,,ib ,union ,calendar ,no4 #ajj #aaeth ,,congress #ast ,session ,h4 ,r4 #aj ,report ,no4 #aae-aec1 ,part ,i ,,in ,,the ,,house ,,of ,,representatives ,april #bf1 #bjag ,mr4 ,hensarling 7for himself1 ,mr4 ,mc,henry1 ,mr4 ,huizenga1 ,mr4 ,luetkemeyer1 ,mr4 ,duffy1 ,mr4 ,barr1 ,mrs4 ,wagner1 and ,mr4 ,pearce7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on ,agriculture1 ,ways and ,means1 the ,judiciary1 ,oversight and ,government ,reform1 ,transportation and ,infrastructure1 ,rules1 the ,budget1 and ,education and the ,workforce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,may #be1 #bjag ,additional sponsors3 ,mr4 ,banks of ,indiana1 ,mr4 ,loudermilk1 ,mr4 ,meadows1 ,mr4 ,kustoff of ,tennessee1 ,mr4 ,williams1 ,mr4 ,hill1 ,mr4 ,hollingsworth1 ,mr4 ,walker1 ,mr4 ,pittenger1 ,mr4 ,rothfus1 ,mr4 ,davidson1 ,mr4 ,arrington1 ,mr4 ,mc,clintock1 ,mr4 ,franks of ,arizona1 ,mr4 ,budd1 ,mr4 ,wittman1 ,mr4 ,flores1 ,mr4 ,palmer1 ,mr4 ,trott1 ,mrs4 ,love1 ,mr4 ,tipton1 ,mr4 ,mooney of ,west ,virginia1 ,mr4 ,posey1 ,mr4 ,zeldin1 ,mr4 ,thornberry1 ,mr4 ,stivers1 ,mr4 ,mac,arthur1 ,ms4 ,tenney1 ,mr4 ,smith of ,nebraska1 ,mr4 ,estes of ,kansas1 ,mr4 ,emmer1 ,mr4 ,king of ,new ,york1 and ,mr4 ,royce of ,california ,may #be1 #bjag ,reported from the ,committee on ,financial ,services with an amendment ,strike out all after the enacting clause and insert the part printed in italic ,may #be1 #bjag ,the ,committees on ,agriculture1 ,ways and ,means1 the ,judiciary1 ,oversight and ,government ,reform1 ,transportation and ,infrastructure1 ,rules1 the ,budget1 and ,education and the ,workforce discharged2 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed ,for text of introduced bill1 see copy of bill as introduced on ,april #bf1 #bjag ,a ,,bill ,to create hope and opportunity for investors1 consumers1 and entrepreneurs by ending bailouts and ,too ,big to ,fail1 holding ,washington and ,wall ,street accountable1 eliminating red tape to increase access to capital and credit1 and repealing the provisions of the ,dodd-,frank ,act that make ,america less prosperous1 less stable1 and less free1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,financial ,,choice ,act of #bjag4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,title ,i--,ending ,too ,big to ,fail and ,bank ,bailouts ,subtitle ,a--,repeal of the ,orderly ,liquidation ,authority ,sec4 #aaa4 ,repeal of the orderly liquidation authority4 ,subtitle ,b--,financial ,institution ,bankruptcy ,sec4 #aba4 ,general provisions relating to covered financial corporations4 ,sec4 #abb4 ,liquidation1 reorganization1 or recapitalization of a covered financial corporation4 ,sec4 #abc4 ,amendments to title #bh1 ,united ,states ,code4 ,subtitle ,c--,ending ,government ,guarantees ,sec4 #aca4 ,repeal of obligation guarantee program4 ,sec4 #acb4 ,repeal of systemic risk determination in resolutions4 ,sec4 #acc4 ,restrictions on use of the ,exchange ,stabilization ,fund4 ,subtitle ,d--,eliminating ,financial ,market ,utility ,designations ,sec4 #ada4 ,repeal of title ,,viii4 ,subtitle ,e--,reform of the ,financial ,stability ,act of #bjaj ,sec4 #aea4 ,repeal and modification of provisions of the ,financial ,stability ,act of #bjaj4 ,sec4 #aeb4 ,operational risk capital requirements for banking organizations4 ,title ,,ii--,demanding ,accountability from ,wall ,street ,subtitle ,a--,,sec ,penalties ,modernization ,sec4 #baa4 ,enhancement of civil penalties for securities laws violations4 ,sec4 #bab4 ,updated civil money penalties of ,public ,company ,accounting ,oversight ,board4 ,sec4 #bac4 ,updated civil money penalty for controlling persons in connection with insider trading4 ,sec4 #bad4 ,update of certain other penalties4 ,sec4 #bae4 ,monetary sanctions to be used for the relief of victims4 ,sec4 #baf4 ,,gao report on use of civil money penalty authority by ,commission4 ,subtitle ,b--,,firrea ,penalties ,modernization ,sec4 #bba4 ,increase of civil and criminal penalties originally established in the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi4 ,title ,,iii--,demanding ,accountability from ,financial ,regulators and ,devolving ,power ,away from ,washington ,subtitle ,a--,cost-,benefit ,analyses ,sec4 #caa4 ,definitions4 ,sec4 #cab4 ,required regulatory analysis4 ,sec4 #cac4 ,rule of construction4 ,sec4 #cad4 ,public availability of data and regulatory analysis4 ,sec4 #cae4 ,five-year regulatory impact analysis4 ,sec4 #caf4 ,retrospective review of existing rules4 ,sec4 #cag4 ,judicial review4 ,sec4 #cah4 ,chief ,economists ,council4 ,sec4 #cai4 ,conforming amendments4 ,sec4 #cbj4 ,other regulatory entities4 ,sec4 #cba4 ,avoidance of duplicative or unnecessary analyses4 ,subtitle ,b--,congressional ,review of ,federal ,financial ,agency ,rulemaking ,sec4 #cca4 ,congressional review4 ,sec4 #ccb4 ,congressional approval procedure for major rules4 ,sec4 #ccc4 ,congressional disapproval procedure for nonmajor rules4 ,sec4 #ccd4 ,definitions4 ,sec4 #cce4 ,judicial review4 ,sec4 #ccf4 ,effective date of certain rules4 ,sec4 #ccg4 ,budgetary effects of rules subject to section #ccb of the ,financial ,,choice ,act of #bjag4 ,subtitle ,c--,judicial ,review of ,agency ,actions ,sec4 #cda4 ,scope of judicial review of agency actions4 ,subtitle ,d--,leadership of ,financial ,regulators ,sec4 #cea4 ,federal ,deposit ,insurance ,corporation4 ,sec4 #ceb4 ,federal ,housing ,finance ,agency4 ,subtitle ,e--,congressional ,oversight of ,appropriations ,sec4 #cfa4 ,bringing the ,federal ,deposit ,insurance ,corporation into the appropriations process4 ,sec4 #cfb4 ,bringing the ,federal ,housing ,finance ,agency into the appropriations process4 ,sec4 #cfc4 ,bringing the ,national ,credit ,union ,administration into the appropriations process4 ,sec4 #cfd4 ,bringing the ,office of the ,comptroller of the ,currency into the appropriations process4 ,sec4 #cfe4 ,bringing the non-monetary policy related functions of the ,board of ,governors of the ,federal ,reserve ,system into the appropriations process4 ,subtitle ,f--,international ,processes ,sec4 #cga4 ,requirements for international processes4 ,subtitle ,g--,unfunded ,mandates ,reform ,sec4 #cha4 ,definitions4 ,sec4 #chb4 ,statements to accompany significant regulatory actions4 ,sec4 #chc4 ,small government agency plan4 ,sec4 #chd4 ,state1 local1 and tribal government and private sector input4 ,sec4 #che4 ,least burdensome option or explanation required4 ,sec4 #chf4 ,assistance to the ,office of ,information and ,regulatory ,affairs4 ,sec4 #chg4 ,office of ,information and ,regulatory ,affairs responsibilities4 ,sec4 #chh4 ,judicial review4 ,subtitle ,h--,enforcement ,coordination ,sec4 #cia4 ,policies to minimize duplication of enforcement efforts4 ,subtitle ,i--,penalties for ,unauthorized ,disclosures ,sec4 #cib4 ,criminal penalty for unauthorized disclosures4 ,subtitle ,,ii--,stop ,settlement ,slush ,funds ,sec4 #cic4 ,limitation on donations made pursuant to settlement agreements to which certain departments or agencies are a party4 ,title ,,iv--,unleashing ,opportunities for ,small ,businesses1 ,innovators1 and ,job ,creators by ,facilitating ,capital ,formation ,subtitle ,a--,small ,business ,mergers1 ,acquisitions1 ,sales1 and ,brokerage ,simplification ,sec4 #dja4 ,registration exemption for merger and acquisition brokers4 ,sec4 #djb4 ,effective date4 ,subtitle ,b--,encouraging ,employee ,ownership ,sec4 #djf4 ,increased threshold for disclosures relating to compensatory benefit plans4 ,subtitle ,c--,small ,company ,disclosure ,simplification ,sec4 #daa4 ,exemption from ,,xbrl requirements for emerging growth companies and other smaller companies4 ,sec4 #dab4 ,analysis by the ,,sec4 ,sec4 #dac4 ,report to ,congress4 ,sec4 #dad4 ,definitions4 ,subtitle ,d--,securities and ,exchange ,commission ,overpayment ,credit ,sec4 #daf4 ,refunding or crediting overpayment of section #ca fees4 ,subtitle ,e--,fair ,access to ,investment ,research ,sec4 #dba4 ,safe harbor for investment fund research4 ,subtitle ,f--,accelerating ,access to ,capital ,sec4 #dbf4 ,expanded eligibility for use of ,form ,s-#c4 ,subtitle ,g--,enhancing the ,,raise ,act ,sec4 #dca4 ,certain accredited investor transactions4 ,subtitle ,h--,small ,business ,credit ,availability ,sec4 #dcf4 ,business development company ownership of securities of investment advisers and certain financial companies4 ,sec4 #dcg4 ,expanding access to capital for business development companies4 ,sec4 #dch4 ,parity for business development companies regarding offering and proxy rules4 ,subtitle ,i--,fostering ,innovation ,sec4 #dda4 ,temporary exemption for low-revenue issuers4 ,subtitle ,j--,small ,business ,capital ,formation ,enhancement ,sec4 #ddf4 ,annual review of government-business forum on capital formation4 ,subtitle ,k--,helping ,angels ,lead ,our ,startups ,sec4 #dea4 ,definition of angel investor group4 ,sec4 #deb4 ,clarification of general solicitation4 ,subtitle ,l--,main ,street ,growth ,sec4 #def4 ,venture exchanges4 ,subtitle ,m--,micro ,offering ,safe ,harbor ,sec4 #dfa4 ,exemptions for micro-offerings4 ,subtitle ,n--,private ,placement ,improvement ,sec4 #dff4 ,revisions to ,,sec ,regulation ,d4 ,subtitle ,o--,supporting ,america's ,innovators ,sec4 #dga4 ,investor limitation for qualifying venture capital funds4 ,subtitle ,p--,fix ,crowdfunding ,sec4 #dgf4 ,crowdfunding exemption4 ,sec4 #dgg4 ,exclusion of crowdfunding investors from shareholder cap4 ,sec4 #dgh4 ,preemption of ,state law4 ,sec4 #dgi4 ,treatment of funding portals4 ,subtitle ,q--,corporate ,governance ,reform and ,transparency ,sec4 #dha4 ,definitions4 ,sec4 #dhb4 ,registration of proxy advisory firms4 ,sec4 #dhc4 ,commission annual report4 ,subtitle ,r--,senior ,safe ,sec4 #dia4 ,immunity4 ,sec4 #dib4 ,training required4 ,sec4 #dic4 ,relationship to ,state law4 ,subtitle ,s--,national ,securities ,exchange ,regulatory ,parity ,sec4 #dif4 ,application of exemption4 ,subtitle ,t--,private ,company ,flexibility and ,growth ,sec4 #dig4 ,shareholder threshold for registration4 ,subtitle ,u--,small ,company ,capital ,formation ,enhancements ,sec4 #dih4 ,,jobs ,act-related exemption4 ,subtitle ,v--,encouraging ,public ,offerings ,sec4 #dii4 ,expanding testing the waters and confidential submissions4 ,title ,v--,regulatory ,relief for ,main ,street and ,community ,financial ,institutions ,subtitle ,a--,preserving ,access to ,manufactured ,housing ,sec4 #eja4 ,mortgage originator definition4 ,sec4 #ejb4 ,high-,cost mortgage definition4 ,subtitle ,b--,mortgage ,choice ,sec4 #ejf4 ,definition of points and fees4 ,subtitle ,c--,financial ,institution ,customer ,protection ,sec4 #eaa4 ,requirements for deposit account termination requests and orders4 ,sec4 #eab4 ,amendments to the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi4 ,subtitle ,d--,portfolio ,lending and ,mortgage ,access ,sec4 #eaf4 ,safe harbor for certain loans held on portfolio4 ,subtitle ,e--,application of the ,expedited ,funds ,availability ,act ,sec4 #eba4 ,application of the ,expedited ,funds ,availability ,act4 ,subtitle ,f--,small ,bank ,holding ,company ,policy ,statement ,sec4 #ebf4 ,changes required to small bank holding company policy statement on assessment of financial and managerial factors4 ,subtitle ,g--,community ,institution ,mortgage ,relief ,sec4 #eca4 ,community financial institution mortgage relief4 ,subtitle ,h--,financial ,institutions ,examination ,fairness and ,reform ,sec4 #ecf4 ,timeliness of examination reports4 ,subtitle ,i--,national ,credit ,union ,administration ,budget ,transparency ,sec4 #eda4 ,budget transparency for the ,,ncua4 ,subtitle ,j--,taking ,account of ,institutions with ,low ,operation ,risk ,sec4 #edf4 ,regulations appropriate to business models4 ,subtitle ,k--,federal ,savings ,association ,charter ,flexibility ,sec4 #eea4 ,option for ,federal savings associations to operate as a covered savings association4 ,subtitle ,l--,,safe ,transitional ,licensing ,sec4 #eef4 ,eliminating barriers to jobs for loan originators4 ,subtitle ,m--,right to ,lend ,sec4 #efa4 ,small business loan data collection requirement4 ,subtitle ,n--,community ,bank ,reporting ,relief ,sec4 #eff4 ,short form call report4 ,subtitle ,o--,homeowner ,information ,privacy ,protection ,sec4 #ega4 ,study regarding privacy of information collected under the ,home ,mortgage ,disclosure ,act of #aige4 ,subtitle ,p--,home ,mortgage ,disclosure ,adjustment ,sec4 #egf4 ,depository institutions subject to maintenance of records and disclosure requirements4 ,subtitle ,q--,protecting ,consumers' ,access to ,credit ,sec4 #eha4 ,rate of interest after transfer of loan4 ,subtitle ,r--,,ncua ,overhead ,transparency ,sec4 #ehf4 ,fund transparency4 ,subtitle ,s--,housing ,opportunities ,made ,easier ,sec4 #eia4 ,clarification of donated services to non-profits4 ,title ,,vi--,regulatory ,relief for ,strongly ,capitalized1 ,well ,managed ,banking ,organizations ,sec4 #fja4 ,capital election4 ,sec4 #fjb4 ,regulatory relief4 ,sec4 #fjc4 ,contingent capital study4 ,sec4 #fjd4 ,study on altering the current prompt corrective action rules4 ,sec4 #fje4 ,definitions4 ,title ,,vii--,empowering ,americans to ,achieve ,financial ,independence ,subtitle ,a--,separation of ,powers and ,liberty ,enhancements ,sec4 #gaa4 ,consumer ,law ,enforcement ,agency4 ,sec4 #gab4 ,authority of the ,office of ,information and ,regulatory ,affairs4 ,sec4 #gac4 ,bringing the ,agency into the regular appropriations process4 ,sec4 #gad4 ,consumer ,law ,enforcement ,agency ,inspector ,general ,reform4 ,sec4 #gae4 ,private parties authorized to compel the ,agency to seek sanctions by filing civil actions2 ,adjudications deemed actions4 ,sec4 #gaf4 ,civil investigative demands to be appealed to courts4 ,sec4 #gag4 ,agency dual mandate and economic analysis4 ,sec4 #gah4 ,no deference to ,agency interpretation4 ,subtitle ,b--,administrative ,enhancements ,sec4 #gba4 ,advisory opinions4 ,sec4 #gbb4 ,reform of ,consumer ,financial ,civil ,penalty ,fund4 ,sec4 #gbc4 ,agency pay fairness4 ,sec4 #gbd4 ,elimination of market monitoring functions4 ,sec4 #gbe4 ,reforms to mandatory functional units4 ,sec4 #gbf4 ,repeal of mandatory advisory board4 ,sec4 #gbg4 ,elimination of supervision authority4 ,sec4 #gbh4 ,transfer of old ,,ots building from ,,occ to ,,gsa4 ,sec4 #gbi4 ,limitation on ,agency authority4 ,subtitle ,c--,policy ,enhancements ,sec4 #gca4 ,consumer right to financial privacy4 ,sec4 #gcb4 ,repeal of ,council authority to set aside ,agency rules and requirement of safety and soundness considerations when issuing rules4 ,sec4 #gcc4 ,removal of authority to regulate small-dollar credit4 ,sec4 #gcd4 ,reforming indirect auto financing guidance4 ,sec4 #gce4 ,prohibition of ,government price controls for payment card transactions4 ,sec4 #gcf4 ,removal of ,agency ,,udaap authority4 ,sec4 #gcg4 ,preservation of ,,udap authority for ,federal banking regulators4 ,sec4 #gch4 ,repeal of authority to restrict arbitration4 ,title ,,viii--,capital ,markets ,improvements ,subtitle ,a--,,sec ,reform1 ,restructuring1 and ,accountability ,sec4 #hja4 ,authorization of appropriations4 ,sec4 #hjb4 ,report on unobligated appropriations4 ,sec4 #hjc4 ,,sec ,reserve ,fund abolished4 ,sec4 #hjd4 ,fees to offset appropriations4 ,sec4 #hje4 ,commission relocation funding prohibition4 ,sec4 #hjf4 ,implementation of recommendations4 ,sec4 #hjg4 ,office of ,credit ,ratings to report to the ,division of ,trading and ,markets4 ,sec4 #hjh4 ,office of ,municipal ,securities to report to the ,division of ,trading and ,markets4 ,sec4 #hji4 ,independence of ,commission ,ombudsman4 ,sec4 #haj4 ,investor ,advisory ,committee improvements4 ,sec4 #haa4 ,duties of ,investor ,advocate4 ,sec4 #hab4 ,elimination of exemption of ,small ,business ,capital ,formation ,advisory ,committee from ,federal ,advisory ,committee ,act4 ,sec4 #hac4 ,internal risk controls4 ,sec4 #had4 ,applicability of notice and comment requirements of the ,administrative ,procedure ,act to guidance voted on by the ,commission4 ,sec4 #hae4 ,limitation on pilot programs4 ,sec4 #haf4 ,procedure for obtaining certain intellectual property4 ,sec4 #hag4 ,process for closing investigations4 ,sec4 #hah4 ,enforcement ,ombudsman4 ,sec4 #hai4 ,adequate notice4 ,sec4 #hbj4 ,advisory committee on ,commission's enforcement policies and practices4 ,sec4 #hba4 ,process to permit recipient of ,wells notification to appear before ,commission staff in-person4 ,sec4 #hbb4 ,publication of enforcement manual4 ,sec4 #hbc4 ,private parties authorized to compel the ,securities and ,exchange ,commission to seek sanctions by filing civil actions4 ,sec4 #hbd4 ,certain findings required to approve civil money penalties against issuers4 ,sec4 #hbe4 ,repeal of authority of the ,commission to prohibit persons from serving as officers or directors4 ,sec4 #hbf4 ,subpoena duration and renewal4 ,sec4 #hbg4 ,elimination of automatic disqualifications4 ,sec4 #hbh4 ,denial of award to culpable whistleblowers4 ,sec4 #hbi4 ,confidentiality of records obtained from foreign securities and law enforcement authorities4 ,sec4 #hcj4 ,clarification of authority to impose sanctions on persons associated with a broker or dealer4 ,sec4 #hca4 ,complaint and burden of proof requirements for certain actions for breach of fiduciary duty4 ,sec4 #hcb4 ,congressional access to information held by the ,public ,company ,accounting ,oversight ,board4 ,sec4 #hcc4 ,abolishing ,investor ,advisory ,group4 ,sec4 #hcd4 ,repeal of requirement for ,public ,company ,accounting ,oversight ,board to use certain funds for merit scholarship program4 ,sec4 #hce4 ,reallocation of fines for violations of rules of municipal securities rulemaking board4 ,subtitle ,b--,eliminating ,excessive ,government ,intrusion in the ,capital ,markets ,sec4 #hda4 ,repeal of ,department of ,labor fiduciary rule and requirements prior to rulemaking relating to standards of conduct for brokers and dealers4 ,sec4 #hdb4 ,exemption from risk retention requirements for nonresidential mortgage4 ,sec4 #hdc4 ,frequency of shareholder approval of executive compensation4 ,sec4 #hdd4 ,shareholder ,proposals4 ,sec4 #hde4 ,prohibition on requiring a single ballot4 ,sec4 #hdf4 ,requirement for municipal advisor for issuers of municipal securities4 ,sec4 #hdg4 ,small issuer exemption from internal control evaluation4 ,sec4 #hdh4 ,streamlining of applications for an exemption from the ,investment ,company ,act of #aidj4 ,sec4 #hdi4 ,restriction on recovery of erroneously awarded compensation4 ,sec4 #hej4 ,exemptive authority for certain provisions relating to registration of nationally recognized statistical rating organizations4 ,sec4 #hea4 ,risk-based examinations of ,nationally ,recognized ,statistical ,rating ,organizations4 ,sec4 #heb4 ,transparency of credit rating methodologies4 ,sec4 #hec4 ,repeal of certain attestation requirements relating to credit ratings4 ,sec4 #hed4 ,look-back review by ,,nrsro4 ,sec4 #hee4 ,approval of credit rating procedures and methodologies4 ,sec4 #hef4 ,exception for providing certain material information relating to a credit rating4 ,sec4 #heg4 ,repeals4 ,sec4 #heh4 ,exemption of and reporting by private equity fund advisers4 ,sec4 #hei4 ,records and reports of private funds4 ,sec4 #hfj4 ,definition of accredited investor4 ,sec4 #hfa4 ,repeal of certain provisions requiring a study and report to ,congress4 ,sec4 #hfb4 ,repeal4 ,subtitle ,c--,harmonization of ,derivatives ,rules ,sec4 #hga4 ,commissions review and harmonization of rules relating to the regulation of over-the-counter swaps markets4 ,sec4 #hgb4 ,treatment of transactions between affiliates4 ,title ,,ix--,repeal of the ,volcker ,rule and ,other ,provisions ,sec4 #ija4 ,repeals4 ,title ,x--,fed ,oversight ,reform and ,modernization ,sec4 #ajja4 ,requirements for policy rules of the ,federal ,open ,market ,committee4 ,sec4 #ajjb4 ,federal ,open ,market ,committee blackout period4 ,sec4 #ajjc4 ,public transcripts of ,,fomc meetings4 ,sec4 #ajjd4 ,membership of ,federal ,open ,market ,committee4 ,sec4 #ajje4 ,frequency of testimony of the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system to ,congress4 ,sec4 #ajjf4 ,vice ,chairman for ,supervision report requirement4 ,sec4 #ajjg4 ,salaries1 financial disclosures1 and office staff of the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #ajjh4 ,amendments to powers of the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #ajji4 ,interest rates on balances maintained at a ,federal ,reserve bank by depository institutions established by ,federal ,open ,market ,committee4 ,sec4 #ajaj4 ,audit reform and transparency for the ,board of ,governors of the ,federal ,reserve ,system4 ,sec4 #ajaa4 ,establishment of a ,centennial ,monetary ,commission4 ,title ,,xi--,improving ,insurance ,coordination through an ,independent ,advocate ,sec4 #aaja4 ,repeal of the ,federal ,insurance ,office2 ,creation of the ,office of the ,independent ,insurance ,advocate4 ,sec4 #aajb4 ,treatment of covered agreements4 ,title ,,xii--,technical corrections ,sec4 #abja4 ,table of contents2 ,definitional corrections4 ,sec4 #abjb4 ,antitrust savings clause corrections4 ,sec4 #abjc4 ,title ,i corrections4 ,sec4 #abjd4 ,title ,,iii corrections4 ,sec4 #abje4 ,title ,,iv correction4 ,sec4 #abjf4 ,title ,,vi corrections4 ,sec4 #abjg4 ,title ,,vii corrections4 ,sec4 #abjh4 ,title ,,ix corrections4 ,sec4 #abji4 ,title ,x corrections4 ,sec4 #abaj4 ,title ,,xii correction4 ,sec4 #abaa4 ,title ,,xiv correction4 ,sec4 #abab4 ,technical corrections to other statutes4 ,i ,ending ,too ,big to ,fail and ,bank ,bailouts ,a ,repeal of the ,orderly ,liquidation ,authority #aaa4 ,repeal of the orderly liquidation authority 7a7 ,in general ,title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is hereby repealed and any ,federal law amended by such title shall1 on and after the effective date of this ,act1 be effective as if title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act had not been enacted4 7b7 ,conforming amendments 7#a7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended-- 7,a7 in the table of contents for such ,act1 by striking all items relating to title ,,ii2 7,b7 in section #afe7;d7-- 7i7 in paragraph 7#a71 by striking 1 the ,council1 and the ,corporation and inserting and the ,council2 7ii7 in paragraph 7#b71 by striking 1 the ,council1 and the ,corporation and inserting and the ,council2 7iii7 in paragraph 7#c71 by striking and the ,corporation2 7iv7 in paragraph 7#d7-- 7,i7 by striking and the ,corporation jointly determine and inserting determines2 7,,ii7 by striking their and inserting its2 7,,iii7 in subparagraph 7,a71 by striking and the ,corporation2 and 7,,iv7 in subparagraph 7,b71 by striking and the ,corporation2 7v7 in paragraph 7#e7-- 7,i7 in subparagraph 7,a71 by striking and the ,corporation may jointly and inserting may2 and 7,,ii7 in subparagraph 7,b7-- 7aa7 by striking and the ,corporation each place such term appears2 7bb7 by striking may jointly and inserting may2 7cc7 by striking have jointly and inserting has2 7vi7 in paragraph 7#f71 by striking 1 a receiver appointed under title ,,ii12 and 7vii7 by amending paragraph 7#h7 to read as follows3 7#h7 ,rules ,not later than #ab months after enactment of this paragraph1 the ,board of ,governors shall issue final rules implementing this section4 2 and 7,c7 in section #gaf7;g71 by striking or a covered financial company under title ,,ii4 7#b7 ,federal ,deposit ,insurance ,act ,section #aj7;b77#c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;b77#c77 is amended by striking 1 or of such nonbank financial company supervised by the ,board of ,governors or bank holding company described in section #afe7;a7 of the ,financial ,stability ,act of #bjaj1 for the purpose of implementing its authority to provide for orderly liquidation of any such company under title ,,ii of that ,act4 7#c7 ,federal ,reserve ,act ,section #ac7c7 of the ,federal ,reserve ,act is amended-- 7,a7 in subparagraph 7,b7-- 7i7 in clause 7ii71 by striking 1 resolution under title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 or and inserting or is subject to resolution under2 and 7ii7 in clause 7iii71 by striking 1 resolution under title ,,ii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 or and inserting or resolution under2 and 7,b7 by striking subparagraph 7,e74 ,b ,financial ,institution ,bankruptcy #aba4 ,general provisions relating to covered financial corporations 7a7 ,definition ,section #aja of title #aa1 ,united ,states ,code1 is amended by inserting the following after paragraph 7#i73 7#i;,a7 ,the term covered financial corporation means any corporation incorporated or organized under any ,federal or ,state law1 other than a stockbroker1 a commodity broker1 or an entity of the kind specified in paragraph 7#b7 or 7#c7 of section #aji7;b71 that is-- 7,a7 a bank holding company1 as defined in section #b7;a7 of the ,bank ,holding ,company ,act of #aief2 or 7,b7 a corporation that exists for the primary purpose of owning1 controlling and financing its subsidiaries1 that has total consolidated assets of #ej1jjj1jjj1jjj or greater1 and for which1 in its most recently completed fiscal year-- 7i7 annual gross revenues derived by the corporation and all of its subsidiaries from activities that are financial in nature 7as defined in section #d7k7 of the ,bank ,holding ,company ,act of #aief7 and1 if applicable1 from the ownership or control of one or more insured depository institutions1 represents #he percent or more of the consolidated annual gross revenues of the corporation2 or 7ii7 the consolidated assets of the corporation and all of its subsidiaries related to activities that are financial in nature 