446 
nomic and Risk Analysis and certified by the Chief Econo-
mist, of whether— 
‘‘(1) the alleged violation resulted in direct eco-
nomic benefit to the issuer; and 
‘‘(2) the penalty will harm the shareholders of 
the issuer.’’. 
SEC. 825. REPEAL OF AUTHORITY OF THE COMMISSION TO 
PROHIBIT PERSONS FROM SERVING AS OFFI-
CERS OR DIRECTORS. 
(a) UNDER SECURITIES ACT OF 1933.—Subsection 
(f) of section 8A of the Securities Act of 1933 (15 U.S.C. 
77h–1) is repealed. 
(b) UNDER SECURITIES EXCHANGE ACT OF 1934.— 
Subsection (f) of section 21C of the Securities Exchange 
Act of 1934 (15 U.S.C. 78u–3) is repealed. 
SEC. 826. SUBPOENA DURATION AND RENEWAL. 
Section 21(b) of the Securities Exchange Act of 1934 
(15 U.S.C. 78u(b)) is amended— 
(1) by inserting ‘‘SUBPOENA.—’’ after the enu-
merator; 
(2) by striking ‘‘For the purpose of’’ and insert-
ing the following: 
‘‘(1) IN GENERAL.—For the purpose of’’; and 
(3) by adding at the end the following: 
‘‘(2) OMNIBUS ORDERS OF INVESTIGATION.— 
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‘‘(A) DURATION AND RENEWAL.—An om-
nibus order of investigation shall not be for an 
indefinite duration and may be renewed only by 
Commission action. 
‘‘(B) DEFINITION.—In paragraph (A), the 
term ‘omnibus order of investigation’ means an 
order of the Commission authorizing 1 of more 
members of the Commission or its staff to issue 
subpoenas under paragraph (1) to multiple per-
sons in relation to a particular subject matter 
area.’’. 
SEC. 827. ELIMINATION OF AUTOMATIC DISQUALIFICA-
TIONS. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.), as amended by this Act, is further amended by 
inserting after section 4F the following: 
‘‘SEC. 4G. ELIMINATION OF AUTOMATIC DISQUALIFICA-
TIONS. 
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of law, a non-natural person may not be disqualified 
or otherwise made ineligible to use an exemption or reg-
istration provision, engage in an activity, or qualify for 
any similar treatment under a provision of the securities 
laws or the rules issued by the Commission under the se-
curities laws by reason of having, or a person described 
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448 
in subsection (b) having, been convicted of any felony or 
misdemeanor or made the subject of any judicial or admin-
istrative order, judgment, or decree arising out of a gov-
ernmental action (including an order, judgment, or decree 
agreed to in a settlement), or having, or a person de-
scribed in subsection (b) having, been suspended or ex-
pelled from membership in, or suspended or barred from 
association with a member of, a registered national securi-
ties exchange or a registered national or affiliated securi-
ties association for any act or omission to act constituting 
conduct inconsistent with just and equitable principles of 
trade, unless the Commission, by order, on the record 
after notice and an opportunity for hearing, makes a de-
termination that such non-natural person should be so dis-
qualified or otherwise made ineligible for purposes of such 
provision. 
‘‘(b) PERSON DESCRIBED.—A person is described in 
this subsection if the person is— 
‘‘(1) a natural person who is a director, officer, 
employee, partner, member, or shareholder of the 
non-natural person referred to in subsection (a) or 
is otherwise associated or affiliated with such non- 
natural person in any way; or 
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449 
‘‘(2) a non-natural person who is associated or 
affiliated with the non-natural person referred to in 
subsection (a) in any way. 
‘‘(c) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to limit any authority of the Com-
mission, by order, on the record after notice and an oppor-
tunity for hearing, to prohibit a person from using an ex-
emption or registration provision, engaging in an activity, 
or qualifying for any similar treatment under a provision 
of the securities laws, or the rules issued by the Commis-
sion under the securities laws, by reason of a circumstance 
referred to in subsection (a) or any similar circumstance.’’. 
SEC. 828. DENIAL OF AWARD TO CULPABLE WHISTLE-
BLOWERS. 
Section 21F(c) of the Securities Exchange Act of 
1934 (15 U.S.C. 78u–6(c)) is amended— 
(1) in paragraph (2)— 
(A) in subparagraph (C), by striking ‘‘or’’ 
at the end; 
(B) in subparagraph (D), by striking the 
period and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(E) to any whistleblower who is respon-
sible for, or complicit in, the violation of the se-
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450 
curities laws for which the whistleblower pro-
vided information to the Commission.’’; and 
(2) by adding at the end the following: 
‘‘(3) DEFINITION.—For purposes of paragraph 
(2)(E), a person is responsible for, or complicit in, 
a violation of the securities laws if, with the intent 
to promote or assist the violation, the person— 
‘‘(A) procures, induces, or causes another 
person to commit the offense; 
‘‘(B) aids or abets another person in com-
mitting the offense; or 
‘‘(C) having a duty to prevent the viola-
tion, fails to make an effort the person is re-
quired to make.’’. 
SEC. 829. CONFIDENTIALITY OF RECORDS OBTAINED FROM 
FOREIGN SECURITIES AND LAW ENFORCE-
MENT AUTHORITIES. 
Section 24(d) of the Securities Exchange Act of 1934 
(15 U.S.C. 78x(d)) is amended to read as follows: 
‘‘(d) RECORDS OBTAINED FROM FOREIGN SECURI-
TIES AND LAW ENFORCEMENT AUTHORITIES.—Except as 
provided in subsection (g), the Commission shall not be 
compelled to disclose records obtained from a foreign secu-
rities authority, or from a foreign law enforcement author-
ity as defined in subsection (f)(4), if— 
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451 
‘‘(1) the foreign securities authority or foreign 
law enforcement authority has in good faith deter-
mined and represented to the Commission that the 
records are confidential under the laws of the coun-
try of such authority; and 
‘‘(2) the Commission obtains such records pur-
suant to— 
‘‘(A) such procedure as the Commission 
may authorize for use in connection with the 
administration or enforcement of the securities 
laws; or 
‘‘(B) a memorandum of understanding. 
For purposes of section 552 of title 5, United States Code, 
this subsection shall be considered a statute described in 
subsection (b)(3)(B) of such section 552.’’. 
SEC. 830. CLARIFICATION OF AUTHORITY TO IMPOSE SANC-
TIONS ON PERSONS ASSOCIATED WITH A 
BROKER OR DEALER. 
Section 15(b)(6)(A)(i) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o(b)(6)(A)(i)) is amended by strik-
ing ‘‘enumerated’’ and all that follows and inserting ‘‘enu-
merated in subparagraph (A), (D), (E), (G), or (H) of 
paragraph (4) of this subsection;’’. 
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452 
SEC. 831. COMPLAINT AND BURDEN OF PROOF REQUIRE-
MENTS FOR CERTAIN ACTIONS FOR BREACH 
OF FIDUCIARY DUTY. 
Section 36(b) of the Investment Company Act of 
1940 (15 U.S.C. 80a–35(b)) is amended by adding at the 
end the following: 
‘‘(7) In any such action brought by a security 
holder of a registered investment company on behalf 
of such company— 
‘‘(A) the complaint shall state with par-
ticularity all facts establishing a breach of fidu-
ciary duty, and, if an allegation of any such 
facts is based on information and belief, the 
complaint shall state with particularity all facts 
on which that belief is formed; and 
‘‘(B) such security holder shall have the 
burden of proving a breach of fiduciary duty by 
clear and convincing evidence.’’. 
SEC. 832. CONGRESSIONAL ACCESS TO INFORMATION 
HELD BY THE PUBLIC COMPANY ACCOUNT-
ING OVERSIGHT BOARD. 
Section 105(b)(5) of the Sarbanes-Oxley Act of 2002 
(15 U.S.C. 7215(b)(5)) is amended— 
(1) in subparagraph (A), by striking ‘‘subpara-
graphs (B) and (C)’’ and inserting ‘‘subparagraphs 
(B), (C) and (D)’’; and 
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453 
(2) by adding at the end the following: 
‘‘(D) AVAILABILITY
TO
THE
CONGRES-
SIONAL COMMITTEES.—The Board shall make 
available to the Committees specified under sec-
tion 101(h)— 
‘‘(i) such information as the Commit-
tees shall request; and 
‘‘(ii) with respect to any confidential 
or privileged information provided in re-
sponse to a request under clause (i), in-
cluding any information subject to section 
104(g) and subparagraph (A), or any con-
fidential or privileged information provided 
orally in response to such a request, such 
information shall maintain the protections 
provided in subparagraph (A), and shall 
retain its confidential and privileged status 
in the hands of the Board and the Com-
mittees.’’. 
SEC. 833. ABOLISHING INVESTOR ADVISORY GROUP. 
The Public Company Accounting Oversight Board 
shall abolish the Investor Advisory Group. 
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454 
SEC. 834. REPEAL OF REQUIREMENT FOR PUBLIC COM-
PANY ACCOUNTING OVERSIGHT BOARD TO 
USE CERTAIN FUNDS FOR MERIT SCHOLAR-
SHIP PROGRAM. 
(a) IN GENERAL.—Section 109(c) of the Sarbanes- 
Oxley Act of 2002 (15 U.S.C. 7219(c)) is amended by 
striking paragraph (2). 
(b) CONFORMING AMENDMENTS.—Section 109 of the 
Sarbanes-Oxley Act of 2002 (15 U.S.C. 7219) is amend-
ed— 
(1) in subsection (c), by striking ‘‘USES
OF 
FUNDS’’ and all that follows through ‘‘The budget’’ 
and inserting ‘‘USES OF FUNDS.—The budget’’; and 
(2) in subsection (f), by striking ‘‘subsection 
(c)(1)’’ and inserting ‘‘subsection (c)’’. 
SEC. 835. REALLOCATION OF FINES FOR VIOLATIONS OF 
RULES OF MUNICIPAL SECURITIES RULE-
MAKING BOARD. 
(a) IN GENERAL.—Section 15B(c)(9) of the Securi-
ties Exchange Act of 1934 (15 U.S.C. 78o–4(c)(9)) is 
amended to read as follows: 
‘‘(9) Fines collected for violations of the rules of the 
Board shall be deposited and credited as general revenue 
of the Treasury, except as otherwise provided in section 
308 of the Sarbanes-Oxley Act of 2002 or section 21F 
of this title.’’. 
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455 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to fines collected after the date 
of enactment of this Act. 
Subtitle B—Eliminating Excessive 
Government Intrusion in the 
Capital Markets 
SEC. 841. REPEAL OF DEPARTMENT OF LABOR FIDUCIARY 
RULE AND REQUIREMENTS PRIOR TO RULE-
MAKING RELATING TO STANDARDS OF CON-
DUCT FOR BROKERS AND DEALERS. 
(a) REPEAL OF DEPARTMENT OF LABOR FIDUCIARY 
RULE.—The final rule of the Department of Labor titled 
‘‘Definition of the Term ‘Fiduciary’; Conflict of Interest 
Rule—Retirement Investment Advice’’ and related prohib-
ited transaction exemptions published April 8, 2016 (81 
Fed. Reg. 20946) shall have no force or effect. 
(b) STAY
ON RULES DEFINING CERTAIN FIDU-
CIARIES.—After the date of enactment of this Act, the 
Secretary of Labor shall not prescribe any regulation 
under the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1001 et seq.) defining the circumstances 
under which an individual is considered a fiduciary until 
the date that is 60 days after the Securities and Exchange 
Commission issues a final rule relating to standards of 
conduct for brokers and dealers pursuant to the second 
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456 
subsection (k) of section 15 of the Securities Exchange 
Act of 1934 (15 U.S.C. 78o(k)). 
(c) REQUIREMENT AFTER STAY.—If, after the stay 
described under subsection (b), the Secretary of Labor 
prescribes a regulation described under such subsection, 
the Secretary of Labor shall prescribe a substantially iden-
tical definition of what constitutes fiduciary investment 
advice and impose substantially identical standards of care 
and conditions as the Securities and Exchange Commis-
sion has imposed on brokers, dealers, or investment advis-
ers. 
(d) REQUIREMENTS PRIOR TO RULEMAKING RELAT-
ING TO STANDARDS OF CONDUCT FOR BROKERS AND 
DEALERS.—The second subsection (k) of section 15 of the 
Securities Exchange Act of 1934 (15 U.S.C. 78o(k)), as 
added by section 913(g)(1) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 5301 
et seq.), is amended by adding at the end the following: 
‘‘(3) REQUIREMENTS PRIOR TO RULEMAKING.— 
The Commission shall not promulgate a rule pursu-
ant to paragraph (1) before providing a report to the 
Committee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate describing 
whether— 
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457 
‘‘(A) retail investors (and such other cus-
tomers as the Commission may provide) are 
being harmed due to brokers or dealers oper-
ating under different standards of conduct than 
those that apply to investment advisors under 
section 211 of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–11); 
‘‘(B) alternative remedies will reduce any 
confusion or harm to retail investors due to 
brokers or dealers operating under different 
standards of conduct than those standards that 
apply to investment advisors under section 211 
of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–11), including— 
‘‘(i) simplifying the titles used by bro-
kers, dealers, and investment advisers; and 
‘‘(ii) enhancing disclosure surrounding 
the different standards of conduct cur-
rently applicable to brokers, dealers, and 
investment advisers; 
‘‘(C) the adoption of a uniform fiduciary 
standard of conduct for brokers, dealers, and 
investment advisors would adversely impact the 
commissions of brokers and dealers, the avail-
ability of proprietary products offered by bro-
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458 
kers and dealers, and the ability of brokers and 
dealers to engage in principal transactions with 
customers; and 
‘‘(D) the adoption of a uniform fiduciary 
standard of conduct for brokers or dealers and 
investment advisors would adversely impact re-
tail investor access to personalized and cost-ef-
fective investment advice, recommendations 
about securities, or the availability of such ad-
vice and recommendations. 
‘‘(4) ECONOMIC ANALYSIS.—The Commission’s 
conclusions contained in the report described in 
paragraph (3) shall be supported by economic anal-
ysis. 
‘‘(5) REQUIREMENTS
FOR
PROMULGATING
A 
RULE.—The Commission shall publish in the Fed-
eral Register alongside the rule promulgated pursu-
ant to paragraph (1) formal findings that such rule 
would reduce confusion or harm to retail customers 
(and such other customers as the Commission may 
by rule provide) due to different standards of con-
duct applicable to brokers, dealers, and investment 
advisors. 
‘‘(6) REQUIREMENTS UNDER INVESTMENT AD-
VISERS
ACT
OF
1940.—In proposing rules under 
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459 
paragraph (1) for brokers or dealers, the Commis-
sion shall consider the differences in the registration, 
supervision, and examination requirements applica-
ble to brokers, dealers, and investment advisors.’’. 
SEC. 842. EXEMPTION FROM RISK RETENTION REQUIRE-
MENTS FOR NONRESIDENTIAL MORTGAGE. 
(a) IN GENERAL.—Section 15G of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o–11) is amended— 
(1) in subsection (a)— 
(A) in paragraph (3)(B), by striking ‘‘and’’ 
at the end; 
(B) in paragraph (4)(B), by striking the 
period and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(5) the term ‘asset-backed security’ refers only 
to an asset-backed security that is comprised wholly 
of residential mortgages.’’; 
(2) in subsection (b)— 
(A) by striking paragraph (1); and 
(B) by striking ‘‘(2) RESIDENTIAL MORT-
GAGES.—’’; 
(3) by striking subsection (h) and redesignating 
subsection (i) as subsection (h); and 
(4) in subsection (h) (as so redesignated)— 
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460 
(A) by striking ‘‘effective—’’ and all that 
follows through ‘‘(1) with respect to’’ and in-
serting ‘‘effective with respect to’’; 
(B) in paragraph (1), by striking ‘‘; and’’ 
and inserting a period; and 
(C) by striking paragraph (2). 
(b) CONFORMING AMENDMENT.—Section 941 of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act is amended by striking subsection (c). 
SEC. 843. FREQUENCY OF SHAREHOLDER APPROVAL OF 
EXECUTIVE COMPENSATION. 
Section 14A(a) of the Securities Exchange Act of 
1934 (15 U.S.C. 78n–1(a)) is amended— 
(1) in paragraph (1), by striking ‘‘Not less fre-
quently than once every 3 years’’ and inserting 
‘‘Each year in which there has been a material 
change to the compensation of executives of an 
issuer from the previous year’’; and 
(2) by striking paragraph (2) and redesignating 
paragraph (3) as paragraph (2). 
SEC. 844. SHAREHOLDER PROPOSALS. 
(a) RESUBMISSION THRESHOLDS.—The Securities 
and Exchange Commission shall revise section 240.14a– 
8(i)(12) of title 17, Code of Federal Regulations to— 
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461 
(1) in paragraph (i), adjust the 3 percent 
threshold to 6 percent; 
(2) in paragraph (ii), adjust the 6 percent 
threshold to 15 percent; and 
(3) in paragraph (iii), adjust the 10 percent 
threshold to 30 percent. 
(b) HOLDING REQUIREMENT.—The Securities and 
Exchange Commission shall revise the holding require-
ment for a shareholder to be eligible to submit a share-
holder proposal to an issuer in section 240.14a–8(b)(1) 
of title 17, Code of Federal Regulations, to— 
(1) eliminate the option to satisfy the holding 
requirement by holding a certain dollar amount; 
(2) require the shareholder to hold 1 percent of 
the issuer’s securities entitled to be voted on the 
proposal, or such greater percentage as determined 
by the Commission; and 
(3) adjust the 1 year holding period to 3 years. 
(c) SHAREHOLDER PROPOSALS ISSUED BY PROX-
IES.—Section 14 of the Securities Exchange Act of 1934 
(15 U.S.C. 78n) is amended by adding at the end the fol-
lowing: 
‘‘(j) SHAREHOLDER PROPOSALS BY PROXIES NOT 
PERMITTED.—An issuer may not include in its proxy ma-
terials a shareholder proposal submitted by a person in 
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462 
such person’s capacity as a proxy, representative, agent, 
or person otherwise acting on behalf of a shareholder.’’. 
SEC. 845. PROHIBITION ON REQUIRING A SINGLE BALLOT. 
Section 14 of the Securities Exchange Act of 1934 
(15 U.S.C. 78n) is amended by adding at the end the fol-
lowing: 
‘‘(k) PROHIBITION ON REQUIRING A SINGLE BAL-
LOT.—The Commission may not require that a solicitation 
of a proxy, consent, or authorization to vote a security 
of an issuer in an election of members of the board of 
directors of the issuer be made using a single ballot or 
card that lists both individuals nominated by (or on behalf 
of) the issuer and individuals nominated by (or on behalf 
of) other proponents and permits the person granting the 
proxy, consent, or authorization to select from among indi-
viduals in both groups.’’. 
SEC. 846. REQUIREMENT FOR MUNICIPAL ADVISOR FOR 
ISSUERS OF MUNICIPAL SECURITIES. 
Section 15B(d) of the Securities Exchange Act of 
1934 (15 U.S.C. 78o–4(d)) is amended by adding at the 
end the following: 
‘‘(3) An issuer of municipal securities shall not be 
required to retain a municipal advisor prior to issuing any 
such securities.’’. 
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463 
SEC. 847. SMALL ISSUER EXEMPTION FROM INTERNAL 
CONTROL EVALUATION. 
