168 
TITLE IX 
FINANCIAL REFORM 
Subtitle A—Helping Angels Lead Our Startups Act 
Sec. 901. Definition of angel investor group. 
Sec. 902. Clarification of general solicitation. 
Subtitle B—Credit Access and Inclusion Act 
Sec. 903. Positive credit reporting permitted. 
Subtitle C—Small Business Mergers, Acquisitions, Sales and Brokerage 
Simplification Act 
Sec. 904. Registration exemption for merger and acquisition brokers. 
Sec. 905. Effective date. 
Subtitle D—Mortgage Choice Act 
Sec. 906. Definition of points and fees. 
Sec. 907. Rulemaking. 
Subtitle E—Fair Investment Opportunities for Professional Experts Act 
Sec. 908. Definition of accredited investor. 
Subtitle F—Fostering Innovation Act 
Sec. 909. Temporary exemption for low-revenue issuers. 
Subtitle G—End Banking for Human Traffickers Act 
Sec. 910. Increasing the role of the financial industry in combating human traf-
ficking. 
Sec. 911. Coordination of human trafficking issues by the Office of Terrorism 
and Financial Intelligence. 
Sec. 912. Additional reporting requirement under the Trafficking Victims Pro-
tection Act of 2000. 
Sec. 913. Minimum standards for the elimination of trafficking. 
Subtitle H—Investing in Main Street Act 
Sec. 914. Investment in small business investment companies. 
Subtitle I—Privacy Notification Technical Clarification Act 
Sec. 915. Exception to annual notice requirement. 
Subtitle J—Financial Institution Customer Protection Act 
Sec. 916. Requirements for deposit account termination requests and orders. 
Subtitle K—Encouraging Public Offerings Act 
Sec. 917. Expanding testing the waters and confidential submissions. 
Subtitle L—Risk-Based Credit Examination Act 
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Sec. 918. Risk-Based Examinations of Nationally Recognized Statistical Rating 
Organizations. 
Subtitle M—Protection of Source Code Act 
Sec. 919. Procedure for obtaining certain intellectual property. 
Subtitle N—Family Office Technical Correction Act 
Sec. 920. Accredited investor clarification. 
Subtitle O—Market Data Protection Act 
Sec. 921. Internal risk controls. 
Subtitle P—Financial Stability Oversight Council Improvement Act 
Sec. 922. SIFI designation process. 
Sec. 923. Rule of construction. 
Subtitle Q—[Expanding Access to Capital for Rural Job Creators Act 
Sec. 925. Access to capital for rural-area small businesses. 
Subtitle R—Volcker Rule Regulatory Harmonization Act 
Sec. 926. Rulemaking authority under the Volcker rule. 
Sec. 927. Enforcement; anti-evasion. 
Sec. 928. Exclusion of community banks from Volcker rule. 
Subtitle S—Financial Institution Living Will Improvement Act 
Sec. 929. Living will reforms. 
Subtitle T—Financial Institutions Examination Fairness and Reform Act 
Sec. 930. Amendment to definition of financial institution. 
Sec. 931. Timeliness of examination reports. 
Sec. 932. Independent Examination Review Director. 
Sec. 933. Right to independent review of material supervisory determinations. 
Sec. 934. Additional amendments. 
Subtitle U—TRID Improvement Act 
Sec. 936. Amendments to mortgage disclosure requirements. 
Subtitle V—Common Sense Credit Union Capital Relief Act 
Sec. 938. Delay in effective date. 
Subtitle W—Bureau of Consumer Financial Protection–Inspector General 
Reform Act 
Sec. 939. Appointment of Inspector General. 
Sec. 940. Requirements for the Inspector General for the Bureau of Consumer 
Financial Protection. 
Sec. 941. Effective date. 
Sec. 942. Transition period. 
Subtitle X—BCFP on Appropriations 
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Sec. 943. Bureau appropriations. 
Subtitle Y—Stress Test Relief for Nonbanks 
Sec. 944. Stress test relief for nonbanks. 
Subtitle Z—Interaffiliate Language 
Sec. 945. Interaffiliate treatment with respect to initial margin requirements. 
Subtitle AA—Tailored Application of Prudential Standards 
Sec. 946. Tailored application of prudential standards. 
Subtitle AB—Authority to Remove Bureau Director 
Sec. 947. Authority to remove Bureau Director. 
Subtitle AC—Congressional Review of Bureau Rulemaking 
Sec. 948. Congressional review of Bureau rulemaking. 
Sec. 949. Budgetary effects of rules subject to section 802 of title 5, United 
States Code. 
Sec. 950. Government Accountability Office study of rules. 
Sec. 951. Effective date. 
Subtitle A—Helping Angels Lead Our Startups Act 
DEFINITION OF ANGEL INVESTOR GROUP 
SEC. 901. As used in this subtitle, the term ‘‘angel 
investor group’’ means any group that— 
(1) is composed of accredited investors inter-
ested in investing personal capital in early-stage 
companies; 
(2) holds regular meetings and has defined 
processes and procedures for making investment de-
cisions, either individually or among the membership 
of the group as a whole; and 
(3) is neither associated nor affiliated with bro-
kers, dealers, or investment advisers. 
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CLARIFICATION OF GENERAL SOLICITATION 
SEC. 902. (a) IN GENERAL.—Not later than 6 
months after the date of enactment of this Act, the Securi-
ties and Exchange Commission shall revise Regulation D 
of its rules (17 C.F.R. 230.500 et seq.) to require that 
in carrying out the prohibition against general solicitation 
or general advertising contained in section 230.502(c) of 
title 17, Code of Federal Regulations, the prohibition shall 
not apply to a presentation or other communication made 
by or on behalf of an issuer which is made at an event— 
(1) sponsored by— 
(A) the United States or any territory 
thereof, by the District of Columbia, by any 
State, by a political subdivision of any State or 
territory, or by any agency or public instrumen-
tality of any of the foregoing; 
(B) a college, university, or other institu-
tion of higher education; 
(C) a nonprofit organization; 
(D) an angel investor group; 
(E) a venture forum, venture capital asso-
ciation, or trade association; or 
(F) any other group, person or entity as 
the Securities and Exchange Commission may 
determine by rule; 
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(2) where any advertising for the event does not 
reference any specific offering of securities by the 
issuer; 
(3) the sponsor of which— 
(A) 
does 
not 
make 
investment 
rec-
ommendations or provide investment advice to 
event attendees; 
(B) does not engage in an active role in 
any investment negotiations between the issuer 
and investors attending the event; 
(C) does not charge event attendees any 
fees other than administrative fees; and 
(D) does not receive any compensation 
with respect to such event that would require 
registration of the sponsor as a broker or a 
dealer under the Securities Exchange Act of 
1934, or as an investment advisor under the In-
vestment Advisers Act of 1940; and 
(4) where no specific information regarding an 
offering of securities by the issuer is communicated 
or distributed by or on behalf of the issuer, other 
than— 
(A) that the issuer is in the process of of-
fering securities or planning to offer securities; 
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(B) the type and amount of securities 
being offered; 
(C) the amount of securities being offered 
that have already been subscribed for; and 
(D) the intended use of proceeds of the of-
fering. 
(b) RULE OF CONSTRUCTION.—Subsection (a) may 
only be construed as requiring the Securities and Ex-
change Commission to amend the requirements of Regula-
tion D with respect to presentations and communications, 
and not with respect to purchases or sales. 
Subtitle B—Credit Access and Inclusion Act 
POSITIVE CREDIT REPORTING PERMITTED 
SEC. 903. (a) IN GENERAL.—Section 623 of the Fair 
Credit Reporting Act (15 U.S.C. 1681s–2) is amended by 
adding at the end the following new subsection: 
‘‘(f) FULL-FILE CREDIT REPORTING.— 
‘‘(1) IN GENERAL.—Subject to the limitation in 
paragraph (2) and notwithstanding any other provi-
sion of law, a person or the Secretary of Housing 
and Urban Development may furnish to a consumer 
reporting agency information relating to the per-
formance of a consumer in making payments— 
‘‘(A) under a lease agreement with respect 
to a dwelling, including such a lease in which 
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the Department of Housing and Urban Devel-
opment provides subsidized payments for occu-
pancy in a dwelling; or 
‘‘(B) pursuant to a contract for a utility or 
telecommunications service. 
‘‘(2) LIMITATION.—Information about a con-
sumer’s usage of any utility services provided by a 
utility or telecommunication firm may be furnished 
to a consumer reporting agency only to the extent 
that such information relates to payment by the con-
sumer for the services of such utility or tele-
communication service or other terms of the provi-
sion of the services to the consumer, including any 
deposit, discount, or conditions for interruption or 
termination of the services. 
‘‘(3) PAYMENT PLAN.—An energy utility firm 
may not report payment information to a consumer 
reporting agency with respect to an outstanding bal-
ance of a consumer as late if— 
‘‘(A) the energy utility firm and the con-
sumer have entered into a payment plan (in-
cluding a deferred payment agreement, an ar-
rearage management program, or a debt for-
giveness program) with respect to such out-
standing balance; and 
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‘‘(B) the consumer is meeting the obliga-
tions of the payment plan, as determined by the 
energy utility firm. 
‘‘(4) DEFINITIONS.—In this subsection, the fol-
lowing definitions shall apply: 
‘‘(A) ENERGY UTILITY FIRM.—The term 
‘energy utility firm’ means an entity that pro-
vides gas or electric utility services to the pub-
lic. 
‘‘(B) UTILITY
OR
TELECOMMUNICATION 
FIRM.—The term ‘utility or telecommunication 
firm’ means an entity that provides utility serv-
ices to the public through pipe, wire, landline, 
wireless, cable, or other connected facilities, or 
radio, electronic, or similar transmission (in-
cluding the extension of such facilities).’’. 
(b) LIMITATION ON LIABILITY.—Section 623(c) of 
the Consumer Credit Protection Act (15 U.S.C. 1681s– 
2(c)) is amended— 
(1) in paragraph (2), by striking ‘‘or’’ at the 
end; 
(2) by redesignating paragraph (3) as para-
graph (4); and 
(3) by inserting after paragraph (2) the fol-
lowing new paragraph: 
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‘‘(3) subsection (f) of this section, including any 
regulations issued thereunder; or’’. 
(c) GAO STUDY AND REPORT.—Not later than 2 
years after the date of the enactment of this Act, the 
Comptroller General of the United States shall submit to 
Congress a report on the impact of furnishing information 
pursuant to subsection (f) of section 623 of the Fair Cred-
it Reporting Act (15 U.S.C. 1681s–2) (as added by this 
subtitle) on consumers. 
Subtitle C—Small Business Mergers, Acquisitions, Sales 
and Brokerage Simplification Act 
REGISTRATION EXEMPTION FOR MERGER AND 
ACQUISITION BROKERS 
SEC. 904. Section 15(b) of the Securities Exchange 
Act of 1934 (15 U.S.C. 78o(b)) is amended by adding at 
the end the following: 
‘‘(13) REGISTRATION EXEMPTION FOR MERGER 
AND ACQUISITION BROKERS.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), an M&A broker shall be ex-
empt from registration under this section. 
‘‘(B) EXCLUDED
ACTIVITIES.—An M&A 
broker is not exempt from registration under 
this paragraph if such broker does any of the 
following: 
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‘‘(i) Directly or indirectly, in connec-
tion with the transfer of ownership of an 
eligible privately held company, receives, 
holds, transmits, or has custody of the 
funds or securities to be exchanged by the 
parties to the transaction. 
‘‘(ii) Engages on behalf of an issuer in 
a public offering of any class of securities 
that is registered, or is required to be reg-
istered, with the Commission under section 
12 or with respect to which the issuer files, 
or is required to file, periodic information, 
documents, and reports under subsection 
(d). 
‘‘(iii) Engages on behalf of any party 
in a transaction involving a shell company, 
other than a business combination related 
shell company. 
‘‘(iv) Directly, or indirectly through 
any of its affiliates, provides financing re-
lated to the transfer of ownership of an eli-
gible privately held company. 
‘‘(v) Assists any party to obtain fi-
nancing from an unaffiliated third party 
without— 
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‘‘(I) complying with all other ap-
plicable laws in connection with such 
assistance, including, if applicable, 
Regulation T (12 C.F.R. 220 et seq.); 
and 
‘‘(II) disclosing any compensation 
in writing to the party. 
‘‘(vi) Represents both the buyer and 
the seller in the same transaction without 
providing clear written disclosure as to the 
parties the broker represents and obtaining 
written consent from both parties to the 
joint representation. 
‘‘(vii) Facilitates a transaction with a 
group of buyers formed with the assistance 
of the M&A broker to acquire the eligible 
privately held company. 
‘‘(viii) Engages in a transaction in-
volving the transfer of ownership of an eli-
gible privately held company to a passive 
buyer or group of passive buyers. For pur-
poses of the preceding sentence, a buyer 
that is actively involved in managing the 
acquired company is not a passive buyer, 
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regardless of whether such buyer is itself 
owned by passive beneficial owners. 
‘‘(ix) Binds a party to a transfer of 
ownership of an eligible privately held com-
pany. 
‘‘(C) 
DISQUALIFICATIONS.—An 
M&A 
broker is not exempt from registration under 
this paragraph if such broker is subject to— 
‘‘(i) suspension or revocation of reg-
istration under paragraph (4); 
‘‘(ii) a statutory disqualification de-
scribed in section 3(a)(39); 
‘‘(iii) a disqualification under the 
rules adopted by the Commission under 
section 926 of the Investor Protection and 
Securities Reform Act of 2010 (15 U.S.C. 
77d note); or 
‘‘(iv) a final order described in para-
graph (4)(H). 
‘‘(D) RULE OF CONSTRUCTION.—Nothing 
in this paragraph shall be construed to limit 
any other authority of the Commission to ex-
empt any person, or any class of persons, from 
any provision of this title, or from any provision 
of any rule or regulation thereunder. 
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‘‘(E) DEFINITIONS.—In this paragraph: 
‘‘(i) 
BUSINESS
COMBINATION
RE-
LATED SHELL COMPANY.—The term ‘busi-
ness combination related shell company’ 
means a shell company that is formed by 
an entity that is not a shell company— 
‘‘(I) solely for the purpose of 
changing the corporate domicile of 
that entity solely within the United 
States; or 
‘‘(II) solely for the purpose of 
completing a business combination 
transaction (as defined under section 
230.165(f) of title 17, Code of Fed-
eral Regulations) among one or more 
entities other than the company itself, 
none of which is a shell company. 
‘‘(ii) CONTROL.—The term ‘control’ 
means the power, directly or indirectly, to 
direct the management or policies of a 
company, whether through ownership of 
securities, by contract, or otherwise. There 
is a presumption of control for any person 
who— 
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‘‘(I) is a director, general part-
ner, member or manager of a limited 
liability company, or corporate officer 
of a corporation or limited liability 
company, and exercises executive re-
sponsibility (or has similar status or 
functions); 
‘‘(II) has the right to vote 25 
percent or more of a class of voting 
securities or the power to sell or direct 
the sale of 25 percent or more of a 
class of voting securities; or 
‘‘(III) in the case of a partner-
ship or limited liability company, has 
the right to receive upon dissolution, 
or has contributed, 25 percent or 
more of the capital. 
