[House Report 113-350]
[From the U.S. Government Publishing Office]
113th Congress Report
HOUSE OF REPRESENTATIVES
2d Session 113-350
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PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 3193) TO AMEND THE
CONSUMER FINANCIAL PROTECTION ACT OF 2010 TO STRENGTHEN THE REVIEW
AUTHORITY OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL OF REGULATIONS
ISSUED BY THE BUREAU OF CONSUMER FINANCIAL PROTECTION, AND FOR OTHER
PURPOSES; PROVIDING FOR PROCEEDINGS DURING THE PERIOD FROM FEBRUARY 13,
2014, THROUGH FEBRUARY 24, 2014; AND FOR OTHER PURPOSES
_______
February 10, 2014.--Referred to the House Calendar and ordered to be
printed
_______
Mr. Sessions, from the Committee on Rules,
submitted the following
R E P O R T
[To accompany H. Res. 475]
The Committee on Rules, having had under consideration
House Resolution 475, by a record vote of 6 to 4, report the
same to the House with the recommendation that the resolution
be adopted.
SUMMARY OF PROVISIONS OF THE RESOLUTION
The resolution provides for consideration of H.R. 3193, the
Consumer Financial Protection Safety and Soundness Improvement
Act of 2013, under a structured rule. The resolution provides
one hour of general debate equally divided and controlled by
the chair and ranking minority member of the Committee on
Financial Services. The resolution waives all points of order
against consideration of the bill. The resolution makes in
order as original text for the purpose of amendment an
amendment in the nature of a substitute consisting of the text
of Rules Committee Print 113-36 modified by the amendment
printed in part A of this report and provides that it shall be
considered as read. The resolution waives all points of order
against that amendment in the nature of a substitute. The
resolution makes in order only those further amendments printed
in part B of this report. Each such amendment may be offered
only in the order printed in this report, may be offered only
by a Member designated in this report, shall be considered as
read, shall be debatable for the time specified in this report
equally divided and controlled by the proponent and an
opponent, shall not be subject to amendment, and shall not be
subject to a demand for division of the question in the House
or in the Committee of the Whole. The resolution waives all
points of order against the amendments printed in part B of
this report. The resolution provides for one motion to recommit
with or without instructions.
Section 2 of the resolution provides that on any
legislative day during the period from February 13, 2014,
through February 24, 2014: the Journal of the proceedings of
the previous day shall be considered as approved; and the Chair
may at any time declare the House adjourned to meet at a date
and time to be announced by the Chair in declaring the
adjournment.
Section 3 of the resolution provides that the Speaker may
appoint Members to perform the duties of the Chair for the
duration of the period addressed by section 2.
Section 4 of the resolution waives clause 6(a) of rule XIII
for a two-thirds vote to consider a report from the Committee
on Rules on the same day it is presented to the House with
respect to any resolution reported through the legislative day
of February 12, 2014, providing for consideration or
disposition of a measure relating to the public debt limit.
EXPLANATION OF WAIVERS
The waiver of all points of order against consideration of
the bill includes a waiver of clause 10 of rule XXI, which
prohibits the consideration of a bill if it has the net effect
of increasing mandatory spending over the five- or ten-year
period. It is important to note that the amendment in the
nature of a substitute made in order as original text cures the
violation. The Congressional Budget Office has estimated that
the amendment in the nature of a substitute will reduce direct
spending by $2.98 billion over the five-year period and $6.16
billion over the 10-year period.
The waiver of all points of order against the amendment in
the nature of a substitute as modified made in order as
original text includes a waiver of clause 7 of rule XVI, which
requires that no motion or proposition on a subject different
from that under consideration shall be admitted under color of
amendment. It is important to note that while the waiver is
necessary, all of the provisions contained in Rules Committee
Print 113-36 are directly related to the establishment of the
Financial Product Safety Commission and were considered in
tandem during committee consideration.
Although the resolution waives all points of order against
the amendments printed in part B of this report, the Committee
is not aware of any points of order. The waiver is prophylactic
in nature.
COMMITTEE VOTES
The results of each record vote on an amendment or motion
to report, together with the names of those voting for and
against, are printed below:
Rules Committee record vote No. 108
Motion by Ms. Slaughter to report an open rule. Defeated:
4-6
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Majority Members Vote Minority Members Vote
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Ms. Foxx........................................ Nay Ms. Slaughter..................... Yea
Mr. Bishop of Utah.............................. ............ Mr. McGovern...................... Yea
Mr. Cole........................................ ............ Mr. Hastings of Florida........... Yea
Mr. Woodall..................................... Nay Mr. Polis......................... Yea
Mr. Nugent...................................... Nay
Mr. Webster..................................... Nay
Ms. Ros-Lehtinen................................ ............
Mr. Burgess..................................... Nay
Mr. Sessions, Chairman.......................... Nay
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Rules Committee record vote No. 109
Motion by Ms. Foxx to report the rule. Adopted: 6-4
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Majority Members Vote Minority Members Vote
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Ms. Foxx........................................ Yea Ms. Slaughter..................... Nay
Mr. Bishop of Utah.............................. ............ Mr. McGovern...................... Nay
Mr. Cole........................................ ............ Mr. Hastings of Florida........... Nay
Mr. Woodall..................................... Yea Mr. Polis......................... Nay
Mr. Nugent...................................... Yea
Mr. Webster..................................... Yea
Ms. Ros-Lehtinen................................ ............
Mr. Burgess..................................... Yea
Mr. Sessions, Chairman.......................... Yea
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SUMMARY OF THE AMENDMENT IN PART A CONSIDERED AS ADOPTED
Amash (MI): Inserts parallel citations to the U.S. Code for
uncodified statutes proposed to be amended by this legislation,
as required by section 3(i) of H. Res. 5.
SUMMARY OF THE AMENDMENTS IN PART B MADE IN ORDER
1. Rigell (VA): Requires the Consumer Financial Protection
Bureau to (1) submit an analysis on the impact of its proposed
rule or regulation on the financial industry, and (2) submit an
analysis of consumer and small business access to credit as a
result of the regulation, to the Financial Stability Oversight
Council for the purposes of public review. (10 minutes)
2. Stivers (OH), Walz (MN): Creates an independent, Senate-
confirmed Inspector General for the Financial Product Safety
Commission. (10 minutes)
3. DeSantis (FL): Repeals the exclusive rulemaking
authority of the Consumer Financial Protection Bureau. (10
minutes)
4. Moore, Gwen (WI): Adds Findings and Sense of Congress
language to the end of the bill that acknowledges and honors
the work of the Consumer Financial Protection Bureau in
providing protection and relief to consumers from instances of
unfair, deceptive, and abusive practices in financial markets.
(10 minutes)
PART A--TEXT OF AMENDMENT CONSIDERED AS ADOPTED
Page 7, line 11, after ``2010'' insert the following: ``(12
U.S.C. 5497)''.
Page 8, line 12, after ``1012(c)'' insert the following:
``(12 U.S.C. 5492(c))''.
Page 8, line 14, after ``1014(b)'' insert the following:
``(12 U.S.C. 5494(b))''.
Page 8, line 23, after ``2010'' insert the following: ``(12
U.S.C. 5481 et seq.)''.
Page 9, line 11, after ``1002'' insert the following: ``(12
U.S.C. 5481)''.
Page 9, line 15, after ``1012(c)(4)'' insert the following:
``(12 U.S.C. 5492(c)(4))''.
Page 9, line 19, after ``1013(c)(3)'' insert the following:
``(12 U.S.C. 5493(c)(3))''.
Page 10, line 1, after ``1013(g)(2)'' insert the following:
``(12 U.S.C. 5493(g)(2))''.
Page 10, line 9, after ``1016(a)'' insert the following:
``(12 U.S.C. 5496(a))''.
Page 10, line 12, after ``1066(a)'' insert the following:
``(12 U.S.C. 5586(a))''.
Page 10, line 17, after ``Act'' insert the following: ``(12
U.S.C. 5301 et seq.)''.
Page 10, line 22, after ``111(b)(1)(D)'' insert the
following: ``(12 U.S.C. 5321(b)(1)(D))''.
Page 11, line 1, after ``1447'' insert the following: ``(12
U.S.C. 1701p-2)''.
Page 11, line 7, after ``Act'' insert the following: ``(15
U.S.C. 1693o-2(a)(4)(C))''.
Page 11, line 13, after ``Act'' insert the following: ``(12
U.S.C. 4001 et seq.)''.
Page 11, line 19, after ``Act'' insert the following: ``(12
U.S.C. 1812)''.
Page 12, line 12, after ``Act'' insert the following: ``(20
U.S.C. 9702)''.
Page 12, line 19, after ``Act of 1975'' insert the following:
``(12 U.S.C. 2806)''.
Page 13, line 3, after ``Act'' insert the following: ``(15
U.S.C. 1701 et seq.)''.
Page 13, line 6, after ``1402(1)'' insert the following:
``(15 U.S.C. 1701(1))''.
Page 13, line 10, after ``1416(a)'' insert the following:
``(15 U.S.C. 1715(a))''.
Page 13, line 15, after ``Act of 1974'' insert the following:
``(12 U.S.C. 2604)''.
Page 14, line 3, after ``2008'' insert the following: ``(12
U.S.C. 5101 et seq.)''.
Page 14, line 11, after ``1503'' insert the following: ``(12
U.S.C. 5102)''.
PART B--TEXT OF AMENDMENTS MADE IN ORDER
1. An Amendment To Be Offered By Representative Rigell of Virginia or
His Designee, Debatable for 10 Minutes
Add at the end the following new section:
SEC. 6. ANALYSIS OF REGULATIONS.
