,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bdjb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #ag1 #bjac ,mr4 
,duffy introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to replace !      
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection ) a five p]son    
,commission4  #a4 ,%ort title ,?is ,act 
may be cit$ z ! ,consum] ,f9ancial      
,protection ,commission ,act ( #bjac4   
#b4 ,e/abli%m5t ( ! ,commission ,section
 #ajaa ( ! ,consum] ,f9ancial           
,protection ,act ( #bjaj is am5d$--     
7#a7 by /rik+ subsections 7b71 7c71 &   
7d72  7#b7 by r$esignat+ subsection 7e7 
z subsection 7j72 &  7#c7 by ins]t+ aft]
 subsection 7a7 ! foll[+ new            
subsections3  7b7 ,e/abli%m5t ( !       
,commission  7#a7 ,9 g5]al ,!re is h]eby
 e/abli%$ a commission 7h]e9aft] ref]r$ 
to 9 ?is section z ! ,commission7 t %all
 s]ve z ! head ( ! ,bureau4  7#b7       
,au?ority to prescribe regulations ,!   
,commission may prescribe su*           

regulations & issue su* ord]s 9         
accordance ) ?is title z ! ,commission  
may det]m9e to be necess>y = c>ry+ out  
?is title & all o!r laws )9 !           
,commission's jurisdiction & %all       
ex]cise any au?orities grant$ "u ?is    
title & all o!r laws )9 ! ,commission's 
jurisdiction4  7c7 ,composition ( !     
,commission  7#a7 ,9 g5]al ,!           
,commission %all be compos$ ( ! ,vice   
,*airman = ,sup]vision ( ! ,f$]al       
,res]ve ,sy/em & #d additional memb]s :o
 %all be appo9t$ by ! ,presid5t1 by & ) 
! advice & cons5t ( ! ,s5ate1 f among   
individuals :o--  7,a7 are citiz5s ( !  
,unit$ ,/ates2  7,b7 h /rong compet5cies
 & exp]i5ces relat$ to consum] f9ancial 
protection2 &  7,c7 %\ld want to protect
 s]vice memb]s & _! families :o are     
sacrific+ _! lives = ?is c\ntry f       
abusive f9ancial practices4  7#b7       
,/agg]+ ,! memb]s ( ! ,commission       
appo9t$ "u p>agraph 7#a7 %all s]ve      
/agg]$ t]ms1 :i* initially %all be      
e/abli%$ by ! ,presid5t = t]ms ( #a1 #b1

 #d1 & #e ye>s1 respectively4  7#c7     
,t]ms  7,a7 ,9 g5]al ,ea* memb] ( !     
,commission appo9t$ "u p>agraph 7#a71   
includ+ ! ,*air1 %all s]ve = a t]m ( #e 
ye>s4  7,b7 ,removal = cause ,!         
,presid5t may remove any memb] ( !      
,commission appo9t$ "u p>agraph 7#a7    
only = ineffici5cy1 neglect ( duty1 or  
malfeasance 9 (fice4  7,c7 ,vacancies   
,any memb] ( ! ,commission appo9t$ "u   
p>agraph 7#a7 appo9t$ to fill a vacancy 
occurr+ be=e ! expiration ( ! t]m to :i*
 t memb]'s pr$ecessor 0 appo9t$ 7includ+
 ! ,*air7 %all be appo9t$ only = !      
rema9d] ( ! t]m4  7,d7 ,cont9uation (   
s]vice ,ea* memb] ( ! ,commission       
appo9t$ "u p>agraph 7#a7 may cont9ue to 
s]ve aft] ! expiration ( ! t]m ( (fice  
to :i* t memb] 0 appo9t$ until a        
successor has be5 appo9t$ by ! ,presid5t
 & confirm$ by ! ,s5ate1 except t a     
memb] may n cont9ue to s]ve m ?an #a ye>
 aft] ! date on :i* t memb]'s t]m w\ld  
o!rwise expire4  7,e7 ,o!r employm5t    
prohibit$ ,no memb] ( ! ,commission     

