To preserve the authority of the Federal Trade Commission.

SA 3758. Mr. ROCKEFELLER (for himself, Mrs. Hutchison, Mr. Dorgan,
and Mr. Pryor) submitted an amendment intended to be proposed to
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability
of the United States by improving accountability and transparency in
the financial system, to end ``too big to fail,'' to protect the
American taxpayer by ending bailouts, to protect consumers

[[Page S3009]]

from abusive financial services practices, and for other purposes;
which was ordered to lie on the table; as follows:

On page 1237, line 6, strike ``law,'' and insert ``law
(other than section 1024(g) of this title),''.
On page 1254, line 15, strike ``To'' and insert ``Except as
provided in paragraph (3), to''.
On page 1255, line 10, strike ``(a)(1)(A),'' and insert
``(a)(1),''.
On page 1256, line 25, strike ``law,'' and insert ``law
(other than subsection (g)),''.
On page 1257, after line 25, insert the following:
(g) Preservation of Federal Trade Commission Authority.--
(1) In general.--No provision of this title shall be
construed as modifying, limiting, or otherwise affecting the
authority of the Federal Trade Commission under the Federal
Trade Commission Act or any other law, other than an
enumerated consumer law.
(2) Certain enforcement actions.--The Federal Trade
Commission may enforce, under the Federal Trade Commission
Act, a rule with respect to an unfair, deceptive, or abusive
act or practice issued by the Bureau as to a person subject
to the Federal Trade Commission's jurisdiction under that
Act, and a violation of such a rule shall be treated as a
violation of a rule issued under section 18 of that Act (15
U.S.C. 57a) with respect to unfair or deceptive acts or
practices. The Bureau may enforce, under subtitle E, a rule
with respect to an unfair or deceptive act or practice issued
by the Federal Trade Commission as to a covered person.
On page 1375, beginning with line 7, strike through line 5
on page 1376 and insert the following:
(5) Federal trade commission.--
(A) Transfer of functions.--The Federal Trade Commission's
authority under an enumerated consumer law to conduct a
rulemaking, issue official guidelines, or conduct a study or
issue a report mandated by such law, shall be transferred to
the Bureau on the designated transfer date. Nothing in this
title shall be construed to require a mandatory transfer of
any employee of the Federal Trade Commission to the Bureau.
(B) Federal trade commission authority.--The Bureau shall
have all powers and duties respecting rulemaking, issuing
guidelines, conducting mandated studies, and issuing mandated
reports contained within the enumerated consumer laws that
were vested in the Federal Trade Commission relating to
consumer financial protection functions on the day before the
designated transfer date.
On page 1462, line 5, after ``agency'' insert ``(other than
the Bureau of Consumer Financial Protection)''.
On page 1464, line 10, after ``agency'' insert ``(other
than the Bureau of Consumer Financial Protection)''.
On page 1472, line 4, after ``agency'' insert ``(other than
the Bureau of Consumer Financial Protection)''.
On page 1477, strike lines 15 through 21 and insert the
following:
``(e) Regulatory Authority.--
``(1) Bureau of consumer financial protection.--The Bureau
shall prescribe such regulations as are necessary to carry
out the purposes of this Act. Except as provided in paragraph
(2), the regulations prescribed by the Bureau under this
subsection shall apply to any person that is subject to this
Act, notwithstanding the enforcement authorities granted to
other agencies under this section.
``(2) Federal trade commission.--The Federal Trade
Commission shall issue regulations to implement sections
615(e) and 628 of this Act with respect to entities within
its authority under section 621 of this Act. The regulations
issued by the Bureau under paragraph (1) shall not apply to
those entities.''; and
On page 1482, line 1, after ``agency'' insert ``(other than
the Bureau of Consumer Financial Protection)''.
On page 1485, line 24, strike ``and'' after the semicolon.
On page 1486, line 2, insert ``and'' after the semicolon.
On page 1486, between lines 2 and 3, insert the following:
(C) by adding at the end the following: ``Notwithstanding
the preceding sentence, only the Federal Trade Commission
shall prescribe regulations to implement section 501(b) with
respect to entities subject to Federal Trade Commission
enforcement under section 505(a).''.
On page 1500, line 23, strike the closing quotation marks,
the semicolon, and ``and''.
On page 1500, between lines 23 and 24, insert the
following:
``(3) Subject to subtitle B of the Consumer Financial
Protection Act of 2010, the Federal Trade Commission shall
enforce the rules issued under paragraph (1) in the same
manner, by the same means, and with the same jurisdiction as
though all applicable terms and provisions of the Federal
Trade Commission Act were incorporated into and made part of
this section.''; and
On page 1516, line 1, after ``agency'' insert ``(other than
the Bureau of Consumer Financial Protection)''.
______