Section 1022 of the Consumer Financial Protection Act of 2010
(12 U.S.C. 5512) is amended by adding at the end the following
new subsection:
``(e) Analysis of Regulations.--
``(1) In general.--Each time the Commission proposes
a new rule or regulation, the Commission shall--
``(A) carry out an initial regulatory
flexibility analysis for such proposed rule or
regulation, which shall be carried out as
closely as possible to those initial regulatory
flexibility analyses required under section 603
of title 5, United States Code, but which shall
analyze the financial impact of the proposed
rule or regulation on covered persons,
regardless of size; and
``(B) carry out an analysis of whether the
proposed rule or regulation will impair the
ability of individuals and small businesses to
have access to credit.
``(2) Report.--The Commission shall issue a report to
the Council on each analysis carried out under
paragraph (1), and make such analysis available to the
public.
``(3) Use of existing resources.--The Commission
shall use existing resources to carry out the
requirements of this subsection.''.
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2. An Amendment To Be Offered by Representative Stivers of Ohio or His
Designee, Debatable for 10 Minutes
Add at the end the following:
SEC. 6. FINANCIAL PRODUCT SAFETY COMMISSION INSPECTOR GENERAL REFORM.
(a) Appointment of Inspector General.--The Inspector General
Act of 1978 (5 U.S.C. App.) is amended--
(1) in section 8G--
(A) in subsection (a)(2), by striking ``and
the Bureau of Consumer Financial Protection'';
(B) in subsection (c), by striking ``For
purposes of implementing this section'' and all
that follows through the end of the subsection;
and
(C) in subsection (g)(3), by striking ``and
the Bureau of Consumer Financial Protection'';
and
(2) in section 12--
(A) in paragraph (1), by inserting ``the
Chair of the Financial Product Safety
Commission;'' after ``the President of the
Export-Import Bank;''; and
(B) in paragraph (2), by inserting ``the
Financial Product Safety Commission,'' after
``the Export-Import Bank,''.
(b) Hearings Requirements for the Inspector General.--Section
1016 of such Act is amended by inserting after subsection (c)
the following:
``(d) Additional Requirement for Inspector General.--On a
separate occasion from that described in subsection (a), the
Inspector General of the Commission shall appear, upon
invitation, before the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
and the Committee on Energy and Commerce of the House of
Representatives at semi-annual hearings regarding the reports
required under subsection (b) and the reports required under
section 5 of the Inspector General Act of 1978 (5 U.S.C.
App.).''.
(c) Participation in the Council of Inspectors General on
Financial Oversight.--Section 989E(a)(1) of such Act is amended
by adding at the end the following:
``(J) The Financial Product Safety
Commission.''.
(d) Deadline for Appointment.--Not later than 60 days after
the date of the enactment of this Act, the President shall
appoint an Inspector General for the Financial Product Safety
Commission in accordance with section 3 of the Inspector
General Act of 1978 (5 U.S.C. App.).
(e) Effective Date.--The amendments made by this section
shall take effect 60 days after the date of the enactment of
this Act.
(f) Transition Period.--The Inspector General of the Board of
Governors of the Federal Reserve System and the Bureau of
Consumer Financial Protection shall serve in that position
until the confirmation of an Inspector General for the
Financial Product Safety Commission. At that time, the
Inspector General of the Board of Governors of the Federal
Reserve System and the Bureau of Consumer Financial Protection
shall become the Inspector General of the Board of Governors of
the Federal Reserve System.
----------
3. An Amendment To Be Offered by Representative DeSantis of Florida or
His Designee, Debatable for 10 Minutes
Add at the end the following:
SEC. 6. REPEAL OF EXCLUSIVE RULEMAKING AUTHORITY.
Section 1022(b) of the Consumer Financial Protection Act of
2010 (12 U.S.C. 5512(b)) is amended by striking paragraph (4).
----------
4. An Amendment To Be Offered by Representative Moore of Wisconsin or
Her Designee, Debatable for 10 Minutes
Add at the end the following:
SEC. 6. FINDINGS; SENSE OF CONGRESS.
(a) Findings.--The Congress finds the following:
(1) ``The Congress acknowledges and honors the
tremendous work of the Bureau of Consumer Financial
Protection in protecting and providing relief to
consumers from instances of unfair, deceptive, and
abusive practices in financial markets.
(2) The Bureau of Consumer Financial Protection has
refunded over $3 billion to approximately 9.7 million
victims of deceptive or abusive practices in financial
markets since its inception.
(3) The Bureau of Consumer Financial Protection has
continued to engage with consumers, industry, Congress,
and other regulators to promulgate rules making U.S.
financial markets the fairest, safest, and most robust
in the world.
(4) Changes to the current management, oversight, or
funding of the Bureau of Consumer Financial Protection
would undermine the mission of the Bureau.
(b) Sense of Congress.--It is the sense of the Congress that
the Congress--
(1) acknowledges the meritorious work of the Bureau
of Consumer Financial Protection; and
(2) supports the Bureau's ongoing mission by
preserving the current management, oversight, and
funding structure of the Bureau.