appo9t$ "u p>agraph 7#a7 %all engage 9  
any o!r bus9ess1 vocation1 or employm5t4
  7#d7 ,roles & responsibilities (      
commission]s ,"o memb] ( ! ,commission  
%all h z _! prim>y responsibility !     
ov]sight ( ! ,bureau's activities p]ta9+
 to protect+ consum]s1 ) a focus on     
consum]s :o are old]1 m9orities1 y\?1 or
 vet]ans1 f unfair1 deceptive1 & abusive
 l5d+ practices4 ,! designat$           
commission] %all be responsible =--     
7,a7 ensur+ ! ,bureau conducts regul>   
outrea* to consum]s reg>d+ indu/ry l5d+ 
activities2  7,b7 rese>*+ & report+ to !
 full ,commission1 on a regul> basis1 ! 
impact ( new loan & cr$it products &    
s]vices on consum]s2 &  7,c7 ensur+ !   
,bureau coord9ates ) ,/ate-level consum]
 protection ag5cies on en=cem5t measures
 t protect consum]s f unfair1 deceptive1
 & abusive l5d+ practices4  7d7         
,affiliation ,) respect to memb]s       
appo9t$ pursuant to subsection 7c77#a71 
n m ?an #b %all be memb]s ( any "o      
political p>ty4  7e7 ,*air ( !          

,commission  7#a7 ,appo9tm5t ,! ,*air ( 
! ,commission %all be appo9t$ by !      
,presid5t f among ! memb]s ( !          
,commission appo9t$ "u p>agraph 7#a74   
7#b7 ,au?ority ,! ,*air %all be !       
pr9cipal executive (fic] ( ! ,bureau1 & 
%all ex]cise all ( ! executive &        
adm9i/rative functions ( ! ,bureau1     
includ+ ) respect to--  7,a7 ! appo9tm5t
 & sup]vision ( p]sonnel employ$ "u !   
,bureau 7o!r ?an p]sonnel employ$       
regul>ly & full "t 9 ! imm$iate (fices (
 memb]s ( ! ,commission o!r ?an !       
,*air72  7,b7 ! di/ribution ( bus9ess   
among p]sonnel appo9t$ & sup]vis$ by !  
,*air & among adm9i/rative units ( !    
,bureau2 &  7,c7 ! use & exp5diture (   
funds4  7#c7 ,limitation ,9 c>ry+ out   
any ( ! ,*air's functions "u !          
provisions ( ?is subsection ! ,*air %all
 be gov]n$ by g5]al policies ( !        
,commission & by su* regulatory         
decisions1 f9d+s1 & det]m9ations z !    
,commission may by law be au?oriz$ to   
make4  7#d7 ,reque/s or e/imates relat$ 

to appropriations ,reque/s or e/imates =
 regul>1 supplem5tal1 or defici5cy      
appropriations on behalf ( ! ,commission
 may n be submitt$ by ! ,*air )\t !     
prior approval ( ! ,commission4  7f7 ,no
 impairm5t by reason ( vacancies ,no    
vacancy 9 ! memb]s ( ! ,commission %all 
impair ! "r ( ! rema9+ memb]s ( !       
,commission to ex]cise all ! p[]s ( !   
,commission4 ,?ree memb]s ( !           
,commission %all con/itute a quorum = ! 
transaction ( bus9ess1 except t if !re  
are only #c memb]s s]v+ on ! ,commission
 because ( vacancies 9 ! ,commission1 #b
 memb]s ( ! ,commission %all con/itute a
 quorum = ! transaction ( bus9ess4 ,if  
!re are only #b memb]s s]v+ on !        
,commission because ( vacancies 9 !     
,commission1 #b memb]s %all con/itute a 
quorum = ! #f-mon? p]iod beg9n+ on !    
date ( ! vacancy :i* caus$ ! numb] (    
,commission memb]s to decl9e to #b4  7g7
 ,seal ,! ,commission %all h an (ficial 
seal4  7h7 ,comp5sation  7#a7 ,*air ,!  
,*air %all receive comp5sation at ! rate

 prescrib$ = level ,i ( ! ,executive    
,s*$ule "u section #ecac ( title #e1    
,unit$ ,/ates ,code4  7#b7 ,o!r memb]s (
 ! ,commission ,! #c o!r memb]s ( !     
,commission appo9t$ "u subsection       
7c77#a7 %all ea* receive comp5sation at 
! rate prescrib$ = level ,,ii ( !       
,executive ,s*$ule "u section #ecad (   
title #e1 ,unit$ ,/ates ,code4  7i7     
,initial quorum e/abli%$ ,dur+ any "t   
p]iod prior to ! confirmation ( at lea/ 
two memb]s ( ! ,commission1 "o memb] ( !
 ,commission %all con/itute a quorum = !
 transaction ( bus9ess4 ,foll[+ !       
confirmation ( at lea/ #b additional    
commission]s1 ! quorum requirem5ts (    
subsection 7f7 %all apply4  4  #c4      
,con=m+ am5dm5ts  7a7 ,consum] ,f9ancial
 ,protection ,act ( #bjaj  7#a7 ,9 g5]al
 ,! ,consum] ,f9ancial ,protection ,act 
( #bjaj is am5d$--  7,a7 9 section      
#ajjb1 by /rik+ p>agraph 7#aj72  7,b7 9 
section #ajab7;c77#d71 by /rik+         
,director ea* place su* t]m appe>s &    
ins]t+ ,commission ( ! ,bureau2  7,c7 9 

section #ajac7;c77#c7--  7i7 by /rik+   
,assi/ant ,director ( ! ,bureau = &     
ins]t+ ,head ( ! ,(fice (2 &  7ii7 9    
subp>agraph 7,b71 by /rik+ ,assi/ant    
,director & ins]t+ ,head ( ! ,(fice2    
7,d7 9 section #ajac7;g77#b7--  7i7 by  
/rik+ ,assi/ant director & ins]t+ ,head 
( ! ,(fice2 &  7ii7 by /rik+ an assi/ant
 director & ins]t+ a ,head ( ! ,(fice ( 
,f9ancial ,protection = ,old] ,am]icans2
  7,e7 9 section #ajaf7;a71 by /rik+    
,director ( ! ,bureau & ins]t+ ,*air ( !
 ,commission2  7,f7 9 section           
#ajag7;c77#a71 by /rik+ ,director & o!r 
employees & ins]t+ memb]s ( !           
,commission & o!r employees2  7,g7 9    
section #ajbg7l77#a71 by /rik+ ,director
 & !2 &  7,h7 9 section #ajff7;a71 by   
/rik+ ,director ( ! ,bureau is & ins]t+ 
fir/ memb] ( ! ,commission is4  7#b7    
,global am5dm5ts ,! ,consum] ,f9ancial  
,protection ,act ( #bjaj is am5d$--     
7,a7 by /rik+ ,director ( ! ea* place   
su* t]m appe>s1 o!r ?an 9--  7i7        
subp>agraphs 7,a7 & 7,e7 ( section      

#ajag7d72  7ii7 section #ajdc2  7iii7   
section #ajfa7;b77#c72  7iv7 section    
#ajfb2  7v7 section #ajfc7;f72  7vi7    
subp>agraphs 7,e7 & 7,g7 ( section      
#ajfd7;i77#b72 &  7vii7 section         
#ajfe7;a72 &  7,b7 by /rik+ ,director   
ea* place su* t]m appe>s & ins]t+       
,bureau1 o!r ?an 9--  7i7 section       
#ajfc7;f77#b72 &  7ii7 section          
#ajfe7;a74  7b7 ,dodd-,frank ,wall      
,/reet ,re=m & ,consum] ,protection ,act
 ,! ,dodd-,frank ,wall ,/reet ,re=m &   
,consum] ,protection ,act is am5d$--    
7#a7 9 section #aaa7;b77#a77;,d71 by    
/rik+ ,director & ins]t+ ,*air ( !      
,commission2 &  7#b7 9 section #addg1 by
 /rik+ ,director ( ! ,bureau ea* place  
su* t]m appe>s & ins]t+ ,bureau4  7c7   
,electronic ,fund ,transf] ,act ,section
 #iba7;a77#d77;,c7 ( ! ,electronic ,fund
 ,transf] ,act1 z add$ by section       
#ajge7;a77#b7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ( ! ,bureau ( ,consum]  
,f9ancial ,protection & ins]t+ ,bureau (

