IB 
Union Calendar No. 49 
112TH CONGRESS 
1ST SESSION H. R. 1315 
[Report No. 112–89] 
To amend the Dodd-Frank Wall Street Reform and Consumer Protection 
Act to strengthen the review authority of the Financial Stability Over-
sight Council of regulations issued by the Bureau of Consumer Financial 
Protection. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 1, 2011 
Mr. DUFFY (for himself, Mrs. CAPITO, and Mr. BACHUS) introduced the 
following bill; which was referred to the Committee on Financial Services 
MAY 25, 2011 
Additional sponsors: Mr. MCKINLEY and Mr. CARTER 
MAY 25, 2011 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
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A BILL 
To amend the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act to strengthen the review authority 
of the Financial Stability Oversight Council of regula-
tions issued by the Bureau of Consumer Financial Pro-
tection. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Consumer Financial 
Protection Safety and Soundness Improvement Act of 
2011’’. 
SEC. 2. COUNCIL VOTING PROCEDURE. 
Section 1023(c)(3)(A) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act is amended— 
(1) by striking ‘‘2⁄3’’ and inserting ‘‘a major-
ity’’; and 
(2) by inserting before the period the following: 
‘‘, excluding the Director of the Bureau’’. 
SEC. 3. REVIEW AUTHORITY OF THE COUNCIL. 
Section 1023 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended— 
(1) in subsection (a)— 
(A)
by
striking
‘‘may’’
and
inserting 
‘‘shall’’; and 
(B) by striking ‘‘regulation or provision 
would put the safety and soundness of the 
United States banking system or the stability of 
the financial system of the United States at 
risk’’ and inserting ‘‘regulation which is the 
subject of the petition is inconsistent with the 
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safe and sound operations of United States fi-
nancial institutions’’; and 
(2) in subsection (c)— 
(A) in paragraph (3)(B)(ii), by striking 
‘‘would put the safety and soundness of the 
United States banking system or the stability of 
the financial system of the United States at 
risk’’ and inserting ‘‘is inconsistent with the 
safe and sound operations of United States fi-
nancial institutions’’; 
(B) in paragraph (4)— 
(i) by striking subparagraph (B); and 
(ii)
by
redesignating
subparagraph 
(C) as subparagraph (B); 
(C) by striking paragraph (5); and 
(D) by redesignating paragraphs (6), (7), 
and (8) as paragraphs (5), (6), and (7), respec-
tively. 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Consumer Financial 
Protection Safety and Soundness Improvement Act of 
2011’’. 
SEC. 2. COUNCIL VOTING PROCEDURE. 
Section 1023(c)(3)(A) of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act is amended— 
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(1) by striking ‘‘2⁄3’’ and inserting ‘‘a majority’’; 
and 
(2) by inserting before the period the following: 
‘‘, excluding the Director of the Bureau’’. 
SEC. 3. REVIEW AUTHORITY OF THE COUNCIL. 
Section 1023 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘may’’ and inserting 
‘‘shall’’; and 
(B) by striking ‘‘regulation or provision 
would put the safety and soundness of the United 
States banking system or the stability of the fi-
nancial system of the United States at risk’’ and 
inserting ‘‘regulation which is the subject of the 
petition is inconsistent with the safe and sound 
operations of United States financial institu-
tions’’; and 
(2) in subsection (c)— 
(A) in paragraph (3)(B)(ii), by striking 
‘‘would put the safety and soundness of the 
United States banking system or the stability of 
the financial system of the United States at risk’’ 
and inserting ‘‘is inconsistent with the safe and 
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sound operations of United States financial in-
stitutions’’; 
(B) in paragraph (4)— 
(i) by striking subparagraph (B); and 
(ii) by redesignating subparagraph (C) 
as subparagraph (B); 
(C) by striking paragraph (5); 
(D) by redesignating paragraphs (6), (7), 
and (8) as paragraphs (5), (6), and (7), respec-
tively; and 
(E) by adding at the end the following new 
paragraph: 
‘‘(8) PUBLIC MEETINGS.—Any time the Council 
meets pursuant to this section to decide whether to 
issue a stay of, or set aside, any regulation, every 
portion of such meeting shall be open to public obser-
vation.’’. 
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