nationwide 

23 Mortgage Licensing System and Registry that the reg24 istered loan originator is employed by the State-licensed 
228 

•S 1910 PCS

1 mortgage lender, mortgage banker, or mortgage servicer, 

2 as applicable. 

3 ‘‘(b) TEMPORARY LICENSE FOR PERSONS MOVING

4 INTERSTATE.—A registered loan originator or State-li5 censed loan originator in 1 State shall be deemed to be 

6 a State-licensed loan originator in another State for the 

7 120-day period beginning on the date on which a State8 licensed mortgage lender, mortgage banker, or mortgage 

9 servicer in that State registers with the Nationwide Mort10 gage Licensing System and Registry that the registered 

11 loan originator or State-licensed loan originator is em12 ployed by the State-licensed mortgage lender, mortgage 

13 banker, or mortgage servicer, as applicable. 

14 ‘‘(c) FEDERAL AND STATE RECOGNITION.—The reg15 istration provided under subsections (a) and (b) shall ful16 fill any licensing or registration requirement for a loan 

17 originator under section 1504 and any State law or regu18 lation.’’. 

19 (b) TECHNICAL AND CONFORMING AMENDMENT.— 

20 The table of contents for the Housing and Economic Re21 covery Act of 2008 (Public Law 110–289; 122 Stat. 2654) 

22 is amended by inserting after the item relating to section 

23 1517 the following: 

‘‘Sec. 1518. Employment transition.’’. 
229 

•S 1910 PCS

1 SEC. 920. SHORT FORM CALL REPORTS. 

2 Section 7(a) of the Federal Deposit Insurance Act 

3 (12 U.S.C. 1817(a)) is amended by adding at the end the 

4 following: 

5 ‘‘(12) SHORT FORM REPORTING.— 

6 ‘‘(A) REVIEW OF REPORTS OF CONDI7 TION.—The appropriate Federal banking agen8 cies shall jointly review the information and 

9 schedules that are required to be filed by an in10 sured depository institution in a report of con11 dition required under paragraph (3). As part of 

12 this review, the appropriate Federal banking 

13 agencies shall jointly— 

14 ‘‘(i) establish guiding principles for 

15 determining the appropriateness of infor16 mation and schedules collected in a report 

17 of condition; and 

18 ‘‘(ii) consistent with the principles es19 tablished under clause (i), consider and 

20 document the need for each data item col21 lected, the frequency with which each data 

22 item will be collected, and the population 

23 of insured depository institutions from 

24 which each data item is required. 

25 ‘‘(B) DEVELOPMENT OF SHORT FORM RE26 PORTS OF CONDITION.—After completing the 
230 

•S 1910 PCS

1 review required under subparagraph (A), the 

2 appropriate Federal banking agencies shall 

3 jointly develop, to the extent appropriate, 1 or 

4 more report of condition forms that reduce or 

5 eliminate information or schedules required to 

6 be filed by an insured depository institution in 

7 a report of condition required under paragraph 

8 (3). Such form or forms shall, as determined by 

9 the appropriate Federal banking agencies, be 

10 appropriate for the size and complexity of the 

11 insured depository institution. 

12 ‘‘(C) REPORTS TO CONGRESS.—Not later 

13 than 180 days after the date of enactment of 

14 this paragraph, and every 180 days thereafter 

15 until the appropriate Federal banking agencies 

16 have jointly completed the requirements under 

17 subparagraphs (A) and (B), the appropriate 

18 Federal banking agencies shall submit to the 

19 Committee on Banking, Housing, and Urban 

20 Affairs of the Senate and the Committee on Fi21 nancial Services of the House of Representa22 tives a report describing the progress made con23 cerning the completion of such responsibil24 ities.’’. 
231 

•S 1910 PCS

1 SEC. 921. APPLICATION OF THE EXPEDITED FUNDS AVAIL2 ABILITY ACT. 

3 (a) IN GENERAL.—The Expedited Funds Availability 

4 Act (12 U.S.C. 4001 et seq.) is amended— 

5 (1) in section 602 (12 U.S.C. 4001)— 

6 (A) in paragraph (20), by inserting ‘‘, lo7 cated in the United States,’’ after ‘‘ATM’’; 

8 (B) in paragraph (21), by inserting 

9 ‘‘American Samoa, the Commonwealth of the 

10 Northern Mariana Islands,’’ after ‘‘Puerto 

11 Rico,’’; and 

12 (C) in paragraph (23), by inserting ‘‘Amer13 ican Samoa, the Commonwealth of the North14 ern Mariana Islands,’’ after ‘‘Puerto Rico,’’; 

15 and 

16 (2) in section 603(d)(2)(A) (12 U.S.C. 

17 4002(d)(2)(A)), by inserting ‘‘American Samoa, the 

18 Commonwealth of the Northern Mariana Islands,’’ 

19 after ‘‘Puerto Rico,’’. 

20 (b) EFFECTIVE DATE.—The amendments made by 

21 subsection (a) shall take effect on January 1, 2016. 

22 SEC. 922. APPLICATION OF THE FEDERAL ADVISORY COM23 MITTEE ACT. 

24 Section 1013 of the Consumer Financial Protection 

25 Act of 2010 (12 U.S.C. 5493) is amended by adding at 

26 the end the following: 
232 

•S 1910 PCS

1 ‘‘(h) APPLICATION OF FACA.—Notwithstanding any 

2 provision of the Federal Advisory Committee Act (5 

3 U.S.C. App.), such Act shall apply to each advisory com4 mittee of the Bureau and each subcommittee of such an 

5 advisory committee.’’. 

6 SEC. 923. BUDGET TRANSPARENCY FOR THE NCUA. 

7 Section 209(b) of the Federal Credit Union Act (12 

8 U.S.C. 1789) is amended— 

9 (1) by redesignating paragraphs (1) and (2) as 

10 paragraphs (2) and (3), respectively; 

11 (2) by inserting before paragraph (2), as so re12 designated, the following: 

13 ‘‘(1) on an annual basis and prior to the sub14 mission of the detailed business-type budget required 

15 under paragraph (2)— 

16 ‘‘(A) make publicly available and cause to 

17 be printed in the Federal Register a draft of 

18 the detailed business-type budget; and 

19 ‘‘(B) hold a public hearing, with public no20 tice provided of the hearing, wherein the public 

21 may submit comments on the draft of the de22 tailed business-type budget;’’; and 

23 (3) in paragraph (2), as so redesignated— 

24 (A) by inserting ‘‘detailed’’ after ‘‘submit 

25 a’’; and 
233 

•S 1910 PCS

1 (B) by inserting ‘‘, which shall address any 

2 comment submitted by the public under para3 graph (1)(B)’’ after ‘‘Control Act’’. 

4 SEC. 924. DATE FOR DETERMINING CONSOLIDATED AS5 SETS. 

6 Section 171(b)(4)(C) of the Financial Stability Act 

7 of 2010 (12 U.S.C. 5371(b)(4)(C)) is amended by insert8 ing ‘‘or March 31, 2010,’’ after ‘‘December 31, 2009,’’. 

9 SEC. 925. FHLB MEMBERSHIP. 

10 (a) FHLB MEMBERSHIP PROPOSED RULE.— 

11 (1) DEFINITIONS.—In this subsection: 

12 (A) COMMUNITY DEVELOPMENT FINAN13 CIAL INSTITUTION.—The term ‘‘community de14 velopment financial institution’’ has the mean15 ing given that term in section 103 of the Com16 munity Development Banking and Financial In17 stitutions Act of 1994 (12 U.S.C. 4702). 

18 (B) COVERED PROPOSED RULE.—The 

19 term ‘‘covered proposed rule’’ means the pro20 posed rule of the Federal Housing Finance 

21 Agency entitled ‘‘Members of Federal Home 

22 Loan Banks’’ (79 Fed. Reg. 54848 (September 

23 12, 2014)). 

24 (C) OTHER TERMS FROM THE FEDERAL

25 HOME LOAN BANK ACT.—The terms ‘‘commu-
234 

•S 1910 PCS

1 nity financial institution’’, ‘‘Federal Home 

2 Loan Bank’’, and ‘‘Federal Home Loan Bank 

3 System’’ have the meanings given those terms 

4 in section 2 of the Federal Home Loan Bank 

5 Act (12 U.S.C. 1422). 

6 (2) WITHDRAWAL OF PROPOSED RULE.—Not 

7 later than 30 days after the date of enactment of 

8 this title, the Federal Housing Finance Agency shall 

9 withdraw the covered proposed rule. 

10 (3) GAO STUDY AND REPORT ON PROPOSED

11 RULE.— 

12 (A) STUDY.— 

13 (i) IN GENERAL.—The Comptroller 

14 General of the United States shall conduct 

15 a study on the impact that the covered 

16 proposed rule would have, if adopted as 

17 proposed, on— 

18 (I) the ability of the Federal 

19 Home Loan Banks to fulfill the man20 date to provide liquidity to support 

21 housing finance and economic and 

22 community development; 

23 (II) the safety and soundness of 

24 the Federal Home Loan Bank Sys25 tem; 
235 

•S 1910 PCS

1 (III) the liquidity needs of finan2 cial intermediaries; 

3 (IV) the stability of the Federal 

4 Home Loan Bank System; 

5 (V) the benefits of a diverse 

6 membership base for Federal Home 

7 Loan Banks; and 

8 (VI) the ability of member insti9 tutions to rely on access to Federal 

10 Home Loan Bank advances. 

11 (ii) CONSIDERATIONS.—In conducting 

12 the study under clause (i), the Comptroller 

13 General of the United States shall con14 sider— 

15 (I) the comment letters sub16 mitted in response to the notice of 

17 proposed rulemaking for the covered 

18 proposed rule; 

19 (II) the legislative and adminis20 trative history of the Federal Home 

21 Loan Bank membership rules; 

22 (III) the burden placed on com23 munity financial institutions and com24 munity development financial institu25 tions; and 
236 

•S 1910 PCS

1 (IV) the legal authority of the 

2 Federal Housing Finance Agency to 

3 exclude from membership any class or 

4 category of insurance companies. 

5 (B) REPORT.—Not later than 1 year after 

6 the date of enactment of this title, the Comp7 troller General of the United States shall sub8 mit to the Committee on Banking, Housing, 

9 and Urban Affairs of the Senate and the Com10 mittee on Financial Services of the House of 

11 Representatives a report on the findings of the 

12 study conducted under subparagraph (A)(i). 

13 (b) CREDIT UNION PARITY FOR FHLB MEMBER14 SHIP ELIGIBILITY.—Section 2(10)(A)(i) of the Federal 

15 Home Loan Bank Act (12 U.S.C. 1422(10)(A)(i)) is 

16 amended to read as follows: 

17 ‘‘(i) the deposits of which— 

18 ‘‘(I) are insured under the Fed19 eral Deposit Insurance Act (12 U.S.C. 

20 1811 et seq.); or 

21 ‘‘(II) are insured under or eligi22 ble to be insured under the Federal 

23 Credit Union Act (12 U.S.C. 1751 et 

24 seq.); and’’. 
237 

•S 1910 PCS

1 SEC. 926. ENSURING A COMPREHENSIVE REGULATORY RE2 VIEW. 

3 Section 2222 of the Economic Growth and Regu4 latory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) 

5 is amended— 

6 (1) in subsection (a)— 

7 (A) by striking ‘‘each appropriate Federal 

8 banking agency represented on the Council’’ 

9 and inserting ‘‘each of the Office of the Comp10 troller of the Currency, the Federal Deposit In11 surance Corporation, the Board of Governors of 

12 the Federal Reserve System, the Bureau of 

13 Consumer Financial Protection, and the Na14 tional Credit Union Administration Board as 

15 the Federal agency representatives on the 

16 Council’’; 

17 (B) by inserting ‘‘, joint or otherwise, and 

18 including all regulations issued pursuant to any 

19 authority provided under the Dodd-Frank Wall 

20 Street Reform and Consumer Protection Act 

21 (Public Law 111–203; 124 Stat. 1376),’’ after 

22 ‘‘prescribed by the Council’’; 

23 (C) by striking ‘‘any such appropriate Fed24 eral banking agency’’ and inserting ‘‘any such 

25 Federal agency’’; and 
238 

•S 1910 PCS

1 (D) by striking ‘‘insured depository institu2 tions’’ and inserting ‘‘financial institutions’’; 

3 (2) in subsections (b), (c), and (d), by striking 

4 ‘‘the appropriate Federal banking agency’’ each 

5 place that term appears and inserting ‘‘the appro6 priate Federal agency’’; and 

7 (3) in subsection (e)— 

8 (A) in paragraph (1), by striking ‘‘the ap9 propriate Federal banking agencies’’ and insert10 ing ‘‘the appropriate Federal agencies’’; and 

11 (B) in paragraph (2), by striking ‘‘the ap12 propriate Federal banking agency’’ and insert13 ing ‘‘the appropriate Federal agency’’. 

14 SEC. 927. PROHIBITION ON IMPLEMENTATION OR PARTICI15 PATION IN OPERATION CHOKE POINT. 

16 The Federal Deposit Insurance Corporation, the Of17 fice of the Comptroller of the Currency, the Board of Gov18 ernors of the Federal Reserve System, the Bureau of Con19 sumer Financial Protection, or the National Credit Union 

20 Administration may not implement or participate in the 

21 Operation Choke Point initiative of the Department of 

22 Justice. 

23 SEC. 928. EXEMPTIVE AUTHORITY. 

24 (a) EXEMPTIVE AUTHORITY FOR THE FEDERAL DE25 POSIT INSURANCE CORPORATION.—Section 10 of the Fed-
239 

•S 1910 PCS

1 eral Deposit Insurance Act (12 U.S.C. 1820) is amended 

2 by adding at the end the following: 

3 ‘‘(l) EXEMPTIVE AUTHORITY.— 

4 ‘‘(1) IN GENERAL.—Notwithstanding any other 

5 provision of law, the Corporation, after considering 

6 the factors in paragraph (3), may exempt by rule 

7 any depository institution having less than 

8 $10,000,000,000 in total assets from— 

9 ‘‘(A) any provision of this Act; 

10 ‘‘(B) any rule promulgated under this Act; 

11 or 

12 ‘‘(C) any rule promulgated under any 

13 other Act conferring authority to the Corpora14 tion. 

15 ‘‘(2) CONDITIONS.—The Corporation may im16 pose conditions on an exemption granted under 

17 paragraph (1). 

18 ‘‘(3) FACTORS TO CONSIDER.—In issuing an ex19 emption under paragraph (1), the Corporation shall 

20 consider, as appropriate, the extent to which— 

21 ‘‘(A) the provision or rule would impose an 

22 unnecessary or undue burden or cost on the de23 pository institution; 
240 

•S 1910 PCS

1 ‘‘(B) the provision or rule is unnecessary 

2 or unwarranted in order to promote the safety 

3 and soundness of the depository institution; and 

4 ‘‘(C) the exemption is necessary, appro5 priate, or consistent with the public interest. 

6 ‘‘(4) ADJUSTMENT FOR CHANGES IN GROSS DO7 MESTIC PRODUCT.—The asset threshold identified in 

8 paragraph (1) shall be adjusted annually by the Cor9 poration to reflect the percentage change for the 

10 previous calendar year in the gross domestic product 

11 of the United States, as calculated by the Bureau of 

12 Economic Analysis of the Department of Com13 merce.’’. 

14 (b) EXEMPTIVE AUTHORITY FOR THE OFFICE OF

15 THE COMPTROLLER OF THE CURRENCY.— 

16 (1) EXEMPTIVE AUTHORITY FOR NATIONAL

17 BANKS.—Section 5239A of the Revised Statutes is 

18 amended— 

19 (A) by striking ‘‘Except’’ and inserting the 

20 following: 

21 ‘‘(a) IN GENERAL.—Except’’.; and 

22 (B) by adding at the end the following: 

23 ‘‘(b) EXEMPTIVE AUTHORITY.— 

24 ‘‘(1) DEFINITION.—In this subsection, the term 

25 ‘insured depository institution’ has the meaning 
241 

•S 1910 PCS

1 given the term in section 3 of the Federal Deposit 

2 Insurance Act (12 U.S.C. 1813). 

3 ‘‘(2) EXEMPTION.—Notwithstanding any other 

4 provision of law, the Comptroller of the Currency, 

5 after considering the factors in paragraph (4), may 

6 exempt by rule any national bank having less than 

7 $10,000,000,000 in total assets from— 

8 ‘‘(A) any provision of this title; 

9 ‘‘(B) any rule promulgated under this title; 

10 or 

11 ‘‘(C) any rule promulgated under any 

12 other title or Act that confers authority to the 

13 Comptroller. 

14 ‘‘(3) CONDITIONS.—The Comptroller may im15 pose conditions on an exemption granted under 

16 paragraph (2). 

17 ‘‘(4) FACTORS TO CONSIDER.—In issuing an ex18 emption under paragraph (2), the Comptroller shall 

19 consider, as appropriate, the extent to which— 

20 ‘‘(A) the provision or rule would impose an 

21 unnecessary or undue burden or cost on the na22 tional bank; 

23 ‘‘(B) the provision or rule is unnecessary 

24 or unwarranted to promote the safety and 

25 soundness of the national bank; and 
242 

•S 1910 PCS

1 ‘‘(C) the exemption is necessary, appro2 priate, or consistent with the public interest. 

3 ‘‘(5) ADJUSTMENT FOR CHANGES IN GROSS DO4 MESTIC PRODUCT.—The asset threshold identified in 

5 paragraph (2) shall be adjusted annually by the 

6 Comptroller to reflect the percentage change for the 

7 previous calendar year in the gross domestic product 

8 of the United States, as calculated by the Bureau of 

9 Economic Analysis of the Department of Com10 merce.’’. 

11 (2) EXEMPTIVE AUTHORITY FOR SAVINGS ASSO12 CIATIONS.—Section 4(a) of the Home Owners’ Loan 

13 Act (12 U.S.C. 1463) is amended by adding at the 

14 end the following: 

15 ‘‘(4) EXEMPTIVE AUTHORITY.— 

16 ‘‘(A) DEFINITION.—In this paragraph, the 

17 term ‘insured depository institution’ has the 

18 meaning given the term in section 3 of the Fed19 eral Deposit Insurance Act (12 U.S.C. 1813). 

20 ‘‘(B) EXEMPTION.—Notwithstanding any 

21 other provision of law, the Comptroller of the 

22 Currency, after considering the factors in sub23 paragraph (D), may exempt by rule any savings 

24 association having less than $10,000,000,000 in 

25 total assets from— 
243 

•S 1910 PCS

1 ‘‘(i) any provision of this title; 

2 ‘‘(ii) any rule promulgated under this 

3 title; or 

4 ‘‘(iii) any rule promulgated under any 

5 other title or act conferring authority on 

6 the Comptroller. 

7 ‘‘(C) CONDITIONS.—The Comptroller may 

8 impose conditions on an exemption granted 

9 under subparagraph (B). 

10 ‘‘(D) FACTORS TO CONSIDER.—In issuing 

11 an exemption under subparagraph (B), the 

12 Comptroller shall consider, as appropriate, the 

13 extent to which— 

14 ‘‘(i) the provision or rule would im15 pose an unnecessary or undue burden or 

16 cost on the savings association; 

17 ‘‘(ii) the provision or rule is unneces18 sary or unwarranted to promote the safety 

19 and soundness of the savings association; 

20 and 

21 ‘‘(iii) the exemption is necessary, ap22 propriate, or consistent with the public in23 terest. 

24 ‘‘(E) ADJUSTMENT FOR CHANGES IN

25 GROSS DOMESTIC PRODUCT.—The asset thresh-
244 

•S 1910 PCS

1 old identified in subparagraph (B) shall be ad2 justed annually by the Comptroller to reflect 

3 the percentage change for the previous calendar 

4 year in the gross domestic product of the 

5 United States, as calculated by the Bureau of 

6 Economic Analysis of the Department of Com7 merce.’’. 

8 (c) EXEMPTIVE AUTHORITY FOR THE BOARD OF

9 GOVERNORS OF THE FEDERAL RESERVE SYSTEM.— 

10 (1) EXEMPTIVE AUTHORITY FOR STATE MEM11 BER BANKS.—Section 11 of the Federal Reserve Act 

12 (12 U.S.C. 248) is amended by adding at the end 

13 the following: 

14 ‘‘(t) EXEMPTIVE AUTHORITY.— 

15 ‘‘(1) DEFINITION.—In this section, the term 

16 ‘insured depository institution’ has the meaning 

17 given the term in section 3 of the Federal Deposit 

18 Insurance Act (12 U.S.C. 1813). 

19 ‘‘(2) EXEMPTION.—Notwithstanding any other 

20 provision of law, the Board, after considering the 

21 factors in paragraph (4), may exempt by rule any 

22 state member bank having less than 

23 $10,000,000,000 in total assets from— 

24 ‘‘(A) any provision of this Act; 
245 

•S 1910 PCS

1 ‘‘(B) any rule promulgated under this Act; 

2 or 

3 ‘‘(C) any rule promulgated under any 

4 other act conferring authority on the Board. 

5 ‘‘(3) CONDITIONS.—The Board may impose 

6 conditions on an exemption granted under para7 graph (2). 

8 ‘‘(4) FACTORS TO CONSIDER.—In issuing an ex9 emption under paragraph (2), the Board shall con10 sider, as appropriate, the extent to which— 

11 ‘‘(A) the provision or rule would impose an 

12 unnecessary or undue burden or cost on the 

13 state member bank; 

14 ‘‘(B) the provision or rule is unnecessary 

15 or unwarranted to promote the safety and 

16 soundness of the state member bank; and 

17 ‘‘(C) the exemption is necessary, appro18 priate, or consistent with the public interest. 

19 ‘‘(5) ADJUSTMENT FOR CHANGES IN GROSS DO20 MESTIC PRODUCT.—The asset threshold identified in 

21 paragraph (2) shall be adjusted annually by the 

22 Board to reflect the percentage change for the pre23 vious calendar year in the gross domestic product of 

24 the United States, as calculated by the Bureau of 
246 

•S 1910 PCS

1 Economic Analysis of the Department of Com2 merce.’’. 

3 (2) EXEMPTIVE AUTHORITY FOR BANK HOLD4 ING COMPANIES.—The Bank Holding Company Act 

5 of 1956 (12 U.S.C. 1841 et seq.) is amended by 

6 adding at the end the following: 

7 ‘‘SEC. 15. EXEMPTIVE AUTHORITY. 

8 ‘‘(a) DEFINITION.—In this section, the term ‘insured 

9 depository institution’ has the meaning given the term in 

10 section 3 of the Federal Deposit Insurance Act (12 U.S.C. 

11 1813). 

12 ‘‘(b) EXEMPTION.—Notwithstanding any other provi13 sion of law, the Board, after considering the factors in 

14 subsection (d), may exempt by rule any bank holding com15 pany having less than $10,000,000,000 in total assets 

16 from— 

17 ‘‘(1) any provision of this Act; 

18 ‘‘(2) any rule promulgated under this Act; or 

19 ‘‘(3) any rule promulgated under any other act 

20 conferring authority on the Board. 

21 ‘‘(c) CONDITIONS.—The Board may impose condi22 tions on an exemption granted under subsection (b). 

23 ‘‘(d) FACTORS TO CONSIDER.—In issuing an exemp24 tion under subsection (b), the Board shall consider, as ap25 propriate, the extent to which— 
247 

•S 1910 PCS

1 ‘‘(1) the provision or rule would impose an un2 necessary or undue burden or cost on the bank hold3 ing company; 

4 ‘‘(2) the provision or rule is unnecessary or un5 warranted to promote the safety and soundness of 

6 the bank holding company; and 

7 ‘‘(3) the exemption is necessary, appropriate, or 

8 consistent with the public interest. 

9 ‘‘(e) ADJUSTMENT FOR CHANGES IN GROSS DOMES10 TIC PRODUCT.—The asset threshold identified in sub11 section (b) shall be adjusted annually by the Board to re12 flect the percentage change for the previous calendar year 

13 in the gross domestic product of the United States, as cal14 culated by the Bureau of Economic Analysis of the De15 partment of Commerce.’’. 

16 (3) EXEMPTIVE AUTHORITY FOR SAVINGS AND

17 LOAN HOLDING COMPANIES AND MUTUAL HOLDING

18 COMPANIES.—Section 10 of the Home Owners’ Loan 

19 Act (12 U.S.C. 1467a) is amended by adding at the 

20 end the following: 

21 ‘‘(u) EXEMPTIVE AUTHORITY.— 

22 ‘‘(1) DEFINITIONS.—In this subsection— 

23 ‘‘(A) the term ‘insured depository institu24 tion’ has the meaning given the term in section 
248 

•S 1910 PCS

1 3 of the Federal Deposit Insurance Act (12 

2 U.S.C. 1813); and 

3 ‘‘(B) the term ‘mutual holding company’ 

4 has the meaning given the term in subsection 

5 (o)(10)(A). 

6 ‘‘(2) EXEMPTION.—Notwithstanding any other 

7 provision of law, the Board, after considering the 

8 factors in paragraph (4), may exempt by rule any 

9 savings and loan holding company or any mutual 

10 holding company having less than $10,000,000,000 

11 in total assets from— 

12 ‘‘(A) any provision of this Act; 

13 ‘‘(B) any rule promulgated under this Act; 

14 or 

15 ‘‘(C) any rule promulgated under any 

16 other Act conferring authority on the Board. 

17 ‘‘(3) CONDITIONS.—The Board may impose 

18 conditions on an exemption granted under para19 graph (2). 

20 ‘‘(4) FACTORS TO CONSIDER.—In issuing an ex21 emption under paragraph (2), the Board shall con22 sider the extent to which— 

23 ‘‘(A) the provision or rule would impose an 

24 unnecessary or undue burden or cost on the 
249 

•S 1910 PCS

1 savings and loan holding company or the mu2 tual holding company; 

3 ‘‘(B) the provision or rule is unnecessary 

4 or unwarranted to promote the safety and 

5 soundness of the savings and loan holding com6 pany or the mutual holding company; and 

7 ‘‘(C) the exemption is necessary, appro8 priate, or consistent with the public interest. 

9 ‘‘(5) LIMITATION.—The authority granted 

10 under paragraph (2) shall not apply with respect to 

11 a savings and loan holding company described in 

12 subsection (c)(9)(C). 

13 ‘‘(6) ADJUSTMENT FOR CHANGES IN GROSS DO14 MESTIC PRODUCT.—The asset threshold identified in 

15 paragraph (2) shall be adjusted annually by the 

16 Board to reflect the percentage change for the pre17 vious calendar year in the gross domestic product of 

18 the United States, as calculated by the Bureau of 

19 Economic Analysis of the Department of Com20 merce.’’. 
250 

•S 1910 PCS

1 Subtitle B—Systemically Important 

2 Bank Holding Companies 

3 SEC. 931. REVISIONS TO COUNCIL AUTHORITY. 

4 (a) PURPOSES AND DUTIES.—Section 112(a)(2)(I) of 

5 the Financial Stability Act of 2010 (12 U.S.C. 

6 5322(a)(2)(I)) is amended— 

7 (1) by striking ‘‘and large, interconnected bank 

8 holding companies’’; and 

9 (2) by inserting ‘‘and bank holding companies 

10 subject to a determination under section 113A(a)’’ 

11 before the semicolon at the end. 

12 (b) AUTHORITY TO REQUIRE SUPERVISION AND

13 REGULATION OF CERTAIN BANK HOLDING COMPA14 NIES.—The Financial Stability Act of 2010 (12 U.S.C. 

15 5311 et seq.) is amended by adding after section 113 (12 

16 U.S.C. 5323) the following: 

17 ‘‘SEC. 113A. AUTHORITY TO REQUIRE SUPERVISION AND 

18 REGULATION OF SYSTEMICALLY IMPORTANT 

19 BANK HOLDING COMPANIES. 

20 ‘‘(a) IN GENERAL.—The Council may, in accordance 

21 with the procedures described in subsections (c) and (d), 

22 determine that a bank holding company shall be deemed 

23 systemically important. 

24 ‘‘(b) CONSIDERATIONS.— 
251 

•S 1910 PCS

1 ‘‘(1) The Council shall, not later than 90 days 

2 after the date of enactment of this section, issue reg3 ulations describing with specificity the factors that 

4 the Council will use to make a determination under 

5 subsection (a). Such factors shall initially include 

6 the following: 

7 ‘‘(A) The size of the bank holding com8 pany. 

