S.Amdt. 2244

SA 2244. Mr. DURBIN (for himself and Mr. Warnock) submitted an
amendment intended to be proposed by him to the bill S. 1582, to
provide for the regulation of payment stablecoins, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. __. FEDERAL CONSUMER FINANCIAL LAW SAVINGS CLAUSE.

No authority granted or conferred to a primary Federal
payment stablecoin regulator or State payment stablecoin
regulator under this Act, or pursuant to any rule or order
issued thereunder, or pursuant to any other provision in this
Act, shall be construed, either directly or in conjunction
with any other provision of law, including the Consumer
Financial Protection Act of 2010 (Public Law 110-203; 124
Stat. 1955) and the Electronic Fund Transfer Act (15 U.S.C.
1693 et. seq.), to limit or otherwise abridge the authority
of the Director of the Consumer Financial Protection Bureau
to enforce Federal consumer financial laws with respect to
any person. For the avoidance of doubt, the Consumer
Financial Protection Bureau has jurisdiction over permitted
payment stablecoin issuers to enforce the consumer financial
laws under the purview of the Consumer Financial Protection
Bureau, and all enumerated consumer protection provisions
under the Consumer Financial Protection

[[Page S3080]]

Act of 2010 (12 U.S.C. 5481 et seq.) are applicable to
payment stablecoins.
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