Section 404(c) of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7262(c)) is amended to read as follows: 
‘‘(c) EXEMPTION
FOR SMALLER ISSUERS.—Sub-
section (b) shall not apply with respect to any audit report 
prepared for an issuer that has total market capitalization 
of less than $500,000,000, nor to any issuer that is a de-
pository 
institution 
with 
assets 
of 
less 
than 
$1,000,000,000.’’. 
SEC. 848. STREAMLINING OF APPLICATIONS FOR AN EX-
EMPTION FROM THE INVESTMENT COMPANY 
ACT OF 1940. 
Section 6(c) of the Investment Company Act of 1940 
(15 U.S.C. 80a–6(c)) is amended— 
(1) by striking ‘‘(c) The Commission’’ and in-
serting the following: 
‘‘(c) GENERAL EXEMPTIVE AUTHORITY.— 
‘‘(1) IN GENERAL.—The Commission’’; and 
(2) by adding at the end the following: 
‘‘(2) APPLICATION PROCESS.— 
‘‘(A) IN GENERAL.—A person who wishes 
to receive an exemption from the Commission 
pursuant to paragraph (1) shall file an applica-
tion with the Commission in such form and 
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464 
manner and containing such information as the 
Commission may require. 
‘‘(B) PUBLICATION; REJECTION
OF
IN-
VALID APPLICATIONS.— 
‘‘(i) IN GENERAL.—Not later than the 
end of the 5-day period beginning on the 
date that the Commission receives an ap-
plication under subparagraph (A), the 
Commission shall either— 
‘‘(I) publish the application, in-
cluding by publication on the website 
of the Commission; or 
‘‘(II) if the Commission deter-
mines that the application does not 
comply with the proper form, manner, 
or information requirements described 
under subparagraph (A), reject such 
application and notify the applicant of 
the specific reasons the application 
was rejected. 
‘‘(ii) FAILURE TO PUBLISH APPLICA-
TION.—If the Commission does not reject 
an application under clause (i)(II), but 
fails to publish the application by the end 
of the time period specified under clause 
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465 
(i), such application shall be deemed to 
have been published on the date that is the 
end of such time period. 
‘‘(3) DETERMINATION BY COMMISSION.— 
‘‘(A) IN
GENERAL.—Not later than 45 
days after the date that the Commission pub-
lishes an application pursuant to paragraph 
(2)(B), the Commission shall, by order— 
‘‘(i) approve the application; 
‘‘(ii) if the Commission determines 
that the application would have been ap-
proved had the applicant provided addi-
tional supporting documentation or made 
certain amendments to the application— 
‘‘(I) provide the applicant with 
the specific additional supporting doc-
umentation or amendments that the 
Commission believes are necessary for 
the applicant to provide in order for 
the application to be approved; and 
‘‘(II) request that the applicant 
withdraw the application and re-sub-
mit the application with such addi-
tional supporting documentation and 
amendments; or 
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‘‘(iii) deny the application. 
‘‘(B) EXTENSION OF TIME PERIOD.—The 
Commission may extend the time period de-
scribed under subparagraph (A) by not more 
than an additional 45 days, if— 
‘‘(i) the Commission determines that a 
longer period is appropriate and publishes 
the reasons for such determination; or 
‘‘(ii) the applicant consents to the 
longer period. 
‘‘(C) TIME PERIOD FOR WITHDRAWAL.—If 
the Commission makes a request under sub-
paragraph (A)(ii) for an applicant to withdraw 
an application, such application shall be deemed 
to be denied if the applicant informs the Com-
mission that the applicant will not withdraw the 
application or if the applicant does not with-
draw the application before the end of the 30- 
day period beginning on the date the Commis-
sion makes such request. 
‘‘(4) PROCEEDINGS; NOTICE AND HEARING.—If 
an application is denied pursuant to paragraph (3), 
the Commission shall provide the applicant with— 
‘‘(A) a written explanation for why the ap-
plication was not approved; and 
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‘‘(B) an opportunity for hearing, if re-
quested by the applicant not later than 20 days 
after the date of such denial, with such hearing 
to be commenced not later than 30 days after 
the date of such denial. 
‘‘(5) RESULT OF FAILURE TO INSTITUTE OR 
COMMENCE PROCEEDINGS.—An application shall be 
deemed to have been approved by the Commission, 
if— 
‘‘(A) the Commission fails to either ap-
prove, request the withdrawal of, or deny the 
application, 
as 
required 
under 
paragraph 
(3)(A), within the time period required under 
paragraph (3)(A), as such time period may 
have been extended pursuant to paragraph 
(3)(B); or 
‘‘(B) the applicant requests an opportunity 
for hearing, pursuant to paragraph (4)(B), but 
the Commission does not commence such hear-
ing within the time period required under para-
graph (4)(B). 
‘‘(6) RULEMAKING.—Not later than 180 days 
after the date of enactment of this paragraph, the 
Commission shall issue rules to carry out this sub-
section.’’. 
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SEC. 849. RESTRICTION ON RECOVERY OF ERRONEOUSLY 
AWARDED COMPENSATION. 
Section 10D(b)(2) of the Securities Exchange Act of 
1934 (15 U.S.C. 78j–4(b)(2)) is amended by inserting be-
fore the period the following: ‘‘, where such executive offi-
cer had control or authority over the financial reporting 
that resulted in the accounting restatement’’. 
SEC. 850. EXEMPTIVE AUTHORITY FOR CERTAIN PROVI-
SIONS RELATING TO REGISTRATION OF NA-
TIONALLY RECOGNIZED STATISTICAL RAT-
ING ORGANIZATIONS. 
Section 15E of the Securities Exchange Act of 1934 
(15 U.S.C. 78o–7) is amended by adding at the end the 
following: 
‘‘(w) COMMISSION EXEMPTIVE AUTHORITY.—The 
Commission, by rules and regulations upon its own mo-
tion, or by order upon application, may conditionally or 
unconditionally exempt any person from any provision or 
provisions of this title or of any rule or regulation there-
under, if and to the extent it determines that such rule, 
regulation, or requirement is creating a barrier to entry 
into the market for nationally recognized statistical rating 
organizations or impeding competition among such organi-
zations, or that such an exemption is necessary or appro-
priate in the public interest and is consistent with the pro-
tection of investors.’’. 
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SEC. 851. RISK-BASED EXAMINATIONS OF NATIONALLY 
RECOGNIZED STATISTICAL RATING ORGANI-
ZATIONS. 
Section 15E(p)(3) of the Securities Exchange Act of 
1934 (15 U.S.C. 78o–7(p)(3)) is amended— 
(1) in subparagraph (A)— 
(A) in the heading, by striking ‘‘ANNUAL’’ 
and inserting ‘‘RISK-BASED’’; 
(B) by striking ‘‘an examination’’ and in-
serting ‘‘examinations’’; and 
(C) by striking ‘‘at least annually’’; and 
(2) in subparagraph (B), in the matter pre-
ceding clause (i), by inserting ‘‘, as appropriate,’’ 
after ‘‘Each examination under subparagraph (A) 
shall include’’. 
SEC. 852. TRANSPARENCY OF CREDIT RATING METH-
ODOLOGIES. 
Section 15E(s) of the Securities Exchange Act of 
1934 (15 U.S.C. 78o–7(s)) is amended— 
(1) in paragraph (2)(B), by inserting before the 
semicolon the following: ‘‘rated by the nationally rec-
ognized statistical rating agency’’; and 
(2) in paragraph (3)— 
(A) in subparagraph (A)(ix), by inserting 
before the period the following: ‘‘, except that 
the Commission may not require the inclusion 
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470 
of references to statutory or regulatory require-
ments or statutory provision headings or enu-
merators for any specific disclosure’’; 
(B) in subparagraph (B)(iv), by inserting 
before the period the following: ‘‘, except that 
the Commission may not require the inclusion 
of references to statutory or regulatory require-
ments or statutory provision headings or enu-
merators for any specific disclosure’’; and 
(C) by adding at the end the following: 
‘‘(C) NO MANDATE ON THE ORGANIZATION 
OF DISCLOSURES.—The Commission may not 
mandate the specific organization of the disclo-
sures required under this paragraph.’’. 
SEC. 853. REPEAL OF CERTAIN ATTESTATION REQUIRE-
MENTS RELATING TO CREDIT RATINGS. 
Section 15E of the Securities Exchange Act of 1934 
(15 U.S.C. 78o–7) is amended— 
(1) in subsection (c)(3)(B)— 
(A) in clause (i), by adding ‘‘and’’ at the 
end; 
(B) in clause (ii), by striking ‘‘; and’’ and 
inserting a period; and 
(C) by striking clause (iii); and 
(2) in subsection (q)(2)— 
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471 
(A) in subparagraph (D), by adding ‘‘and’’ 
at the end; 
(B) in subparagraph (E), by striking ‘‘; 
and’’ and inserting a period; and 
(C) by striking subparagraph (F). 
SEC. 854. LOOK-BACK REVIEW BY NRSRO. 
Section 15E(h)(4)(A) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o–7(h)(4)(A)) is amended— 
(1) by striking ‘‘Each nationally’’ and inserting 
the following: 
‘‘(i) IN GENERAL.—Each nationally’’; 
(2) by striking ‘‘underwriter’’ and inserting 
‘‘lead underwriter’’; 
(3) by striking ‘‘in any capacity’’; 
(4) by striking ‘‘during the 1-year period pre-
ceding the date an action was taken with respect to 
the credit rating’’; 
(5) by redesignating clauses (i) and (ii) as sub-
clauses (I) and (II), respectively, and adjusting the 
margin of such subclauses accordingly; 
(6) in subclause (I), as so redesignated, by in-
serting before the semicolon the following: ‘‘during 
the 1-year period preceding the departure of the em-
ployee from the nationally recognized statistical rat-
ing organization’’; and 
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472 
(7) by adding at the end the following: 
‘‘(ii) MAINTENANCE OF RATINGS AC-
TIONS.—In the case of maintenance of rat-
ings actions, the requirement under clause 
(i) shall only apply to employees of a per-
son subject to a credit rating of the nation-
ally recognized statistical rating organiza-
tion or an issuer of a security or money 
market instrument subject to a credit rat-
ing of the nationally recognized statistical 
rating organization.’’. 
SEC. 855. APPROVAL OF CREDIT RATING PROCEDURES AND 
METHODOLOGIES. 
Section 15E(r)(1)(A) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o–7(r)(1)(A)) is amended by insert-
ing ‘‘, or the Chief Credit Officer’’ after ‘‘performing a 
function similar to that of a board’’. 
SEC. 856. EXCEPTION FOR PROVIDING CERTAIN MATERIAL 
INFORMATION RELATING TO A CREDIT RAT-
ING. 
Section 15E(h)(3) of the Securities Exchange Act of 
1934 (15 U.S.C. 78o–7(h)(3)) is amended by adding at 
the end the following: 
‘‘(C) EXCEPTION FOR PROVIDING CERTAIN 
MATERIAL INFORMATION.—Rules issued under 
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473 
this paragraph may not prohibit a person who 
participates in sales or marketing of a product 
or service of a nationally recognized statistical 
rating organization from providing material in-
formation, or information believed in good faith 
to be material, to the issuance or maintenance 
of a credit rating to a person who participates 
in determining or monitoring the credit rating, 
or developing or approving procedures or meth-
odologies used for determining the credit rating, 
so long as the information provided is not in-
tended to influence the determination of a cred-
it rating, or the procedures or methodologies 
used to determine credit ratings.’’. 
SEC. 857. REPEALS. 
(a) REPEALS.—The following provisions of title IX 
of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act are repealed, and the provisions of law 
amended or repealed by such sections are restored or re-
vived as if such sections had not been enacted: 
(1) Section 912. 
(2) Section 914. 
(3) Section 917. 
(4) Section 918. 
(5) Section 919A. 
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474 
(6) Section 919B. 
(7) Section 919C. 
(8) Section 921. 
(9) Section 929T. 
(10) Section 929X. 
(11) Section 929Y. 
(12) Section 929Z. 
(13) Section 931. 
(14) Section 933. 
(15) Section 937. 
(16) Section 939B. 
(17) Section 939C. 
(18) Section 939D. 
(19) Section 939E. 
(20) Section 939F. 
(21) Section 939G. 
(22) Section 939H. 
(23) Section 946. 
(24) Subsection (b) of section 953. 
(25) Section 955. 
(26) Section 956. 
(27) Section 964. 
(28) Section 965. 
(29) Section 968. 
(30) Section 971. 
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(31) Section 972. 
(32) Section 976. 
(33) Section 977. 
(34) Section 978. 
(35) Section 984. 
(36) Section 989. 
(37) Section 989A. 
(38) Section 989F. 
(39) Subsection (b) of section 989G. 
(40) Section 989I. 
(b) CONFORMING AMENDMENTS.—The Dodd-Frank 
Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5301) is amended— 
(1) in the table of contents in section 1(b), by 
striking the items relating to the sections described 
under paragraphs (1) through (23), (25) through 
(38), and (40) of subsection (a); 
(2) in section 953, by striking ‘‘(a) DISCLO-
SURE OF PAY VERSUS PERFORMANCE.—’’; and 
(3) in section 989G, by striking ‘‘(a) EXEMP-
TION.—’’. 
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476 
SEC. 858. EXEMPTION OF AND REPORTING BY PRIVATE EQ-
UITY FUND ADVISERS. 
Section 203 of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–3) is amended by adding at the end the 
following: 
‘‘(o) EXEMPTION OF AND REPORTING BY PRIVATE 
EQUITY FUND ADVISERS.— 
‘‘(1) IN GENERAL.—Except as provided in this 
subsection, no investment adviser shall be subject to 
the registration or reporting requirements of this 
title with respect to the provision of investment ad-
vice relating to a private equity fund. 
‘‘(2) MAINTENANCE OF RECORDS AND ACCESS 
BY COMMISSION.—Not later than 6 months after the 
date of enactment of this subsection, the Commis-
sion shall issue final rules— 
‘‘(A) to require investment advisers de-
scribed in paragraph (1) to maintain such 
records and provide to the Commission such an-
nual or other reports as the Commission, taking 
into account fund size, governance, investment 
strategy, risk, and other factors, determines 
necessary and appropriate in the public interest 
and for the protection of investors; and 
‘‘(B) to define the term ‘private equity 
fund’ for purposes of this subsection.’’. 
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477 
SEC. 859. RECORDS AND REPORTS OF PRIVATE FUNDS. 
The Investment Advisers Act of 1940 (15 U.S.C. 
80b–1 et seq.) is amended— 
(1) in section 204(b)— 
(A) in paragraph (1)— 
(i) in subparagraph (A), by striking 
‘‘investors,’’ and all that follows and in-
serting ‘‘investors.’’; 
(ii) by striking subparagraph (B); and 
(iii) by striking ‘‘this title—’’ and all 
that follows through ‘‘to maintain’’ and in-
serting ‘‘this title to maintain’’; 
(B) in paragraph (3)(H)— 
(i) by striking ‘‘, in consultation with 
the Council,’’; and 
(ii) by striking ‘‘or for the assessment 
of systemic risk’’; 
(C) in paragraph (4), by striking ‘‘, or for 
the assessment of systemic risk’’; 
(D) in paragraph (5), by striking ‘‘or for 
the assessment of systemic risk’’; 
(E) in paragraph (6)(A)(ii), by striking ‘‘, 
or for the assessment of systemic risk’’; 
(F) by striking paragraph (7) and redesig-
nating paragraphs (8) through (11) as para-
graphs (7) through (10), respectively; and 
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478 
(G) in paragraph (8) (as so redesignated), 
by striking ‘‘paragraph (8)’’ and inserting 
‘‘paragraph (7)’’; and 
(2) in section 211(e)— 
(A) by striking ‘‘after consultation with the 
Council but’’; and 
(B) by striking ‘‘subsection 204(b)’’ and 
inserting ‘‘section 204(b)’’. 
SEC. 860. DEFINITION OF ACCREDITED INVESTOR. 
(a) IN GENERAL.—Section 2(a)(15) of the Securities 
Act of 1933 (15 U.S.C. 77b(a)(15)) is amended— 
(1) by redesignating clauses (i) and (ii) as sub-
paragraphs (A) and (F), respectively; and 
(2) in subparagraph (A) (as so redesignated), 
by striking ‘‘; or’’ at the end and inserting a semi-
colon, and inserting after such subparagraph the fol-
lowing: 
‘‘(B) any natural person whose individual 
net worth, or joint net worth with that person’s 
spouse, exceeds $1,000,000 (which amount, 
along with the amounts set forth in subpara-
graph (C), shall be adjusted for inflation by the 
Commission every 5 years to the nearest 
$10,000 to reflect the change in the Consumer 
Price Index for All Urban Consumers published 
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479 
by the Bureau of Labor Statistics) where, for 
purposes of calculating net worth under this 
subparagraph— 
‘‘(i) the person’s primary residence 
shall not be included as an asset; 
‘‘(ii) indebtedness that is secured by 
the person’s primary residence, up to the 
estimated fair market value of the primary 
residence at the time of the sale of securi-
ties, shall not be included as a liability (ex-
cept that if the amount of such indebted-
ness outstanding at the time of sale of se-
curities exceeds the amount outstanding 60 
days before such time, other than as a re-
sult of the acquisition of the primary resi-
dence, the amount of such excess shall be 
included as a liability); and 
‘‘(iii) indebtedness that is secured by 
the person’s primary residence in excess of 
the estimated fair market value of the pri-
mary residence at the time of the sale of 
securities shall be included as a liability; 
‘‘(C) any natural person who had an indi-
vidual income in excess of $200,000 in each of 
the 2 most recent years or joint income with 
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480 
that person’s spouse in excess of $300,000 in 
each of those years and has a reasonable expec-
tation of reaching the same income level in the 
current year; 
‘‘(D) any natural person who, by reason of 
their net worth or income, is an accredited in-
vestor under section 230.215 of title 17, Code 
of Federal Regulations (as in effect on the day 
before the date of enactment of this subpara-
graph); 
‘‘(E) any natural person who is currently 
licensed or registered as a broker or investment 
adviser by the Commission, the Financial In-
dustry Regulatory Authority, or an equivalent 
self-regulatory organization (as defined in sec-
tion 3(a)(26) of the Securities Exchange Act of 
1934), or the securities division of a State or 
the equivalent State division responsible for li-
censing or registration of individuals in connec-
tion with securities activities; 
‘‘(F) any natural person the Commission 
determines, by regulation, to have demonstrable 
education or job experience to qualify such per-
son as having professional knowledge of a sub-
ject related to a particular investment, and 
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481 
whose education or job experience is verified by 
the Financial Industry Regulatory Authority or 
an equivalent self-regulatory organization (as 
defined in section 3(a)(26) of the Securities Ex-
change Act of 1934); or’’. 
(b) REPEAL.— 
(1) IN GENERAL.—Section 413 of the Dodd- 
Frank Wall Street Reform and Consumer Protection 
Act (Public Law 111–203) is hereby repealed. 
(2) CLERICAL AMENDMENT.—The table of con-
tents in section 1(b) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act is amended by 
striking the items relating to section 413. 
SEC. 861. REPEAL OF CERTAIN PROVISIONS REQUIRING A 
STUDY AND REPORT TO CONGRESS. 
(a) REPEAL.—The following provisions of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
are repealed: 
(1) Section 412. 
(2) Section 415. 
(3) Section 416. 
(4) Section 417. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
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482 
Consumer Protection Act is amended by striking the items 
relating to sections 412, 415, 416, and 417. 
SEC. 862. REPEAL. 
(a) REPEAL.—The following sections of title XV of 
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act are repealed, and the provisions of law amend-
ed or repealed by such sections are restored or revived as 
if such sections had not been enacted: 
(1) Section 1502. 
(2) Section 1503. 
(3) Section 1504. 
(4) Section 1505. 
(5) Section 1506. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act is amended by striking the items 
relating to sections 1502, 1503, 1504, 1505, and 1506. 
Subtitle C—Harmonization of 
Derivatives Rules 
SEC. 871. COMMISSIONS REVIEW AND HARMONIZATION OF 
RULES RELATING TO THE REGULATION OF 
OVER-THE-COUNTER SWAPS MARKETS. 
The Securities and Exchange Commission and the 
Commodity Futures Trading Commission shall review 
each rule, order, and interpretive guidance issued by either 
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483 
such Commission pursuant to title VII of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (15 
U.S.C. 8301 et seq.) and, where the Commissions find in-
consistencies in any such rules, orders, or interpretive 
guidance, shall jointly issue new rules, orders, or interpre-
tive guidance to resolve such inconsistencies. 
SEC. 872. TREATMENT OF TRANSACTIONS BETWEEN AF-
FILIATES. 
(a) COMMODITY EXCHANGE ACT.—Section 1a(47) of 
the Commodity Exchange Act (7 U.S.C. 1a(47)) is amend-
ed by adding at the end the following: 
‘‘(G) TREATMENT OF SWAP TRANSACTIONS 
BETWEEN AFFILIATES.— 
‘‘(i) 
EXEMPTION
FROM
SWAP 
RULES.—Except as provided under clause 
(ii), the Commission may not regulate a 
swap under this Act if all of the following 
apply to such swap: 
‘‘(I) 
AFFILIATION.—One 
counterparty, directly or indirectly, 
holds a majority ownership interest in 
the other counterparty, or a third 
party, directly or indirectly, holds a 
majority ownership interest in both 
counterparties. 
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484 
‘‘(II) FINANCIAL STATEMENTS.— 
The affiliated counterparty that holds 
the majority interest in the other 
counterparty or the third party that, 
directly or indirectly, holds the major-
ity interests in both affiliated counter-
parties, reports its financial state-
ments on a consolidated basis under 
generally accepted accounting prin-
ciples or International Financial Re-
porting Standards, or other similar 
standards, and the financial state-
ments include the financial results of 
the 
majority-owned 
affiliated 
counterparty or counterparties. 
‘‘(ii) REQUIREMENTS FOR EXEMPTED 
SWAPS.—With respect to a swap described 
under clause (i): 
‘‘(I) 
REPORTING
REQUIRE-
MENT.—If at least one counterparty is 
a swap dealer or major swap partici-
pant, that counterparty shall report 
the swap pursuant to section 4r, with-
in such time period as the Commis-
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485 
sion may by rule or regulation pre-
scribe— 
‘‘(aa) to a swap data reposi-
tory; or 
‘‘(bb) if there is no swap 
data repository that would accept 
the agreement, contract or trans-
action, to the Commission. 
‘‘(II) RISK
MANAGEMENT
RE-
QUIREMENT.—If 
at 
least 
one 
counterparty is a swap dealer or 
major swap participant, the swap 
shall be subject to a centralized risk 
management program pursuant to 
section 4s(j) that is reasonably de-
signed to monitor and to manage the 
risks associated with the swap. 
‘‘(III) ANTI-EVASION
REQUIRE-
MENT.—The swap shall not be struc-
tured to evade the Dodd-Frank Wall 
Street Reform and Consumer Protec-
tion Act in violation of any rule pro-
mulgated by the Commission pursuant 
to section 721(c) of such Act.’’. 
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488 
‘‘(bb) if there is no security- 
based swap data repository that 
would accept the agreement, con-
tract or transaction, to the Com-
mission. 
‘‘(II) RISK
MANAGEMENT
RE-
QUIREMENT.—If 
at 
least 
one 
counterparty is a security-based swap 
dealer or major security-based swap 
participant, the security-based swap 
shall be subject to a centralized risk 
management program pursuant to 
section 15F(j) that is reasonably de-
signed to monitor and to manage the 
risks associated with the security- 
based swap. 
‘‘(III) ANTI-EVASION
REQUIRE-
MENT.—The security-based swap shall 
not be structured to evade the Dodd- 
Frank Wall Street Reform and Con-
sumer Protection Act in violation of 
any rule promulgated by the Commis-
sion pursuant to section 761(b)(3) of 
such Act.’’. 
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TITLE 
IX—REPEAL 
OF 
THE 
VOLCKER RULE AND OTHER 
PROVISIONS 
SEC. 901. REPEALS. 
(a) IN GENERAL.—The following sections of title VI 
of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act are repealed, and the provisions of law 
amended or repealed by such sections are restored or re-
vived as if such sections had not been enacted: 
(1) Section 603. 
(2) Section 618. 
(3) Section 619. 
(4) Section 620. 
(5) Section 621. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by striking the 
items relating to sections 603, 618, 619, 620, and 621. 
TITLE X—FED OVERSIGHT 
REFORM AND MODERNIZATION 
SEC. 1001. REQUIREMENTS FOR POLICY RULES OF THE 
FEDERAL OPEN MARKET COMMITTEE. 
The Federal Reserve Act (12 U.S.C. 221 et seq.) is 
amended by inserting after section 2B the following new 
section: 
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‘‘SEC. 2C. DIRECTIVE POLICY RULES OF THE FEDERAL 
OPEN MARKET COMMITTEE. 
‘‘(a) DEFINITIONS.—In this section the following 
definitions shall apply: 
‘‘(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘appropriate congressional com-
mittees’ means the Committee on Financial Services 
of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Sen-
ate. 
‘‘(2) DIRECTIVE POLICY RULE.—The term ‘Di-
rective Policy Rule’ means a policy rule developed by 
the Federal Open Market Committee that meets the 
requirements of subsection (c) and that provides the 
basis for the Open Market Operations Directive. 
‘‘(3) GDP.—The term ‘GDP’ means the gross 
domestic product of the United States as computed 
and published by the Department of Commerce. 
‘‘(4) INTERMEDIATE POLICY INPUT.—The term 
‘Intermediate Policy Input’— 
‘‘(A) may include any variable determined 
by the Federal Open Market Committee as a 
necessary input to guide open-market oper-
ations; 
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‘‘(B) shall include an estimate of, and the 
method of calculation for, the current rate of 
inflation or current inflation expectations; and 
‘‘(C) shall include, specifying whether the 
variable or estimate is historical, current, or a 
forecast and the method of calculation, at least 
one of— 
‘‘(i) an estimate of real GDP, nominal 
GDP, or potential GDP; 
‘‘(ii) an estimate of the monetary ag-
gregate compiled by the Board of Gov-
ernors of the Federal Reserve System and 
Federal reserve banks; or 
‘‘(iii) an interactive variable or a net 
estimate composed of the estimates de-
scribed in clauses (i) and (ii). 
‘‘(5) LEGISLATIVE DAY.—The term ‘legislative 
day’ means a day on which either House of Congress 
is in session. 
‘‘(6) OPEN MARKET OPERATIONS DIRECTIVE.— 
The term ‘Open Market Operations Directive’ means 
an order to achieve a specified Policy Instrument 
Target provided to the Federal Reserve Bank of 
New York by the Federal Open Market Committee 
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pursuant to powers authorized under section 14 of 
this Act that guide open-market operations. 
‘‘(7) POLICY INSTRUMENT.—The term ‘Policy 
Instrument’ means— 
‘‘(A) the nominal Federal funds rate; 
‘‘(B) the nominal rate of interest paid on 
nonborrowed reserves; or 
‘‘(C) the discount window primary credit 
interest rate most recently published on the 
Federal Reserve Statistical Release on selected 
interest rates (daily or weekly), commonly re-
ferred to as the H.15 release. 
‘‘(8) POLICY INSTRUMENT TARGET.—The term 
‘Policy Instrument Target’ means the target for the 
Policy Instrument specified in the Open Market Op-
erations Directive. 
‘‘(9) REFERENCE
POLICY
RULE.—The term 
‘Reference Policy Rule’ means a calculation of the 
nominal Federal funds rate as equal to the sum of 
the following: 
‘‘(A) The rate of inflation over the pre-
vious four quarters. 
‘‘(B) One-half of the percentage deviation 
of the real GDP from an estimate of potential 
GDP. 
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‘‘(C) One-half of the difference between the 
rate of inflation over the previous four quarters 
and two percent. 
‘‘(D) Two percent. 
‘‘(b) SUBMITTING A DIRECTIVE POLICY RULE.—Not 
later than 48 hours after the end of a meeting of the Fed-
eral Open Market Committee, the Chairman of the Fed-
eral Open Market Committee shall submit to the appro-
priate congressional committees and the Comptroller Gen-
eral of the United States a Directive Policy Rule and a 
statement that identifies the members of the Federal Open 
Market Committee who voted in favor of the Directive Pol-
icy Rule. 
‘‘(c) REQUIREMENTS
FOR
A DIRECTIVE POLICY 
RULE.—A Directive Policy Rule shall— 
‘‘(1) identify the Policy Instrument the Direc-
tive Policy Rule is designed to target; 
‘‘(2) describe the strategy or rule of the Federal 
Open Market Committee for the systematic quan-
titative adjustment of the Policy Instrument Target 
to respond to a change in the Intermediate Policy 
Inputs; 
‘‘(3) include a function that comprehensively 
models the interactive relationship between the In-
termediate Policy Inputs; 
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494 
‘‘(4) include the coefficients of the Directive 
Policy Rule that generate the current Policy Instru-
ment Target and a range of predicted future values 
for the Policy Instrument Target if changes occur in 
any Intermediate Policy Input; 
‘‘(5) describe the procedure for adjusting the 
supply of bank reserves to achieve the Policy Instru-
ment Target; 
‘‘(6) include a statement as to whether the Di-
rective Policy Rule substantially conforms to the 
Reference Policy Rule and, if applicable— 
‘‘(A) an explanation of the extent to which 
it departs from the Reference Policy Rule; 
‘‘(B) a detailed justification for that depar-
ture; and 
‘‘(C) a description of the circumstances 
under which the Directive Policy Rule may be 
amended in the future; 
‘‘(7) include a certification that the Directive 
Policy Rule is expected to support the economy in 
achieving stable prices and maximum natural em-
ployment over the long term; 
‘‘(8) include a calculation that describes with 
mathematical precision the expected annual inflation 
rate over a 5-year period; and 
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‘‘(9) include a plan to use the most accurate 
data, subject to all historical revisions, for inputs 
into the Directive Policy Rule and the Reference 
Policy Rule. 
‘‘(d) GAO REPORT.—The Comptroller General of the 
United States shall compare the Directive Policy Rule sub-
mitted under subsection (b) with the rule that was most 
recently submitted to determine whether the Directive Pol-
icy Rule has materially changed. If the Directive Policy 
Rule has materially changed, the Comptroller General 
shall, not later than 7 days after each meeting of the Fed-
eral Open Market Committee, prepare and submit a com-
pliance report to the appropriate congressional committees 
specifying whether the Directive Policy Rule submitted 
after that meeting and the Federal Open Market Com-
mittee are in compliance with this section. 
‘‘(e) CHANGING MARKET CONDITIONS.— 
‘‘(1) RULE
OF
CONSTRUCTION.—Nothing in 
this Act shall be construed to require that the plans 
with respect to the systematic quantitative adjust-
ment of the Policy Instrument Target described 
under subsection (c)(2) be implemented if the Fed-
eral Open Market Committee determines that such 
plans cannot or should not be achieved due to 
changing market conditions. 
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496 
‘‘(2) GAO APPROVAL OF UPDATE.—Upon deter-
mining that plans described in paragraph (1) cannot 
or should not be achieved, the Federal Open Market 
Committee shall submit an explanation for that de-
termination and an updated version of the Directive 
Policy Rule to the Comptroller General of the 
United States and the appropriate congressional 
committees not later than 48 hours after making the 
determination. The Comptroller General shall, not 
later than 48 hours after receiving such updated 
version, prepare and submit to the appropriate con-
gressional committees a compliance report deter-
mining whether such updated version and the Fed-
eral Open Market Committee are in compliance with 
this section. 
‘‘(f) DIRECTIVE POLICY RULE AND FEDERAL OPEN 
MARKET COMMITTEE NOT IN COMPLIANCE.— 
‘‘(1) IN GENERAL.—If the Comptroller General 
of the United States determines that the Directive 
Policy Rule and the Federal Open Market Com-
mittee are not in compliance with this section in the 
report submitted pursuant to subsection (d), or that 
the updated version of the Directive Policy Rule and 
the Federal Open Market Committee are not in com-
pliance with this section in the report submitted pur-
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497 
suant to subsection (e)(2), the Chairman of the 
Board of Governors of the Federal Reserve System 
shall, if requested by the chairman of either of the 
appropriate congressional committees, not later than 
7 legislative days after such request, testify before 
such committee as to why the Directive Policy Rule, 
the updated version, or the Federal Open Market 
Committee is not in compliance. 
‘‘(2) GAO AUDIT.—Notwithstanding subsection 
(b) of section 714 of title 31, United States Code, 
upon submitting a report of noncompliance pursuant 
to subsection (d) or subsection (e)(2) and after the 
period of 7 legislative days described in paragraph 
(1), the Comptroller General shall audit the conduct 
of monetary policy by the Board of Governors of the 
Federal Reserve System and the Federal Open Mar-
ket Committee upon request of the appropriate con-
gressional committee. Such committee may specify 
the parameters of such audit. 
‘‘(g) CONGRESSIONAL HEARINGS.—The Chairman of 
the Board of Governors of the Federal Reserve System 
shall, if requested by the chairman of either of the appro-
priate congressional committees and not later than 7 legis-
lative days after such request, appear before such com-
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498 
mittee to explain any change to the Directive Policy 
Rule.’’. 
SEC. 1002. FEDERAL OPEN MARKET COMMITTEE BLACK-
OUT PERIOD. 
Section 12A of the Federal Reserve Act (12 U.S.C. 
263) is amended by adding at the end the following new 
subsection: 
‘‘(d) BLACKOUT PERIOD.— 
‘‘(1) IN GENERAL.—During a blackout period, 
the only public communications that may be made 
by members and staff of the Committee with respect 
to macroeconomic or financial developments or about 
current or prospective monetary policy issues are the 
following: 
‘‘(A) The dissemination of published data, 
surveys, and reports that have been cleared for 
publication by the Board of Governors of the 
Federal Reserve System. 
‘‘(B) Answers to technical questions spe-
cific to a data release. 
‘‘(C) Communications with respect to the 
prudential or supervisory functions of the 
Board of Governors. 
‘‘(2) BLACKOUT PERIOD DEFINED.—For pur-
poses of this subsection, and with respect to a meet-
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499 
ing of the Committee described under subsection (a), 
the term ‘blackout period’ means the time period 
that— 
‘‘(A) begins immediately after midnight on 
the day that is one week prior to the date on 
which such meeting takes place; and 
‘‘(B) ends at midnight on the day after the 
date on which such meeting takes place. 
‘‘(3) EXEMPTION
FOR
CHAIRMAN
OF
THE 
BOARD
OF
GOVERNORS.—Nothing in this section 
shall prohibit the Chairman of the Board of Gov-
ernors of the Federal Reserve System from partici-
pating in or issuing public communications.’’. 
SEC. 1003. PUBLIC TRANSCRIPTS OF FOMC MEETINGS. 
Section 12A of the Federal Reserve Act (12 U.S.C. 
263), as amended by section 1002, is further amended by 
adding at the end the following: 
‘‘(e) PUBLIC TRANSCRIPTS
OF MEETINGS.—The 
Committee shall— 
‘‘(1) record all meetings of the Committee; and 
‘‘(2) make the full transcript of such meetings 
available to the public.’’. 
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500 
SEC. 1004. MEMBERSHIP OF FEDERAL OPEN MARKET COM-
MITTEE. 
Section 12A(a) of the Federal Reserve Act (12 
U.S.C. 263(a)) is amended— 
(1) in the first sentence, by striking ‘‘five’’ and 
inserting ‘‘six’’; 
(2) in the second sentence, by striking ‘‘One by 
the board of directors’’ and all that follows through 
the period at the end and inserting the following: 
‘‘One by the boards of directors of the Federal Re-
serve Banks of New York and Boston; one by the 
boards of directors of the Federal Reserve Banks of 
Philadelphia and Cleveland; one by the boards of di-
rectors of the Federal Reserve Banks of Richmond 
and Atlanta; one by the boards of directors of the 
Federal Reserve Banks of Chicago and St. Louis; 
one by the boards of directors of the Federal Re-
serve Banks of Minneapolis and Kansas City; and 
one by the boards of directors of the Federal Re-
serve Banks of Dallas and San Francisco.’’; and 
(3) by inserting after the second sentence the 
following: ‘‘In odd numbered calendar years, one 
representative shall be elected from each of the Fed-
eral Reserve Banks of Boston, Philadelphia, Rich-
mond, Chicago, Minneapolis, and Dallas. In even- 
numbered calendar years, one representative shall be 
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501 
elected from each of the Federal Reserve Banks of 
New York, Cleveland, Atlanta, St. Louis, Kansas 
City, and San Francisco.’’. 
SEC. 1005. FREQUENCY OF TESTIMONY OF THE CHAIRMAN 
OF THE BOARD OF GOVERNORS OF THE FED-
ERAL RESERVE SYSTEM TO CONGRESS. 
(a) IN GENERAL.—Section 2B of the Federal Reserve 
Act (12 U.S.C. 225b) is amended— 
(1) by striking ‘‘semi-annual’’ each place it ap-
pears and inserting ‘‘quarterly’’; and 
(2) in subsection (a)(2)— 
(A) by inserting ‘‘and October 20’’ after 
‘‘July 20’’ each place it appears; and 
(B) by inserting ‘‘and May 20’’ after 
‘‘February 20’’ each place it appears. 
(b) CONFORMING AMENDMENT.—Paragraph (12) of 
section 10 of the Federal Reserve Act (12 U.S.C. 
247b(12)) is amended by striking ‘‘semi-annual’’ and in-
serting ‘‘quarterly’’. 
SEC. 1006. VICE CHAIRMAN FOR SUPERVISION REPORT RE-
QUIREMENT. 
Paragraph (12) of section 10 of the Federal Reserve 
Act (12 U.S.C. 247(b)) is amended— 
(1) by redesignating such paragraph as para-
graph (11); and 
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502 
(2) in such paragraph, by adding at the end the 
following: ‘‘In each such appearance, the Vice Chair-
man for Supervision shall provide written testimony 
that includes the status of all pending and antici-
pated rulemakings that are being made by the 
Board of Governors of the Federal Reserve System. 
If, at the time of any appearance described in this 
paragraph, the position of Vice Chairman for Super-
vision is vacant, the Vice Chairman for the Board of 
Governors of the Federal Reserve System (who has 
the responsibility to serve in the absence of the 
Chairman) shall appear instead and provide the re-
quired written testimony. If, at the time of any ap-
pearance described in this paragraph, both Vice 
Chairman positions are vacant, the Chairman of the 
Board of Governors of the Federal Reserve System 
shall appear instead and provide the required writ-
ten testimony.’’. 
SEC. 1007. SALARIES, FINANCIAL DISCLOSURES, AND OF-
FICE STAFF OF THE BOARD OF GOVERNORS 
OF THE FEDERAL RESERVE SYSTEM. 
(a) IN GENERAL.—Section 11 of the Federal Reserve 
Act (12 U.S.C. 248) is amended— 
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(1) by redesignating the second subsection (s) 
(relating to ‘‘Assessments, Fees, and Other Charges 
for Certain Companies’’) as subsection (t); and 
(2) by inserting before subsection (w), as added 
by section 371(a), the following new subsections: 
‘‘(u) ETHICS STANDARDS FOR MEMBERS AND EM-
PLOYEES.— 
‘‘(1) PROHIBITED AND RESTRICTED FINANCIAL 
INTERESTS AND TRANSACTIONS.—The members and 
employees of the Board of Governors of the Federal 
Reserve System shall be subject to the provisions 
under section 4401.102 of title 5, Code of Federal 
Regulations, to the same extent as such provisions 
apply to an employee of the Securities and Exchange 
Commission. 
‘‘(2) TREATMENT
OF
BROKERAGE
ACCOUNTS 
AND AVAILABILITY OF ACCOUNT STATEMENTS.—The 
members and employees of the Board of Governors 
of the Federal Reserve System shall— 
‘‘(A) disclose all brokerage accounts that 
the member or employee maintains, as well as 
any accounts in which the member or employee 
controls trading or has a financial interest (in-
cluding managed accounts, trust accounts, in-
vestment club accounts, and accounts of 
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504 
spouses or minor children who live with the 
member or employee); and 
‘‘(B) with respect to any securities account 
that the member or employee is required to dis-
close to the Board of Governors, authorize the 
brokers and dealers of such account to send du-
plicate account statements directly to Board of 
Governors. 
‘‘(3) PROHIBITIONS RELATED TO OUTSIDE EM-
PLOYMENT AND ACTIVITIES.—The members and em-
ployees of the Board of Governors of the Federal 
Reserve System shall be subject to the prohibitions 
related to outside employment and activities de-
scribed under section 4401.103(c) of title 5, Code of 
Federal Regulations, to the same extent as such pro-
hibitions apply to an employee of the Securities and 
Exchange Commission. 
‘‘(4) ADDITIONAL
ETHICS
STANDARDS.—The 
members and employees of the Board of Governors 
of the Federal Reserve System shall be subject to— 
‘‘(A) the employee responsibilities and con-
duct regulations of the Office of Personnel 
Management under part 735 of title 5, Code of 
Federal Regulations; 
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505 
‘‘(B) the canons of ethics contained in sub-
part C of part 200 of title 17, Code of Federal 
Regulations, to the same extent as such subpart 
applies to the employees of the Securities and 
Exchange Commission; and 
‘‘(C) the regulations concerning the con-
duct of members and employees and former 
members and employees contained in subpart M 
of part 200 of title 17, Code of Federal Regula-
tions, to the same extent as such subpart ap-
plies to the employees of the Securities and Ex-
change Commission. 
‘‘(v) DISCLOSURE OF STAFF SALARIES AND FINAN-
CIAL INFORMATION.—The Board of Governors of the Fed-
eral Reserve System shall make publicly available, on the 
website of the Board of Governors, a searchable database 
that contains the names of all members, officers, and em-
ployees of the Board of Governors who receive an annual 
salary in excess of the annual rate of basic pay for GS– 
15 of the General Schedule, and— 
‘‘(1) the yearly salary information for such indi-
viduals, along with any nonsalary compensation re-
ceived by such individuals; and 
‘‘(2) any financial disclosures required to be 
made by such individuals.’’. 
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506 
(b) OFFICE STAFF
FOR EACH MEMBER
OF
THE 
BOARD OF GOVERNORS.—Subsection (l) of section 11 of 
the Federal Reserve Act (12 U.S.C. 248) is amended by 
adding at the end the following: ‘‘Each member of the 
Board of Governors of the Federal Reserve System may 
employ, at a minimum, 2 individuals, with such individuals 
selected by such member and the salaries of such individ-
uals set by such member. A member may employ addi-
tional individuals as determined necessary by the Board 
of Governors.’’. 
SEC. 1008. AMENDMENTS TO POWERS OF THE BOARD OF 
GOVERNORS OF THE FEDERAL RESERVE SYS-
TEM. 
(a) IN GENERAL.—Section 13(3) of the Federal Re-
serve Act (12 U.S.C. 343(3)), as amended by section 
111(b)(3), is further amended— 
(1) in subparagraph (A)— 
(A) by inserting ‘‘that pose a threat to the 
financial stability of the United States’’ after 
‘‘unusual and exigent circumstances’’; and 
(B) by inserting ‘‘and by the affirmative 
vote of not less than nine presidents of the Fed-
eral reserve banks’’ after ‘‘five members’’; 
(2) in subparagraph (B)— 
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507 
(A) in clause (i), by inserting at the end 
the following: ‘‘Federal reserve banks may not 
accept equity securities issued by the recipient 
of any loan or other financial assistance under 
this paragraph as collateral. Not later than 6 
months after the date of enactment of this sen-
tence, the Board shall, by rule, establish— 
‘‘(I) a method for determining 
the sufficiency of the collateral re-
quired under this paragraph; 
‘‘(II) acceptable classes of collat-
eral; 
‘‘(III) the amount of any dis-
count on the value of the collateral 
that the Federal reserve banks will 
apply for purposes of calculating the 
sufficiency of collateral under this 
paragraph; and 
‘‘(IV) a method for obtaining 
independent appraisals of the value of 
collateral the Federal reserve banks 
receive.’’; and 
(B) in clause (ii)— 
(i) by striking the second sentence; 
and 
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508 
(ii) by inserting after the first sen-
tence the following: ‘‘A borrower shall not 
be eligible to borrow from any emergency 
lending program or facility unless the 
Board and all Federal banking regulators 
with jurisdiction over the borrower certify 
that, at the time the borrower initially bor-
rows under the program or facility, the 
borrower is not insolvent.’’; 
(3) by inserting ‘‘financial institution’’ before 
‘‘participant’’ each place such term appears; 
(4) in subparagraph (D)(i), by inserting ‘‘finan-
cial institution’’ before ‘‘participants’’; and 
(5) by adding at the end the following new sub-
paragraphs: 
‘‘(E) PENALTY RATE.— 
‘‘(i) IN GENERAL.—Not later than 6 
months after the date of enactment of this 
subparagraph, the Board shall, with re-
spect to a recipient of any loan or other fi-
nancial assistance under this paragraph, 
establish by rule a minimum interest rate 
on the principal amount of any loan or 
other financial assistance. 
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509 
‘‘(ii) MINIMUM
INTEREST
RATE
DE-
FINED.—In this subparagraph, the term 
‘minimum interest rate’ shall mean the 
sum of— 
‘‘(I) the average of the secondary 
discount rate of all Federal Reserve 
banks over the most recent 90-day pe-
riod; and 
‘‘(II) the average of the dif-
ference between a distressed corporate 
bond yield index (as defined by rule of 
the Board) and a bond yield index of 
debt issued by the United States (as 
defined by rule of the Board) over the 
most recent 90-day period. 
‘‘(F) FINANCIAL
INSTITUTION
PARTICI-
PANT
DEFINED.—For purposes of this para-
graph, the term ‘financial institution partici-
pant’— 
‘‘(i) means a company that is pre-
dominantly engaged in financial activities 
(as defined in section 102(a) of the Dodd- 
Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5311(a))); and 
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510 
‘‘(ii) does not include an agency de-
scribed in subparagraph (W) of section 
5312(a)(2) of title 31, United States Code, 
or an entity controlled or sponsored by 
such an agency.’’. 
(b) 
CONFORMING
AMENDMENT.—Section 
11(r)(2)(A) of the Federal Reserve Act (12 U.S.C. 
248(r)(2)(A)) is amended— 
(1) in clause (ii)(IV), by striking ‘‘; and’’ and 
inserting a semicolon; 
(2) in clause (iii), by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
clause: 
‘‘(iv) the available members secure the affirma-
tive vote of not less than nine presidents of the Fed-
eral reserve banks.’’. 
SEC. 1009. INTEREST RATES ON BALANCES MAINTAINED AT 
A FEDERAL RESERVE BANK BY DEPOSITORY 
INSTITUTIONS ESTABLISHED BY FEDERAL 
OPEN MARKET COMMITTEE. 
Subparagraph (A) of section 19(b)(12) of the Federal 
Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by in-
serting ‘‘established by the Federal Open Market Com-
mittee’’ after ‘‘rate or rates’’. 
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SEC. 1010. AUDIT REFORM AND TRANSPARENCY FOR THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM. 
(a) IN GENERAL.—Notwithstanding section 714 of 
title 31, United States Code, or any other provision of law, 
the Comptroller General of the United States shall annu-
ally complete an audit of the Board of Governors of the 
Federal Reserve System and the Federal reserve banks 
under subsection (b) of such section 714 within 12 months 
after the date of the enactment of this Act. 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 90 days after 
each audit required pursuant to subsection (a) is 
completed, the Comptroller General— 
(A) shall submit to Congress a report on 
such audit; and 
(B) shall make such report available to the 
Speaker of the House, the majority and minor-
ity leaders of the House of Representatives, the 
majority and minority leaders of the Senate, the 
Chairman and Ranking Member of the com-
mittee and each subcommittee of jurisdiction in 
the House of Representatives and the Senate, 
and any other Member of Congress who re-
quests the report. 
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(2) CONTENTS.—The report under paragraph 
(1) shall include a detailed description of the find-
ings and conclusion of the Comptroller General with 
respect to the audit that is the subject of the report, 
together with such recommendations for legislative 
or administrative action as the Comptroller General 
may determine to be appropriate. 
(c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 
(b) of section 714 of title 31, United States Code, is 
amended by striking the second sentence. 
(d) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) IN
GENERAL.—Section 714 of title 31, 
United States Code, is amended— 
(A) in subsection (d)(3), by striking ‘‘or 
(f)’’ each place such term appears; 
(B) in subsection (e), by striking ‘‘the 
third undesignated paragraph of section 13’’ 
and inserting ‘‘section 13(3)’’; and 
(C) by striking subsection (f). 
(2) FEDERAL
RESERVE
ACT.—Subsection (s) 
(relating to ‘‘Federal Reserve Transparency and Re-
lease of Information’’) of section 11 of the Federal 
Reserve Act (12 U.S.C. 248) is amended— 
(A) in paragraph (4)(A), by striking ‘‘has 
the same meaning as in section 714(f)(1)(A) of 
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title 31, United States Code’’ and inserting 
‘‘means a program or facility, including any 
special purpose vehicle or other entity estab-
lished by or on behalf of the Board of Gov-
ernors of the Federal Reserve System or a Fed-
eral reserve bank, authorized by the Board of 
Governors under section 13(3), that is not sub-
ject to audit under section 714(e) of title 31, 
United States Code’’; 
(B) in paragraph (6), by striking ‘‘or in 
section 714(f)(3)(C) of title 31, United States 
Code, the information described in paragraph 
(1) and information concerning the transactions 
described in section 714(f) of such title,’’ and 
inserting ‘‘the information described in para-
graph (1)’’; and 
(C) in paragraph (7), by striking ‘‘and sec-
tion 13(3)(C), section 714(f)(3)(C) of title 31, 
United States Code, and’’ and inserting ‘‘, sec-
tion 13(3)(C), and’’. 
SEC. 1011. ESTABLISHMENT OF A CENTENNIAL MONETARY 
COMMISSION. 
(a) FINDINGS.—Congress finds the following: 
(1) The Constitution endows Congress with the 
power ‘‘to coin money, regulate the value thereof’’. 
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(2) Following the financial crisis known as the 
Panic of 1907, Congress established the National 
Monetary Commission to provide recommendations 
for the reform of the financial and monetary systems 
of the United States. 
(3) Incorporating several of the recommenda-
tions of the National Monetary Commission, Con-
gress created the Federal Reserve System in 1913. 
As currently organized, the Federal Reserve System 
consists of the Board of Governors in Washington, 
District of Columbia, and the Federal reserve banks 
organized into 12 districts around the United States. 
The stockholders of the 12 Federal reserve banks in-
clude national and certain State-chartered commer-
cial banks, which operate on a fractional reserve 
basis. 
(4) Originally, Congress gave the Federal Re-
serve System a monetary mandate to provide an 
elastic currency, within the context of a gold stand-
ard, in response to seasonal fluctuations in the de-
mand for currency. 
(5) Congress also gave the Federal Reserve 
System a financial stability mandate to serve as the 
lender of last resort to solvent but illiquid banks 
during a financial crisis. 
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(6) In 1977, Congress changed the monetary 
mandate of the Federal Reserve System to a dual 
mandate for maximum employment and stable 
prices. 
(7) Empirical studies and historical evidence, 
both within the United States and in other coun-
tries, demonstrate that price stability is desirable be-
cause both inflation and deflation damage the econ-
omy. 
(8) The economic challenge of recent years— 
most notably the bursting of the housing bubble, the 
financial crisis of 2008, and the ensuing anemic re-
covery—have occurred at great cost in terms of lost 
jobs and output. 
(9) Policymakers are reexamining the structure 
and functioning of financial institutions and markets 
to determine what, if any, changes need to be made 
to place the financial system on a stronger, more 
sustainable path going forward. 
(10) The Federal Reserve System has taken ex-
traordinary actions in response to the recent eco-
nomic challenges. 
(11) The Federal Open Market Committee has 
engaged in multiple rounds of quantitative easing, 
providing unprecedented liquidity to financial mar-
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kets, while committing to holding short-term interest 
rates low for a seemingly indefinite period, and pur-
suing a policy of credit allocation by purchasing 
Federal agency debt and mortgage-backed securities. 
(12) In the wake of the recent extraordinary ac-
tions of the Federal Reserve System, Congress—con-
sistent with its constitutional responsibilities and as 
it has done periodically throughout the history of the 
United States—has once again renewed its examina-
tion of monetary policy. 
(13) Central in such examination has been a re-
newed look at what is the most proper mandate for 
the Federal Reserve System to conduct monetary 
policy in the 21st century. 
(b) ESTABLISHMENT OF A CENTENNIAL MONETARY 
COMMISSION.—There is established a commission to be 
known as the ‘‘Centennial Monetary Commission’’ (in this 
section referred to as the ‘‘Commission’’). 
(c) STUDY AND REPORT ON MONETARY POLICY.— 
(1) STUDY.—The Commission shall— 
(A) examine how United States monetary 
policy since the creation of the Board of Gov-
ernors of the Federal Reserve System in 1913 
has affected the performance of the United 
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517 
States economy in terms of output, employ-
ment, prices, and financial stability over time; 
(B) evaluate various operational regimes 
under which the Board of Governors of the 
Federal Reserve System and the Federal Open 
Market Committee may conduct monetary pol-
icy in terms achieving the maximum sustainable 
level of output and employment and price sta-
bility over the long term, including— 
(i) discretion in determining monetary 
policy without an operational regime; 
(ii) price level targeting; 
(iii) inflation rate targeting; 
(iv) nominal gross domestic product 
targeting (both level and growth rate); 
(v) the use of monetary policy rules; 
and 
(vi) the gold standard; 
(C) evaluate the use of macro-prudential 
supervision and regulation as a tool of mone-
tary policy in terms of achieving the maximum 
sustainable level of output and employment and 
price stability over the long term; 
(D) evaluate the use of the lender-of-last- 
resort function of the Board of Governors of 
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the Federal Reserve System as a tool of mone-
tary policy in terms of achieving the maximum 
sustainable level of output and employment and 
price stability over the long term; 
(E) recommend a course for United States 
monetary policy going forward, including— 
(i) the legislative mandate; 
(ii) the operational regime; 
(iii) the securities used in open-mar-
ket operations; and 
(iv) transparency issues; and 
(F) consider the effects of the GDP output 
and employment targets of the ‘‘dual mandate’’ 
(both from the creation of the dual mandate in 
1977 until the present time and estimates of 
the future effect of the dual mandate ) on— 
(i) United States economic activity; 
(ii) actions of the Board of Governors 
of the Federal Reserve System; and 
(iii) Federal debt. 
(2) REPORT.—Not later than 1 year after the 
date of the enactment of this section, the Commis-
sion shall submit to Congress and make publicly 
available a report containing a statement of the find-
ings and conclusions of the Commission in carrying 
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519 
out the study under paragraph (1), together with 
the recommendations the Commission considers ap-
propriate. In making such report, the Commission 
shall specifically report on the considerations re-
quired under paragraph (1)(F). 
(d) MEMBERSHIP.— 
(1) NUMBER AND APPOINTMENT.— 
(A) APPOINTED VOTING MEMBERS.—The 
Commission shall contain 12 voting members as 
follows: 
(i) Six members appointed by the 
Speaker of the House of Representatives, 
with four members from the majority party 
and two members from the minority party. 
(ii) Six members appointed by the 
President Pro Tempore of the Senate, with 
four members from the majority party and 
two members from the minority party. 
(B) CHAIRMAN.—The Speaker of the 
House of Representatives and the majority 
leader of the Senate shall jointly designate one 
of the members of the Commission as Chair-
man. 
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(C) NON-VOTING
MEMBERS.—The Com-
mission shall contain 2 non-voting members as 
follows: 
(i) One member appointed by the Sec-
retary of the Treasury. 
(ii) One member who is the president 
of a district Federal reserve bank ap-
pointed by the Chair of the Board of Gov-
ernors of the Federal Reserve System. 
(2) PERIOD OF APPOINTMENT.—Each member 
shall be appointed for the life of the Commission. 
(3) TIMING OF APPOINTMENT.—All members of 
the Commission shall be appointed not later than 30 
days after the date of the enactment of this section. 
(4) VACANCIES.—A vacancy in the Commission 
shall not affect its powers, and shall be filled in the 
manner in which the original appointment was 
made. 
(5) MEETINGS.— 
(A) INITIAL
MEETING.—The Commission 
shall hold its initial meeting and begin the oper-
ations of the Commission as soon as is prac-
ticable. 
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(B) FURTHER MEETINGS.—The Commis-
sion shall meet upon the call of the Chair or a 
majority of its members. 
(6) QUORUM.—Seven voting members of the 
Commission shall constitute a quorum but a lesser 
number may hold hearings. 
(7) MEMBER OF CONGRESS DEFINED.—In this 
subsection, the term ‘‘Member of Congress’’ means 
a Senator or a Representative in, or Delegate or 
Resident Commissioner to, the Congress. 
(e) POWERS.— 
(1) HEARINGS AND SESSIONS.—The Commis-
sion or, on the authority of the Commission, any 
subcommittee or member thereof, may, for the pur-
pose of carrying out this section, hold hearings, sit 
and act at times and places, take testimony, receive 
evidence, or administer oaths as the Commission or 
such subcommittee or member thereof considers ap-
propriate. 
(2) CONTRACT AUTHORITY.—To the extent or 
in the amounts provided in advance in appropriation 
Acts, the Commission may contract with and com-
pensate government and private agencies or persons 
to enable the Commission to discharge its duties 
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under this section, without regard to section 3709 of 
the Revised Statutes (41 U.S.C. 5). 
(3) OBTAINING OFFICIAL DATA.— 
(A) IN GENERAL.—The Commission is au-
thorized to secure directly from any executive 
department, bureau, agency, board, commission, 
office, independent establishment, or instrumen-
tality of the Government, any information, in-
cluding suggestions, estimates, or statistics, for 
the purposes of this section. 
