134 
(e) In the Senate, the procedure specified in subsection 
(c) or (d) shall not apply to the consideration of a joint 
resolution respecting a nonmajor rule— 
(1) after the expiration of the 60 session days be-
ginning with the applicable submission or publication 
date; or 
(2) if the report under section 331(a)(1)(A) was 
submitted during the period referred to in section 
331(d)(1), after the expiration of the 60 session days 
beginning on the 15th session day after the succeeding 
session of Congress first convenes. 
(f) If, before the passage by one House of a joint resolu-
tion of that House described in subsection (a), that House 
receives from the other House a joint resolution described 
in subsection (a), then the following procedures shall apply: 
(1) The joint resolution of the other House shall 
not be referred to a committee. 
(2) With respect to a joint resolution described in 
subsection (a) of the House receiving the joint resolu-
tion— 
(A) the procedure in that House shall be the 
same as if no joint resolution had been received 
from the other House; but 
(B) the vote on final passage shall be on the 
joint resolution of the other House. 
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SEC. 334. DEFINITIONS. 
For purposes of this subtitle: 
(1) The term ‘‘Federal financial agency’’ means 
the Consumer Law Enforcement Agency, Board of 
Governors of the Federal Reserve System, the Com-
modity Futures Trading Commission, the Federal De-
posit Insurance Corporation, the Federal Housing Fi-
nance Agency, the Office of the Comptroller of the 
Currency, the National Credit Union Administration, 
and the Securities and Exchange Commission. 
(2) The term ‘‘major rule’’ means any rule, in-
cluding an interim final rule, that the Administrator 
of the Office of Information and Regulatory Affairs of 
the Office of Management and Budget finds has re-
sulted in or is likely to result in— 
(A) an annual effect on the economy of $100 
million or more; 
(B) a major increase in costs or prices for 
consumers, individual industries, Federal, State, 
or local government agencies, or geographic re-
gions; or 
(C) significant adverse effects on competi-
tion, employment, investment, productivity, in-
novation, or on the ability of United States- 
based enterprises to compete with foreign-based 
enterprises in domestic and export markets. 
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(3) The term ‘‘nonmajor rule’’ means any rule 
that is not a major rule. 
(4) The term ‘‘rule’’ has the meaning given such 
term in section 551 of title 5, United States Code, ex-
cept that such term does not include— 
(A) any rule of particular applicability, in-
cluding a rule that approves or prescribes for the 
future rates, wages, prices, services, or allow-
ances therefore, corporate or financial structures, 
reorganizations, mergers, or acquisitions thereof, 
or accounting practices or disclosures bearing on 
any of the foregoing; 
(B) any rule relating to agency manage-
ment or personnel; or 
(C) any rule of agency organization, proce-
dure, or practice that does not substantially af-
fect the rights or obligations of non-agency par-
ties. 
(5) The term ‘‘submission date or publication 
date’’, except as otherwise provided in this subtitle, 
means— 
(A) in the case of a major rule, the date on 
which the Congress receives the report submitted 
under section 331(a)(1)(A); and 
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(B) in the case of a nonmajor rule, the later 
of— 
(i) the date on which the Congress re-
ceives the report submitted under section 
331(a)(1)(A); and 
(ii) the date on which the nonmajor 
rule is published in the Federal Register, if 
so published. 
SEC. 335. JUDICIAL REVIEW. 
(a) No determination, finding, action, or omission 
under this subtitle shall be subject to judicial review. 
(b) Notwithstanding subsection (a), a court may deter-
mine whether a Federal financial agency has completed the 
necessary requirements under this subtitle for a rule to take 
effect. 
(c) The enactment of a joint resolution of approval 
under section 332 shall not be interpreted to serve as a 
grant or modification of statutory authority by Congress 
for the promulgation of a rule, shall not extinguish or affect 
any claim, whether substantive or procedural, against any 
alleged defect in a rule, and shall not form part of the record 
before the court in any judicial proceeding concerning a 
rule except for purposes of determining whether or not the 
rule is in effect. 
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SEC. 336. EFFECTIVE DATE OF CERTAIN RULES. 
Notwithstanding section 331— 
(1) any rule that establishes, modifies, opens, 
closes, or conducts a regulatory program for a com-
mercial, recreational, or subsistence activity related to 
hunting, fishing, or camping, or 
(2) any rule other than a major rule which the 
Federal financial agency for good cause finds (and 
incorporates the finding and a brief statement of rea-
sons therefore in the rule issued) that notice and pub-
lic procedure thereon are impracticable, unnecessary, 
or contrary to the public interest, 
shall take effect at such time as the Federal financial agency 
promulgating the rule determines. 
SEC. 337. BUDGETARY EFFECTS OF RULES SUBJECT TO 
SECTION 332 OF THE FINANCIAL CHOICE ACT 
OF 2017. 
Section 257(b)(2) of the Balanced Budget and Emer-
gency Deficit Control Act of 1985 is amended by adding 
at the end the following new subparagraph: 
‘‘(E) BUDGETARY EFFECTS OF RULES SUBJECT 
TO SECTION 332 OF THE FINANCIAL CHOICE ACT OF 
2017.—Any rules subject to the congressional approval 
procedure set forth in section 332 of the Financial 
CHOICE Act of 2017 affecting budget authority, out-
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lays, or receipts shall be assumed to be effective unless 
it is not approved in accordance with such section.’’. 
Subtitle C—Judicial Review of 
Agency Actions 
SEC. 341. SCOPE OF JUDICIAL REVIEW OF AGENCY AC-
TIONS. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law, in any judicial review of an agency action pur-
suant to chapter 7 of title 5, United States Code, to the 
extent necessary to decision and when presented, the review-
ing court shall determine the meaning or applicability of 
the terms of an agency action and decide de novo all rel-
evant questions of law, including the interpretation of con-
stitutional and statutory provisions, and rules made by an 
agency. Notwithstanding any other provision of law, this 
section shall apply in any action for judicial review of 
agency action authorized under any provision of law. No 
law may exempt any such civil action from the application 
of this section except by specific reference to this section. 
(b) AGENCY DEFINED.—For purposes of this section, 
the term ‘‘agency’’ means the Consumer Law Enforcement 
Agency, the Board of Governors of the Federal Reserve Sys-
tem, the Commodity Futures Trading Commission, the Fed-
eral Deposit Insurance Corporation, the Federal Housing 
Finance Agency, the Office of the Comptroller of the Cur-
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rency, the National Credit Union Administration, and the 
Securities and Exchange Commission. 
(c) EFFECTIVE DATE.—Subsection (a) shall take effect 
after the end of the 2-year period beginning on the date 
of the enactment of this Act. 