‘‘(iii) ELIGIBLE
PRIVATELY
HELD 
COMPANY.—The term ‘eligible privately 
held company’ means a privately held com-
pany that meets both of the following con-
ditions: 
‘‘(I) The company does not have 
any class of securities registered, or 
required to be registered, with the 
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Commission under section 12 or with 
respect to which the company files, or 
is required to file, periodic informa-
tion, documents, and reports under 
subsection (d). 
‘‘(II) In the fiscal year ending 
immediately before the fiscal year in 
which the services of the M&A broker 
are initially engaged with respect to 
the securities transaction, the com-
pany meets either or both of the fol-
lowing conditions (determined in ac-
cordance with the historical financial 
accounting records of the company): 
‘‘(aa) The earnings of the 
company before interest, taxes, 
depreciation, and amortization 
are less than $25,000,000. 
‘‘(bb) The gross revenues of 
the 
company 
are 
less 
than 
$250,000,000. 
For purposes of this subclause, the 
Commission may by rule modify the 
dollar figures if the Commission deter-
mines that such a modification is nec-
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essary or appropriate in the public in-
terest or for the protection of inves-
tors. 
‘‘(iv) M&A BROKER.—The term ‘M&A 
broker’ means a broker, and any person 
associated with a broker, engaged in the 
business of effecting securities transactions 
solely in connection with the transfer of 
ownership of an eligible privately held com-
pany, regardless of whether the broker acts 
on behalf of a seller or buyer, through the 
purchase, sale, exchange, issuance, repur-
chase, or redemption of, or a business com-
bination involving, securities or assets of 
the eligible privately held company, if the 
broker reasonably believes that— 
‘‘(I) upon consummation of the 
transaction, any person acquiring se-
curities or assets of the eligible pri-
vately held company, acting alone or 
in concert, will control and, directly or 
indirectly, will be active in the man-
agement of the eligible privately held 
company or the business conducted 
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with the assets of the eligible privately 
held company; and 
‘‘(II) if any person is offered se-
curities in exchange for securities or 
assets of the eligible privately held 
company, such person will, prior to 
becoming legally bound to consum-
mate the transaction, receive or have 
reasonable access to the most recent 
fiscal year-end financial statements of 
the issuer of the securities as custom-
arily prepared by the management of 
the issuer in the normal course of op-
erations and, if the financial state-
ments of the issuer are audited, re-
viewed, or compiled, any related state-
ment by the independent accountant, 
a balance sheet dated not more than 
120 days before the date of the offer, 
and information pertaining to the 
management, business, results of op-
erations for the period covered by the 
foregoing financial statements, and 
material loss contingencies of the 
issuer. 
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‘‘(v) SHELL
COMPANY.—The term 
‘shell company’ means a company that at 
the time of a transaction with an eligible 
privately held company— 
‘‘(I) has no or nominal oper-
ations; and 
‘‘(II) has— 
‘‘(aa) no or nominal assets; 
‘‘(bb) assets consisting solely 
of cash and cash equivalents; or 
‘‘(cc) assets consisting of 
any amount of cash and cash 
equivalents and nominal other as-
sets. 
‘‘(F) INFLATION ADJUSTMENT.— 
‘‘(i) IN GENERAL.—On the date that 
is 5 years after the date of the enactment 
of the Small Business Mergers, Acquisi-
tions, Sales, and Brokerage Simplification 
Act of 2018, and every 5 years thereafter, 
each 
dollar 
amount 
in 
subparagraph 
(E)(ii)(II) shall be adjusted by— 
‘‘(I) dividing the annual value of 
the Employment Cost Index For 
Wages and Salaries, Private Industry 
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Workers (or any successor index), as 
published by the Bureau of Labor 
Statistics, for the calendar year pre-
ceding the calendar year in which the 
adjustment is being made by the an-
nual value of such index (or suc-
cessor) for the calendar year ending 
December 31, 2012; and 
‘‘(II) multiplying such dollar 
amount by the quotient obtained 
under subclause (I). 
‘‘(ii) 
ROUNDING.—Each 
dollar 
amount determined under clause (i) shall 
be rounded to the nearest multiple of 
$100,000.’’. 
EFFECTIVE DATE 
SEC. 905. This subtitle and any amendment made by 
this subtitle shall take effect on the date that is 90 days 
after the date of the enactment of this Act. 
Subtitle D—Mortgage Choice Act 
DEFINITION OF POINTS AND FEES 
SEC. 906. (a) AMENDMENT TO SECTION 103 OF 
TILA.—Section 103(bb)(4) of the Truth in Lending Act 
(15 U.S.C. 1602(bb)(4)) is amended— 
(1) by striking ‘‘paragraph (1)(B)’’ and insert-
ing ‘‘paragraph (1)(A) and section 129C’’; 
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(2) in subparagraph (C)— 
(A) by inserting ‘‘and insurance’’ after 
‘‘taxes’’; 
(B) in clause (ii), by inserting ‘‘, except as 
retained by a creditor or its affiliate as a result 
of their participation in an affiliated business 
arrangement (as defined in section 2(7) of the 
Real Estate Settlement Procedures Act of 1974 
(12 U.S.C. 2602(7))’’ after ‘‘compensation’’; 
and 
(C) by striking clause (iii) and inserting 
the following: 
‘‘(iii) the charge is— 
‘‘(I) a bona fide third-party charge 
not retained by the mortgage originator, 
creditor, or an affiliate of the creditor or 
mortgage originator; or 
‘‘(II) a charge set forth in section 
106(e)(1);’’; and 
(3) in subparagraph (D)— 
(A) by striking ‘‘accident,’’; and 
(B) by striking ‘‘or any payments’’ and in-
serting ‘‘and any payments’’. 
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(b) AMENDMENT TO SECTION 129C OF TILA.—Sec-
tion 129C of the Truth in Lending Act (15 U.S.C. 1639c) 
is amended— 
(1) in subsection (a)(5)(C), by striking ‘‘103’’ 
and all that follows through ‘‘or mortgage origi-
nator’’ and inserting ‘‘103(bb)(4)’’; and 
(2) in subsection (b)(2)(C)(i), by striking ‘‘103’’ 
and all that follows through ‘‘or mortgage origi-
nator)’’ and inserting ‘‘103(bb)(4)’’. 
RULEMAKING 
SEC. 907. Not later than the end of the 90-day period 
beginning on the date of the enactment of this Act, the 
Bureau of Consumer Financial Protection shall issue final 
regulations to carry out the amendments made by this 
subtitle, and such regulations shall be effective upon 
issuance. 
Subtitle E—Fair Investment Opportunities for 
Professional Experts Act 
DEFINITION OF ACCREDITED INVESTOR 
SEC. 908. (a) IN GENERAL.—Section 2(a)(15) of the 
Securities Act of 1933 (15 U.S.C. 77b(a)(15) is amend-
ed— 
(1) by redesignating clauses (i) and (ii) as sub-
paragraphs (A) and (F), respectively; and 
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(2) in subparagraph (A) (as so redesignated), 
by striking ‘‘; or’’ and inserting a semicolon, and in-
serting after such subparagraph the following: 
‘‘(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 
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-
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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 
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 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; 
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‘‘(E) 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 
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) RULEMAKING.—The Commission shall revise the 
definition of accredited investor under Regulation D (17 
C.F.R. 230.501 et seq.) to conform with the amendments 
made by subsection (a). 
Subtitle F—Fostering Innovation Act 
TEMPORARY EXEMPTION FOR LOW-REVENUE ISSUERS 
SEC. 909. Section 404 of the Sarbanes-Oxley Act of 
2002 (15 U.S.C. 7262) is amended by adding at the end 
the following: 
‘‘(d) TEMPORARY EXEMPTION FOR LOW-REVENUE 
ISSUERS.— 
‘‘(1) LOW-REVENUE
EXEMPTION.—Subsection 
(b) shall not apply with respect to an audit report 
prepared for an issuer that— 
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‘‘(C) the date on which the issuer becomes 
a large accelerated filer. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) AVERAGE
ANNUAL
GROSS
REVE-
NUES.—The term ‘average annual gross reve-
nues’ means the total gross revenues of an 
issuer over its most recently completed three 
fiscal years divided by three. 
‘‘(B) EMERGING GROWTH COMPANY.—The 
term ‘emerging growth company’ has the mean-
ing given such term under section 3 of the Se-
curities Exchange Act of 1934 (15 U.S.C. 78c). 
‘‘(C) LARGE
ACCELERATED
FILER.—The 
term ‘large accelerated filer’ has the meaning 
given that term under section 240.12b–2 of title 
17, Code of Federal Regulations, or any suc-
cessor thereto.’’. 
Subtitle G—End Banking for Human Traffickers Act 
INCREASING THE ROLE OF THE FINANCIAL INDUSTRY IN 
COMBATING HUMAN TRAFFICKING 
SEC. 910. (a) TREASURY AS A MEMBER OF THE 
PRESIDENT’S INTERAGENCY TASK FORCE TO MONITOR 
AND COMBAT TRAFFICKING.—Section 105(b) of the Vic-
tims of Trafficking and Violence Protection Act of 2000 
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(22 U.S.C. 7103(b)) is amended by inserting ‘‘the Sec-
retary of the Treasury,’’ after ‘‘the Secretary of Edu-
cation,’’. 
(b) REQUIRED REVIEW OF PROCEDURES.—Not later 
than 180 days after the date of the enactment of this Act, 
the Financial Institutions Examination Council, in con-
sultation with the Secretary of the Treasury, the private 
sector, and appropriate law enforcement agencies, shall— 
(1) review and enhance training and examina-
tions procedures to improve the capabilities of anti- 
money laundering and countering the financing of 
terrorism programs to detect financial transactions 
relating to severe forms of trafficking in persons; 
(2) review and enhance procedures for referring 
potential cases relating to severe forms of trafficking 
in persons to the appropriate law enforcement agen-
cy; and 
(3) determine, as appropriate, whether require-
ments for financial institutions are sufficient to de-
tect and deter money laundering relating to severe 
forms of trafficking in persons. 
(c) INTERAGENCY TASK FORCE RECOMMENDATIONS 
TARGETING MONEY LAUNDERING RELATED TO HUMAN 
TRAFFICKING.— 
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(1) IN
GENERAL.—Not later than 270 days 
after the date of the enactment of this Act, the 
Interagency Task Force to Monitor and Combat 
Trafficking shall submit to the Committee on Finan-
cial Services and the Committee on the Judiciary of 
the House of Representatives, the Committee on 
Banking, Housing, and Urban Affairs and the Com-
mittee on the Judiciary of the Senate, and the head 
of each appropriate Federal banking agency— 
(A) an analysis of anti-money laundering 
efforts of the United States Government and 
United States financial institutions relating to 
severe forms of trafficking in persons; and 
(B) appropriate legislative, administrative, 
and other recommendations to strengthen ef-
forts against money laundering relating to se-
vere forms of trafficking in persons. 
(2) REQUIRED RECOMMENDATIONS.—The rec-
ommendations under paragraph (1) shall include— 
(A) feedback from financial institutions on 
best practices of successful programs to combat 
severe forms of trafficking in persons currently 
in place that may be suitable for broader adop-
tion by similarly situated financial institutions; 
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(B) feedback from stakeholders, including 
victims of severe forms of trafficking in persons 
and financial institutions, on policy proposals 
derived from the analysis conducted by the task 
force referred to in paragraph (1) that would 
enhance the efforts and programs of financial 
institutions to detect and deter money laun-
dering relating to severe forms of trafficking in 
persons, including any recommended changes to 
internal policies, procedures, and controls relat-
ing to severe forms of trafficking in persons; 
(C) any recommended changes to training 
programs at financial institutions to better 
equip employees to deter and detect money 
laundering relating to severe forms of traf-
ficking in persons; 
(D) any recommended changes to expand 
information sharing relating to severe forms of 
trafficking in persons among financial institu-
tions and between such financial institutions, 
appropriate law enforcement agencies, and ap-
propriate Federal agencies; and 
(E) recommended changes, if necessary, to 
existing statutory law to more effectively detect 
and deter money laundering relating to severe 
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forms of trafficking in persons, where such 
money laundering involves the use of emerging 
technologies and virtual currencies. 
(d) LIMITATION.—Nothing in this subtitle shall be 
construed to grant rulemaking authority to the Inter-
agency Task Force to Monitor and Combat Trafficking. 
(e) DEFINITIONS.—As used in this section— 
(1) the term ‘‘appropriate Federal banking 
agency’’ has the meaning given the term in section 
3(q) of the Federal Deposit Insurance Act (12 
U.S.C. 1813(q)); 
(2) the term ‘‘severe forms of trafficking in per-
sons’’ has the meaning given such term in section 
103 of the Trafficking Victims Protection Act of 
2000 (22 U.S.C. 7102); 
(3) the term ‘‘Interagency Task Force to Mon-
itor and Combat Trafficking’’ means the Interagency 
Task Force to Monitor and Combat Trafficking es-
tablished by the President pursuant to section 105 
of the Victims of Trafficking and Violence Protec-
tion Act of 2000 (22 U.S.C. 7103); and 
(4) the term ‘‘law enforcement agency’’ means 
an agency of the United States, a State, or a polit-
ical subdivision of a State, authorized by law or by 
a government agency to engage in or supervise the 
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prevention, detection, investigation, or prosecution of 
any violation of criminal or civil law. 
COORDINATION OF HUMAN TRAFFICKING ISSUES BY THE 
OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE 
SEC. 911. (a) FUNCTIONS.—Section 312(a)(4) of 
title 31, United States Code, is amended— 
(1) by redesignating subparagraphs (E), (F), 
and (G) as subparagraphs (F), (G), and (H), respec-
tively; and 
(2) by inserting after subparagraph (D) the fol-
lowing: 
‘‘(E) combating illicit financing relating to 
severe forms of trafficking in persons;’’. 
(b) INTERAGENCY COORDINATION.—Section 312(a) 
of title 31, United States Code, is amended by adding at 
the end the following: 
‘‘(8) INTERAGENCY COORDINATION.—The Sec-
retary of the Treasury, after consultation with the 
Undersecretary for Terrorism and Financial Crimes, 
shall designate an office within the OTFI that shall 
coordinate efforts to combat the illicit financing of 
severe forms of trafficking in persons with— 
‘‘(A) other offices of the Department of the 
Treasury; 
‘‘(B) other Federal agencies, including— 
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‘‘(i) the Office to Monitor and Combat 
Trafficking in Persons of the Department 
of State; and 
‘‘(ii) the Interagency Task Force to 
Monitor and Combat Trafficking; 
‘‘(C) State and local law enforcement agen-
cies; and 
‘‘(D) foreign governments.’’. 
(c) DEFINITION.—Section 312(a) of title 31, United 
States Code, as amended by this section, is further amend-
ed by adding at the end the following: 
‘‘(9) DEFINITION.—In this subsection, the term 
‘severe forms of trafficking in persons’ has the 
meaning given such term in section 103 of the Traf-
ficking Victims Protection Act of 2000 (22 U.S.C. 
7102).’’. 
ADDITIONAL REPORTING REQUIREMENT UNDER THE 
TRAFFICKING VICTIMS PROTECTION ACT OF 2000 
SEC. 912. Section 105(d)(7) of the Trafficking Vic-
tims Protection Act of 2000 (22 U.S.C. 7103(d)(7)) is 
amended— 
(1) in the matter preceding subparagraph (A)— 
(A) by inserting ‘‘the Committee on Finan-
cial Services,’’ after ‘‘the Committee on Foreign 
Affairs,’’; and 
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(B) by inserting ‘‘the Committee on Bank-
ing, Housing, and Urban Affairs,’’ after ‘‘the 
Committee on Foreign Relations,’’; 
(2) in subparagraph (Q)(vii), by striking ‘‘; 
and’’ and inserting a semicolon; 
(3) in subparagraph (R), by striking the period 
at the end and inserting ‘‘; and’’; and 
(4) by adding at the end the following: 
‘‘(S) the efforts of the United States to 
eliminate money laundering relating to severe 
forms of trafficking in persons and the number 
of investigations, arrests, indictments, and con-
victions in money laundering cases with a nexus 
to severe forms of trafficking in persons.’’. 
MINIMUM STANDARDS FOR THE ELIMINATION OF 
TRAFFICKING 
SEC. 913. Section 108(b) of the Trafficking Victims 
Protection Act of 2000 (22 U.S.C. 7106(b)) is amended 
by adding at the end the following new paragraph: 
‘‘(13) Whether the government of the country, 
consistent with the capacity of the country, has in 
effect a framework to prevent financial transactions 
involving the proceeds of severe forms of trafficking 
in persons, and is taking steps to implement such a 
framework, including by investigating, prosecuting, 
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convicting, and sentencing individuals who attempt 
or conduct such transactions.’’. 
Subtitle H—Investing in Main Street Act 
INVESTMENT IN SMALL BUSINESS INVESTMENT 
COMPANIES 
SEC. 914. Section 302(b) of the Small Business In-
vestment Act of 1958 (15 U.S.C. 682(b)) is amended— 
(1) in paragraph (1), by inserting before the pe-
riod the following: ‘‘or, subject to the approval of the 
appropriate Federal banking agency, 15 percent of 
such capital and surplus’’; 
(2) in paragraph (2), by inserting before the pe-
riod the following: ‘‘or, subject to the approval of the 
appropriate Federal banking agency, 15 percent of 
such capital and surplus’’; and 
(3) by adding at the end the following: 
‘‘(3) APPROPRIATE FEDERAL BANKING AGENCY 
DEFINED.—For purposes of this subsection, the 
term ‘appropriate Federal banking agency’ has the 
meaning given that term under section 3 of the Fed-
eral Deposit Insurance Act.’’. 
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Subtitle I—Privacy Notification Technical Clarification 
Act 
EXCEPTION TO ANNUAL NOTICE REQUIREMENT 
SEC. 915. Section 503 of the Gramm-Leach-Bliley 
Act (15 U.S.C. 6803) is amended by adding at the end 
the following: 
‘‘(g) ADDITIONAL EXCEPTION TO ANNUAL NOTICE 
REQUIREMENT.— 
‘‘(1) IN
GENERAL.—A vehicle financial com-
pany that has not changed its policies and practices 
with regard to disclosing nonpublic personal infor-
mation from the policies and practices that were dis-
closed in the most recent disclosure sent to con-
sumers in accordance with this section shall not be 
required to provide an annual disclosure under this 
section if— 
‘‘(A) the vehicle financial company makes 
its current policy available to consumers on its 
website and via mail upon written request sent 
to a designated address identified for the pur-
pose of requesting the policy or upon telephone 
request made using a toll free consumer service 
telephone number; 
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‘‘(B) the vehicle financial company con-
spicuously notifies consumers of the availability 
of the current policy, including— 
‘‘(i) with respect to consumers who 
are entitled to a periodic billing statement, 
a message on the front page of each peri-
odic billing statement; and 
‘‘(ii) with respect to consumers who 
are not entitled to a periodic billing state-
ment, through other reasonable means 
such as through a link on the landing page 
of the company’s website or with other 
written communication, including elec-
tronic communication, sent to the con-
sumer; and 
‘‘(C) the vehicle financial company— 
‘‘(i) provides consumers with the abil-
ity to opt out, subject to any exemption or 
exception provided under subsection (b)(2) 
or (e) of section 502 or under regulations 
prescribed under section 504(b), of having 
the consumer’s nonpublic personal infor-
mation disclosed to a nonaffiliated third 
party; and 
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‘‘(ii) includes a description about 
where to locate the procedures for a con-
sumer to select such opt out in each peri-
odic billing statement sent to the con-
sumer. 
‘‘(2) TREATMENT OF MULTIPLE POLICIES.—If 
a vehicle financial company maintains more than one 
set of policies described under paragraph (1) that 
vary depending on the consumer’s account status or 
State of residence, the vehicle financial company 
may comply with the website posting requirement in 
paragraph (1)(A) by posting all of such policies to 
the public section of the vehicle financial company’s 
website, with instructions for choosing the applicable 
policy. 
‘‘(3) 
VEHICLE
FINANCIAL
COMPANY
DE-
FINED.—For purposes of this subsection, the term 
‘vehicle financial company’ means— 
‘‘(A) a financial institution that— 
‘‘(i) is regularly engaged in the busi-
ness of extending credit for the purchase of 
vehicles; 
‘‘(ii) is affiliated with a vehicle manu-
facturer; and 
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‘‘(iii) only shares nonpublic personal 
information 
of 
consumers 
with 
non-
affiliated third parties that are vehicle 
dealers; or 
‘‘(B) a financial institution that— 
‘‘(i) regularly engages in the business 
of extending credit for the purchase or 
lease of vehicles from vehicle dealers; or 
‘‘(ii) purchases vehicle installment 
sales contracts or leases from vehicle deal-
ers.’’. 
Subtitle II—Financial Institution Customer Protection 
Act 
REQUIREMENTS FOR DEPOSIT ACCOUNT TERMINATION 
REQUESTS AND ORDERS 
SEC. 916. (a) TERMINATION REQUESTS OR ORDERS 
MUST BE VALID.— 
(1) IN
GENERAL.—An appropriate Federal 
banking agency may not formally or informally re-
quest or order a depository institution to terminate 
a specific customer account or group of customer ac-
counts or to otherwise restrict or discourage a de-
pository institution from entering into or maintain-
ing a banking relationship with a specific customer 
or group of customers unless— 
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(A) the agency has a valid reason for such 
request or order; and 
(B) such reason is not based solely on rep-
utation risk. 
(2) 
TREATMENT
OF
NATIONAL
SECURITY 
THREATS.—If an appropriate Federal banking agen-
cy believes a specific customer or group of customers 
is, or is acting as a conduit for, an entity which— 
(A) poses a threat to national security; 
(B) is involved in terrorist financing; 
(C) is an agency of the Government of 
Iran, North Korea, Syria, or any country listed 
from time to time on the State Sponsors of 
Terrorism list; 
(D) is located in, or is subject to the juris-
diction of, any country specified in subpara-
graph (C); or 
(E) does business with any entity described 
in subparagraph (C) or (D), unless the appro-
priate Federal banking agency determines that 
the customer or group of customers has used 
due diligence to avoid doing business with any 
entity described in subparagraph (C) or (D), 
such belief shall satisfy the requirement under para-
graph (1). 
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(b) NOTICE REQUIREMENT.— 
(1) IN GENERAL.—If an appropriate Federal 
banking agency formally or informally requests or 
orders a depository institution to terminate a spe-
cific customer account or a group of customer ac-
counts, the agency shall— 
(A) provide such request or order to the 
institution in writing; and 
(B) accompany such request or order with 
a written justification for why such termination 
is needed, including any specific laws or regula-
tions the agency believes are being violated by 
the customer or group of customers, if any. 
(2) JUSTIFICATION
REQUIREMENT.—A jus-
tification described under paragraph (1)(B) may not 
be based solely on the reputation risk to the deposi-
tory institution. 
(c) CUSTOMER NOTICE.— 
(1) NOTICE
REQUIRED.—Except as provided 
under paragraph (2) or as otherwise prohibited from 
being disclosed by law, if an appropriate Federal 
banking agency orders a depository institution to 
terminate a specific customer account or a group of 
customer accounts, the depository institution shall 
inform the specific customer or group of customers 
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of the justification for the customer’s account termi-
nation described under subsection (b). 
(2) NOTICE PROHIBITED.— 
(A) NOTICE PROHIBITED IN CASES OF NA-
TIONAL SECURITY.—If an appropriate Federal 
banking agency requests or orders a depository 
institution to terminate a specific customer ac-
count or a group of customer accounts based on 
a belief that the customer or customers pose a 
threat to national security, or are otherwise de-
scribed under subsection (a)(2), neither the de-
pository institution nor the appropriate Federal 
banking agency may inform the customer or 
customers of the justification for the customer’s 
account termination. 
(B) 
NOTICE
PROHIBITED
IN
OTHER 
CASES.—If an appropriate Federal banking 
agency determines that the notice required 
under paragraph (1) may interfere with an au-
thorized criminal investigation, neither the de-
pository institution nor the appropriate Federal 
banking agency may inform the specific cus-
tomer or group of customers of the justification 
for the customer’s account termination. 
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(d) REPORTING REQUIREMENT.—Each appropriate 
Federal banking agency shall issue an annual report to 
the Congress stating— 
(1) the aggregate number of specific customer 
accounts that the agency requested or ordered a de-
pository institution to terminate during the previous 
year; and 
(2) the legal authority on which the agency re-
lied in making such requests and orders and the fre-
quency on which the agency relied on each such au-
thority. 
(e) DEFINITIONS.—For purposes of this section: 
(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ means— 
(A) the appropriate Federal banking agen-
cy, as defined under section 3 of the Federal 
Deposit Insurance Act (12 U.S.C. 1813); and 
(B) the National Credit Union Administra-
tion, in the case of an insured credit union. 
(2) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ means— 
(A) a depository institution, as defined 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
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(B) an insured credit union. 
Subtitle III—Encouraging Public Offerings Act 
EXPANDING TESTING THE WATERS AND CONFIDENTIAL 
SUBMISSIONS 
SEC. 917. The Securities Act of 1933 (15 U.S.C. 77a 
et seq.) is amended— 
(1) in section 5(d)— 
(A) by striking ‘‘Notwithstanding’’ and in-
serting the following: 
‘‘(1) IN GENERAL.—Notwithstanding’’; 
(B) by striking ‘‘an emerging growth com-
pany or any person authorized to act on behalf 
of an emerging growth company’’ and inserting 
‘‘an issuer or any person authorized to act on 
behalf of an issuer’’; and 
(C) by adding at the end the following: 
‘‘(2) ADDITIONAL REQUIREMENTS.— 
‘‘(A) IN GENERAL.—The Commission may 
issue regulations, subject to public notice and 
comment, to impose such other terms, condi-
tions, or requirements on the engaging in oral 
or written communications described under 
paragraph (1) by an issuer other than an 
emerging growth company as the Commission 
determines appropriate. 
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‘‘(B) REPORT TO CONGRESS.—Prior to any 
rulemaking described under subparagraph (A), 
the Commission shall issue a report to the Con-
gress containing a list of the findings sup-
porting the basis of such rulemaking.’’; and 
(2) in section 6(e)— 
(A) in the heading, by striking ‘‘EMERG-
ING
GROWTH
COMPANIES’’ 
and 
inserting 
‘‘DRAFT REGISTRATION STATEMENTS’’; 
(B) by redesignating paragraph (2) as 
paragraph (4); and 
(C) by striking paragraph (1) and insert-
ing the following: 
‘‘(1) PRIOR TO INITIAL PUBLIC OFFERING.— 
Any issuer, prior to its initial public offering date, 
may confidentially submit to the Commission a draft 
registration statement, for confidential nonpublic re-
view by the staff of the Commission prior to public 
filing, provided that the initial confidential submis-
sion and all amendments thereto shall be publicly 
filed with the Commission not later than 15 days be-
fore the date on which the issuer conducts a road 
show (as defined under section 230.433(h)(4) of title 
17, Code of Federal Regulations) or, in the absence 
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of a road show, at least 15 days prior to the re-
quested effective date of the registration statement. 
‘‘(2) WITHIN 1 YEAR AFTER INITIAL PUBLIC 
OFFERING
OR
EXCHANGE
REGISTRATION.—Any 
issuer, within the 1-year period following its initial 
public offering or its registration of a security under 
section 12(b) of the Securities Exchange Act of 
1934, may confidentially submit to the Commission 
a draft registration statement, for confidential non-
public review by the staff of the Commission prior 
to public filing, provided that the initial confidential 
submission and all amendments thereto shall be pub-
licly filed with the Commission not later than 15 
days before the date on which the issuer conducts a 
road show (as defined under section 230.433(h)(4) 
of title 17, Code of Federal Regulations) or, in the 
absence of a road show, at least 15 days prior to the 
requested effective date of the registration state-
ment. 
‘‘(3) ADDITIONAL REQUIREMENTS.— 
‘‘(A) IN GENERAL.—The Commission may 
issue regulations, subject to public notice and 
comment, to impose such other terms, condi-
tions, or requirements on the submission of 
draft registration statements described under 
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this subsection by an issuer other than an 
emerging growth company as the Commission 
determines appropriate. 
‘‘(B) REPORT TO CONGRESS.—Prior to any 
rulemaking described under subparagraph (A), 
the Commission shall issue a report to the Con-
gress containing a list of the findings sup-
porting the basis of such rulemaking.’’. 
Subtitle IV—Risk-Based Credit Examination Act 
RISK-BASED EXAMINATIONS OF NATIONALLY 
RECOGNIZED STATISTICAL RATING ORGANIZATIONS 
SEC. 918. 
Section 15E(p)(3)(B) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o–7(p)(3)(B)) is amended in the 
matter preceding clause (i), by inserting ‘‘, as appro-
priate,’’ after ‘‘Each examination under subparagraph (A) 
shall include’’. 
Subtitle V—Protection of Source Code Act 
PROCEDURE FOR OBTAINING CERTAIN INTELLECTUAL 
PROPERTY 
SEC. 919. (a) PERSONS UNDER SECURITIES ACT OF 
1933.—Section 8 of the Securities Act of 1933 (15 U.S.C. 
77h) is amended by adding at the end the following: 
‘‘(g) PROCEDURE FOR OBTAINING CERTAIN INTEL-
LECTUAL PROPERTY.—The Commission is not authorized 
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to compel under this title a person to produce or furnish 
source code, including algorithmic trading source code or 
similar intellectual property that forms the basis for de-
sign of the source code, to the Commission unless the 
Commission first issues a subpoena.’’. 
(b) PERSONS UNDER THE SECURITIES EXCHANGE 
ACT OF 1934.—Section 23 of the Securities Exchange Act 
of 1934 (15 U.S.C. 78w) is amended by adding at the 
end the following: 
‘‘(e) PROCEDURE FOR OBTAINING CERTAIN INTEL-
LECTUAL PROPERTY.—The Commission is not authorized 
to compel under this title a person to produce or furnish 
source code, including algorithmic trading source code or 
similar intellectual property that forms the basis for de-
sign of the source code, to the Commission unless the 
Commission first issues a subpoena.’’. 
(c) INVESTMENT COMPANIES.—Section 31 of the In-
vestment Company Act of 1940 (15 U.S.C. 80a–30) is 
amended by adding at the end the following: 
‘‘(e) PROCEDURE FOR OBTAINING CERTAIN INTEL-
LECTUAL PROPERTY.—The Commission is not authorized 
to compel under this title an investment company to 
produce or furnish source code, including algorithmic trad-
ing source code or similar intellectual property that forms 
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the basis for design of the source code, to the Commission 
unless the Commission first issues a subpoena.’’. 
(d) INVESTMENT ADVISERS.—Section 204 of the In-
vestment Advisers Act of 1940 (15 U.S.C. 80b–4) is 
amended— 
(1) by adding at the end the following: 
‘‘(f) PROCEDURE FOR OBTAINING CERTAIN INTEL-
LECTUAL PROPERTY.—The Commission is not authorized 
to compel under this title an investment adviser to produce 
or furnish source code, including algorithmic trading 
source code or similar intellectual property that forms the 
basis for design of the source code, to the Commission un-
less the Commission first issues a subpoena.’’; and 
(2) in the second subsection (d), by striking 
‘‘(d)’’ and inserting ‘‘(e)’’. 
Subtitle VI—Family Office Technical Correction Act 
ACCREDITED INVESTOR CLARIFICATION 
SEC. 920. (a) IN GENERAL.—Subject to subsection 
(b), any family office or a family client of a family office, 
as defined in section 275.202(a)(11)(G)–1 of title 17, 
Code of Federal Regulations, shall be deemed to be an 
accredited investor, as defined in Regulation D of the Se-
curities and Exchange Commission (or any successor 
thereto) under the Securities Act of 1933. 
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(b) LIMITATION.—Subsection (a) only applies to a 
family office with assets under management in excess of 
$5,000,000, and a family office or a family client not 
formed for the specific purpose of acquiring the securities 
offered, and whose purchase is directed by a person who 
has such knowledge and experience in financial and busi-
ness matters that such person is capable of evaluating the 
merits and risks of the prospective investment. 
Subtitle VII—Market Data Protection Act 
INTERNAL RISK CONTROLS 
SEC. 921. The Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.) is amended— 
(1) by inserting after section 4E the following: 
‘‘SEC. 4F. INTERNAL RISK CONTROLS. 
‘‘(a) IN GENERAL.—Each of the following entities, in 
consultation with the Chief Economist, shall develop com-
prehensive internal risk control mechanisms to safeguard 
and govern the storage of all market data by such entity, 
all market data sharing agreements of such entity, and 
all academic research performed at such entity using mar-
ket data: 
‘‘(1) The Commission. 
‘‘(2) Each national securities association reg-
istered pursuant to section 15A. 
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‘‘(3) The operator of the consolidated audit 
trail created by a national market system plan ap-
proved pursuant to section 242.613 of title 17, Code 
of Federal Regulations (or any successor regulation). 
‘‘(b) CONSOLIDATED
AUDIT
TRAIL
PROHIBITED 
FROM ACCEPTING MARKET DATA UNTIL MECHANISMS 
DEVELOPED.—The operator described in paragraph (3) of 
subsection (a) may not accept market data (or shall cease 
accepting market data) until the operator has developed 
the mechanisms required by such subsection. Any require-
ment for a person to provide market data to the operator 
shall not apply during any time when the operator is pro-
hibited by this subsection from accepting such data. 
‘‘(c) TREATMENT
OF
PREVIOUSLY
DEVELOPED 
MECHANISMS.—The development of comprehensive inter-
nal risk control mechanisms required by subsection (a) 
may occur, in whole or in part, before the date of the en-
actment of this section, if such development and such 
mechanisms meet the requirements of such subsection (in-
cluding consultation with the Chief Economist).’’; and 
(2) in section 3(a)— 
(A) by redesignating the second paragraph 
(80) (relating to funding portals) as paragraph 
(81); and 
(B) by adding at the end the following: 
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‘‘(82) CHIEF
ECONOMIST.—The term ‘Chief 
Economist’ means the Director of the Division of 
Economic and Risk Analysis, or an employee of the 
Commission with comparable authority, as deter-
mined by the Commission.’’. 
Subtitle VIII—Financial Stability Oversight Council 
Improvement Act 
SIFI DESIGNATION PROCESS 
SEC. 922. Section 113 of the Financial Stability Act 
of 2010 (12 U.S.C. 5323) is amended— 
(1) in subsection (a)(2)— 
(A) in subparagraph (J), by striking ‘‘and’’ 
at the end; 
(B) by redesignating subparagraph (K) as 
subparagraph (L); and 
(C) by inserting after subparagraph (J) 
the following: 
‘‘(K) the appropriateness of the imposition 
of prudential standards as opposed to other 
forms of regulation to mitigate the identified 
risks; and’’; 
(2) in subsection (b)(2)— 
(A) in subparagraph (J), by striking ‘‘and’’ 
at the end; 
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(B) by redesignating subparagraph (K) as 
subparagraph (L); 
(C) by inserting after subparagraph (J) 
the following: 
‘‘(K) the appropriateness of the imposition 
of prudential standards as opposed to other 
forms of regulation to mitigate the identified 
risks; and’’; and 
(3) by amending subsection (d) to read as fol-
lows: 
‘‘(d) REEVALUATION AND RESCISSION.— 
‘‘(1) ANNUAL
REEVALUATION.—Not less fre-
quently than annually, the Council shall reevaluate 
each determination made under subsections (a) and 
(b) with respect to a nonbank financial company su-
pervised by the Board of Governors and shall— 
‘‘(A) provide written notice to the nonbank 
financial company being reevaluated and afford 
such company an opportunity to submit written 
materials, within such time as the Council de-
termines to be appropriate (but which shall be 
not less than 30 days after the date of receipt 
by the company of such notice), to contest the 
determination, including materials concerning 
whether, in the company’s view, material finan-
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cial distress at the company, or the nature, 
scope, size, scale, concentration, interconnected-
ness, or mix of the activities of the company 
could pose a threat to the financial stability of 
the United States; 
‘‘(B) provide an opportunity for the 
nonbank financial company to meet with the 
Council to present the information described in 
subparagraph (A); and 
‘‘(C) if the Council does not rescind the de-
termination, provide notice to the nonbank fi-
nancial company, its primary financial regu-
latory agency and the primary financial regu-
latory agency of any of the company’s signifi-
cant subsidiaries of the reasons for the Coun-
cil’s decision, which notice shall address with 
specificity how the Council assessed the mate-
rial factors presented by the company under 
subparagraphs (A) and (B). 
‘‘(2) PERIODIC REEVALUATION.— 
‘‘(A) REVIEW.—Every 5 years after the 
date of a final determination with respect to a 
nonbank financial company under subsection 
(a) or (b), as applicable, the nonbank financial 
company may submit a written request to the 
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Council for a reevaluation of such determina-
tion. Upon receipt of such a request, the Coun-
cil shall conduct a reevaluation of such deter-
mination and hold a vote on whether to rescind 
such determination. 
‘‘(B) PROCEDURES.—Upon receipt of a 
written request under paragraph (A), the Coun-
cil shall fix a time (not earlier than 30 days 
after the date of receipt of the request) and 
place at which such company may appear, per-
sonally or through counsel, to— 
‘‘(i) submit written materials (which 
may include a plan to modify the com-
pany’s business, structure, or operations, 
which shall specify the length of the imple-
mentation period); and 
‘‘(ii) provide oral testimony and oral 
argument before the members of the Coun-
cil. 
‘‘(C) TREATMENT OF PLAN.—If the com-
pany submits a plan in accordance with sub-
paragraph (B)(i), the Council shall consider 
whether the plan, if implemented, would cause 
the company to no longer meet the standards 
for a final determination under subsection (a) 
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or (b), as applicable. The Council shall provide 
the nonbank financial company an opportunity 
to revise the plan after consultation with the 
Council. 
‘‘(D) EXPLANATION FOR CERTAIN COMPA-
NIES.—With respect to a reevaluation under 
this paragraph where the determination being 
reevaluated was made before the date of enact-
ment of this paragraph, the nonbank financial 
company may require the Council, as part of 
such reevaluation, to explain with specificity the 
basis for such determination. 
‘‘(3) RESCISSION OF DETERMINATION.— 
‘‘(A) IN GENERAL.—If the Council, by a 
vote of not fewer than 2⁄3 of the voting members 
then serving, including an affirmative vote by 
the Chairperson, determines under this sub-
section that a nonbank financial company no 
longer meets the standards for a final deter-
mination under subsection (a) or (b), as appli-
cable, the Council shall rescind such determina-
tion. 
‘‘(B) APPROVAL OF COMPANY PLAN.—Ap-
proval by the Council of a plan submitted or re-
vised in accordance with paragraph (2) shall re-
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quire a vote of not fewer than 2⁄3 of the voting 
members then serving, including an affirmative 
vote by the Chairperson. If such plan is ap-
proved by the Council, the company shall imple-
ment the plan during the period identified in 
the plan, except that the Council, in its sole dis-
cretion and upon request from the company, 
may grant one or more extensions of the imple-
mentation period. After the end of the imple-
mentation period, including any extensions 
granted by the Council, the Council shall pro-
ceed to a vote as described under subparagraph 
(A).’’; 
(4) by amending subsection (e) to read as fol-
lows: 
‘‘(e) REQUIREMENTS FOR PROPOSED DETERMINA-
TION, NOTICE AND OPPORTUNITY FOR HEARING, AND 
FINAL DETERMINATION.— 
‘‘(1) NOTICE OF IDENTIFICATION FOR INITIAL 
EVALUATION
AND
OPPORTUNITY
FOR
VOLUNTARY 
SUBMISSION.—Upon identifying a nonbank financial 
company for comprehensive analysis of the potential 
for the nonbank company to pose a threat to the fi-
nancial stability of the United States, the Council 
shall provide the nonbank financial company with— 
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‘‘(A) written notice that explains with 
specificity the basis for so identifying the com-
pany, a copy of which shall be provided to the 
company’s primary financial regulatory agency; 
‘‘(B) an opportunity to submit written ma-
terials for consideration by the Council as part 
of the Council’s initial evaluation of the risk 
profile and characteristics of the company; 
‘‘(C) an opportunity to meet with the 
Council to discuss the Council’s analysis; and 
‘‘(D) a list of the public sources of infor-
mation being considered by the Council as part 
of such analysis. 
‘‘(2) REQUIREMENTS BEFORE MAKING A PRO-
POSED
DETERMINATION.—Before making a pro-
posed determination with respect to a nonbank fi-
nancial company under paragraph (3), the Council 
shall— 
‘‘(A) by a vote of not fewer than 2⁄3 of the 
voting members then serving, including an af-
firmative vote by the Chairperson, approve a 
resolution that identifies with specificity any 
risks to the financial stability of the United 
States the Council has identified relating to the 
nonbank financial company; 
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‘‘(B) with respect to nonbank financial 
company with a primary financial regulatory 
agency, provide a copy of the resolution de-
scribed under subparagraph (A) to the primary 
financial regulatory agency and provide such 
agency with at least 180 days from the receipt 
of the resolution to— 
‘‘(i) consider the risks identified in the 
resolution; and 
‘‘(ii) provide a written response to the 
Council that includes its assessment of the 
risks identified and the degree to which 
they are or could be addressed by existing 
regulation and, as appropriate, issue pro-
posed regulations or undertake other regu-
latory action to mitigate the identified 
risks; 
‘‘(C) provide the nonbank financial com-
pany with written notice that the Council— 
‘‘(i) is considering whether to make a 
proposed determination with respect to the 
nonbank financial company under sub-
section (a) or (b), as applicable, which no-
tice explains with specificity the basis for 
the Council’s consideration, including any 
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aspects of the company’s operations or ac-
tivities that are a primary focus for the 
Council; or 
‘‘(ii) has determined not to subject the 
company to further review, which action 
shall not preclude the Council from issuing 
a notice to the company under subpara-
graph (1)(A) at a future time; and 
‘‘(D) in the case of a notice to the nonbank 
financial company under subparagraph (C)(i), 
provide the company with— 
‘‘(i) an opportunity to meet with the 
Council to discuss the Council’s analysis; 
‘‘(ii) an opportunity to submit written 
materials, within such time as the Council 
deems appropriate (but not less than 30 
days after the date of receipt by the com-
pany of the notice described under clause 
(i)), to the Council to inform the Council’s 
consideration of the nonbank financial 
company for a proposed determination, in-
cluding materials concerning the com-
pany’s views as to whether it satisfies the 
standard for determination set forth in 
subsection (a) or (b), as applicable; 
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‘‘(iii) an explanation of how any re-
quest by the Council for information from 
the nonbank financial company relates to 
potential risks to the financial stability of 
the United States and the Council’s anal-
ysis of the company; 
‘‘(iv) written notice when the Council 
deems its evidentiary record regarding 
such nonbank financial company to be 
complete; and 
‘‘(v) an opportunity to meet with the 
members of the Council. 
‘‘(3) PROPOSED DETERMINATION.— 
‘‘(A) VOTING.—The Council may, by a 
vote of not fewer than 2⁄3 of the voting members 
then serving, including an affirmative vote by 
the Chairperson, propose to make a determina-
tion in accordance with the provisions of sub-
section (a) or (b), as applicable, with respect to 
a nonbank financial company. 
‘‘(B) DEADLINE FOR MAKING A PROPOSED 
DETERMINATION.—With respect to a nonbank 
financial company provided with a written no-
tice under paragraph (2)(C)(i), if the Council 
does not provide the company with the written 
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notice of a proposed determination described 
under paragraph (4) within the 180-day period 
following the date on which the Council notifies 
the company under paragraph (2)(C) that the 
evidentiary record is complete, the Council may 
not make such a proposed determination with 
respect to such company unless the Council re-
peats the procedures described under paragraph 
(2). 
‘‘(C) REVIEW OF ACTIONS OF PRIMARY FI-
NANCIAL REGULATORY AGENCY.—With respect 
to a nonbank financial company with a primary 
financial regulatory agency, the Council may 
not vote under subparagraph (A) to make a 
proposed determination unless— 
‘‘(i) the Council first determines that 
any proposed regulations or other regu-
latory actions taken by the primary finan-
cial regulatory agency after receipt of the 
resolution 
described 
under 
paragraph 
(2)(A) are insufficient to mitigate the risks 
identified in the resolution; 
‘‘(ii) the primary financial regulatory 
agency has notified the Council that the 
agency has no proposed regulations or 
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other regulatory actions to mitigate the 
risks identified in the resolution; or 
‘‘(iii) the period allowed by the Coun-
cil under paragraph (2)(B) has elapsed 
and the primary financial regulatory agen-
cy has taken no action in response to the 
resolution. 
‘‘(4) NOTICE OF PROPOSED DETERMINATION.— 
The Council shall— 
‘‘(A) provide to a nonbank financial com-
pany written notice of a proposed determination 
of the Council, including an explanation of the 
basis of the proposed determination of the 
Council, that a nonbank financial company shall 
be supervised by the Board of Governors and 
shall be subject to prudential standards in ac-
cordance with this title, an explanation of the 
specific risks to the financial stability of the 
United States presented by the nonbank finan-
cial company, and a detailed explanation of why 
existing regulations or other regulatory action 
by the company’s primary financial regulatory 
agency, if any, is insufficient to mitigate such 
risk; and 
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‘‘(B) provide the primary financial regu-
latory agency of the nonbank financial company 
a copy of the nonpublic written explanation of 
the Council’s proposed determination. 
‘‘(5) HEARING.— 
‘‘(A) IN
GENERAL.—Not later than 30 
days after the date of receipt of any notice of 
a proposed determination under paragraph (4), 
the nonbank financial company may request, in 
writing, an opportunity for a written or oral 
hearing before the Council to contest the pro-
posed determination, including the opportunity 
to present a plan to modify the company’s busi-
ness, structure, or operations in order to miti-
gate the risks identified in the notice, and 
which plan shall also include any steps the com-
pany expects to take during the implementation 
period to mitigate such risks. 
‘‘(B) GRANT OF HEARING.—Upon receipt 
of a timely request, the Council shall fix a time 
(not earlier than 30 days after the date of re-
ceipt of the request) and place at which such 
company may appear, personally or through 
counsel, to— 
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231 
‘‘(i) submit written materials (which 
may include a plan to modify the com-
pany’s business, structure, or operations); 
or 
‘‘(ii) provide oral testimony and oral 
argument to the members of the Council. 
‘‘(6) COUNCIL
CONSIDERATION
OF
COMPANY 
PLAN.— 
‘‘(A) IN GENERAL.—If a nonbank financial 
company submits a plan in accordance with 
paragraph (5), the Council shall, prior to mak-
ing a final determination— 
‘‘(i) consider whether the plan, if im-
plemented, would mitigate the risks identi-
fied in the notice under paragraph (4); and 
‘‘(ii) provide the nonbank financial 
company an opportunity to revise the plan 
after consultation with the Council. 
‘‘(B) VOTING.—Approval by the Council of 
a plan submitted under paragraph (5) or re-
vised under subparagraph (A)(ii) shall require a 
vote of not fewer than 2⁄3 of the voting members 
then serving, including an affirmative vote by 
the Chairperson. 
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‘‘(C) 
IMPLEMENTATION
OF
APPROVED 
PLAN.—With respect to a nonbank financial 
company’s plan approved by the Council under 
subparagraph (B), the company shall have one 
year to implement the plan, except that the 
Council, in its sole discretion and upon request 
from the nonbank financial company, may 
grant one or more extensions of the implemen-
tation period. 
‘‘(D) OVERSIGHT OF IMPLEMENTATION.— 
‘‘(i) PERIODIC REPORTS.—The Coun-
cil, acting through the Office of Financial 
Research, may require the submission of 
periodic reports from a nonbank financial 
company for the purpose of evaluating the 
company’s progress in implementing a plan 
approved by the Council under subpara-
graph (B). 
‘‘(ii) INSPECTIONS.—The Council may 
direct the primary financial regulatory 
agency of a nonbank financial company or 
its subsidiaries (or, if none, the Board of 
Governors) to inspect the company or its 
subsidiaries for the purpose of evaluating 
the implementation of the company’s plan. 
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‘‘(E) 
AUTHORITY
TO
RESCIND
AP-
PROVAL.— 
‘‘(i) IN GENERAL.—During the imple-
mentation period described under subpara-
graph (C), including any extensions grant-
ed by the Council, the Council shall retain 
the authority to rescind its approval of the 
plan if the Council finds, by a vote of not 
fewer than 2⁄3 of the voting members then 
serving, including an affirmative vote by 
the Chairperson, that the company’s imple-
mentation of the plan is no longer suffi-
cient to mitigate or prevent the risks iden-
tified in the resolution described under 
paragraph (2)(A). 
‘‘(ii) FINAL DETERMINATION VOTE.— 
The Council may proceed to a vote on final 
determination under subsection (a) or (b), 
as applicable, not earlier than 10 days 
after providing the nonbank financial com-
pany with written notice that the Council 
has rescinded the approval of the com-
pany’s plan pursuant to clause (i). 
‘‘(F) ACTIONS AFTER IMPLEMENTATION.— 
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234 
‘‘(i) EVALUATION
OF
IMPLEMENTA-
TION.—After the end of the implementa-
tion period described under subparagraph 
(C), including any extensions granted by 
the Council, the Council shall consider 
whether the plan, as implemented by the 
nonbank financial company, adequately 
mitigates or prevents the risks identified in 
the resolution described under paragraph 
(2)(A). 
‘‘(ii) VOTING.—If, after performing 
an evaluation under clause (i), not fewer 
than 2⁄3 of the voting members of the 
Council then serving, including an affirma-
tive vote by the Chairperson, determine 
that the plan, as implemented, adequately 
mitigates or prevents the identified risks, 
the Council shall not make a final deter-
mination under subsection (a) or (b), as 
applicable, with respect to the nonbank fi-
nancial company and shall notify the com-
pany of the Council’s decision to take no 
further action. 
‘‘(7) FINAL COUNCIL DECISIONS.— 
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‘‘(A) IN
GENERAL.—Not later than 90 
days after the date of a hearing under para-
graph (5), the Council shall notify the nonbank 
financial company of— 
‘‘(i) a final determination under sub-
section (a) or (b), as applicable; 
‘‘(ii) the Council’s approval of a plan 
submitted by the nonbank financial com-
pany under paragraph (5) or revised under 
paragraph (6); or 
‘‘(iii) the Council’s decision to take no 
further action with respect to the nonbank 
financial company. 
‘‘(B) EXPLANATORY STATEMENT.—A final 
determination of the Council, under subsection 
(a) or (b), shall contain a statement of the basis 
for the decision of the Council, including the 
reasons why the Council rejected any plan by 
the nonbank financial company submitted under 
paragraph (5) or revised under paragraph (6). 
‘‘(C) NOTICE TO PRIMARY FINANCIAL REG-
ULATORY AGENCY.—In the case of a final de-
termination under subsection (a) or (b), the 
Council shall provide the primary financial reg-
ulatory agency of the nonbank financial com-
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pany a copy of the nonpublic written expla-
nation of the Council’s final determination.’’; 
(5) in subsection (g), strike ‘‘before the Council 
makes any final determination’’ and insert ‘‘from 
the outset of the Council’s consideration of the com-
pany, including before the Council makes any pro-
posed or final determination’’; and 
(6) by adding at the end the following: 
‘‘(j) PUBLIC
DISCLOSURE
REQUIREMENT.—The 
Council shall— 
‘‘(1) in each case where a nonbank financial 
company has been notified that it is subject to the 
Council’s review and the company has publicly dis-
closed such fact, confirm that the nonbank financial 
company is subject to the Council’s review, in re-
sponse to a request from a third party; 
‘‘(2) upon making a final determination, pub-
licly provide a written explanation of the basis for its 
decision with sufficient detail to provide the public 
with an understanding of the specific bases of the 
Council’s determination, including any assumptions 
related thereof, subject to the requirements of sec-
tion 112(d)(5); 
‘‘(3) include, in the annual report required by 
section 112, the number of nonbank financial com-
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panies from the previous year subject to preliminary 
analysis, further review, and subject to a proposed 
or final determination; and 
‘‘(4) within 90 days after the enactment of this 
subsection, publish information regarding its meth-
odology for calculating any quantitative thresholds 
or other metrics used to identify nonbank financial 
companies for analysis by the Council. 
‘‘(k) PERIODIC ASSESSMENT
OF
THE IMPACT
OF 
DESIGNATIONS.— 
‘‘(1) ASSESSMENT.—Every five years after the 
date of enactment of this section, the Council 
shall— 
‘‘(A) conduct a study of the Council’s de-
terminations that nonbank financial companies 
shall be supervised by the Board of Governors 
and shall be subject to prudential standards; 
and 
‘‘(B) comprehensively assess the impact of 
such determinations on the companies for which 
such determinations were made and the wider 
economy, including whether such determina-
tions are having the intended result of improv-
ing the financial stability of the United States. 
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‘‘(2) REPORT.—Not later than 90 days after 
completing a study required under paragraph (1), 
the Council shall issue a report to the Congress 
that— 
‘‘(A) describes all findings and conclusions 
made by the Council in carrying out such study; 
and 
‘‘(B) identifies whether any of the Coun-
cil’s determinations should be rescinded or 
whether related regulations or regulatory guid-
ance should be modified, streamlined, expanded, 
or repealed.’’. 
RULE OF CONSTRUCTION 
SEC. 923. None of the amendments made by this sub-
title may be construed as limiting the Financial Stability 
Oversight Council’s emergency powers under section 
113(f) of the Financial Stability Act of 2010 (12 U.S.C. 
5323(f)). 
Subtitle IX—Expanding Access to Capital for Rural Job 
Creators Act 
ACCESS TO CAPITAL FOR RURAL-AREA SMALL 
BUSINESSES 
SEC. 925. 
Section 4(j) of the Securities Exchange Act of 1934 
(15 U.S.C. 78d(j)) is amended— 
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(1) in paragraph(4)(C), by inserting ‘‘rural-area 
small businesses,’’ after ‘‘women-owned small busi-
nesses,’’; and 
(2) in paragraph (6)(B)(iii), by inserting 
‘‘rural-area small businesses,’’ after ‘‘women-owned 
small businesses,’’. 
Subtitle X—Volcker Rule Regulatory Harmonization Act 
RULEMAKING AUTHORITY UNDER THE VOLCKER RULE 
SEC. 926. 
(a) IN GENERAL.—Paragraph (2) of section 13(b) of 
the Bank Holding Company Act of 1956 (12 U.S.C. 
1851(b)(2)) is amended to read as follows: 
‘‘(2) RULEMAKING.— 
‘‘(A) IN GENERAL.—The Board may, as 
appropriate, consult with the Comptroller of the 
Currency, the Federal Deposit Insurance Cor-
poration, the Securities and Exchange Commis-
sion, or the Commodity Futures Trading Com-
mission to adopt rules or guidance to carry out 
this section, as provided in subparagraph (B). 
‘‘(B) RULEMAKING
REQUIREMENTS.—In 
adopting a rule or guidance under subpara-
graph (A), the Board— 
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240 
‘‘(i) shall consider the findings of the 
report required in paragraph (1) and, as 
appropriate, subsequent reports; 
‘‘(ii) shall assure, to the extent pos-
sible, that such rule or guidance provide 
for consistent application and implementa-
tion of the applicable provisions of this sec-
tion to avoid providing advantages or im-
posing disadvantages to the companies af-
fected by this subsection and to protect the 
safety and soundness of banking entities 
and nonbank financial companies super-
vised by the Board; and 
‘‘(iii) shall include requirements to en-
sure compliance with this section, such as 
requirements regarding internal controls 
and recordkeeping. 
‘‘(C) AUTHORITY.—The Board shall have 
sole authority to issue and amend rules under 
this section after the date of the enactment of 
this paragraph. 
‘‘(D) CONFORMING AUTHORITY.— 
‘‘(i) CONTINUITY OF REGULATIONS.— 
Any rules or guidance issued under this 
section prior to the date of enactment of 
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241 
this paragraph shall continue in effect 
until the Board issues a successor rule or 
guidance, or amends such rule or guidance, 
pursuant to subparagraph (C). 
‘‘(ii) APPLICABLE GUIDANCE.—In per-
forming examinations or other supervisory 
duties, the appropriate Federal banking 
agencies, the Securities and Exchange 
Commission, and the Commodity Futures 
Trading Commission, as appropriate, shall 
update any applicable policies and proce-
dures to ensure that such policies and pro-
cedures are consistent (to the extent prac-
ticable) with any rules or guidance issued 
pursuant to subparagraph (C).’’. 
(b) CONFORMING AMENDMENTS.—Section 13 of the 
Bank Holding Company Act of 1956 (12 U.S.C. 1851) 
is amended— 
(1) by striking ‘‘the appropriate Federal bank-
ing agencies, the Securities and Exchange Commis-
sion, and the Commodity Futures Trading Commis-
sion,’’ each place it appears and inserting ‘‘the 
Board’’; 
(2) by striking ‘‘appropriate Federal banking 
agencies, the Securities and Exchange Commission, 
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242 
and the Commodity Futures Trading Commission’’ 
each place it appears and inserting ‘‘Board’’; 
(3) in subsection (c)(5), by striking ‘‘Notwith-
standing paragraph (2)’’ and all that follows 
through ‘‘provided in subsection (b)(2),’’ and insert-
ing ‘‘The Board shall have the authority’’; and 
(4) in subsection (d)(1)— 
(A) in subparagraph (F)(ii)— 
(i) by striking ‘‘the appropriate Fed-
eral banking agencies’’ and inserting ‘‘the 
Board’’; and 
(ii) by striking ‘‘have not jointly’’ and 
inserting ‘‘has not’’; and 
(B) in subparagraph (G)(viii), by striking 
‘‘appropriate Federal banking agencies, the Se-
curities and Exchange Commission, or the Com-
modity Futures Trading Commission,’’ and in-
serting ‘‘Board,’’. 
ENFORCEMENT; ANTI-EVASION 
SEC. 927. (a) IN GENERAL.—Subsection (e) of sec-
tion 13 of the Bank Holding Company Act of 1956 (12 
U.S.C. 1851(e)) is amended to read as follows: 
‘‘(e) ENFORCEMENT; ANTI-EVASION.— 
‘‘(1) APPROPRIATE FEDERAL BANKING AGEN-
CY.—Notwithstanding any other provision of law ex-
cept for any rules or guidance issued under sub-
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section (b)(2), whenever the appropriate Federal 
banking agency has reasonable cause to believe that 
a banking entity or nonbank financial company su-
pervised by the Board has made an investment or 
engaged in an activity in a manner that either vio-
lates the restrictions under this section, or that 
functions as an evasion of the requirements of this 
section (including through an abuse of any permitted 
activity), such appropriate Federal banking agency 
shall order, after due notice and opportunity for 
hearing, the banking entity or nonbank financial 
company supervised by the Board to terminate the 
activity and, as relevant, dispose of the investment. 
‘‘(2) SECURITIES AND EXCHANGE COMMISSION 
AND COMMODITY FUTURES TRADING COMMISSION.— 
‘‘(A) IN GENERAL.—Notwithstanding any 
other provision of law except for any rules or 
guidance issued under subsection (b)(2), when-
ever the Securities and Exchange Commission 
or the Commodity Futures Trading Commis-
sion, as appropriate, has reasonable cause to 
believe that a covered nonbank financial com-
pany for which the respective agency is the pri-
mary Federal regulator has made an investment 
or engaged in an activity in a manner that ei-
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ther violates the restrictions under this section, 
or that functions as an evasion of the require-
ments of this section (including through an 
abuse of any permitted activity), the Securities 
and Exchange Commission or the Commodity 
Futures Trading Commission, as appropriate, 
shall order, after due notice and opportunity for 
hearing, the covered nonbank financial company 
to terminate the activity and, as relevant, dis-
pose of the investment. 
‘‘(B) COVERED NONBANK FINANCIAL COM-
PANY DEFINED.—In this paragraph, the term 
‘covered nonbank financial company’ means a 
nonbank financial company (as defined in sec-
tion 102 of the Financial Stability Act of 2010) 
supervised by the Securities and Exchange 
Commission or the Commodity Futures Trading 
Commission, as appropriate.’’. 
(b) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to abrogate, reduce, or eliminate 
the backup authority of the Federal Deposit Insurance 
Corporation authority under the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 5301 
et seq.), the Federal Deposit Insurance Act (12 U.S.C. 
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‘‘(i) more than $10,000,000,000 in 
total consolidated assets; and 
‘‘(ii) total trading assets and trading 
liabilities, as reported on the most recent 
applicable regulatory filing filed by the in-
stitution, that are more than 5 percent of 
total consolidated assets.’’. 
Subtitle XI—Financial Institution Living Will 
Improvement Act 
LIVING WILL REFORMS 
SEC. 929. (a) IN GENERAL.—Section 165(d) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act (12 U.S.C. 5365(d)) is amended— 
(1) in paragraph (1), by striking ‘‘periodically’’ 
and inserting ‘‘every 2 years’’; and 
(2) in paragraph (3)— 
(A) by striking ‘‘The Board’’ and inserting 
the following: 
‘‘(A) IN GENERAL.—The Board’’; 
(B) by striking ‘‘shall review’’ and insert-
ing the following: ‘‘shall— 
‘‘(i) review’’; 
(C) by striking the period and inserting ‘‘; 
and’’; and 
(D) by adding at the end the following: 
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‘‘(ii) not later than the end of the 6- 
month period beginning on the date the 
company submits the resolution plan, pro-
vide feedback to the company on such 
plan. 
‘‘(B) 
DISCLOSURE
OF
ASSESSMENT 
FRAMEWORK.—The Board of Governors and 
the Corporation shall publicly disclose the as-
sessment framework that is used to review in-
formation under this paragraph.’’. 
(b) TREATMENT OF OTHER RESOLUTION PLAN RE-
QUIREMENTS.— 
(1) IN GENERAL.—With respect to an appro-
priate Federal banking agency that requires a bank-
ing organization to submit to the agency a resolution 
plan not described under section 165(d) of the 
Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act— 
(A) the respective agency shall ensure that 
the review of such resolution plan is consistent 
with the requirements contained in the amend-
ments made by this subtitle; 
(B) the agency may not require the sub-
mission of such a resolution plan more often 
than every 2 years; and 
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(C) paragraphs (6) and (7) of such section 
165(d) shall apply to such a resolution plan. 
(2) DEFINITIONS.—For purposes of this sub-
section: 
(A) 
APPROPRIATE
FEDERAL
BANKING 
AGENCY.—The 
term 
‘‘appropriate 
Federal 
banking agency’’— 
(i) has the meaning given such term 
under section 3 of the Federal Deposit In-
surance Act; and 
(ii) means the National Credit Union 
Administration, in the case of an insured 
credit union. 
(B) BANKING ORGANIZATION.—The term 
‘‘banking organization’’ means— 
(i) an insured depository institution; 
(ii) an insured credit union; 
(iii) a depository institution holding 
company; 
(iv) a company that is treated as a 
bank holding company for purposes of sec-
tion 8 of the International Banking Act; 
and 
(v) a U.S. intermediate holding com-
pany established by a foreign banking or-
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249 
ganization pursuant to section 252.153 of 
title 12, Code of Federal Regulations. 
(C) INSURED CREDIT UNION.—The term 
‘‘insured credit union’’ has the meaning given 
that term under section 101 of the Federal 
Credit Union Act. 
(D) OTHER BANKING TERMS.—The terms 
‘‘depository institution holding company’’ and 
‘‘insured depository institution’’ have the mean-
ing given those terms, respectively, under sec-
tion 3 of the Federal Deposit Insurance Act. 
(c) RULE OF CONSTRUCTION.—Nothing in this sub-
title, or any amendment made by this subtitle, shall be 
construed as limiting the authority of an appropriate Fed-
eral banking agency (as defined under subsection (b)(2)) 
to obtain information from an institution in connection 
with such agency’s authority to examine or require reports 
from the institution. 
Subtitle XII—Financial Institutions Examination 
Fairness and Reform Act 
AMENDMENT TO DEFINITION OF FINANCIAL INSTITUTION 
SEC. 930. Section 1003(3) of the Federal Financial 
Institutions Examination Council Act of 1978 (12 U.S.C. 
3302(3)) is amended to read as follows: 
‘‘(3) the term ‘financial institution’— 
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‘‘(A) means a commercial bank, a savings 
bank, a trust company, a savings association, a 
building and loan association, a homestead as-
sociation, a cooperative bank, or a credit union; 
and 
‘‘(B) for purposes of sections 1012, 1013, 
and 1014, includes a nondepository covered per-
son subject to supervision by the Bureau of 
Consumer Financial Protection under section 
1024 of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5514).’’. 
TIMELINESS OF EXAMINATION REPORTS 
SEC. 931. The Federal Financial Institutions Exam-
ination Council Act of 1978 (12 U.S.C. 3301 et seq.) is 
amended by adding at the end the following: 
‘‘SEC. 1012. TIMELINESS OF EXAMINATION REPORTS. 
‘‘(a) IN GENERAL.— 
‘‘(1) FINAL EXAMINATION REPORT.—A Federal 
financial institutions regulatory agency shall provide 
a final examination report to a financial institution 
not later than 60 days after the later of— 
‘‘(A) the exit interview for an examination 
of the institution; or 
‘‘(B) the provision of additional informa-
tion by the institution relating to the examina-
tion. 
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251 
‘‘(2) EXIT INTERVIEW.—If a financial institu-
tion is not subject to a resident examiner program, 
the exit interview shall occur not later than the end 
of the 9-month period beginning on the commence-
ment of the examination, except that such period 
may be extended by the Federal financial institu-
tions regulatory agency by providing written notice 
to the institution and the Independent Examination 
Review Director describing with particularity the 
reasons that a longer period is needed to complete 
the examination. 
‘‘(b) EXAMINATION MATERIALS.—Upon the request 
of a financial institution, the Federal financial institutions 
regulatory agency shall include with the final report an 
appendix listing all examination or other factual informa-
tion relied upon by the agency in support of a material 
supervisory determination.’’. 
INDEPENDENT EXAMINATION REVIEW DIRECTOR 
SEC. 932. The Federal Financial Institutions Exam-
ination Council Act of 1978 (12 U.S.C. 3301 et seq.), as 
amended by section 931, is further amended by adding 
at the end the following: 
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252 
‘‘SEC. 1013. OFFICE OF INDEPENDENT EXAMINATION RE-
VIEW. 
‘‘(a) ESTABLISHMENT.—There is established in the 
Council an Office of Independent Examination Review 
(the ‘Office’). 
‘‘(b) HEAD OF OFFICE.—There is established the po-
sition of the Independent Examination Review Director 
(the ‘Director’), as the head of the Office. The Director 
shall be appointed by the Council and shall be independent 
from any member agency of the Council. 
‘‘(c) TERM.—The Director shall serve for a term of 
5 years, and may be appointed to serve a subsequent 5- 
year term. 
‘‘(d) STAFFING.—The Director is authorized to hire 
staff to support the activities of the Office. 
‘‘(e) DUTIES.—The Director shall— 
‘‘(1) receive and, at the Director’s discretion, 
investigate complaints from financial institutions, 
their representatives, or another entity acting on be-
half of such institutions, concerning examinations, 
examination practices, or examination reports; 
‘‘(2) hold meetings, at least once every three 
months and in locations designed to encourage par-
ticipation from all sections of the United States, 
with financial institutions, their representatives, or 
another entity acting on behalf of such institutions, 
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253 
to discuss examination procedures, examination 
practices, or examination policies; 
‘‘(3) in accordance with subsection (f), review 
examination procedures of the Federal financial in-
stitutions regulatory agencies to ensure that the 
written examination policies of those agencies are 
being followed in practice and adhere to the stand-
ards for consistency established by the Council; 
‘‘(4) conduct a continuing and regular review of 
examination quality assurance for all examination 
types conducted by the Federal financial institutions 
regulatory agencies; 
‘‘(5) adjudicate any supervisory appeal initiated 
under section 1014; and 
‘‘(6) report annually to the Committee on Fi-
nancial Services of the House of Representatives, the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate, and the Council, on the reviews car-
ried out pursuant to paragraphs (3) and (4), includ-
ing compliance with the requirements set forth in 
section 1012 regarding timeliness of examination re-
ports, and the Council’s recommendations for im-
provements in examination procedures, practices, 
and policies. 
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254 
‘‘(f) STANDARD FOR REVIEWING EXAMINATION PRO-
CEDURES.—In conducting reviews pursuant to subsection 
(e)(4), the Director shall prioritize factors relating to the 
safety and soundness of the financial system of the United 
States. 
‘‘(g) REMOVAL.—If the Director is removed from of-
fice, the Council shall communicate in writing the reasons 
for any such removal to the Committee on Financial Serv-
ices of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate 
not later than 30 days before the removal. 
‘‘(h) CONFIDENTIALITY.—The Director shall keep 
confidential all meetings with, discussions with, and infor-
mation provided by financial institutions.’’. 
RIGHT TO INDEPENDENT REVIEW OF MATERIAL 
SUPERVISORY DETERMINATIONS 
SEC. 933. The Federal Financial Institutions Exam-
ination Council Act of 1978 (12 U.S.C. 3301 et seq.), as 
amended by section 932, is further amended by adding 
at the end the following: 
‘‘SEC. 1014. RIGHT TO INDEPENDENT REVIEW OF MATERIAL 
SUPERVISORY DETERMINATIONS. 
‘‘(a) IN GENERAL.—A financial institution shall have 
the right to obtain an independent review of a material 
supervisory determination contained in a final report of 
examination. 
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‘‘(b) NOTICE.— 
‘‘(1) TIMING.—A financial institution seeking 
review of a material supervisory determination under 
this section shall file a written notice with the Inde-
pendent Examination Review Director (the ‘Direc-
tor’) within 60 days after receiving the final report 
of examination that is the subject of such review. 
‘‘(2) IDENTIFICATION
OF
DETERMINATION.— 
The written notice shall identify the material super-
visory determination that is the subject of the inde-
pendent examination review, and a statement of the 
reasons why the institution believes that the deter-
mination is incorrect or should otherwise be modi-
fied. 
‘‘(3) INFORMATION TO BE PROVIDED TO INSTI-
TUTION.—Any information relied upon by the agen-
cy in the final report that is not in the possession 
of the financial institution may be requested by the 
financial institution and shall be delivered promptly 
by the agency to the financial institution. 
‘‘(c) RIGHT TO HEARING.— 
‘‘(1) IN GENERAL.—The Director shall deter-
mine the merits of the appeal on the record or, at 
the financial institution’s election, shall refer the ap-
peal to an Administrative Law Judge to conduct a 
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confidential hearing pursuant to the procedures set 
forth under sections 556 and 557 of title 5, United 
States Code, which hearing shall take place not later 
than 60 days after the petition for review was re-
ceived by the Director, and to issue a proposed deci-
sion to the Director based upon the record estab-
lished at such hearing. 
‘‘(2) STANDARD OF REVIEW.—In rendering a 
determination or recommendation under this sub-
section, neither the Administrative Law Judge nor 
the Director shall defer to the opinions of the exam-
iner or agency, but shall conduct a de novo review 
to independently determine the appropriateness of 
the agency’s decision based upon the relevant stat-
utes, regulations, and other appropriate guidance, as 
well as evidence adduced at any hearing. 
‘‘(d) FINAL DECISION.—A decision by the Director 
on an independent review under this section shall— 
‘‘(1) be made not later than 60 days after the 
record has been closed; and 
‘‘(2) subject to subsection (e), be deemed a final 
agency action and shall bind the agency whose su-
pervisory determination was the subject of the re-
view and the financial institution requesting the re-
view. 
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‘‘(e) LIMITED REVIEW BY FFIEC.— 
‘‘(1) IN GENERAL.—If the agency whose super-
visory determination was the subject of the review 
believes that the Director’s decision under subsection 
(d) would pose an imminent threat to the safety and 
soundness of the financial institution, such agency 
may file a written notice seeking review of the Direc-
tor’s decision with the Council within 10 days of re-
ceiving the Director’s decision. 
‘‘(2) STANDARD OF REVIEW.—In making a de-
termination under this subsection, the Council shall 
conduct a review to determine whether there is sub-
stantial evidence that the Director’s decision would 
pose an imminent threat to the safety and soundness 
of the financial institution. 
‘‘(3) FINAL DETERMINATION.—A determination 
by the Council shall— 
‘‘(A) be made not later than 30 days after 
the filing of the notice pursuant to paragraph 
(1); and 
‘‘(B) be deemed a final agency action and 
shall bind the agency whose supervisory deter-
mination was the subject of the review and the 
financial institution requesting the review. 
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‘‘(f) RIGHT TO JUDICIAL REVIEW.—A financial insti-
tution shall have the right to petition for review of final 
agency action under this section by filing a Petition for 
Review within 60 days of the Director’s decision or the 
Council’s decision in the United States Court of Appeals 
for the District of Columbia Circuit or the Circuit in which 
the financial institution is located. 
‘‘(g) REPORT.—The Director shall report annually to 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate on actions taken under this 
section, including the types of issues that the Director has 
reviewed and the results of those reviews. In no case shall 
such a report contain information about individual finan-
cial institutions or any confidential or privileged informa-
tion shared by financial institutions. 
‘‘(h) RETALIATION PROHIBITED.—A Federal finan-
cial institutions regulatory agency may not— 
‘‘(1) retaliate against a financial institution, in-
cluding service providers, or any institution-affiliated 
party (as defined under section 3 of the Federal De-
posit Insurance Act), for exercising appellate rights 
under this section; or 
‘‘(2) delay or deny any agency action that 
would benefit a financial institution or any institu-
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tion-affiliated party on the basis that an appeal 
under this section is pending under this section. 
‘‘(i) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed— 
‘‘(1) to affect the right of a Federal financial 
institutions regulatory agency to take enforcement 
or other supervisory actions related to a material su-
pervisory determination under review under this sec-
tion; or 
‘‘(2) to prohibit the review under this section of 
a material supervisory determination with respect to 
which there is an ongoing enforcement or other su-
pervisory action.’’. 
ADDITIONAL AMENDMENTS 
SEC. 934. (a) RIEGLE COMMUNITY DEVELOPMENT 
AND REGULATORY IMPROVEMENT ACT OF 1994.—Section 
309 of the Riegle Community Development and Regu-
latory Improvement Act of 1994 (12 U.S.C. 4806) is 
amended— 
(1) in subsection (a), by inserting after ‘‘appro-
priate Federal banking agency’’ the following: ‘‘, the 
Bureau of Consumer Financial Protection,’’; 
(2) in subsection (b)— 
(A) in paragraph (2), by striking ‘‘the ap-
pellant from retaliation by agency examiners’’ 
and inserting ‘‘the insured depository institu-
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tion or insured credit union from retaliation by 
the agencies referred to in subsection (a)’’; and 
(B) by adding at the end the following 
flush-left text: 
‘‘For purposes of this subsection and subsection (e), retal-
iation includes delaying consideration of, or withholding 
approval of, any request, notice, or application that other-
wise would have been approved, but for the exercise of the 
institution’s or credit union’s rights under this section.’’; 
(3) in subsection (e)(2)— 
(A) in subparagraph (B), by striking 
‘‘and’’ at the end; 
(B) in subparagraph (C), by striking the 
period and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(D) ensure that appropriate safeguards 
exist for protecting the insured depository insti-
tution or insured credit union from retaliation 
by any agency referred to in subsection (a) for 
exercising its rights under this subsection.’’; 
and 
(4) in subsection (f)(1)(A)— 
(A) in clause (ii), by striking ‘‘and’’ at the 
end; 
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(B) in clause (iii), by striking ‘‘and’’ at the 
end; and 
(C) by adding at the end the following: 
‘‘(iv) any issue specifically listed in an 
exam report as a matter requiring atten-
tion by the institution’s management or 
board of directors; and 
‘‘(v) any suspension or removal of an 
institution’s status as eligible for expedited 
processing of applications, requests, no-
tices, or filings on the grounds of a super-
visory or compliance concern, regardless of 
whether that concern has been cited as a 
basis for another material supervisory de-
termination or matter requiring attention 
in an examination report, provided that the 
conduct at issue did not involve violation of 
any criminal law; and’’. 