9 ‘‘(B) The interconnectedness of the bank 

10 holding company. 

11 ‘‘(C) The extent of readily available sub12 stitutes or financial institution infrastructure 

13 for the services provided by the bank holding 

14 company. 

15 ‘‘(D) The global cross-jurisdictional activ16 ity of the bank holding company. 

17 ‘‘(E) The complexity of the bank holding 

18 company. 

19 ‘‘(2) The Council may, by regulation, add to, 

20 subtract, or modify the factors used by the Council 

21 pursuant to paragraph (1) if the Council— 

22 ‘‘(A) provides notice to the public and op23 portunity for comment on any proposed 

24 changes; 
252 

•S 1910 PCS

1 ‘‘(B) explains, as part of the notice re2 quired in subparagraph (A), with specificity 

3 how any proposed changes would result in fac4 tors that more accurately measure the threat 

5 that the material financial distress of a bank 

6 holding company could pose to the financial sta7 bility of the United States, in comparison with 

8 the existing factors; and 

9 ‘‘(C) finds, on a nondelegable basis and by 

a vote of not fewer than 2 10 ⁄3 of the voting mem11 bers then serving, including an affirmative vote 

12 by the Chairperson, that such a change would 

13 result in factors that more accurately measure 

14 the threat that the material financial distress of 

15 a bank holding company could pose to the fi16 nancial stability of the United States, in com17 parison with the existing factors. 

18 ‘‘(c) BANK HOLDING COMPANIES DEEMED SYSTEM19 ICALLY IMPORTANT.— 

20 ‘‘(1) IN GENERAL.—With respect to a bank 

21 holding company with total consolidated assets of 

22 not less than $50,000,000,000 and not more than 

23 $500,000,000,000 (as such amounts are adjusted 

24 annually by the Council to reflect the percentage 

25 change for the previous calendar year in the gross 
253 

•S 1910 PCS

1 domestic product of the United States, as calculated 

2 by the Bureau of Economic Analysis of the Depart3 ment of Commerce), the Council may, on a nondelegable basis and by a vote of not fewer than 2 4 ⁄3 of 

5 the voting members then serving, including an af6 firmative vote by the Chairperson, make a deter7 mination under subsection (a) if the Council deter8 mines, based on the factors considered pursuant to 

9 subsection (b), that the material financial distress of 

10 a bank holding company could pose a threat to the 

11 financial stability of the United States. 

12 ‘‘(2) REQUIREMENTS FOR PROPOSED DETER13 MINATION, NOTICE AND OPPORTUNITY FOR HEAR14 ING, AND FINAL DETERMINATION.— 

15 ‘‘(A) INITIAL EVALUATION BY THE BOARD

16 OF GOVERNORS.—The Board of Governors may 

17 identify a bank holding company for an evalua18 tion of whether, based on the factors considered 

19 pursuant to subsection (b), the material finan20 cial distress of the bank holding company could 

21 pose a threat to the financial stability of the 

22 United States. Upon identifying such bank 

23 holding company, the Board of Governors— 

24 ‘‘(i) shall provide the bank holding 

25 company with— 
254 

•S 1910 PCS

1 ‘‘(I) a written notice that shall 

2 include any quantitative analysis used 

3 in identifying the bank holding com4 pany and shall explain with specificity 

5 the basis for identifying the bank 

6 holding company; 

7 ‘‘(II) an opportunity to submit 

8 written materials for consideration by 

9 the Board of Governors as part of an 

10 evaluation by the Board of Governors 

11 under clause (ii); and 

12 ‘‘(III) an opportunity to meet 

13 with representatives of the Board of 

14 Governors to discuss the analysis con15 ducted by the Board of Governors to 

16 identify the bank holding company; 

17 ‘‘(ii) may, after fulfilling the require18 ments of clause (i), evaluate whether, 

19 based on the factors considered pursuant 

20 to subsection (b), the material financial 

21 distress of the bank holding company could 

22 pose a threat to the financial stability of 

23 the United States; 

24 ‘‘(iii) may, at the conclusion of an 

25 evaluation under clause (ii), make a rec-
255 

•S 1910 PCS

1 ommendation to the Council that the 

2 Council perform an evaluation under sub3 paragraph (B)(ii)(I); and 

4 ‘‘(iv) shall, if a recommendation is 

5 made under clause (iii), provide written no6 tice to the bank holding company that a 

7 recommendation was made, which notice 

8 shall include a detailed explanation of the 

9 basis for the recommendation, including 

10 how each factor considered pursuant to 

11 subsection (b) relates to the potential 

12 threat posed by the bank holding company 

13 to the financial stability of the United 

14 States. 

15 ‘‘(B) EVALUATION BY THE COUNCIL.— 

16 ‘‘(i) IN GENERAL.—The Council may 

17 only make a proposed determination with 

18 respect to a bank holding company under 

19 subparagraph (C)(i) if the Council— 

20 ‘‘(I) has received a recommenda21 tion under subparagraph (A)(iii) with 

22 respect to the bank holding company; 

23 or 

24 ‘‘(II) not earlier than the effec25 tive date of this section, and after 
256 

•S 1910 PCS

1 consultation and coordination with the 

2 Board of Governors, on a nondele3 gable basis and by a vote of not fewer 

than 2 4 ⁄3 of the voting members then 

5 serving, including an affirmative vote 

6 by the Chairperson, decides to evalu7 ate the bank holding company for a 

8 proposed determination under sub9 paragraph (C)(i). 

10 ‘‘(ii) REQUIREMENTS BEFORE MAKING

11 A PROPOSED DETERMINATION.—Before 

12 making a proposed determination with re13 spect to a bank holding company under 

14 subparagraph (C)(i), and after receiving a 

15 recommendation under clause (i)(I) or 

16 making a decision under clause (i)(II), the 

17 Council shall— 

18 ‘‘(I) perform an evaluation of the 

19 bank holding company, including an 

20 evaluation of— 

21 ‘‘(aa) whether the material 

22 financial distress of the bank 

23 holding company could pose a 

24 threat to the financial stability of 

25 the United States; and 
257 

•S 1910 PCS

1 ‘‘(bb) how each of the fac2 tors considered pursuant to sub3 section (b) relates to the poten4 tial threat posed by the bank 

5 holding company to the financial 

6 stability of the United States; 

7 and 

8 ‘‘(II) provide the bank holding 

9 company with— 

10 ‘‘(aa) a written notice that 

11 the bank holding company is 

12 being evaluated; 

13 ‘‘(bb) an opportunity to 

14 meet with representatives of the 

15 Council to discuss the evaluation 

16 by the Council; and 

17 ‘‘(cc) an opportunity to sub18 mit written materials to the 

19 Council, within such time as the 

20 Council deems appropriate (but 

21 not earlier than 30 days after the 

22 date of receipt of the notice 

23 under item (aa)). 

24 ‘‘(C) PROPOSED DETERMINATION.— 
258 

•S 1910 PCS

1 ‘‘(i) VOTING.—After fulfilling the re2 quirements of subparagraph (B), the 

3 Council may, on a nondelegable basis and 

by a vote of not fewer than 2 4 ⁄3 of the vot5 ing members then serving, including an af6 firmative vote by the Chairperson, propose 

7 to make a determination under paragraph 

8 (1) with respect to a bank holding com9 pany. 

10 ‘‘(ii) NOTICE OF PROPOSED DETER11 MINATION.—If the Council makes a pro12 posed determination under clause (i), the 

13 Council shall provide a notice to the bank 

14 holding company, which notice shall con15 tain the basis for the proposed determina16 tion, including a detailed explanation of 

17 the evaluation performed under subpara18 graph (B)(ii)(I). 

19 ‘‘(D) REQUIREMENTS BEFORE FINAL DE20 TERMINATION.—After making a proposed deter21 mination under subparagraph (C)(i) and prior 

22 to making a final determination under para23 graph (1), the Council shall— 

24 ‘‘(i) not later than 30 days after the 

25 date of receipt of any notice under sub-
259 

•S 1910 PCS

1 paragraph (C)(ii), provide the bank holding 

2 company with an opportunity to request, in 

3 writing, a hearing before the Council to 

4 contest the proposed determination; 

5 ‘‘(ii) if the Council receives a timely 

6 request under clause (i), fix a time (not 

7 earlier than 30 days after the date of re8 ceipt of the request) and place at which 

9 the bank holding company may appear, 

10 personally or through counsel, to, at the 

11 discretion of the bank holding company— 

12 ‘‘(I) submit a plan to modify the 

13 business, structure, or operations of 

14 the bank holding company in order to 

15 address the factors and the potential 

16 threat posed by the bank holding com17 pany to the financial stability of the 

18 United States identified pursuant to 

19 subparagraph (C)(ii); 

20 ‘‘(II) submit written materials in 

21 addition to or separate from the plan 

22 described in subclause (I); and 

23 ‘‘(III) provide oral testimony and 

24 oral argument to the members of the 

Council, with not fewer than 2 25 ⁄3 of the 
260 

•S 1910 PCS

1 voting members of the Council, in2 cluding the Chairperson, in attend3 ance; and 

4 ‘‘(iii) in the event a plan is submitted 

5 to the Council under clause (ii)(I)— 

6 ‘‘(I) consider whether the plan, if 

7 implemented, would address the fac8 tors and the potential threat posed by 

9 the bank holding company to the fi10 nancial stability of the United States 

11 identified pursuant to subparagraph 

12 (C)(ii); and 

13 ‘‘(II) provide the bank holding 

14 company with— 

15 ‘‘(aa) analysis of whether 

16 and to what extent the plan ad17 dresses the factors and the po18 tential threat posed by the bank 

19 holding company to the financial 

20 stability of the United States 

21 identified pursuant to subpara22 graph (C)(ii); 

23 ‘‘(bb) an opportunity to 

24 meet with representatives of the 
261 

•S 1910 PCS

1 Council to discuss the analysis 

2 provided under item (aa); and 

3 ‘‘(cc) an opportunity to re4 vise the plan after discussions 

5 with representatives of the Coun6 cil. 

7 ‘‘(E) FINAL DETERMINATION.— 

8 ‘‘(i) IN GENERAL.—After fulfilling the 

9 requirements of subparagraph (D), and not 

10 later than 90 days after the date on which 

11 a hearing is held under subparagraph 

12 (D)(ii), the Council may vote to make a 

13 final determination under paragraph (1). 

14 The Council may delay the vote up to 1 

15 additional year after the conclusion of the 

16 90-day period if considering a plan under 

17 subparagraph (D)(iii). 

18 ‘‘(ii) OUTCOME OF THE VOTE.—If the 

19 Council votes on a final determination 

20 under paragraph (1), the Council shall 

21 promptly inform the bank holding company 

22 of the outcome of the vote in writing. 

23 ‘‘(iii) NOTICE OF FINAL DETERMINA24 TION.—If the Council votes to make a final 

25 determination under paragraph (1), the 
262 

•S 1910 PCS

1 Council shall, not later than 30 days after 

2 the date of the vote, provide a notice to the 

3 bank holding company, which notice shall 

4 contain— 

5 ‘‘(I) the basis for the determina6 tion, including— 

7 ‘‘(aa) a detailed analysis of 

8 any plan submitted by the bank 

9 holding company and considered 

10 by the Council under subpara11 graph (D), if applicable, which 

12 analysis shall, at a minimum, in13 clude— 

14 ‘‘(AA) whether and to 

15 what extent successful im16 plementation of the plan 

17 could address the factors 

18 and the potential threat 

19 posed by the bank holding 

20 company to the financial 

21 stability of the United 

22 States identified pursuant to 

23 subparagraph (C)(ii); and 

24 ‘‘(BB) a detailed expla25 nation of why the plan 
263 

•S 1910 PCS

1 would not address the fac2 tors and the potential threat 

3 posed by the bank holding 

4 company to the financial 

5 stability of the United 

6 States identified pursuant to 

7 subparagraph (C)(ii), if the 

8 Council, during its consider9 ation of the plan under sub10 paragraph (D)(iii)(I), con11 cluded that the plan would 

12 not address such factors or 

13 potential threat; 

14 ‘‘(bb) the reasons why the 

15 materials and other information 

16 submitted or provided by the 

17 bank holding company under 

18 subclauses (II) and (III) of sub19 paragraph (D)(ii) did not address 

20 the potential threat posed by the 

21 bank holding company to the fi22 nancial stability of the United 

23 States; 

24 ‘‘(cc) a detailed analysis of 

25 how the factors, including an ex-
264 

•S 1910 PCS

1 planation of how each factor re2 lates to the potential threat posed 

3 by the bank holding company to 

4 the financial stability of the 

5 United States, that the Council 

6 considered pursuant to sub7 section (b) resulted in the final 

8 determination under paragraph 

9 (1); and 

10 ‘‘(dd) specific aspects of the 

11 business, operations, or structure 

12 of the bank holding company 

13 that the Council believes could 

14 pose a threat to the financial sta15 bility of the United States, in16 cluding an assessment by the 

17 Council of the probability and 

18 magnitude of the threat; and 

19 ‘‘(II) an explanation of actions 

20 the bank holding company could take 

21 in order for the Council to rescind the 

22 determination. 

23 ‘‘(3) REEVALUATION AND RESCISSION.— 

24 ‘‘(A) REEVALUATION REQUIREMENT.—The 

25 Council shall, in accordance with this para-
265 

•S 1910 PCS

1 graph, reevaluate a final determination made 

2 under paragraph (1) with respect to a bank 

3 holding company— 

4 ‘‘(i) if, at any time, the Board of Gov5 ernors recommends that the Council do so; 

6 and 

7 ‘‘(ii) not less frequently than once 

8 every 5 years. 

9 ‘‘(B) REEVALUATION PROCEDURE.—The 

10 Council, in conducting any reevaluation of a 

11 bank holding company required under subpara12 graph (A), shall— 

13 ‘‘(i) provide a written notice to the 

14 bank holding company being reevaluated; 

15 ‘‘(ii) afford the bank holding company 

16 an opportunity to submit a plan, within 

17 such time as the Council determines to be 

18 appropriate (but which shall be not earlier 

19 than 30 days after the date of receipt by 

20 the bank holding company of the notice 

21 provided under clause (i)), to modify the 

22 business, structure, or operations of the 

23 bank holding company; 

24 ‘‘(iii) afford the bank holding com25 pany an opportunity to submit written ma-
266 

•S 1910 PCS

1 terials in addition to, or separate from, the 

2 plan described in clause (ii), within such 

3 time as the Council determines to be ap4 propriate (but which shall be not earlier 

5 than 30 days after the date of receipt by 

6 the bank holding company of the notice 

7 provided under clause (i)), to contest the 

8 determination, including materials con9 cerning whether, in the view of the bank 

10 holding company, the material financial 

11 distress at the bank holding company could 

12 pose a threat to the financial stability of 

13 the United States; 

14 ‘‘(iv) provide an opportunity for the 

15 bank holding company to meet with rep16 resentatives of the Council to present the 

17 information described in clauses (ii) and 

18 (iii); 

19 ‘‘(v) not earlier than 30 days after the 

20 date of receipt of any notice under clause 

21 (i), provide the bank holding company with 

22 an opportunity to request, in writing, a 

23 hearing before the Council to contest its 

24 final determination under paragraph (1); 

25 and 
267 

•S 1910 PCS

1 ‘‘(vi) if the Council receives a timely 

2 request under clause (v), fix a time (not 

3 earlier than 30 days after the date of re4 ceipt of the request) and place at which 

5 the bank holding company may appear, 

6 personally or through counsel, to, at the 

7 discretion of the bank holding company, 

8 provide oral testimony and oral argument 

9 to the members of the Council, with not 

fewer than 2 10 ⁄3 of the voting members of the 

11 Council, including the Chairperson, in at12 tendance. 

13 ‘‘(C) COMPANY PLAN.—If a bank holding 

14 company submits a plan in accordance with 

15 subparagraph (B)(ii), the Council shall— 

16 ‘‘(i) consider whether the plan, if im17 plemented, would result in the bank hold18 ing company no longer meeting the criteria 

19 for a final determination under paragraph 

20 (1); and 

21 ‘‘(ii) provide the bank holding com22 pany with— 

23 ‘‘(I) analysis of whether and to 

24 what extent the plan addresses the po25 tential threat posed by the bank hold-
268 

•S 1910 PCS

1 ing company to the financial stability 

2 of the United States; 

3 ‘‘(II) an opportunity to meet with 

4 representatives of the Council to dis5 cuss the analysis provided under sub6 clause (I); and 

7 ‘‘(III) an opportunity to revise 

8 the plan after discussions with rep9 resentatives of the Council. 

10 ‘‘(D) VOTING AND EXPLANATION.— 

11 ‘‘(i) IN GENERAL.—After evaluating 

12 the materials and information provided by 

13 a bank holding company under subpara14 graph (B) and fulfilling the requirements 

15 of subparagraph (C), and not later than 

16 180 days after the date of receipt by the 

17 bank holding company of the notice pro18 vided under subparagraph (B)(i), the 

19 Council shall, on a nondelegable basis and 

by a vote of not fewer than 2 20 ⁄3 of the vot21 ing members then serving, including an af22 firmative vote by the Chairperson, deter23 mine whether to renew a final determina24 tion under paragraph (1). 
269 

•S 1910 PCS

1 ‘‘(ii) NOTICE OF FINAL DETERMINA2 TION.—If the Council votes to renew a 

3 final determination under clause (i), the 

4 Council shall provide a notice to the bank 

5 holding company with the reasons for the 

6 decision by the Council, which notice shall 

7 address with specificity— 

8 ‘‘(I) any changes to the basis for 

9 the final determination decision made 

10 under paragraph (1) since the date on 

11 which the final determination under 

12 paragraph (1) was made, including 

13 any changes to the information pro14 vided to the bank holding company 

15 under— 

16 ‘‘(aa) paragraph 

17 (2)(E)(iii)(I)(cc); or 

18 ‘‘(bb) this clause, in prior 

19 years; 

20 ‘‘(II) any plan submitted by the 

21 bank holding company and considered 

22 by the Council under subparagraph 

23 (C), and shall, at a minimum, in24 clude— 
270 

•S 1910 PCS

1 ‘‘(aa) a detailed analysis of 

2 whether and to what extent suc3 cessful implementation of the 

4 plan could result in the bank 

5 holding company no longer meet6 ing the criteria for a final deter7 mination under paragraph (1); 

8 and 

9 ‘‘(bb) a detailed explanation 

10 of why, if the plan were imple11 mented, the bank holding com12 pany would still meet the criteria 

13 for a final determination under 

14 paragraph (1), if the Council, 

15 during its consideration of the 

16 plan under subparagraph (C), 

17 concluded that the bank holding 

18 company would still meet those 

19 criteria if the plan were imple20 mented; 

21 ‘‘(III) aspects of the business, 

22 operations, or structure of the bank 

23 holding company that the Council be24 lieves could pose a threat to the finan25 cial stability of the United States, in-
271 

•S 1910 PCS

1 cluding the probability and magnitude 

2 of that threat; and 

3 ‘‘(IV) an explanation of actions 

4 the bank holding company could take 

5 in order for the Council to rescind the 

6 determination. 

7 ‘‘(iii) NO FINAL DETERMINATION.—If 

8 the Council does not vote to renew a final 

9 determination under clause (i), then the 

10 existing final determination under para11 graph (1) shall be rescinded and the Coun12 cil shall inform the bank holding company 

13 in writing. 

14 ‘‘(iv) VOTING THRESHOLD FOR RE15 SCISSION OF DETERMINATION.—Notwith16 standing clause (iii), the Council may, at 

17 any time, on a nondelegable basis and by 

a vote of not fewer than 2 18 ⁄3 of the voting 

19 members then serving, including an affirm20 ative vote by the Chairperson, determine 

21 that a bank holding company no longer 

22 meets the criteria for a final determination 

23 under paragraph (1), in which case the 

24 Council shall rescind the final determina25 tion. 
272 

•S 1910 PCS

1 ‘‘(4) EMERGENCY EXCEPTION.— 

2 ‘‘(A) IN GENERAL.—The Council may 

3 waive or modify the requirements of paragraph 

4 (2) with respect to a bank holding company 

5 with total consolidated assets of not less than 

6 $50,000,000,000 and not more than 

7 $500,000,000,000 (as such amounts are ad8 justed annually by the Council to reflect the 

9 percentage change for the previous calendar 

10 year in the gross domestic product of the 

11 United States, as calculated by the Bureau of 

12 Economic Analysis of the Department of Com13 merce) if the Council determines, on a nondelegable basis and by a vote of not fewer than 2 14 ⁄3

15 of the voting members then serving, including 

16 an affirmative vote by the Chairperson, that 

17 such waiver or modification is necessary or ap18 propriate to prevent or mitigate threats posed 

19 by the bank holding company to the financial 

20 stability of the United States. 

21 ‘‘(B) NOTICE.—The Council shall provide 

22 notice of a waiver or modification under this 

23 paragraph to the bank holding company con24 cerned as soon as practicable, but not later 
273 

•S 1910 PCS

1 than 24 hours after the waiver or modification 

2 is granted. 

3 ‘‘(C) INTERNATIONAL COORDINATION.—In 

4 making a determination under subparagraph 

5 (A), the Council shall consult with the appro6 priate home country supervisor, if any, of a for7 eign bank holding company that is being con8 sidered for such a determination. 

9 ‘‘(D) OPPORTUNITY FOR HEARING.—The 

10 Council shall allow a bank holding company to 

11 request, in writing, an opportunity for a hear12 ing before the Council to contest a waiver or 

13 modification under this paragraph, not later 

14 than 10 days after the date of receipt of the no15 tice of waiver or modification. Upon receipt of 

16 a timely request, the Council shall fix a time 

17 (not later than 15 days after the date of receipt 

18 of the request) and place at which the bank 

19 holding company may appear, personally or 

20 through counsel, to submit written materials 

21 (or, at the sole discretion of the Council, oral 

22 testimony and oral argument). 

23 ‘‘(E) NOTICE OF FINAL DETERMINA24 TION.—Not later than 30 days after the date of 

25 any hearing under subparagraph (D), the Coun-
274 

•S 1910 PCS

1 cil shall notify the subject bank holding com2 pany of the final determination of the Council 

3 under this paragraph, which shall contain a 

4 statement of the basis for the decision of the 

5 Council. 

6 ‘‘(5) CONSULTATION.—The Council shall con7 sult with the primary financial regulatory agency for 

8 each bank holding company that is being considered 

9 by the Council under this section from the outset of 

10 the consideration of the bank holding company by 

11 the Council, including before the Council makes any 

12 proposed determination under paragraph (2)(C)(i) 

13 or final determination under paragraph (1). 

14 ‘‘(6) JUDICIAL REVIEW.—If the Council makes 

15 or renews a final determination under this sub16 section with respect to a bank holding company, 

17 such bank holding company may, not later than 30 

18 days after the date of receipt of the notice of final 

19 determination under paragraph (2)(E)(iii) or of re20 newal of a final determination under paragraph 

21 (3)(D)(ii), bring an action in the United States dis22 trict court for the judicial district in which the home 

23 office of such bank holding company is located, or 

24 in the United States District Court for the District 

25 of Columbia, for an order requiring that the final 
275 

•S 1910 PCS

1 determination be rescinded, and the court shall, 

2 upon review, dismiss such action or direct the final 

3 determination to be rescinded. Review of such an ac4 tion shall be limited to whether the final determina5 tion made under this subsection was arbitrary and 

6 capricious. 

7 ‘‘(7) PUBLIC DISCLOSURE REQUIREMENT.—The 

8 Council shall— 

9 ‘‘(A) in each case that a bank holding com10 pany has received a notice under paragraph 

11 (2)(B)(ii)(II)(aa), and the bank holding com12 pany has publicly disclosed that the bank hold13 ing company is being evaluated by the Council, 

14 confirm that the bank holding company is being 

15 evaluated by the Council, in response to a re16 quest from a third party; 

17 ‘‘(B) upon making a final determination 

18 under paragraph (1) or renewing a final deter19 mination under paragraph (3)(D)(i), publicly 

20 provide a detailed written explanation of the 

21 basis for the final determination with sufficient 

22 detail to provide the public with an under23 standing of the specific bases of the determina24 tion by the Council, including any assumptions 
276 

•S 1910 PCS

1 related thereof, subject to the requirements of 

2 section 112(d)(5); and 

3 ‘‘(C) include, in the annual report required 

4 under section 112— 

5 ‘‘(i) the number of bank holding com6 panies from the previous year that received 

7 a notice under paragraph 

8 (2)(B)(ii)(II)(aa); 

9 ‘‘(ii) the number of bank holding com10 panies from the previous year that were 

11 subject to a proposed determination under 

12 paragraph (2)(C)(i); and 

13 ‘‘(iii) the number of bank holding 

14 companies from the previous year that 

15 were subject to a final determination under 

16 paragraph (1). 

17 ‘‘(d) BANK HOLDING COMPANIES AUTOMATICALLY

18 DEEMED SYSTEMICALLY IMPORTANT.— 

19 ‘‘(1) AUTOMATIC DETERMINATION.—A bank 

20 holding company with total consolidated assets of 

21 more than $500,000,000,000 (as such amount is ad22 justed annually by the Council to reflect the percent23 age change for the previous calendar year in the 

24 gross domestic product of the United States, as cal25 culated by the Bureau of Economic Analysis of the 
277 

•S 1910 PCS

1 Department of Commerce) shall automatically be 

2 subject to a determination under subsection (a). 

3 ‘‘(2) RULE OF CONSTRUCTION.— 

4 ‘‘(A) BANK HOLDING COMPANY INCREAS5 ING IN SIZE.—If, subsequent to the effective 

6 date, a bank holding company that was pre7 viously subject to a final determination under 

8 subsection (c)(1) grows to have total consoli9 dated assets of more than $500,000,000,000 

10 (as such amount is adjusted annually by the 

11 Council to reflect the percentage change for the 

12 previous calendar year in the gross domestic 

13 product of the United States, as calculated by 

14 the Bureau of Economic Analysis of the De15 partment of Commerce) for a period of 180 

16 consecutive days, the bank holding company 

17 shall be subject to an automatic determination 

18 under paragraph (1) and not subject to a deter19 mination under subsection (c)(1) for the pur20 poses of this section. 

21 ‘‘(B) BANK HOLDING COMPANY DECREAS22 ING IN SIZE.—If a bank holding company sub23 ject to an automatic determination under para24 graph (1) decreases in size, such that the bank 

25 holding company no longer is a bank holding 
278 

•S 1910 PCS

1 company with total consolidated assets of more 

2 than $500,000,000,000 (as such amount is ad3 justed annually by the Council to reflect the 

4 percentage change for the previous calendar 

5 year in the gross domestic product of the 

6 United States, as calculated by the Bureau of 

7 Economic Analysis of the Department of Com8 merce) for a period of 180 consecutive days, the 

9 bank holding company shall be considered sub10 ject to a final determination under subsection 

11 (c)(1) and not subject to an automatic deter12 mination under paragraph (1) for the purposes 

13 of this section. 

14 ‘‘(e) INTERNATIONAL COORDINATION.—In exercising 

15 its duties under this title with respect to foreign bank 

16 holding companies, foreign-based bank holding companies, 

17 and cross-border activities and markets, the Council shall 

18 consult with appropriate foreign regulatory authorities, to 

19 the extent appropriate.’’. 

20 (c) ENHANCED SUPERVISION.—Section 115 of the 

21 Financial Stability Act of 2010 (12 U.S.C. 5325) is 

22 amended— 

23 (1) in subsection (a)— 

24 (A) in the matter preceding subparagraph 

25 (A) of paragraph (1), by striking ‘‘large, inter-
279 

•S 1910 PCS

1 connected bank holding companies’’ and insert2 ing ‘‘bank holding companies subject to a deter3 mination under section 113A(a)’’; and 

4 (B) in paragraph (2)— 

5 (i) in subparagraph (A), by striking ‘‘; 

6 or’’ and inserting a period; 

7 (ii) by striking ‘‘the Council may’’ and 

8 all that follows through ‘‘differentiate’’ and 

9 inserting ‘‘the Council may differentiate’’; 

10 and 

11 (iii) by striking subparagraph (B); 

12 and 

13 (2) in subsection (b)(3), by inserting ‘‘and the 

14 factors used by the Council pursuant to section 

15 113A(b)’’ after ‘‘subsections (a) and (b) of section 

16 113’’ each place that term appears. 

