An amendment numbered 3 printed in House Report 112-172 to eliminate potential conflicts of interest by providing that no Member of the Financial Stability Oversight Council may participate in a vote to issue a stay of, or set aside, a regulation issued by the Bureau of Consumer Financial Protection if said regulation would affect an institution for which that individual was employed in the preceding 2 years.

1. 1

   Change 1: Replaces “Section” with new text

   ReplacesPage 1, line 6Printed page

   Struck: Section

   Inserted: (a) In General.--Section

   Original wording

   Page 1, line 6, strike “Section” and insert the following:

2. 2

   Change 2: Inserts new text on page 1, line 12

   InsertsPrinted page

   Inserted: (b) Conflict of Interest.--Section 1023(c)(3) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by adding at the end the following new subparagraph:

   Inserted: "(C) Conflict of interest.--No member of the Council may vote on the decision to issue a stay of, or set aside, any regulation under this section, if such member has, within the previous 2-year period, been employed by any company or other entity that is subject to such regulation.".

   Original wording

   Page 1, after line 12, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed