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Subtitle Z—Interaffiliate Language 
SEC. 945. INTERAFFILIATE TREATMENT WITH RESPECT TO 
INITIAL MARGIN REQUIREMENTS. 
Section 15F(e)(4) of the Securities Exchange Act of 
1934 (15 U.S.C. 78o–10(e)(4)) is amended— 
(1) by striking ‘‘The requirements’’ and insert-
ing the following: 
‘‘(A) IN
GENERAL.—The requirements’’; 
and 
(2) by adding at the end the following: 
‘‘(B) INITIAL
MARGIN
REQUIREMENT.— 
The initial margin requirements imposed by 
rules adopted pursuant to paragraphs (2)(A)(ii) 
and (2)(B)(ii) shall not apply to any security- 
based swap in which— 
‘‘(i) one counterparty is a person in 
which the other counterparty, directly or 
indirectly, holds a majority ownership in-
terest; or 
‘‘(ii) a third party, directly or indi-
rectly, holds a majority ownership interest 
in both counterparties.’’. 
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Subtitle AA—Tailored Application 
of Prudential Standards 
SEC. 946. TAILORED APPLICATION OF PRUDENTIAL STAND-
ARDS. 
Section 165(a)(2)(A) of the Financial Stability Act 
of 2010 (12 U.S.C. 5365(a)(2)(A)) is amended by insert-
ing before the period the following: ‘‘to ensure that compa-
nies with comparable risk profiles and business models are 
operating under a similar set of requirements’’. 
Subtitle BB—Authority to Remove 
Bureau Director 
SEC. 947. AUTHORITY TO REMOVE BUREAU DIRECTOR. 
Section 1011(c) of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5491(c)) is amended by strik-
ing paragraph (3). 
Subtitle CC—Congressional Review 
of Bureau Rulemaking 
SEC. 948. CONGRESSIONAL REVIEW OF BUREAU RULE-
MAKING. 
Chapter 8 of title 5, United States Code, is amended 
to read as follows: 
‘‘CHAPTER 8—CONGRESSIONAL REVIEW 
OF BUREAU RULEMAKING 
‘‘Sec. 
‘‘801. Congressional review. 
‘‘802. Congressional approval procedure for major rules. 
‘‘803. Congressional disapproval procedure for nonmajor rules. 
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‘‘804. Definitions. 
‘‘805. Judicial review. 
‘‘806. Exemption for monetary policy. 
‘‘807. Effective date of certain rules. 
‘‘808. Regulatory cut-go requirement. 
‘‘809. Review of rules currently in effect. 
‘‘§ 801. Congressional review 
‘‘(a)(1)(A) Before a rule may take effect, the Bureau 
shall satisfy the requirements of section 808 and shall 
publish in the Federal Register a list of information on 
which the rule is based, including data, scientific and eco-
nomic studies, and cost-benefit analyses, and identify how 
the public can access such information online, and shall 
submit to each House of the Congress and to the Comp-
troller General a report containing— 
‘‘(i) a copy of the rule; 
‘‘(ii) a concise general statement relating to the 
rule; 
‘‘(iii) a classification of the rule as a major or 
nonmajor rule, including an explanation of the clas-
sification specifically addressing each criteria for a 
major rule contained within sections 804(2)(A), 
804(2)(B), and 804(2)(C); 
‘‘(iv) a list of any other related regulatory ac-
tions intended to implement the same statutory pro-
vision or regulatory objective as well as the indi-
vidual and aggregate economic effects of those ac-
tions; and 
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‘‘(v) the proposed effective date of the rule. 
‘‘(B) On the date of the submission of the report 
under subparagraph (A), the Bureau shall submit to the 
Comptroller General and make available to each House of 
Congress— 
‘‘(i) a complete copy of the cost-benefit analysis 
of the rule, if any, including an analysis of any jobs 
added or lost, differentiating between public and pri-
vate sector jobs; 
‘‘(ii) the Bureau’s actions pursuant to sections 
603, 604, 605, 607, and 609 of this title; 
‘‘(iii) the Bureau’s actions pursuant to sections 
202, 203, 204, and 205 of the Unfunded Mandates 
Reform Act of 1995; and 
‘‘(iv) any other relevant information or require-
ments under any other Act and any relevant Execu-
tive orders. 