17 (d) REPORTS.—The matter preceding paragraph (1) 

18 of section 116(a) of the Financial Stability Act of 2010 

19 (12 U.S.C. 5326(a)) is amended by striking ‘‘with total 

20 consolidated assets of $50,000,000,000 or greater’’ and 

21 inserting ‘‘subject to a determination under section 

22 113A(a)’’. 

23 (e) MITIGATION.—Section 121 of the Financial Sta24 bility Act of 2010 (12 U.S.C. 5331) is amended— 
280 

•S 1910 PCS

1 (1) in the matter preceding paragraph (1) of 

2 subsection (a), by striking ‘‘with total consolidated 

3 assets of $50,000,000,000 or more’’ and inserting 

4 ‘‘subject to a determination under section 113A(a)’’; 

5 and 

6 (2) in subsection (c), by inserting ‘‘in the case 

7 of a nonbank financial company, and the factors 

8 used by the Council pursuant to section 113A(b) in 

9 the case of a bank holding company’’ after ‘‘as ap10 plicable,’’. 

11 (f) OFFICE OF FINANCIAL RESEARCH.—Section 

12 155(d) of the Financial Stability Act of 2010 (12 U.S.C. 

13 5345(d)) is amended by striking ‘‘with total consolidated 

14 assets of 50,000,000,000 or greater’’ and inserting ‘‘sub15 ject to a determination under section 113A(a)’’. 

16 SEC. 932. REVISIONS TO BOARD AUTHORITY. 

17 (a) ACQUISITIONS.—Section 163 of the Financial 

18 Stability Act of 2010 (12 U.S.C. 5363) is amended by 

19 striking ‘‘with total consolidated assets equal to or greater 

20 than $50,000,000,000’’ each place that term appears and 

21 inserting ‘‘subject to a determination under section 

22 113A(a)’’. 

23 (b) MANAGEMENT INTERLOCKS.—Section 164 of the 

24 Financial Stability Act of 2010 (12 U.S.C. 5364) is 

25 amended by striking ‘‘with total consolidated assets equal 
281 

•S 1910 PCS

1 to or greater than $50,000,000,000’’ and inserting ‘‘sub2 ject to a determination under section 113A(a)’’. 

3 (c) ENHANCED SUPERVISION AND PRUDENTIAL

4 STANDARDS.—Section 165 of the Financial Stability Act 

5 of 2010 (12 U.S.C. 5365) is amended— 

6 (1) in subsection (a)— 

7 (A) in paragraph (1), by striking ‘‘with 

8 total consolidated assets equal to or greater 

9 than $50,000,000,000’’ and inserting ‘‘subject 

10 to a determination under section 113A(a)’’; and 

11 (B) in paragraph (2)— 

12 (i) by striking ‘‘APPLICATION’’ and all 

13 that follows through ‘‘In prescribing’’ and 

14 inserting ‘‘APPLICATION.—In prescribing’’; 

15 and 

16 (ii) by striking subparagraph (B); 

17 (2) in subsection (b)(3), by inserting ‘‘and the 

18 factors used by the Council pursuant to section 

19 113A(b)’’ after ‘‘subsections (a) and (b) of section 

20 113’’ each place that term appears; 

21 (3) in subsection (h), by striking 

22 ‘‘$10,000,000,000’’ each place that term appears 

23 and inserting ‘‘$50,000,000,000 (as such amount is 

24 adjusted annually by the Council to reflect the per25 centage change for the previous calendar year in the 
282 

•S 1910 PCS

1 gross domestic product of the United States, as cal2 culated by the Bureau of Economic Analysis of the 

3 Department of Commerce)’’; 

4 (4) in subsection (i)(2)(A), by striking 

5 ‘‘$10,000,000,000’’ and inserting ‘‘$50,000,000,000 

6 (as such amount is adjusted annually by the Council 

7 to reflect the percentage change for the previous cal8 endar year in the gross domestic product of the 

9 United States, as calculated by the Bureau of Eco10 nomic Analysis of the Department of Commerce)’’; 

11 and 

12 (5) in subsection (j)— 

13 (A) in paragraph (1), by striking ‘‘with 

14 total consolidated assets equal to or greater 

15 than $50,000,000,000’’ and inserting ‘‘de16 scribed in subsection (a)’’; and 

17 (B) by striking paragraph (2) and insert18 ing the following: 

19 ‘‘(2) CONSIDERATIONS.—In making a deter20 mination under this subsection, the Council shall— 

21 ‘‘(A) in the case of a nonbank financial 

22 company supervised by the Board of Governors, 

23 consider the factors described in subsections (a) 

24 and (b) of section 113 and any other risk-re-
283 

•S 1910 PCS

1 lated factors that the Council deems appro2 priate; and 

3 ‘‘(B) in the case of a bank holding com4 pany described in subsection (a), consider the 

5 factors used by the Council pursuant to section 

6 113A(b).’’. 

7 (d) CONFORMING AMENDMENT.—The second sub8 section designated as subsection (s)(2) of the Federal Re9 serve Act (12 U.S.C. 248(s)(2)) (relating to assessments, 

10 fees, and other charges for certain companies) is amend11 ed— 

12 (1) in subparagraph (A), by striking ‘‘having 

13 total consolidated assets of $50,000,000,000 or 

14 more;’’ and inserting ‘‘subject to a determination 

15 under section 113A(a) of the Financial Stability Act 

16 of 2010; and’’; 

17 (2) by striking subparagraph (B); and 

18 (3) by redesignating subparagraph (C) as sub19 paragraph (B). 

20 SEC. 933. EFFECTIVE DATE. 

21 (a) IN GENERAL.—The amendments made by this 

22 subtitle shall, except as otherwise provided, take effect on 

23 the date that is 180 days after the date on which the regu24 lations required under section 113A(b) of the Financial 
284 

•S 1910 PCS

1 Stability Act of 2010, as added by section 931(b) of this 

2 title, are issued. 

3 (b) RULE OF CONSTRUCTION.—Nothing in this sub4 title shall be construed to prohibit the Financial Stability 

5 Oversight Council established under section 111 of the Fi6 nancial Stability Act of 2010 (12 U.S.C. 5321) or the 

7 Board of Governors of the Federal Reserve System from 

8 complying with any of the requirements of section 113A 

9 of that Act, as added by section 931(b) of this title, with 

10 respect to a bank holding company (as defined in section 

11 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 

12 1841)) prior to the effective date described in subsection 

13 (a). 

14 SEC. 934. SENSE OF CONGRESS. 

15 (a) DEFINITIONS.—In this section: 

16 (1) APPROPRIATE FEDERAL BANKING AGEN17 CIES; BANK HOLDING COMPANY.—The terms ‘‘ap18 propriate Federal banking agencies’’ and ‘‘bank 

19 holding company’’ have the meanings given those 

20 terms in section 3 of the Federal Deposit Insurance 

21 Act (12 U.S.C. 1813). 

22 (2) NONBANK FINANCIAL COMPANY.—The term 

23 ‘‘nonbank financial company’’ has the meaning given 

24 that term in section 102(a) of the Financial Sta25 bility Act of 2010 (12 U.S.C. 5311). 
285 

•S 1910 PCS

1 (b) SENSE OF CONGRESS.—It is the sense of Con2 gress that the appropriate Federal banking agencies 

3 should seek to properly tailor prudential regulations and, 

4 in doing so, differentiate among bank holding companies 

5 and among nonbank financial companies supervised by the 

6 Board of Governors of the Federal Reserve System based 

7 on their capital structure, riskiness, complexity, financial 

8 activities (including the financial activities of their subsidi9 aries), size, and other risk-related factors, using existing 

10 authorities, including waiver authorities provided in stat11 ute or regulation. 

12 SEC. 935. PRESERVATION OF AUTHORITY. 

13 Nothing in this title shall be construed to limit the 

14 supervisory, regulatory, or enforcement authority of a 

15 Federal banking agency (as defined in section 3 of the 

16 Federal Deposit Insurance Act (12 U.S.C. 1813)) to fur17 ther the safe and sound operation of an institution that 

18 the Federal banking agency supervises, except as specifi19 cally provided in this title. 
286 

•S 1910 PCS

1 Subtitle C—Greater Transparency 

2 for the Financial Stability Over3 sight Council Process for 

4 Nonbank Financial Companies 

5 SEC. 941. ACCESS TO COUNCIL MEETINGS BY AGENCY MEM6 BERS. 

7 Section 111(e) of the Financial Stability Act of 2010 

8 (12 U.S.C. 5321(e)) is amended by adding at the end the 

9 following: 

10 ‘‘(3) ACCESS.—Any member of the governing 

11 body of a member agency headed by a member of 

12 the Council described in subparagraph (B), (E), (F), 

13 (G), or (I) of paragraph (1) of subsection (b)— 

14 ‘‘(A) may attend a meeting of the Council, 

15 including any meeting of representatives of the 

16 members of the Council; and 

17 ‘‘(B) shall have access to the same infor18 mation and materials that a member of the 

19 Council described in subparagraph (B), (E), 

20 (F), (G), or (I) of paragraph (1) of subsection 

21 (b) is provided or entitled to.’’. 

22 SEC. 942. NONBANK DETERMINATION PROCESS. 

23 Section 113 of the Financial Stability Act of 2010 

24 (12 U.S.C. 5323) is amended— 

25 (1) in subsection (a)(2)— 
287 

•S 1910 PCS

1 (A) in the matter preceding subparagraph 

2 (A), by inserting ‘‘factors, including’’ after 

3 ‘‘consider’’; 

4 (B) in subparagraph (H), by striking ‘‘1 or 

5 more primary financial regulatory agencies’’ 

6 and inserting ‘‘its primary financial regulatory 

7 agency, including the appropriateness of the im8 position of prudential standards in addition to 

9 or as opposed to other forms of regulation’’; 

10 (C) in subparagraph (J), by striking ‘‘and’’ 

11 at the end; 

12 (D) by redesignating subparagraph (K) as 

13 subparagraph (L); and 

14 (E) by inserting after subparagraph (J) 

15 the following: 

16 ‘‘(K) actions taken by the primary finan17 cial regulatory agency pursuant to subsection 

18 (e)(1)(C); and’’; 

19 (2) in subsection (b)(2)— 

20 (A) in the matter preceding subparagraph 

21 (A), by inserting ‘‘factors, including’’ after 

22 ‘‘consider’’; 

23 (B) in subparagraph (H), by inserting ‘‘, 

24 including the appropriateness of the imposition 

25 of prudential standards in addition to or as op-
288 

•S 1910 PCS

1 posed to other forms of regulation’’ before the 

2 semicolon at the end; 

3 (C) in subparagraph (J), by striking ‘‘and’’ 

4 at the end; 

5 (D) by redesignating subparagraph (K) as 

6 subparagraph (L); and 

7 (E) by inserting after subparagraph (J) 

8 the following: 

9 ‘‘(K) actions taken by the primary finan10 cial regulatory agency pursuant to subsection 

11 (e)(1)(C); and’’; 

12 (3) by striking subsections (d) and (e) and in13 serting the following: 

14 ‘‘(d) ANNUAL REEVALUATION AND RESCISSION.— 

15 ‘‘(1) ANNUAL REEVALUATION.—Not less fre16 quently than annually, except with respect to sub17 paragraph (E), the Council shall reevaluate each 

18 final determination made under subsection (a) or (b) 

19 with respect to a nonbank financial company super20 vised by the Board of Governors and shall— 

21 ‘‘(A) provide a written notice to the 

22 nonbank financial company being reevaluated; 

23 ‘‘(B) afford the nonbank financial company 

24 an opportunity to submit a plan, within such 

25 time as the Council determines to be appro-
289 

•S 1910 PCS

1 priate (but which shall be not earlier than 30 

2 days after the date of receipt by the nonbank 

3 financial company of the notice provided under 

4 subparagraph (A)), to modify the business, 

5 structure, or operations of the nonbank finan6 cial company; 

7 ‘‘(C) afford the nonbank financial company 

8 an opportunity to submit written materials in 

9 addition to, or separate from, the plan de10 scribed in subparagraph (B), within such time 

11 as the Council determines to be appropriate 

12 (but which shall be not earlier than 30 days 

13 after the date of receipt by the nonbank finan14 cial company of the notice provided under sub15 paragraph (A)), to contest the determination, 

16 including materials concerning whether, in the 

17 view of the nonbank financial company, the ma18 terial financial distress at the nonbank financial 

19 company, or the nature, scope, size, scale, con20 centration, interconnectedness, or mix of the ac21 tivities of the nonbank financial company, could 

22 pose a threat to the financial stability of the 

23 United States; 

24 ‘‘(D) provide an opportunity for the 

25 nonbank financial company to meet with rep-
290 

•S 1910 PCS

1 resentatives of the Council to present the infor2 mation described in subparagraphs (B) and (C); 

3 and 

4 ‘‘(E) not less than once every 5 years and 

5 prior to a vote under paragraph (3)(A)(ii)— 

6 ‘‘(i) not earlier than 30 days after the 

7 date of receipt of any notice under sub8 paragraph (A), provide the nonbank finan9 cial company with an opportunity to re10 quest, in writing, a hearing before the 

11 Council to contest its final determination 

12 under subsection (a) or (b); and 

13 ‘‘(ii) if the Council receives a timely 

14 request under clause (i), fix a time (not 

15 earlier than 30 days after the date of re16 ceipt of the request) and place at which 

17 the nonbank financial company may ap18 pear, personally or through counsel, to, at 

19 the discretion of the nonbank financial 

20 company, provide oral testimony and oral 

21 argument to the members of the Council, 

with not fewer than 2 22 ⁄3 of the voting mem23 bers of the Council, including the Chair24 person, in attendance. 
291 

•S 1910 PCS

1 ‘‘(2) COMPANY PLAN.—If a nonbank financial 

2 company submits a plan in accordance with para3 graph (1)(B), the Council shall— 

4 ‘‘(A) consider whether the plan, if imple5 mented, would result in the nonbank financial 

6 company no longer meeting the criteria for a 

7 final determination under subsection (a) or (b); 

8 and 

9 ‘‘(B) provide the nonbank financial com10 pany with— 

11 ‘‘(i) analysis of whether and to what 

12 extent the plan addresses the potential 

13 threat posed by the nonbank financial com14 pany to the financial stability of the 

15 United States; 

16 ‘‘(ii) an opportunity to meet with rep17 resentatives of the Council to discuss the 

18 analysis provided under clause (i); and 

19 ‘‘(iii) an opportunity to revise the 

20 plan, after discussions with representatives 

21 of the Council. 

22 ‘‘(3) VOTING AND EXPLANATION.— 

23 ‘‘(A) IN GENERAL.—After evaluating the 

24 materials and information provided by a 

25 nonbank financial company under paragraph 
292 

•S 1910 PCS

1 (1) and fulfilling the requirements of paragraph 

2 (2), and not later than 180 days after the date 

3 of receipt by the nonbank financial company of 

4 the notice provided under paragraph (1)(A), the 

5 Council shall, on a nondelegable basis and by a 

vote of not fewer than 2 6 ⁄3 of the voting members 

7 then serving, including an affirmative vote by 

8 the Chairperson— 

9 ‘‘(i) except as otherwise provided in 

10 clause (ii), determine whether the nonbank 

11 financial company no longer meets the cri12 teria for a final determination under sub13 section (a) or (b), in which case the Coun14 cil shall rescind such determination; and 

15 ‘‘(ii) not less than once every 5 years, 

16 and following a hearing held under para17 graph (1)(E)(ii), determine whether to 

18 renew a final determination under sub19 section (a) or (b). 

20 ‘‘(B) NOTICE OF FINAL DETERMINA21 TION.—If the Council does not vote to rescind 

22 a final determination under subparagraph 

23 (A)(i) or votes to renew a final determination 

24 under subparagraph (A)(ii), the Council shall 

25 provide a notice to the nonbank financial com-
293 

•S 1910 PCS

1 pany and the primary financial regulatory agen2 cy of the nonbank financial company with the 

3 reasons for the decision by the Council, which 

4 notice shall address with specificity— 

5 ‘‘(i) any changes to the basis for the 

6 final determination decision made under 

7 subsection (a) or (b) since the date on 

8 which the final determination under sub9 section (a) or (b) was made, including any 

10 changes to the information provided to the 

11 nonbank financial company under— 

12 ‘‘(I) subsection (e)(2)(C)(i)(IV); 

13 ‘‘(II) this clause, in prior years; 

14 or 

15 ‘‘(III) subparagraph (D); 

16 ‘‘(ii) any plan submitted by the 

17 nonbank financial company and considered 

18 by the Council under paragraph (2), and 

19 shall, at a minimum, include— 

20 ‘‘(I) a detailed analysis of wheth21 er and to what extent successful im22 plementation of the plan could result 

23 in the nonbank financial company no 

24 longer meeting the criteria for a final 
294 

•S 1910 PCS

1 determination under subsection (a) or 

2 (b); and 

3 ‘‘(II) a detailed explanation of 

4 why, if the plan were implemented, 

5 the nonbank financial company would 

6 still meet the criteria for a final deter7 mination under subsection (a) or (b), 

8 if the Council, during its consideration 

9 of the plan under paragraph (2), con10 cluded that the nonbank financial 

11 company would still meet those cri12 teria if the plan were implemented; 

13 ‘‘(iii) aspects of the business, oper14 ations, or structure, including the nature, 

15 scope, size, scale, concentration, inter16 connectedness, or mix of the activities, of 

17 the nonbank financial company that the 

18 Council believes could pose a threat to the 

19 financial stability of the United States, in20 cluding an assessment by the Council of 

21 the probability and magnitude of the 

22 threat; and 

23 ‘‘(iv) an explanation of actions the 

24 nonbank financial company could take in 
295 

•S 1910 PCS

1 order for the Council to rescind the deter2 mination. 

3 ‘‘(C) NO FINAL DETERMINATION.—If the 

4 Council votes to rescind a final determination 

5 under subparagraph (A)(i) or does not vote to 

6 renew a final determination under subpara7 graph (A)(ii), the existing final determination 

8 under subsection (a) or (b) shall be rescinded 

9 and the Council shall inform the nonbank fi10 nancial company in writing. 

11 ‘‘(D) EXPLANATION FOR CERTAIN COMPA12 NIES.—With respect to a reevaluation under 

13 this subsection in which the final determination 

14 under subsection (a) or (b) being reevaluated 

15 was made before the date of enactment of this 

16 subparagraph, the Council, as part of such re17 evaluation, shall provide a statement that— 

18 ‘‘(i) explains with specificity the basis 

19 for such determination; and 

20 ‘‘(ii) includes the analysis required 

21 under subsection (e)(2)(C)(i)(IV). 

22 ‘‘(E) VOTING THRESHOLD FOR RESCISSION

23 OF DETERMINATION.—Notwithstanding sub24 paragraph (A), the Council may, at any time, 

25 on a nondelegable basis and by a vote of not 
296 

•S 1910 PCS

fewer than 2 1 ⁄3 of the voting members then serv2 ing, including an affirmative vote by the Chair3 person, determine that a nonbank financial 

4 company no longer meets the criteria for a final 

5 determination under subsection (a) or (b), in 

6 which case the Council shall rescind the final 

7 determination. 

8 ‘‘(e) REQUIREMENTS FOR PROPOSED DETERMINA9 TION, NOTICE AND OPPORTUNITY FOR HEARING, AND

10 FINAL DETERMINATION.— 

11 ‘‘(1) IN GENERAL.—Prior to making a final de12 termination under subsection (a) or (b) with respect 

13 to a nonbank financial company, the Council must— 

14 ‘‘(A) provide the nonbank financial com15 pany and its primary financial regulatory agen16 cy with a notice that the nonbank financial 

17 company is being evaluated, which notice shall, 

18 at minimum— 

19 ‘‘(i) include any quantitative analysis 

20 used by the Council as part of its evalua21 tion; 

22 ‘‘(ii) identify with specificity any fac23 tors that the Council has considered pursu24 ant to subsection (a)(2) or (b)(2) relating 

25 to the nonbank financial company that 
297 

•S 1910 PCS

1 could cause the nonbank financial company 

2 to be subject to a final determination 

3 under subsection (a) or (b); and 

4 ‘‘(iii) include an explanation of how 

5 each factor identified in clause (ii) relates 

6 to the potential threat posed by the 

7 nonbank financial company to the financial 

8 stability of the United States; 

9 ‘‘(B) provide the nonbank financial com10 pany an opportunity, not earlier than 30 days 

11 after the date of receipt by the nonbank finan12 cial company of the notice under subparagraph 

13 (A), to meet with representatives of the Coun14 cil, including to discuss the notice and any anal15 ysis and factors considered by the Council; 

16 ‘‘(C) provide the primary financial regu17 latory agency of the nonbank financial company 

18 with not less than 180 days from the date of 

19 receipt of the notice in subparagraph (A) to— 

20 ‘‘(i) provide a written response to the 

21 Council that includes an assessment of— 

22 ‘‘(I) the factors identified pursu23 ant to subparagraph (A)(ii); 
298 

•S 1910 PCS

1 ‘‘(II) the explanation provided 

2 pursuant to subparagraph (A)(iii); 

3 and 

4 ‘‘(III) the degree to which the po5 tential threat to the financial stability 

6 of the United States is currently ad7 dressed or could be addressed by ex8 isting or pending regulation or other 

9 regulatory action; and 

10 ‘‘(ii) issue proposed regulations or un11 dertake other regulatory action to ad12 dress— 

13 ‘‘(I) the factors identified pursu14 ant to subparagraph (A)(ii), as appli15 cable; and 

16 ‘‘(II) the potential threat posed 

17 by the nonbank financial company to 

18 the financial stability of the United 

19 States; 

20 ‘‘(D) in the event that the primary finan21 cial regulatory agency has provided a written 

22 response under subparagraph (C)(i) or issued 

23 proposed regulations or taken other regulatory 

24 actions under subparagraph (C)(ii), find that— 
299 

•S 1910 PCS

1 ‘‘(i) taking into account the written 

2 response by the primary financial regu3 latory agency under subparagraph (C)(i), 

4 the nonbank financial company merits a 

5 proposed determination under subpara6 graph (E); and 

7 ‘‘(ii) the primary financial regulatory 

8 agency has not proposed regulations or 

9 taken other regulatory actions after receipt 

10 of the notice under subparagraph (A) that 

11 sufficiently address the factors identified 

12 pursuant to subparagraph (A)(ii), as appli13 cable, and the potential threat posed by 

14 the nonbank financial company to the fi15 nancial stability of the United States; 

16 ‘‘(E) after fulfilling the requirements of 

17 subparagraphs (A), (B), (C), and (D), on a 

18 nondelegable basis and by a vote of not fewer 

than 2 19 ⁄3 of the voting members then serving, in20 cluding an affirmative vote by the Chairperson, 

21 propose to make a determination under sub22 section (a) or (b) with respect to the nonbank 

23 financial company; and 

24 ‘‘(F) subsequent to making a proposed de25 termination under subparagraph (E)— 
300 

•S 1910 PCS

1 ‘‘(i) provide a notice to the nonbank 

2 financial company and its primary finan3 cial regulatory agency, which notice shall 

4 contain the basis for the proposed deter5 mination under subparagraph (E), includ6 ing— 

7 ‘‘(I) the information and expla8 nation required under subparagraph 

9 (A), along with any updates to such 

10 information or explanation related to 

11 the proposed determination under 

12 subparagraph (E); and 

13 ‘‘(II) an explanation and jus14 tification for any finding under sub15 paragraph (D); 

16 ‘‘(ii) not later than 30 days after the 

17 date of receipt of any notice under clause 

18 (i), provide the nonbank financial company 

19 with an opportunity to request, in writing, 

20 a hearing before the Council to contest the 

21 proposed determination under subpara22 graph (E); 

23 ‘‘(iii) if the Council receives a timely 

24 request under clause (ii), fix a time (not 

25 earlier than 30 days after the date of re-
301 

•S 1910 PCS

1 ceipt of the request) and place at which 

2 the nonbank financial company may ap3 pear, personally or through counsel, to, at 

4 the discretion of the nonbank financial 

5 company— 

6 ‘‘(I) submit a plan to modify the 

7 business, structure, or operations of 

8 the nonbank financial company in 

9 order to address the factors and the 

10 potential threat posed by the nonbank 

11 financial company to the financial sta12 bility of the United States identified 

13 pursuant to clause (i)(I), as applica14 ble; 

15 ‘‘(II) submit written materials in 

16 addition to or separate from the plan 

17 described in subclause (I); and 

18 ‘‘(III) provide oral testimony and 

19 oral argument to the members of the 

Council, with not fewer than 2 20 ⁄3 of the 

21 voting members of the Council, in22 cluding the Chairperson, in attend23 ance; and 

24 ‘‘(iv) in the event a plan is submitted 

25 to the Council under clause (iii)(I)— 
302 

•S 1910 PCS

1 ‘‘(I) consider whether the plan, if 

2 implemented, would address the fac3 tors and the potential threat posed by 

4 the nonbank financial company to the 

5 financial stability of the United States 

6 identified pursuant to clause (i)(I), as 

7 applicable; and 

8 ‘‘(II) provide the nonbank finan9 cial company with— 

10 ‘‘(aa) analysis of whether 

11 and to what extent the plan ad12 dresses the factors and the po13 tential threat posed by the 

14 nonbank financial company to 

15 the financial stability of the 

16 United States identified pursuant 

17 to clause (i)(I), as applicable; 

18 ‘‘(bb) an opportunity to 

19 meet with representatives of the 

20 Council to discuss the analysis 

21 provided under item (aa); and 

22 ‘‘(cc) an opportunity to re23 vise the plan, after discussions 

24 with representatives of the Coun25 cil. 
303 

•S 1910 PCS

1 ‘‘(2) FINAL DETERMINATION.— 

2 ‘‘(A) IN GENERAL.—After fulfilling the re3 quirements of paragraph (1), and not later than 

4 90 days after the date on which a hearing is 

5 held under paragraph (1)(F)(iii), the Council 

6 may vote to make a final determination under 

7 subsection (a) or (b). The Council may delay 

8 the vote up to 1 additional year after the con9 clusion of the 90-day period if considering a 

10 plan under paragraph (1)(F)(iv)(I). 

11 ‘‘(B) OUTCOME OF THE VOTE.—If the 

12 Council votes on a final determination under 

13 subsection (a) or (b), the Council shall promptly 

14 inform the nonbank financial company of the 

15 outcome of the vote in writing. 

16 ‘‘(C) NOTICE OF FINAL DETERMINA17 TION.—If the Council votes to make a final de18 termination under subsection (a) or (b), the 

19 Council shall, not later than 30 days after the 

20 date of the vote, provide a notice to the 

21 nonbank financial company and its primary fi22 nancial regulatory agency, which notice shall 

23 contain— 

24 ‘‘(i) the basis for the determination, 

25 including— 
304 

•S 1910 PCS

1 ‘‘(I) a detailed analysis of any 

2 plan submitted by the nonbank finan3 cial company and considered by the 

4 Council under paragraph (1)(F), if 

5 applicable, which analysis shall, at a 

6 minimum, include— 

7 ‘‘(aa) whether and to what 

8 extent successful implementation 

9 of the plan could address the fac10 tors, as applicable, and the po11 tential threat posed by the 

12 nonbank financial company to 

13 the financial stability of the 

14 United States identified pursuant 

15 to paragraph (1)(F)(i)(I); and 

16 ‘‘(bb) a detailed explanation 

17 of why the plan would not ad18 dress the factors and the poten19 tial threat posed by the nonbank 

20 financial company to the finan21 cial stability of the United States 

22 identified pursuant to paragraph 

23 (1)(F)(i)(I), if the Council, dur24 ing its consideration of the plan 

25 under subparagraph 
305 

•S 1910 PCS

1 (1)(F)(iv)(I), concluded that the 

2 plan would not address such fac3 tors or potential threat; 

4 ‘‘(II) the reasons why the mate5 rials and other information submitted 

6 or provided by the nonbank financial 

7 company under subclauses (II) and 

8 (III) of paragraph (1)(F)(iii) did not 

9 address the potential threat posed by 

10 the nonbank financial company to the 

11 financial stability of the United 

12 States; 

13 ‘‘(III) a justification for any find14 ing under paragraph (1)(D); 

15 ‘‘(IV) a detailed analysis of how 

16 any factors, including an explanation 

17 of how each factor relates to the po18 tential threat posed by the nonbank 

19 financial company to the financial sta20 bility of the United States, that the 

21 Council considered pursuant to sub22 section (a)(2) or (b)(2) resulted in the 

23 final determination under subsection 

24 (a) or (b); and 
306 

•S 1910 PCS

1 ‘‘(V) specific aspects of the busi2 ness, operations, or structure of the 

3 nonbank financial company, including 

4 the nature, scope, size, scale, con5 centration, interconnectedness, or mix 

6 of the activities of the nonbank finan7 cial company, that the Council be8 lieves could pose a threat to the finan9 cial stability of the United States, in10 cluding an assessment by the Council 

11 of the probability and magnitude of 

12 the threat; and 

13 ‘‘(ii) an explanation of actions the 

14 nonbank financial company could take in 

15 order for the Council to rescind the deter16 mination.’’; 

17 (4) in subsection (g), by striking ‘‘before the 

18 Council makes any’’ and inserting ‘‘from the outset 

19 of the consideration of the nonbank financial com20 pany by the Council, including before the Council 

21 makes any proposed determination under subsection 

22 (e)(1)(E) or’’; 

23 (5) in subsection (h)— 

24 (A) by inserting ‘‘or renews’’ after 

25 ‘‘makes’’; and 
307 

•S 1910 PCS

1 (B) by striking ‘‘(d)(2), (e)(3), or (f)(5)’’ 

2 and inserting ‘‘(d)(3)(B) or (f)(5) or of renewal 

3 of a final determination under subsection 

4 (e)(2)(C)’’; and 

5 (6) by adding at the end the following: 

6 ‘‘(j) PUBLIC DISCLOSURE REQUIREMENT.—The 

7 Council shall— 

8 ‘‘(1) in each case that a nonbank financial com9 pany has received a notice under subsection 

10 (e)(1)(A), and the nonbank financial company has 

11 publicly disclosed that the nonbank financial com12 pany is being reviewed by the Council, confirm that 

13 the nonbank financial company is being reviewed, in 

14 response to a request from a third party; 

15 ‘‘(2) upon making a final determination under 

16 subsection (a) or (b) or renewing a final determina17 tion under paragraph (3)(A) of subsection (d), pub18 licly provide a detailed written explanation of the 

19 basis for the final determination with sufficient de20 tail to provide the public with an understanding of 

21 the specific bases of the determination by the Coun22 cil, including any assumptions related thereof, sub23 ject to the requirements of section 112(d)(5); 

24 ‘‘(3) include, in the annual report required by 

25 section 112— 
308 

•S 1910 PCS

1 ‘‘(A) the number of nonbank financial 

2 companies from the previous year that received 

3 a notice under subsection (e)(1)(A); 

4 ‘‘(B) the number of nonbank financial 

5 companies from the previous year that were 

6 subject to a proposed determination under sub7 section (e)(1)(E); and 

8 ‘‘(C) the number of nonbank financial 

9 companies from the previous year that were 

10 subject to a final determination under sub11 section (a) or (b); and 

12 ‘‘(4) not earlier than 180 days after the date of 

13 enactment of this subsection, publish in the Federal 

14 Register information regarding the methodology the 

15 Council uses for calculating any quantitative thresh16 olds or other metrics used to consider the factors 

17 listed in subsection (a)(2) or (b)(2).’’. 

18 SEC. 943. RULE OF CONSTRUCTION. 

19 None of the amendments made by this subtitle shall 

20 be construed as limiting the emergency powers of the Fi21 nancial Stability Oversight Council under section 113(f) 

22 of the Financial Stability Act of 2010 (12 U.S.C. 

23 5323(f)). 
309 

•S 1910 PCS

1 Subtitle D—Improved Account2 ability and Transparency in the 

3 Regulation of Insurance 

4 SEC. 951. SENSE OF CONGRESS. 

5 It is the sense of Congress that the Act of March 

6 9, 1945 (commonly known as the ‘‘McCarran-Ferguson 

7 Act’’; 59 Stat. 33, chapter 20; 15 U.S.C. 1011 et seq.) 

8 remains the preferred approach with respect to regulating 

9 the business of insurance. 

10 SEC. 952. ENSURING THE PROTECTION OF INSURANCE POL11 ICYHOLDERS. 

12 (a) SOURCE OF STRENGTH.—Section 38A of the 

13 Federal Deposit Insurance Act (12 U.S.C. 1831o–1) is 

14 amended— 

15 (1) by redesignating subsections (c), (d), and 

16 (e) as subsections (d), (e), and (f), respectively; and 

17 (2) by inserting after subsection (b) the fol18 lowing: 

19 ‘‘(c) AUTHORITY OF STATE INSURANCE REGU20 LATOR.— 

21 ‘‘(1) IN GENERAL.—The provisions of section 

22 5(g) of the Bank Holding Company Act of 1956 (12 

23 U.S.C. 1844(g)) shall apply to a savings and loan 

24 holding company that is an insurance company, an 

25 affiliate of an insured depository institution that is 
310 

•S 1910 PCS

1 an insurance company, and to any other company 

2 that is an insurance company and that directly or 

3 indirectly controls an insured depository institution, 

4 to the same extent as the provisions of that section 

5 apply to a bank holding company that is an insur6 ance company. 

7 ‘‘(2) RULE OF CONSTRUCTION.—Requiring a 

8 bank holding company that is an insurance com9 pany, a savings and loan holding company that is an 

10 insurance company, an affiliate of an insured deposi11 tory institution that is an insurance company, or any 

12 other company that is an insurance company and 

13 that directly or indirectly controls an insured deposi14 tory institution to serve as a source of financial 

15 strength under this section shall be deemed an ac16 tion of the Board that requires a bank holding com17 pany to provide funds or other assets to a subsidiary 

18 depository institution for purposes of section 5(g) of 

19 the Bank Holding Company Act of 1956 (12 U.S.C. 

20 1844(g)).’’. 

21 (b) LIQUIDATION AUTHORITY.—The Dodd-Frank 

22 Wall Street Reform and Consumer Protection Act (12 

23 U.S.C. 5301 et seq.) is amended— 
311 

•S 1910 PCS

1 (1) in section 203(e)(3) (12 U.S.C. 5383(e)(3)), 

2 by inserting ‘‘or rehabilitation’’ after ‘‘orderly liq3 uidation’’ each place that term appears; and 

4 (2) in section 204(d)(4) (12 U.S.C. 

5 5384(d)(4)), by inserting before the semicolon at the 

6 end the following: ‘‘, except that, if the covered fi7 nancial company or covered subsidiary is an insur8 ance company or a subsidiary of an insurance com9 pany, the Corporation— 

10 ‘‘(A) shall promptly notify the State insur11 ance authority for the insurance company of the 

12 intention to take such lien; and 

13 ‘‘(B) may only take such lien— 

14 ‘‘(i) to secure repayment of funds 

15 made available to such covered financial 

16 company or covered subsidiary; and 

17 ‘‘(ii) if the Corporation determines, 

18 after consultation with the State insurance 

19 authority, that such lien will not unduly 

20 impede or delay the liquidation or rehabili21 tation of the insurance company, or the re22 covery by its policyholders’’. 
312 

•S 1910 PCS

1 SEC. 953. INTERNATIONAL INSURANCE CAPITAL STAND2 ARDS ACCOUNTABILITY. 

3 (a) SENSE OF CONGRESS.—It is the sense of Con4 gress that— 

5 (1) the Secretary of the Treasury, the Board of 

6 Governors of the Federal Reserve System, and the 

7 Director of the Federal Insurance Office should sup8 port increasing transparency at any global insurance 

9 or international standard-setting regulatory or su10 pervisory forum in which they participate, including 

11 supporting and advocating for greater public ob12 server access at any such forum; and 

13 (2) to the extent that the Secretary of the 

14 Treasury, the Board of Governors of the Federal 

15 Reserve System, and the Director of the Federal In16 surance Office take a position on an insurance pro17 posal by a global insurance or international stand18 ard-setting regulatory or supervisory forum, the 

19 Board of Governors of the Federal Reserve System 

20 and the Director of the Federal Insurance Office 

21 should achieve consensus positions with State insur22 ance regulators when they are participants rep23 resenting the United States in negotiations on insur24 ance issues before any international forum of finan25 cial regulators or supervisors that considers insur26 ance regulatory issues. 
313 

•S 1910 PCS

1 (b) INSURANCE POLICY ADVISORY COMMITTEE.— 

2 (1) ESTABLISHMENT.—There is established the 

3 Insurance Policy Advisory Committee on Inter4 national Capital Standards and Other Insurance 

5 Issues at the Board of Governors of the Federal Re6 serve System. 

7 (2) MEMBERSHIP.—The Committee established 

8 under paragraph (1) shall be composed of not more 

9 than 21 members, all of whom represent a diverse 

10 set of expert perspectives from the various sectors of 

11 the United States insurance industry, including life 

12 insurance, property and casualty insurance and rein13 surance, agents and brokers, academics, consumer 

14 advocates, or experts on issues facing underserved 

15 insurance communities and consumers. 

16 (c) REPORTS.— 

17 (1) REPORTS AND TESTIMONY BY SECRETARY

18 OF THE TREASURY AND CHAIRMAN OF THE BOARD

19 OF GOVERNORS OF THE FEDERAL RESERVE SYS20 TEM.— 

21 (A) IN GENERAL.—The Secretary of the 

22 Treasury and the Chairman of the Board of 

23 Governors of the Federal Reserve System, or 

24 their designees, shall submit an annual report 

25 and provide annual testimony to the Committee 
314 

•S 1910 PCS

1 on Banking, Housing, and Urban Affairs of the 

2 Senate and the Committee on Financial Serv3 ices of the House of Representatives on the ef4 forts of the Secretary of the Treasury, the 

5 Chairman of the Board of Governors of the 

6 Federal Reserve System, and State insurance 

7 regulators with respect to global insurance or 

8 international standard-setting regulatory or su9 pervisory forums, including— 

10 (i) a description of the insurance reg11 ulatory or supervisory standard-setting 

12 issues under discussion at any inter13 national insurance standard-setting bodies; 

14 (ii) a description of the effects that 

15 proposals discussed at international insur16 ance regulatory or supervisory forums of 

17 insurance could have on consumer and in18 surance markets in the United States; 

19 (iii) a description of any position 

20 taken by the Secretary of the Treasury, 

21 the Chairman of the Board of Governors of 

22 the Federal Reserve System, and the Di23 rector of the Federal Insurance Office in 

24 international insurance discussions; and 
315 

•S 1910 PCS

1 (iv) a description of the efforts by the 

2 Secretary of the Treasury, the Director of 

3 the Federal Insurance Office, and the 

4 Chairman of the Board of Governors of the 

5 Federal Reserve System to increase trans6 parency at any international standard-set7 ting bodies with whom they participate, in8 cluding efforts to provide additional public 

9 access to working groups and committees 

10 of such international insurance standard11 setting bodies. 

12 (B) TERMINATION.—This paragraph shall 

13 cease to be effective on December 31, 2018. 

14 (2) REPORTS AND TESTIMONY BY STATE IN15 SURANCE REGULATORS.—A State insurance regu16 lator may provide testimony to Congress on the 

17 issues described in paragraph (1)(A). 

18 (3) JOINT REPORT BY THE CHAIRMAN OF THE

19 FEDERAL RESERVE AND THE DIRECTOR OF THE

20 FEDERAL INSURANCE OFFICE.— 

21 (A) IN GENERAL.—The Secretary of the 

22 Treasury, the Chairman of the Board of Gov23 ernors of the Federal Reserve System, and the 

24 Director of the Federal Insurance Office, in 

25 consultation with State insurance regulators, 
316 

•S 1910 PCS

1 shall complete a study on, and submit to Con2 gress a report on the results of the study, the 

3 impact on consumers and markets in the 

4 United States before supporting or consenting 

5 to the adoption of any key elements in any 

6 international insurance proposal or inter7 national insurance capital standard. 

8 (B) NOTICE AND COMMENT.— 

9 (i) NOTICE.—The Secretary of the 

10 Treasury, the Chairman of the Board of 

11 Governors of the Federal Reserve System, 

12 and the Director of the Federal Insurance 

13 Office shall provide notice before the date 

14 on which drafting the report described in 

15 subparagraph (A) is commenced and after 

16 the date on which the draft of the report 

17 is completed. 

18 (ii) OPPORTUNITY FOR COMMENT.— 

19 There shall be an opportunity for public 

20 comment for a period beginning on the 

21 date on which the report is submitted 

22 under subparagraph (A) and ending on the 

23 date that is 60 days after the date on 

24 which the report is submitted. 
317 

•S 1910 PCS

1 (C) REVIEW BY COMPTROLLER GEN2 ERAL.—The Secretary of the Treasury, the 

3 Chairman of the Board of Governors of the 

4 Federal Reserve System, and the Director of 

5 the Federal Insurance Office shall submit to the 

6 Comptroller General of the United States the 

7 report described in subparagraph (A) for re8 view. 

9 (4) REPORT ON PROMOTING TRANSPARENCY.— 

10 Not later than 180 days after the date of enactment 

11 of this title, the Chairman of the Board of Gov12 ernors of the Federal Reserve System and the Sec13 retary of the Treasury, or their designees, shall sub14 mit a report and provide testimony to the Committee 

15 on Banking, Housing, and Urban Affairs of the Sen16 ate and the Committee on Financial Services of the 

17 House of Representatives on the efforts of the Sec18 retary of the Treasury and the Chairman of the 

19 Board of Governors of the Federal Reserve System 

20 to improve transparency at any international insur21 ance standard-setting bodies in which they partici22 pate. 
318 

•S 1910 PCS

1 Subtitle E—Improving the Federal 

2 Reserve System 

3 SEC. 961. REPORTS TO CONGRESS. 

4 Section 2B of the Federal Reserve Act (12 U.S.C. 

5 225b) is amended by striking subsection (b) and inserting 

6 the following: 

7 ‘‘(b) QUARTERLY REPORTS TO CONGRESS.— 

8 ‘‘(1) IN GENERAL.—The Federal Open Market 

9 Committee shall, on a quarterly basis, and in such 

10 a manner that 1 report is submitted concurrently 

11 with each semi-annual hearing required by sub12 section (a), submit to the Committee on Banking, 

13 Housing, and Urban Affairs of the Senate and the 

14 Committee on Financial Services of the House of 

15 Representatives a report explaining the policy deci16 sions of the Committee over the prior quarter and 

17 the basis for those decisions. 

18 ‘‘(2) CONTENTS.—The report described in 

19 paragraph (1) shall include— 

20 ‘‘(A) a detailed analysis of the conduct of 

21 monetary policy and economic developments 

22 and prospects for the future, taking into ac23 count past and prospective developments in— 

24 ‘‘(i) employment; 

25 ‘‘(ii) unemployment; 
319 

•S 1910 PCS

1 ‘‘(iii) production; 

2 ‘‘(iv) investment; 

3 ‘‘(v) real income; 

4 ‘‘(vi) productivity; 

5 ‘‘(vii) exchange rates; 

6 ‘‘(viii) international trade and pay7 ments; 

8 ‘‘(ix) prices; 

9 ‘‘(x) inflation expectations; 

10 ‘‘(xi) credit conditions; and 

11 ‘‘(xii) interest rates; 

12 ‘‘(B) a description of any monetary policy 

13 rule or rules used or considered by the Com14 mittee that provides or provide the basis for 

15 monetary policy decisions, including short-term 

16 interest rate targets set by the Committee, open 

17 market operations authorized under section 14, 

18 and interest rates established by the Committee 

19 pursuant to section 19(b)(12), and such de20 scription shall include, at a minimum, for each 

21 rule, a mathematical formula that models how 

22 monetary policy instruments will be adjusted 

23 based on changes in quantitative inputs; 

24 ‘‘(C) a description of any additional strat25 egy or strategies, if any such exist, used by the 
320 

•S 1910 PCS

1 Committee, separate from or supplementary to 

2 any rule or rules described in subparagraph 

3 (B), to affect monetary policy; 

4 ‘‘(D) a detailed explanation of— 

5 ‘‘(i) any deviation in the rule or rules 

6 described in subparagraph (B) in the cur7 rent report from any rule or rules de8 scribed in subparagraph (B) in the most 

9 recent quarterly report; and 

10 ‘‘(ii) any deviation in the strategy or 

11 strategies described in subparagraph (C) in 

12 the current report from any strategy or 

13 strategies described in subparagraph (C) in 

14 the most recent quarterly report; 

15 ‘‘(E) a description of any instruments used 

16 to execute monetary policy by employees of the 

17 Federal Reserve System at the direction of the 

18 Committee, and how such instruments have 

19 been used; 

20 ‘‘(F) a description of the outlook for mone21 tary policy over the short term, medium term, 

22 and long term; and 

23 ‘‘(G) projections of inflation and economic 

24 growth over the short term, medium term, and 

25 long term. 
321 

•S 1910 PCS

1 ‘‘(3) DISSENT.—A member of the Committee 

2 described in section 12A(a) may— 

3 ‘‘(A) dissent from the report submitted 

4 under paragraph (1) in whole or in part; 

5 ‘‘(B) write a dissent expressing the views 

6 of the member, which shall be included as part 

7 of the report submitted to the Committee on 

8 Banking, Housing, and Urban Affairs of the 

9 Senate and the Committee on Financial Serv10 ices of the House of Representatives; and 

11 ‘‘(C) sign a dissent written by another 

12 member of the Committee to express support 

13 for views contained in such dissent.’’. 

14 SEC. 962. TESTIMONY; VOTES; STAFF. 

15 (a) TESTIMONY; VOTES.—Section 10 of the Federal 

16 Reserve Act is amended— 

17 (1) in paragraph (11), as redesignated by sec18 tion 999F(v) of this title, by inserting at the end the 

19 following: ‘‘In the event that no member of the 

20 Board is serving as Vice Chairman for Supervision 

21 at the time such appearance is required, the Chair22 man of the Board of Governors shall appear before 

23 each Committee in the place of the Vice Chairman 

24 for Supervision.’’; and 

25 (2) by adding at the end the following: 
322 

•S 1910 PCS

1 ‘‘(12)(A) The Board of Governors of the Fed2 eral Reserve System shall, on a nondelegable basis, 

3 vote on whether to issue any civil money penalty as4 sessment order or settle any other enforcement ac5 tion if the issuance of such order or settlement of 

6 such action involves the payment of not less than 

7 $1,000,000 in compensation, penalties, fines, or 

8 other payments. 

9 ‘‘(B) The results of the vote of each member of 

10 the Board under subparagraph (A) shall promptly 

11 be made publicly available on the website of the 

12 Board.’’. 

13 (b) DELEGATION OF AUTHORITIES; STAFF.—Section 

14 11 of the Federal Reserve Act (12 U.S.C. 248) is amend15 ed— 

16 (1) in subsection (k), by inserting ‘‘and except 

17 as otherwise provided in section 10(12)(A),’’ after 

18 ‘‘credit policies,’’; and 

19 (2) in subsection (l), by inserting ‘‘Of amounts 

20 made available for employees of the Board of Gov21 ernors under this subsection, each member of the 

22 Board of Governors may employ not more than 4 in23 dividuals, with such individuals selected by such 

24 member and the salaries of such individuals set by 

25 such member.’’ after the period at the end. 
323 

•S 1910 PCS

1 SEC. 963. TRANSPARENCY AT THE FEDERAL OPEN MARKET 

2 COMMITTEE. 

3 Section 12A of the Federal Reserve Act (12 U.S.C. 

4 263) is amended by adding at the end the following: 

5 ‘‘(d) Not later than 3 years after the date on which 

6 a meeting of the Committee is held, the Committee shall 

7 publish the transcript of the meeting.’’. 

8 SEC. 964. INTEREST RATES ON BALANCES MAINTAINED AT 

9 A FEDERAL RESERVE BANK BY DEPOSITORY 

10 INSTITUTIONS. 

11 Section 19(b)(12)(A) of the Federal Reserve Act (12 

12 U.S.C. 461(b)(12)(A)) is amended by inserting ‘‘estab13 lished by the Federal Open Market Committee’’ after 

14 ‘‘rate or rates’’. 

15 SEC. 965. COMMISSION FOR RESTRUCTURING THE FED16 ERAL RESERVE SYSTEM. 

17 (a) ESTABLISHMENT.—There is established an inde18 pendent commission to be known as the ‘‘Federal Reserve 

19 System Restructuring Commission’’ (referred to in this 

20 section as the ‘‘Commission’’). 

21 (b) MEMBERSHIP.— 

22 (1) IN GENERAL.—The Commission shall be 

23 composed of 7 members as follows: 

24 (A) 2 members appointed by the Speaker 

25 of the House of Representatives. 
324 

•S 1910 PCS

1 (B) 2 members appointed by the majority 

2 leader of the Senate. 

3 (C) 1 member appointed by the minority 

4 leader of the House of Representatives. 

5 (D) 1 member appointed by the minority 

6 leader of the Senate. 

7 (E) 1 member appointed by the President. 

8 (2) CHAIRMAN.—Once the members of the 

9 Commission have been appointed, the members shall 

10 designate 1 of the members to be Chairman of the 

11 Commission. 

12 (3) VACANCIES.—Any vacancy in the Commis13 sion shall be filled in the same manner as the origi14 nal appointment. 

15 (c) DUTIES.— 

16 (1) STUDY.— 

17 (A) IN GENERAL.—The Commission shall 

18 conduct a study on whether it is appropriate to 

19 restructure the Federal Reserve districts, in20 cluding an analysis on potential benefits and 

21 costs of restructuring. 

22 (B) CONSIDERATIONS.—In determining 

23 whether such restructuring is appropriate, the 

24 Commission shall specifically consider the im25 pact of restructuring with respect to— 
325 

•S 1910 PCS

1 (i) maximizing operational effective2 ness within the Federal Reserve System 

3 while minimizing operational costs; 

4 (ii) maximizing the effectiveness of su5 pervisory and regulatory functions while 

6 minimizing potential for regulatory cap7 ture; and 

8 (iii) monetary policy decision-making. 

9 (C) PROPOSALS.—The Commission shall— 

10 (i) consider various proposals to re11 structure the existing Federal Reserve dis12 tricts, including proposals to— 

13 (I) increase the number of exist14 ing Federal Reserve districts, includ15 ing a proposal to divide the Federal 

16 Reserve district in which the Federal 

17 Reserve Bank of San Francisco is 

18 contained into 2 or more separate dis19 tricts while retaining the existing 

20 structure for the remaining Federal 

21 Reserve districts; 

22 (II) decrease the number of exist23 ing Federal Reserve districts; 

24 (III) restructure the existing 

25 Federal Reserve districts without in-
326 

•S 1910 PCS

1 creasing or decreasing the number of 

2 existing Federal Reserve districts; and 

3 (IV) reassign specific functions 

4 and duties, including supervisory and 

5 regulatory functions, to different Fed6 eral Reserve banks within the Federal 

7 Reserve System, including functions 

8 and duties performed by the Board; 

9 and 

10 (ii) determine which of the proposals 

11 considered under clause (i) are the optimal 

12 approaches to restructuring the existing 

13 Federal Reserve districts pursuant to sub14 clauses (I), (II), (III), and (IV) of clause 

15 (i). 

16 (2) RECOMMENDATION.—The Commission 

17 shall, based on the proposals considered under para18 graph (1)(C), develop a recommendation on the opti19 mal organization of the Federal Reserve System 

20 that— 

21 (A) maximizes— 

22 (i) the operational effectiveness within 

23 the Federal Reserve System while mini24 mizing operational costs; and 
327 

•S 1910 PCS

1 (ii) the effectiveness of supervisory 

2 and regulatory functions while minimizing 

3 potential for regulatory capture; and 

4 (B) takes into account the impact of re5 structuring on monetary policy decision-making. 

6 (3) REPORT.—Not later than 18 months after 

7 the date of enactment of this title, the Commission 

8 shall submit to the Committee on Banking, Housing, 

9 and Urban Affairs of the Senate and the Committee 

10 on Financial Services of the House of Representa11 tives, and also furnish copies to the President and 

12 the Board of Governors of the Federal Reserve Sys13 tem, a report that includes— 

14 (A) the recommendation described in para15 graph (2); 

16 (B) a description of the proposals consid17 ered under paragraph (1)(C)(i); 

18 (C) a description of the proposals deter19 mined to be optimal under paragraph (1)(C)(ii); 

20 (D) an analysis of the benefits and costs of 

21 each of the proposals described in subparagraph 

22 (B), including, with respect to each proposal, an 

23 analysis of— 

24 (i) the operational benefits and costs 

25 to the Federal Reserve System; 
328 

•S 1910 PCS

1 (ii) the impact on supervision of fi2 nancial institutions and nonbank financial 

3 institutions supervised by the Federal Re4 serve banks; and 

5 (iii) the impact on monetary policy de6 cision-making; 

7 (E) an analysis of— 

8 (i) any specific benefits and costs re9 sulting from the increase in total number 

10 of Federal Reserve districts; and 

11 (ii) any specific benefits and costs re12 sulting from the decrease in total number 

13 of Federal Reserve districts, including an 

14 evaluation of savings to the Federal Re15 serve System through streamlining and 

16 elimination of duplicated functions; 

17 (F) a determination of— 

18 (i) whether the benefits of restruc19 turing the existing Federal Reserve dis20 tricts without increasing or decreasing the 

21 number of existing Federal Reserve dis22 tricts outweigh the costs; 

23 (ii) whether the benefits of increasing 

24 or decreasing the number of existing Fed25 eral Reserve districts outweigh the costs; 
329 

•S 1910 PCS

1 (iii) whether the benefits of reas2 signing functions and duties to different 

3 Federal Reserve banks within the Federal 

4 Reserve System outweigh the costs; and 

5 (iv) the optimal number of Federal 

6 Reserve districts in order for the Federal 

7 Reserve System to fulfill its statutory role 

8 in the most efficient and cost-effective 

9 manner; and 

10 (G) a description of the methodology used 

11 by the Commission to reach the conclusions for 

12 the report. 

13 (d) POWERS OF THE COMMISSION.—The Commission 

14 may lease space and acquire personal property to the ex15 tent funds are available. 

16 (e) COMMISSION PERSONNEL MATTERS.— 

17 (1) COMPENSATION OF MEMBERS.— 

18 (A) IN GENERAL.—Except as provided in 

19 subparagraph (B), each member of the Com20 mission who is not an officer or employee of the 

21 Federal Government shall be compensated at a 

22 rate equal to the daily equivalent of the annual 

23 rate of basic pay prescribed for level IV of the 

24 Executive Schedule under section 5315 of title 

25 5, United States Code, for each day (including 
330 

•S 1910 PCS

1 travel time) during which such member is en2 gaged in the performance of the duties of the 

3 Commission. All members of the Commission 

4 who are officers or employees of the United 

5 States shall serve without compensation in addi6 tion to that received for their services as offi7 cers or employees of the United States. 

8 (B) COMPENSATION OF CHAIRMAN.—The 

9 Chairman of the Commission shall be com10 pensated at a rate equal to the daily equivalent 

11 of the minimum annual rate of basic pay pay12 able for level III of the Executive Schedule 

13 under section 5314, of title 5, United States 

14 Code. 

15 (2) TRAVEL EXPENSES.—The members of the 

16 Commission shall be allowed travel expenses, includ17 ing per diem in lieu of subsistence, at rates author18 ized for employees of agencies under subchapter I of 

19 chapter 57 of title 5, United States Code, while 

20 away from their homes or regular places of business 

21 in the performance of services for the Commission. 

22 (3) DIRECTOR AND STAFF.— 

23 (A) DIRECTOR OF STAFF.—The Commis24 sion shall appoint a Director, who shall be paid 

25 at the rate of basic pay payable for level IV of 
331 

•S 1910 PCS

1 the Executive Schedule under section 5315 of 

2 title 5, United States Code. 

3 (B) STAFF.— 

4 (i) IN GENERAL.—Subject to clauses 

5 (ii) and (iii), the Director, with the ap6 proval of the Commission, may appoint 

7 and fix the pay of additional personnel. 

8 (ii) APPLICABILITY.—The Director 

9 may make such appointments without re10 gard to the provisions of title 5, United 

11 States Code, governing appointments in 

12 the competitive service, and any personnel 

13 so appointed may be paid without regard 

14 to the provisions of chapter 51 and sub15 chapter III of chapter 53 of that title re16 lating to classification and General Sched17 ule pay rates, except that an individual so 

18 appointed may not receive pay in excess of 

19 the annual rate of basic pay prescribed for 

20 level V of the Executive Schedule under 

21 section 5316 of that title. 