(B) REQUESTING
OFFICIAL
DATA.—The 
head of such department, bureau, agency, 
board, commission, office, independent estab-
lishment, or instrumentality of the government 
shall, to the extent authorized by law, furnish 
such information upon request made by— 
(i) the Chair; 
(ii) the Chair of any subcommittee 
created by a majority of the Commission; 
or 
(iii) any member of the Commission 
designated by a majority of the commission 
to request such information. 
(4) ASSISTANCE FROM FEDERAL AGENCIES.— 
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(A) 
GENERAL
SERVICES
ADMINISTRA-
TION.—The Administrator of General Services 
shall provide to the Commission on a reimburs-
able basis administrative support and other 
services for the performance of the functions of 
the Commission. 
(B) OTHER
DEPARTMENTS
AND
AGEN-
CIES.—In addition to the assistance prescribed 
in subparagraph (A), at the request of the 
Commission, departments and agencies of the 
United States shall provide such services, funds, 
facilities, staff, and other support services as 
may be authorized by law. 
(5) POSTAL
SERVICE.—The Commission may 
use the United States mails in the same manner and 
under the same conditions as other departments and 
agencies of the United States. 
(f) COMMISSION PERSONNEL.— 
(1) APPOINTMENT
AND
COMPENSATION
OF 
STAFF.— 
(A) IN GENERAL.—Subject to rules pre-
scribed by the Commission, the Chair may ap-
point and fix the pay of the executive director 
and other personnel as the Chair considers ap-
propriate. 
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(B) APPLICABILITY
OF
CIVIL
SERVICE 
LAWS.—The staff of the Commission may be 
appointed without regard to the provisions of 
title 5, United States Code, governing appoint-
ments in the competitive service, and may be 
paid without regard to the provisions of chapter 
51 and subchapter III of chapter 53 of that 
title relating to classification and General 
Schedule pay rates, except that an individual so 
appointed may not receive pay in excess of level 
V of the Executive Schedule. 
(2) CONSULTANTS.—The Commission may pro-
cure temporary and intermittent services under sec-
tion 3109(b) of title 5, United States Code, but at 
rates for individuals not to exceed the daily equiva-
lent of the rate of pay for a person occupying a posi-
tion at level IV of the Executive Schedule. 
(3) STAFF OF FEDERAL AGENCIES.—Upon re-
quest of the Commission, the head of any Federal 
department or agency may detail, on a reimbursable 
basis, any of the personnel of such department or 
agency to the Commission to assist it in carrying out 
its duties under this section. 
(g) TERMINATION OF COMMISSION.— 
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(1) IN GENERAL.—The Commission shall termi-
nate 6 months after the date on which the report is 
submitted under subsection (c)(2). 
(2) ADMINISTRATIVE ACTIVITIES BEFORE TER-
MINATION.—The Commission may use the period be-
tween the submission of its report and its termi-
nation for the purpose of concluding its activities, 
including providing testimony to the committee of 
Congress concerning its report. 
(h) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to carry out this section 
$1,000,000, which shall remain available until the date on 
which the Commission terminates. 
TITLE 
XI—IMPROVING 
INSUR-
ANCE 
COORDINATION 
THROUGH AN INDEPENDENT 
ADVOCATE 
SEC. 1101. REPEAL OF THE FEDERAL INSURANCE OFFICE; 
CREATION OF THE OFFICE OF THE INDE-
PENDENT INSURANCE ADVOCATE. 
(a) ESTABLISHMENT.—Section 313 of title 31, 
United States Code, is amended to read as follows (and 
conforming the table of contents for chapter 3 of such title 
accordingly): 
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‘‘§ 313. Office of the Independent Insurance Advocate 
‘‘(a) ESTABLISHMENT.—There is established in the 
Department of the Treasury a bureau to be known as the 
Office of the Independent Insurance Advocate (in this sec-
tion referred to as the ‘Office’). 
‘‘(b) INDEPENDENT INSURANCE ADVOCATE.— 
‘‘(1) ESTABLISHMENT OF POSITION.—The chief 
officer of the Office of the Independent Insurance 
Advocate shall be known as the Independent Insur-
ance Advocate. The Independent Insurance Advocate 
shall perform the duties of such office under the 
general direction of the Secretary of the Treasury. 
‘‘(2) APPOINTMENT.—The Independent Insur-
ance Advocate shall be appointed by the President, 
by and with the advice and consent of the Senate, 
from among persons having insurance expertise. 
‘‘(3) TERM.— 
‘‘(A) IN GENERAL.—The Independent In-
surance Advocate shall serve a term of 6 years, 
unless sooner removed by the President upon 
reasons which shall be communicated to the 
Senate. 
‘‘(B) SERVICE AFTER EXPIRATION.—If a 
successor is not nominated and confirmed by 
the end of the term of service of the Inde-
pendent Insurance Advocate, the person serving 
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as Independent Insurance Advocate shall con-
tinue to serve until such time a successor is ap-
pointed and confirmed. 
‘‘(C) VACANCY.—An Independent Insur-
ance Advocate who is appointed to serve the re-
mainder of a predecessor’s uncompleted term 
shall be eligible thereafter to be appointed to a 
full 6 year term. 
‘‘(D) ACTING
OFFICIAL
ON
FINANCIAL 
STABILITY OVERSIGHT COUNCIL.—In the event 
of a vacancy in the office of the Independent 
Insurance Advocate, and pending the appoint-
ment and confirmation of a successor, or during 
the absence or disability of the Independent In-
surance Advocate, the Independent Member 
shall appoint a federal official appointed by the 
President and confirmed by the Senate from a 
member agency of the Financial Stability Over-
sight Council, not otherwise serving on the 
Council, who shall serve as a member of the 
Council and act in the place of the Independent 
Insurance Advocate until such vacancy, ab-
sence, or disability concludes. 
‘‘(4) EMPLOYMENT.—The Independent Insur-
ance Advocate shall be an employee of the Federal 
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Government within the definition of employee under 
section 2105 of title 5, United States Code. 
‘‘(c) INDEPENDENCE; OVERSIGHT.— 
‘‘(1) INDEPENDENCE.—The Secretary of the 
Treasury may not delay or prevent the issuance of 
any rule or the promulgation of any regulation by 
the Independent Insurance Advocate, and may not 
intervene in any matter or proceeding before the 
Independent Insurance Advocate, unless otherwise 
specifically provided by law. 
‘‘(2) OVERSIGHT
BY
INSPECTOR
GENERAL.— 
The Office of the Independent Insurance Advocate 
shall be an office in the establishment of the Depart-
ment of the Treasury for purposes of the Inspector 
General Act of 1978 (5 U.S.C. App.). 
‘‘(d) RETENTION OF EXISTING STATE REGULATORY 
AUTHORITY.—Nothing in this section or section 314 shall 
be construed to establish or provide the Office or the De-
partment of the Treasury with general supervisory or reg-
ulatory authority over the business of insurance. 
‘‘(e) BUDGET.— 
‘‘(1) ANNUAL TRANSMITTAL.—For each fiscal 
year, the Independent Insurance Advocate shall 
transmit a budget estimate and request to the Sec-
retary of the Treasury, which shall specify the ag-
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gregate amount of funds requested for such fiscal 
year for the operations of the Office of the Inde-
pendent Insurance Advocate. 
‘‘(2) INCLUSIONS.—In transmitting the pro-
posed budget to the President for approval, the Sec-
retary of the Treasury shall include— 
‘‘(A) an aggregate request for the Inde-
pendent Insurance Advocate; and 
‘‘(B) any comments of the Independent In-
surance Advocate with respect to the proposal. 
‘‘(3) PRESIDENT’S
BUDGET.—The President 
shall include in each budget of the United States 
Government submitted to the Congress— 
‘‘(A) a separate statement of the budget 
estimate prepared in accordance with paragraph 
(1); 
‘‘(B) the amount requested by the Presi-
dent for the Independent Insurance Advocate; 
and 
‘‘(C) any comments of the Independent In-
surance Advocate with respect to the proposal if 
the Independent Insurance Advocate concludes 
that the budget submitted by the President 
would substantially inhibit the Independent In-
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530 
surance Advocate from performing the duties of 
the office. 
‘‘(f) ASSISTANCE.—The Secretary of the Treasury 
shall provide the Independent Insurance Advocate such 
services, funds, facilities and other support services as the 
Independent Insurance Advocate may request and as the 
Secretary may approve. 
‘‘(g) PERSONNEL.— 
‘‘(1) EMPLOYEES.—The Independent Insurance 
Advocate may fix the number of, and appoint and 
direct, the employees of the Office, in accordance 
with the applicable provisions of title 5, United 
States Code. The Independent Insurance Advocate is 
authorized to employ attorneys, analysts, economists, 
and other employees as may be deemed necessary to 
assist the Independent Insurance Advocate to carry 
out the duties and functions of the Office. Unless 
otherwise provided expressly by law, any individual 
appointed under this paragraph shall be an employee 
as defined in section 2105 of title 5, United States 
Code, and subject to the provisions of such title and 
other laws generally applicable to the employees of 
the Executive Branch. 
‘‘(2) COMPENSATION.—Employees of the Office 
shall be paid in accordance with the provisions of 
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chapter 51 and subchapter III of chapter 53 of title 
5, United States Code, relating to classification and 
General Schedule pay rates. 
‘‘(3) PROCUREMENT
OF
TEMPORARY
AND 
INTERMITTENT SERVICES.—The Independent Insur-
ance Advocate may procure temporary and intermit-
tent services under section 3109(b) of title 5, United 
States Code, at rates for individuals which do not 
exceed the daily equivalent of the annual rate of 
basic pay prescribed for Level V of the Executive 
Schedule under section 5316 of such title. 
‘‘(4) DETAILS.—Any employee of the Federal 
Government may be detailed to the Office with or 
without reimbursement, and such detail shall be 
without interruption or loss of civil service status or 
privilege. An employee of the Federal Government 
detailed to the Office shall report to and be subject 
to oversight by the Independent Insurance Advocate 
during the assignment to the office, and may be 
compensated by the branch, department, or agency 
from which the employee was detailed. 
‘‘(5) INTERGOVERNMENTAL PERSONNEL.—The 
Independent Insurance Advocate may enter into 
agreements under subchapter VI of chapter 33 of 
title 5, United States Code, with State and local 
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532 
governments, institutions of higher education, Indian 
tribal governments, and other eligible organizations 
for the assignment of intermittent, part-time, and 
full-time personnel, on a reimbursable or non-reim-
bursable basis. 
‘‘(h) ETHICS.— 
‘‘(1) DESIGNATED
ETHICS
OFFICIAL.—The 
Legal Counsel of the Financial Stability Oversight 
Council, or in the absence of a Legal Counsel of the 
Council, the designated ethics official of any Council 
member agency, as chosen by the Independent In-
surance Advocate, shall be the ethics official for the 
Independent Insurance Advocate. 
‘‘(2) RESTRICTION
ON
REPRESENTATION.—In 
addition to any restriction under section 205(c) of 
title18, United States Code, except as provided in 
subsections (d) through (i) of section 205 of such 
title, the Independent Insurance Advocate (except in 
the proper discharge of official duties) shall not, 
with or without compensation, represent anyone to 
or before any officer or employee of— 
‘‘(A) the Financial Stability Oversight 
Council on any matter; or 
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‘‘(B) the Department of Justice with re-
spect to litigation involving a matter described 
in subparagraph (A). 
‘‘(3) COMPENSATION FOR SERVICES PROVIDED 
BY ANOTHER.—For purposes of section 203 of title 
18, United States Code, and if a special government 
employee— 
‘‘(A) the Independent Insurance Advocate 
shall not be subject to the restrictions of sub-
section (a)(1) of section 203,of title 18, United 
States Code, for sharing in compensation 
earned by another for representations on mat-
ters covered by such section; and 
‘‘(B) a person shall not be subject to the 
restrictions of subsection (a)(2) of such section 
for sharing such compensation with the Inde-
pendent Insurance Advocate. 
‘‘(i) ADVISORY, TECHNICAL, AND PROFESSIONAL 
COMMITTEES.—The Independent Insurance Advocate may 
appoint such special advisory, technical, or professional 
committees as may be useful in carrying out the functions 
of the Office and the members of such committees may 
be staff of the Office, or other persons, or both. 
‘‘(j) MISSION AND FUNCTIONS.— 
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‘‘(1) MISSION.—In carrying out the functions 
under this subsection, the mission of the Office shall 
be to act as an independent advocate on behalf of 
the interests of United States policyholders on pru-
dential aspects of insurance matters of importance, 
and to provide perspective on protecting their inter-
ests, separate and apart from any other Federal 
agency or State insurance regulator. 
‘‘(2) OFFICE.—The Office shall have the au-
thority— 
‘‘(A) to coordinate Federal efforts on pru-
dential aspects of international insurance mat-
ters, including representing the United States, 
as appropriate, in the International Association 
of Insurance Supervisors (or a successor entity) 
and assisting the Secretary in negotiating cov-
ered agreements (as such term is defined in 
subsection (q)) in coordination with States (in-
cluding State insurance commissioners) and the 
United States Trade Representative; 
‘‘(B) to consult with the States (including 
State insurance regulators) regarding insurance 
matters of national importance and prudential 
insurance matters of international importance; 
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‘‘(C) to assist the Secretary in admin-
istering the Terrorism Insurance Program es-
tablished in the Department of the Treasury 
under the Terrorism Risk Insurance Act of 
2002 (15 U.S.C. 6701 note); 
‘‘(D) to observe all aspects of the insur-
ance industry, including identifying issues or 
gaps in the regulation of insurers that could 
contribute to a systemic crisis in the insurance 
industry or the United States financial system; 
and 
‘‘(E) to make determinations and exercise 
the authority under subsection (m) with respect 
to covered agreements and State insurance 
measures. 
‘‘(3) MEMBERSHIP
ON
FINANCIAL
STABILITY 
OVERSIGHT COUNCIL.— 
‘‘(A) IN GENERAL.—The Independent In-
surance Advocate shall serve, pursuant to sec-
tion 111(b)(1)(J) of the Financial Stability Act 
of 2010 (12 U.S.C. 5321(b)(1)(J)), as a mem-
ber on the Financial Stability Oversight Coun-
cil. 
‘‘(B) AUTHORITY.—To assist the Financial 
Stability Oversight Council with its responsibil-
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536 
ities to monitor international insurance develop-
ments, advise the Congress, and make rec-
ommendations, the Independent Insurance Ad-
vocate shall have the authority— 
‘‘(i) to regularly consult with inter-
national insurance supervisors and inter-
national financial stability counterparts; 
‘‘(ii) to consult with the Board of 
Governors of the Federal Reserve System 
and the States with respect to representing 
the United States, as appropriate, in the 
International Association of Insurance Su-
pervisors (including to become a non-voting 
member thereof), particularly on matters 
of systemic risk; 
‘‘(iii) to participate at the Financial 
Stability Board of The Group of Twenty 
and to join with other members from the 
United States including on matters related 
to insurance; and 
‘‘(iv) to participate with the United 
States delegation to the Organization for 
Economic Cooperation and Development 
and observe and participate at the Insur-
ance and Private Pensions Committee. 
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537 
‘‘(4) LIMITATIONS ON PARTICIPATION IN SU-
PERVISORY COLLEGES.—The Office may not engage 
in any activities that it is not specifically authorized 
to engage in under this section or any other provi-
sion of law, including participation in any super-
visory college or other meetings or fora for coopera-
tion and communication between the involved insur-
ance supervisors established for the fundamental 
purpose of facilitating the effectiveness of super-
vision of entities which belong to an insurance 
group. 
‘‘(k) SCOPE.—The authority of the Office as specified 
and limited in this section shall extend to all lines of insur-
ance except— 
‘‘(1) health insurance, as determined by the 
Secretary in coordination with the Secretary of 
Health and Human Services based on section 2791 
of the Public Health Service Act (42 U.S.C. 300gg- 
91); 
‘‘(2) long-term care insurance, except long-term 
care insurance that is included with life or annuity 
insurance components, as determined by the Sec-
retary in coordination with the Secretary of Health 
and Human Services, and in the case of long-term 
care insurance that is included with such compo-
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538 
nents, the Secretary shall coordinate with the Sec-
retary of Health and Human Services in performing 
the functions of the Office; and 
‘‘(3) crop insurance, as established by the Fed-
eral Crop Insurance Act (7 U.S.C. 1501 et seq.). 
‘‘(l) ACCESS TO INFORMATION.—In carrying out the 
functions required under subsection (j), the Office may co-
ordinate with any relevant Federal agency and any State 
insurance regulator (or other relevant Federal or State 
regulatory agency, if any, in the case of an affiliate of an 
insurer) and any publicly available sources for the provi-
sion to the Office of publicly available information. Not-
withstanding any other provision of law, each such rel-
evant Federal agency and State insurance regulator or 
other Federal or State regulatory agency is authorized to 
provide to the Office such data or information. 
‘‘(m) PREEMPTION PURSUANT TO COVERED AGREE-
MENTS.— 
‘‘(1) STANDARDS.—A State insurance measure 
shall be preempted pursuant to this section or sec-
tion 314 if, and only to the extent that the Inde-
pendent Insurance Advocate determines, in accord-
ance with this subsection, that the measure— 
‘‘(A) results in less favorable treatment of 
a non-United States insurer domiciled in a for-
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539 
eign jurisdiction that is subject to a covered 
agreement than a United States insurer domi-
ciled, licensed, or otherwise admitted in that 
State; and 
‘‘(B) is inconsistent with a covered agree-
ment. 
‘‘(2) DETERMINATION.— 
‘‘(A) NOTICE
OF
POTENTIAL
INCONSIST-
ENCY.—Before 
making 
any 
determination 
under paragraph (1), the Independent Insur-
ance Advocate shall— 
‘‘(i) notify and consult with the appro-
priate State regarding any potential incon-
sistency or preemption; 
‘‘(ii) notify and consult with the 
United States Trade Representative re-
garding any potential inconsistency or pre-
emption; 
‘‘(iii) cause to be published in the 
Federal Register notice of the issue re-
garding the potential inconsistency or pre-
emption, including a description of each 
State insurance measure at issue and any 
applicable covered agreement; 
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540 
‘‘(iv) provide interested parties a rea-
sonable opportunity to submit written com-
ments to the Office; and 
‘‘(v) consider any comments received. 
‘‘(B) SCOPE OF REVIEW.—For purposes of 
this subsection, any determination of the Inde-
pendent Insurance Advocate regarding State in-
surance measures, and any preemption under 
paragraph (1) as a result of such determina-
tion, shall be limited to the subject matter con-
tained within the covered agreement involved 
and shall achieve a level of protection for insur-
ance or reinsurance consumers that is substan-
tially equivalent to the level of protection 
achieved under State insurance or reinsurance 
regulation. 
‘‘(C) NOTICE OF DETERMINATION OF IN-
CONSISTENCY.—Upon making any determina-
tion under paragraph (1), the Director shall— 
‘‘(i) notify the appropriate State of 
the determination and the extent of the in-
consistency; 
‘‘(ii) establish a reasonable period of 
time, which shall not be less than 30 days, 
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541 
before the determination shall become ef-
fective; and 
‘‘(iii) notify the Committees on Finan-
cial Services and Ways and Means of the 
House of Representatives and the Commit-
tees on Banking, Housing, and Urban Af-
fairs and Finance of the Senate. 