Subtitle D—Leadership of 
Financial Regulators 
SEC. 351. FEDERAL DEPOSIT INSURANCE CORPORATION. 
Section 2 of the Federal Deposit Insurance Act (12 
U.S.C. 1812) is amended— 
(1) in subsection (a)(1), by striking ‘‘5 members’’ 
and all that follows through ‘‘3 of whom’’ and insert-
ing the following: ‘‘5 members, who’’; 
(2) by amending subsection (d) to read as fol-
lows: 
‘‘(d) VACANCY.—Any vacancy on the Board of Direc-
tors shall be filled in the manner in which the original ap-
pointment was made.’’; and 
(3) in subsection (f)— 
(A) by striking paragraph (2); and 
(B) by redesignating paragraph (3) as 
paragraph (2). 
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141 
SEC. 352. FEDERAL HOUSING FINANCE AGENCY. 
Section 1312(b)(2) of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 U.S.C. 
4512) is amended by striking ‘‘for cause’’. 
Subtitle E—Congressional 
Oversight of Appropriations 
SEC. 361. BRINGING THE FEDERAL DEPOSIT INSURANCE 
CORPORATION INTO THE APPROPRIATIONS 
PROCESS. 
(a) IN GENERAL.—Section 10(a) of the Federal De-
posit Insurance Act (12 U.S.C. 1820(a)) is amended— 
(1) by striking ‘‘(a) The’’ and inserting the fol-
lowing: 
‘‘(a) POWERS.— 
‘‘(1) IN GENERAL.—The’’; 
(2) by inserting ‘‘, subject to paragraph (2),’’ 
after ‘‘The Board of Directors of the Corporation’’; 
and 
(3) by adding at the end the following new para-
graph: 
‘‘(2) APPROPRIATIONS REQUIREMENT.— 
‘‘(A) OPERATING
FUND.—There is estab-
lished an Operating Fund, to which Congress 
shall provide annual appropriations to the Cor-
poration, which shall be separate from the De-
posit Insurance Fund. 
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‘‘(B) RECOVERY OF COSTS OF ANNUAL AP-
PROPRIATION.—The Corporation shall collect as-
sessments and other fees, as provided under this 
Act, that are designed to recover the costs to the 
Government of the annual appropriation to the 
Corporation by Congress. Except as provided in 
(E) and subject to subparagraph (F), the Cor-
poration may only incur obligations, or allow 
and pay expenses, from the Operating Fund pur-
suant to an appropriations Act. 
‘‘(C) DEPOSITS.—Assessments and other fees 
described under subparagraph (B) for any fiscal 
year— 
‘‘(i) shall be deposited in the Operating 
Fund; and 
‘‘(ii) except as provided in subpara-
graph (E), shall not be collected for any fis-
cal year except to the extent provided in ad-
vance in appropriation Acts. 
‘‘(D) CREDITS.—Amounts deposited in the 
Operating Fund during a fiscal year shall be 
credited as offsetting the amount appropriated to 
the Operating Fund for such fiscal year. 
‘‘(E) LAPSE OF APPROPRIATION.—If on the 
first day of a fiscal year an appropriation to the 
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Corporation has not been enacted, the Corpora-
tion shall continue to collect the assessments and 
other fees described under subparagraph (B) at 
the rate in effect during the preceding fiscal 
year, until 60 days after the date such an appro-
priation is enacted. 
‘‘(F) 
EXCEPTION
FOR
CERTAIN
PRO-
GRAMS.—This paragraph shall not apply to the 
Corporation’s Insurance Business Line Programs 
and Receivership Management Business Line 
Programs, as in existence on the date of enact-
ment of this paragraph.’’. 
(b) CONFORMING AMENDMENT.—Subsection (d) of sec-
tion 7 of the Federal Deposit Insurance Act (12 U.S.C. 
1817) is amended to read as follows: 
‘‘(d) DEPOSIT INSURANCE FUND EXEMPT FROM AP-
PORTIONMENT.—Notwithstanding any other provision of 
law, amounts received pursuant to any assessments or other 
fees that are deposited into the Deposit Insurance Fund 
shall not be subject to apportionment for the purposes of 
chapter 15 of title 31, United States Code, or under any 
other authority.’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
collected on or after the date that is 90 days after the date 
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of the enactment of the first appropriation Act that provides 
for appropriations to the Federal Deposit Insurance Cor-
poration and that is enacted after the date of the enactment 
of this Act. 
SEC. 362. BRINGING THE FEDERAL HOUSING FINANCE 
AGENCY INTO THE APPROPRIATIONS PROC-
ESS. 
(a) IN GENERAL.—Section 1316 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4516) is 
amended— 
(1) by amending subsection (a) to read as fol-
lows: 
‘‘(a) APPROPRIATIONS REQUIREMENT.— 
‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO-
PRIATION.—The Agency shall collect assessments and 
other fees that are designed to recover the costs to the 
Government of the annual appropriation to the Agen-
cy by Congress. 
‘‘(2) OFFSETTING
COLLECTIONS.—Assessments 
and other fees described under paragraph (1) for any 
fiscal year— 
‘‘(A) shall be deposited and credited as off-
setting collections to the account providing ap-
propriations to the Agency; and 
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‘‘(B) except as provided in paragraph (3), 
shall not be collected for any fiscal year except 
to the extent provided in advance in appropria-
tion Acts. 
‘‘(3) LAPSE OF APPROPRIATION.—If on the first 
day of a fiscal year an appropriation to the Agency 
has not been enacted, the Agency shall continue to col-
lect (as offsetting collections) the assessments and 
other fees described under paragraph (1) at the rate 
in effect during the preceding fiscal year, until 60 
days after the date such an appropriation is en-
acted.’’; and 
(2) by striking subsection (f). 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and assess-
ments and other fees collected on or after the date that is 
90 days after the date of the enactment of the first appro-
priation Act that provides for appropriations to the Federal 
Housing Finance Agency and that is enacted after the date 
of the enactment of this Act. 
SEC. 363. BRINGING THE NATIONAL CREDIT UNION ADMIN-
ISTRATION 
INTO 
THE 
APPROPRIATIONS 
PROCESS. 
(a) IN GENERAL.—Section 105 of the Federal Credit 
Union Act (12 U.S.C. 1755) is amended— 
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(1) by amending subsections (a) and (b) to read 
as follows: 
‘‘(a) PAYMENT BY FEDERAL CREDIT UNIONS TO AD-
MINISTRATION.—Each insured credit union shall pay to the 
Administration an annual fee. 
‘‘(b) DETERMINATIONS OF ASSESSMENT PERIODS AND 
PAYMENT DATES.—The Board shall determine the periods 
for which the fee referred to under subsection (a) shall be 
assessed and the date for the payment of such fee or incre-
ments thereof.’’; 
(2) in subsection (c), by striking ‘‘operating’’; 
(3) by amending subsection (d) to read as fol-
lows: 
‘‘(d) APPROPRIATIONS REQUIREMENT.— 
‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO-
PRIATION.—The Administration shall collect fees other 
than those fees referred to under subsection (a) from 
each insured credit union, as provided under this Act, 
in an amount stated as a percentage of insured shares 
of each insured credit union (which percentage shall 
be the same for all insured credit unions). Such fees 
shall be designed to recover the costs to the Govern-
ment of the annual appropriation to the Administra-
tion by Congress. 
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‘‘(2) OFFSETTING COLLECTIONS.—Fees described 
under paragraph (1) for any fiscal year— 
‘‘(A) shall be deposited and credited as off-
setting collections to the account providing ap-
propriations to the Administration; and 
‘‘(B) except as provided in paragraph (3), 
shall not be collected for any fiscal year except 
to the extent provided in advance in appropria-
tion Acts. 
‘‘(3) LAPSE OF APPROPRIATION.—If on the first 
day of a fiscal year an appropriation to the Adminis-
tration has not been enacted, the Administration shall 
continue to collect (as offsetting collections) the fees 
described under paragraph (1) at the rate in effect 
during the preceding fiscal year, until 60 days after 
the date such an appropriation is enacted. 
‘‘(4) EXCEPTION FOR INSURANCE FUNCTIONS.— 
This subsection shall not apply to the National Credit 
Union Share Insurance Fund, including assessments 
and other fees that are deposited into, and amounts 
paid from, the National Credit Union Share Insur-
ance Fund.’’; and 
(4) by striking subsection (e). 
(b) CONFORMING AMENDMENTS.—The Federal Credit 
Union Act (12 U.S.C. 1751 et seq.) is amended— 
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(1) in section 120(j), by striking paragraph (3); 
(2) by amending section 128 to read as follows: 
‘‘SEC. 128. NATIONAL CREDIT UNION SHARE INSURANCE 
FUND EXEMPT FROM APPORTIONMENT. 
‘‘Notwithstanding any other provision of law, amounts 
received pursuant to any assessments or other fees that are 
deposited into the National Credit Union Share Insurance 
Fund or the Temporary Corporate Credit Union Stabiliza-
tion Fund shall not be subject to apportionment for the pur-
poses of chapter 15 of title 31, United States Code, or under 
any other authority.’’; and 
(3) in section 203(a), by striking ‘‘and for such 
administrative and other expenses incurred in car-
rying out the purposes of this title’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
collected on or after the date that is 90 days after the date 
of the enactment of the first appropriation Act that provides 
for appropriations to the National Credit Union Adminis-
tration and that is enacted after the date of the enactment 
of this Act. 
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149 
SEC. 364. BRINGING THE OFFICE OF THE COMPTROLLER OF 
THE CURRENCY INTO THE APPROPRIATIONS 
PROCESS. 
(a) IN GENERAL.—Section 5240A of the Revised Stat-
utes of the United States (12 U.S.C. 16) is amended— 
(1) by striking ‘‘Sec. 5240A. The Comptroller of 
the Currency may collect an assessment, fee, or other 
charge from any entity described in section 3(q)(1) of 
the Federal Deposit Insurance Act (12 U.S.C. 
1813(q)(1)), as the Comptroller determines is nec-
essary or appropriate to carry out the responsibilities 
of the Office of the Comptroller of the Currency. In 
establishing the amount of an assessment, fee, or 
charge collected from an entity under this section,’’ 
and inserting the following: 
‘‘SEC. 5240A. COLLECTION OF FEES; APPROPRIATIONS RE-
QUIREMENT. 
‘‘(a) IN GENERAL.—In establishing the amount of an 
assessment, fee, or charge collected from an entity under 
subsection (b),’’; 
(2) by striking ‘‘Funds derived’’ and all that fol-
lows through the end of the section; and 
(3) by adding at the end the following: 
‘‘(b) APPROPRIATIONS REQUIREMENT.— 
‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO-
PRIATION.—The Comptroller of the Currency shall 
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impose and collect assessments, fees, or other charges 
that are designed to recover the costs to the Govern-
ment of the annual appropriation to the Office of the 
Comptroller of the Currency by Congress. 
‘‘(2) OFFSETTING
COLLECTIONS.—Assessments 
and other fees described under paragraph (1) for any 
fiscal year— 
‘‘(A) shall be deposited and credited as off-
setting collections to the account providing ap-
propriations to the Office of the Comptroller of 
the Currency; and 
‘‘(B) except as provided in paragraph (3), 
shall not be collected for any fiscal year except 
to the extent provided in advance in appropria-
tion Acts. 
‘‘(3) LAPSE OF APPROPRIATION.—If on the first 
day of a fiscal year an appropriation to the Office of 
the Comptroller of the Currency has not been enacted, 
the Comptroller of the Currency shall continue to col-
lect (as offsetting collections) the assessments and 
other fees described under paragraph (1) at the rate 
in effect during the preceding fiscal year, until 60 
days after the date such an appropriation is en-
acted.’’. 
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(b) CONFORMING AMENDMENT.—Section 5240 (12 
U.S.C. 481 et seq.) of the Revised Statutes of the United 
States is amended by striking the fourth undesignated para-
graph. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
collected on or after the date that is 90 days after the date 
of the enactment of the first appropriation Act that provides 
for appropriations to the Comptroller of the Currency and 
that is enacted after the date of the enactment of this Act. 
SEC. 365. BRINGING THE NON-MONETARY POLICY RELATED 
FUNCTIONS OF THE BOARD OF GOVERNORS 
OF THE FEDERAL RESERVE SYSTEM INTO 
THE APPROPRIATIONS PROCESS. 
(a) IN GENERAL.—The Federal Reserve Act is amend-
ed by inserting after section 11B the following: 
‘‘SEC. 11C. APPROPRIATIONS REQUIREMENT FOR NON-MON-
ETARY POLICY RELATED ADMINISTRATIVE 
COSTS. 
‘‘(a) APPROPRIATIONS REQUIREMENT.— 
‘‘(1) RECOVERY OF COSTS OF ANNUAL APPRO-
PRIATION.—The Board of Governors of the Federal 
Reserve System and the Federal reserve banks shall 
collect assessments and other fees, as provided under 
this Act, that are designed to recover the costs to the 
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Government of the annual appropriation to the Board 
of Governors of the Federal Reserve System by Con-
gress. The Board of Governors of the Federal Reserve 
System and the Federal reserve banks may only incur 
obligations or allow and pay expenses with respect to 
non-monetary policy related administrative costs pur-
suant to an appropriations Act. 
‘‘(2) OFFSETTING
COLLECTIONS.—Assessments 
and other fees described under paragraph (1) for any 
fiscal year— 
‘‘(A) shall be deposited and credited as off-
setting collections to the account providing ap-
propriations to the Board of Governors of the 
Federal Reserve System; and 
‘‘(B) except as provided in paragraph (3), 
shall not be collected for any fiscal year except 
to the extent provided in advance in appropria-
tion Acts. 
‘‘(3) LAPSE OF APPROPRIATION.—If on the first 
day of a fiscal year an appropriation to the Board 
of Governors of the Federal Reserve System has not 
been enacted, the Board of Governors of the Federal 
Reserve System shall continue to collect (as offsetting 
collections) the assessments and other fees described 
under paragraph (1) at the rate in effect during the 
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preceding fiscal year, until 60 days after the date 
such an appropriation is enacted. 
‘‘(4) LIMITATION.—This subsection shall only 
apply to the non-monetary policy related administra-
tive costs of the Board of Governors of the Federal Re-
serve System. 
‘‘(b) DEFINITIONS.—For purposes of this section: 
‘‘(1) MONETARY POLICY.—The term ‘monetary 
policy’ means a strategy for producing a generally ac-
ceptable exchange medium that supports the produc-
tive employment of economic resources by reliably 
serving as both a unit of account and store of value. 
‘‘(2) NON-MONETARY POLICY RELATED ADMINIS-
TRATIVE COSTS.—The term ‘non-monetary policy re-
lated administrative costs’ means administrative costs 
not related to the conduct of monetary policy, and in-
cludes— 
‘‘(A) direct operating expenses for super-
vising and regulating entities supervised and 
regulated by the Board of Governors of the Fed-
eral Reserve System, including conducting ex-
aminations, conducting stress tests, commu-
nicating with the entities regarding supervisory 
matters and laws, and regulations; 
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‘‘(B) operating expenses for activities inte-
gral to carrying out supervisory and regulatory 
responsibilities, such as training staff in the su-
pervisory function, research and analysis func-
tions including library subscription services, and 
collecting and processing regulatory reports filed 
by supervised institutions; and 
‘‘(C) support, overhead, and pension ex-
penses related to the items described under sub-
paragraphs (A) and (B).’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to expenses paid and fees 
collected on or after the date that is 90 days after the date 
of the enactment of the first appropriation Act that provides 
for appropriations to the Board of Governors of the Federal 
Reserve System and that is enacted after the date of the 
enactment of this Act. 
Subtitle F—International Processes 
SEC. 371. REQUIREMENTS FOR INTERNATIONAL PROC-
ESSES. 
(a) BOARD OF GOVERNORS REQUIREMENTS.—Section 
11 of the Federal Reserve Act (12 U.S.C. 248), as amended 
by section 1007(a), is further amended by adding at the 
end the following new subsection: 
‘‘(w) INTERNATIONAL PROCESSES.— 
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‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before any member or em-
ployee of the Board of Governors of the Federal Re-
serve System participates in a process of setting fi-
nancial standards as a part of any foreign or multi-
national entity, the Board of Governors shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Board of Gov-
ernors; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Board of Governors shall issue a public report on the 
topics that were discussed during the process and any 
new or revised rulemakings or policy changes that the 
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Board of Governors believes should be implemented as 
a result of the process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before any member or em-
ployee of the Board of Governors of the Federal Re-
serve System participates in a process of setting fi-
nancial standards as a part of any foreign or multi-
national entity, the Board of Governors shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Board of Gov-
ernors; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
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Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
(b) FDIC REQUIREMENTS.—The Federal Deposit In-
surance Act (12 U.S.C. 1811 et seq.) is amended by adding 
at the end the following new section: 
‘‘SEC. 51. INTERNATIONAL PROCESSES. 
‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At least 
30 calendar days before the Board of Directors participates 
in a process of setting financial standards as a part of any 
foreign or multinational entity, the Board of Directors 
shall— 
‘‘(1) issue a notice of the process, including the 
subject matter, scope, and goals of the process, to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Corporation; and 
‘‘(3) solicit public comment, and consult with the 
committees described under paragraph (1), with re-
spect to the subject matter, scope, and goals of the 
process. 
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‘‘(b) PUBLIC REPORTS ON PROCESS.—After the end of 
any process described under subsection (a), the Board of 
Directors shall issue a public report on the topics that were 
discussed at the process and any new or revised rulemakings 
or policy changes that the Board of Directors believes should 
be implemented as a result of the process. 
‘‘(c) NOTICE OF AGREEMENTS; CONSULTATION.—At 
least 90 calendar days before the Board of Directors partici-
pates in a process of setting financial standards as a part 
of any foreign or multinational entity, the Board of Direc-
tors shall— 
‘‘(1) issue a notice of agreement to the Committee 
on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban 
Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Corporation; and 
‘‘(3) consult with the committees described under 
paragraph (1) with respect to the nature of the agree-
ment and any anticipated effects such agreement will 
have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or meet-
ing on financial regulation of a recognized international 
organization with authority to set financial standards on 
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a global or regional level, including the Financial Stability 
Board, the Basel Committee on Banking Supervision (or 
a similar organization), and the International Association 
of Insurance Supervisors (or a similar organization).’’. 
(c) TREASURY REQUIREMENTS.—Section 325 of title 
31, United States Code, is amended by adding at the end 
the following new subsection: 
‘‘(d) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Secretary partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Sec-
retary shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Department 
of the Treasury; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
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graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Secretary shall issue a public report on the topics 
that were discussed at the process and any new or re-
vised rulemakings or policy changes that the Sec-
retary believes should be implemented as a result of 
the process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before the Secretary partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Sec-
retary shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Department 
of the Treasury; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
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‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
(d) OCC REQUIREMENTS.—Chapter one of title LXII 
of the Revised Statutes of the United States (12 U.S.C. 21 
et seq.) is amended— 
(1) by adding at the end the following new sec-
tion: 
‘‘SEC. 5156B. INTERNATIONAL PROCESSES. 
‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At least 
30 calendar days before the Comptroller of the Currency 
participates in a process of setting financial standards as 
a part of any foreign or multinational entity, the Board 
of Directors shall— 
‘‘(1) issue a notice of the process, including the 
subject matter, scope, and goals of the process, to the 
Committee on Financial Services of the House of Rep-
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resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Office of the Comptroller 
of the Currency; and 
‘‘(3) solicit public comment, and consult with the 
committees described under paragraph (1), with re-
spect to the subject matter, scope, and goals of the 
process. 
‘‘(b) PUBLIC REPORTS ON PROCESS.—After the end of 
any process described under subsection (a), the Board of 
Directors shall issue a public report on the topics that were 
discussed at the process and any new or revised rulemakings 
or policy changes that the Board of Directors believes should 
be implemented as a result of the process. 
‘‘(c) NOTICE OF AGREEMENTS; CONSULTATION.—At 
least 90 calendar days before the Board of Directors partici-
pates in a process of setting financial standards as a part 
of any foreign or multinational entity, the Board of Direc-
tors shall— 
‘‘(1) issue a notice of agreement to the Committee 
on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban 
Affairs of the Senate; 
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‘‘(2) make such notice available to the public, in-
cluding on the website of the Office of the Comptroller 
of the Currency; and 
‘‘(3) consult with the committees described under 
paragraph (1) with respect to the nature of the agree-
ment and any anticipated effects such agreement will 
have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or meet-
ing on financial regulation of a recognized international 
organization with authority to set financial standards on 
a global or regional level, including the Financial Stability 
Board, the Basel Committee on Banking Supervision (or 
a similar organization), and the International Association 
of Insurance Supervisors (or a similar organization).’’; and 
(2) in the table of contents for such chapter, by 
adding at the end the following new item: 
‘‘5156B. International processes.’’. 
(e) SECURITIES
AND EXCHANGE COMMISSION RE-
QUIREMENTS.—Section 4 of the Securities Exchange Act of 
1934 (15 U.S.C. 78d), as amended by section 818(a), is fur-
ther amended by adding at the end the following new sub-
section: 
‘‘(j) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Commission partici-
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pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Com-
mission shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Commission shall issue a public report on the topics 
that were discussed at the process and any new or re-
vised rulemakings or policy changes that the Commis-
sion believes should be implemented as a result of the 
process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before the Commission par-
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ticipates in a process of setting financial standards as 
a part of any foreign or multinational entity, the 
Commission shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
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(f) COMMODITY FUTURES TRADING COMMISSION RE-
QUIREMENTS.—Section 2 of the Commodity Exchange Act 
(7 U.S.C. 2) is amended by adding at the end the following: 
‘‘(k) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Commission partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Com-
mission shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to— 
‘‘(i) the Committees on Financial Serv-
ices and Agriculture of the House of Rep-
resentatives; and 
‘‘(ii) the Committees on Banking, 
Housing, and Urban Affairs and Agri-
culture, Nutrition, and Forestry of the Sen-
ate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
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graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Commission shall issue a public report on the topics 
that were discussed during the process and any new 
or revised rulemakings or policy changes that the 
Commission believes should be implemented as a re-
sult of the process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before the Commission par-
ticipates in a process of setting financial standards as 
a part of any foreign or multinational entity, the 
Commission shall— 
‘‘(A) issue a notice of agreement to— 
‘‘(i) the Committees on Financial Serv-
ices and Agriculture of the House of Rep-
resentatives; and 
‘‘(ii) the Committees on Banking, 
Housing, and Urban Affairs and Agri-
culture, Nutrition, and Forestry of the Sen-
ate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
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‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
Subtitle G—Unfunded Mandates 
Reform 
SEC. 381. DEFINITIONS. 
For purposes of this title: 
(1) AGENCY.—The term ‘‘agency’’ has the mean-
ing given such term under section 311. 
(2) OTHER
DEFINITIONS.—Except as provided 
under paragraph (1), the definitions under section 
421 of the Congressional Budget and Impoundment 
Control Act of 1974 shall apply to this title. 
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SEC. 382. STATEMENTS TO ACCOMPANY SIGNIFICANT REG-
ULATORY ACTIONS. 
(a) IN GENERAL.—Unless otherwise expressly prohib-
ited by law, before promulgating any general notice of pro-
posed rulemaking or any final rule, or within six months 
after promulgating any final rule that was not preceded 
by a general notice of proposed rulemaking, if the proposed 
rulemaking or final rule includes a Federal mandate that 
may result in an annual effect on State, local, or tribal 
governments, or to the private sector, in the aggregate of 
$100,000,000 or more in any 1 year, the agency shall pre-
pare a written statement containing the following: 
(1) The text of the draft proposed rulemaking or 
final rule, together with the information required 
under subsections (a) and (b)(1) of section 312, as ap-
plicable, including an explanation of the manner in 
which the proposed rulemaking or final rule is con-
sistent with the statutory requirement and avoids 
undue interference with State, local, and tribal gov-
ernments in the exercise of their governmental func-
tions. 
(2) Estimates by the agency, if and to the extent 
that the agency determines that accurate estimates 
are reasonably feasible, of— 
(A) the future compliance costs of the Fed-
eral mandate; and 
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(B) any disproportionate budgetary effects 
of the Federal mandate upon any particular re-
gions of the nation or particular State, local, or 
tribal governments, urban or rural or other types 
of communities, or particular segments of the 
private sector. 
(3)(A) A detailed description of the extent of the 
agency’s prior consultation with the private sector 
and elected representatives (under section 384) of the 
affected State, local, and tribal governments. 
(B) A detailed summary of the comments and 
concerns that were presented by the private sector and 
State, local, or tribal governments either orally or in 
writing to the agency. 
(C) A detailed summary of the agency’s evalua-
tion of those comments and concerns. 
(4) A detailed summary of how the agency com-
plied with each of the regulatory principles described 
under section 312, as applicable. 
(b) PROMULGATION.—In promulgating a general no-
tice of proposed rulemaking or a final rule for which a 
statement under subsection (a) is required, the agency shall 
include in the promulgation a summary of the information 
contained in the statement. 
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(c) PREPARATION
IN CONJUNCTION WITH OTHER 
STATEMENT.—Any agency may prepare any statement re-
quired under subsection (a) in conjunction with or as a 
part of any other statement or analysis, provided that the 
statement or analysis satisfies the provisions of subsection 
(a). 
SEC. 383. SMALL GOVERNMENT AGENCY PLAN. 
Before establishing any regulatory requirements that 
might significantly or uniquely affect small governments, 
agencies shall have developed a plan under which the agen-
cy shall— 
(1) provide notice of the requirements to poten-
tially affected small governments, if any; 
(2) enable officials of affected small governments 
to provide meaningful and timely input in the devel-
opment of regulatory proposals containing significant 
Federal intergovernmental mandates; and 
(3) inform, educate, and advise small govern-
ments on compliance with the requirements. 
SEC. 384. STATE, LOCAL, AND TRIBAL GOVERNMENT AND 
PRIVATE SECTOR INPUT. 
(a) IN GENERAL.—Each agency shall, to the extent 
permitted in law, develop an effective process to permit 
elected officers of State, local, and tribal governments (or 
their designated employees with authority to act on their 
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behalf), and impacted parties within the private sector (in-
cluding small business), to provide meaningful and timely 
input in the development of regulatory proposals containing 
significant Federal mandates. 
(b) MEETINGS BETWEEN STATE, LOCAL, TRIBAL AND 
FEDERAL OFFICERS.—The Federal Advisory Committee 
Act (5 U.S.C. App.) shall not apply to actions in support 
of intergovernmental communications where— 
(1) meetings are held exclusively between Federal 
officials and elected officers of State, local, and tribal 
governments (or their designated employees with au-
thority to act on their behalf) acting in their official 
capacities; and 
(2) such meetings are solely for the purposes of 
exchanging views, information, or advice relating to 
the management or implementation of Federal pro-
grams established pursuant to public law that explic-
itly or inherently share intergovernmental respon-
sibilities or administration. 
(c) GUIDELINES.—For appropriate implementation of 
subsections (a) and (b) consistent with applicable laws and 
regulations, the following guidelines shall be followed: 
(1) Consultations shall take place as early as 
possible, before issuance of a notice of proposed rule-
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making, continue through the final rule stage, and be 
integrated explicitly into the rulemaking process. 
(2) Agencies shall consult with a wide variety of 
State, local, and tribal officials and impacted parties 
within the private sector (including small businesses). 
Geographic, political, and other factors that may dif-
ferentiate varying points of view should be considered. 
(3) Agencies should estimate benefits and costs to 
assist with these consultations. The scope of the con-
sultation should reflect the cost and significance of the 
Federal mandate being considered. 
(4) Agencies shall, to the extent practicable— 
(A) seek out the views of State, local, and 
tribal governments, and impacted parties within 
the private sector (including small business), on 
costs, benefits, and risks; and 
(B) solicit ideas about alternative methods 
of compliance and potential flexibilities, and 
input on whether the Federal regulation will 
harmonize with and not duplicate similar laws 
in other levels of government. 
(5) Consultations shall address the cumulative 
impact of regulations on the affected entities. 
(6) Agencies may accept electronic submissions of 
comments by relevant parties but may not use those 
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comments as the sole method of satisfying the guide-
lines in this subsection. 
SEC. 385. LEAST BURDENSOME OPTION OR EXPLANATION 
REQUIRED. 
(a) IN GENERAL.—Except as provided in subsection 
(b), before promulgating any rule for which a written state-
ment is required under section 382, the agency shall iden-
tify and consider a reasonable number of regulatory alter-
natives and from those alternatives select the least costly, 
most cost-effective or least burdensome alternative that 
achieves the objectives of the rule, for— 
(1) State, local, and tribal governments, in the 
case of a rule containing a Federal intergovernmental 
mandate; and 
(2) the private sector, in the case of a rule con-
taining a Federal private sector mandate. 
(b) EXCEPTION.—The provisions of subsection (a) shall 
apply unless— 
(1) the head of the affected agency publishes with 
the final rule an explanation of why the least costly, 
most cost-effective or least burdensome method of 
achieving the objectives of the rule was not adopted; 
or 
(2) the provisions are inconsistent with law. 
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(c) CERTIFICATION.—No later than 1 year after the 
date of the enactment of this Act, the Administrator of the 
Office of Information and Regulatory Affairs shall certify 
to Congress, with a written explanation, agency compliance 
with this section and include in that certification agencies 
and rulemakings that fail to adequately comply with this 
section. 
SEC. 386. ASSISTANCE TO THE OFFICE OF INFORMATION 
AND REGULATORY AFFAIRS. 
The Administrator of the Office of Information and 
Regulatory Affairs shall— 
(1) collect from agencies the statements prepared 
under section 382; and 
(2) periodically forward copies of such state-
ments to the Director of the Congressional Budget Of-
fice on a reasonably timely basis after promulgation 
of the general notice of proposed rulemaking or of the 
final rule for which the statement was prepared. 
SEC. 387. OFFICE OF INFORMATION AND REGULATORY AF-
FAIRS RESPONSIBILITIES. 
(a) IN GENERAL.—The Administrator of the Office of 
Information and Regulatory Affairs shall provide meaning-
ful guidance and oversight so that each agency’s regulations 
for which a written statement is required under section 382 
are consistent with the principles and requirements of this 
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title, as well as other applicable laws, and do not conflict 
with the policies or actions of another agency. If the Admin-
istrator determines that an agency’s regulations for which 
a written statement is required under section 382 do not 
comply with such principles and requirements, are not con-
sistent with other applicable laws, or conflict with the poli-
cies or actions of another agency, the Administrator shall 
identify areas of non-compliance, notify the agency, and re-
quest that the agency comply before the agency finalizes the 
regulation concerned. 
(b) ANNUAL STATEMENTS TO CONGRESS ON AGENCY 
COMPLIANCE.—The Administrator of the Office of Informa-
tion and Regulatory Affairs annually shall submit to Con-
gress a written report detailing compliance by each agency 
with the requirements of this title that relate to regulations 
for which a written statement is required by section 382, 
including activities undertaken at the request of the Admin-
istrator to improve compliance, during the preceding re-
porting period. The report shall also contain an appendix 
detailing compliance by each agency with section 384. 
SEC. 388. JUDICIAL REVIEW. 
(a) AGENCY STATEMENTS
ON SIGNIFICANT REGU-
LATORY ACTIONS.— 
(1) IN GENERAL.—Compliance or noncompliance 
by any agency with the provisions of section 382, 
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paragraphs (1) and (2) of section 383(a), and sub-
sections (a) and (b) of section 385 shall be subject to 
judicial review in accordance with this section. 
(2) LIMITED REVIEW OF AGENCY COMPLIANCE OR 
NONCOMPLIANCE.— 
(A) Agency compliance or noncompliance 
with the provisions of section 382, paragraphs 
(1) and (2) of section 383(a), and subsections (a) 
and (b) of section 385 shall be subject to judicial 
review under section 706(1) of title 5, United 
States Code, and as provided under subpara-
graph (B). 
(B) If an agency fails to prepare the writ-
ten statement (including the preparation of the 
estimates, analyses, statements, or descriptions) 
under section 382, prepare the written plan 
under paragraphs (1) and (2) of section 383(a), 
or comply with subsections (a) and (b) of section 
385, a court may compel the agency to prepare 
such written statement, prepare such written 
plan, or comply with such section; 
(3) REVIEW OF AGENCY RULES.—In any judicial 
review under any other Federal law of an agency rule 
for which a written statement under section 382, a 
written plan under paragraphs (1) and (2) of section 
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383(a), or compliance with subsections (a) and (b) of 
section 385 is required, the inadequacy or failure to 
prepare such statement (including the inadequacy or 
failure to prepare any estimate, analysis, statement, 
or description), to prepare such written plan, or to 
comply with such section may be used as a basis for 
staying, enjoining, invalidating or otherwise affecting 
such agency rule. 