22 (iii) DETAIL OF GOVERNMENT EM23 PLOYEES.— 

24 (I) IN GENERAL.—Upon request 

25 of the Director, the head of any Fed-
332 

•S 1910 PCS

1 eral department or agency, including 

2 the Comptroller General of the United 

3 States, may detail any of the per4 sonnel of that department or agency 

5 to the Commission to assist the Com6 mission in carrying out its duties 

7 under this section. 

8 (II) LIMITATIONS.— 

9 (aa) DETAIL OF EMPLOYEES

10 FROM FEDERAL RESERVE SYSTEM.—Not more than 1 11 ⁄5 of the 

12 personnel employed by or detailed 

13 to the Commission may be on de14 tail from the Federal Reserve 

15 System. 

16 (bb) DETAIL OF EMPLOYEES

17 FROM OTHER FEDERAL AGENCIES.—Not more than 1 18 ⁄5 of the 

19 personnel employed by or detailed 

20 to the Commission may be on de21 tail from any Federal department 

22 or agency other than the Federal 

23 Reserve System. 

24 (iv) EXPERTS AND CONSULTANTS.— 

25 The Commission may procure by contract 
333 

•S 1910 PCS

1 the temporary or intermittent services of 

2 experts or consultants pursuant to section 

3 3109(b) of title 5, United States Code, at 

4 rates for individuals which do not to exceed 

5 the daily equivalent of the annual rate of 

6 basic pay for a comparable position paid 

7 under the General Schedule. 

8 (C) RULE OF CONSTRUCTION.—Any indi9 vidual employed by the Commission under this 

10 paragraph, including any expert or consultant 

11 under contract pursuant to subparagraph 

12 (B)(iv), shall be considered staff for the dura13 tion of such employment of such individual for 

14 the purposes of this section. 

15 (f) PROHIBITION AGAINST RESTRICTING COMMU16 NICATIONS.—No person may restrict an employee of the 

17 Federal Reserve System from communicating with a mem18 ber or staff of the Commission, and no person may take 

19 (or threaten to take) an unfavorable personnel action, or 

20 withhold (or threaten to withhold) a favorable personnel 

21 action, as a reprisal for such communication. 

22 (g) CONFIDENTIAL INFORMATION.—No member or 

23 staff of the Commission shall request, either in writing 

24 or verbally, that any employee of the Federal Reserve Sys25 tem provide— 
334 

•S 1910 PCS

1 (1) nonpublic information or documents con2 cerning or related to monetary policy deliberations; 

3 or 

4 (2) confidential supervisory information. 

5 (h) DISCLOSURE OF NONPUBLIC INFORMATION.— 

6 Any member or staff of the Commission that obtains non7 public information from the Federal Reserve System or 

8 any employee of the Federal Reserve System shall main9 tain the confidentiality of such information. 

10 (i) AUDIT.— 

11 (1) IN GENERAL.—The Comptroller General of 

12 the United States shall annually audit the financial 

13 transactions of the Commission in accordance with 

14 the United States generally accepted government au15 diting standards, as may be prescribed by the Comp16 troller General of the United States. 

17 (2) LOCATION OF AUDIT.—An audit under 

18 paragraph (1) shall be conducted at any place where 

19 accounts of the Commission are normally kept. 

20 (3) ACCESS.— 

21 (A) IN GENERAL.—The representatives of 

22 the Government Accountability Office shall have 

23 access, in accordance with section 716(c) of 

24 title 31, United States Code, to— 
335 

•S 1910 PCS

1 (i) the Chairman of the Commission, 

2 members of the Commission, and staff of 

3 the Commission; and 

4 (ii) all books, accounts, documents, 

5 papers, records (including electronic 

6 records), reports, files, property, or other 

7 information belonging to or under the con8 trol of or used or employed by the Com9 mission pertaining to its financial trans10 actions and necessary to facilitate the 

11 audit. 

12 (B) VERIFICATION OF TRANSACTIONS.— 

13 Representatives of the Government Account14 ability Office shall be afforded full facilities for 

15 verifying transactions with the balances or secu16 rities held by depositories, fiscal agents, and 

17 custodians. 

18 (4) CUSTODY OF DOCUMENTS AND PROP19 ERTY.—All books, accounts, documents, papers, 

20 records, reports, files, property, or other information 

21 described in paragraph (3)(A)(ii) shall remain in 

22 possession and custody of the Commission. 

23 (5) COPIES.—The Comptroller General of the 

24 United States may make copies of any books, ac25 counts, documents, papers, records, reports, files, 
336 

•S 1910 PCS

1 property, or other information described in para2 graph (3)(A)(ii) without cost to the Comptroller 

3 General. 

4 (6) SERVICES.—In conducting an audit under 

5 this subsection, the Comptroller General of the 

6 United States may employ by contract, without re7 gard to section 3709 of the Revised Statutes (41 

8 U.S.C. 6101), professional services of firms and or9 ganizations of certified public accountants for tem10 porary periods or for special purposes. 

11 (7) REIMBURSEMENT.— 

12 (A) IN GENERAL.—Upon the request of 

13 the Comptroller General of the United States, 

14 the Chairman of the Commission shall transfer 

15 to the Government Accountability Office from 

16 funds made available to the Commission the 

17 amount requested by the Comptroller General 

18 to cover the full costs of any audit and report 

19 conducted by the Comptroller General. 

20 (B) CREDIT.—The Comptroller General of 

21 the United States shall credit funds transferred 

22 under subparagraph (A) to the account estab23 lished for salaries and expenses of the Govern24 ment Accountability Office, and such amount 

25 shall be available upon receipt and without fis-
337 

•S 1910 PCS

1 cal year limitation to cover the full costs of the 

2 audit and report. 

3 (8) REPORT.—The Comptroller General of the 

4 United States shall submit to the Committee on 

5 Banking, Housing, and Urban Affairs of the Senate 

6 and the Committee on Financial Services of the 

7 House of Representatives, and also furnish copies to 

8 the President and the Commission, a report of each 

9 annual audit conducted under this subsection, in10 cluding— 

11 (A) the scope of the audit; 

12 (B) the statement of assets and liabilities 

13 and surplus or deficit; 

14 (C) the statement of income and expenses; 

15 (D) the statement of sources and applica16 tion of funds; 

17 (E) such comments and information as the 

18 Comptroller General determines is necessary to 

19 inform the Committee on Banking, Housing, 

20 and Urban Affairs of the Senate and the Com21 mittee on Financial Services of the House of 

22 Representatives of the financial operations and 

23 condition of the Commission; and 

24 (F) such recommendations that the Comp25 troller General may deem advisable. 
338 

•S 1910 PCS

1 (j) TERMINATION.—The Commission shall terminate 

2 not later than on December 31, 2020. 

3 (k) FUNDING.— 

4 (1) IN GENERAL.—Beginning on the first quar5 ter of the fiscal year after the date on which the 

6 Commission is established, and in each quarter of a 

7 fiscal year thereafter, the Board of Governors of the 

8 Federal Reserve System shall transfer to the Com9 mission, from the combined earnings of the Federal 

10 Reserve System, the amount determined by the 

11 Chairman of the Commission to be reasonably nec12 essary to carry out the authorities of the Commis13 sion pursuant to this section, taking into account 

14 such other sums made available to the Commission 

15 in preceding quarters, to be available without fiscal 

16 year limitation and not subject to appropriation. 

17 (2) REVIEWABILITY.—Notwithstanding any 

18 other provision in this section, the funds derived 

19 from the Federal Reserve System pursuant to this 

20 subsection shall not be subject to review by the Com21 mittee on Appropriations of the Senate or the Com22 mittee on Appropriations of the House of Represent23 atives. 

24 (l) FEDERAL RESERVE DISTRICTS.—The first undes25 ignated paragraph of section 2 of the Federal Reserve Act 
339 

•S 1910 PCS

1 (38 Stat. 251, chapter 6) is amended by inserting ‘‘, ex2 cept as otherwise provided under section 965 of the Finan3 cial Regulatory Improvement Act of 2015’’ after ‘‘orga4 nized’’. 

5 SEC. 966. GAO STUDY ON SUPERVISION. 

6 (a) IN GENERAL.—The Comptroller General of the 

7 United States shall conduct a study on the effectiveness 

8 of supervision by the Board of Governors of the Federal 

9 Reserve System and each Federal Reserve bank of— 

10 (1) bank holding companies subject to the re11 quirements of section 165 of the Financial Stability 

12 Act of 2010 (12 U.S.C. 5365) on the date of enact13 ment of this title; and 

14 (2) nonbank financial companies subject to a 

15 determination under subsection (a) or (b) of section 

16 113 of the Financial Stability Act of 2010 (12 

17 U.S.C. 5323). 

18 (b) REPORT.—Not later than 18 months after the 

19 date of enactment of this title, the Comptroller General 

20 of the United States shall submit to the Committee on 

21 Banking, Housing, and Urban Affairs of the Senate and 

22 the Committee on Financial Services of the House of Rep23 resentatives a report based on the study required under 

24 subsection (a) that includes— 

25 (1) an analysis of— 
340 

•S 1910 PCS

1 (A) the effectiveness of the delegation of 

2 functions by the Board of Governors of the 

3 Federal Reserve System in accordance with sec4 tion 11(k) of the Federal Reserve Act (12 

5 U.S.C. 248(k)); 

6 (B) the effectiveness of supervision dele7 gated to each Federal Reserve bank by the 

8 Board of Governors of the Federal Reserve Sys9 tem, including whether and how the relation10 ships between each Federal Reserve bank and 

11 the institutions that each Federal Reserve bank 

12 supervises impact the effectiveness of super13 vision; 

14 (C) the propriety of the relationship be15 tween each Federal Reserve bank and the insti16 tutions that each Federal Reserve bank super17 vises, including any potential conflicts of inter18 est, and whether and how such relationships 

19 impact the effectiveness of supervision; 

20 (D) the role played by the Large Institu21 tion Supervision Coordinating Committee of the 

22 Board of Governors of the Federal Reserve Sys23 tem, the interactions between the Committee 

24 and the Federal Reserve banks, and the effec25 tiveness of the Committee; and 
341 

•S 1910 PCS

1 (E) any other factors that could negatively 

2 influence the effectiveness of supervision by any 

3 Federal Reserve bank or the Board of Gov4 ernors of the Federal Reserve System; 

5 (2) an evaluation of whether additional steps 

6 should be taken by the Board of Governors of the 

7 Federal Reserve System, each Federal Reserve bank, 

8 or Congress to improve the effectiveness of super9 vision at each Federal Reserve bank and the Board 

10 of Governors of the Federal Reserve System; and 

11 (3) recommendations to improve the effective12 ness of supervision at each Federal Reserve bank 

13 and the Board of Governors of the Federal Reserve 

14 System. 

15 (c) EVALUATION.—As part of the study required 

16 under subsection (a), the Comptroller General of the 

17 United States shall separately evaluate the effectiveness 

18 of supervision at the Board of Governors of the Federal 

19 Reserve System and at each Federal Reserve bank. 

20 SEC. 967. FEDERAL RESERVE STUDY ON NONBANK SUPER21 VISION. 

22 (a) IN GENERAL.—Not later than 180 days after the 

23 date of enactment of this title, and not less than once 

24 every 2 years thereafter, the Board of Governors of the 

25 Federal Reserve System shall submit to the Committee on 
342 

•S 1910 PCS

1 Banking, Housing, and Urban Affairs of the Senate and 

2 the Committee on Financial Services of the House of Rep3 resentatives a report regarding how the Board plans to 

4 supervise and regulate nonbank financial companies sub5 ject to a determination under subsection (a) or (b) of sec6 tion 113 of the Financial Stability Act of 2010 (12 U.S.C. 

7 5323) that includes, with respect to nonbank financial 

8 companies— 

9 (1) a specific supervisory and regulatory frame10 work, differentiating among nonbank financial com11 panies on an individual basis or by category, taking 

12 into consideration the capital structure, riskiness, 

13 complexity (including the financial activities of any 

14 subsidiaries), size, and any other risk-related factors 

15 that the Board of Governors of the Federal Reserve 

16 System determines is appropriate; 

17 (2) an assessment of the relevant experience 

18 and expertise of staff of the Federal Reserve System 

19 assigned to such supervision and regulation; 

20 (3) a description of— 

21 (A) the method for evaluating safety and 

22 soundness; 

23 (B) the frequency of examinations; 

24 (C) the criteria that will be examined; and 
343 

•S 1910 PCS

1 (D) coordination with Federal and State 

2 regulators, including efforts to minimize dupli3 cative supervision and regulation, if appro4 priate; and 

5 (4) an explanation of how the approach to su6 pervision and regulation of nonbank financial com7 panies differs from supervision and regulation of 

8 bank holding companies and member banks. 

9 (b) SUNSET.—This section shall terminate on the 

10 date that is 10 years after the date of enactment of this 

11 title. 

12 SEC. 968. FEDERAL RESERVE BANK GOVERNANCE. 

13 (a) IN GENERAL.—Section 4 of the Federal Reserve 

14 Act is amended— 

15 (1) in paragraph (4) (12 U.S.C. 341)— 

16 (A) by striking ‘‘power—’’ and inserting 

17 ‘‘power, except as provided in paragraph (25)— 

18 ’’; and 

19 (B) by inserting ‘‘except that the first vice 

20 president of the Federal Reserve Bank of New 

21 York shall be appointed by the Class B and 

22 Class C directors of the bank, with the approval 

23 of the Board of Governors of the Federal Re24 serve System, for a term of 5 years,’’ after ‘‘as 

25 the president,’’; and 
344 

•S 1910 PCS

1 (2) by adding at the end the following: 

2 ‘‘(25) SELECTION OF THE PRESIDENT OF THE

3 FEDERAL RESERVE BANK OF NEW YORK.—Notwith4 standing any other provision of this section, the 

5 president of the Federal Reserve Bank of New York 

6 shall be appointed by the President, by and with the 

7 advice and consent of the Senate, for terms of 5 

8 years. 

9 ‘‘(26) TESTIMONY.—The president of the Fed10 eral Reserve Bank of New York, on an annual basis, 

11 shall provide testimony to the Committee on Bank12 ing, Housing, and Urban Affairs of the Senate and 

13 the Committee on Financial Services of the House of 

14 Representatives.’’. 

15 (b) EFFECTIVE DATE.—The amendments made by 

16 subsection (a) shall take effect on the date of enactment 

17 of this title and apply to appointments for the president 

18 of the Federal Reserve Bank of New York made on and 

19 after that effective date. 
345 

•S 1910 PCS

1 Subtitle F—Improved Access to 

2 Capital and Tailored Regulation 

3 in the Financial Markets 

4 SEC. 971. HOLDING COMPANY REGISTRATION THRESHOLD 

5 EQUALIZATION. 

6 The Securities Exchange Act of 1934 (15 U.S.C. 78a 

7 et seq.) is amended— 

8 (1) in section 12(g) (15 U.S.C. 78l(g))— 

9 (A) in paragraph (1)(B), by inserting ‘‘, a 

10 savings and loan holding company (as defined 

11 in section 10(a) of the Home Owners’ Loan Act 

12 (12 U.S.C. 1467a(a))),’’ after ‘‘is a bank’’; and 

13 (B) in paragraph (4), by inserting ‘‘, a 

14 savings and loan holding company (as defined 

15 in section 10(a) of the Home Owners’ Loan Act 

16 (12 U.S.C. 1467a(a))),’’ after ‘‘case of a bank’’; 

17 and 

18 (2) in section 15(d)(1) (15 U.S.C. 78o(d)(1)), 

19 by striking ‘‘case of bank’’ and inserting ‘‘case of a 

20 bank, a savings and loan holding company (as de21 fined in section 10(a) of the Home Owners’ Loan 

22 Act (12 U.S.C. 1467a(a))),’’. 
346 

•S 1910 PCS

1 SEC. 972. INCREASED THRESHOLD FOR DISCLOSURES RE2 LATING TO COMPENSATORY BENEFIT PLANS. 

3 Not later than 60 days after the date of enactment 

4 of this title, the Securities and Exchange Commission 

5 shall revise section 230.701(e) of title 17, Code of Federal 

6 Regulations, to increase from $5,000,000 to $10,000,000 

7 the aggregate sales price or amount of securities sold dur8 ing any consecutive 12-month period in excess of which 

9 the issuer is required under such section to deliver an ad10 ditional disclosure to investors. The Securities and Ex11 change Commission shall index for inflation such aggre12 gate sales price or amount every 5 years to reflect the 

13 change in the Consumer Price Index for All Urban Con14 sumers published by the Bureau of Labor Statistics, 

15 rounding to the nearest $1,000,000. 

16 SEC. 973. REPEAL OF INDEMNIFICATION REQUIREMENTS. 

17 (a) DERIVATIVES CLEARING ORGANIZATIONS.—Sec18 tion 5b(k)(5) of the Commodity Exchange Act (7 U.S.C. 

19 7a–1(k)(5)) is amended to read as follows: 

20 ‘‘(5) CONFIDENTIALITY AGREEMENT.—Before 

21 the Commission may share information with any en22 tity described in paragraph (4), the Commission 

23 shall receive a written agreement from each entity 

24 stating that the entity shall abide by the confiden25 tiality requirements described in section 8 relating to 
347 

•S 1910 PCS

1 the information on swap transactions that is pro2 vided.’’. 

3 (b) SWAP DATA REPOSITORIES.—Section 21(d) of 

4 the Commodity Exchange Act (7 U.S.C. 24a(d)) is amend5 ed to read as follows: 

6 ‘‘(d) CONFIDENTIALITY AGREEMENT.—Before the 

7 swap data repository may share information with any enti8 ty described in subsection (c)(7), the swap data repository 

9 shall receive a written agreement from each entity stating 

10 that the entity shall abide by the confidentiality require11 ments described in section 8 relating to the information 

12 on swap transactions that is provided.’’. 

13 (c) SECURITY-BASED SWAP DATA REPOSITORIES.— 

14 Section 13(n)(5) of the Securities Exchange Act of 1934 

15 (15 U.S.C. 78m(n)(5)) is amended— 

16 (1) in subparagraph (G)— 

17 (A) in the matter preceding clause (i), by 

18 striking ‘‘all’’ and inserting ‘‘security-based 

19 swap’’; and 

20 (B) in clause (v)— 

21 (i) in subclause (II), by striking ‘‘; 

22 and’’ and inserting a semicolon; 

23 (ii) in subclause (III), by striking the 

24 period at the end and inserting ‘‘; and’’; 

25 and 
348 

•S 1910 PCS

1 (iii) by adding at the end the fol2 lowing: 

3 ‘‘(IV) other foreign authorities.’’; 

4 and 

5 (2) by striking subparagraph (H) and inserting 

6 the following: 

7 ‘‘(H) CONFIDENTIALITY AGREEMENT.— 

8 Before the security-based swap data repository 

9 may share information with any entity de10 scribed in subparagraph (G), the security-based 

11 swap data repository shall receive a written 

12 agreement from each entity stating that the en13 tity shall abide by the confidentiality require14 ments described in section 24 relating to the in15 formation on security-based swap transactions 

16 that is provided.’’. 

17 (d) EFFECTIVE DATE.—The amendments made by 

18 this section shall take effect as if enacted as part of the 

19 Dodd-Frank Wall Street Reform and Consumer Protec20 tion Act (Public Law 111–203). 

21 SEC. 974. IMPROVING ACCESS TO CAPITAL FOR EMERGING 

22 GROWTH COMPANIES. 

23 Section 6(e)(1) of the Securities Act of 1933 (15 

24 U.S.C. 77f(e)(1)) is amended by adding at the end the 

25 following: ‘‘An issuer that was an emerging growth com-
349 

•S 1910 PCS

1 pany at the time it submitted a confidential registration 

2 statement or, in lieu thereof, a publicly filed registration 

3 statement for review under this subsection but ceases to 

4 be an emerging growth company thereafter shall continue 

5 to be treated as an emerging growth company for the pur6 poses of this subsection through the earlier of the date 

7 on which the issuer consummates its initial public offering 

8 pursuant to such registration statement or the end of the 

9 1-year period beginning on the date on which the company 

10 ceases to be an emerging growth company.’’. 

11 Subtitle G—Taxpayer Protections 

12 and Market Access for Mortgage 

13 Finance 

14 SEC. 981. DEFINITIONS. 

15 In this title: 

16 (1) AGENCY.—The term ‘‘Agency’’ means the 

17 Federal Housing Finance Agency. 

18 (2) BACK-END RISK SHARING.—The term 

19 ‘‘back-end risk sharing’’ means any risk-sharing 

20 transaction that allows an enterprise to share single21 family mortgage credit risk that is on the balance 

22 sheet of the enterprise with the private sector. 

23 (3) BOARD OF DIRECTORS.—The term ‘‘Board 

24 of Directors’’ means the Board of Directors estab25 lished under section 985(c)(1). 
350 

•S 1910 PCS

1 (4) COMMON SECURITIZATION SOLUTIONS.— 

2 The term ‘‘Common Securitization Solutions’’ or 

3 ‘‘CSS’’ means Common Securitization Solutions, 

4 LLC, the joint venture formed by the enterprises in 

5 October 2013, or any successor to Common 

6 Securitization Solutions, LLC, that is a joint ven7 ture of the enterprises. 

8 (5) CONTRACTUAL AND DISCLOSURE FRAME9 WORK.—The term ‘‘contractual and disclosure 

10 framework’’ means a contractual and disclosure 

11 framework for securitization of mortgage loans by 

12 an entity other than an enterprise. 

13 (6) ENTERPRISE.—The term ‘‘enterprise’’ has 

14 the meaning given that term in section 1303 of the 

15 Federal Housing Enterprises Financial Safety and 

16 Soundness Act of 1992 (12 U.S.C. 4502). 

17 (7) FIRST LOSS POSITION; FRONT-END RISK

18 SHARING; RISK-SHARING TRANSACTION.—The terms 

19 ‘‘first loss position’’, ‘‘front-end risk sharing’’, and 

20 ‘‘risk-sharing transaction’’ have the meanings given 

21 those terms in section 1328(a) of the Federal Hous22 ing Enterprises Financial Safety and Soundness Act 

23 of 1992, as added by section 986(b)(1). 

24 (8) GUARANTEE FEE.—The term ‘‘guarantee 

25 fee’’— 
351 

•S 1910 PCS

1 (A) means a fee in connection with any 

2 guarantee of the timely payment of principal 

3 and interest on securities, notes, and other obli4 gations based on or backed by mortgages on 

5 residential real properties designed principally 

6 for occupancy of from 1 to 4 families; and 

7 (B) includes— 

8 (i) the guaranty fee charged by the 

9 Federal National Mortgage Association 

10 with respect to mortgage-backed securities; 

11 and 

12 (ii) the management and guarantee 

13 fee charged by the Federal Home Loan 

14 Mortgage Corporation with respect to par15 ticipation certificates. 

16 (9) PLATFORM.—The term ‘‘Platform’’ means 

17 the securitization platform first described by the 

18 paper issued by the Agency on October 4, 2012 enti19 tled ‘‘Building a New Infrastructure for the Sec20 ondary Mortgage Market’’, and updated in subse21 quent documents released by the Agency, including 

22 annual strategic plans for the conservatorship of the 

23 enterprises and annual conservatorship scorecards. 

24 (10) PRIVATE SUCCESSOR.—The term ‘‘private 

25 successor’’ means the private, nonprofit entity re-
352 

•S 1910 PCS

1 ferred to in section 985(g) to which CSS transitions 

2 the Platform and the contractual and disclosure 

3 framework, including any associated intellectual 

4 property, technology, systems, and infrastructure, in 

5 accordance with this title. 

6 (11) SECOND LOSS POSITION.—The term ‘‘sec7 ond loss position’’ means, with respect to a risk8 sharing transaction, the position to which any credit 

9 losses on a security resulting from the nonperform10 ance of underlying mortgage loans will accrue and 

11 be absorbed after a first loss position, to the full ex12 tent of a holder’s interest in such position. 

13 (12) SECRETARY.—The term ‘‘Secretary’’ 

14 means the Secretary of the Treasury. 

15 (13) SENIOR PREFERRED STOCK PURCHASE

16 AGREEMENT.—The term ‘‘Senior Preferred Stock 

17 Purchase Agreement’’ means— 

18 (A) the Amended and Restated Senior Pre19 ferred Stock Purchase Agreement, dated Sep20 tember 26, 2008, as such Agreement has been 

21 amended on May 6, 2009, December 24, 2009, 

22 and August 17, 2012, respectively, and as such 

23 Agreement may be further amended and re24 stated, entered into between the Department of 
353 

•S 1910 PCS

1 the Treasury and each enterprise, as applicable; 

2 and 

3 (B) any provision of any certificate in con4 nection with such Agreement creating or desig5 nating the terms, powers, preferences, privi6 leges, limitations, or any other conditions of the 

7 Variable Liquidation Preference Senior Pre8 ferred Stock of an enterprise issued or sold pur9 suant to such Agreement. 

10 SEC. 982. PROHIBITING THE USE OF GUARANTEE FEES AS 

11 AN OFFSET. 

12 (a) IN GENERAL.—In the Senate and the House of 

13 Representatives, for purposes of determining budgetary 

14 impacts to evaluate points of order under the Congres15 sional Budget Act of 1974, any previous budget resolution, 

16 and any subsequent budget resolution, provisions con17 tained in any bill, resolution, amendment, motion, or con18 ference report that increase, or extend the increase of, any 

19 guarantee fee of an enterprise shall not be scored with 

20 respect to the level of budget authority, outlays, or reve21 nues contained in such legislation. 

22 (b) EXCEPTION.—The prohibition in subsection (a) 

23 shall not apply to any legislation that— 

24 (1) includes a specific instruction to the Sec25 retary on the sale, transfer, relinquishment, liquida-
354 

•S 1910 PCS

1 tion, divestiture, or other disposition of senior pre2 ferred stock acquired pursuant to the Senior Pre3 ferred Stock Purchase Agreement; and 

4 (2) provides for an increase, or extension of an 

5 increase, of any guarantee fee of an enterprise to be 

6 used for the purpose of financing reforms to the sec7 ondary mortgage market. 

8 SEC. 983. LIMITATIONS ON SALE OF PREFERRED STOCK. 

9 Notwithstanding any other provision of law or any 

10 provision of the Senior Preferred Stock Purchase Agree11 ment, the Secretary may not sell, transfer, relinquish, liq12 uidate, divest, or otherwise dispose of any outstanding 

13 shares of senior preferred stock acquired pursuant to the 

14 Senior Preferred Stock Purchase Agreement, until such 

15 time as Congress has passed and the President has signed 

16 into law legislation that includes a specific instruction to 

17 the Secretary regarding the sale, transfer, relinquishment, 

18 liquidation, divestiture, or other disposition of the senior 

19 preferred stock so acquired. 

20 SEC. 984. SECONDARY MARKET ADVISORY COMMITTEE. 

21 Not later than 90 days after the date of enactment 

22 of this title, the Agency shall direct the enterprises and 

23 CSS to establish the Secondary Market Advisory Com24 mittee, which shall— 
355 

•S 1910 PCS

1 (1) provide advice to the enterprises and CSS 

2 on decisions relating to the development of sec3 ondary mortgage market infrastructure; and 

4 (2) include private market participants rep5 resenting multiple aspects of the mortgage market, 

6 including mortgage lenders, poolers of mortgage7 backed securities, and investors of mortgage-backed 

8 securities. 

9 SEC. 985. SECURITIZATION PLATFORM. 

10 (a) SENSE OF CONGRESS.—It is the sense of Con11 gress that— 

12 (1) at the direction of the Agency, the enter13 prises have established a joint venture called Com14 mon Securitization Solutions intended to facilitate 

15 the issuance of mortgage-backed securities through 

16 the Platform; 

17 (2) at the direction of the Agency, the develop18 ment of the Platform is currently geared toward the 

19 issuance of mortgage-backed securities by the enter20 prises; 

21 (3) as soon as practicable, the capacity and 

22 functionality of the Platform should be expanded to 

23 facilitate the issuance of mortgage-backed securities 

24 by issuers other than the enterprises, and CSS 

25 should undertake to develop the contractual and dis-
356 

•S 1910 PCS

1 closure framework for issuers other than the enter2 prises; 

3 (4) the property of the enterprises, including in4 tellectual property, technology, systems, and infra5 structure (including technology, systems, and infra6 structure developed by the enterprises for the Plat7 form), as well as any other legacy systems, infra8 structure, processes, and the Platform itself are val9 uable assets of the enterprises; and 

10 (5) the enterprises should receive appropriate 

11 compensation for the transfer of any such assets. 

12 (b) REPORTS TO CONGRESS.— 

13 (1) ANNUAL REPORT ON DEVELOPMENT.—Not 

14 later than 1 year after the date of enactment of this 

15 title, and every year thereafter, the Agency shall 

16 submit to Congress a report on the status of the de17 velopment of the Platform and the contractual and 

18 disclosure framework, which shall include— 

19 (A) the projected timelines for— 

20 (i) completing development of the 

21 Platform to support the securitization 

22 needs of the enterprises; and 

23 (ii) completing development of the 

24 Platform and the contractual and disclo25 sure framework to support the 
357 

•S 1910 PCS

1 securitization needs of issuers other than 

2 the enterprises; and 

3 (B) the projected budget for the develop4 ment of the Platform and the contractual and 

5 disclosure framework. 

6 (2) REPORT ON TRANSITION.—Not later than 3 

7 years after the date of enactment of this title, the 

8 Agency shall develop a plan, and submit to the Com9 mittee on Banking, Housing and Urban Affairs of 

10 the Senate and the Committee on Financial Services 

11 of the House of Representatives a report on such 

12 plan, to transition the Platform and the contractual 

13 and disclosure framework from a joint venture 

14 owned by the enterprises into a private, nonprofit 

15 entity that best facilitates a deep, liquid, and resil16 ient secondary mortgage market for mortgage17 backed securities. 

18 (c) BOARD OF DIRECTORS.— 

19 (1) ESTABLISHMENT.—Not later than 6 

20 months after the date of enactment of this title, the 

21 Agency shall direct the enterprises and CSS to re22 constitute a CSS Board of Directors that meets the 

23 composition requirements set forth in paragraphs 

24 (2) and (3). 
358 

•S 1910 PCS

1 (2) COMPOSITION AFTER 1 YEAR.—Not later 

2 than 1 year after the date of enactment of this title, 

3 as determined by the Agency, the Board of Directors 

4 shall be comprised of 7 directors, 3 of whom— 

5 (A) shall have demonstrated knowledge of, 

6 or experience in, financial management, finan7 cial services, risk management, information 

8 technology, or housing finance; and 

9 (B) are not simultaneously employed by an 

10 enterprise or serving as a director of an enter11 prise. 

12 (3) COMPOSITION AFTER 18 MONTHS.—Not 

13 later than 18 months after the date of enactment of 

14 this title, as determined by the Agency, the Board 

15 of Directors shall be comprised of 9 directors, 5 of 

16 whom— 

17 (A) shall have demonstrated knowledge of, 

18 or experience in, financial management, finan19 cial services, risk management, information 

20 technology, or housing finance; and 

21 (B) are not simultaneously employed by an 

22 enterprise or serving as a director of an enter23 prise. 

24 (d) AUTHORIZED AND PROHIBITED ACTIVITIES.— 

25 (1) AUTHORIZED ACTIVITIES.— 
359 

•S 1910 PCS

1 (A) IN GENERAL.—Not later than 2 years 

2 after the date of enactment of this title, CSS 

3 shall— 

4 (i) for an entity other than an enter5 prise, develop standards for— 

6 (I) becoming an approved issuer 

7 of securities issued through the Plat8 form; 

9 (II) loans that may serve as col10 lateral for securities issued through 

11 the Platform; and 

12 (III) originating, servicing, pool13 ing, dispute resolution, disclosure, and 

14 securitizing residential mortgage loans 

15 that collateralize securities issued 

16 through the Platform; and 

17 (ii) operate and maintain the Plat18 form and establish fees for use of the Plat19 form. 

20 (B) ISSUING SECURITIES BY APPROVED

21 ISSUERS.—Not later than 3 years after the date 

22 of enactment of this title— 

23 (i) CSS shall facilitate the issuance of 

24 securities by any approved issuer other 
360 

•S 1910 PCS

1 than an enterprise through the Platform; 

2 and 

3 (ii) issuances of securities facilitated 

4 through the Platform shall not be limited 

5 to those made by the enterprises. 

6 (C) EXCEPTION.—The Director may delay 

7 the requirement under subparagraph (B) for 2 

8 1-year periods if the Director and the Secretary 

9 of the Treasury— 

10 (i) determine that facilitation of such 

11 securities is not feasible within that period 

12 of time and could adversely impact the 

13 housing market; and 

14 (ii) submit to Congress a report de15 scribing the justification for the determina16 tion made in clause (i). 

17 (2) PROHIBITED ACTIVITIES.—CSS may not, 

18 through the Platform or otherwise— 

19 (A) guarantee any mortgage loans or mort20 gage-backed securities; 

21 (B) assume or hold mortgage loan credit 

22 risk; 

23 (C) purchase any mortgage loans for cash 

24 on a single loan basis for the purpose of 

25 securitization; 
361 

•S 1910 PCS

1 (D) own or hold any mortgage loans or 

2 mortgage-backed securities for investment pur3 poses; 

4 (E) make or be a party to any representa5 tion and warranty agreement on any mortgage 

6 loans; or 

7 (F) take lender representation and war8 ranty risk. 

9 (3) AUTHORIZED AND PROHIBITED ACTIVITIES

10 OF THE PRIVATE SUCCESSOR.—All authorized and 

11 prohibited activities of CSS under this subsection 

12 shall transfer to the private successor at the time of 

13 transition under subsection (g), and shall transfer to 

14 any future successor to the private successor at the 

15 time of any such transition. 

16 (e) REGULATION OF CSS AND THE PRIVATE SUC17 CESSOR.—The Agency shall have general regulatory au18 thority over CSS, the private successor, and any successor 

19 to the private successor to ensure the safety and sound20 ness of CSS and such successors 

21 (f) FUNDING BY THE FHFA AND TRANSFER OF

22 PROPERTY.— 

23 (1) TRANSFER OF FUNDS FROM THE ENTER24 PRISES.—At a time established by the Agency, the 

25 Agency shall transfer to CSS such funds from the 
362 

•S 1910 PCS

1 enterprises as the Agency, after consultation with 

2 the Board of Directors, determines may be reason3 ably necessary for CSS to begin carrying out the ac4 tivities and operations of the Platform. 

5 (2) TRANSFER OF PROPERTY.— 

6 (A) IN GENERAL.—The Agency shall direct 

7 the enterprises to transfer or sell to the Plat8 form any property, including intellectual prop9 erty, technology, systems, and infrastructure 

10 (including technology, systems, and infrastruc11 ture developed by the enterprises for the Plat12 form), as well as any other legacy systems, in13 frastructure, and processes that may be nec14 essary for the Platform to carry out the func15 tions and operations of the Platform. 

16 (B) CONTRACTUAL AND OTHER LEGAL OB17 LIGATIONS.—As may be necessary for the 

18 Agency and the enterprises to comply with 

19 legal, contractual, or other obligations, the 

20 Agency shall have the authority to require that 

21 any transfer authorized under subparagraph 

22 (A) occurs as an exchange for value, including 

23 through the provision of appropriate compensa24 tion to the enterprises or other entities respon-
363 

•S 1910 PCS

1 sible for creating, or contracting with, the Plat2 form. 

3 (g) TRANSITION FROM CSS.— 

4 (1) IN GENERAL.—Not later than 5 years after 

5 the date of enactment of this title, the Agency shall 

6 oversee the transition of ownership of the Platform 

7 and the contractual and disclosure framework from 

8 the enterprises and CSS to a private, nonprofit enti9 ty in accordance with the plan developed under sub10 section (b)(2). 

11 (2) BOARD OF DIRECTORS.—The private suc12 cessor shall determine the structure of the Board of 

13 Directors following the transition under paragraph 

14 (1). 

15 (3) REPAYMENT OF COST.—Not later than 10 

16 years after the date of the transition described in 

17 paragraph (1), the total cost of the property trans18 ferred in accordance with subsection (f)(2) at the 

19 time of the transition, as determined jointly by the 

20 Agency and the Secretary, shall be repaid to the en21 terprises. 

22 (h) RULE OF CONSTRUCTION.—Nothing in this sec23 tion shall be construed to prohibit the Agency or CSS from 

24 first developing a common securitization platform for use 

25 only by the enterprises, if all of the provisions in this Act 
364 

•S 1910 PCS

1 relating to the development of the Platform and the con2 tractual and disclosure framework are complied with in 

3 a timely manner. 

4 SEC. 986. MANDATORY RISK SHARING. 

5 (a) SENSE OF CONGRESS.—It is the sense of Con6 gress that— 

7 (1) at the direction of the Agency, the enter8 prises have executed a series of transactions in 

9 which the enterprises share credit risk with the pri10 vate sector; 

11 (2) in the risk-sharing transactions to date, the 

12 enterprises have shared credit risk on pools of resi13 dential mortgage loans that back securities on which 

14 an enterprise either already guarantees or does not 

15 yet guarantee the timely payment of principal and 

16 interest; 

17 (3) the risk that the enterprises have shared 

18 has been either any loss suffered on the loans in the 

19 pool or any loss in excess of some minimal level on 

20 loans in the pool; 

21 (4) to date, the vast majority of risk-sharing 

22 transactions have involved either back-end risk shar23 ing or the transfer of the second loss position; and 

24 (5) the Agency should direct the enterprises 

25 to— 
365 

•S 1910 PCS

1 (A) engage in more front-end risk sharing 

2 in which the first loss position is transferred; 

3 and 

4 (B) retain data that can help inform pol5 icymakers and the public about the impact to 

6 consumers, the market, and the enterprises 

7 from such transactions. 

8 (b) MANDATORY RISK SHARING.— 

9 (1) IN GENERAL.—Subpart A of part 2 of sub10 title A of the Federal Housing Enterprises Financial 

11 Safety and Soundness Act of 1992 (12 U.S.C. 4541 

12 et seq.) is amended by adding at the end the fol13 lowing: 

14 ‘‘SEC. 1328. MANDATORY RISK-SHARING TRANSACTIONS. 

15 ‘‘(a) DEFINITIONS.—In this section: 

16 ‘‘(1) FIRST LOSS POSITION.—The term ‘first 

17 loss position’ means, with respect to a risk-sharing 

18 transaction, the position to which any credit loss on 

19 a security resulting from the nonperformance of un20 derlying mortgage loans will accrue and be absorbed, 

21 to the full extent of the holder’s interest in such po22 sition. 

23 ‘‘(2) FRONT-END RISK SHARING.—The term 

24 ‘front-end risk sharing’ means any risk-sharing 

25 transaction that provides for an enterprise to share 
366 

•S 1910 PCS

1 credit risk on a pool of single-family residential 

2 mortgage loans that back securities on which the en3 terprise guarantees the timely payment of principal 

4 and interest with the private sector before the enter5 prise provides any such guarantee. 

6 ‘‘(3) RISK-SHARING TRANSACTION.—The term 

7 ‘risk-sharing transaction’ means any transaction 

8 that provides for an enterprise to share credit risk 

9 on a pool of single-family residential mortgage loans 

10 that back securities on which the enterprise guaran11 tees the timely payment of principal and interest 

12 with the private sector. 

13 ‘‘(b) RISK-SHARING TRANSACTIONS.—The Director 

14 shall require each enterprise to develop and undertake 

15 risk-sharing transactions in which the first loss position 

16 is transferred, as provided in subsection (c). 

17 ‘‘(c) REQUIRED PERCENTAGE OF BUSINESS.— 

18 ‘‘(1) REQUIREMENT.—The Director shall re19 quire that each enterprise engage in significant and 

20 increasing risk-sharing transactions, including front21 end risk sharing and risk-sharing transactions in 

22 which the first loss position is transferred, consid23 ering market conditions and the safety and sound24 ness of the enterprise. 
367 

•S 1910 PCS

1 ‘‘(2) ANNUAL REPORTING REQUIREMENT.—Not 

2 later than 1 year after the date of enactment of this 

3 section, and every year thereafter, the Agency shall 

4 submit to Congress a report, which shall include— 

5 ‘‘(A) for the 12-month period preceding 

6 the date on which the report is submitted, an 

7 assessment of the market responses to the risk8 sharing transactions of each of the enterprises, 

9 in aggregate, and by credit risk-sharing mecha10 nism, including— 

11 ‘‘(i) impacts on borrower costs, yield 

12 spreads, and the economics of the oper13 ations of the enterprises; and 

14 ‘‘(ii) the type and characteristics of 

15 the underlying collateral and borrowers 

16 whose loans are involved in risk-sharing 

17 transactions; and 

18 ‘‘(B) a 5-year plan, which shall include, for 

19 each of the 5 years following the year in which 

20 the report is issued— 

21 ‘‘(i) the projected percentage of the 

22 unpaid principal balance of each enterprise 

23 covered under the credit risk-sharing pro24 gram; 
368 

•S 1910 PCS

1 ‘‘(ii) the projected percentage of new 

2 business for each enterprise subject to 

3 transactions in which the first loss position 

4 is transferred, including the types of deal 

5 structures; 

6 ‘‘(iii) the projected depth of front-end 

7 risk sharing per type of transaction for 

8 each enterprise; and 

9 ‘‘(iv) a description of the steps that 

10 the Agency intends to take to broaden the 

11 eligible investor base for credit risk-sharing 

12 programs.’’. 

13 Subtitle H—Dodd-Frank Wall 

14 Street Reform and Consumer 

15 Protection Act Technical Cor16 rections 

17 SEC. 991. TABLE OF CONTENTS; DEFINITIONAL CORREC18 TIONS. 

19 (a) TABLE OF CONTENTS.—The table of contents for 

20 the Dodd-Frank Wall Street Reform and Consumer Pro21 tection Act (Public Law 111–203; 124 Stat. 1376) is 

22 amended by striking the items relating to sections 407 

23 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. 
369 

•S 1910 PCS

‘‘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.’’. 

1 (b) DEFINITIONS.—Section 2 of the Dodd-Frank 

2 Wall Street Reform and Consumer Protection Act (12 

3 U.S.C. 5301) is amended— 

4 (1) in paragraph (1)— 

5 (A) by striking ‘‘section 3’’ and inserting 

6 ‘‘section 3(w)’’; and 

7 (B) by striking ‘‘(12 U.S.C. 1813)’’ and 

8 inserting ‘‘(12 U.S.C. 1813(w))’’; 

9 (2) in paragraph (6), by striking ‘‘1 et seq.’’ 

10 and inserting ‘‘1a’’; and 

11 (3) in paragraph (18)(A)— 

12 (A) by striking ‘‘ ‘bank holding company’,’’; 

13 and 

14 (B) by inserting ‘‘ ‘includes’,’’ before ‘‘ ‘in15 cluding’,’’. 

16 SEC. 992. ANTITRUST SAVINGS CLAUSE CORRECTIONS. 

17 Section 6 of the Dodd-Frank Wall Street Reform and 

18 Consumer Protection Act (12 U.S.C. 5303) is amended, 

19 in the second sentence— 

20 (1) by inserting ‘‘(15 U.S.C. 12(a))’’ after 

21 ‘‘Clayton Act’’; and 
370 

•S 1910 PCS

1 (2) by striking ‘‘Act, to’’ and inserting ‘‘Act (15 

2 U.S.C. 45) to’’. 

3 SEC. 993. TITLE I CORRECTIONS. 

4 The Financial Stability Act of 2010 (12 U.S.C. 5311 

5 et seq.) is amended— 

6 (1) in section 102(a)(6) (12 U.S.C. 

7 5311(a)(6)), by inserting ‘‘(12 U.S.C. 1843(k))’’ 

8 after ‘‘of 1956’’ each place that term appears; 

9 (2) in section 111 (12 U.S.C. 5321)— 

10 (A) in subsection (b)— 

11 (i) in paragraph (1)(G), by striking 

12 ‘‘Chairperson’’ and inserting ‘‘Chairman’’; 

13 and 

14 (ii) in paragraph (2)(E), by striking 

15 ‘‘such’’ and inserting ‘‘the’’; and 

16 (B) in subsection (c)(3), by striking ‘‘that 

17 agency or department head’’ and inserting ‘‘the 

18 head of that member agency or department’’; 

19 (3) in section 112 (12 U.S.C. 5322)— 

20 (A) in subsection (a)(2)— 

21 (i) in subparagraph (D)— 

22 (I) by striking ‘‘to monitor’’ and 

23 inserting ‘‘monitor’’; and 

24 (II) by striking ‘‘to advise’’ and 

25 inserting ‘‘advise’’; 
371 

•S 1910 PCS

1 (ii) in subparagraph (J)— 

2 (I) by striking ‘‘that term is’’ 

3 and inserting ‘‘those terms are’’; and 

4 (II) by striking ‘‘and settlement’’ 

5 and inserting ‘‘or settlement’’; and 

6 (iii) in subparagraph (L), by striking 

7 ‘‘may’’; and 

8 (B) in subsection (d)(5)— 

9 (i) in subparagraph (B), by striking 

10 ‘‘subsection and’’ and inserting ‘‘subtitle 

11 or’’; and 

12 (ii) in subparagraph (C), by striking 

13 ‘‘subsection and’’ and inserting ‘‘subtitle 

14 or’’; 

15 (4) in section 154(c) (12 U.S.C. 5344(c))— 

16 (A) by striking ‘‘CENTER.—’’ and all that 

17 follows through ‘‘The Research’’ and inserting 

18 ‘‘CENTER.—The Research’’; and 

19 (B) by redesignating subparagraphs (A) 

20 through (H) as paragraphs (1) through (8), re21 spectively, and adjusting the margins accord22 ingly; 

23 (5) in section 155(a)(2) (12 U.S.C. 

24 5345(a)(2)), by striking ‘‘(c),’’ and inserting ‘‘(c)’’; 
372 

•S 1910 PCS

1 (6) in section 164 (12 U.S.C. 5364), by striking 

2 ‘‘Institutions’’ and inserting ‘‘Institution’’; 

3 (7) in section 167(b)(1)(B)(ii) (12 U.S.C. 

4 5367(b)(1)(B)(ii)), by striking ‘‘to ensure’’ and in5 serting ‘‘ensure’’; and 

6 (8) in section 171(b)(4)(D) (12 U.S.C. 

7 5371(b)(4)(D)), by adding a period at the end. 

8 SEC. 994. TITLE II CORRECTIONS. 

9 Title II of the Dodd-Frank Wall Street Reform and 

10 Consumer Protection Act (12 U.S.C. 5381 et seq.) is 

11 amended— 

12 (1) in section 210 (12 U.S.C. 5390)— 

13 (A) in subsection (a)— 

14 (i) in paragraph (1)(D), by striking 

15 ‘‘wind-up’’ and inserting ‘‘wind up’’; and 

16 (ii) in paragraph (5)(C), by striking 

17 ‘‘receiver seeking’’ and inserting ‘‘receiver) 

18 seeking’’; 

19 (B) in subsection (b)(1), by striking 

20 ‘‘11,725’’ each place that term appears and in21 serting ‘‘$11,725’’; 

22 (C) in subsection (m)(1)(B), by inserting 

23 ‘‘of’’ before ‘‘the Bankruptcy Code’’; and 
373 

•S 1910 PCS

1 (D) in subsection (o)(1)(D)(i)(I), by strik2 ing ‘‘and (h)(5)(E)’’ and inserting ‘‘or 

3 (h)(5)(E)’’; 

4 (2) in section 211(d)(1)(C) (12 U.S.C. 

5 5391(d)(1)(C)), by striking ‘‘orderly liquidation plan 

6 under section 210(n)(14)’’ and inserting ‘‘an orderly 

7 liquidation plan under section 210(n)(9)’’; and 

8 (3) in section 215(a)(5) (124 Stat. 1518), by 

9 striking ‘‘amd’’ and inserting ‘‘and’’. 

10 SEC. 995. TITLE III CORRECTIONS. 

11 (a) IN GENERAL.—The Enhancing Financial Institu12 tion Safety and Soundness Act of 2010 (12 U.S.C. 5401 

13 et seq.) is amended— 

14 (1) in section 327(b)(5) (12 U.S.C. 

15 5437(b)(5)), by striking ‘‘in’’ and inserting ‘‘into’’; 

16 (2) in section 333(b)(2) (124 Stat. 1539), by 

17 inserting ‘‘the second place that term appears’’ be18 fore ‘‘and inserting’’; and 

19 (3) in section 369(5) (124 Stat. 1559)— 

20 (A) in subparagraph (D)(i)— 

21 (i) in subclause (III), by redesignating 

22 items (aa), (bb), and (cc) as subitems 

23 (AA), (BB), and (CC), respectively, and 

24 adjusting the margins accordingly; 
374 

•S 1910 PCS

1 (ii) in subclause (IV), by redesig2 nating items (aa) and (bb) as subitems 

3 (AA) and (BB), respectively, and adjusting 

4 the margins accordingly; 

5 (iii) in subclause (V), by redesignating 

6 items (aa), (bb), and (cc) as subitems 

7 (AA), (BB), and (CC), respectively, and 

8 adjusting the margins accordingly; and 

9 (iv) by redesignating subclauses (III), 

10 (IV), and (V) as items (bb), (cc), and (dd), 

11 respectively, and adjusting the margins ac12 cordingly; 

13 (B) in subparagraph (F)— 

14 (i) in clause (ii), by adding ‘‘and’’ at 

15 the end; 

16 (ii) in clause (iii), by striking ‘‘; and’’ 

17 and inserting a semicolon; and 

18 (iii) by striking clause (iv); and 

19 (C) in subparagraph (G)(i), by inserting 

20 ‘‘each place such term appears’’ before ‘‘and in21 serting’’. 

22 (b) EFFECTIVE DATES.— 

23 (1) SECTION 333.—The amendment made by 

24 subsection (a)(2) of this section shall take effect as 

25 if enacted as part of subtitle C of the Enhancing Fi-
375 

•S 1910 PCS

1 nancial Institution Safety and Soundness Act of 

2 2010 (title III of Public Law 111–203; 124 Stat. 

3 1538). 

4 (2) SECTION 369.—The amendments made by 

5 subsection (a)(3) of this section shall take effect as 

6 if enacted as part of subtitle E of the Enhancing Fi7 nancial Institution Safety and Soundness Act of 

8 2010 (title III of Public Law 111–203; 124 Stat. 

9 1546). 

10 SEC. 996. TITLE IV CORRECTION. 

11 Section 414 of the Private Fund Investment Advisers 

12 Registration Act of 2010 (title IV of Public Law 111–203; 

13 124 Stat. 1578) is amended in the section heading by 

14 striking ‘‘COMMODITIES’’ and inserting ‘‘COM15 MODITY’’. 

16 SEC. 997. TITLE VI CORRECTIONS. 

17 (a) IN GENERAL.—The Bank and Savings Associa18 tion Holding Company and Depository Institution Regu19 latory Improvements Act of 2010 (title VI of Public Law 

20 111–203; 124 Stat. 1596) is amended— 

21 (1) in section 610 (124 Stat. 1611)— 

22 (A) by striking subsection (b); and 

23 (B) by redesignating subsection (c) as sub24 section (b); and 

25 (2) in section 618(a) (12 U.S.C. 1850a(a))— 
376 

•S 1910 PCS

1 (A) in paragraph (4)(B)(i), by inserting 

2 ‘‘of Governors’’ after ‘‘Board’’; and 

3 (B) in paragraph (6), by inserting ‘‘(12 

4 U.S.C. 1841)’’ after ‘‘Act of 1956’’. 

5 (b) EFFECTIVE DATE.—The amendments made by 

6 subsection (a)(1) of this section shall take effect as if en7 acted as part of section 610 of the Bank and Savings As8 sociation Holding Company and Depository Institution 

9 Regulatory Improvements Act of 2010 (title VI of Public 

10 Law 111–203; 124 Stat. 1611). 

11 SEC. 998. TITLE VII CORRECTIONS. 

12 (a) IN GENERAL.—The Wall Street Transparency 

13 and Accountability Act of 2010 (15 U.S.C. 8301 et seq.) 

14 is amended— 

15 (1) in section 719(c)(1)(B) (15 U.S.C. 

16 8307(c)(1)(B)), by adding a period at the end; 

17 (2) in section 723(a)(1)(B) (124 Stat. 1675), 

18 by inserting ‘‘, as added by section 107 of the Com19 modity Futures Modernization Act of 2000 (Appen20 dix E of Public Law 106–554; 114 Stat. 2763A– 

21 382),’’ after ‘‘subsection (i)’’; 

22 (3) in section 724(a) (124 Stat. 1682), by 

23 striking ‘‘adding at the end’’ and inserting ‘‘insert24 ing after subsection (e)’’; 
377 

•S 1910 PCS

1 (4) in section 734(b)(1) (124 Stat. 1718), by 

2 striking ‘‘is amended’’ and all that follows through 

3 ‘‘(B) in’’ and inserting ‘‘is amended in’’; 

4 (5) in section 741(b)(10) (124 Stat. 1732), by 

5 striking ‘‘1a(19)(A)(iv)(II)’’ each place that term 

6 appears and inserting ‘‘1a(18)(A)(iv)(II)’’; and 

7 (6) in section 749 (124 Stat. 1746)— 

8 (A) in subsection (a)(2), by striking ‘‘add9 ing at the end’’ and inserting ‘‘inserting after 

10 subsection (f)’’; and 

11 (B) in subsection (h)(1)(B), by inserting 

12 ‘‘the second place that term appears’’ before the 

13 semicolon. 

14 (b) EFFECTIVE DATE.—The amendments made by 

15 paragraphs (3), (4), (5), and (6) of subsection (a) shall 

16 take effect as if enacted as part of part II of subtitle A 

17 of the Wall Street Transparency and Accountability Act 

18 of 2010 (title VII of Public Law 111–203; 124 Stat. 

19 1658). 

20 SEC. 999. TITLE VIII CORRECTIONS. 

21 The Payment, Clearing, and Settlement Supervision 

22 Act of 2010 (12 U.S.C. 5461 et seq.) is amended— 

23 (1) in section 805(a)(2)(E) (12 U.S.C. 

24 5464(a)(2)(E)), by striking the quotation marks at 

25 the end; 
378 

•S 1910 PCS

1 (2) in section 806 (12 U.S.C. 5465)— 

2 (A) in subsection (b), in the first sentence, 

3 by striking ‘‘(2)) after’’ and inserting ‘‘(2))) 

4 after’’; and 

5 (B) in subsection (e)(1)(A)— 

6 (i) by striking ‘‘advance notice’’ and 

7 inserting ‘‘advance’’; and 

8 (ii) by striking ‘‘each Supervisory 

9 Agency’’ and inserting ‘‘its Supervisory 

10 Agency’’; 

11 (3) in section 807 (12 U.S.C. 5466)— 

12 (A) in subsection (d)(1), by adding a pe13 riod at the end; and 

14 (B) in subsection (f)(2), by inserting a 

15 comma after ‘‘under’’ the second place that 

16 term appears; 

17 (4) in section 808(b) (12 U.S.C. 5467(b)), by 

18 inserting a comma after ‘‘under’’ the third place 

19 that term appears; and 

20 (5) in section 813 (12 U.S.C. 5472), in the 

21 matter preceding paragraph (1), by inserting ‘‘that 

22 includes’’ after ‘‘Representatives’’. 

23 SEC. 999A. TITLE IX CORRECTIONS. 

24 Section 939(h)(1) of the Investor Protection and Se25 curities Reform Act of 2010 (title IX of Public Law 111– 
379 

•S 1910 PCS

1 203; 124 Stat. 1887) is amended, in the matter preceding 

2 subparagraph (A)— 

3 (1) by inserting ‘‘The’’ before ‘‘Commission’’; 

4 and 

5 (2) by striking ‘‘feasability’’ and inserting ‘‘fea6 sibility’’. 

7 SEC. 999B. TITLE X CORRECTIONS. 

8 (a) IN GENERAL.—The Consumer Financial Protec9 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 

10 (1) in section 1002(12)(G) (12 U.S.C. 

11 5481(12)(G)), by striking ‘‘Home Owners’’ and in12 serting ‘‘Homeowners’’; 

13 (2) in section 1013(a)(1)(C) (12 U.S.C. 