(b) FEDERAL CREDIT UNION ACT.—Section 205(j) 
of the Federal Credit Union Act (12 U.S.C. 1785(j)) is 
amended by inserting ‘‘the Bureau of Consumer Financial 
Protection,’’ before ‘‘the Administration’’ each place such 
term appears. 
(c) FEDERAL FINANCIAL INSTITUTIONS EXAMINA-
TION COUNCIL ACT OF 1978.—The Federal Financial In-
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stitutions Examination Council Act of 1978 (12 U.S.C. 
3301 et seq.) is amended— 
(1) in section 1003, by amending paragraph (1) 
to read as follows: 
‘‘(1) the term ‘Federal financial institutions 
regulatory agencies’— 
‘‘(A) means the Office of the Comptroller 
of the Currency, the Board of Governors of the 
Federal Reserve System, the Federal Deposit 
Insurance Corporation, and the National Credit 
Union Administration; and 
‘‘(B) for purposes of sections 1012, 1013, 
and 1014, includes the Bureau of Consumer Fi-
nancial Protection;’’; and 
(2) in section 1005, by striking ‘‘One-fifth’’ and 
inserting ‘‘One-fourth’’. 
Subtitle XIII—TRID Improvement Act 
AMENDMENTS TO MORTGAGE DISCLOSURE 
REQUIREMENTS 
SEC. 936. Section 4(a) of the Real Estate Settlement 
Procedures Act of 1974 (12 U.S.C. 2603(a)) is amend-
ed— 
(1) by striking ‘‘itemize all charges’’ and insert-
ing ‘‘itemize all actual charges’’; 
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(2) by striking ‘‘and all charges imposed upon 
the seller in connection with the settlement and’’ and 
inserting ‘‘and the seller in connection with the set-
tlement. Such forms’’; and 
(3) by inserting after ‘‘or both.’’ the following 
new sentence: ‘‘Charges for any title insurance pre-
mium disclosed on such forms shall be equal to the 
amount charged for each individual title insurance 
policy, subject to any discounts as required by State 
regulation or the title company rate filings.’’. 
Subtitle XIV—Common Sense Credit Union Capital 
Relief Act 
DELAY IN EFFECTIVE DATE 
SEC. 938. Notwithstanding any effective date set 
forth in the rule issued by the National Credit Union Ad-
ministration titled ‘‘Risk-Based Capital’’ (published at 80 
Fed. Reg. 66626 (October 29, 2015)), such final rule shall 
take effect on January 1, 2021. 
Subtitle XV—Bureau of Consumer Financial Protection– 
Inspector General Reform Act 
APPOINTMENT OF INSPECTOR GENERAL 
SEC. 939. The Inspector General Act of 1978 (5 
U.S.C. App.) is amended— 
(1) in section 8G— 
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(A) in subsection (a)(2), by striking ‘‘and 
the Bureau of Consumer Financial Protection’’; 
(B) in subsection (c), by striking ‘‘For 
purposes of implementing this section’’ and all 
that follows through the end of the subsection; 
and 
(C) in subsection (g)(3), by striking ‘‘and 
the Bureau of Consumer Financial Protection’’; 
and 
(2) in section 12— 
(A) in paragraph (1), by inserting ‘‘the Di-
rector of the Bureau of Consumer Financial 
Protection;’’ after ‘‘the President of the Export- 
Import Bank;’’; and 
(B) in paragraph (2), by inserting ‘‘the 
Bureau of Consumer Financial Protection,’’ 
after ‘‘the Export-Import Bank,’’. 
REQUIREMENTS FOR THE INSPECTOR GENERAL FOR THE 
BUREAU OF CONSUMER FINANCIAL PROTECTION 
SEC. 940. (a) ESTABLISHMENT.—Section 1011 of 
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act (12 U.S.C. 5491) is amended— 
(1) in subsection (b)— 
(A) in the subsection heading, by striking 
‘‘AND DEPUTY DIRECTOR’’ and inserting ‘‘, 
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DEPUTY
DIRECTOR, AND
INSPECTOR
GEN-
ERAL’’; and 
(B) by inserting after paragraph (5) the 
following: 
‘‘(6) INSPECTOR
GENERAL.—There is estab-
lished the position of the Inspector General.’’; and 
(2) in subsection (d), by striking ‘‘or Deputy 
Director’’ each place it appears and inserting ‘‘, 
Deputy Director, or Inspector General’’. 
(b) HEARINGS.—Section 1016 of such Act is amend-
ed by inserting after subsection (c) the following: 
‘‘(d) ADDITIONAL REQUIREMENT
FOR INSPECTOR 
GENERAL.—On a separate occasion from that described 
in subsection (a), the Inspector General of the Bureau 
shall appear, upon invitation, before the Committee on 
Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Rep-
resentatives at hearings no less frequently than twice an-
nually, at a date determined by the chairman of the re-
spective committee, regarding the reports required under 
subsection (b) and the reports required under section 5 
of the Inspector General Act of 1978 (5 U.S.C. App.).’’. 
(c) FUNDING
FOR OFFICE
OF INSPECTOR GEN-
ERAL.—Section 1017(a)(2) of such Act is amended— 
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(1) by redesignating subparagraph (C) as sub-
paragraph (D); and 
(2) by inserting after subparagraph (B) the fol-
lowing: 
‘‘(C) FUNDING FOR OFFICE OF INSPECTOR 
GENERAL.—Each fiscal year, the Bureau shall 
dedicate 2 percent of the funds transferred pur-
suant to paragraph (1) to the Office of the In-
spector General.’’. 
(d) PARTICIPATION IN THE COUNCIL OF INSPECTORS 
GENERAL
ON
FINANCIAL
OVERSIGHT.—Section 
989E(a)(1) of such Act is amended by adding at the end 
the following: 
‘‘(J) The Bureau of Consumer Financial 
Protection.’’. 
EFFECTIVE DATE 
SEC. 941. The amendments made by this subtitle 
shall take effect 60 days after the date of the enactment 
of this Act. 
TRANSITION PERIOD 
SEC. 942. The Inspector General of the Board of 
Governors of the Federal Reserve System and the Bureau 
of Consumer Financial Protection shall serve in that posi-
tion until the confirmation of an Inspector General for the 
Bureau of Consumer Financial Protection. At that time, 
the Inspector General of the Board of Governors of the 
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Federal Reserve System and the Bureau of Consumer Fi-
nancial Protection shall become the Inspector General of 
the Board of Governors of the Federal Reserve System. 
Subtitle XVI—BCFP on Appropriations 
BUREAU APPROPRIATIONS 
SEC. 943. 
(a) FISCAL YEAR 2019.—The Director of the Bureau 
of Consumer Financial Protection may not request, under 
section 1017 of the Consumer Financial Protection Act 
of 2010, during fiscal year 2019 an amount that would 
result in the total amount requested by the Director dur-
ing that fiscal year to exceed $485,000,000. 
(b) FISCAL YEAR 2020 AND THEREAFTER.—Effec-
tive as of the first day of fiscal year 2020, section 1017 
of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5497) is amended— 
(1) in subsection (a)— 
(A) by amending the heading of such sub-
section to read as follows: ‘‘BUDGET, FINAN-
CIAL MANAGEMENT, AND AUDIT.—’’; 
(B) by striking paragraphs (1), (2), and 
(3); 
(C) by redesignating paragraphs (4) and 
(5) as paragraphs (1) and (2), respectively; and 
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(D) by striking subparagraphs (E) and (F) 
of paragraph (1), as so redesignated; 
(2) by striking subsections (b) and (c); 
(3) by redesignating subsections (d) and (e) as 
subsections (b) and (c), respectively; and 
(4) in subsection (c), as so redesignated— 
(A) by striking paragraphs (1), (2), and 
(3) and inserting the following: 
‘‘(1) AUTHORIZATION
OF
APPROPRIATION.— 
There authorized to be appropriated for fiscal year 
2020 to the Bureau from the combined earnings of 
the Federal Reserve System $485,000,000.’’; and 
(B) by redesignating paragraph (4) as 
paragraph (2). 
Subtitle XVII—Stress Test Relief for Nonbanks 
STRESS TEST RELIEF FOR NONBANKS 
SEC. 944. Section 165(i)(2) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
5365(i)(2)) is amended— 
(1) in subparagraph (A), by striking ‘‘are regu-
lated by a primary Federal financial regulatory 
agency’’ and inserting: ‘‘whose primary financial reg-
ulatory agency is a Federal banking agency or the 
Federal Housing Finance Agency’’; 
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(2) in subparagraph (C), by striking ‘‘Each 
Federal primary financial regulatory agency’’ and 
inserting ‘‘Each Federal banking agency and the 
Federal housing finance agency’’; and 
(3) by adding at the end the following: 
‘‘(D) SEC AND CFTC.—The Securities and 
Exchange Commission and the Commodity Fu-
tures Trading Commission may each issue regu-
lations requiring financial companies with re-
spect to which they are the primary financial 
regulatory agency to conduct periodic analyses 
of the financial condition, including available li-
quidity, of such companies under adverse eco-
nomic conditions.’’. 
Subtitle XVIII—Interaffiliate Language 
INTERAFFILIATE TREATMENT WITH RESPECT TO INITIAL 
MARGIN REQUIREMENTS 
SEC. 945. 
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: 
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‘‘(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.’’. 
Subtitle XIX—Tailored Application of Prudential 
Standards 
TAILORED APPLICATION OF PRUDENTIAL STANDARDS 
SEC. 946. 
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 XX—Authority to Remove Bureau Director 
AUTHORITY TO REMOVE BUREAU DIRECTOR 
SEC. 947. 
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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 XXI—Congressional Review of Bureau 
Rulemaking 
CONGRESSIONAL REVIEW OF BUREAU RULEMAKING 
SEC. 948. 
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. 
‘‘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— 
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‘‘(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 
‘‘(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; 
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‘‘(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. 
‘‘(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). 
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‘‘(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 
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 
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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; 
‘‘(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-
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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— 
‘‘(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. 
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‘‘(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; 
‘‘(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 
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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. 
‘‘(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-
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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 
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 
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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. 
‘‘(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 
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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— 
‘‘(A) the joint resolution of the other House 
shall not be referred to a committee; and 
‘‘(B) the procedure in the receiving House shall 
be the same as if no joint resolution had been re-
ceived from the other House until the vote on pas-
sage, when the joint resolution received from the 
other House shall supplant the joint resolution of 
the receiving House. 
‘‘(2) This subsection shall not apply to the House of 
Representatives if the joint resolution received from the 
Senate is a revenue measure. 
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‘‘(g) If either House has not taken a vote on final 
passage of the joint resolution by the last day of the period 
described in section 801(b)(2), then such vote shall be 
taken on that day. 
‘‘(h) This section and section 803 are enacted by 
Congress— 
‘‘(1) as an exercise of the rulemaking power of 
the Senate and House of Representatives, respec-
tively, and as such is deemed to be part of the rules 
of each House, respectively, but applicable only with 
respect to the procedure to be followed in that 
House in the case of a joint resolution described in 
subsection (a) and superseding other rules only 
where explicitly so; and 
‘‘(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 
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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 
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) 
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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, 
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 
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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 
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. 
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‘‘(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 
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 
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‘‘(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 
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. 
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‘‘(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. 
‘‘(b) Notwithstanding subsection (a), a court may de-
termine whether the Bureau has completed the necessary 
requirements under this chapter for a rule to take effect. 
‘‘(c) The enactment of a joint resolution of approval 
under section 802 shall not be interpreted to serve as a 
grant or modification of statutory authority by Congress 
for the promulgation of a rule, shall not extinguish or af-
fect any claim, whether substantive or procedural, against 
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any alleged defect in a rule, and shall not form part of 
the record before the court in any judicial proceeding con-
cerning a rule except for purposes of determining whether 
or not the rule is in effect. 
‘‘§ 806. Exemption for monetary policy 
‘‘Nothing in this chapter shall apply to rules that con-
cern monetary policy proposed or implemented by the 
Board of Governors of the Federal Reserve System or the 
Federal Open Market Committee. 
‘‘§ 807. Effective date of certain rules 
‘‘Notwithstanding section 801— 
‘‘(1) any rule that establishes, modifies, opens, 
closes, or conducts a regulatory program for a com-
mercial, recreational, or subsistence activity related 
to hunting, fishing, or camping; or 
‘‘(2) any rule other than a major rule which the 
Bureau for good cause finds (and incorporates the 
finding and a brief statement of reasons therefore in 
the rule issued) that notice and public procedure 
thereon are impracticable, unnecessary, or contrary 
to the public interest, 
shall take effect at such time as the Bureau determines. 
‘‘§ 808. Regulatory cut-go requirement 
‘‘In making any new rule, the Bureau shall identify 
a rule or rules that may be amended or repealed to com-
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pletely offset any annual costs of the new rule to the 
United States economy. Before the new rule may take ef-
fect, the Bureau shall make each such repeal or amend-
ment. In making such an amendment or repeal, the Bu-
reau shall comply with the requirements of subchapter II 
of chapter 5, but the Bureau may consolidate proceedings 
under subchapter with proceedings on the new rule. 
‘‘§ 809. Review of rules currently in effect 
‘‘(a) ANNUAL REVIEW.—Beginning on the date that 
is 6 months after the date of enactment of this section 
and annually thereafter for the 9 years following, the Bu-
reau shall designate not less than 10 percent of eligible 
rules made by the Bureau for review, and shall submit 
a report including each such eligible rule in the same man-
ner as a report under section 801(a)(1). Section 801, sec-
tion 802, and section 803 shall apply to each such rule, 
subject to subsection (c) of this section. No eligible rule 
previously designated may be designated again. 
‘‘(b) SUNSET
FOR
ELIGIBLE
RULES
NOT
EX-
TENDED.—Beginning after the date that is 10 years after 
the date of enactment of this section, if Congress has not 
enacted a joint resolution of approval for that eligible rule, 
that eligible rule shall not continue in effect. 
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‘‘(c) CONSOLIDATION; SEVERABILITY.—In applying 
sections 801, 802, and 803 to eligible rules under this sec-
tion, the following shall apply: 
‘‘(1) The words ‘take effect’ shall be read as 
‘continue in effect’. 
‘‘(2) Except as provided in paragraph (3), a 
single joint resolution of approval shall apply to all 
eligible rules in a report designated for a year, and 
the matter after the resolving clause of that joint 
resolution is as follows: ‘That Congress approves the 
rules submitted by the ll for the year ll.’ (The 
blank spaces being appropriately filled in). 
‘‘(3) It shall be in order to consider any amend-
ment that provides for specific conditions on which 
the approval of a particular eligible rule included in 
the joint resolution is contingent. 
‘‘(4) A member of either House may move that 
a separate joint resolution be required for a specified 
rule. 
‘‘(d) DEFINITION.—In this section, the term ‘eligible 
rule’ means a rule that is in effect as of the date of enact-
ment of this section.’’. 
BUDGETARY EFFECTS OF RULES SUBJECT TO SECTION 
802 OF TITLE 5, UNITED STATES CODE 
SEC. 949. 
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Section 257(b)(2) of the Balanced Budget and Emer-
gency Deficit Control Act of 1985 is amended by adding 
at the end the following new subparagraph: 
‘‘(E) BUDGETARY
EFFECTS
OF
RULES 
SUBJECT TO SECTION 802 OF TITLE 5, UNITED 
STATES CODE.—Any rules subject to the con-
gressional approval procedure set forth in sec-
tion 802 of chapter 8 of title 5, United States 
Code, affecting budget authority, outlays, or re-
ceipts shall be assumed to be effective unless it 
is not approved in accordance with such sec-
tion.’’. 
GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF RULES 
SEC. 950. 
(a) IN GENERAL.—The Comptroller General of the 
United States shall conduct a study to determine, as of 
the date of the enactment of this Act— 
(1) how many rules (as such term is defined in 
section 804 of title 5, United States Code) of the 
Bureau were in effect; 
(2) how many major rules (as such term is de-
fined in section 804 of title 5, United States Code) 
of the Bureau were in effect; and 
(3) the total estimated economic cost imposed 
by all such rules. 
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(b) REPORT.—Not later than 1 year after the date 
of the enactment of this Act, the Comptroller General of 
the United States shall submit a report to Congress that 
contains the findings of the study conducted under sub-
section (a). 
EFFECTIVE DATE 
SEC. 951. 
Sections 948 and 949, and the amendments made by 
such sections, shall take effect beginning on the date that 
is 1 year after the date of enactment of this Act. 
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TITLE X 
EMAIL PRIVACY ACT 
VOLUNTARY DISCLOSURE CORRECTIONS 
SEC. 1001. (a) IN GENERAL.—Section 2702 of title 
18, United States Code, is amended— 
(1) in subsection (a)— 
(A) in paragraph (1)— 
(i) by striking ‘‘divulge’’ and inserting 
‘‘disclose’’; and 
(ii) by striking ‘‘while in electronic 
storage by that service’’ and inserting 
‘‘that is in electronic storage with or other-
wise stored, held, or maintained by that 
service’’; 
(B) in paragraph (2)— 
(i) by striking ‘‘to the public’’; 
(ii) by striking ‘‘divulge’’ and insert-
ing ‘‘disclose’’; and 
(iii) by striking ‘‘which is carried or 
maintained on that service’’ and inserting 
‘‘that is stored, held, or maintained by that 
service’’; and 
(C) in paragraph (3)— 
(i) by striking ‘‘divulge’’ and inserting 
‘‘disclose’’; and 
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(ii) by striking ‘‘a provider of’’ and in-
serting ‘‘a person or entity providing’’; 
(2) in subsection (b)— 
(A) in the matter preceding paragraph (1), 
by inserting ‘‘wire or electronic’’ before ‘‘com-
munication’’; 
(B) by amending paragraph (1) to read as 
follows: 
‘‘(1) to an originator, addressee, or intended re-
cipient of such communication, to the subscriber or 
customer on whose behalf the provider stores, holds, 
or maintains such communication, or to an agent of 
such addressee, intended recipient, subscriber, or 
customer;’’; and 
(C) by amending paragraph (3) to read as 
follows: 
‘‘(3) with the lawful consent of the originator, 
addressee, or intended recipient of such communica-
tion, or of the subscriber or customer on whose be-
half the provider stores, holds, or maintains such 
communication;’’; 
(3) in subsection (c) by inserting ‘‘wire or elec-
tronic’’ before ‘‘communications’’; 
(4) in each of subsections (b) and (c), by strik-
ing ‘‘divulge’’ and inserting ‘‘disclose’’; and 
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296 
(5) in subsection (c), by amending paragraph 
(2) to read as follows: 
‘‘(2) with the lawful consent of the subscriber 
or customer;’’. 
AMENDMENTS TO REQUIRED DISCLOSURE SECTION 
SEC. 1002. Section 2703 of title 18, United States 
Code, is amended— 
(1) by striking subsections (a) through (c) and 
inserting the following: 
‘‘(a) CONTENTS OF WIRE OR ELECTRONIC COMMU-
NICATIONS IN ELECTRONIC STORAGE.—Except as pro-
vided in subsections (i) and (j), a governmental entity may 
require the disclosure by a provider of electronic commu-
nication service of the contents of a wire or electronic com-
munication that is in electronic storage with or otherwise 
stored, held, or maintained by that service only if the gov-
ernmental entity obtains a warrant issued using the proce-
dures described in the Federal Rules of Criminal Proce-
dure (or, in the case of a State court, issued using State 
warrant procedures) that— 
‘‘(1) is issued by a court of competent jurisdic-
tion; and 
‘‘(2) may indicate the date by which the pro-
vider must make the disclosure to the governmental 
entity. 
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298 
‘‘(2) APPLICABILITY.—Paragraph (1) is appli-
cable with respect to any wire or electronic commu-
nication that is stored, held, or maintained by the 
provider— 
‘‘(A) on behalf of, and received by means 
of electronic transmission from (or created by 
means of computer processing of communica-
tion received by means of electronic trans-
mission from), a subscriber or customer of such 
remote computing service; and 
‘‘(B) solely for the purpose of providing 
storage or computer processing services to such 
subscriber or customer, if the provider is not 
authorized to access the contents of any such 
communications for purposes of providing any 
services other than storage or computer proc-
essing. 
‘‘(c) RECORDS CONCERNING ELECTRONIC COMMU-
NICATION SERVICE OR REMOTE COMPUTING SERVICE.— 
‘‘(1) IN GENERAL.—Except as provided in sub-
sections (i) and (j), a governmental entity may re-
quire the disclosure by a provider of electronic com-
munication service or remote computing service of a 
record or other information pertaining to a sub-
scriber to or customer of such service (not including 
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299 
the contents of wire or electronic communications), 
only— 
‘‘(A) if a governmental entity obtains a 
warrant issued using the procedures described 
in the Federal Rules of Criminal Procedure (or, 
in the case of a State court, issued using State 
warrant procedures) that— 
‘‘(i) is issued by a court of competent 
jurisdiction directing the disclosure; and 
‘‘(ii) may indicate the date by which 
the provider must make the disclosure to 
the governmental entity; 
‘‘(B) if a governmental entity obtains a 
court order directing the disclosure under sub-
section (d); 
‘‘(C) with the lawful consent of the sub-
scriber or customer; or 
‘‘(D) as otherwise authorized in paragraph 
(2). 
‘‘(2) SUBSCRIBER
OR
CUSTOMER
INFORMA-
TION.—A provider of electronic communication serv-
ice or remote computing service shall, in response to 
an administrative subpoena authorized by Federal or 
State statute, a grand jury, trial, or civil discovery 
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subpoena, or any means available under paragraph 
(1), disclose to a governmental entity the— 
‘‘(A) name; 
‘‘(B) address; 
‘‘(C) local and long distance telephone con-
nection records, or records of session times and 
durations; 
‘‘(D) length of service (including start 
date) and types of service used; 
‘‘(E) telephone or instrument number or 
other subscriber or customer number or iden-
tity, including any temporarily assigned net-
work address; and 
‘‘(F) means and source of payment for 
such service (including any credit card or bank 
account number), 
of a subscriber or customer of such service. 
‘‘(3) NOTICE NOT REQUIRED.—A governmental 
entity that receives records or information under 
this subsection is not required to provide notice to 
a subscriber or customer.’’; 
(2) in subsection (d)— 
(A) by striking ‘‘(b) or’’; 
(B) by striking ‘‘the contents of a wire or 
electronic communication, or’’; 
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301 
(C) by striking ‘‘sought,’’ and inserting 
‘‘sought’’; and 
(D) by striking ‘‘section’’ and inserting 
‘‘subsection’’; and 
(3) by adding at the end the following: 
‘‘(h) NOTICE.—Except as provided in section 2705, 
a provider of electronic communication service or remote 
computing service may notify a subscriber or customer of 
a receipt of a warrant, court order, subpoena, or request 
under subsection (a), (b), (c), or (d) of this section. 
‘‘(i) RULE OF CONSTRUCTION RELATED TO LEGAL 
PROCESS.—Nothing in this section or in section 2702 
shall limit the authority of a governmental entity to use 
an administrative subpoena authorized by Federal or 
State statute, a grand jury, trial, or civil discovery sub-
poena, or a warrant issued using the procedures described 
in the Federal Rules of Criminal Procedure (or, in the 
case of a State court, issued using State warrant proce-
dures) by a court of competent jurisdiction to— 
‘‘(1) require an originator, addressee, or in-
tended recipient of a wire or electronic communica-
tion to disclose a wire or electronic communication 
(including the contents of that communication) to 
the governmental entity; 
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‘‘(2) require a person or entity that provides an 
electronic communication service to the officers, di-
rectors, employees, or agents of the person or entity 
(for the purpose of carrying out their duties) to dis-
close a wire or electronic communication (including 
the contents of that communication) to or from the 
person or entity itself or to or from an officer, direc-
tor, employee, or agent of the entity to a govern-
mental entity, if the wire or electronic communica-
tion is stored, held, or maintained on an electronic 
communications system owned, operated, or con-
trolled by the person or entity; or 
‘‘(3) require a person or entity that provides a 
remote computing service or electronic communica-
tion service to disclose a wire or electronic commu-
nication (including the contents of that communica-
tion) that advertises or promotes a product or serv-
ice and that has been made readily accessible to the 
general public. 
‘‘(j) RULE OF CONSTRUCTION RELATED TO CON-
GRESSIONAL SUBPOENAS.—Nothing in this section or in 
section 2702 shall limit the power of inquiry vested in the 
Congress by article I of the Constitution of the United 
States, including the authority to compel the production 
of a wire or electronic communication (including the con-
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tents of a wire or electronic communication) that is stored, 
held, or maintained by a person or entity that provides 
remote computing service or electronic communication 
service.’’. 
DELAYED NOTICE 
SEC. 1003. Section 2705 of title 18, United States 
Code, is amended to read as follows: 
‘‘§ 2705. Delayed notice 
‘‘(a) IN GENERAL.—A governmental entity acting 
under section 2703 may apply to a court for an order di-
recting a provider of electronic communication service or 
remote computing service to which a warrant, order, sub-
poena, or other directive under section 2703 is directed 
not to notify any other person of the existence of the war-
rant, order, subpoena, or other directive. 
‘‘(b) DETERMINATION.—A court shall grant a re-
quest for an order made under subsection (a) for delayed 
notification of up to 180 days if the court determines that 
there is reason to believe that notification of the existence 
of the warrant, order, subpoena, or other directive will 
likely result in— 
‘‘(1) endangering the life or physical safety of 
an individual; 
‘‘(2) flight from prosecution; 
‘‘(3) destruction of or tampering with evidence; 
‘‘(4) intimidation of potential witnesses; or 
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‘‘(5) otherwise seriously jeopardizing an inves-
tigation or unduly delaying a trial. 
‘‘(c) EXTENSION.—Upon request by a governmental 
entity, a court may grant one or more extensions, for peri-
ods of up to 180 days each, of an order granted in accord-
ance with subsection (b).’’. 
RULE OF CONSTRUCTION 
SEC. 1004. Nothing in this Act or an amendment 
made by this Act shall be construed to preclude the acqui-
sition by the United States Government of— 
(1) the contents of a wire or electronic commu-
nication pursuant to other lawful authorities, includ-
ing the authorities under chapter 119 of title 18 
(commonly known as the ‘‘Wiretap Act’’), the For-
eign Intelligence Surveillance Act of 1978 (50 
U.S.C. 1801 et seq.), or any other provision of Fed-
eral law not specifically amended by this Act; or 
(2) records or other information relating to a 
subscriber or customer of any electronic communica-
tion service or remote computing service (not includ-
ing the content of such communications) pursuant to 
the Foreign Intelligence Surveillance Act of 1978 
(50 U.S.C. 1801 et seq.), chapter 119 of title 18 
(commonly known as the ‘‘Wiretap Act’’), or any 
other provision of Federal law not specifically 
amended by this Act. 
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305 
TITLE XI 
AMATEUR RADIO PARITY ACT 
SEC. 1101. SHORT TITLE. 
This title may be cited as the ‘‘Amateur Radio Parity 
Act of 2018’’. 
SEC. 1102. FINDINGS. 
Congress finds the following: 
(1) More than 730,000 radio amateurs in the 
United States are licensed by the Federal Commu-
nications Commission in the amateur radio services. 
(2) Amateur radio, at no cost to taxpayers, pro-
vides a fertile ground for technical self-training in 
modern telecommunications, electronics technology, 
and emergency communications techniques and pro-
tocols. 
(3) There is a strong Federal interest in the ef-
fective performance of amateur stations established 
at the residences of licensees. Such stations have 
been shown to be frequently and increasingly pre-
cluded by unreasonable private land use restrictions, 
including restrictive covenants. 
(4) Federal Communications Commission regu-
lations have for three decades prohibited the applica-
tion to stations in the amateur service of State and 
local regulations that preclude or fail to reasonably 
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accommodate amateur service communications, or 
that do not constitute the minimum practicable reg-
ulation to accomplish a legitimate State or local pur-
pose. Commission policy has been and is to require 
States and localities to permit erection of a station 
antenna structure at heights and dimensions suffi-
cient to accommodate amateur service communica-
tions. 
(5) The Commission has sought guidance and 
direction from Congress with respect to the applica-
tion of the Commission’s limited preemption policy 
regarding amateur service communications to private 
land use restrictions, including restrictive covenants. 
(6) There are aesthetic and common property 
considerations that are uniquely applicable to private 
land use regulations and the community associations 
obligated to enforce covenants, conditions, and re-
strictions in deed-restricted communities. These con-
siderations are dissimilar to those applicable to State 
law and local ordinances regulating the same resi-
dential amateur radio facilities. 
(7) In recognition of these considerations, a 
separate Federal policy than exists at section 
97.15(b) of title 47, Code of Federal Regulations, is 
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warranted concerning amateur service communica-
tions in deed-restricted communities. 
(8) Community associations should fairly ad-
minister private land use regulations in the interest 
of their communities, while nevertheless permitting 
the installation and maintenance of effective outdoor 
amateur radio antennas. There exist antenna de-
signs and installations that can be consistent with 
the aesthetics and physical characteristics of land 
and structures in community associations while ac-
commodating communications in the amateur radio 
services. 
SEC. 1103. APPLICATION OF PRIVATE LAND USE RESTRIC-
TIONS TO AMATEUR STATIONS. 
(a) AMENDMENT OF FCC RULES.—Not later than 
120 days after the date of the enactment of this Act, the 
Federal Communications Commission shall amend section 
97.15 of title 47, Code of Federal Regulations, by adding 
a new paragraph that prohibits the application to amateur 
stations of any private land use restriction, including a 
restrictive covenant, that— 
(1) on its face or as applied, precludes commu-
nications in an amateur radio service; 
(2) fails to permit a licensee in an amateur 
radio service to install and maintain an effective out-
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door antenna on property under the exclusive use or 
control of the licensee; or 
(3) does not constitute the minimum practicable 
restriction on such communications to accomplish 
the lawful purposes of a community association seek-
ing to enforce such restriction. 
(b) ADDITIONAL REQUIREMENTS.—In amending its 
rules as required by subsection (a), the Commission 
shall— 
(1) require any licensee in an amateur radio 
service to notify and obtain prior approval from a 
community association concerning installation of an 
outdoor antenna; 
(2) permit a community association to prohibit 
installation of any antenna or antenna support 
structure by a licensee in an amateur radio service 
on common property not under the exclusive use or 
control of the licensee; and 
(3) subject to the standards specified in para-
graphs (1) and (2) of subsection (a), permit a com-
munity association to establish reasonable written 
rules concerning height, location, size, and aesthetic 
impact of, and installation requirements for, outdoor 
antennas and support structures for the purpose of 
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