‘‘(3) NOTICE OF EFFECTIVENESS.—Upon the 
conclusion of the period referred to in paragraph 
(2)(C)(ii), if the basis for such determination still 
exists, the determination shall become effective and 
the Independent Insurance Advocate shall— 
‘‘(A) cause to be published a notice in the 
Federal Register that the preemption has be-
come effective, as well as the effective date; and 
‘‘(B) notify the appropriate State. 
‘‘(4) LIMITATION.—No State may enforce a 
State insurance measure to the extent that such 
measure has been preempted under this subsection. 
‘‘(5) APPLICABILITY OF ADMINISTRATIVE PRO-
CEDURES
ACT.—Determinations of inconsistency 
made pursuant to paragraph (2) shall be subject to 
the applicable provisions of subchapter II of chapter 
5 of title 5, United States Code (relating to adminis-
trative procedure), and chapter 7 of such title (relat-
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542 
ing to judicial review), except that in any action for 
judicial review of a determination of inconsistency, 
the court shall determine the matter de novo. 
‘‘(n) CONSULTATION.—The Independent Insurance 
Advocate shall consult with State insurance regulators, in-
dividually or collectively, to the extent the Independent In-
surance Advocate determines appropriate, in carrying out 
the functions of the Office. 
‘‘(o) NOTICES AND REQUESTS FOR COMMENT.—In 
addition to the other functions and duties specified in this 
section, the Independent Insurance Advocate may pre-
scribe such notices and requests for comment in the Fed-
eral Register as are deemed necessary related to and gov-
erning the manner in which the duties and authorities of 
the Independent Insurance Advocate are carried out; 
‘‘(p) SAVINGS PROVISIONS.—Nothing in this section 
shall— 
‘‘(1) preempt— 
‘‘(A) any State insurance measure that 
governs any insurer’s rates, premiums, under-
writing, or sales practices; 
‘‘(B) any State coverage requirements for 
insurance; 
‘‘(C) the application of the antitrust laws 
of any State to the business of insurance; or 
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543 
‘‘(D) any State insurance measure gov-
erning the capital or solvency of an insurer, ex-
cept to the extent that such State insurance 
measure results in less favorable treatment of a 
non-United State insurer than a United States 
insurer; or 
‘‘(2) affect the preemption of any State insur-
ance measure otherwise inconsistent with and pre-
empted by Federal law. 
‘‘(q) RETENTION OF AUTHORITY OF FEDERAL FI-
NANCIAL REGULATORY AGENCIES.—Nothing in this sec-
tion or section 314 shall be construed to limit the author-
ity of any Federal financial regulatory agency, including 
the authority to develop and coordinate policy, negotiate, 
and enter into agreements with foreign governments, au-
thorities, regulators, and multinational regulatory commit-
tees and to preempt State measures to affect uniformity 
with international regulatory agreements. 
‘‘(r) RETENTION OF AUTHORITY OF UNITED STATES 
TRADE REPRESENTATIVE.—Nothing in this section or 
section 314 shall be construed to affect the authority of 
the Office of the United States Trade Representative pur-
suant to section 141 of the Trade Act of 1974 (19 U.S.C. 
2171) or any other provision of law, including authority 
over the development and coordination of United States 
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544 
international trade policy and the administration of the 
United States trade agreements program. 
‘‘(s) 
CONGRESSIONAL
TESTIMONY.—The 
Inde-
pendent Insurance Advocate shall appear before the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs at semi-annual hearings and shall provide testi-
mony, which shall include submitting written testimony in 
advance of such appearances to such committees and to 
the Committee on Ways and Means of the House of Rep-
resentatives and the Committee on Finance of the Senate, 
on the following matters: 
‘‘(1) OFFICE ACTIVITIES.—The efforts, activi-
ties, objectives, and plans of the Office. 
‘‘(2) SECTION
313(L)
ACTIONS.—Any actions 
taken by the Office pursuant to subsection (l) (re-
garding preemption pursuant to covered agree-
ments). 
‘‘(3) INSURANCE INDUSTRY.—The state of, and 
developments in, the insurance industry. 
‘‘(4) U.S. AND GLOBAL INSURANCE AND REIN-
SURANCE MARKETS.—The breadth and scope of the 
global insurance and reinsurance markets and the 
critical role such markets plays in supporting insur-
ance in the United States and the ongoing impacts 
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545 
of part II of the Nonadmitted and Reinsurance Re-
form Act of 2010 on the ability of State regulators 
to access reinsurance information for regulated com-
panies in their jurisdictions. 
‘‘(5) OTHER.—Any other matters as deemed 
relevant by the Independent Insurance Advocate or 
requested by such Committees. 
‘‘(t) REPORT UPON END OF TERM OF OFFICE.—Not 
later than two months prior to the expiration of the term 
of office, or discontinuation of service, of each individual 
serving as the Independent Insurance Advocate, the Inde-
pendent Insurance Advocate shall submit a report to the 
Committees on Financial Services and Ways and Means 
of the House of Representatives and the Committees on 
Banking, Housing, and Urban Affairs and Finance of the 
Senate setting forth recommendations regarding the Fi-
nancial Stability Oversight Council and the role, duties, 
and functions of the Independent Insurance Advocate. 
‘‘(u) DEFINITIONS.—In this section and section 314, 
the following definitions shall apply: 
‘‘(1) AFFILIATE.—The term ‘affiliate’ means, 
with respect to an insurer, any person who controls, 
is controlled by, or is under common control with the 
insurer. 
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546 
‘‘(2) COVERED
AGREEMENT.—The term ‘cov-
ered agreement’ means a written bilateral or multi-
lateral agreement regarding prudential measures 
with respect to the business of insurance or reinsur-
ance that— 
‘‘(A) is entered into between the United 
States and one or more foreign governments, 
authorities, or regulatory entities; and 
‘‘(B) relates to the recognition of pruden-
tial measures with respect to the business of in-
surance or reinsurance that achieves a level of 
protection for insurance or reinsurance con-
sumers that is substantially equivalent to the 
level of protection achieved under State insur-
ance or reinsurance regulation. 
‘‘(3) INSURER.—The term ‘insurer’ means any 
person engaged in the business of insurance, includ-
ing reinsurance. 
‘‘(4) FEDERAL FINANCIAL REGULATORY AGEN-
CY.—The term ‘Federal financial regulatory agency’ 
means the Department of the Treasury, the Board 
of Governors of the Federal Reserve System, the Of-
fice of the Comptroller of the Currency, the Office 
of Thrift Supervision, the Securities and Exchange 
Commission, the Commodity Futures Trading Com-
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547 
mission, the Federal Deposit Insurance Corporation, 
the Federal Housing Finance Agency, or the Na-
tional Credit Union Administration. 
‘‘(5) FINANCIAL STABILITY OVERSIGHT COUN-
CIL.—The term ‘Financial Stability Oversight Coun-
cil ’ means the Financial Stability Oversight Council 
established under section 111(a) of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5321(a)). 
‘‘(6) MEMBER
AGENCY.—The term ‘member 
agency’ has the meaning given such term in section 
111(a) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5321(a)). 
‘‘(7) NON-UNITED STATES INSURER.—The term 
‘non-United States insurer’ means an insurer that is 
organized under the laws of a jurisdiction other than 
a State, but does not include any United States 
branch of such an insurer. 
‘‘(8) OFFICE.—The term ‘Office’ means the Of-
fice of the Independent Insurance Advocate estab-
lished by this section. 
‘‘(9) STATE INSURANCE MEASURE.—The term 
‘State insurance measure’ means any State law, reg-
ulation, administrative ruling, bulletin, guideline, or 
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548 
practice relating to or affecting prudential measures 
applicable to insurance or reinsurance. 
‘‘(10) STATE
INSURANCE
REGULATOR.—The 
term ‘State insurance regulator’ means any State 
regulatory authority responsible for the supervision 
of insurers. 
‘‘(11) SUBSTANTIALLY
EQUIVALENT
TO
THE 
LEVEL OF PROTECTION ACHIEVED.—The term ‘sub-
stantially equivalent to the level of protection 
achieved’ means the prudential measures of a for-
eign government, authority, or regulatory entity 
achieve a similar outcome in consumer protection as 
the outcome achieved under State insurance or rein-
surance regulation. 
‘‘(12) UNITED
STATES
INSURER.—The term 
‘United States insurer’ means— 
‘‘(A) an insurer that is organized under 
the laws of a State; or 
‘‘(B) a United States branch of a non- 
United States insurer.’’. 
(b) PAY AT LEVEL III OF EXECUTIVE SCHEDULE.— 
Section 5314 of title 5, United States Code, is amended 
by adding at the end the following new item: 
‘‘Independent Insurance Advocate, Department 
of the Treasury.’’. 
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549 
(c) VOTING MEMBER OF FSOC.—Paragraph (1) of 
section 111(b) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5321(b)(1)) is 
amended by striking subparagraph (J) and inserting the 
following new subparagraph: 
‘‘(J) the Independent Insurance Advocate 
appointed pursuant to section 313 of title 31, 
United States Code.’’. 
(d) INDEPENDENCE.—Section 111 of Public Law 93– 
495 (12 U.S.C. 250) is amended— 
(1) by inserting ‘‘the Independent Insurance 
Advocate of the Department of the Treasury,’’ after 
‘‘Federal Housing Finance Agency,’’; and 
(2) by inserting ‘‘or official’’ before ‘‘submitting 
them’’. 
(e) TRANSFER OF EMPLOYEES.—All employees of the 
Department of Treasury who are performing staff func-
tions for the independent member of the Financial Sta-
bility Oversight Council under section 111(b)(2)(J) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act (12 U.S.C. 5321(b)(2)(J)) on a full-time equiva-
lent basis as of the date of enactment of this Act shall 
be eligible for transfer to the Office of the Independent 
Insurance Advocate established pursuant to the amend-
ment made by subsection (a) of this section for appoint-
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550 
ment as an employee and shall be transferred at the joint 
discretion of the Independent Insurance Advocate and the 
eligible employee. Any employee eligible for transfer that 
is not appointed within 360 days from the date of enact-
ment of this Act shall be eligible for detail under section 
313(f)(4) of title 31, United States Code. 
(f) TEMPORARY SERVICE; TRANSITION.—Notwith-
standing the amendment made by subsection (a) of this 
section, during the period beginning on the date of the 
enactment of this Act and ending on the date on which 
the Independent Insurance Advocate is appointed and con-
firmed pursuant to section 313(b)(2) of title 31, United 
States Code, as amended by such amendment, the person 
serving, on such date of enactment, as the independent 
member of the Financial Stability Oversight Council pur-
suant to section 111(b)(1)(J) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
5321(b)(1)(J)) shall act for all purposes as, and with the 
full powers of, the Independent Insurance Advocate. 
(g) COMPARABILITY
IN
COMPENSATION
SCHED-
ULES.—Subsection (a) of section 1206 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 
1989 (12 U.S.C. 1833b(a)) is amended by inserting ‘‘the 
Office of the Independent Insurance Advocate of the De-
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551 
partment of the Treasury,’’ before ‘‘and the Farm Credit 
Administration,’’. 
(h) SENIOR EXECUTIVES.—Subparagraph (D) of sec-
tion 3132(a)(1) of title 5, United States Code, is amended 
by inserting ‘‘the Office of the Independent Insurance Ad-
vocate of the Department of the Treasury,’’ after ‘‘Fi-
nance Agency,’’. 
SEC. 1102. TREATMENT OF COVERED AGREEMENTS. 
Subsection (c) of section 314 of title 31, United 
States Code is amended— 
(1) by designating paragraphs (1) and (2) as 
paragraphs (2) and (3), respectively; and 
(2) by inserting before paragraph (2), as so re-
designated, the following new paragraph: 
‘‘(1) the Secretary of the Treasury and the 
United States Trade Representative have caused to 
be published in the Federal Register, and made 
available for public comment for a period of not 
fewer than 30 days and not greater than 90 days 
(which period may run concurrently with the 90-day 
period for the covered agreement referred to in para-
graph (3)), the proposed text of the covered agree-
ment;’’. 
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552 
TITLE XII—TECHNICAL 
CORRECTIONS 
SEC. 1201. TABLE OF CONTENTS; DEFINITIONAL CORREC-
TIONS. 
(a) TABLE OF CONTENTS.—The table of contents for 
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act (Public Law 111–203; 124 Stat. 1376) is 
amended by striking the items relating to section 407 
through 414 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 reg-
istration of investment advisers. 
‘‘Sec. 411. Custody of client assets. 
‘‘Sec. 414. Rule of construction relating to the Commodity Exchange Act. 
‘‘Sec. 418. Qualified client standard. 
‘‘Sec. 419. Transition period.’’. 
(b) DEFINITIONS.—Section 2 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5301) is amended— 
(1) in paragraph (1)— 
(A) by striking ‘‘section 3’’ and inserting 
‘‘section 3(w)’’; and 
(B) by striking ‘‘(12 U.S.C. 1813)’’ and 
inserting ‘‘(12 U.S.C. 1813(w))’’; 
(2) in paragraph (6), by striking ‘‘1 et seq.’’ 
and inserting ‘‘1a’’; and 
(3) in paragraph (18)(A)— 
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553 
(A) by striking ‘‘ ‘bank holding company’,’’; 
and 
(B) by inserting ‘‘ ‘includes’,’’ before ‘‘ ‘in-
cluding’,’’. 
SEC. 1202. ANTITRUST SAVINGS CLAUSE CORRECTIONS. 
Section 6 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5303) is amended, 
in the second sentence— 
(1) by inserting ‘‘(15 U.S.C. 12(a))’’ after 
‘‘Clayton Act’’; and 
(2) by striking ‘‘Act, to’’ and inserting ‘‘Act (15 
U.S.C. 45) to’’. 
SEC. 1203. TITLE I CORRECTIONS. 
Title I of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5311 et seq.) is 
amended— 
(1) 
in 
section 
102(a)(6) 
(12 
U.S.C. 
5311(a)(6)), by inserting ‘‘(12 U.S.C. 1843(k))’’ 
after ‘‘of 1956’’ each place that term appears; 
(2) in section 111(c)(3) (12 U.S.C. 5321(c)(3)), 
by striking ‘‘that agency or department head’’ and 
inserting ‘‘the head of that member agency or de-
partment’’; 
(3) in section 112 (12 U.S.C. 5322)— 
(A) in subsection (a)(2)— 
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554 
(i) in subparagraph (C) (as redesig-
nated by section 151)— 
(I) by striking ‘‘to monitor’’ and 
inserting ‘‘monitor’’; and 
(II) by striking ‘‘to advise’’ and 
inserting ‘‘advise’’; 
(ii) in subparagraph (H) (as redesig-
nated by section 151), by striking ‘‘may’’; 
and 
(B) in subsection (d)(5), by striking ‘‘sub-
section and subtitle B’’ each place such term 
appears and inserting ‘‘subtitle’’; and 
(4) 
in 
section 
171(b)(4)(D) 
(12 
U.S.C. 
5371(b)(4)(D)), by adding a period at the end. 
SEC. 1204. TITLE III CORRECTIONS. 
(a) IN GENERAL.—Title III of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
5401 et seq.) is amended— 
(1) 
in 
section 
327(b)(5) 
(12 
U.S.C. 
5437(b)(5)), by striking ‘‘in’’ and inserting ‘‘into’’; 
(2) in section 333(b)(2) (124 Stat. 1539), by 
inserting ‘‘the second place that term appears’’ be-
fore ‘‘and inserting’’; and 
(3) in section 369(5) (124 Stat. 1559)— 
(A) in subparagraph (D)(i)— 
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555 
(i) in subclause (III), by redesignating 
items (aa), (bb), and (cc) as subitems 
(AA), (BB), and (CC), respectively, and 
adjusting the margins accordingly; 
(ii) in subclause (IV), redesignating 
items (aa) and (bb) as subitems (AA) and 
(BB), respectively, and adjusting the mar-
gins accordingly; 
(iii) in subclause (V), by redesignating 
items (aa), (bb), and (cc) as subitems 
(AA), (BB), and (CC), respectively, and 
adjusting the margins accordingly; and 
(iv) by redesignating subclauses (III), 
(IV), and (V) as items (bb), (cc), and (dd), 
respectively, and adjusting the margins ac-
cordingly; 
(B) in subparagraph (F)— 
(i) in clause (ii), by adding ‘‘and’’ at 
the end; 
(ii) in clause (iii), by striking ‘‘; and’’ 
and inserting a period; and 
(iii) by striking clause (iv); and 
(C) in subparagraph (G)(i), by inserting 
‘‘each place such term appears’’ before ‘‘and in-
serting’’. 
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556 
(b) EFFECTIVE DATES.— 
(1) SECTION
333.—The amendment made by 
subsection (a)(2) of this section shall take effect as 
though enacted as part of subtitle C of title III of 
the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (124 Stat. 1538). 
(2) SECTION 369.—The amendments made by 
subsection (a)(3) of this section shall take effect as 
though enacted as part of subtitle E of title III of 
the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (124 Stat. 1546). 
SEC. 1205. TITLE IV CORRECTION. 
Section 414 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (124 Stat. 1578) is amend-
ed in the section heading by striking ‘‘COMMODITIES’’ 
and inserting ‘‘COMMODITY’’. 
SEC. 1206. TITLE VI CORRECTIONS. 
(a) IN GENERAL.—Section 610 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (124 
Stat. 1596) is amended— 
(1) by striking subsection (b); and 
(2) by redesignating subsection (c) as sub-
section (b). 
(b) EFFECTIVE DATE.—The amendments made by 
subsection (a) of this section shall take effect as though 
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557 
enacted as part of section 610 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (124 Stat. 
1611). 
SEC. 1207. TITLE VII CORRECTIONS. 
(a) IN GENERAL.—Title VII of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (15 U.S.C. 
8301 et seq.) is amended— 
(1) 
in 
section 
719(c)(1)(B) 
(15 
U.S.C. 
8307(c)(1)(B)), by adding a period at the end; 
(2) in section 723(a)(1)(B) (124 Stat. 1675), 
by inserting ‘‘, as added by section 107 of the Com-
modity Futures Modernization Act of 2000 (Appen-
dix E of Public Law 106–554; 114 Stat. 2763A– 
382),’’ after ‘‘subsection (i)’’; 
(3) in section 734(b)(1) (124 Stat. 1718), by 
striking ‘‘is amended’’ and all that follows through 
‘‘(B) in’’ and inserting ‘‘is amended in’’; 
(4) in section 741(b)(10) (124 Stat. 1732), by 
striking ‘‘1a(19)(A)(iv)(II)’’ each place it appears 
and inserting ‘‘1a(18)(A)(iv)(II)’’; and 
(5) in section 749 (124 Stat. 1746)— 
(A) in subsection (a)(2), by striking ‘‘add-
ing at the end’’ and inserting ‘‘inserting after 
subsection (f)’’; and 
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558 
(B) in subsection (h)(1)(B), by inserting 
‘‘the second place that term appears’’ before the 
semicolon. 
(b) EFFECTIVE DATE.—The amendments made by 
paragraphs (3), (4), and (5) of subsection (a) of this sec-
tion shall take effect as though enacted as part of part 
II of subtitle A of title VII of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (124 Stat. 1658). 
SEC. 1208. TITLE IX CORRECTIONS. 
Section 939(h)(1) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (124 Stat. 1887) is 
amended— 
(1) in the matter preceding subparagraph (A), 
by inserting ‘‘The’’ before ‘‘Commission’’; and 
(2) by striking ‘‘feasability’’ and inserting ‘‘fea-
sibility’’. 
SEC. 1209. TITLE X CORRECTIONS. 