14 5493(a)(1)(C)), by striking ‘‘section 11(1) of the 

15 Federal Reserve Act (12 U.S.C. 248(1))’’ and in16 serting ‘‘subsection (l) of section 11 of the Federal 

17 Reserve Act (12 U.S.C. 248(l)’’; 

18 (3) in section 1017(a)(5) (12 U.S.C. 

19 5497(a)(5))— 

20 (A) in subparagraph (A), in the last sen21 tence by striking ‘‘716(c) of title 31, United 

22 States Code’’ and inserting ‘‘716 of title 31, 

23 United States Code’’; and 

24 (B) in subparagraph (C), by striking ‘‘sec25 tion 3709 of the Revised Statutes of the United 
380 

•S 1910 PCS

1 States (41 U.S.C. 5)’’ and inserting ‘‘section 

2 6101 of title 41, United States Code’’; 

3 (4) in section 1022(c)(9)(B) (12 U.S.C. 

4 5512(c)(9)(B)), by striking ‘‘1978,’’ and inserting 

5 ‘‘1978’’; 

6 (5) in section 1025 (12 U.S.C. 5515)— 

7 (A) in subsections (b), (c), and (d)— 

8 (i) by inserting ‘‘covered’’ before ‘‘per9 sons’’ each place that term appears; and 

10 (ii) by inserting ‘‘covered’’ before 

11 ‘‘person described in subsection (a)’’ each 

12 place that term appears; 

13 (B) in subsection (d), by striking ‘‘12 

14 U.S.C. 1867(c)’’ and inserting ‘‘(12 U.S.C. 

15 1867(c))’’; and 

16 (C) in subsection (e)(4)(F), by striking 

17 ‘‘212 of the Federal Credit Union Act (112 

18 U.S.C. 1790a)’’ and inserting ‘‘216 of the Fed19 eral Credit Union Act (12 U.S.C. 1790d)’’; 

20 (6) in section 1027(d)(1)(B) (12 U.S.C. 

21 5517(d)(1)(B)), by inserting a comma after ‘‘(A)’’; 

22 (7) in section 1029(d) (12 U.S.C. 5519(d)), by 

23 striking the period after ‘‘Commission Act’’; 

24 (8) in section 1061 (12 U.S.C. 5581)— 

25 (A) in subsection (b)(7)— 
381 

•S 1910 PCS

1 (i) by striking ‘‘Secretary of the De2 partment of Housing and Urban Develop3 ment’’ each place that term appears and 

4 inserting ‘‘Department of Housing and 

5 Urban Development’’; and 

6 (ii) in subparagraph (A), by striking 

7 ‘‘(12 U.S.C. 5102 et seq.)’’ and inserting 

8 ‘‘(12 U.S.C. 5101 et seq.)’’; and 

9 (B) in subsection (c)(2)(A), by striking 

10 ‘‘procedures in’’ and inserting ‘‘procedures’’; 

11 (9) in section 1063 (12 U.S.C. 5583)— 

12 (A) in subsection (f)(1)(B), by striking 

13 ‘‘that’’; and 

14 (B) in subsection (g)(1)(A)— 

15 (i) by striking ‘‘(12 U.S.C. 5102 et 

16 seq.)’’ and inserting ‘‘(12 U.S.C. 5101 et 

17 seq.)’’; and 

18 (ii) by striking ‘‘seq)’’ and inserting 

19 ‘‘seq.)’’; 

20 (10) in section 1064(i)(1)(A)(iii) (12 U.S.C. 

21 5584(i)(1)(A)(iii)), by inserting a period before ‘‘If 

22 an’’; 

23 (11) in section 1073(c)(2) (12 U.S.C. 

24 5601(c)(2))— 
382 

•S 1910 PCS

1 (A) in the paragraph heading, by inserting 

2 ‘‘AND EDUCATION’’ after ‘‘FINANCIAL LIT3 ERACY’’; and 

4 (B) by striking ‘‘its duties’’ and inserting 

5 ‘‘their duties’’; 

6 (12) in section 1076(b)(1) (12 U.S.C. 

7 5602(b)(1)), by inserting before the period at the 

8 end the following: ‘‘, the Bureau may, after notice 

9 and opportunity for comment, prescribe regula10 tions’’; 

11 (13) in section 1077(b)(4)(F) (124 Stat. 2076), 

12 by striking ‘‘associates’’ and inserting ‘‘associate’s’’; 

13 (14) in section 1084(1) (124 Stat. 2081)— 

14 (A) by inserting ‘‘paragraph (3) of section 

15 903 (15 U.S.C. 1693a),’’ before ‘‘subsections 

16 (a) and (e) of section 904’’; 

17 (B) by striking ‘‘and in 918’’ and inserting 

18 ‘‘, section 916(d) (15 U.S.C. 1693m(d)), section 

19 918’’; and 

20 (C) by inserting a comma after ‘‘2009)’’; 

21 (15) in section 1089 (124 Stat. 2092)— 

22 (A) in paragraph (3)— 

23 (i) in subparagraph (A), by striking 

24 ‘‘and’’ at the end; and 
383 

•S 1910 PCS

1 (ii) in subparagraph (B)(vi), by strik2 ing the period at the end and inserting ‘‘; 

3 and’’; and 

4 (B) by redesignating paragraph (4) as sub5 paragraph (C) and adjusting the margins ac6 cordingly; and 

7 (16) in section 1098(6) (124 Stat. 2104), by in8 serting ‘‘the first place that term appears’’ before 

9 ‘‘and’’. 

10 (b) EFFECTIVE DATE.—The amendments made by 

11 paragraphs (14), (15), and (16) of subsection (a) of this 

12 section shall take effect as if enacted as part of subtitle 

13 H of the Consumer Financial Protection Act of 2010 (title 

14 X of Public Law 111–203; 124 Stat. 2080). 

15 SEC. 999C. TITLE XI CORRECTION. 

16 Section 1105(d)(1) of the Dodd-Frank Wall Street 

17 Reform and Consumer Protection Act (12 U.S.C. 

18 5612(d)(1)) is amended by striking ‘‘AUTHORITY.—’’ and 

19 all that follows through ‘‘by the President’’ and inserting 

20 ‘‘AUTHORITY.—A request by the President’’. 

21 SEC. 999D. TITLE XII CORRECTION. 

22 Section 1208(b) of the Improving Access to Main23 stream Financial Institutions Act of 2010 (12 U.S.C. 

24 5626(b)) is amended by striking ‘‘Fund for each’’ and in25 serting ‘‘Fund (as defined in section 103(10) of the Riegle 
384 

•S 1910 PCS

1 Community Development and Regulatory Improvement 

2 Act of 1994 (12 U.S.C. 4702(10))) for each’’. 

3 SEC. 999E. TITLE XIV CORRECTION. 

4 Section 1451(c) of the Mortgage Reform and Anti5 Predatory Lending Act (12 U.S.C. 1701x–1(c)) is amend6 ed by striking ‘‘pursuant’’. 

7 SEC. 999F. CONFORMING CORRECTIONS TO OTHER STAT8 UTES. 

9 (a) ALTERNATIVE MORTGAGE TRANSACTION PARITY

10 ACT OF 1982.—The Alternative Mortgage Transaction 

11 Parity Act of 1982 (12 U.S.C. 3801 et seq.) is amended— 

12 (1) in section 802(a)(3) (12 U.S.C. 

13 3801(a)(3)), by striking ‘‘the Director of the Office 

14 of Thrift Supervision’’ and inserting ‘‘the Bureau of 

15 Consumer Financial Protection’’; and 

16 (2) in section 804(d)(1) (12 U.S.C. 

17 3803(d)(1))— 

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

19 ‘‘issued’’; and 

20 (B) by striking the comma after ‘‘Adminis21 tration’’. 

22 (b) BANK HOLDING COMPANY ACTS.— 

23 (1) BANK HOLDING COMPANY ACT AMEND24 MENTS OF 1970.—Section 106(b)(1) of the Bank 

25 Holding Company Act Amendments of 1970 (12 
385 

•S 1910 PCS

1 U.S.C. 1972(1)) is amended, in the undesignated 

2 matter following subparagraph (E)— 

3 (A) by inserting ‘‘Office of the’’ before 

4 ‘‘Comptroller of the’’; and 

5 (B) by striking ‘‘Federal Deposit Insur6 ance Company’’ and inserting ‘‘Federal Deposit 

7 Insurance Corporation’’. 

8 (2) BANK HOLDING COMPANY ACT OF 1956.— 

9 Section 13 of the Bank Holding Company Act of 

10 1956 (12 U.S.C. 1851) is amended— 

11 (A) in subsection (d)(1)(E), by striking 

12 ‘‘102 of the Small Business Investment Act of 

13 1958 (15 U.S.C. 662)’’ and inserting ‘‘103(3) 

14 of the Small Business Investment Act of 1958 

15 (15 U.S.C. 662(3))’’; 

16 (B) in subsection (f)(3)(A)(ii), by striking 

17 ‘‘(d)(1)(g)(v)’’ and inserting ‘‘(d)(1)(G)(v)’’; 

18 and 

19 (C) in the matter preceding subparagraph 

20 (A) of subsection (h)(1), by striking ‘‘section 8 

21 of the International Banking Act of 1978’’ and 

22 inserting ‘‘section 8(a) of the International 

23 Banking Act of 1978 (12 U.S.C. 3106(a))’’. 

24 (c) BALANCED BUDGET AND EMERGENCY DEFICIT

25 CONTROL ACT.—Section 255(g)(1)(A) of the Balanced 
386 

•S 1910 PCS

1 Budget and Emergency Deficit Control Act of 1985 (2 

2 U.S.C. 905(g)(1)(A)) is amended by striking ‘‘Office of 

3 Thrift Supervision (20–4108–0–3–373).’’. 

4 (d) BRETTON WOODS AGREEMENTS ACT.—Section 

5 68(a)(1) of the Bretton Woods Agreements Act (22 U.S.C. 

6 286tt(a)(1)) is amended by striking ‘‘Fund ,’’ and insert7 ing ‘‘Fund,’’. 

8 (e) CAN–SPAM ACT OF 2003.—Section 7(b)(1)(D) 

9 of the CAN–SPAM Act of 2003 (15 U.S.C. 

10 7706(b)(1)(D)) is amended by striking ‘‘Director of the 

11 Office of Thrift Supervision’’ and inserting ‘‘Comptroller 

12 of the Currency or the Board of Directors of the Federal 

13 Deposit Insurance Corporation, as applicable’’. 

14 (f) CHILDREN’S ONLINE PRIVACY PROTECTION ACT

15 OF 1998.—Section 1306(b)(2) of the Children’s Online 

16 Privacy Protection Act of 1998 (15 U.S.C. 6505(b)(2)) 

17 is amended by striking ‘‘Director of the Office of Thrift 

18 Supervision’’ and inserting ‘‘Comptroller of the Currency 

19 or the Board of Directors of the Federal Deposit Insur20 ance Corporation, as applicable’’. 

21 (g) COMMODITY EXCHANGE ACT.—The Commodity 

22 Exchange Act (7 U.S.C. 1 et seq.) is amended— 

23 (1) in section 1a (7 U.S.C. 1a)— 

24 (A) in paragraph (12)(A)(i)(II), by adding 

25 a semicolon at the end; 
387 

•S 1910 PCS

1 (B) in paragraph (39)(A)(iv), by striking 

2 ‘‘225’’ and inserting ‘‘25’’; and 

3 (C) in paragraph (47)(B)(viii)(II), by 

4 striking ‘‘(15 U.S.C. 77b(a)(11))’’ and inserting 

5 ‘‘(15 U.S.C. 77b(a)(11)))’’; 

6 (2) in section 2 (7 U.S.C. 2)— 

7 (A) in subsection (c)(2)(D)(ii)(I), by strik8 ing ‘‘subparagraphs’’ and inserting ‘‘subpara9 graph’’; and 

10 (B) in subsection (h)— 

11 (i) in paragraph (5)— 

12 (I) in subparagraph (A)— 

13 (aa) by striking ‘‘Swaps’’ 

14 and inserting ‘‘Each swap’’; and 

15 (bb) by striking ‘‘no later 

16 than 180 days after the effective 

17 date of this subsection.’’ and in18 serting ‘‘no later than— 

19 ‘‘(i) 30 days after the issuance of the 

20 interim final rule; or 

21 ‘‘(ii) such other date as the Commis22 sion determines appropriate.’’; and 

23 (II) in subparagraph (B), by 

24 striking ‘‘Swaps’’ and inserting ‘‘Each 

25 swap’’; 
388 

•S 1910 PCS

1 (ii) in paragraph (7)— 

2 (I) in subparagraph (C)(i)(VII), 

3 by inserting ‘‘or a governmental plan’’ 

4 after ‘‘employee benefit plan’’; and 

5 (II) in subparagraph (D)(ii)(V), 

6 by striking ‘‘of that Act’’ and insert7 ing ‘‘of that section’’; and 

8 (iii) in paragraph (8)(A)(ii), by insert9 ing ‘‘section’’ before ‘‘5h or’’; 

10 (3) in section 4 (7 U.S.C. 6)— 

11 (A) in subsection (b)(1)(A), by striking 

12 ‘‘commission’’ each place that term appears and 

13 inserting ‘‘Commission’’; and 

14 (B) in subsection (c)(1)— 

15 (i) in subparagraph (A)— 

16 (I) by inserting ‘‘the Commission 

17 shall not grant exemptions,’’ after 

18 ‘‘grant exemptions,’’; and 

19 (II) in clause (i)— 

20 (aa) in subclause (I)— 

21 (AA) by striking ‘‘5(g), 

22 5(h),’’; and 

23 (BB) by striking ‘‘8e,’’; 

24 and 
389 

•S 1910 PCS

1 (bb) in subclause (II), by 

2 striking ‘‘206(e)’’ and inserting 

3 ‘‘206’’; and 

4 (ii) in subparagraph (B), by striking 

5 ‘‘(D))’’ and inserting ‘‘(D)’’; 

6 (4) in section 4d(f)(2)(A) (7 U.S.C. 

7 6d(f)(2)(A)), by striking ‘‘though’’ and inserting 

8 ‘‘through’’; 

9 (5) in section 4s (7 U.S.C. 6s)— 

10 (A) in subsection (e)(3)— 

11 (i) in subparagraph (B)(i)(II), by 

12 striking ‘‘(11))’’ and inserting ‘‘(11)))’’; 

13 and 

14 (ii) in subparagraph (D)(ii), in the 

15 matter preceding subclause (I), by striking 

16 ‘‘non cash collateral’’ and inserting 

17 ‘‘noncash collateral’’; 

18 (B) in subsection (f)(1)(B)(i), by striking 

19 ‘‘Commission’’ and inserting ‘‘prudential regu20 lator’’; 

21 (C) in subsection (h)— 

22 (i) in paragraph (2)(B), by inserting 

23 ‘‘a’’ before ‘‘swap with’’; and 

24 (ii) in paragraph (5)(A)— 

25 (I) in clause (i)— 
390 

•S 1910 PCS

1 (aa) by striking ‘‘section 

2 1a(18)’’ and inserting ‘‘section 

3 1a(18)(A)’’; and 

4 (bb) in subclause (VII), by 

5 striking ‘‘act of’’ and inserting 

6 ‘‘Act of’’; and 

7 (II) in clause (ii), by inserting 

8 ‘‘in connection with the transaction’’ 

9 after ‘‘acting’’; and 

10 (D) in subsection (k)(3)(A)(ii), by striking 

11 ‘‘the code’’ and inserting ‘‘any code’’; 

12 (6) in section 5(d)(19)(A) (7 U.S.C. 

13 7(d)(19)(A)), by striking ‘‘taking’’ and inserting 

14 ‘‘take’’; 

15 (7) in section 5b (7 U.S.C. 7a–1), by redesig16 nating subsection (k) as subsection (j); 

17 (8) in section 5c(c) (7 U.S.C. 7a–2(c))— 

18 (A) in paragraph (4)(B), by striking 

19 ‘‘1a(10)’’ and inserting ‘‘1a(9)’’; and 

20 (B) in paragraph (5)— 

21 (i) in subparagraph (A), by striking 

22 ‘‘this subtitle’’ and inserting ‘‘this Act’’; 

23 and 

24 (ii) in subparagraph (C)(i), by strik25 ing ‘‘1a(2)(i)’’ and inserting ‘‘1a(9)’’; 
391 

•S 1910 PCS

1 (9) in section 5h (7 U.S.C. 7b–3)— 

2 (A) in subsection (a)(1) , by striking ‘‘a fa3 cility’’ and inserting ‘‘a swap execution facil4 ity’’; and 

5 (B) in subsection (f)(11)(A), by striking 

6 ‘‘taking’’ and inserting ‘‘take’’; 

7 (10) in section 22(a)(1)(C)(ii) (7 U.S.C. 

8 25(a)(1)(C)(ii)), by striking ‘‘or’’ at the end; and 

9 (11) in section 23 (7 U.S.C. 26)— 

10 (A) in subsection (c)— 

11 (i) in paragraph (1)(B)(i)(III), by 

12 striking ‘‘the Act’’ each place that term 

13 appears and inserting ‘‘this Act’’; and 

14 (ii) in paragraph (2)(A)(i), by striking 

15 ‘‘a appropriate’’ and inserting ‘‘an appro16 priate’’; and 

17 (B) in subsection (f)(3), by striking 

18 ‘‘7064’’ and inserting ‘‘706’’. 

19 (h) COMMUNITY REINVESTMENT ACT OF 1977.—The 

20 Community Reinvestment Act of 1977 (12 U.S.C. 2901 

21 et seq.) is amended— 

22 (1) in section 803(1)(C) (12 U.S.C. 

23 2902(1)(C)), by striking the period at the end and 

24 inserting a semicolon; and 
392 

•S 1910 PCS

1 (2) in section 806 (12 U.S.C. 2905), by striking 

2 ‘‘companies,,’’ and inserting ‘‘companies,’’. 

3 (i) CREDIT REPAIR ORGANIZATIONS ACT.—Section 

4 403(4) of the Credit Repair Organizations Act (15 U.S.C. 

5 1679a(4)) is amended by striking ‘‘103(e)’’ and inserting 

6 ‘‘103(f)’’. 

7 (j) DEPOSITORY INSTITUTION MANAGEMENT INTER8 LOCKS ACT.—Section 205(9) of the Depository Institution 

9 Management Interlocks Act (12 U.S.C. 3204(9)) is 

10 amended by striking ‘‘Director of the Office of Thrift Su11 pervision’’ and inserting ‘‘appropriate Federal banking 

12 agency’’. 

13 (k) ECONOMIC GROWTH AND REGULATORY PAPER14 WORK REDUCTION ACT OF 1996.—Section 2227(a)(1) of 

15 the Economic Growth and Regulatory Paperwork Reduc16 tion Act of 1996 (12 U.S.C. 252(a)(1)) is amended by 

17 striking ‘‘the Director of the Office of Thrift Super18 vision,’’. 

19 (l) ELECTRONIC FUND TRANSFER ACT.—The Elec20 tronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 

21 amended— 

22 (1) in section 903 (15 U.S.C. 1693a)— 

23 (A) in paragraph (2), by striking ‘‘103(i)’’ 

24 and inserting ‘‘103(j)’’; and 
393 

•S 1910 PCS

1 (B) by redesignating the first paragraph 

2 designated as paragraph (4) (defining the term 

3 ‘‘Board’’) as paragraph (3); 

4 (2) in section 904(a) (15 U.S.C. 1693b(a))— 

5 (A) by redesignating the second paragraph 

6 designated as paragraph (1) (relating to con7 sultation with other agencies), the second para8 graph designated as paragraph (2) (relating to 

9 the preparation of an analysis of economic im10 pact), paragraph (3), and paragraph (4) as sub11 paragraphs (A), (B), (C), and (D), respectively, 

12 and adjusting the margins accordingly; 

13 (B) by striking ‘‘In prescribing such regu14 lations, the Board shall:’’ and inserting the fol15 lowing: 

16 ‘‘(3) REGULATIONS.—In prescribing regulations 

17 under this subsection, the Bureau and the Board 

18 shall—’’; 

19 (C) in paragraph (3)(C), as so redesig20 nated, by striking ‘‘the Board shall’’; 

21 (D) in paragraph (3)(D), as so redesig22 nated— 

23 (i) by inserting ‘‘send promptly’’ be24 fore ‘‘any’’; and 
394 

•S 1910 PCS

1 (ii) by striking ‘‘shall be sent prompt2 ly to Congress by the Board’’ and inserting 

3 ‘‘to Congress’’; 

4 (3) in section 909(c) (15 U.S.C. 1693g(c)), by 

5 striking ‘‘103(e)’’ and inserting ‘‘103(f)’’; 

6 (4) in section 918(a)(4) (15 U.S.C. 

7 1693o(a)(4), by striking ‘‘Act and’’ and inserting 

8 ‘‘Act; and’’; and 

9 (5) in section 920(a)(4)(C) (15 U.S.C. 1693o– 

10 2(a)(4)(C)), by striking ‘‘the Director of the Office 

11 of Thrift Supervision,’’. 

12 (m) EMERGENCY ECONOMIC STABILIZATION ACT OF

13 2008.—Section 101(b) of the Emergency Economic Sta14 bilization Act of 2008 (12 U.S.C. 5211(b)) is amended 

15 by striking ‘‘the Director of the Office of Thrift Super16 vision,’’. 

17 (n) EQUAL CREDIT OPPORTUNITY ACT.—The Equal 

18 Credit Opportunity Act (15 U.S.C. 1691 et seq.) is 

19 amended— 

20 (1) in section 703 (15 U.S.C. 1691b)— 

21 (A) in each of subsections (c) and (d), by 

22 striking ‘‘paragraph’’ each place that term ap23 pears and inserting ‘‘subsection’’; and 

24 (B) in subsection (g), by adding a period 

25 at the end; 
395 

•S 1910 PCS

1 (2) in section 704 (15 U.S.C. 1691c)— 

2 (A) in subsection (a), by striking ‘‘Con3 sumer Protection Financial Protection Act of 

4 2010 with’’ and inserting ‘‘Consumer Financial 

5 Protection Act of 2010, compliance with’’; and 

6 (B) in subsection (c), in the second sen7 tence, by striking ‘‘subchapter’’ and inserting 

8 ‘‘title’’; 

9 (3) in section 704B(e)(3) (15 U.S.C. 1691c– 

10 2(e)(3)), by striking ‘‘(1)(E)’’ and inserting 

11 ‘‘(2)(E)’’; and 

12 (4) in section 706(k) (15 U.S.C. 1691e(k)), by 

13 striking ‘‘, (2), or (3)’’ and inserting ‘‘or (2)’’. 

14 (o) EXPEDITED FUNDS AVAILABILITY ACT.—The 

15 Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) 

16 is amended— 

17 (1) in section 605(f)(2)(A) (12 U.S.C. 

18 4004(f)(2)(A)), by striking ‘‘,,’’ and inserting a 

19 semicolon; and 

20 (2) in section 610(a)(2) (12 U.S.C. 

21 4009(a)(2)), by striking ‘‘Director of the Office of 

22 Thrift Supervision’’ and inserting ‘‘Comptroller of 

23 the Currency and the Board of Directors of the Fed24 eral Deposit Insurance Corporation, as appro25 priate,’’. 
396 

•S 1910 PCS

1 (p) FAIR CREDIT REPORTING ACT.—The Fair Credit 

2 Reporting Act (15 U.S.C. 1681 et seq.) is amended— 

3 (1) in section 603 (15 U.S.C. 1681a)— 

4 (A) in subsection (d)(2)(D), by striking 

5 ‘‘(x)’’ and inserting ‘‘(y)’’; 

6 (B) in subsection (q)(5), by striking 

7 ‘‘103(i)’’ and inserting ‘‘103(j)’’; and 

8 (C) in subsection (v), by striking ‘‘Bureau’’ 

9 and inserting ‘‘Federal Trade Commission’’; 

10 (2) in section 604 (15 U.S.C. 1681b)— 

11 (A) in subsection (b)(2)(B)(i), by striking 

12 ‘‘section 615(a)(3)’’ and inserting ‘‘section 

13 615(a)(4)’’; and 

14 (B) in subsection (g)(5), by striking 

15 ‘‘PARAGRAPH (2).—’’ and all that follows 

16 through ‘‘The Bureau’’ and inserting ‘‘PARA17 GRAPH (2).—The Bureau’’; 

18 (3) in section 605(h)(2)(A) (15 U.S.C. 

19 1681c(h)(2)(A))— 

20 (A) by striking ‘‘shall,,’’ and inserting 

21 ‘‘shall,’’; and 

22 (B) by striking ‘‘Commission,,’’ and insert23 ing ‘‘Commission,’’; 
397 

•S 1910 PCS

1 (4) in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), 

2 and (2)(B) of section 605A(h) (15 U.S.C. 1681c– 

3 1(h))— 

4 (A) by striking ‘‘103(i)’’ and inserting 

5 ‘‘103(j)’’ each place that term appears; and 

6 (B) by striking ‘‘open-end’’ and inserting 

7 ‘‘open end’’ each place that term appears; 

8 (5) in section 609 (15 U.S.C. 1681g)— 

9 (A) in subsection (c)(1)— 

10 (i) in the paragraph heading, by strik11 ing ‘‘COMMISSION’’ and inserting ‘‘BU12 REAU’’; and 

13 (ii) in subparagraph (B)(vi), by strik14 ing ‘‘603(w)’’ and inserting ‘‘603(x)’’; and 

15 (B) by striking ‘‘The Commission’’ each 

16 place that term appears and inserting ‘‘The Bu17 reau’’; 

18 (6) in section 611 (15 U.S.C. 1681i), by strik19 ing ‘‘The Commission’’ each place that term appears 

20 and inserting ‘‘The Bureau’’; 

21 (7) in section 612 (15 U.S.C. 1681j)— 

22 (A) in subsection (a)(1), by striking ‘‘(w)’’ 

23 and inserting ‘‘(x)’’; and 
398 

•S 1910 PCS

1 (B) by striking ‘‘The Commission’’ each 

2 place that term appears and inserting ‘‘The Bu3 reau’’; and 

4 (8) in section 621 (15 U.S.C. 1681s)— 

5 (A) in subsection (a)(1), in the first sen6 tence, by striking ‘‘, subsection (b)’’; 

7 (B) in subsection (e)(2), by inserting a pe8 riod after ‘‘provisions of this title’’; and 

9 (C) in subsection (f)(2), by striking ‘‘The 

10 Commission’’ and inserting ‘‘The Bureau’’. 

11 (q) FEDERAL CREDIT UNION ACT.—Section 

12 206(g)(7)(D)(iv) of the Federal Credit Union Act (12 

13 U.S.C. 1786(g)(7)(D)(iv)) is amended by striking the 

14 semicolon at the end and inserting a period. 

15 (r) FEDERAL DEPOSIT INSURANCE ACT.—The Fed16 eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 

17 amended— 

18 (1) in section 3(q)(2)(C) (12 U.S.C. 

19 1813(q)(2)(C)), by adding ‘‘and’’ at the end; 

20 (2) in section 7 (12 U.S.C. 1817)— 

21 (A) in subsection (b)(2)— 

22 (i) in subparagraph (A), by striking 

23 ‘‘(D)’’ and inserting ‘‘(C)’’; and 
399 

•S 1910 PCS

1 (ii) by redesignating subparagraphs 

2 (D) and (E) as subparagraphs (C) and 

3 (D), respectively; and 

4 (B) in subsection (e)(2)(C), by adding a 

5 period at the end; 

6 (3) in section 8 (12 U.S.C. 1818)— 

7 (A) in subsection (b)(3), by striking 

8 ‘‘Act))’’ and inserting ‘‘Act)’’; and 

9 (B) in subsection (t)— 

10 (i) in paragraph (2)— 

11 (I) in subparagraph (C), by strik12 ing ‘‘depositors or’’ and inserting ‘‘de13 positors; or’’; and 

14 (II) in subparagraph (D), by 

15 striking the semicolon at the end and 

16 inserting a period; and 

17 (ii) by redesignating the second para18 graph designated as paragraph (6), as 

19 added by section 1090(1) of the Consumer 

20 Financial Protection Act of 2010 (title X 

21 of Public Law 111–203; 124 Stat. 2093) 

22 (relating to referral to the Bureau of Con23 sumer Financial Protection), as paragraph 

24 (7); 
400 

•S 1910 PCS

1 (4) in section 10(b)(3)(A) (12 U.S.C. 