7as defined in section #d7k7 of the ,bank ,holding ,company ,act of #aief7 and1 if applicable1 related to the ownership or control of one or more insured depository institutions1 represents #he percent or more of the consolidated assets of the corporation4 4 7b7 ,applicability of chapters ,section #ajc of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7l7 ,subchapter ,v of chapter #aa of this title applies only in a case under chapter #aa concerning a covered financial corporation4 4 7c7 ,who may be a debtor ,section #aji of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#b71 by striking or at the end2 7,b7 in paragraph 7#c77;,b71 by striking the period at the end and inserting 2 or2 and 7,c7 by adding at the end the following3 7#d7 a covered financial corporation4 2 and 7#b7 in subsection 7d7-- 7,a7 by striking and before an uninsured ,state member bank2 7,b7 by striking or before a corporation2 and 7,c7 by inserting 1 or a covered financial corporation after ,federal ,deposit ,insurance ,corporation ,improvement ,act of #aiia4 7d7 ,conversion to chapter #g ,section #aaab of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7g7 ,notwithstanding section #aji7;b71 the court may convert a case under subchapter ,v to a case under chapter #g if-- 7#a7 a transfer approved under section #aahe has been consummated2 7#b7 the court has ordered the appointment of a special trustee under section #aahf2 and 7#c7 the court finds1 after notice and a hearing1 that conversion is in the best interest of the creditors and the estate4 4 7e7 7#a7 ,section #gbf7;a77#a7 of title #aa1 ,united ,states ,code1 is amended by inserting after first1 the following3 in payment of any unpaid fees1 costs1 and expenses of a special trustee appointed under section #aahf1 and then4 7#b7 ,section #aabi7;a7 of title #aa1 ,united ,states ,code1 is amended by inserting after paragraph 7#af7 the following3 7#ag7 ,in a case under subchapter ,v1 all payable fees1 costs1 and expenses of the special trustee have been paid or the plan provides for the payment of all such fees1 costs1 and expenses on the effective date of the plan4 7#ah7 ,in a case under subchapter ,v1 confirmation of the plan is not likely to cause serious adverse effects on financial stability in the ,united ,states4 4 7f7 ,section #cbb7;b77#b7 of title #aa1 ,united ,states ,code1 is amended by striking ,the and inserting ,in cases under subchapter ,v1 the ,united ,states trustee shall recommend to the court1 and in all other cases1 the4 #abb4 ,liquidation1 reorganization1 or recapitalization of a covered financial corporation ,chapter #aa of title #aa1 ,united ,states ,code1 is amended by adding at the end the following 7and conforming the table of contents for such chapter accordingly73 ,v ,liquidation1 ,reorganization1 or ,recapitalization of a ,covered ,financial ,corporation #aaha4 ,inapplicability of other sections ,sections #cjc and #cba7;c7 do not apply in a case under this subchapter concerning a covered financial corporation4 ,section #cfe does not apply to a transfer under section #aahe1 #aahg1 or #aahh4 #aahb4 ,definitions for this subchapter ,in this subchapter1 the following definitions shall apply3 7#a7 ,the term ,board means the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,the term bridge company means a newly formed corporation to which property of the estate may be transferred under section #aahe7;a7 and the equity securities of which may be transferred to a special trustee under section #aahf7;a74 7#c7 ,the term capital structure debt means all unsecured debt of the debtor for borrowed money for which the debtor is the primary obligor1 other than a qualified financial contract and other than debt secured by a lien on property of the estate that is to be transferred to a bridge company pursuant to an order of the court under section #aahe7;a74 7#d7 ,the term contractual right means a contractual right of a kind defined in section #eee1 #eef1 #eei1 #efj1 or #efa4 7#e7 ,the term qualified financial contract means any contract of a kind defined in paragraph 7#be71 7#ch;,a71 7#dg71 or 7#ec;,b7 of section #aja1 section #gda7g71 or paragraph 7#d71 7#e71 7#aa71 or 7#ac7 of section #gfa4 7#f7 ,the term special trustee means the trustee of a trust formed under section #aahf7;a77#a74 #aahc4 ,commencement of a case concerning a covered financial corporation 7a7 ,a case under this subchapter concerning a covered financial corporation may be commenced by the filing of a petition with the court by the debtor under section #cja only if the debtor states to the best of its knowledge under penalty of perjury in the petition that it is a covered financial corporation4 7b7 ,the commencement of a case under subsection 7a7 constitutes an order for relief under this subchapter4 7c7 ,the members of the board of directors 7or body performing similar functions7 of a covered financial company shall have no liability to shareholders1 creditors1 or other parties in interest for a good faith filing of a petition to commence a case under this subchapter1 or for any reasonable action taken in good faith in contemplation of such a petition or a transfer under section #aahe or section #aahf1 whether prior to or after commencement of the case4 7d7 ,counsel to the debtor shall provide1 to the greatest extent practicable without disclosing the identity of the potential debtor1 sufficient confidential notice to the chief judge of the court of appeals for the circuit embracing the district in which such counsel intends to file a petition to commence a case under this subchapter regarding the potential commencement of such case4 ,the chief judge of such court shall randomly assign to preside over such case a bankruptcy judge selected from among the bankruptcy judges designated by the ,chief ,justice of the ,united ,states under section #bih of title #bh4 #aahd4 ,regulators ,the ,board1 the ,securities ,exchange ,commission1 the ,office of the ,comptroller of the ,currency of the ,department of the ,treasury1 the ,commodity ,futures ,trading ,commission1 and the ,federal ,deposit ,insurance ,corporation may raise and may appear and be heard on any issue in any case or proceeding under this subchapter4 #aahe4 ,special transfer of property of the estate 7a7 ,on request of the trustee1 and after notice and a hearing that shall occur not less than #bd hours after the order for relief1 the court may order a transfer under this section of property of the estate1 and the assignment of executory contracts1 unexpired leases1 and qualified financial contracts of the debtor1 to a bridge company4 ,upon the entry of an order approving such transfer1 any property transferred1 and any executory contracts1 unexpired leases1 and qualified financial contracts assigned under such order shall no longer be property of the estate4 ,except as provided under this section1 the provisions of section #cfc shall apply to a transfer and assignment under this section4 7b7 ,unless the court orders otherwise1 notice of a request for an order under subsection 7a7 shall consist of electronic or telephonic notice of not less than #bd hours to-- 7#a7 the debtor2 7#b7 the holders of the #bj largest secured claims against the debtor2 7#c7 the holders of the #bj largest unsecured claims against the debtor2 7#d7 counterparties to any debt1 executory contract1 unexpired lease1 and qualified financial contract requested to be transferred under this section2 7#e7 the ,board2 7#f7 the ,federal ,deposit ,insurance ,corporation2 7#g7 the ,secretary of the ,treasury and the ,office of the ,comptroller of the ,currency of the ,treasury2 7#h7 the ,commodity ,futures ,trading ,commission2 7#i7 the ,securities and ,exchange ,commission2 7#aj7 the ,united ,states trustee or bankruptcy administrator2 and 7#aa7 each primary financial regulatory agency1 as defined in section #b7ab7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 with respect to any affiliate the equity securities of which are proposed to be transferred under this section4 7c7 ,the court may not order a transfer under this section unless the court determines1 based upon a preponderance of the evidence1 that-- 7#a7 the transfer under this section is necessary to prevent serious adverse effects on financial stability in the ,united ,states2 7#b7 the transfer does not provide for the assumption of any capital structure debt by the bridge company2 7#c7 the transfer does not provide for the transfer to the bridge company of any property of the estate that is subject to a lien securing a debt1 executory contract1 unexpired lease or agreement 7including a qualified financial contract7 of the debtor unless-- 7,a7 7i7 the bridge company assumes such debt1 executory contract1 unexpired lease or agreement 7including a qualified financial contract71 including any claims arising in respect thereof that would not be allowed secured claims under section #ejf7;a77#a7 and after giving effect to such transfer1 such property remains subject to the lien securing such debt1 executory contract1 unexpired lease or agreement 7including a qualified financial contract72 and 7ii7 the court has determined that assumption of such debt1 executory contract1 unexpired lease or agreement 7including a qualified financial contract7 by the bridge company is in the best interests of the estate2 or 7,b7 such property is being transferred to the bridge company in accordance with the provisions of section #cfc2 7#d7 the transfer does not provide for the assumption by the bridge company of any debt1 executory contract1 unexpired lease or agreement 7including a qualified financial contract7 of the debtor secured by a lien on property of the estate unless the transfer provides for such property to be transferred to the bridge company in accordance with paragraph 7#c77;,a7 of this subsection2 7#e7 the transfer does not provide for the transfer of the equity of the debtor2 7#f7 the trustee has demonstrated that the bridge company is not likely to fail to meet the obligations of any debt1 executory contract1 qualified financial contract1 or unexpired lease assumed and assigned to the bridge company2 7#g7 the transfer provides for the transfer to a special trustee all of the equity securities in the bridge company and appointment of a special trustee in accordance with section #aahf2 7#h7 after giving effect to the transfer1 adequate provision has been made for the fees1 costs1 and expenses of the estate and special trustee2 and 7#i7 the bridge company will have governing documents1 and initial directors and senior officers1 that are in the best interest of creditors and the estate4 7d7 ,immediately before a transfer under this section1 the bridge company that is the recipient of the transfer shall-- 7#a7 not have any property1 executory contracts1 unexpired leases1 qualified financial contracts1 or debts1 other than any property acquired or executory contracts1 unexpired leases1 or debts assumed when acting as a transferee of a transfer under this section2 and 7#b7 have equity securities that are property of the estate1 which may be sold or distributed in accordance with this title4 #aahf4 ,special trustee 7a7 7#a7 ,an order approving a transfer under section #aahe shall require the trustee to transfer to a qualified and independent special trustee1 who is appointed by the court1 all of the equity securities in the bridge company that is the recipient of a transfer under section #aahe to hold in trust for the sole benefit of the estate1 subject to satisfaction of the special trustee's fees1 costs1 and expenses4 ,the trust of which the special trustee is the trustee shall be a newly formed trust governed by a trust agreement approved by the court as in the best interests of the estate1 and shall exist for the sole purpose of holding and administering1 and shall be permitted to dispose of1 the equity securities of the bridge company in accordance with the trust agreement4 7#b7 ,in connection with the hearing to approve a transfer under section #aahe1 the trustee shall confirm to the court that the ,board has been consulted regarding the identity of the proposed special trustee and advise the court of the results of such consultation4 7b7 ,the trust agreement governing the trust shall provide-- 7#a7 for the payment of the fees1 costs1 expenses1 and indemnities of the special trustee from the assets of the debtor's estate2 7#b7 that the special trustee provide-- 7,a7 quarterly reporting to the estate1 which shall be filed with the court2 and 7,b7 information about the bridge company reasonably requested by a party in interest to prepare a disclosure statement for a plan providing for distribution of any securities of the bridge company if such information is necessary to prepare such disclosure statement2 7#c7 that for as long as the equity securities of the bridge company are held by the trust1 the special trustee shall file a notice with the court in connection with-- 7,a7 any change in a director or senior officer of the bridge company2 7,b7 any modification to the governing documents of the bridge company2 and 7,c7 any material corporate action of the bridge company1 including-- 7i7 recapitalization2 7ii7 a material borrowing2 7iii7 termination of an intercompany debt or guarantee2 7iv7 a transfer of a substantial portion of the assets of the bridge company2 or 7v7 the issuance or sale of any securities of the bridge company2 7#d7 that any sale of any equity securities of the bridge company shall not be consummated until the special trustee consults with the ,federal ,deposit ,insurance ,corporation and the ,board regarding such sale and discloses the results of such consultation with the court2 7#e7 that1 subject to reserves for payments permitted under paragraph 7#a7 provided for in the trust agreement1 the proceeds of the sale of any equity securities of the bridge company by the special trustee be held in trust for the benefit of or transferred to the estate2 7#f7 the process and guidelines for the replacement of the special trustee2 and 7#g7 that the property held in trust by the special trustee is subject to distribution in accordance with subsection 7c74 7c7 7#a7 ,the special trustee shall distribute the assets held in trust-- 7,a7 if the court confirms a plan in the case1 in accordance with the plan on the effective date of the plan2 or 7,b7 if the case is converted to a case under chapter #g1 as ordered by the court4 7#b7 ,as soon as practicable after a final distribution under paragraph 7#a71 the office of the special trustee shall terminate1 except as may be necessary to wind up and conclude the business and financial affairs of the trust4 7d7 ,after a transfer to the special trustee under this section1 the special trustee shall be subject only to applicable nonbankruptcy law1 and the actions and conduct of the special trustee shall no longer be subject to approval by the court in the case under this subchapter4 #aahg4 ,temporary and supplemental automatic stay2 assumed debt 7a7 7#a7 ,a petition filed under section #aahc operates as a stay1 applicable to all entities1 of the termination1 acceleration1 or modification of any debt1 contract1 lease1 or agreement of the kind described in paragraph 7#b71 or of any right or obligation under any such debt1 contract1 lease1 or agreement1 solely because of-- 7,a7 a default by the debtor under any such debt1 contract1 lease1 or agreement2 or 7,b7 a provision in such debt1 contract1 lease1 or agreement1 or in applicable nonbankruptcy law1 that is conditioned on-- 7i7 the insolvency or financial condition of the debtor at any time before the closing of the case2 7ii7 the commencement of a case under this title concerning the debtor2 7iii7 the appointment of or taking possession by a trustee in a case under this title concerning the debtor or by a custodian before the commencement of the case2 or 7iv7 a credit rating agency rating1 or absence or withdrawal of a credit rating agency rating-- 7,i7 of the debtor at any time after the commencement of the case2 7,,ii7 of an affiliate during the period from the commencement of the case until #dh hours after such order is entered2 7,,iii7 of the bridge company while the trustee or the special trustee is a direct or indirect beneficial holder of more than #ej percent of the equity securities of-- 7aa7 the bridge company2 or 7bb7 the affiliate1 if all of the direct or indirect interests in the affiliate that are property of the estate are transferred under section #aahe2 or 7,,iv7 of an affiliate while the trustee or the special trustee is a direct or indirect beneficial holder of more than #ej percent of the equity securities of-- 7aa7 the bridge company2 or 7bb7 the affiliate1 if all of the direct or indirect interests in the affiliate that are property of the estate are transferred under section #aahe4 7#b7 ,a debt1 contract1 lease1 or agreement described in this paragraph is-- 7,a7 any debt 7other than capital structure debt71 executory contract1 or unexpired lease of the debtor 7other than a qualified financial contract72 7,b7 any agreement under which the debtor issued or is obligated for debt 7other than capital structure debt72 7,c7 any debt1 executory contract1 or unexpired lease of an affiliate 7other than a qualified financial contract72 or 7,d7 any agreement under which an affiliate issued or is obligated for debt4 7#c7 ,the stay under this subsection terminates-- 7,a7 for the benefit of the debtor1 upon the earliest of-- 7i7 #dh hours after the commencement of the case2 7ii7 assumption of the debt1 contract1 lease1 or agreement by the bridge company under an order authorizing a transfer under section #aahe2 7iii7 a final order of the court denying the request for a transfer under section #aahe2 or 7iv7 the time the case is dismissed2 and 7,b7 for the benefit of an affiliate1 upon the earliest of-- 7i7 the entry of an order authorizing a transfer under section #aahe in which the direct or indirect interests in the affiliate that are property of the estate are not transferred under section #aahe2 7ii7 a final order by the court denying the request for a transfer under section #aahe2 7iii7 #dh hours after the commencement of the case if the court has not ordered a transfer under section #aahe2 or 7iv7 the time the case is dismissed4 7#d7 ,subsections 7d71 7e71 7f71 and 7g7 of section #cfb apply to a stay under this subsection4 7b7 ,a debt1 executory contract 7other than a qualified financial contract71 or unexpired lease of the debtor1 or an agreement under which the debtor has issued or is obligated for any debt1 may be assumed by a bridge company in a transfer under section #aahe notwithstanding any provision in an agreement or in applicable nonbankruptcy law that-- 7#a7 prohibits1 restricts1 or conditions the assignment of the debt1 contract1 lease1 or agreement2 or 7#b7 accelerates1 terminates1 or modifies1 or permits a party other than the debtor to terminate or modify1 the debt1 contract1 lease1 or agreement on account of-- 7,a7 the assignment of the debt1 contract1 lease1 or agreement2 or 7,b7 a change in control of any party to the debt1 contract1 lease1 or agreement4 7c7 7#a7 ,a debt1 contract1 lease1 or agreement of the kind described in subparagraph 7,a7 or 7,b7 of subsection 7a77#b7 may not be accelerated1 terminated1 or modified1 and any right or obligation under such debt1 contract1 lease1 or agreement may not be accelerated1 terminated1 or modified1 as to the bridge company solely because of a provision in the debt1 contract1 lease1 or agreement or in applicable nonbankruptcy law-- 7,a7 of the kind described in subsection 7a77#a77;,b7 as applied to the debtor2 7,b7 that prohibits1 restricts1 or conditions the assignment of the debt1 contract1 lease1 or agreement2 or 7,c7 that accelerates1 terminates1 or modifies1 or permits a party other than the debtor to terminate or modify1 the debt1 contract1 lease or agreement on account of-- 7i7 the assignment of the debt1 contract1 lease1 or agreement2 or 7ii7 a change in control of any party to the debt1 contract1 lease1 or agreement4 7#b7 ,if there is a default by the debtor under a provision other than the kind described in paragraph 7#a7 in a debt1 contract1 lease or agreement of the kind described in subparagraph 7,a7 or 7,b7 of subsection 7a77#b71 the bridge company may assume such debt1 contract1 lease1 or agreement only if the bridge company-- 7,a7 shall cure the default2 7,b7 compensates1 or provides adequate assurance in connection with a transfer under section #aahe that the bridge company will promptly compensate1 a party other than the debtor to the debt1 contract1 lease1 or agreement1 for any actual pecuniary loss to the party resulting from the default2 and 7,c7 provides adequate assurance in connection with a transfer under section #aahe of future performance under the debt1 contract1 lease1 or agreement1 as determined by the court under section #aahe7;c77#d74 #aahh4 ,treatment of qualified financial contracts and affiliate contracts 7a7 ,notwithstanding sections #cfb7;b77#f71 #cfb7;b77#g71 #cfb7;b77#ag71 #cfb7;b77#bg71 #cfb7o71 #eee1 #eef1 #eei1 #efj1 and #efa1 a petition filed under section #aahc operates as a stay1 during the period specified in section #aahg7;a77#c77;,a71 applicable to all entities1 of the exercise of a contractual right-- 7#a7 to cause the modification1 liquidation1 termination1 or acceleration of a qualified financial contract of the debtor or an affiliate2 7#b7 to offset or net out any termination value1 payment amount1 or other transfer obligation arising under or in connection with a qualified financial contract of the debtor or an affiliate2 or 7#c7 under any security agreement or arrangement or other credit enhancement forming a part of or related to a qualified financial contract of the debtor or an affiliate4 7b7 7#a7 ,during the period specified in section #aahg7;a77#c77;,a71 the trustee or the affiliate shall perform all payment and delivery obligations under such qualified financial contract of the debtor or the affiliate1 as the case may be1 that become due after the commencement of the case4 ,the stay provided under subsection 7a7 terminates as to a qualified financial contract of the debtor or an affiliate immediately upon the failure of the trustee or the affiliate1 as the case may be1 to perform any such obligation during such period4 7#b7 ,any failure by a counterparty to any qualified financial contract of the debtor or any affiliate to perform any payment or delivery obligation under such qualified financial contract1 including during the pendency of the stay provided under subsection 7a71 shall constitute a breach of such qualified financial contract by the counterparty4 7c7 ,subject to the court's approval1 a qualified financial contract between an entity and the debtor may be assigned to or assumed by the bridge company in a transfer under1 and in accordance with1 section #aahe if and only if-- 7#a7 all qualified financial contracts between the entity and the debtor are assigned to and assumed by the bridge company in the transfer under section #aahe2 7#b7 all claims of the entity against the debtor in respect of any qualified financial contract between the entity and the debtor 7other than any claim that1 under the terms of the qualified financial contract1 is subordinated to the claims of general unsecured creditors7 are assigned to and assumed by the bridge company2 7#c7 all claims of the debtor against the entity under any qualified financial contract between the entity and the debtor are assigned to and assumed by the bridge company2 and 7#d7 all property securing or any other credit enhancement furnished by the debtor for any qualified financial contract described in paragraph 7#a7 or any claim described in paragraph 7#b7 or 7#c7 under any qualified financial contract between the entity and the debtor is assigned to and assumed by the bridge company4 7d7 ,notwithstanding any provision of a qualified financial contract or of applicable nonbankruptcy law1 a qualified financial contract of the debtor that is assumed or assigned in a transfer under section #aahe may not be accelerated1 terminated1 or modified1 after the entry of the order approving a transfer under section #aahe1 and any right or obligation under the qualified financial contract may not be accelerated1 terminated1 or modified1 after the entry of the order approving a transfer under section #aahe solely because of a condition described in section #aahg7;c77#a71 other than a condition of the kind specified in section #aahg7;b7 that occurs after property of the estate no longer includes a direct beneficial interest or an indirect beneficial interest through the special trustee1 in more than #ej percent of the equity securities of the bridge company4 7e7 ,notwithstanding any provision of any agreement or in applicable nonbankruptcy law1 an agreement of an affiliate 7including an executory contract1 an unexpired lease1 qualified financial contract1 or an agreement under which the affiliate issued or is obligated for debt7 and any right or obligation under such agreement may not be accelerated1 terminated1 or modified1 solely because of a condition described in section #aahg7;c77#a71 other than a condition of the kind specified in section #aahg7;b7 that occurs after the bridge company is no longer a direct or indirect beneficial holder of more than #ej percent of the equity securities of the affiliate1 at any time after the commencement of the case if-- 7#a7 all direct or indirect interests in the affiliate that are property of the estate are transferred under section #aahe to the bridge company within the period specified in subsection 7a72 7#b7 the bridge company