 ,consum] ,f9ancial ,protection4  7d7   
,exp$it$ ,funds ,availability ,act ,!   
,exp$it$ ,funds ,availability ,act1 z   
am5d$ by section #ajhf ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,bureau ea*
 place su* t]m appe>s & ins]t+ ,bureau4 
7e7 ,f$]al ,deposit ,insurance ,act     
,section #b ( ! ,f$]al ,deposit         
,insurance ,act1 z am5d$ by section     
#ccf7;a7 ( ! ,dodd-,frank ,wall ,/reet  
,re=m & ,consum] ,protection ,act1 is   
am5d$ by /rik+ ,director ( ! ,consum]   
,f9ancial ,protection ,bureau ea* place 
su* t]m appe>s & ins]t+ ,*air ( !       
,commission ( ! ,bureau ( ,consum]      
,f9ancial ,protection4  7f7 ,f$]al      
,f9ancial ,in/itutions ,exam9ation      
,c\ncil ,act ( #aigh ,section           
#ajjd7;a77#d7 ( ! ,f$]al ,f9ancial      
,in/itutions ,exam9ation ,c\ncil ,act ( 
#aigh 7#ab ,u4,s4,c4 #ccjc7;a77#d771 z  
am5d$ by section #ajia ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,consum]   

,f9ancial ,protection ,bureau & ins]t+  
,*air ( ! ,commission ( ! ,bureau (     
,consum] ,f9ancial ,protection4  7g7    
,f9ancial ,lit]acy & ,education         
,improvem5t ,act ,section #eac ( !      
,f9ancial ,lit]acy & ,education         
,improvem5t ,act1 z am5d$ by section    
#ajac7;d7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ea* place su* t]m appe>s
 & ins]t+ ,*air ( ! ,commission4  7h7   
,home ,mortgage ,disclosure ,act ( #aige
 ,section #cjg ( ! ,home ,mortgage      
,disclosure ,act ( #aige1 z am5d$ by    
section #ajid7f7 ( ! ,consum] ,f9ancial 
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ( ! ,bureau ( ,consum]  
,f9ancial ,protection ea* place su* t]m 
appe>s & ins]t+ ,bureau ( ,consum]      
,f9ancial ,protection4  7i7 ,int]/ate   
,l& ,sales ,full ,disclosure ,act ,!    
,int]/ate ,l& ,sales ,full ,disclosure  
,act1 z am5d$ by section #ajih;,a ( !   
,consum] ,f9ancial ,protection ,act (   
#bjaj1 is am5d$--  7#a7 by am5d+ section

 #adjb7a7 to read z foll[s3  7#a7 ,*air 
means ! ,*air ( ! ,commission ( !       
,bureau ( ,consum] ,f9ancial            
,protection2  2  7#b7 9 section         
#adaf7;a71 by /rik+ ,director ( !       
,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,*air2 &  7#c7 by /rik+       
8,director0 ea* place su* t]m appe>s &  
ins]t+ 8,bureau04  7j7 ,real ,e/ate     
,settlem5t ,proc$ures ,act ( #aigd      
,section #e ( ! ,real ,e/ate ,settlem5t 
,proc$ures ,act ( #aigd1 z am5d$ by     
section #adej ( ! ,dodd-,frank ,wall    
,/reet ,re=m & ,consum] ,protection     
,act1 is am5d$--  7#a7 by /rik+ ,!      
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection 7h]eaft] 9 ?is    
section ref]r$ to z ! ,director7 &      
ins]t+ ,! ,bureau ( ,consum] ,f9ancial  
,protection2 &  7#b7 by /rik+ ,director 
ea* place su* t]m appe>s & ins]t+       
,bureau4  7k7 ,s4,a4,f4,e4 ,mortgage    
,lic5s+ ,act ( #bjjh ,! ,s4,a4,f4,e4    
,mortgage ,lic5s+ ,act ( #bjjh1 z am5d$ 
by section #aajj ( ! ,consum] ,f9ancial 

,protection ,act ( #bjaj1 is am5d$--    
7#a7 by /rik+ ,director ea* place su*   
t]m appe>s 9 head+s & text & ins]t+     
,bureau2 &  7#b7 9 section #aejc1 by    
/rik+ p>agraph 7#aj74  7l7 ,title #dd1  
,unit$ ,/ates ,code ,section #ceac7;c7 (
 title #dd1 ,unit$ ,/ates ,code1 z am5d$
 by section #aajj;,d7b7 ( ! ,consum]    
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,bureau &  
ins]t+ ,bureau4