H.R. 1315 (112th): Consumer Financial Protection Safety and Soundness Improvement Act of 2011

HR 1315 RH

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to strengthen the review authority of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection.

April 1, 2011

Mr. DUFFY (for himself, Mrs. CAPITO, and Mr. BACHUS) introduced the following bill; which was referred to the Committee on Financial Services

May 25, 2011

Additional sponsors: Mr. MCKINLEY and Mr. CARTER

May 25, 2011

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

[Strike out all after the enacting clause and insert the part printed in italic]

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to strengthen the review authority of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

[Struck out->] SECTION 1. SHORT TITLE. [<-Struck out]

[Struck out->] This Act may be cited as the ‘Consumer Financial Protection Safety and Soundness Improvement Act of 2011’. [<-Struck out]

[Struck out->] SEC. 2. COUNCIL VOTING PROCEDURE. [<-Struck out]

[Struck out->] Section 1023(c)(3)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended-- [<-Struck out]

[Struck out->] (1) by striking ‘ 2/3 ’ and inserting ‘a majority’; and [<-Struck out]

[Struck out->] (2) by inserting before the period the following: ‘, excluding the Director of the Bureau’. [<-Struck out]

[Struck out->] SEC. 3. REVIEW AUTHORITY OF THE COUNCIL. [<-Struck out]

[Struck out->] Section 1023 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended-- [<-Struck out]

[Struck out->] (1) in subsection (a)-- [<-Struck out]

[Struck out->] (A) by striking ‘may’ and inserting ‘shall’; and [<-Struck out]

[Struck out->] (B) by striking ‘regulation or provision would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk’ and inserting ‘regulation which is the subject of the petition is inconsistent with the safe and sound operations of United States financial institutions’; and [<-Struck out]

[Struck out->] (2) in subsection (c)-- [<-Struck out]

[Struck out->] (A) in paragraph (3)(B)(ii), by striking ‘would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk’ and inserting ‘is inconsistent with the safe and sound operations of United States financial institutions’; [<-Struck out]

[Struck out->] (B) in paragraph (4)-- [<-Struck out]

[Struck out->] (i) by striking subparagraph (B); and [<-Struck out]

[Struck out->] (ii) by redesignating subparagraph (C) as subparagraph (B); [<-Struck out]

[Struck out->] (C) by striking paragraph (5); and [<-Struck out]

[Struck out->] (D) by redesignating paragraphs (6), (7), and (8) as paragraphs (5), (6), and (7), respectively. [<-Struck out]

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Consumer Financial Protection Safety and Soundness Improvement Act of 2011’.

SEC. 2. COUNCIL VOTING PROCEDURE.

Section 1023(c)(3)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended--

(1) by striking ‘ 2/3 ’ and inserting ‘a majority’; and

(2) by inserting before the period the following: ‘, excluding the Director of the Bureau’.

SEC. 3. REVIEW AUTHORITY OF THE COUNCIL.

Section 1023 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended--

(1) in subsection (a)--

(A) by striking ‘may’ and inserting ‘shall’; and

(B) by striking ‘regulation or provision would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk’ and inserting ‘regulation which is the subject of the petition is inconsistent with the safe and sound operations of United States financial institutions’; and

(2) in subsection (c)--

(A) in paragraph (3)(B)(ii), by striking ‘would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk’ and inserting ‘is inconsistent with the safe and sound operations of United States financial institutions’;

(B) in paragraph (4)--

(i) by striking subparagraph (B); and

(ii) by redesignating subparagraph (C) as subparagraph (B);

(C) by striking paragraph (5);

(D) by redesignating paragraphs (6), (7), and (8) as paragraphs (5), (6), and (7), respectively; and

(E) by adding at the end the following new paragraph:

‘(8) PUBLIC MEETINGS- Any time the Council meets pursuant to this section to decide whether to issue a stay of, or set aside, any regulation, every portion of such meeting shall be open to public observation.’.

Union Calendar No. 49

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to strengthen the review authority of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection.

May 25, 2011

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