H.R. 1355 – Reading Mode

112th CONGRESS

1st Session

H. R. 1355

IN THE HOUSE OF REPRESENTATIVES

April 4, 2011

Mr. Neugebauer (for himself, Mrs. Capito, and Mr. Canseco) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Consumer Financial Protection Act of 2010 to move the Bureau of Consumer Financial Protection into the Department of the Treasury.

Short title

This Act may be cited as the Bureau of Consumer Financial Protection Accountability and Transparency Act of 2011.

Moving the Bureau from the Federal Reserve to the Treasury

The Consumer Financial Protection Act of 2010 is amended—

(1)

in section 1011—

(A)

in subsection (a)—

(i)

by striking independent; and

(ii)

by striking Federal Reserve System and inserting Department of the Treasury; and

(B)

in subsection (e), by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located,;

(2)

in section 1012(c), by striking paragraphs (2), (3), (4), and (5);

(3)

in section 1013(a)—

(A)

by amending paragraph (2) to read as follows:

(2)

Compensation

The rates of basic pay for all employees of the Bureau shall be set and adjusted by the Director in accordance with the General Schedule set forth in section 5332 of title 5, United States Code.

; and

(B)

by striking paragraph (3); and

(4)

in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis..

Bringing the Bureau into the regular appropriations process

Section 1017 of the Consumer Financial Protection Act of 2010 is amended—

(1)

in subsection (a)—

(A)

by amending the heading of such subsection to read as follows: Budget, financial 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

(D)

by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated;

(2)

by striking subsections (b), (c), and (d);

(3)

by redesignating subsection (e) as subsection (b); and

(4)

in subsection (b), as so redesignated—

(A)

by striking paragraphs (1), (2), and (3) and inserting the following:

(1)

Authorization of appropriations

There is authorized to be appropriated $200,000,000 to carry out this title for each of fiscal years 2011 and 2012.

; and

(B)

by redesignating paragraph (4) as paragraph (2).