‘‘(C) Upon receipt of a report submitted under sub-
paragraph (A), each House shall provide copies of the re-
port to the chairman and ranking member of each stand-
ing committee with jurisdiction under the rules of the 
House of Representatives or the Senate to report a bill 
to amend the provision of law under which the rule is 
issued. 
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‘‘(2)(A) The Comptroller General shall provide a re-
port on each major rule to the committees of jurisdiction 
by the end of 15 calendar days after the submission or 
publication date. The report of the Comptroller General 
shall include an assessment of the Bureau’s compliance 
with procedural steps required by paragraph (1)(B) and 
an assessment of whether the major rule imposes any new 
limits or mandates on private-sector activity. 
‘‘(B) Federal agencies shall cooperate with the Comp-
troller General by providing information relevant to the 
Comptroller General’s report under subparagraph (A). 
‘‘(3) A major rule relating to a report submitted 
under paragraph (1) shall take effect upon enactment of 
a joint resolution of approval described in section 802 or 
as provided for in the rule following enactment of a joint 
resolution of approval described in section 802, whichever 
is later. 
‘‘(4) A nonmajor rule shall take effect as provided 
by section 803 after submission to Congress under para-
graph (1). 
‘‘(5) If a joint resolution of approval relating to a 
major rule is not enacted within the period provided in 
subsection (b)(2), then a joint resolution of approval relat-
ing to the same rule may not be considered under this 
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chapter in the same Congress by either the House of Rep-
resentatives or the Senate. 
‘‘(b)(1) A major rule shall not take effect unless the 
Congress enacts a joint resolution of approval described 
under section 802. 
‘‘(2) If a joint resolution described in subsection (a) 
is not enacted into law by the end of 70 session days or 
legislative days, as applicable, beginning on the date on 
which the report referred to in section 801(a)(1)(A) is re-
ceived by Congress (excluding days either House of Con-
gress is adjourned for more than 3 days during a session 
of Congress), then the rule described in that resolution 
shall be deemed not to be approved and such rule shall 
not take effect. 
‘‘(c)(1) Notwithstanding any other provision of this 
section (except subject to paragraph (3)), a major rule 
may take effect for one 90-calendar-day period if the 
President makes a determination under paragraph (2) and 
submits written notice of such determination to the Con-
gress. 
‘‘(2) Paragraph (1) applies to a determination made 
by the President by Executive order that the major rule 
should take effect because such rule is— 
‘‘(A) necessary because of an imminent threat 
to health or safety or other emergency; 
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‘‘(B) necessary for the enforcement of criminal 
laws; 
‘‘(C) necessary for national security; or 
‘‘(D) issued pursuant to any statute imple-
menting an international trade agreement. 
‘‘(3) An exercise by the President of the authority 
under this subsection shall have no effect on the proce-
dures under section 802. 
‘‘(d)(1) In addition to the opportunity for review oth-
erwise provided under this chapter, in the case of any rule 
for which a report was submitted in accordance with sub-
section (a)(1)(A) during the period beginning on the date 
occurring— 
‘‘(A) in the case of the Senate, 60 session days; 
or 
‘‘(B) in the case of the House of Representa-
tives, 60 legislative days, 
before the date the Congress is scheduled to adjourn a 
session of Congress through the date on which the same 
or succeeding Congress first convenes its next session, sec-
tions 802 and 803 shall apply to such rule in the suc-
ceeding session of Congress. 