2 1820(b)(3)(A)), by striking ‘‘that Act’’ and inserting 

3 ‘‘the Dodd-Frank Wall Street Reform and Consumer 

4 Protection Act (12 U.S.C. 5301 et seq.)’’; 

5 (5) in section 11 (12 U.S.C. 1821)— 

6 (A) in subsection (d)(2)(I)(ii), by striking 

7 ‘‘and section 21A(b)(4)’’; and 

8 (B) in subsection (m), in each of para9 graphs (16) and (18), by striking the comma 

10 after ‘‘Comptroller of the Currency’’ each place 

11 it appears; and 

12 (6) in section 26(a) (12 U.S.C. 1831c(a)), by 

13 striking ‘‘Holding Company Act’’ each place that 

14 term appears and inserting ‘‘Holding Company Act 

15 of 1956’’. 

16 (s) FEDERAL FINANCIAL INSTITUTIONS EXAMINA17 TION COUNCIL ACT OF 1978.—Section 1003(1) of the 

18 Federal Financial Institutions Examination Council Act of 

19 1978 (12 U.S.C. 3302(1)) is amended by striking ‘‘the 

20 Office of Thrift Supervision,’’. 

21 (t) FEDERAL FIRE PREVENTION AND CONTROL ACT

22 OF 1974.—Section 31(a)(5)(B) of the Federal Fire Pre23 vention and Control Act of 1974 (15 U.S.C. 

24 2227(a)(5)(B)) is amended by striking ‘‘the Federal De25 posit Insurance Corporation’’ and all that follows through 
401 

•S 1910 PCS

1 the period and inserting ‘‘or the Federal Deposit Insur2 ance Corporation under the affordable housing program 

3 under section 40 of the Federal Deposit Insurance Act.’’. 

4 (u) FEDERAL HOME LOAN BANK ACT.—The Federal 

5 Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amend6 ed— 

7 (1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), 

8 by striking ‘‘Director of the Office of Thrift Super9 vision’’ and inserting ‘‘Comptroller of the Currency 

10 or the Board of Directors of the Federal Deposit In11 surance Corporation, as applicable’’; and 

12 (2) in section 22(a) (12 U.S.C. 1442(a))— 

13 (A) in the matter preceding paragraph (1), 

14 by striking ‘‘Currency’’ and all that follows 

15 through ‘‘Supervision’’ and inserting ‘‘Cur16 rency, the Chairman of the Board of Governors 

17 of the Federal Reserve System, the Chairperson 

18 of the Federal Deposit Insurance Corporation, 

19 and the Chairman of the National Credit Union 

20 Administration’’; and 

21 (B) in the undesignated matter following 

22 paragraph (2), by striking ‘‘Currency’’ and all 

23 that follows through ‘‘Supervision’’ and insert24 ing ‘‘Currency, the Chairman of the Board of 

25 Governors of the Federal Reserve System, and 
402 

•S 1910 PCS

1 the Chairman of the National Credit Union Ad2 ministration’’. 

3 (v) FEDERAL RESERVE ACT.—The Federal Reserve 

4 Act (12 U.S.C. 221 et seq.) is amended— 

5 (1) in section 10 (12 U.S.C. 247b), by redesig6 nating paragraph (12) as paragraph (11); and 

7 (2) in section 11 (12 U.S.C. 248)— 

8 (A) by redesignating subsection (s), as 

9 added by section 1103(b) of the Dodd-Frank 

10 Wall Street Reform and Consumer Protection 

11 Act (124 Stat. 2118) (relating to Federal Re12 serve transparency and release of information), 

13 as subsection (t), and moving subsection (t), as 

14 so redesignated, so it appears after subsection 

15 (s); 

16 (B) in subsection (s)(2)(C), by striking 

17 ‘‘supervised by the Board’’ and inserting ‘‘sub18 ject to a final determination’’; and 

19 (C) in subsection (t), as so redesignated, in 

20 paragraph (8)(B), by striking ‘‘this section’’ 

21 and inserting ‘‘this subsection’’. 

22 (w) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 

23 AND ENFORCEMENT ACT OF 1989.—The Financial Insti24 tutions Reform, Recovery, and Enforcement Act of 1989 

25 (Public Law 101–73; 103 Stat. 183) is amended— 
403 

•S 1910 PCS

1 (1) in section 1121(6) (12 U.S.C. 3350(6)), by 

2 striking ‘‘the Office of Thrift Supervision,’’; and 

3 (2) in section 1206(a) (12 U.S.C. 1833b(a)), by 

4 striking ‘‘and the Bureau of Consumer Financial 

5 Protection,’’ and inserting ‘‘the Bureau of Consumer 

6 Financial Protection, and’’. 

7 (x) GRAMM-LEACH-BLILEY ACT.—The Gramm8 Leach-Bliley Act (Public Law 106–102; 113 Stat. 1338) 

9 is amended— 

10 (1) in section 132(a) (12 U.S.C. 1828b(a)), by 

11 striking ‘‘the Director of the Office of Thrift Super12 vision,’’; 

13 (2) in section 206(a) (15 U.S.C. 78c note), by 

14 striking ‘‘Except as provided in subsection (e), for’’ 

15 and inserting ‘‘For’’; 

16 (3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), 

17 by inserting a comma after ‘‘Protection’’; 

18 (4) in section 504(a)(2) (15 U.S.C. 

19 6804(a)(2)), by striking ‘‘and, as appropriate, and 

20 with’’ and inserting ‘‘and, as appropriate, with’’; 

21 (5) in section 509(2) (15 U.S.C. 6809(2))— 

22 (A) by striking subparagraph (D); and 

23 (B) by redesignating subparagraphs (E) 

24 and (F) as subparagraphs (D) and (E), respec25 tively; and 
404 

•S 1910 PCS

1 (6) in section 522(b)(1)(A)(iv) (15 U.S.C. 

2 6822(b)(1)(A)(iv)), by striking ‘‘Director of the Of3 fice of Thrift Supervision’’ and inserting ‘‘Comp4 troller of the Currency and the Board of Directors 

5 of the Federal Deposit Insurance Corporation, as 

6 appropriate’’. 

7 (y) HELPING FAMILIES SAVE THEIR HOMES ACT OF

8 2009.—Section 104 of the Helping Families Save Their 

9 Homes Act of 2009 (12 U.S.C. 1715z–25) is amended— 

10 (1) in subsection (a)— 

11 (A) in the matter preceding paragraph 

12 (1)— 

13 (i) by striking ‘‘and the Director of 

14 the Office of Thrift Supervision, shall 

15 jointly’’ and inserting ‘‘shall’’; 

16 (ii) by striking ‘‘Senate,’’ and insert17 ing ‘‘Senate and’’; 

18 (iii) by striking ‘‘and the Office of 

19 Thrift Supervision’’; and 

20 (iv) by striking ‘‘each such’’ and in21 serting ‘‘such’’; and 

22 (B) in paragraph (1), by striking ‘‘and the 

23 Office of Thrift Supervision’’; and 

24 (2) in subsection (b)(1)— 

25 (A) in subparagraph (A)— 
405 

•S 1910 PCS

1 (i) in the first sentence— 

2 (I) by striking ‘‘and the Director 

3 of the Office of Thrift Supervision,’’; 

4 and 

5 (II) by striking ‘‘or the Direc6 tor’’; and 

7 (ii) in the second sentence, by striking 

8 ‘‘and the Director of the Office of Thrift 

9 Supervision’’; and 

10 (B) in subparagraph (B), by striking ‘‘and 

11 the Director of the Office of Thrift Super12 vision’’. 

13 (z) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 

14 The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 

15 2801 et seq.) is amended— 

16 (1) in section 304(j)(3) (12 U.S.C. 2803(j)(3)), 

17 by adding a period at the end; and 

18 (2) in section 305(b)(1)(A) (12 U.S.C. 

19 2804(b)(1)(A))— 

20 (A) in the matter preceding clause (i), by 

21 inserting ‘‘by’’ before ‘‘the appropriate Federal 

22 banking agency’’; and 

23 (B) in clause (iii), by striking ‘‘bank as,’’ 

24 and inserting ‘‘bank, as’’. 
406 

•S 1910 PCS

1 (aa) HOME OWNERS’ LOAN ACT.—The Home Own2 ers’ Loan Act (12 U.S.C. 1461 et seq.) is amended— 

3 (1) in section 5 (12 U.S.C. 1464)— 

4 (A) in subsection (d)(2)(E)(ii)— 

5 (i) in the first sentence, by striking 

6 ‘‘Except as provided in section 21A of the 

7 Federal Home Loan Bank Act, the’’ and 

8 inserting ‘‘The’’; and 

9 (ii) by striking ‘‘, at the Director’s 

10 discretion,’’; 

11 (B) in subsection (i)(6), by striking ‘‘the 

12 Office of Thrift Supervision or’’; 

13 (C) in subsection (m), by striking ‘‘Direc14 tor’s’’ each place that term appears and insert15 ing ‘‘appropriate Federal banking agency’s’’; 

16 (D) in subsection (n)(9)(B), by striking 

17 ‘‘Director’s’’ and inserting ‘‘Comptroller’s’’; and 

18 (E) in subsection (s)— 

19 (i) in paragraph (1)— 

20 (I) in the matter preceding sub21 paragraph (A), by striking ‘‘of such 

22 Act)’’ and all that follows through 

23 ‘‘shall require’’ and inserting ‘‘of such 

24 Act), the appropriate Federal banking 

25 agency shall require’’; and 
407 

•S 1910 PCS

1 (II) in subparagraph (B), by 

2 striking ‘‘other methods’’ and all that 

3 follows through ‘‘determines’’ and in4 serting ‘‘other methods as the appro5 priate Federal banking agency deter6 mines’’; 

7 (ii) in paragraph (2)— 

8 (I) by striking ‘‘DETERMINED’’ 

9 and all that follows through ‘‘may, 

10 consistent’’ and inserting ‘‘DETER11 MINED BY APPROPRIATE FEDERAL

12 BANKING AGENCY CASE-BY-CASE.— 

13 The appropriate Federal banking 

14 agency may, consistent’’; and 

15 (II) by striking ‘‘capital-to-as16 sets’’ and all that follows through 

17 ‘‘determines to be necessary’’ and in18 serting ‘‘capital-to-assets as the ap19 propriate Federal banking agency de20 termines to be necessary’’; and 

21 (iii) in paragraph (3)— 

22 (I) by striking ‘‘agency, may’’ 

23 and inserting ‘‘agency may’’; and 
408 

•S 1910 PCS

1 (II) by striking ‘‘the Comp2 troller’’ and inserting ‘‘the appro3 priate Federal banking agency’’; 

4 (2) in section 6(c) (12 U.S.C. 1465(c)), by 

5 striking ‘‘sections’’ and inserting ‘‘section’’; 

6 (3) in section 10 (12 U.S.C. 1467a)— 

7 (A) in subsection (b)(6), by striking 

8 ‘‘time’’ and all that follows through ‘‘release’’ 

9 and inserting ‘‘time, upon the motion or appli10 cation of the Board, release’’; 

11 (B) in subsection (c)(2)(H)— 

12 (i) in the matter preceding clause 

13 (i)— 

14 (I) by striking ‘‘1841(p))’’ and 

15 inserting ‘‘1841(p)))’’; and 

16 (II) by inserting ‘‘(12 U.S.C. 

17 1843(k))’’ before ‘‘if—’’; and 

18 (ii) in clause (i), by inserting ‘‘of 1956 

19 (12 U.S.C. 1843(l) and (m))’’ after ‘‘Com20 pany Act’’; and 

21 (C) in subsection (e)(7)(B)(iii)— 

22 (i) by striking ‘‘Board of the Office of 

23 Thrift Supervision’’ and inserting ‘‘Direc24 tor of the Office of Thrift Supervision’’; 

25 and 
409 

•S 1910 PCS

1 (ii) by inserting ‘‘(as defined in sec2 tion 2 of the Dodd-Frank Wall Street Re3 form and Consumer Protection Act (12 

4 U.S.C. 5301))’’ after ‘‘transfer date’’; and 

5 (4) in section 13 (12 U.S.C. 1468b), by striking 

6 ‘‘the a’’ and inserting ‘‘a’’. 

7 (bb) HOME OWNERSHIP AND EQUITY PROTECTION

8 ACT OF 1994.—Section 158 of the Home Ownership and 

9 Equity Protection Act of 1994 (15 U.S.C. 1601 note) is 

10 amended by striking ‘‘Bureau’’ each place that term ap11 pears and inserting ‘‘Bureau of Consumer Financial Pro12 tection’’. 

13 (cc) HOUSING ACT OF 1948.—Section 502(c)(3) of 

14 the Housing Act of 1948 (12 U.S.C. 1701c(c)(3)) is 

15 amended by striking ‘‘Federal Home Loan Bank Agency’’ 

16 and inserting ‘‘Federal Housing Finance Agency’’. 

17 (dd) HOUSING AND URBAN DEVELOPMENT ACT OF

18 1968.—Section 106(h)(5) of the Housing and Urban De19 velopment Act of 1968 (12 U.S.C. 1701x(h)(5)) is amend20 ed by striking ‘‘authorised’’ and inserting ‘‘authorized’’. 

21 (ee) INTERNATIONAL BANKING ACT OF 1978.—Sec22 tion 15 of the International Banking Act of 1978 (12 

23 U.S.C. 3109) is amended— 

24 (1) in each of subsections (a) and (b)— 
410 

•S 1910 PCS

1 (A) by striking ‘‘, and Director of the Of2 fice of Thrift Supervision’’ each place that term 

3 appears; and 

4 (B) by inserting ‘‘and’’ before ‘‘Federal 

5 Deposit’’ each place that term appears; 

6 (2) in subsection (a), by striking ‘‘Comptroller, 

7 Corporation, or Director’’ and inserting ‘‘Comp8 troller, or Corporation’’; and 

9 (3) in subsection (c)(4)— 

10 (A) by inserting ‘‘and’’ before ‘‘the Federal 

11 Deposit’’; and 

12 (B) by striking ‘‘, and the Director of the 

13 Office of Thrift Supervision’’. 

14 (ff) INTERNATIONAL LENDING SUPERVISION ACT OF

15 1983.—Section 912 of the International Lending Super16 vision Act of 1983 (12 U.S.C. 3911) is amended— 

17 (1) in the section heading, by striking ‘‘AND

18 THE OFFICE OF THRIFT SUPERVISION’’; 

19 (2) by striking subsection (b); 

20 (3) by striking ‘‘(a) IN GENERAL.—’’; and 

21 (4) by striking ‘‘4’’ and inserting ‘‘3’’. 

22 (gg) INTERSTATE LAND SALES FULL DISCLOSURE

23 ACT.—The Interstate Land Sales Full Disclosure Act (15 

24 U.S.C. 1701 et seq.) is amended— 
411 

•S 1910 PCS

1 (1) in section 1402(1) (15 U.S.C. 1701(1)) by 

2 striking ‘‘Bureau of’’ and all that follows through 

3 the semicolon at the end and inserting ‘‘Bureau of 

4 Consumer Financial Protection;’’; and 

5 (2) in each of section 1411(b) (15 U.S.C. 

6 1710(b)) and subsections (b)(4) and (d) of section 

7 1418a (15 U.S.C. 1717a), by striking ‘‘Secretary’s’’ 

8 each place that term appears and inserting ‘‘Direc9 tor’s’’. 

10 (hh) INVESTMENT ADVISERS ACT OF 1940.—Section 

11 224 of the Investment Advisers Act of 1940 (15 U.S.C. 

12 80b–18c) is amended in the section heading, by striking 

13 ‘‘COMMODITIES’’ and inserting ‘‘COMMODITY’’. 

14 (ii) LEGAL CERTAINTY FOR BANK PRODUCTS ACT

15 OF 2000.—Section 403(b)(1) of the Legal Certainty for 

16 Bank Products Act of 2000 (7 U.S.C. 27a(b)(1)) is 

17 amended by striking ‘‘that section’’ and inserting ‘‘sec18 tion’’. 

19 (jj) OMNIBUS APPROPRIATIONS ACT, 2009.—Section 

20 626(b) of the Omnibus Appropriations Act, 2009 (12 

21 U.S.C. 5538(b)) is amended, in each of paragraphs (2) 

22 and (3), by inserting a comma after ‘‘as appropriate’’ each 

23 place that term appears. 
412 

•S 1910 PCS

1 (kk) PUBLIC LAW 93–495.—Section 111 of Public 

2 Law 93–495 (12 U.S.C. 250) is amended by striking ‘‘the 

3 Director of the Office of Thrift Supervision,’’. 

4 (ll) REVISED STATUTES OF THE UNITED STATES.— 

5 Section 5136C(i) of the Revised Statutes of the United 

6 States (12 U.S.C. 25b(i)) is amended by striking ‘‘POW7 ERS.—’’ and all that follows through ‘‘In accordance’’ and 

8 inserting ‘‘POWERS.—In accordance’’. 

9 (mm) RIEGLE COMMUNITY DEVELOPMENT AND

10 REGULATORY IMPROVEMENT ACT OF 1994.—Section 

11 117(e) of the Riegle Community Development and Regu12 latory Improvement Act of 1994 (12 U.S.C. 4716(e)) is 

13 amended by striking ‘‘the Director of the Office of Thrift 

14 Supervision,’’. 

15 (nn) S.A.F.E. MORTGAGE LICENSING ACT OF

16 2008.—Section 1514 of the S.A.F.E. Mortgage Licensing 

17 Act of 2008 (12 U.S.C. 5113) is amended in each of sub18 sections (b)(5) and (c)(4)(C), by striking ‘‘Secretary’s’’ 

19 each place that term appears and inserting ‘‘Director’s’’. 

20 (oo) SECURITIES EXCHANGE ACT OF 1934.—The Se21 curities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 

22 is amended— 

23 (1) in section 3C(g)(4)(B)(v) (15 U.S.C. 78c– 

24 3(g)(4)(B)(v)), by striking ‘‘of that Act’’ and insert25 ing ‘‘of that section’’; 
413 

•S 1910 PCS

1 (2) in section 3D(d)(10)(A) (15 U.S.C. 78c– 

2 4(d)(10)(A)), by striking ‘‘taking’’ and inserting 

3 ‘‘take’’; 

4 (3) in section 3E(b)(1) (15 U.S.C. 78c– 

5 5(b)(1)), by striking ‘‘though’’ and inserting 

6 ‘‘through’’; 

7 (4) in section 4(g)(8)(A) (15 U.S.C. 

8 78d(g)(8)(A)), by striking ‘‘(2)(A)(i)’’ and inserting 

9 ‘‘(2)(A)(ii)’’; 

10 (5) in section 15 (15 U.S.C. 78o)— 

11 (A) in each of subparagraphs (B)(ii) and 

12 (C) of subsection (b)(4), by striking ‘‘dealer 

13 municipal advisor,,’’ and inserting ‘‘dealer, mu14 nicipal advisor,’’; 

15 (B) by redesignating subsection (j) (relat16 ing to the authority of the Commission) as sub17 section (p), and moving that subsection so it 

18 follows subsection (o); 

19 (C) by redesignating subsections (k) and 

20 (l) (relating to standard of conduct and other 

21 matters, respectively), as added by section 

22 913(g)(1) of the Investor Protection and Secu23 rities Reform Act of 2010 (title IX of Public 

24 Law 111–203; 124 Stat. 1828), as subsections 
414 

•S 1910 PCS

1 (q) and (r), respectively and moving those sub2 sections to the end; and 

3 (D) in subsection (m), in the undesignated 

4 matter following paragraph (2), by inserting 

5 ‘‘the’’ before ‘‘same extent’’; 

6 (6) in section 15F(h) (15 U.S.C. 78o–10(h))— 

7 (A) in paragraph (2)— 

8 (i) in subparagraph (A), by inserting 

9 ‘‘a’’ after ‘‘that acts as an advisor to’’; and 

10 (ii) in subparagraph (B), by inserting 

11 ‘‘a’’ after ‘‘offers to enter into’’; and 

12 (B) in paragraph (5)(A)(i)— 

13 (i) by inserting ‘‘(A)’’ after ‘‘(18)’’; 

14 and 

15 (ii) in subclause (VII), by striking 

16 ‘‘act of’’ and inserting ‘‘Act of’’; 

17 (7) in section 15G (15 U.S.C. 78o–11)— 

18 (A) in subsection (b)(2), by inserting ‘‘Di19 rector of the’’ before ‘‘Federal Housing’’; and 

20 (B) in subsection (e)— 

21 (i) in paragraph (4)— 

22 (I) in subparagraph (A), by strik23 ing ‘‘subsection’’ and inserting ‘‘sec24 tion’’; and 

25 (II) in subparagraph (C)— 
415 

•S 1910 PCS

1 (aa) by striking 

2 ‘‘129C(c)(2)’’ and inserting 

3 ‘‘129C(b)(2)(A)’’; and 

4 (bb) by inserting ‘‘(15 

5 U.S.C. 1639c(b)(2)(A))’’ after 

6 ‘‘Lending Act’’; and 

7 (ii) in paragraph (5), by striking 

8 ‘‘subsection’’ and inserting ‘‘section’’; and 

9 (8) in section 17A (15 U.S.C. 78q–1), by redes10 ignating the second subsection designated as sub11 section (g), as added by section 929W of the Inves12 tor Protection and Securities Reform Act of 2010 

13 (title IX of Public Law 111–203; 124 Stat. 1869) 

14 (relating to due diligence for the delivery of divi15 dends, interest, and other valuable property rights), 

16 as subsection (n) and moving that subsection to the 

17 end. 

18 (pp) TELEMARKETING AND CONSUMER FRAUD AND

19 ABUSE PREVENTION ACT.—Section 3(b) of the Tele20 marketing and Consumer Fraud and Abuse Prevention 

21 Act (15 U.S.C. 6102(b)) is amended by inserting before 

22 the period at the end the following: ‘‘, provided, however, 

23 that nothing in this section shall conflict with or supersede 

24 section 6 of the Federal Trade Commission Act (15 U.S.C. 

25 46)’’. 
416 

•S 1910 PCS

1 (qq) TITLE 5.—Title 5, United States Code, is 

2 amended— 

3 (1) in section 3132(a)(1)(D), by striking ‘‘the 

4 Office of Thrift Supervision,, the Resolution Trust 

5 Corporation,’’; and 

6 (2) in section 5314, by striking ‘‘Director of the 

7 Office of Thrift Supervision.’’. 

8 (rr) TITLE 31.— 

9 (1) AMENDMENTS.—Title 31, United States 

10 Code, is amended— 

11 (A) by striking section 309; 

12 (B) in section 313— 

13 (i) in subsection (j)(2), by striking 

14 ‘‘Agency’’; and 

15 (ii) in subsection (r)(4), by striking 

16 ‘‘the Office of Thrift Supervision,’’; and 

17 (C) in section 714(d)(3)(B) by striking ‘‘a 

18 audit’’ and inserting ‘‘an audit’’. 

19 (2) ANALYSIS.—The analysis for subchapter I 

20 of chapter 3 of title 31, United States Code, is 

21 amended by striking the item relating to section 

22 309. 

23 (ss) TRUTH IN LENDING ACT.—The Truth in Lend24 ing Act (15 U.S.C. 1601 et seq.) is amended— 
417 

•S 1910 PCS

1 (1) in section 103(dd)(2)(E)(v) (15 U.S.C. 

2 1602(dd)(2)(E)(v)), as redesignated by section 

3 909(a)(1) of this Act, by striking ‘‘Board’’ and in4 serting ‘‘Bureau’’; 

5 (2) in section 105 (15 U.S.C. 1604), by insert6 ing subsection (h), as added by section 1472(c) of 

7 the Mortgage Reform and Anti-Predatory Lending 

8 Act (title XIV of Public Law 111–203; 124 Stat. 

9 2190), before subsection (i), as added by section 

10 1100A(7) of the Consumer Financial Protection Act 

11 of 2010 (title X of Public Law 111–203; 124 Stat. 

12 2108); 

13 (3) in section 106(f)(2)(B)(i) (15 U.S.C. 

14 1605(f)(2)(B)(i)), by striking ‘‘103(w)’’ and insert15 ing ‘‘103(x)’’; 

16 (4) in section 121(b) (15 U.S.C. 1631(b)), by 

17 striking ‘‘103(f)’’ and inserting ‘‘103(g)’’; 

18 (5) in section 122(d)(5) (15 U.S.C. 

19 1632(d)(5)), by striking ‘‘and the Bureau’’; 

20 (6) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), 

21 by striking ‘‘103(w)’’ and inserting ‘‘103(x)’’; 

22 (7) in section 129 (15 U.S.C. 1639)— 

23 (A) in subsection (q), by striking ‘‘(l)(2)’’ 

24 and inserting ‘‘(p)(2)’’; and 
418 

•S 1910 PCS

1 (B) in subsection (u)(3), by striking 

2 ‘‘Board’’ each place that term appears and in3 serting ‘‘Bureau’’; 

4 (8) in section 129C (15 U.S.C. 1639c)— 

5 (A) in subsection (b)(2)(B), by striking the 

6 second period at the end; and 

7 (B) in subsection (c)(1)(B)(ii)(I), by strik8 ing ‘‘a original’’ and inserting ‘‘an original’’; 

9 (9) in section 140A (15 U.S.C. 1651), by strik10 ing ‘‘the Bureau and’’; 

11 (10) in section 148(d) (15 U.S.C. 1665c(d)), by 

12 striking ‘‘Bureau’’ and inserting ‘‘Board’’; 

13 (11) in section 149 (15 U.S.C. 1665d)— 

14 (A) by striking ‘‘the Director of the Office 

15 of Thrift Supervision,’’ each place that term ap16 pears; 

17 (B) by striking ‘‘National Credit Union 

18 Administration Bureau’’ each place that term 

19 appears and inserting ‘‘National Credit Union 

20 Administration Board’’; and 

21 (C) by striking ‘‘Bureau of Directors of 

22 the Federal Deposit Insurance Corporation’’ 

23 each place that term appears and inserting 

24 ‘‘Board of Directors of the Federal Deposit In25 surance Corporation’’; and 
419 

•S 1910 PCS

1 (12) in section 181(1) (15 U.S.C. 1667(1)), by 

2 striking ‘‘103(g)’’ and inserting ‘‘103(h)’’. 

3 (tt) TRUTH IN SAVINGS ACT.—The Truth in Savings 

4 Act (12 U.S.C. 4301 et seq.) is amended in each of sec5 tions 269(a)(4) (12 U.S.C. 4308(a)(4)), 270(a)(2) (12 

6 U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C. 4313(6)), by 

7 striking ‘‘Administration Bureau’’ each place that term 

8 appears and inserting ‘‘Administration Board’’. 

9 SEC. 999G. RULEMAKING DEADLINES. 

10 (a) ONE-YEAR EXTENSION.—The deadline for 

11 issuance of any rule or regulation, conduct of any study, 

12 or submission of any report required by the Dodd-Frank 

13 Wall Street Reform and Consumer Protection Act (Public 

14 Law 111–203) or amendments made by that Act that has 

15 not been met or is not met in final form by the date speci16 fied in that Act or those amendments, shall be extended 

17 for 1 year. 

18 (b) NO EFFECT ON FINALIZED RULES.—The exten19 sion provided under subsection (a) shall have no effect on 

20 any rule required by the Dodd-Frank Wall Street Reform 

21 and Consumer Protection Act (Public Law 111–203) or 

22 amendments made by that Act that have been issued in 

23 final form before the date of enactment of this title. 
420 

•S 1910 PCS

1 SEC. 999H. EFFECTIVE DATES. 

2 Except as otherwise specifically provided in this 

3 title— 

4 (1) the amendments made by this title to a pro5 vision of the Dodd-Frank Wall Street Reform and 

6 Consumer Protection Act (Public Law 111–203) 

7 shall take effect as if enacted on the effective date 

8 of the provision, immediately after the provision 

9 takes effect; and 

10 (2) the amendments made by this title to a pro11 vision of law amended by the Dodd-Frank Wall 

12 Street Reform and Consumer Protection Act shall 

13 take effect as if enacted on the effective date of the 

14 amendment to that provision of law made by the 

15 Dodd-Frank Wall Street Reform and Consumer Pro16 tection Act, immediately after the amendment made 

17 by the Dodd-Frank Wall Street Reform and Con18 sumer Protection Act takes effect. 

19 This Act may be cited as the ‘‘Financial Services and 

20 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 

September 30, 2016, and for other purposes. general government for the fiscal year ending 

JULY 30, 2015 

Read twice and placed on the calendar