,i #aac? ,,congress #a/ ,session ,h4 ,r4 #adhc ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #aa1 #bjac ,ms4 ,wat]s 7= h]self1 ,mr4 ,cony]s1 ,mr4 ,al ,gre5 ( ,texas1 & ,mr4 ,cumm+s7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,f$]al ,deposit ,insurance ,act to provide requirem5ts = appropriate ,f$]al bank+ ag5cies :5 us+ indep5d5t consultants 9 c>ry+ out a cons5t ord]1 to grant ,,sigt>p au?ority to provide ov]sight ( su* consultants1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/op ,outs\rc+ ,bank+ ,en=cem5t & ,exam9ation ,act4 #b4 ,use ( consultants 9 cons5t ord]s ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa7 is am5d$ by add+ at ! end ! foll[+3 #ea4 ,use ( consultants 9 cons5t ord]s 7a7 ,9 g5]al ,an appropriate ,f$]al bank+ ag5cy t ent]s into a cons5t ord] ) a p]son regulat$ by su* ag5cy may only use an indep5d5t consultant 9 c>ry+ out su* ord] if all ( ! foll[+ requirem5ts are met3 7#a7 ,transp>5cy ,no less ?an two weeks be=e any activity "u ! cons5t ord] comm5ces1 ! appropriate ,f$]al bank+ ag5cy %all make ! foll[+ in=mation available to ! public3 7,a7 ,! full & unr$act$ cons5t agreem5t result+ f ! cons5t ord]4 7,b7 ,all mat]ial in=mation relat$ to any pa/ bus9ess relation%ips ( ! indep5d5t consultants1 regulators1 f9ancial in/itutions1 & ?ird p>ty s]vice provid]s to ! ord]1 & _! ag5ts & employees1 reg>dless ( _! involvem5t 9 ! execution ( ! ord]4 7,c7 ,a detail$ e/imate ( engagem5t co/s4 7,d7 ,a detail$ description ( a well-def9$ me?odology = fulfill+ ! cons5t ord]4 7#b7 ,report+ ,! appropriate ,f$]al bank+ ag5cy %all issue a report to ! ,congress1 n less ?an once e qu>t] until ! cons5t ord] ends1 detail+ ! progress 9 fulfill+ ! cons5t ord] & ! p]=mance ( ! indep5d5t consultant4 7#c7 ,re/riction on p>ticipation ,no indep5d5t consultant c>ry+ out a cons5t ord] has prior or curr5t "w t w be "u review 9 su* cons5t ord] or a concurr5t & sub/antially simil> cons5t ord]4 7#d7 ,ret5tion & paym5t ( consultant ,! indep5d5t consultant is hir$1 & paid1 directly by ! appropriate ,f$]al bank+ ag5cy & ! appropriate ,f$]al bank+ ag5cy is to be reimburs$ = su* exp5ses by ! entity subject to ! cons5t ord]4 7#e7 ,re/riction on application ( p5alties to o!r ongo+ en=cem5t actions ,any rem$iation or p5alties "u ! cons5t ord] w n apply to1 or be settl$ 9 conjunction )1 any o!r cons5t ord]1 settlem5t1 or en=cem5t action4 7b7 ,private "r ( action ,if an indep5d5t consultant fails to comply ) ! contract "u :i* ! consultant is assi/+ ! appropriate ,f$]al bank+ ag5cy 9 c>ry+ out a cons5t ord] :i* requires f9ancial rem$iation to a p]son or class ( p]sons1 any p]son or class ( p]sons aggriev$ by su* failure may br+ a civil action 9 a c\rt ( compet5t jurisdiction = damages result+ f su* violation1 & may obta9 o!r appropriate relief1 includ+ equitable relief4 ,if ! pla9tiff prevails 9 any su* action1 ! c\rt %all aw>d ! pla9tiff any litigation co/s reasonably incurr$1 toge!r ) reasonable attorneys' fees & reasonable exp]t witness fees1 z det]m9$ by ! c\rt4 