‘‘(2)(A) In applying sections 802 and 803 for pur-
poses of such additional review, a rule described under 
paragraph (1) shall be treated as though— 
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‘‘(i) such rule were published in the Federal 
Register on— 
‘‘(I) in the case of the Senate, the 15th 
session day; or 
‘‘(II) in the case of the House of Rep-
resentatives, the 15th legislative day, 
after the succeeding session of Congress first con-
venes; and 
‘‘(ii) a report on such rule were submitted to 
Congress under subsection (a)(1) on such date. 
‘‘(B) Nothing in this paragraph shall be construed 
to affect the requirement under subsection (a)(1) that a 
report shall be submitted to Congress before a rule can 
take effect. 
‘‘(3) A rule described under paragraph (1) shall take 
effect as otherwise provided by law (including other sub-
sections of this section). 
‘‘§ 802. Congressional approval procedure for major 
rules 
‘‘(a)(1) For purposes of this section, the term ‘joint 
resolution’ means only a joint resolution addressing a re-
port classifying a rule as major pursuant to section 
801(a)(1)(A)(iii) that— 
‘‘(A) bears no preamble; 
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‘‘(B) bears the following title (with blanks filled 
as appropriate): ‘Approving the rule submitted by 
lll relating to lll.’; 
‘‘(C) includes after its resolving clause only the 
following (with blanks filled as appropriate): ‘That 
Congress approves the rule submitted by lll re-
lating to lll.’; and 
‘‘(D) is introduced pursuant to paragraph (2). 
‘‘(2) After a House of Congress receives a report 
classifying a rule as major pursuant to section 
801(a)(1)(A)(iii), the majority leader of that House (or 
his or her respective designee) shall introduce (by request, 
if appropriate) a joint resolution described in paragraph 
(1)— 
‘‘(A) in the case of the House of Representa-
tives, within 3 legislative days; and 
‘‘(B) in the case of the Senate, within 3 session 
days. 
‘‘(3) A joint resolution described in paragraph (1) 
shall not be subject to amendment at any stage of pro-
ceeding. 
‘‘(b) A joint resolution described in subsection (a) 
shall be referred in each House of Congress to the commit-
tees having jurisdiction over the provision of law under 
which the rule is issued. 
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‘‘(c) In the Senate, if the committee or committees 
to which a joint resolution described in subsection (a) has 
been referred have not reported it at the end of 15 session 
days after its introduction, such committee or committees 
shall be automatically discharged from further consider-
ation of the resolution and it shall be placed on the cal-
endar. A vote on final passage of the resolution shall be 
taken on or before the close of the 15th session day after 
the resolution is reported by the committee or committees 
to which it was referred, or after such committee or com-
mittees have been discharged from further consideration 
of the resolution. 
‘‘(d)(1) In the Senate, when the committee or com-
mittees to which a joint resolution is referred have re-
ported, or when a committee or committees are discharged 
(under subsection (c)) from further consideration of a 
joint resolution described in subsection (a), it is at any 
time thereafter in order (even though a previous motion 
to the same effect has been disagreed to) for a motion 
to proceed to the consideration of the joint resolution, and 
all points of order against the joint resolution (and against 
consideration of the joint resolution) are waived. The mo-
tion is not subject to amendment, or to a motion to post-
pone, or to a motion to proceed to the consideration of 
other business. A motion to reconsider the vote by which 
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the motion is agreed to or disagreed to shall not be in 
order. If a motion to proceed to the consideration of the 
joint resolution is agreed to, the joint resolution shall re-
main the unfinished business of the Senate until disposed 
of. 
‘‘(2) In the Senate, debate on the joint resolution, 
and on all debatable motions and appeals in connection 
therewith, shall be limited to not more than 2 hours, which 
shall be divided equally between those favoring and those 
opposing the joint resolution. A motion to further limit 
debate is in order and not debatable. An amendment to, 
or a motion to postpone, or a motion to proceed to the 
consideration of other business, or a motion to recommit 
the joint resolution is not in order. 
‘‘(3) In the Senate, immediately following the conclu-
sion of the debate on a joint resolution described in sub-
section (a), and a single quorum call at the conclusion of 
the debate if requested in accordance with the rules of the 
Senate, the vote on final passage of the joint resolution 
shall occur. 
‘‘(4) Appeals from the decisions of the Chair relating 
to the application of the rules of the Senate to the proce-
dure relating to a joint resolution described in subsection 
(a) shall be decided without debate. 
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‘‘(e) In the House of Representatives, if any com-
mittee to which a joint resolution described in subsection 
(a) has been referred has not reported it to the House 
at the end of 15 legislative days after its introduction, 
such committee shall be discharged from further consider-
ation of the joint resolution, and it shall be placed on the 
appropriate calendar. On the second and fourth Thursdays 
of each month it shall be in order at any time for the 
Speaker to recognize a Member who favors passage of a 
joint resolution that has appeared on the calendar for at 
least 5 legislative days to call up that joint resolution for 
immediate consideration in the House without intervention 
of any point of order. When so called up a joint resolution 
shall be considered as read and shall be debatable for 1 
hour equally divided and controlled by the proponent and 
an opponent, and the previous question shall be considered 
as ordered to its passage without intervening motion. It 
shall not be in order to reconsider the vote on passage. 
If a vote on final passage of the joint resolution has not 
been taken by the third Thursday on which the Speaker 
may recognize a Member under this subsection, such vote 
shall be taken on that day. 
‘‘(f)(1) If, before passing a joint resolution described 
in subsection (a), one House receives from the other a 
joint resolution having the same text, then— 
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‘‘(2) with full recognition of the Constitutional 
right of either House to change the rules (so far as 
they relate to the procedure of that House) at any 
time, in the same manner and to the same extent as 
in the case of any other rule of that House. 
‘‘§ 803. 
Congressional 
disapproval 
procedure 
for 
nonmajor rules 
‘‘(a) For purposes of this section, the term ‘joint res-
olution’ means only a joint resolution introduced in the 
period beginning on the date on which the report referred 
to in section 801(a)(1)(A) is received by Congress and 
ending 60 days thereafter (excluding days either House 
of Congress is adjourned for more than 3 days during a 
session of Congress), the matter after the resolving clause 
of which is as follows: ‘That Congress disapproves the 
nonmajor rule submitted by the lll relating to 
lll, and such rule shall have no force or effect.’ (The 
blank spaces being appropriately filled in). 
‘‘(b) A joint resolution described in subsection (a) 
shall be referred to the committees in each House of Con-
gress with jurisdiction. 
‘‘(c) In the Senate, if the committee to which is re-
ferred a joint resolution described in subsection (a) has 
not reported such joint resolution (or an identical joint 
resolution) at the end of 15 session days after the date 
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of introduction of the joint resolution, such committee may 
be discharged from further consideration of such joint res-
olution upon a petition supported in writing by 30 Mem-
bers of the Senate, and such joint resolution shall be 
placed on the calendar. 
‘‘(d)(1) In the Senate, when the committee to which 
a joint resolution is referred has reported, or when a com-
mittee is discharged (under subsection (c)) from further 
consideration of a joint resolution described in subsection 
(a), it is at any time thereafter in order (even though a 
previous motion to the same effect has been disagreed to) 
for a motion to proceed to the consideration of the joint 
resolution, and all points of order against the joint resolu-
tion (and against consideration of the joint resolution) are 
waived. The motion is not subject to amendment, or to 
a motion to postpone, or to a motion to proceed to the 
consideration of other business. A motion to reconsider the 
vote by which the motion is agreed to or disagreed to shall 
not be in order. If a motion to proceed to the consideration 
of the joint resolution is agreed to, the joint resolution 
shall remain the unfinished business of the Senate until 
disposed of. 
‘‘(2) In the Senate, debate on the joint resolution, 
and on all debatable motions and appeals in connection 
therewith, shall be limited to not more than 10 hours, 
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which shall be divided equally between those favoring and 
those opposing the joint resolution. A motion to further 
limit debate is in order and not debatable. An amendment 
to, or a motion to postpone, or a motion to proceed to 
the consideration of other business, or a motion to recom-
mit the joint resolution is not in order. 