assumes-- 7,a7 any guarantee or other credit enhancement issued by the debtor relating to the agreement of the affiliate2 and 7,b7 any obligations in respect of rights of setoff1 netting arrangement1 or debt of the debtor that directly arises out of or directly relates to the guarantee or credit enhancement2 and 7#c7 any property of the estate that directly serves as collateral for the guarantee or credit enhancement is transferred to the bridge company4 #aahi4 ,licenses1 permits1 and registrations 7a7 ,notwithstanding any otherwise applicable nonbankruptcy law1 if a request is made under section #aahe for a transfer of property of the estate1 any ,federal1 ,state1 or local license1 permit1 or registration that the debtor or an affiliate had immediately before the commencement of the case and that is proposed to be transferred under section #aahe may not be accelerated1 terminated1 or modified at any time after the request solely on account of-- 7#a7 the insolvency or financial condition of the debtor at any time before the closing of the case2 7#b7 the commencement of a case under this title concerning the debtor2 7#c7 the appointment of or taking possession by a trustee in a case under this title concerning the debtor or by a custodian before the commencement of the case2 or 7#d7 a transfer under section #aahe4 7b7 ,notwithstanding any otherwise applicable nonbankruptcy law1 any ,federal1 ,state1 or local license1 permit1 or registration that the debtor had immediately before the commencement of the case that is included in a transfer under section #aahe shall be valid and all rights and obligations thereunder shall vest in the bridge company4 #aaij4 ,exemption from securities laws ,for purposes of section #aade1 a security of the bridge company shall be deemed to be a security of a successor to the debtor under a plan if the court approves the disclosure statement for the plan as providing adequate information 7as defined in section #aabe7;a77 about the bridge company and the security4 #aaia4 ,inapplicability of certain avoiding powers ,a transfer made or an obligation incurred by the debtor to an affiliate prior to or after the commencement of the case1 including any obligation released by the debtor or the estate to or for the benefit of an affiliate1 in contemplation of or in connection with a transfer under section #aahe is not avoidable under section #edd1 #edg1 #edh7;a77#a77;,b71 or #edi1 or under any similar nonbankruptcy law4 #aaib4 ,consideration of financial stability ,the court may consider the effect that any decision in connection with this subchapter may have on financial stability in the ,united ,states4 4 #abc4 ,amendments to title #bh1 ,united ,states ,code 7a7 ,amendment to chapter #ac ,chapter #ac of title #bh1 ,united ,states ,code1 is amended by adding at the end the following3 #bih4 ,judge for a case under subchapter ,v of chapter #aa of title #aa 7a7 7#a7 ,notwithstanding section #bie1 the ,chief ,justice of the ,united ,states shall designate not fewer than #aj bankruptcy judges to be available to hear a case under subchapter ,v of chapter #aa of title #aa4 ,bankruptcy judges may request to be considered by the ,chief ,justice of the ,united ,states for such designation4 7#b7 ,notwithstanding section #aee1 a case under subchapter ,v of chapter #aa of title #aa shall be heard under section #aeg by a bankruptcy judge designated under paragraph 7#a71 who shall be randomly assigned to hear such case by the chief judge of the court of appeals for the circuit embracing the district in which the case is pending4 ,to the greatest extent practicable1 the approvals required under section #aee should be obtained4 7#c7 ,if the bankruptcy judge assigned to hear a case under paragraph 7#b7 is not assigned to the district in which the case is pending1 the bankruptcy judge shall be temporarily assigned to the district4 7b7 ,a case under subchapter ,v of chapter #aa of title #aa1 and all proceedings in the case1 shall take place in the district in which the case is pending4 7c7 ,in this section1 the term covered financial corporation has the meaning given that term in section #aja7i;,a7 of title #aa4 4 7b7 ,amendment to section #accd of title #bh ,section #accd of title #bh1 ,united ,states ,code1 is amended by adding at the end the following3 7f7 ,this section does not grant jurisdiction to the district court after a transfer pursuant to an order under section #aahe of title #aa of any proceeding related to a special trustee appointed1 or to a bridge company formed1 in connection with a case under subchapter ,v of chapter #aa of title #aa4 4 7c7 ,technical and conforming amendment ,the table of sections for chapter #ac of title #bh1 ,united ,states ,code1 is amended by adding at the end the following3 #bih4 ,judge for a case under subchapter ,v of chapter #aa of title #aa4 4 ,c ,ending ,government ,guarantees #aca4 ,repeal of obligation guarantee program 7a7 ,in general ,the following sections of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 are repealed3 7#a7 ,section #aajd4 7#b7 ,section #aaje4 7#c7 ,section #aajf4 7b7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the items relating to sections #aajd1 #aaje1 and #aajf4 #acb4 ,repeal of systemic risk determination in resolutions ,section #ac7;c77#d77;,g7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77 is hereby repealed4 #acc4 ,restrictions on use of the ,exchange ,stabilization ,fund 7a7 ,in general ,section #ecjb of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7e7 ,amounts in the fund may not be used for the establishment of a guaranty program for any nongovernmental entity4 4 7b7 ,conforming amendment ,section #aca7;b7 of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebcf7;b77 is amended by inserting 1 or for the purposes of preventing the liquidation or insolvency of any entity before the period4 ,d ,eliminating ,financial ,market ,utility ,designations #ada4 ,repeal of title ,,viii 7a7 ,repeal ,title ,,viii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edfa et seq47 is repealed1 and provisions of law amended by such title are restored and revived as if such title had never been enacted4 7b7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the items relating to title ,,viii4 ,e ,reform of the ,financial ,stability ,act of #bjaj #aea4 ,repeal and modification of provisions of the ,financial ,stability ,act of #bjaj 7a7 ,repeals ,the following provisions of the ,financial ,stability ,act of #bjaj are repealed1 and the provisions of law amended or repealed by such provisions are restored or revived as if such provisions had not been enacted3 7#a7 ,subtitle ,b4 7#b7 ,section #aac4 7#c7 ,section #aad4 7#d7 ,section #aae4 7#e7 ,section #aaf4 7#f7 ,section #aag4 7#g7 ,section #aai4 7#h7 ,section #abj4 7#i7 ,section #aba4 7#aj7 ,section #afa4 7#aa7 ,section #afb4 7#ab7 ,section #afd4 7#ac7 ,section #aff4 7#ad7 ,section #afg4 7#ae7 ,section #afh4 7#af7 ,section #agj4 7#ag7 ,section #agb4 7#ah7 ,section #agd4 7#ai7 ,section #age4 7b7 ,additional modifications ,the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is amended-- 7#a7 in section #ajb7;a71 by striking paragraph 7#e72 7#b7 in section #aaa-- 7,a7 in subsection 7b7-- 7i7 in paragraph 7#a7-- 7,i7 by striking who shall each and inserting who shall1 except as provided below1 each2 and 7,,ii7 by striking subparagraphs 7,b7 through 7,j7 and inserting the following3 7,b7 each member of the ,board of ,governors1 who shall collectively have #a vote on the ,council2 7,c7 the ,comptroller of the ,currency2 7,d7 the ,director of the ,consumer ,law ,enforcement ,agency2 7,e7 each member of the ,commission1 who shall collectively have #a vote on the ,council2 7,f7 each member of the ,corporation1 who shall collectively have #a vote on the ,council2 7,g7 each member of the ,commodity ,futures ,trading ,commission1 who shall collectively have #a vote on the ,council2 7,h7 the ,director of the ,federal ,housing ,finance ,agency2 7,i7 each member of the ,national ,credit ,union ,administration ,board1 who shall collectively have #a vote on the ,council2 and 7,j7 the ,independent ,insurance ,advocate4 2 7ii7 in paragraph 7#b7-- 7,i7 by striking subparagraphs 7,a7 and 7,b72 and 7,,ii7 by redesignating subparagraphs 7,c71 7,d71 and 7,e7 as subparagraphs 7,a71 7,b71 and 7,c71 respectively2 and 7iii7 by adding at the end the following3 7#d7 ,voting by multi-person entity 7,a7 ,voting within the entity ,an entity described under subparagraph 7,b71 7,e71 7,f71 7,g71 or 7,i7 of paragraph 7#a7 shall determine the entity's ,council vote by using the voting process normally applicable to votes by the entity's members4 7,b7 ,casting of entity vote ,the #a collective ,council vote of an entity described under subparagraph 7,a7 shall be cast by the head of such agency or1 in the event such head is unable to cast such vote1 the next most senior member of the entity available4 2 7,b7 in subsection 7c71 by striking subparagraphs 7,c71 7,d71 and 7,e7 and inserting subparagraphs 7,b71 7,c71 and 7,d72 7,c7 in subsection 7e71 by adding at the end the following3 7#c7 ,staff access ,any member of the ,council may select to have one or more individuals on the member's staff attend a meeting of the ,council1 including any meeting of representatives of the member agencies other than the members themselves4 7#d7 ,congressional oversight ,all meetings of the ,council1 whether or not open to the public1 shall be open to the attendance by members of the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7#e7 ,member agency meetings ,any meeting of representatives of the member agencies other than the members themselves shall be open to attendance by staff of the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 2 7,d7 by striking subsection 7g7 7relating to the nonapplicability of ,,faca72 7,e7 by inserting after subsection 7f7 the following3 7g7 ,open meeting requirement ,the ,council shall be an agency for purposes of section #eeb;b of title #e1 ,united ,states ,code 7commonly referred to as the ,government in the ,sunshine ,act74 7h7 ,confidential congressional briefings ,at the request of the ,chairman of the ,committee on ,financial ,services of the ,house of ,representatives or the ,chairman of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,chairperson shall appear before ,congress to provide a confidential briefing4 2 and 7,f7 by redesignating subsections 7h7 through 7j7 as subsections 7i7 through 7k71 respectively2 7#c7 in section #aab-- 7,a7 in subsection 7a77#b7-- 7i7 in subparagraph 7,a71 by striking the ,federal ,insurance ,office and1 if necessary to assess risks to the ,united ,states financial system1 direct the ,office of ,financial ,research to and inserting and1 if necessary to assess risks to the ,united ,states financial system12 7ii7 by striking subparagraphs 7,b71 7,h71 7,i71 and 7,j72 7iii7 by redesignating subparagraphs 7,c71 7,d71 7,e71 7,f71 7,g71 7,k71 7,l71 7,m71 and 7,n7 as subparagraphs 7,b71 7,c71 7,d71 7,e71 7,f71 7,g71 7,h71 7,i71 and 7,j71 respectively2 7iv7 in subparagraph 7,j71 as so redesignated-- 7,i7 in clause 7iii71 by adding and at the end2 7,,ii7 by striking clauses 7iv7 and 7v72 and 7,,iii7 by redesignating clause 7vi7 as clause 7iv72 and 7,b7 in subsection 7d7-- 7i7 in paragraph 7#a71 by striking the ,office of ,financial ,research1 member agencies1 and the ,federal ,insurance ,office and inserting member agencies2 7ii7 in paragraph 7#b71 by striking the ,office of ,financial ,research1 any member agency1 and the ,federal ,insurance ,office1 and inserting member agencies2 7iii7 in paragraph 7#c7-- 7,i7 by striking 1 acting through the ,office of ,financial ,research1 each place it appears2 and 7,,ii7 in subparagraph 7,b71 by striking the ,office of ,financial ,research or2 and 7iv7 in paragraph 7#e77;,a71 by striking 1 the ,office of ,financial ,research12 7#d7 by amending section #aah to read as follows3 #aah4 ,council funding ,there is authorized to be appropriated to the ,council #d1jjj1jjj for fiscal year #bjag and each fiscal year thereafter to carry out the duties of the ,council4 2 7#e7 in section #afc-- 7,a7 by striking subsection 7a72 7,b7 by redesignating subsection 7b7 as subsection 7a72 and 7,c7 in subsection 7a71 as so redesignated-- 7i7 by striking or a nonbank financial company supervised by the ,board of ,governors each place such term appears2 7ii7 in paragraph 7#d71 by striking ,in addition and inserting the following3 7,a7 ,in general ,in addition 2 and 7iii7 by adding at the end the following3 7,b7 ,exception for qualifying banking organization ,subparagraph 7,a7 shall not apply to a proposed acquisition by a qualifying banking organization1 as defined under section #fje of the ,financial ,,choice ,act of #bjag4 2 and 7#f7 in section #afe-- 7,a7 by striking nonbank financial companies supervised by the ,board of ,governors and each place such term appears2 7,b7 by striking nonbank financial company supervised by the ,board of ,governors and each place such term appears2 7,c7 in subsection 7a71 by amending paragraph 7#b7 to read as follows3 7#b7 ,tailored application ,in prescribing more stringent prudential standards under this section1 the ,board of ,governors may differentiate among companies on an individual basis or by category1 taking into consideration their capital structure1 riskiness1 complexity1 financial activities 7including the financial activities of their subsidiaries71 size1 and any other risk-related factors that the ,board of ,governors deems appropriate4 2 7,d7 in subsection 7b7-- 7i7 in paragraph 7#a77;,b77iv71 by striking 1 on its own or pursuant to a recommendation made by the ,council in accordance with section #aae12 7ii7 in paragraph 7#b7-- 7,i7 by striking foreign nonbank financial company supervised by the ,board of ,governors or2 7,,ii7 by striking shall-- and all that follows through give due and inserting shall give due2 7,,iii7 in subparagraph 7,a71 by striking 2 and and inserting a period2 and 7,,iv7 by striking subparagraph 7,b72 7iii7 in paragraph 7#c7-- 7,i7 in subparagraph 7,a7-- 7aa7 by striking clause 7i72 7bb7 by redesignating clauses 7ii71 7iii71 and 7iv7 as clauses 7i71 7ii71 and 7iii71 respectively2 and 7cc7 in clause 7iii71 as so redesignated1 by adding and at the end2 7,,ii7 by striking subparagraphs 7,b7 and 7,c72 and 7,,iii7 by redesignating subparagraph 7,d7 as subparagraph 7,b72 and 7iv7 in paragraph 7#d71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7,e7 in subsection 7c7-- 7i7 in paragraph 7#a71 by striking under section #aae7;c72 and 7ii7 in paragraph 7#b7-- 7,i7 by amending subparagraph 7,a7 to read as follows3 7,a7 any recommendations of the ,council2 2 and 7,,ii7 in subparagraph 7,d71 by striking nonbank financial company supervised by the ,board of ,governors or2 7,f7 in subsection 7d7-- 7i7 by striking a nonbank financial company supervised by the ,board of ,governors or each place such term appears2 7ii7 in paragraph 7#a71 by striking periodically and inserting not more often than every #b years2 7iii7 in paragraph 7#c7-- 7,i7 by striking ,the ,board and inserting the following3 7,a7 ,in general ,the ,board 2 7,,ii7 by striking shall review and inserting the following3 shall-- 7i7 review 2 7,,iii7 by striking the period and inserting 2 and2 and 7,,iv7 by adding at the end the following3 7ii7 not later than the end of the #f-month period beginning on the date the bank holding company submits the resolution plan1 provide feedback to the bank holding company on such plan4 7,b7 ,disclosure of assessment framework ,the ,board of ,governors shall publicly disclose the assessment framework that is used to review information under this paragraph and shall provide the public with a notice and comment period before finalizing such assessment framework4 4 7iv7 in paragraph 7#f71 by striking nonbank financial company supervised by the ,board1 any bank holding company1 and inserting bank holding company2 7,g7 in subsection 7e7-- 7i7 in paragraph 7#a71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7ii7 in paragraph 7#c71 by striking the nonbank financial company supervised by the ,board of ,governors or each place such term appears2 and 7iii7 in paragraph 7#d71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7,h7 in subsection 7g77#a71 by striking and any nonbank financial company supervised by the ,board of ,governors2 7,i7 in subsection 7h7-- 7i7 by striking paragraph 7#a72 7ii7 by redesignating paragraphs 7#b71 7#c71 and 7#d7 as paragraphs 7#a71 7#b71 and 7#c71 respectively2 7iii7 in paragraph 7#a71 as so redesignated1 by striking paragraph 7#c7 each place such term appears and inserting paragraph 7#b72 and 7iv7 in paragraph 7#b71 as so redesignated-- 7,i7 in subparagraph 7,a71 by striking the nonbank financial company supervised by the ,board of ,governors or bank holding company described in subsection 7a71 as applicable and inserting a bank holding company described in subsection 7a72 and 7,,ii7 in subparagraph 7,b71 by striking the nonbank financial company supervised by the ,board of ,governors or a bank holding company described in subsection 7a71 as applicable and inserting a bank holding company described in subsection 7a72 7,j7 in subsection 7i7-- 7i7 in paragraph 7#a7-- 7,i7 in subparagraph 7,a71 by striking 1 in coordination with the appropriate primary financial regulatory agencies and the ,federal ,insurance ,office12 7,,ii7 in subparagraph 7,b7-- 7aa7 by amending clause 7i7 to read as follows3 7i7 shall-- 7,i7 issue regulations1 after providing for public notice and comment1 that provide for at least #c different sets of conditions under which the evaluation required by this subsection shall be conducted1 including baseline1 adverse1 and severely adverse1 and methodologies1 including models used to estimate losses on certain assets1 and the ,board of ,governors shall not carry out any such evaluation until #fj days after such regulations are issued2 and 7,,ii7 provide copies of such regulations to the ,comptroller ,general of the ,united ,states and the ,panel of ,economic ,advisors of the ,congressional ,budget ,office before publishing such regulations2 2 7bb7 in clause 7ii71 by striking and nonbank financial companies2 7cc7 in clause 7iv71 by striking and at the end2 7dd7 in clause 7v71 by striking the period and inserting the following3 1 including any results of a resubmitted test22 and 7ee7 by adding at the end the following3 7vi7 shall1 in establishing the severely adverse condition under clause 7i71 provide detailed consideration of the model's effects on financial stability and the cost and availability of credit2 7vii7 shall1 in developing the models and methodologies and providing them for notice and comment under this subparagraph1 publish a process to test the models and methodologies for their potential to magnify systemic and institutional risks instead of facilitating increased resiliency2 7viii7 shall design and publish a process to test and document the sensitivity and uncertainty associated with the model system's data quality1 specifications1 and assumptions2 and 7ix7 shall communicate the range and sources of uncertainty surrounding the models and methodologies4 2 and 7,,iii7 by adding at the end the following3 7,c7 ,,ccar requirements 7i7 ,parameters and consequences applicable to ,,ccar ,the requirements of subparagraph 7,b7 shall apply to ,,ccar4 7ii7 ,two-year limitation ,the ,board of ,governors may not subject a company to ,,ccar more than once every two years4 7iii7 ,mid-cycle resubmission ,if a company receives a quantitative objection to1 or otherwise desires to amend the company's capital plan1 the company may file a new streamlined plan at any time after a capital planning exercise has been completed and before a subsequent capital planning exercise4 7iv7 ,limitation on qualitative capital planning objections ,in carrying out ,,ccar1 the ,board of ,governors may not object to a company's capital plan on the basis of qualitative deficiencies in the company's capital planning process4 7v7 ,company inquiries ,the ,board of ,governors shall establish and publish procedures for responding to inquiries from companies subject to ,,ccar1 including establishing the time frame in which such responses will be made1 and make such procedures publicly available4 7vi7 ,,ccar defined ,for purposes of this subparagraph and subparagraph 7,e71 the term ,,ccar means the ,comprehensive ,capital ,analysis and ,review established by the ,board of ,governors4 2 and 7ii7 in paragraph 7#b7-- 7,i7 in subparagraph 7,a7-- 7aa7 by striking a bank holding company and inserting bank holding company2 7bb7 by striking semiannual and inserting annual2 7cc7 by striking ,all other financial companies and inserting ,all other bank holding companies2 and 7dd7 by striking and are regulated by a primary ,federal financial regulatory agency2 7,,ii7 in subparagraph 7,b7-- 7aa7 by striking and to its primary financial regulatory agency2 and 7bb7 by striking primary financial regulatory agency the second time it appears and inserting ,board of ,governors2 and 7,,iii7 in subparagraph 7,c7-- 7aa7 by striking ,each ,federal primary financial regulatory agency1 in coordination with the ,board of ,governors and the ,federal ,insurance ,office1 and inserting ,the ,board of ,governors2 and 7bb7 by striking consistent and comparable4 7,k7 in subsection 7j7-- 7i7 in paragraph 7#a71 by striking or a nonbank financial company supervised by the ,board of ,governors2 and 7ii7 in paragraph 7#b71 by striking the factors described in subsections 7a7 and 7b7 of section #aac and any other and inserting any2 7,l7 in subsection 7k77#a71 by striking or nonbank financial company supervised by the ,board of ,governors2 and 7,m7 by adding at the end the following3 7l7 ,exemption for qualifying banking organizations ,this section shall not apply to a proposed acquisition by a qualifying banking organization1 as defined under section #fje of the ,financial ,,choice ,act of #bjag4 4 7c7 ,treatment of other resolution plan requirements 7#a7 ,in general ,with respect to an appropriate ,federal banking agency that requires a banking organization to submit to the agency a resolution plan not described under section #afe7;d7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act-- 7,a7 the agency shall comply with the requirements of paragraphs 7#c7 and 7#d7 of such section #afe7;d72 7,b7 the agency may not require the submission of such a resolution plan more often than every #b years2 and 7,c7 paragraphs 7#f7 and 7#g7 of such section #afe7;d7 shall apply to such a resolution plan4 7#b7 ,definitions ,for purposes of this subsection1 the terms appropriate ,federal banking agency and banking organization have the meaning given those terms1 respectively1 under section #aje4 7d7 ,actions to create a bank holding company ,section #c7;b77#a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdb7;b77#a77 is amended-- 7#a7 by striking ,upon receiving and inserting the following3 7,a7 ,in general ,upon receiving 2 7#b7 by striking ,notwithstanding any other provision and inserting the following3 7,b7 ,immediate action 7i7 ,in general ,notwithstanding any other provision 2 and 7#c7 by adding at the end the following3 7ii7 ,exception ,the ,board may not take any action pursuant to clause 7i7 on an application that would cause any company to become a bank holding company unless such application involves the company acquiring a bank that is critically undercapitalized 7as such term is defined under section #ch7;b7 of the ,federal ,deposit ,insurance ,act74 4 7e7 ,concentration limits applied only to banking organizations ,section #ad of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #aheb7 is amended-- 7#a7 by striking financial company each place such term appears and inserting banking organization2 7#b7 in subsection 7a7-- 7,a7 by amending paragraph 7#b7 to read as follows3 7#b7 the term banking organization means-- 7,a7 an insured depository institution2 7,b7 a bank holding company2 7,c7 a savings and loan holding company2 7,d7 a company that controls an insured depository institution2 and 7,e7 a foreign bank or company that is treated as a bank holding company for purposes of this ,act2 and 2 7,b7 in paragraph 7#c7-- 7i7 in subparagraph 7,a77ii71 by adding and at the end2 7ii7 in subparagraph 7,b77ii71 by striking 2 and and inserting a period2 and 7iii7 by striking subparagraph 7,c72 and 7#c7 in subsection 7b71 by striking financial companies and inserting banking organizations4 7f7 ,conforming amendment ,section #cejb7e7 of title #dd1 ,united ,states ,code1 is amended by striking the ,office of ,financial ,research14 7g7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the items relating to subtitle ,b of title ,i and #aac1 #aad1 #aae1 #aaf1 #aag1 #aai1 #abj1 #aba1 #afa1 #afb1 #afd1 #aff1 #afg1 #afh1 #agj1 #agb1 #agd1 and #age4 #aeb4 ,operational risk capital requirements for banking organizations 7a7 ,in general ,an appropriate ,federal banking agency may not establish an operational risk capital requirement for banking organizations1 unless such requirement-- 7#a7 is based on the risks posed by a banking organization's current activities and businesses2 7#b7 is appropriately sensitive to the risks posed by such current activities and businesses2 7#c7 is determined under a forward-looking assessment of potential losses that may arise out of a banking organization's current activities and businesses1 which is not solely based on a banking organization's historical losses2 and 7#d7 permits adjustments based on qualifying operational risk mitigants4 7b7 ,definitions ,for purposes of this section1 the terms appropriate ,federal banking agency and banking organization have the meaning given those terms1 respectively1 under section #fje4 ,,ii ,demanding ,accountability from ,wall ,street ,a ,,sec ,penalties ,modernization #baa4 ,enhancement of civil penalties for securities laws violations 7a7 ,updated civil money penalties 7#a7 ,securities ,act of #aicc 7,a7 ,money penalties in administrative actions ,section #h;,a7g77#b7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;h-#a7;g77#b77 is amended-- 7i7 in subparagraph 7,a7-- 7,i7 by striking #g1ejj and inserting #aj1jjj2 and 7,,ii7 by striking #ge1jjj and inserting #ajj1jjj2 7ii7 in subparagraph 7,b7-- 7,i7 by striking #ge1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #cge1jjj and inserting #ejj1jjj2 and 7iii7 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,third tier 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the amount of penalty for each such act or omission shall not exceed the amount specified in clause 7ii7 if-- 7,i7 the act or omission described in paragraph 7#a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7,,ii7 such act or omission directly or indirectly resulted in-- 7aa7 substantial losses or created a significant risk of substantial losses to other persons2 or 7bb7 substantial pecuniary gain to the person who committed the act or omission4 7ii7 ,maximum amount of penalty ,the amount referred to in clause 7i7 is the greatest of-- 7,i7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7,,ii7 #c times the gross amount of pecuniary gain to the person who committed the act or omission2 or 7,,iii7 the amount of losses incurred by victims as a result of the act or omission4 4 7,b7 ,money penalties in civil actions ,section #bj7;d77#b7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggt7d77#b77 is amended-- 7i7 in subparagraph 7,a7-- 7,i7 by striking #e1jjj and inserting #aj1jjj2 and 7,,ii7 by striking #ej1jjj and inserting #ajj1jjj2 7ii7 in subparagraph 7,b7-- 7,i7 by striking #ej1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #bej1jjj and inserting #ejj1jjj2 and 7iii7 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,third tier 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the amount of penalty for each such violation shall not exceed the amount specified in clause 7ii7 if-- 7,i7 the violation described in paragraph 7#a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7,,ii7 such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons4 7ii7 ,maximum amount of penalty ,the amount referred to in clause 7i7 is the greatest of-- 7,i7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7,,ii7 #c times the gross amount of pecuniary gain to such defendant as a result of the violation2 or 7,,iii7 the amount of losses incurred by victims as a result of the violation4 4 7#b7 ,securities ,exchange ,act of #aicd 7,a7 ,money penalties in civil actions ,section #ba7;d77#c77;,b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu7d77#c77;,b77 is amended-- 7i7 in clause 7i7-- 7,i7 by striking #e1jjj and inserting #aj1jjj2 and 7,,ii7 by striking #ej1jjj and inserting #ajj1jjj2 7ii7 in clause 7ii7-- 7,i7 by striking #ej1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #bej1jjj and inserting #ejj1jjj2 and 7iii7 by striking clause 7iii7 and inserting the following3 7iii7 ,third tier 7,i7 ,in general ,notwithstanding clauses 7i7 and 7ii71 the amount of penalty for each such violation shall not exceed the amount specified in subclause 7,,ii7 if-- 7aa7 the violation described in subparagraph 7,a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7bb7 such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons4 7,,ii7 ,maximum amount of penalty ,the amount referred to in subclause 7,i7 is the greatest of-- 7aa7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7bb7 #c times the gross amount of pecuniary gain to such defendant as a result of the violation2 or 7cc7 the amount of losses incurred by victims as a result of the violation4 4 7,b7 ,money penalties in administrative actions ,section #ba;,b7b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#b7;b77 is amended-- 7i7 in paragraph 7#a7-- 7,i7 by striking #e1jjj and inserting #aj1jjj2 and 7,,ii7 by striking #ej1jjj and inserting #ajj1jjj2 7ii7 in paragraph 7#b7-- 7,i7 by striking #ej1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #bej1jjj and inserting #ejj1jjj2 and 7iii7 by striking paragraph 7#c7 and inserting the following3 7#c7 ,third tier 7,a7 ,in general ,notwithstanding paragraphs 7#a7 and 7#b71 the amount of penalty for each such act or omission shall not exceed the amount specified in subparagraph 7,b7 if-- 7i7 the act or omission described in subsection 7a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7ii7 such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission4 7,b7 ,maximum amount of penalty ,the amount referred to in subparagraph 7,a7 is the greatest of-- 7i7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7ii7 #c times the gross amount of pecuniary gain to the person who committed the act or omission2 or 7iii7 the amount of losses incurred by victims as a result of the act or omission4 4 7#c7 ,investment ,company ,act of #aidj 7,a7 ,money penalties in administrative actions ,section #i7;d77#b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#i7;d77#b77 is amended-- 7i7 in subparagraph 7,a7-- 7,i7 by striking #e1jjj and inserting #aj1jjj2 and 7,,ii7 by striking #ej1jjj and inserting #ajj1jjj2 7ii7 in subparagraph 7,b7-- 7,i7 by striking #ej1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #bej1jjj and inserting #ejj1jjj2 and 7iii7 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,third tier 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the amount of penalty for each such act or omission shall not exceed the amount specified in clause 7ii7 if-- 7,i7 the act or omission described in paragraph 7#a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7,,ii7 such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission4 7ii7 ,maximum amount of penalty ,the amount referred to in clause 7i7 is the greatest of-- 7,i7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7,,ii7 #c times the gross amount of pecuniary gain to the person who committed the act or omission2 or 7,,iii7 the amount of losses incurred by victims as a result of the act or omission4 4 7,b7 ,money penalties in civil actions ,section #db7;e77#b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#da7;e77#b77 is amended-- 7i7 in subparagraph 7,a7-- 7,i7 by striking #e1jjj and inserting #aj1jjj2 and 7,,ii7 by striking #ej1jjj and inserting #ajj1jjj2 7ii7 in subparagraph 7,b7-- 7,i7 by striking #ej1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #bej1jjj and inserting #ejj1jjj2 and 7iii7 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,third tier 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the amount of penalty for each such violation shall not exceed the amount specified in clause 7ii7 if-- 7,i7 the violation described in paragraph 7#a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7,,ii7 such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons4 7ii7 ,maximum amount of penalty ,the amount referred to in clause 7i7 is the greatest of-- 7,i7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7,,ii7 #c times the gross amount of pecuniary gain to such defendant as a result of the violation2 or 7,,iii7 the amount of losses incurred by victims as a result of the violation4 4 7#d7 ,investment ,advisers ,act of #aidj 7,a7 ,money penalties in administrative actions ,section #bjc7;i77#b7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c7;i77#b77 is amended-- 7i7 in subparagraph 7,a7-- 7,i7 by striking #e1jjj and inserting #aj1jjj2 and 7,,ii7 by striking #ej1jjj and inserting #ajj1jjj2 7ii7 in subparagraph 7,b7-- 7,i7 by striking #ej1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #bej1jjj and inserting #ejj1jjj2 and 7iii7 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,third tier 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the amount of penalty for each such act or omission shall not exceed the amount specified in clause 7ii7 if-- 7,i7 the act or omission described in paragraph 7#a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7,,ii7 such act or omission directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons or resulted in substantial pecuniary gain to the person who committed the act or omission4 7ii7 ,maximum amount of penalty ,the amount referred to in clause 7i7 is the greatest of-- 7,i7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7,,ii7 #c times the gross amount of pecuniary gain to the person who committed the act or omission2 or 7,,iii7 the amount of losses incurred by victims as a result of the act or omission4 4 7,b7 ,money penalties in civil actions ,section #bji7;e77#b7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#i7;e77#b77 is amended-- 7i7 in subparagraph 7,a7-- 7,i7 by striking #e1jjj and inserting #aj1jjj2 and 7,,ii7 by striking #ej1jjj and inserting #ajj1jjj2 7ii7 in subparagraph 7,b7-- 7,i7 by striking #ej1jjj and inserting #ajj1jjj2 and 7,,ii7 by striking #bej1jjj and inserting #ejj1jjj2 and 7iii7 by striking subparagraph 7,c7 and inserting the following3 7,c7 ,third tier 7i7 ,in general ,notwithstanding subparagraphs 7,a7 and 7,b71 the amount of penalty for each such violation shall not exceed the amount specified in clause 7ii7 if-- 7,i7 the violation described in paragraph 7#a7 involved fraud1 deceit1 manipulation1 or deliberate or reckless disregard of a regulatory requirement2 and 7,,ii7 such violation directly or indirectly resulted in substantial losses or created a significant risk of substantial losses to other persons4 7ii7 ,maximum amount of penalty ,the amount referred to in clause 7i7 is the greatest of-- 7,i7 #cjj1jjj for a natural person or #a1dej1jjj for any other person2 7,,ii7 #c times the gross amount of pecuniary gain to such defendant as a result of the violation2 or 7,,iii7 the amount of losses incurred by victims as a result of the violation4 4 7b7 ,penalties for recidivists 7#a7 ,securities ,act of #aicc 7,a7 ,money penalties in administrative actions ,section #h;,a7g77#b7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;h-#a7;g77#b77 is amended by adding at the end the following3 7,d7 ,fourth tier ,notwithstanding subparagraphs 7,a71 7,b71 and 7,c71 the maximum amount of penalty for each such act or omission shall be #c times the otherwise applicable amount in such subparagraphs if1 within the #e-year period preceding such act or omission1 the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that person4 4 7,b7 ,money penalties in civil actions ,section #bj7;d77#b7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggt7d77#b77 is amended by adding at the end the following3 7,d7 ,fourth tier ,notwithstanding subparagraphs 7,a71 7,b71 and 7,c71 the maximum amount of penalty for each such violation shall be #c times the otherwise applicable amount in such subparagraphs if1 within the #e-year period preceding such violation1 the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that defendant4 4 7#b7 ,securities ,exchange ,act of #aicd 7,a7 ,money penalties in civil actions ,section #ba7;d77#c77;,b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu7d77#c77;,b77 is amended by adding at the end the following3 7iv7 ,fourth tier ,notwithstanding clauses 7i71 7ii71 and 7iii71 the maximum amount of penalty for each such violation shall be #c times the otherwise applicable amount in such clauses if1 within the #e-year period preceding such violation1 the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that defendant4 4 7,b7 ,money penalties in administrative actions ,section #ba;,b7b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#b7;b77 is amended by adding at the end the following3 7#d7 ,fourth tier ,notwithstanding paragraphs 7#a71 7#b71 and 7#c71 the maximum amount of penalty for each such act or omission shall be #c times the otherwise applicable amount in such paragraphs if1 within the #e-year period preceding such act or omission1 the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that person4 4 7#c7 ,investment ,company ,act of #aidj 7,a7 ,money penalties in administrative actions ,section #i7;d77#b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#i7;d77#b77 is amended by adding at the end the following3 7,d7 ,fourth tier ,notwithstanding subparagraphs 7,a71 7,b71 and 7,c71 the maximum amount of penalty for each such act or omission shall be #c times the otherwise applicable amount in such subparagraphs if1 within the #e-year period preceding such act or omission1 the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that person4 4 7,b7 ,money penalties in civil actions ,section #db7;e77#b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#da7;e77#b77 is amended by adding at the