(a) IN GENERAL.—Title X of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
5481 et seq.) is amended— 
(1) 
in 
section 
1002(12)(G) 
(12 
U.S.C. 
5481(12)(G)), by striking ‘‘Home Owners’’ and in-
serting ‘‘Homeowners’’; 
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559 
(2) in section 1013(a)(1)(C) (12 U.S.C. 
5493(a)(1)(C)), by striking ‘‘section 11(1)’’ and in-
serting ‘‘subsection (l) of section 11’’; 
(3) in section 1017(a)(2) (as so redesignated by 
section 713) (12 U.S.C. 5497(a)(5))— 
(A) in subparagraph (A), in the last sen-
tence by striking ‘‘716(c) of title 31, United 
States Code’’ and inserting ‘‘716 of title 31, 
United States Code’’; and 
(B) in subparagraph (C), by striking ‘‘sec-
tion 3709 of the Revised Statutes of the United 
States (41 U.S.C. 5)’’ and inserting ‘‘section 
6101 of title 41, United States Code’’; 
(4) in section 1027(d)(1)(B) (12 U.S.C. 
5517(d)(1)(B)), by inserting a comma after ‘‘(A)’’; 
(5) in section 1029(d) (12 U.S.C. 5519(d)), by 
striking the period after ‘‘Commission Act’’; 
(6) 
in 
section 
1061(b)(7) 
(12 
U.S.C. 
5581(b)(7))— 
(A) by striking ‘‘Secretary of the Depart-
ment of Housing and Urban Development’’ 
each place that term appears and inserting 
‘‘Department of Housing and Urban Develop-
ment’’; and 
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560 
(B) in subparagraph (A), by striking ‘‘(12 
U.S.C. 5102 et seq.)’’ and inserting ‘‘(12 
U.S.C. 5101 et seq.)’’; 
(7) in section 1063 (12 U.S.C. 5583)— 
(A) in subsection (f)(1)(B), by striking 
‘‘that’’; and 
(B) in subsection (g)(1)(A)— 
(i) by striking ‘‘(12 U.S.C. 5102 et 
seq.)’’ and inserting ‘‘(12 U.S.C. 5101 et 
seq.)’’; and 
(ii) by striking ‘‘seq)’’ and inserting 
‘‘seq.)’’; 
(8) in section 1064(i)(1)(A)(iii) (12 U.S.C. 
5584(i)(1)(A)(iii)), by inserting a period before ‘‘If 
an’’; 
(9) 
in 
section 
1073(c)(2) 
(12 
U.S.C. 
5601(c)(2))— 
(A) in the paragraph heading, by inserting 
‘‘AND
EDUCATION’’ after ‘‘FINANCIAL
LIT-
ERACY’’; and 
(B) by striking ‘‘its duties’’ and inserting 
‘‘their duties’’; 
(10) 
in 
section 
1076(b)(1) 
(12 
U.S.C. 
5602(b)(1)), by inserting before the period at the 
end the following: ‘‘, the Agency may, after notice 
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561 
and opportunity for comment, prescribe regula-
tions’’; 
(11) in section 1077(b)(4)(F) (124 Stat. 2076), 
by striking ‘‘associates’’ and inserting ‘‘associate’s’’; 
(12) in section 1084(1) (124 Stat. 2081), by in-
serting a comma after ‘‘2009)’’; 
(13) in section 1089 (124 Stat. 2092)— 
(A) in paragraph (3)— 
(i) in subparagraph (A), by striking 
‘‘and’’ at the end; and 
(ii) in subparagraph (B)(vi), by strik-
ing the period at the end and inserting ‘‘; 
and’’; and 
(B) by redesignating paragraph (4) as sub-
paragraph (C) and adjusting the margins ac-
cordingly; and 
(14) in section 1098(6) (124 Stat. 2104), by in-
serting ‘‘the first place that term appears’’ before 
‘‘and’’. 
(b) EFFECTIVE DATE.—The amendments made by 
paragraphs (11), (12), (13), (14), and (15) of subsection 
(a) shall take effect as though enacted as part of subtitle 
H of title X of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (124 Stat. 2080). 
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562 
SEC. 1210. TITLE XII CORRECTION. 
Title XII of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (124 Stat. 2129) is amended, 
in section 1208(b) (12 U.S.C. 5626(b)), by inserting ‘‘, 
as defined in section 103(10) of the Riegle Community 
Development and Regulatory Improvement Act of 1994 
(12 U.S.C. 4702(10)),’’ after ‘‘appropriated to the Fund’’. 
SEC. 1211. TITLE XIV CORRECTION. 
Title XIV of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (124 Stat. 2136) is amended, 
in section 1451(c) (12 U.S.C. 1701x–1(c)), by striking 
‘‘pursuant’’. 
SEC. 1212. TECHNICAL CORRECTIONS TO OTHER STAT-
UTES. 
(a) ALTERNATIVE MORTGAGE TRANSACTION PARITY 
ACT OF 1982.—The Alternative Mortgage Transaction 
Parity Act of 1982 (12 U.S.C. 3801 et seq.) is amended— 
(1) 
in 
section 
802(a)(3) 
(12 
U.S.C. 
3801(a)(3)), by striking ‘‘the Director of the Office 
of Thrift Supervision’’ and inserting ‘‘the Consumer 
Law Enforcement Agency’’; 
(2) in section 804 (12 U.S.C. 3803)— 
(A) in subsection (a), by striking ‘‘the Di-
rector of the Office of Thrift Supervision’’ each 
place such term appears and inserting ‘‘the 
Comptroller of the Currency’’; and 
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563 
(B) in subsection (d)(1), by striking the 
comma after ‘‘Administration’’. 
(b) BANK HOLDING COMPANY ACT AMENDMENTS OF 
1970.—Section 106(b)(1) of the Bank Holding Company 
Act Amendments of 1970 (12 U.S.C. 1972(1)) is amend-
ed, in the undesignated matter at the end, by striking 
‘‘Federal Deposit Insurance Company’’ and inserting 
‘‘Federal Deposit Insurance Corporation’’. 
(c) BALANCED BUDGET AND EMERGENCY DEFICIT 
CONTROL ACT.—Section 255(g)(1)(A) of the Balanced 
Budget and Emergency Deficit Control Act of 1985 (2 
U.S.C. 905(g)(1)(A)) is amended by striking ‘‘Office of 
Thrift Supervision (20–4108–0–3–373).’’. 
(d) BRETTON WOODS AGREEMENTS ACT.—Section 
68(a)(1) of the Bretton Woods Agreements Act (22 U.S.C. 
286tt(a)(1)) is amended by striking ‘‘Fund ,’’ and insert-
ing ‘‘Fund,’’. 
(e) CAN-SPAM ACT OF 2003.—Section 7(b)(1)(D) 
of 
the 
CAN-SPAM 
Act 
of 
2003 
(15 
U.S.C. 
7706(b)(1)(D)) is amended by striking ‘‘Director of the 
Office of Thrift Supervision’’ and inserting ‘‘Comptroller 
of the Currency or the Board of Directors of Federal De-
posit Insurance Corporation, as applicable,’’. 
(f) CHILDREN’S ONLINE PRIVACY PROTECTION ACT 
OF 1998.—Section 1306(b)(2) of the Children’s Online 
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564 
Privacy Protection Act of 1998 (15 U.S.C. 6505(b)(2)) 
is amended by striking ‘‘Director of the Office of Thrift 
Supervision’’ and inserting ‘‘Comptroller of the Currency 
and the Board of Directors of Federal Deposit Insurance 
Corporation, as applicable,’’. 
(g) COMMUNITY REINVESTMENT ACT OF 1977.—The 
Community Reinvestment Act of 1977 (12 U.S.C. 2901 
et seq.) is amended— 
(1) 
in 
section 
803(1)(C) 
(12 
U.S.C. 
2902(1)(C)), by striking the period at the end and 
inserting a semicolon; and 
(2) in section 806 (12 U.S.C. 2905), by striking 
‘‘companies,,’’ and inserting ‘‘companies,’’. 
(h) CREDIT REPAIR ORGANIZATIONS ACT.—Section 
403(4) of the Credit Repair Organizations Act (15 U.S.C. 
1679a(4)) is amended by striking ‘‘103(e)’’ and inserting 
‘‘103(f)’’. 
(i) DEPOSITORY INSTITUTION MANAGEMENT INTER-
LOCKS ACT.—Section 205(9) of the Depository Institution 
Management Interlocks Act (12 U.S.C. 3204(9)) is 
amended by striking ‘‘Director of the Office of Thrift Su-
pervision’’ and inserting ‘‘appropriate Federal banking 
agency’’. 
(j) ECONOMIC GROWTH AND REGULATORY PAPER-
WORK REDUCTION ACT OF 1996.—Section 2227(a)(1) of 
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565 
the Economic Growth and Regulatory Paperwork Reduc-
tion Act of 1996 (12 U.S.C. 252(a)(1)) is amended by 
striking ‘‘the Director of the Office of Thrift Super-
vision,’’. 
(k) ELECTRONIC FUND TRANSFER ACT.—The Elec-
tronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 
amended— 
(1) in section 903 (15 U.S.C. 1693a)— 
(A) in paragraph (2), by striking ‘‘103(i)’’ 
and inserting ‘‘103(j)’’; and 
(B) by redesignating the first paragraph 
designated as paragraph (4) (defining the term 
‘‘Board’’), as paragraph (3); 
(2) in section 904(a) (15 U.S.C. 1693b(a))— 
(A) by redesignating the second paragraph 
designated as paragraph (1) (relating to con-
sultation with other agencies), the second para-
graph designated as paragraph (2) (relating to 
the preparation of an analysis of economic im-
pact), paragraph (3), and paragraph (4), as 
subparagraphs (A), (B), (C), and (D), respec-
tively, and adjusting the margins accordingly; 
and 
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566 
(B) by striking ‘‘In prescribing such regu-
lations, the Board shall:’’ and inserting the fol-
lowing: 
‘‘(3) REGULATIONS.—In prescribing regulations 
under this subsection, the Agency and the Board 
shall—’’; 
(3) in section 909(c) (15 U.S.C. 1693g(c)), by 
striking ‘‘103(e)’’ and inserting ‘‘103(f)’’; 
(4) 
in 
section 
918(a)(4) 
(15 
U.S.C. 
1693o(a)(4), by striking ‘‘Act and’’ and inserting 
‘‘Act; and’’; 
(5) by redesignating the section added by sec-
tion 1073(4) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (relating to remittance 
transfers) (15 U.S.C. 1693o–1) as section 920 of 
the Electronic Fund Transfer Act; 
(6) by redesignating the section headed ‘‘Rela-
tion to State laws’’ (15 U.S.C. 1693q) as section 
921 of the Electronic Fund Transfer Act; 
(7) by redesignating the section headed ‘‘Ex-
emption for State regulation’’ (15 U.S.C. 1693r) as 
section 922 of the Electronic Fund Transfer Act; 
and 
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567 
(8) by redesignating the section headed ‘‘Effec-
tive date’’ (15 U.S.C. 1693 note) as section 923 of 
the Electronic Fund Transfer Act. 
(l) EMERGENCY ECONOMIC STABILIZATION ACT OF 
2008.—Section 101(b) of the Emergency Economic Sta-
bilization Act of 2008 (12 U.S.C. 5211(b)) is amended 
by striking ‘‘the Director of the Office of Thrift Super-
vision,’’. 
(m) EQUAL CREDIT OPPORTUNITY ACT.—The Equal 
Credit Opportunity Act (15 U.S.C. 1691 et seq.) is 
amended— 
(1) in section 703 (15 U.S.C. 1691b)— 
(A) in each of subsections (c) and (d), by 
striking ‘‘paragraph’’ each place that term ap-
pears and inserting ‘‘subsection’’; and 
(B) in subsection (g), by adding a period 
at the end; 
(2) in section 704 (15 U.S.C. 1691c)— 
(A) in subsection (a)— 
(i) by striking ‘‘Consumer Protection 
Financial Protection Act of 2010 with’’ 
and inserting ‘‘Consumer Financial Protec-
tion Act of 2010, compliance with’’; 
(ii) in paragraph (1)— 
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568 
(I) by striking ‘‘section 8’’ and 
inserting ‘‘Section 8’’; and 
(II) in subparagraph (C), by 
striking 
‘‘banks;’’ 
and 
inserting 
‘‘banks.’’; 
(iii) in each of paragraphs (6) and 
(7), by striking the semicolon at the end 
and inserting a period; and 
(iv) in paragraph (8), by striking ‘‘; 
and’’ and inserting a period; and 
(B) in subsection (c), in the second sen-
tence, by striking ‘‘subchapter’’ and inserting 
‘‘title’’; and 
(3) in section 706(k) (15 U.S.C. 1691e(k)), by 
striking ‘‘, (2), or (3)’’ and inserting ‘‘or (2)’’. 
(n) EXPEDITED FUNDS AVAILABILITY ACT.—The 
Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) 
is amended— 
(1) 
in 
section 
605(f)(2)(A) 
(12 
U.S.C. 
4004(f)(2)(A)), by striking ‘‘,,’’ and inserting a 
semicolon; and 
(2) 
in 
section 
610(a)(2) 
(12 
U.S.C. 
4009(a)(2)), by striking ‘‘Director of the Office of 
Thrift Supervision’’ and inserting ‘‘Comptroller of 
the Currency and the Board of Directors of the Fed-
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569 
eral Deposit Insurance Corporation, as appro-
priate,’’. 
(o) FAIR CREDIT REPORTING ACT.—The Fair Credit 
Reporting Act (15 U.S.C. 1681 et seq.) is amended— 
(1) in section 603 (15 U.S.C. 1681a)— 
(A) in subsection (d)(2)(D), by striking 
‘‘(x)’’ and inserting ‘‘(y)’’; 
(B) in subsection (q)(5), by striking 
‘‘103(i)’’ and inserting ‘‘103(j)’’; and 
(C) in subsection (v), by striking ‘‘Bureau’’ 
and inserting ‘‘Federal Trade Commission’’; 
(2) in section 604 (15 U.S.C. 1681b)— 
(A) in subsection (b)— 
(i) in paragraph (2)(B)(i), by striking 
‘‘section 615(a)(3)’’ and inserting ‘‘section 
615(a)(4)’’; 
(ii) in paragraph (3)(B)(ii), by strik-
ing ‘‘clause (B)(i)(IV)’’ and inserting 
‘‘clause (i)(IV)’’; 
(iii) in paragraph (4)(A)(ii), by insert-
ing ‘‘and’’ after the semicolon; and 
(iv) by striking ‘‘section 609(c)(3)’’ 
each place that term appears and inserting 
‘‘section 609(c)’’; and 
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570 
(B) in subsection (g)(5), by striking 
‘‘PARAGRAPH
(2).—’’ and all that follows 
through ‘‘The Bureau’’ and inserting ‘‘PARA-
GRAPH (2).—The Agency’’; 
(3) in section 605 (15 U.S.C. 1681c)— 
(A) in subsection (f), by striking ‘‘who’’ 
and inserting ‘‘which’’; and 
(B) in subsection (h)(2)(A)— 
(i) by striking ‘‘shall,,’’ and inserting 
‘‘shall,’’; and 
(ii) by striking ‘‘Commission,,’’ and 
inserting ‘‘Commission,’’; 
(4) in section 605A(h)(1)(A) (15 U.S.C. 1681c– 
1(h)(1)(A)), by striking ‘‘103(i)’’ and inserting 
‘‘103(j)’’; 
(5) 
in 
section 
607(e)(3)(A) 
(15 
U.S.C. 
1681e(e)(3)(A)), 
by 
striking 
‘‘section 
604(b)(4)(E)(i)’’ 
and 
inserting 
‘‘section 
604(b)(4)(D)(i)’’; 
(6) in section 609 (15 U.S.C. 1681g)— 
(A) in subsection (a)(3)(C)(i), by striking 
‘‘section 604(b)(4)(E)(i)’’ and inserting ‘‘sec-
tion 604(b)(4)(D)(i)’’; 
(B) in subsection (c)(1)— 
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571 
(i) in the paragraph heading, by strik-
ing ‘‘COMMISSION’’ and inserting ‘‘BU-
REAU’’; and 
(ii) in subparagraph (B)(vi), by strik-
ing ‘‘603(w)’’ and inserting ‘‘603(x)’’; 
(C) in subsection (e)(2)(B)(ii)(II), by strik-
ing ‘‘an’’; and 
(D) by striking ‘‘The Commission’’ each 
place that term appears and inserting ‘‘The Bu-
reau’’; 
(7) in section 610 (15 U.S.C. 1681h)— 
(A) in subsection (b)(1), by inserting ‘‘sec-
tion’’ after ‘‘under’’; and 
(B) in subsection (e), by inserting a 
comma after ‘‘on the report’’; 
(8) in section 611 (15 U.S.C. 1681i), by strik-
ing ‘‘The Commission’’ each place that term appears 
and inserting ‘‘The Agency’’; 
(9) in section 612 (15 U.S.C. 1681j)— 
(A) in subsection (a)(1)— 
(i) by striking ‘‘(w)’’ and inserting 
‘‘(x)’’; and 
(ii) in subparagraph (C), by striking 
‘‘603(w)’’ each place that term appears 
and inserting ‘‘603(x)’’; 
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572 
(B) 
in 
subsection 
(g), 
by 
striking 
‘‘televison’’ and inserting ‘‘television’’; and 
(C) by striking ‘‘The Commission’’ each 
place that term appears and inserting ‘‘The Bu-
reau’’; 
(10) in section 621 (15 U.S.C. 1681s)— 
(A) in subsection (a)(1), in the first sen-
tence, by striking ‘‘, subsection (b)’’; 
(B) in subsection (e)(2), by inserting a pe-
riod after ‘‘provisions of this title’’; and 
(C) in subsection (f)(2), by striking ‘‘The 
Commission’’ and inserting ‘‘The Agency’’ and 
(11) in section 623(a)(5) (15 U.S.C. 1681s– 
2(a)(5)), by striking ‘‘OF ACCOUNTS.—(A) IN GEN-
ERAL.—A person’’ and inserting ‘‘OF ACCOUNTS.— 
‘‘(A) IN GENERAL.—A person’’. 
(p) 
FEDERAL
CREDIT
UNION
ACT.—Section 
206(g)(7)(D)(iv) of the Federal Credit Union Act (12 
U.S.C. 1786(g)(7)(D)(iv)) is amended by striking the 
semicolon at the end and inserting a period. 
(q) FEDERAL DEPOSIT INSURANCE ACT.—The Fed-
eral Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended— 
(1) 
in 
section 
3(q)(2)(C) 
(12 
U.S.C. 
1813(q)(2)(C)), by adding ‘‘and’’ at the end; 
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573 
(2) in section 7 (12 U.S.C. 1817)— 
(A) in subsection (b)(2)— 
(i) in subparagraph (A), by striking 
‘‘(D)’’ and inserting ‘‘(C)’’; and 
(ii) by redesignating subparagraphs 
(D) and (E) as subparagraphs (C) and 
(D), respectively; and 
(B) in subsection (e)(2)(C), by adding a 
period at the end; 
(3) in section 8 (12 U.S.C. 1818)— 
(A) in subsection (b)(3), by striking 
‘‘Act))’’ and inserting ‘‘Act)’’; and 
(B) in subsection (t)(2)(C), by striking 
‘‘depositors or’’ and inserting ‘‘depositors; or’’; 
(4) in section 11 (12 U.S.C. 1821)— 
(A) in subsection (d)(2)(I)(ii), by striking 
‘‘and section 21A(b)(4)’’; and 
(B) in subsection (m), in each of para-
graphs (16) and (18), by striking the comma 
after ‘‘Comptroller of the Currency’’ each place 
it appears; and 
(5) in section 26(a) (12 U.S.C. 1831c(a)), by 
striking ‘‘Holding Company Act’’ each place that 
term appears and inserting ‘‘Holding Company Act 
of 1956’’. 