‘‘(3) In the Senate, immediately following the conclu-
sion of the debate on a joint resolution described in sub-
section (a), and a single quorum call at the conclusion of 
the debate if requested in accordance with the rules of the 
Senate, the vote on final passage of the joint resolution 
shall occur. 
‘‘(4) Appeals from the decisions of the Chair relating 
to the application of the rules of the Senate to the proce-
dure relating to a joint resolution described in subsection 
(a) shall be decided without debate. 
‘‘(e) In the Senate, the procedure specified in sub-
section (c) or (d) shall not apply to the consideration of 
a joint resolution respecting a nonmajor rule— 
‘‘(1) after the expiration of the 60 session days 
beginning with the applicable submission or publica-
tion date; or 
‘‘(2) if the report under section 801(a)(1)(A) 
was submitted during the period referred to in sec-
tion 801(d)(1), after the expiration of the 60 session 
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days beginning on the 15th session day after the 
succeeding session of Congress first convenes. 
‘‘(f) If, before the passage by one House of a joint 
resolution of that House described in subsection (a), that 
House receives from the other House a joint resolution 
described in subsection (a), then the following procedures 
shall apply: 
‘‘(1) The joint resolution of the other House 
shall not be referred to a committee. 
‘‘(2) With respect to a joint resolution described 
in subsection (a) of the House receiving the joint 
resolution— 
‘‘(A) the procedure in that House shall be 
the same as if no joint resolution had been re-
ceived from the other House; but 
‘‘(B) the vote on final passage shall be on 
the joint resolution of the other House. 
‘‘§ 804. Definitions 
‘‘For purposes of this chapter: 
‘‘(1) The term ‘Bureau’ means the Bureau of 
Consumer Financial Protection. 
‘‘(2) The term ‘major rule’ means any rule, in-
cluding an interim final rule, that the Administrator 
of the Office of Information and Regulatory Affairs 
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of the Office of Management and Budget finds has 
resulted in or is likely to result in— 
‘‘(A) an annual cost on the economy of 
$100,000,000 or more, adjusted annually for 
inflation; 
‘‘(B) a major increase in costs or prices for 
consumers, 
individual 
industries, 
Federal, 
State, or local government agencies, or geo-
graphic regions; or 
‘‘(C) significant adverse effects on competi-
tion, employment, investment, productivity, in-
novation, or on the ability of United States- 
based enterprises to compete with foreign-based 
enterprises in domestic and export markets. 
‘‘(3) The term ‘nonmajor rule’ means any rule 
that is not a major rule. 
‘‘(4) The term ‘rule’ has the meaning given 
such term in section 551, except that such term does 
not include— 
‘‘(A) any rule of particular applicability, 
including a rule that approves or prescribes for 
the future rates, wages, prices, services, or al-
lowances therefore, corporate or financial struc-
tures, reorganizations, mergers, or acquisitions 
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thereof, or accounting practices or disclosures 
bearing on any of the foregoing; 
‘‘(B) any rule relating to Bureau manage-
ment or personnel; or 
‘‘(C) any rule of Bureau organization, pro-
cedure, or practice that does not substantially 
affect the rights or obligations of non-Bureau 
parties. 
‘‘(5) The term ‘submission date or publication 
date’, except as otherwise provided in this chapter, 
means— 
‘‘(A) in the case of a major rule, the date 
on which the Congress receives the report sub-
mitted under section 801(a)(1); and 
‘‘(B) in the case of a nonmajor rule, the 
later of— 
‘‘(i) the date on which the Congress 
receives the report submitted under section 
801(a)(1); and 
‘‘(ii) the date on which the nonmajor 
rule is published in the Federal Register, if 
so published. 
‘‘§ 805. Judicial review 
‘‘(a) No determination, finding, action, or omission 
under this chapter shall be subject to judicial review. 
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