7c7 ,clawback ( fees 7#a7 ,9 g5]al ,if a c\rt det]m9es t an indep5d5t consultant has violat$ ! t]ms ( ! contract ) ! appropriate ,f$]al bank+ ag5cy or has fail$ to disclose requir$ conflict ( int]e/ in=mation1 ! indep5d5t consultant %all repay ! appropriate ,f$]al bank+ ag5cy all fees receiv$ by ! consultant dur+ ! p]iod ( "t su* violation or failure 0 occurr+4 7#b7 ,safe h>bor ,if ! indep5d5t consultant made all reasonable ef=ts to uncov] conflicts ( int]e/ among ! consultant's ag5ts & employees1 ! consultant %all n be subject to p>agraph 7#a7 ) respect to a failure to disclose requir$ conflict ( int]e/ in=mation4 7d7 ,employm5t re/riction ,an employee ( an appropriate ,f$]al bank+ ag5cy t 0 involv$ 9 approv+ an indep5d5t consultant to assi/ 9 c>ry+ out a cons5t ord] may n seek employm5t )1 or be employ$ by1 su* indep5d5t consultant dur+ any p]iod 9 :i* su* cons5t ord] is 9 effect1 any am5dm5t to su* cons5t ord] is 9 effect1 or any subsequ5t cons5t ord] bas$ on ! orig9al cons5t ord] is 9 effect4 4 #c4 ,,sigt>p to ov]see use ( consultants 7a7 ,9 g5]al ,section #aba ( ! ,em]g5cy ,economic ,/abilization ,act ( #bjjh 7#ab ,u4,s4,c4 #ebca7 is am5d$-- 7#a7 9 subsection 7c71 by add+ at ! end ! foll[+3 7#e7 ,9 addition1 ! ,special ,inspector ,g5]al %all also h ! duties & responsibilities ( provid+ ov]sight (-- 7,a7 cons5t ord]s ent]$ into by an appropriate ,f$]al bank+ ag5cy2 & 7,b7 ! p]=mance ( indep5d5t consultants hir$ by an appropriate ,f$]al bank+ ag5cy to assi/ 9 c>ry+ out su* cons5t ord]s1 z describ$ "u section #ea ( ! ,f$]al ,deposit ,insurance ,act4 2 & 7#b7 by am5d+ subsection 7k7 to read z foll[s3 7k7 ,ov]sight ( cons5t ord]s 7#a7 ,"r ( action relat$ to cons5t ord] monitor+ ,! ,special ,inspector ,g5]al may br+ a civil action 9 any c\rt ( compet5t jurisdiction aga9/ an indep5d5t consultant describ$ "u section #ea7;a7 ( ! ,f$]al ,deposit ,insurance ,act = damages & equitable relief = any violations ( ! consultant's duties "u ! contract "u :i* ! consultant is assi/+ an appropriate ,f$]al bank+ ag5cy 9 c>ry+ out a cons5t ord]4 7#b7 ,:i/lebl[] inc5tives & protection relat$ to cons5t ord] monitor+ 7,a7 ,9 g5]al ,! ,special ,inspector ,g5]al %all e/abli% a :i/lebl[] program "u :i*-- 7i7 ! ,special ,inspector ,g5]al pays an aw>d or aw>ds to #a or m :i/lebl[]s :o volunt>ily provide orig9al in=mation to ! ,special ,inspector ,g5]al t leads to ! successful en=cem5t ( a judicial or adm9i/rative action br\ght by ! ,special ,inspector ,g5]al aga9/ an indep5d5t consultant describ$ "u section #ea7;a7 ( ! ,f$]al ,deposit ,insurance ,act t results 9 monet>y sanctions exce$+ #a1jjj1jjj2 & 7ii7 ! employ] ( a :i/lebl[] may n discrim9ate aga9/ a :i/lebl[] 9 ! t]ms & conditions ( employm5t ( ! :i/lebl[] because ( any lawful act done by ! :i/lebl[]4 7,b7 ,=m ( program ,to ! ext5t practicable1 ! :i/lebl[] program e/abli%$ "u ?is subsection %all be c>ri$ out 9 ! same mann] z ! :i/lebl[] provision "u section #ba;,f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghu-#f74 4