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574 
(r) FEDERAL FIRE PREVENTION AND CONTROL ACT 
OF 1974.—Section 31(a)(5)(B) of the Federal Fire Pre-
vention 
and 
Control 
Act 
of 
1974 
(15 
U.S.C. 
2227(a)(5)(B)) is amended by striking ‘‘the Federal De-
posit Insurance Corporation’’ and all that follows through 
the period and inserting ‘‘or the Federal Deposit Insur-
ance Corporation under the affordable housing program 
under section 40 of the Federal Deposit Insurance Act.’’. 
(s) FEDERAL HOME LOAN BANK ACT.—The Federal 
Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amend-
ed— 
(1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), 
by striking ‘‘Director of the Office of Thrift Super-
vision’’ and inserting ‘‘Comptroller of the Currency 
or the Board of Directors of the Federal Deposit In-
surance Corporation, as applicable’’; and 
(2) in section 22(a) (12 U.S.C. 1442(a))— 
(A) in the matter preceding paragraph (1), 
by striking ‘‘Comptroller of the Currency’’ and 
all that follows through ‘‘Supervision’’ and in-
serting ‘‘Comptroller of the Currency, the 
Chairman of the Board of Governors of the 
Federal Reserve System, the Chairperson of the 
Federal Deposit Insurance Corporation, and the 
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575 
Chairman of the National Credit Union Admin-
istration’’; and 
(B) in the undesignated matter following 
paragraph (2), by striking ‘‘Comptroller of the 
Currency’’ and all that follows through ‘‘Super-
vision’’ and inserting ‘‘Comptroller of the Cur-
rency, the Chairman of the Board of Governors 
of the Federal Reserve System, and the Chair-
man of the National Credit Union Administra-
tion’’. 
(t) FEDERAL RESERVE ACT.—Paragraph (8)(B) of 
section 11(s) of the Federal Reserve Act (headed ‘‘Federal 
Reserve Transparency and Release of Information’’) (12 
U.S.C. 248) is amended by striking ‘‘this section’’ and in-
serting ‘‘this subsection’’. 
(u) FINANCIAL INSTITUTIONS REFORM, RECOVERY, 
AND ENFORCEMENT ACT OF 1989.—The Financial Insti-
tutions Reform, Recovery, and Enforcement Act of 1989 
(Public Law 101–73; 103 Stat. 183) is amended in section 
1121(6) (12 U.S.C. 3350(6)), by striking ‘‘the Office of 
Thrift Supervision,’’. 
(v) GRAMM-LEACH-BLILEY
ACT.—The Gramm- 
Leach-Bliley Act (Public Law 106–102; 113 Stat. 1338) 
is amended— 
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576 
(1) in section 132(a) (12 U.S.C. 1828b(a)), by 
striking ‘‘the Director of the Office of Thrift Super-
vision,’’; 
(2) in section 206(a) (15 U.S.C. 78c note), by 
striking ‘‘Except as provided in subsection (e), for’’ 
and inserting ‘‘For’’; 
(3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), 
by striking ‘‘a Federal’’ and inserting ‘‘, a Federal’’; 
(4) 
in 
section 
504(a)(2) 
(15 
U.S.C. 
6804(a)(2)), by striking ‘‘and, as appropriate, and 
with’’ and inserting ‘‘and, as appropriate, with’’; 
(5) in section 509(2) (15 U.S.C. 6809(2))— 
(A) by striking subparagraph (D); and 
(B) by redesignating subparagraphs (E) 
and (F) as subparagraphs (D) and (E), respec-
tively; and 
(6) in section 522(b)(1)(A)(iv) (15 U.S.C. 
6822(b)(1)(A)(iv)), by striking ‘‘Director of the Of-
fice of Thrift Supervision’’ and inserting ‘‘Comp-
troller of the Currency and the Board of Directors 
of the Federal Deposit Insurance Corporation, as 
appropriate’’. 
(w) HELPING FAMILIES SAVE THEIR HOMES ACT OF 
2009.—Section 104 of the Helping Families Save Their 
Homes Act of 2009 (12 U.S.C. 1715z–25) is amended— 
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577 
(1) in subsection (a)— 
(A) by striking ‘‘and the Director of the 
Office of Thrift Supervision, shall jointly’’ and 
inserting ‘‘shall’’; 
(B) by striking ‘‘and the Office of Thrift 
Supervision’’; and 
(C) by striking ‘‘each such’’ and inserting 
‘‘such’’; and 
(2) in subsection (b)(1)— 
(A) in subparagraph (A)— 
(i) in the first sentence— 
(I) by striking ‘‘and the Director 
of the Office of Thrift Supervision,’’; 
and 
(II) by striking ‘‘or the Direc-
tor’’; 
(ii) in the second sentence, by striking 
‘‘and the Director of the Office of Thrift 
Supervision’’; and 
(B) in subparagraph (B), by striking ‘‘and 
the Director of the Office of Thrift Super-
vision’’. 
(x) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 
The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 
2801 et seq.) is amended— 
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578 
(1) in section 304— 
(A) in subsection (b)(5)(A), by striking 
‘‘15 U.S.C. 1602(aa)(4)’’ and inserting ‘‘section 
103(aa)(4) of the Truth in Lending Act’’; and 
(B) in subsection (j)(3) (12 U.S.C. 
2803(j)(3)), by adding a period at the end; and 
(2) in section 305(b)(1)(A)(iii) (12 U.S.C. 
2804(b)(1)(A)(iii)), by striking ‘‘bank as,’’ and in-
serting ‘‘bank, as’’. 
(y) HOME OWNERS’ LOAN ACT.—The Home Owners’ 
Loan Act (12 U.S.C. 1461 et seq.) is amended— 
(1) in section 5 (12 U.S.C. 1464)— 
(A) in subsection (d)(2)(E)(ii)— 
(i) in the first sentence, by striking 
‘‘Except as provided in section 21A of the 
Federal Home Loan Bank Act, the’’ and 
inserting ‘‘The’’; and 
(ii) by striking ‘‘, at the Director’s 
discretion,’’; 
(B) in subsection (i)(6), by striking ‘‘the 
Office of Thrift Supervision or’’; 
(C) in subsection (m), by striking ‘‘Direc-
tor’s’’ each place that term appears and insert-
ing ‘‘appropriate Federal banking agency’s’’; 
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579 
(D) in subsection (n)(9)(B), by striking 
‘‘Director’s’’ and inserting ‘‘Comptroller’s’’; and 
(E) in subsection (s)— 
(i) in paragraph (1)— 
(I) in the matter preceding sub-
paragraph (A), by striking ‘‘of such 
Act)’’ and all that follows through 
‘‘shall require’’ and inserting ‘‘of such 
Act), the appropriate Federal banking 
agency shall require’’; and 
(II) in subparagraph (B), by 
striking ‘‘other methods’’ and all that 
follows through ‘‘determines’’ and in-
serting ‘‘other methods as the appro-
priate Federal banking agency deter-
mines’’; 
(ii) in paragraph (2)— 
(I) by striking ‘‘DETERMINED’’ 
and all that follows through ‘‘may, 
consistent’’ and inserting ‘‘DETER-
MINED
BY
APPROPRIATE
FEDERAL 
BANKING
AGENCY
CASE-BY-CASE.— 
The 
appropriate 
Federal 
banking 
agency may, consistent’’; and 
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580 
(II) by striking ‘‘capital-to-as-
sets’’ and all that follows through 
‘‘determines to be necessary’’ and in-
serting ‘‘capital-to-assets as the ap-
propriate Federal banking agency de-
termines to be necessary’’; 
(2) in section 6(c) (12 U.S.C. 1465(c)), by 
striking ‘‘sections’’ and inserting ‘‘section’’; 
(3) in section 10 (12 U.S.C. 1467a)— 
(A) in subsection (b)(6), by striking 
‘‘time’’ and all that follows through ‘‘release’’ 
and inserting ‘‘time, upon the motion or appli-
cation of the Board, release’’; 
(B) in subsection (c)(2)(H)— 
(i) in the matter preceding clause 
(i)— 
(I) by striking ‘‘1841(p))’’ and 
inserting ‘‘1841(p)))’’; and 
(II) by inserting ‘‘(12 U.S.C. 
1843(k))’’ before ‘‘if—’’; and 
(ii) in clause (i), by inserting ‘‘of 1956 
(12 U.S.C. 1843(l) and (m))’’ after ‘‘Com-
pany Act’’; and 
(C) in subsection (e)(7)(B)(iii)— 
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581 
(i) by striking ‘‘Board of the Office of 
Thrift Supervision’’ and inserting ‘‘Direc-
tor of the Office of Thrift Supervision’’; 
and 
(ii) by inserting ‘‘, as defined in sec-
tion 2 of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 
U.S.C. 5301)’’ after ‘‘transfer date’’; and 
(4) in section 13 (12 U.S.C. 1468b), by striking 
‘‘the a’’ and inserting ‘‘a’’. 
(z) HOUSING ACT OF 1948.—Section 502(c)(3) of 
the Housing Act of 1948 (12 U.S.C. 1701c(c)(3)) is 
amended by striking ‘‘Federal Home Loan Bank Agency’’ 
and inserting ‘‘Federal Housing Finance Agency’’. 
(aa) HOUSING AND URBAN DEVELOPMENT ACT OF 
1968.—Section 106(h)(5) of the Housing and Urban De-
velopment Act of 1968 (12 U.S.C. 1701x(h)(5)) is amend-
ed by striking ‘‘authorised’’ and inserting ‘‘authorized’’. 
(bb) INTERNATIONAL BANKING ACT OF 1978.—Sec-
tion 15 of the International Banking Act of 1978 (12 
U.S.C. 3109) is amended— 
(1) in each of subsections (a) and (b)— 
(A) by striking ‘‘, and Director of the Of-
fice of Thrift Supervision’’ each place that term 
appears; and 
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582 
(B) by inserting ‘‘and’’ before ‘‘Federal 
Deposit’’ each place that term appears; 
(2) in subsection (a), by striking ‘‘Comptroller, 
Corporation, or Director’’ and inserting ‘‘Comp-
troller of the Currency, or Corporation’’; and 
(3) in subsection (c)(4)— 
(A) by inserting ‘‘and’’ before ‘‘the Federal 
Deposit’’; and 
(B) by striking ‘‘, and the Director of the 
Office of Thrift Supervision’’. 
(cc) INTERNATIONAL LENDING SUPERVISION ACT OF 
1983.—Section 912 of the International Lending Super-
vision Act of 1983 (12 U.S.C. 3911) is amended— 
(1) by amending the section heading to read as 
follows: ‘‘EQUAL
REPRESENTATION
FOR
FED-
ERAL DEPOSIT INSURANCE CORPORATION’’; 
(2) by striking ‘‘(a) IN GENERAL.—’’; and 
(3) by striking subsection (b). 
(dd) INTERSTATE LAND SALES FULL DISCLOSURE 
ACT.—The Interstate Land Sales Full Disclosure Act (15 
U.S.C. 1701 et seq.) is amended in each of section 
1411(b) (15 U.S.C. 1710(b)) and subsections (b)(4) and 
(d) of section 1418a (15 U.S.C. 1717a), by striking ‘‘Sec-
retary’s’’ each place that term appears and inserting ‘‘Di-
rector’s’’. 
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583 
(ee) LEGAL CERTAINTY FOR BANK PRODUCTS ACT 
OF 2000.—Section 403(b)(1) of the Legal Certainty for 
Bank Products Act of 2000 (7 U.S.C. 27a(b)(1)) is 
amended by striking ‘‘that section’’ and inserting ‘‘sec-
tion’’. 
(ff) PUBLIC LAW 93–495.—Section 111 of Public 
Law 93–495 (12 U.S.C. 250) is amended by striking ‘‘the 
Director of the Office of Thrift Supervision,’’. 
(gg) REVISED STATUTES OF THE UNITED STATES.— 
Section 5136C(i) of the Revised Statutes of the United 
States (12 U.S.C. 25b(i)) is amended by striking ‘‘POW-
ERS.—’’ and all that follows through ‘‘In accordance’’ and 
inserting ‘‘POWERS.—In accordance’’. 
(hh) RIEGLE COMMUNITY DEVELOPMENT AND REG-
ULATORY IMPROVEMENT ACT OF 1994.—Section 117(e) 
of the Riegle Community Development and Regulatory 
Improvement Act of 1994 (12 U.S.C. 4716(e)) is amended 
by striking ‘‘the Director of the Office of Thrift Super-
vision,’’. 
(ii) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 
Section 1514 of the S.A.F.E. Mortgage Licensing Act of 
2008 (12 U.S.C. 5113) is amended in each of subsections 
(b)(5) and (c)(4)(C), by striking ‘‘Secretary’s’’ each place 
that term appears and inserting ‘‘Director’s’’. 
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584 
(jj) SECURITIES EXCHANGE ACT OF 1934.—The Se-
curities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
is amended— 
(1) in section 3C(g)(4)(B)(v) (15 U.S.C. 78c– 
3(g)(4)(B)(v)), by striking ‘‘of that Act’’ and insert-
ing ‘‘of that section’’; 
(2) in section 3D(d)(10)(A) (15 U.S.C. 78c– 
4(d)(10)(A)), by striking ‘‘taking’’ and inserting 
‘‘take’’; 
(3) in section 3E(b)(1) (15 U.S.C. 78c– 
5(b)(1)), by striking ‘‘though’’ and inserting 
‘‘through’’; 
(4) 
in 
section 
4(g)(8)(A) 
(15 
U.S.C. 
78d(g)(8)(A)), by striking ‘‘(2)(A)(i)’’ and inserting 
‘‘(2)(A)(ii)’’; 
(5) in section 15 (15 U.S.C. 78o)— 
(A) in each of subparagraphs (B)(ii) and 
(C) of subsection (b)(4), by striking ‘‘dealer 
municipal advisor,,’’ and inserting ‘‘dealer, mu-
nicipal advisor,’’; 
(B) by redesignating subsection (j) (relat-
ing to the authority of the Commission) as sub-
section (p) and moving that subsection to the 
end; 
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585 
(C) as amended by section 841(d), by re-
designating the section subsection (k) and sec-
ond subsection (l) (relating to standard of con-
duct and other matters, respectively), as added 
by section 913(g)(1) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act 
(124 Stat. 1828), as subsections (q) and (r), re-
spectively and moving those subsections to the 
end; and 
(D) in subsection (m), by inserting ‘‘the’’ 
before ‘‘same extent’’; 
(6) in section 15F(h) (15 U.S.C. 78o–10(h))— 
(A) in paragraph (2)(A), by inserting ‘‘a’’ 
after ‘‘that acts as an advisor to’’; 
(B) in paragraph (2)(B), by inserting ‘‘a’’ 
after ‘‘offers to enter into’’; and 
(C) in paragraph (5)(A)(i)— 
(i) by inserting ‘‘(A)’’ after ‘‘(18)’’; 
and 
(ii) in subclause (VII), by striking 
‘‘act of’’ and inserting ‘‘Act of’’; 
(7) in section 15G (15 U.S.C. 78o–11)— 
(A) in subsection (b)(2), by inserting 
‘‘Board of Directors of the’’ before ‘‘Federal 
Housing’’; 
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586 
(B) in subsection (e)(4)(A), by striking 
‘‘subsection’’ and inserting ‘‘section’’; 
(C) in subsection (e)(4)(C)— 
(i) by striking ‘‘129C(c)(2)’’ and in-
serting ‘‘129C(b)(2)(A)’’; and 
(ii) 
by 
inserting 
‘‘(15 
U.S.C. 
1639c(b)(2)(A))’’ after ‘‘Lending Act’’; 
and 
(D) in subsection (e)(5), by striking ‘‘sub-
section’’ and inserting ‘‘section’’; and 
(8) in section 17A (15 U.S.C. 78q–1), by redes-
ignating subsection (g), as added by section 929W 
of the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act (relating to due diligence for 
the delivery of dividends, interest, and other valuable 
property rights) as subsection (n) and moving that 
subsection to the end. 
(kk) TELEMARKETING AND CONSUMER FRAUD AND 
ABUSE PREVENTION ACT.—Section 3(b) of the Tele-
marketing and Consumer Fraud and Abuse Prevention 
Act (15 U.S.C. 6102(b)) is amended by inserting before 
the period at the end the following: ‘‘, provided, however, 
nothing in this section shall conflict with or supersede sec-
tion 6 of the Federal Trade Commission Act (15 U.S.C. 
46)’’. 
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587 
(ll) TITLE 5.—Title 5, United States Code, is amend-
ed— 
(1) in section 3132(a)(1)(D), as amended by 
section 711, by striking ‘‘the Office of Thrift Super-
vision,, the Resolution Trust Corporation,’’; and 
(2) in section 5314, by striking ‘‘Director of the 
Office of Thrift Supervision.’’. 
(mm) TITLE 31.— 
(1) AMENDMENTS.—Title 31, United States 
Code, is amended— 
(A) by striking section 309; and 
(B) in section 714(d)(3)(B) by striking ‘‘a 
audit’’ and inserting ‘‘an audit’’. 
(2) ANALYSIS.—The analysis for subchapter I 
of chapter 3 of title 31, United States Code, is 
amended by striking the item relating to section 
309. 
(nn) TRUTH IN LENDING ACT.—The Truth in Lend-
ing Act (15 U.S.C. 1601 et seq.) is amended— 
(1) in section 105 (15 U.S.C. 1604), by insert-
ing subsection (h), as added by section 1472(c) of 
the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (124 Stat. 2187), before subsection 
(i), as added by section 1100A(7) of that Act (124 
Stat. 2108); 
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(2) in section 106(f)(2)(B)(i) (15 U.S.C. 
1605(f)(2)(B)(i)), by striking ‘‘103(w)’’ and insert-
ing ‘‘103(x)’’; 
(3) in section 121(b) (15 U.S.C. 1631(b)), by 
striking ‘‘103(f)’’ and inserting ‘‘103(g)’’; 
(4) 
in 
section 
122(d)(5) 
(15 
U.S.C. 
1632(d)(5)), by striking ‘‘section 603)’’ and all that 
follows through ‘‘promulgate’’ and inserting ‘‘section 
603), may promulgate’’; 
(5) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), 
by striking ‘‘103(w)’’ and inserting ‘‘103(x)’’; 
(6) in section 129 (15 U.S.C. 1639)— 
(A) in subsection (q), by striking ‘‘(l)(2)’’ 
and inserting ‘‘(p)(2)’’; and 
(B) in subsection (u)(3), by striking 
‘‘Board’’ each place that term appears and in-
serting ‘‘Agency’’; 
(7) in section 129C (15 U.S.C. 1639c)— 
(A) in subsection (b)(2)(B), by striking the 
second period at the end; and 
(B) in subsection (c)(1)(B)(ii)(I), by strik-
ing ‘‘a original’’ and inserting ‘‘an original’’; 
(8) in section 148(d) (15 U.S.C. 1665c(d)), by 
striking ‘‘Bureau’’ and inserting ‘‘Board’’; 
(9) in section 149 (15 U.S.C. 1665d)— 
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