(4) 
CERTAIN
INFORMATION
AS
PART
OF 
RECORD.—Any information generated under section 
382, paragraphs (1) and (2) of section 383(a), and 
subsections (a) and (b) of section 385 that is part of 
the rulemaking record for judicial review under the 
provisions of any other Federal law may be consid-
ered as part of the record for judicial review con-
ducted under such other provisions of Federal law. 
(5) APPLICATION OF OTHER FEDERAL LAW.—For 
any petition under paragraph (2) the provisions of 
such other Federal law shall control all other matters, 
such as exhaustion of administrative remedies, the 
time for and manner of seeking review and venue, ex-
cept that if such other Federal law does not provide 
a limitation on the time for filing a petition for judi-
cial review that is less than 180 days, such limitation 
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shall be 180 days after a final rule is promulgated by 
the appropriate agency. 
(6) EFFECTIVE
DATE.—This subsection shall 
apply to any agency rule for which a general notice 
of proposed rulemaking is promulgated on or after the 
date of the enactment of this Act. 
(b) JUDICIAL REVIEW
AND RULE
OF CONSTRUC-
TION.—Except as provided in subsection (a)— 
(1) any estimate, analysis, statement, description 
or report prepared under this title, and any compli-
ance or noncompliance with the provisions of this 
title, and any determination concerning the applica-
bility of the provisions of this title shall not be subject 
to judicial review; and 
(2) no provision of this title shall be construed 
to create any right or benefit, substantive or proce-
dural, enforceable by any person in any administra-
tive or judicial action. 
Subtitle H—Enforcement 
Coordination 
SEC. 391. POLICIES TO MINIMIZE DUPLICATION OF EN-
FORCEMENT EFFORTS. 
Each agency (as defined under section 311) shall, not 
later than the end of the 90-day period beginning on the 
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date of the enactment of this Act, implement policies and 
procedures— 
(1) to minimize duplication of efforts with other 
Federal or State authorities when bringing an ad-
ministrative or judicial action against an individual 
or entity; 
(2) to establish when joint investigations, admin-
istrative actions, or judicial actions or the coordina-
tion of law enforcement activities are necessary and 
appropriate and in the public interest; and 
(3) to, in the course of a joint investigation, ad-
ministrative action, or judicial action, establish a 
lead agency to avoid duplication of efforts and unnec-
essary burdens and to ensure consistent enforcement, 
as necessary and appropriate and in the public inter-
est. 
Subtitle I—Penalties for 
Unauthorized Disclosures 
SEC. 392. CRIMINAL PENALTY FOR UNAUTHORIZED DISCLO-
SURES. 
Section 165 of the Financial Stability Act of 2010 (12 
U.S.C. 5365), as amended by section 151(b)(6)(M), is fur-
ther amended by adding at the end the following: 
‘‘(m) CRIMINAL PENALTY FOR UNAUTHORIZED DIS-
CLOSURES.— 
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‘‘(1) IN GENERAL.—Any officer or employee of a 
Federal department or agency, who by virtue of such 
officer or employee’s employment or official position, 
has possession of, or access to, agency records which 
contain individually identifiable information sub-
mitted pursuant to the requirements of this section, 
the disclosure of which is prohibited by Federal stat-
ute, rule, or regulation, and who knowing that disclo-
sure of the specific material is so prohibited, willfully 
discloses the material in any manner to any person 
or agency not entitled to receive it, shall be guilty of 
a misdemeanor and fined not more than $5,000. 
‘‘(2) OBTAINING RECORDS UNDER FALSE PRE-
TENSES.—Any person who knowingly and willfully 
requests or obtains information described under para-
graph (1) from a Federal department or agency under 
false pretenses shall be guilty of a misdemeanor and 
fined not more than $5,000. 
‘‘(3) TREATMENT
OF
DETERMINATIONS.—For 
purposes of this subsection, a determination made 
under subsection (d) or (i) based on individually 
identifiable information submitted pursuant to the re-
quirements of this section shall be deemed individ-
ually identifiable information, the disclosure of which 
is prohibited by Federal statute.’’. 
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Subtitle II—Stop Settlement Slush 
Funds 
SEC. 393. LIMITATION ON DONATIONS MADE PURSUANT TO 
SETTLEMENT AGREEMENTS TO WHICH CER-
TAIN DEPARTMENTS OR AGENCIES ARE A 
PARTY. 
(a) LIMITATION ON REQUIRED DONATIONS.—No settle-
ment to which a department or agency is a party may di-
rect or provide for a payment to any person who is not 
a victim of the alleged wrongdoing. 
(b) PENALTY.—Any Executive branch official or agent 
thereof who enters into or enforces a settlement in violation 
of subsection (a), shall be subject to the same penalties that 
would apply in the case of a violation of section 3302 of 
title 31, United States Code. 
(c) EFFECTIVE DATE.—Subsections (a) and (b) apply 
only in the case of a settlement agreement concluded on or 
after the date of enactment of this Act. 
(d) DEFINITIONS.— 
(1) The term ‘‘department or agency’’— 
(A) has the meaning given the term ‘‘agen-
cy’’ under section 311; and 
(B) means the Department of Housing and 
Urban Development, the Department of Justice, 
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and the Rural Housing Service of the Depart-
ment of Agriculture. 
(2) The term ‘‘settlement agreement’’ means a 
settlement agreement resolving a civil action or poten-
tial civil action, a plea agreement, a deferred prosecu-
tion agreement, or a non-prosecution agreement. 
(3) The term ‘‘payment’’ means a payment or 
loan. 
(4) The term ‘‘payment to any person who is not 
a victim’’ means any payment other than a pay-
ment— 
(A) to a person who is party to the lawsuit 
or settlement; 
(B) that provides restitution for or other-
wise directly remedies actual harm (including to 
the environment) directly and proximately 
caused by the party making the payment as a 
result of that party’s alleged wrongdoing; 
(C) that constitutes payment for services 
rendered in connection with the case; or 
(D) made pursuant to section 3663 of title 
18, United States Code. 
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184 
TITLE IV—UNLEASHING OPPOR-
TUNITIES FOR SMALL BUSI-
NESSES, 
INNOVATORS, 
AND 
JOB CREATORS BY FACILI-
TATING CAPITAL FORMATION 
Subtitle A—Small Business Merg-
ers, Acquisitions, Sales, and Bro-
kerage Simplification 
SEC. 401. REGISTRATION EXEMPTION FOR MERGER AND AC-
QUISITION BROKERS. 
Section 15(b) of the Securities Exchange Act of 1934 
(15 U.S.C. 78o(b)) is amended by adding at the end the 
following: 
‘‘(13) REGISTRATION EXEMPTION FOR MERGER 
AND ACQUISITION BROKERS.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), an M&A broker shall be ex-
empt from registration under this section. 
‘‘(B) EXCLUDED
ACTIVITIES.—An M&A 
broker is not exempt from registration under this 
paragraph if such broker does any of the fol-
lowing: 
‘‘(i) Directly or indirectly, in connec-
tion with the transfer of ownership of an el-
igible privately held company, receives, 
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holds, transmits, or has custody of the funds 
or securities to be exchanged by the parties 
to the transaction. 
‘‘(ii) Engages on behalf of an issuer in 
a public offering of any class of securities 
that is registered, or is required to be reg-
istered, with the Commission under section 
12 or with respect to which the issuer files, 
or is required to file, periodic information, 
documents, and reports under subsection 
(d). 
‘‘(iii) Engages on behalf of any party 
in a transaction involving a public shell 
company. 
‘‘(C) DISQUALIFICATIONS.—An M&A broker 
is not exempt from registration under this para-
graph if such broker is subject to— 
‘‘(i) suspension or revocation of reg-
istration under paragraph (4); 
‘‘(ii) a statutory disqualification de-
scribed in section 3(a)(39); 
‘‘(iii) a disqualification under the 
rules adopted by the Commission under sec-
tion 926 of the Investor Protection and Se-
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186 
curities Reform Act of 2010 (15 U.S.C. 77d 
note); or 
‘‘(iv) a final order described in para-
graph (4)(H). 
‘‘(D) RULE OF CONSTRUCTION.—Nothing in 
this paragraph shall be construed to limit any 
other authority of the Commission to exempt any 
person, or any class of persons, from any provi-
sion of this title, or from any provision of any 
rule or regulation thereunder. 
‘‘(E) DEFINITIONS.—In this paragraph: 
‘‘(i) CONTROL.—The term ‘control’ 
means the power, directly or indirectly, to 
direct the management or policies of a com-
pany, whether through ownership of securi-
ties, by contract, or otherwise. There is a 
presumption of control for any person 
who— 
‘‘(I) is a director, general partner, 
member or manager of a limited liabil-
ity company, or officer exercising exec-
utive responsibility (or has similar sta-
tus or functions); 
‘‘(II) has the right to vote 20 per-
cent or more of a class of voting securi-
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ties or the power to sell or direct the 
sale of 20 percent or more of a class of 
voting securities; or 
‘‘(III) in the case of a partnership 
or limited liability company, has the 
right to receive upon dissolution, or 
has contributed, 20 percent or more of 
the capital. 
‘‘(ii) ELIGIBLE PRIVATELY HELD COM-
PANY.—The term ‘eligible privately held 
company’ means a privately held company 
that meets both of the following conditions: 
‘‘(I) The company does not have 
any class of securities registered, or re-
quired to be registered, with the Com-
mission under section 12 or with re-
spect to which the company files, or is 
required to file, periodic information, 
documents, and reports under sub-
section (d). 
‘‘(II) In the fiscal year ending im-
mediately before the fiscal year in 
which the services of the M&A broker 
are initially engaged with respect to 
the securities transaction, the company 
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meets either or both of the following 
conditions (determined in accordance 
with the historical financial account-
ing records of the company): 
‘‘(aa) The earnings of the 
company before interest, taxes, de-
preciation, and amortization are 
less than $25,000,000. 
‘‘(bb) The gross revenues of 
the 
company 
are 
less 
than 
$250,000,000. 
‘‘(iii) M&A BROKER.—The term ‘M&A 
broker’ means a broker, and any person as-
sociated with a broker, engaged in the busi-
ness of effecting securities transactions sole-
ly in connection with the transfer of owner-
ship of an eligible privately held company, 
regardless of whether the broker acts on be-
half of a seller or buyer, through the pur-
chase, sale, exchange, issuance, repurchase, 
or redemption of, or a business combination 
involving, securities or assets of the eligible 
privately held company, if the broker rea-
sonably believes that— 
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‘‘(I) upon consummation of the 
transaction, any person acquiring se-
curities or assets of the eligible pri-
vately held company, acting alone or 
in concert, will control and, directly or 
indirectly, will be active in the man-
agement of the eligible privately held 
company or the business conducted 
with the assets of the eligible privately 
held company; and 
‘‘(II) if any person is offered secu-
rities in exchange for securities or as-
sets of the eligible privately held com-
pany, such person will, prior to becom-
ing legally bound to consummate the 
transaction, receive or have reasonable 
access to the most recent fiscal year- 
end financial statements of the issuer 
of the securities as customarily pre-
pared by the management of the issuer 
in the normal course of operations and, 
if the financial statements of the issuer 
are audited, reviewed, or compiled, any 
related statement by the independent 
accountant, a balance sheet dated not 
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more than 120 days before the date of 
the offer, and information pertaining 
to the management, business, results of 
operations for the period covered by the 
foregoing financial statements, and 
material loss contingencies of the 
issuer. 
‘‘(iv) PUBLIC
SHELL
COMPANY.—The 
term ‘public shell company’ is a company 
that at the time of a transaction with an el-
igible privately held company— 
‘‘(I) has any class of securities 
registered, or required to be registered, 
with the Commission under section 12 
or that is required to file reports pur-
suant to subsection (d); 
‘‘(II) has no or nominal oper-
ations; and 
‘‘(III) has— 
‘‘(aa) no or nominal assets; 
‘‘(bb) assets consisting solely 
of cash and cash equivalents; or 
‘‘(cc) assets consisting of any 
amount of cash and cash equiva-
lents and nominal other assets. 
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‘‘(F) INFLATION ADJUSTMENT.— 
‘‘(i) IN GENERAL.—On the date that is 
5 years after the date of the enactment of 
this paragraph, and every 5 years there-
after, each dollar amount in subparagraph 
(E)(ii)(II) shall be adjusted by— 
‘‘(I) dividing the annual value of 
the Employment Cost Index For Wages 
and Salaries, Private Industry Work-
ers (or any successor index), as pub-
lished by the Bureau of Labor Statis-
tics, for the calendar year preceding 
the calendar year in which the adjust-
ment is being made by the annual 
value of such index (or successor) for 
the calendar year ending December 31, 
2012; and 
‘‘(II) 
multiplying 
such 
dollar 
amount by the quotient obtained under 
subclause (I). 
‘‘(ii) ROUNDING.—Each dollar amount 
determined under clause (i) shall be round-
ed to the nearest multiple of $100,000.’’. 
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