end the following3 7,d7 ,fourth tier ,notwithstanding subparagraphs 7,a71 7,b71 and 7,c71 the maximum amount of penalty for each such violation shall be #c times the otherwise applicable amount in such subparagraphs if1 within the #e-year period preceding such violation1 the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that defendant4 4 7#d7 ,investment ,advisers ,act of #aidj 7,a7 ,money penalties in administrative actions ,section #bjc7;i77#b7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c7;i77#b77 is amended by adding at the end the following3 7,d7 ,fourth tier ,notwithstanding subparagraphs 7,a71 7,b71 and 7,c71 the maximum amount of penalty for each such act or omission shall be #c times the otherwise applicable amount in such subparagraphs if1 within the #e-year period preceding such act or omission1 the person who committed the act or omission was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that person4 4 7,b7 ,money penalties in civil actions ,section #bji7;e77#b7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#i7;e77#b77 is amended by adding at the end the following3 7,d7 ,fourth tier ,notwithstanding subparagraphs 7,a71 7,b71 and 7,c71 the maximum amount of penalty for each such violation shall be #c times the otherwise applicable amount in such subparagraphs if1 within the #e-year period preceding such violation1 the defendant was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary1 equitable1 or administrative relief in any ,commission action alleging fraud by that defendant4 4 7c7 ,violations of injunctions and bars 7#a7 ,securities ,act of #aicc ,section #bj7;d7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggt7d77 is amended-- 7,a7 in paragraph 7#a71 by inserting after the rules or regulations thereunder1 the following3 a ,federal court injunction or a bar obtained or entered by the ,commission under this title12 and 7,b7 by striking paragraph 7#d7 and inserting the following3 7#d7 ,special provisions relating to a violation of an injunction or certain orders 7,a7 ,in general ,each separate violation of an injunction or order described in subparagraph 7,b7 shall be a separate offense1 except that in the case of a violation through a continuing failure to comply with such injunction or order1 each day of the failure to comply with the injunction or order shall be deemed a separate offense4 7,b7 ,injunctions and orders ,subparagraph 7,a7 shall apply with respect to any action to enforce-- 7i7 a ,federal court injunction obtained pursuant to this title2 7ii7 an order entered or obtained by the ,commission pursuant to this title that bars1 suspends1 places limitations on the activities or functions of1 or prohibits the activities of1 a person2 or 7iii7 a cease-and-desist order entered by the ,commission pursuant to section #h;,a4 4 7#b7 ,securities ,exchange ,act of #aicd ,section #ba7;d77#c7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu7d77#c77 is amended-- 7,a7 in subparagraph 7,a71 by inserting after the rules or regulations thereunder1 the following3 a ,federal court injunction or a bar obtained or entered by the ,commission under this title12 and 7,b7 by striking subparagraph 7,d7 and inserting the following3 7,d7 ,special provisions relating to a violation of an injunction or certain orders 7i7 ,in general ,each separate violation of an injunction or order described in clause 7ii7 shall be a separate offense1 except that in the case of a violation through a continuing failure to comply with such injunction or order1 each day of the failure to comply with the injunction or order shall be deemed a separate offense4 7ii7 ,injunctions and orders ,clause 7i7 shall apply with respect to an action to enforce-- 7,i7 a ,federal court injunction obtained pursuant to this title2 7,,ii7 an order entered or obtained by the ,commission pursuant to this title that bars1 suspends1 places limitations on the activities or functions of1 or prohibits the activities of1 a person2 or 7,,iii7 a cease-and-desist order entered by the ,commission pursuant to section #ba;,c4 4 7#c7 ,investment ,company ,act of #aidj ,section #db7;e7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#da7;e77 is amended-- 7,a7 in paragraph 7#a71 by inserting after the rules or regulations thereunder1 the following3 a ,federal court injunction or a bar obtained or entered by the ,commission under this title12 and 7,b7 by striking paragraph 7#d7 and inserting the following3 7#d7 ,special provisions relating to a violation of an injunction or certain orders 7,a7 ,in general ,each separate violation of an injunction or order described in subparagraph 7,b7 shall be a separate offense1 except that in the case of a violation through a continuing failure to comply with such injunction or order1 each day of the failure to comply with the injunction or order shall be deemed a separate offense4 7,b7 ,injunctions and orders ,subparagraph 7,a7 shall apply with respect to any action to enforce-- 7i7 a ,federal court injunction obtained pursuant to this title2 7ii7 an order entered or obtained by the ,commission pursuant to this title that bars1 suspends1 places limitations on the activities or functions of1 or prohibits the activities of1 a person2 or 7iii7 a cease-and-desist order entered by the ,commission pursuant to section #i7;f74 4 7#d7 ,investment ,advisers ,act of #aidj ,section #bji7;e7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#i7;e77 is amended-- 7,a7 in paragraph 7#a71 by inserting after the rules or regulations thereunder1 the following3 a ,federal court injunction or a bar obtained or entered by the ,commission under this title12 and 7,b7 by striking paragraph 7#d7 and inserting the following3 7#d7 ,special provisions relating to a violation of an injunction or certain orders 7,a7 ,in general ,each separate violation of an injunction or order described in subparagraph 7,b7 shall be a separate offense1 except that in the case of a violation through a continuing failure to comply with such injunction or order1 each day of the failure to comply with the injunction or order shall be deemed a separate offense4 7,b7 ,injunctions and orders ,subparagraph 7,a7 shall apply with respect to any action to enforce-- 7i7 a ,federal court injunction obtained pursuant to this title2 7ii7 an order entered or obtained by the ,commission pursuant to this title that bars1 suspends1 places limitations on the activities or functions of1 or prohibits the activities of1 a person2 or 7iii7 a cease-and-desist order entered by the ,commission pursuant to section #bjc7k74 4 7d7 ,effective date ,the amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this ,act4 #bab4 ,updated civil money penalties of ,public ,company ,accounting ,oversight ,board 7a7 ,in general ,section #aje7;c77#d77;,d7 of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbae7;c77#d77;,d77 is amended-- 7#a7 in clause 7i7-- 7,a7 by striking #ajj1jjj and inserting #bjj1jjj2 and 7,b7 by striking #b1jjj1jjj and inserting #d1jjj1jjj2 and 7#b7 in clause 7ii7-- 7,a7 by striking #gej1jjj and inserting #a1ejj1jjj2 and 7,b7 by striking #ae1jjj1jjj and inserting #bb1jjj1jjj4 7b7 ,effective date ,the amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this ,act4 #bac4 ,updated civil money penalty for controlling persons in connection with insider trading 7a7 ,in general ,section #ba;,a7a77#c7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#a7;a77#c77 is amended by striking #a1jjj1jjj and inserting #b1ejj1jjj4 7b7 ,effective date ,the amendment made by this section shall apply with respect to conduct that occurs after the date of the enactment of this ,act4 #bad4 ,update of certain other penalties 7a7 ,in general ,section #cb of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;ff7 is amended-- 7#a7 in subsection 7a71 by striking #e1jjj1jjj and inserting #g1jjj1jjj2 and 7#b7 in subsection 7c7-- 7,a7 in paragraph 7#a7-- 7i7 in subparagraph 7,a71 by striking #b1jjj1jjj and inserting #d1jjj1jjj2 and 7ii7 in subparagraph 7,b71 by striking #aj1jjj and inserting #ej1jjj2 and 7,b7 in paragraph 7#b7-- 7i7 in subparagraph 7,a71 by striking #ajj1jjj and inserting #bej1jjj2 and 7ii7 in subparagraph 7,b71 by striking #aj1jjj and inserting #ej1jjj4 7b7 ,effective date ,the amendments made by this section shall apply with respect to conduct that occurs after the date of the enactment of this ,act4 #bae4 ,monetary sanctions to be used for the relief of victims 7a7 ,in general ,section #cjh7;a7 of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbdf7;a77 is amended to read as follows3 7a7 ,monetary sanctions to be used for the relief of victims 7#a7 ,in general ,if1 in any judicial or administrative action brought by the ,commission under the securities laws1 the ,commission obtains a monetary sanction 7as defined in section #ba;,f7a7 of the ,securities ,exchange ,act of #aicd7 against any person for a violation of such laws1 or such person agrees1 in settlement of any such action1 to such monetary sanction1 the amount of such monetary sanction shall1 on the motion or at the direction of the ,commission1 be added to and become part of a disgorgement fund or other fund established for the benefit of the victims of such violation4 7#b7 ,definition of victim ,in this subsection1 the term victim has the meaning given the term crime victim in section #cgga7;e7 of title #ah1 ,united ,states ,code4 4 7b7 ,monetary sanction defined ,section #ba;,f7a77#d77;,a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#f7;a77#d77;,a77 is amended by striking ordered and inserting required4 7c7 ,effective date ,the amendments made by this section apply with respect to any monetary sanction ordered or required to be paid before or after the date of enactment of this ,act4 #baf4 ,,gao report on use of civil money penalty authority by ,commission 7a7 ,in general ,not later than #b years after the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report on the use by the ,commission of the authority to impose or obtain civil money penalties for violations of the securities laws during the period beginning on ,june #a1 #bjaj1 and ending on the date of the enactment of this ,act4 7b7 ,matters required ,to be included ,the matters covered by the report required by subsection 7a7 shall include the following3 7#a7 ,the types of violations for which civil money penalties were imposed or obtained4 7#b7 ,the types of persons on whom civil money penalties were imposed or from whom such penalties were obtained4 7#c7 ,the number and dollar amount of civil money penalties imposed or obtained1 disaggregated as follows3 7,a7 ,penalties imposed in administrative actions and penalties obtained in judicial actions4 7,b7 ,penalties imposed on or obtained from issuers 7individual and aggregate filers7 and penalties imposed on or obtained from other persons4 7,c7 ,penalties permitted to be retained for use by the ,commission and penalties deposited in the general fund of the ,treasury of the ,united ,states4 7#d7 ,for penalties imposed on or obtained from issuers3 7,a7 ,whether the violations involved resulted in direct economic benefit to the issuers4 7,b7 ,the impact of the penalties on the shareholders of the issuers4 7c7 ,definitions ,in this section1 the terms ,commission1 issuer1 and securities laws have the meanings given such terms in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 ,b ,,firrea ,penalties ,modernization #bba4 ,increase of civil and criminal penalties originally established in the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7a7 ,amendments to ,,firrea ,section #iea7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahcc;a7b77 is amended-- 7#a7 in paragraph 7#a71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7#b7 in paragraph 7#b71 by striking #a1jjj1jjj per day or #e1jjj1jjj and inserting #a1ejj1jjj per day or #g1ejj1jjj4 7b7 ,amendments to the ,home ,owners' ,loan ,act ,the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq47 is amended-- 7#a7 in section #e7v77#f71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7#b7 in section #aj-- 7,a7 in subsection 7r77#c71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7,b7 in subsection 7i77#a77;,b71 by striking #a1jjj1jjj and inserting #a1ejj1jjj4 7c7 ,amendments to the ,federal ,deposit ,insurance ,act ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended-- 7#a7 in section #g-- 7,a7 in subsection 7a77#a71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7,b7 in subsection 7j77#af77;,d71 by striking #a1jjj1jjj each place such term appears and inserting #a1ejj1jjj2 7#b7 in section #h-- 7,a7 in subsection 7i77#b77;,d71 by striking #a1jjj1jjj each place such term appears and inserting #a1ejj1jjj2 and 7,b7 in subsection 7j71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7#c7 in section #ai7;b71 by striking #a1jjj1jjj and inserting #a1ejj1jjj4 7d7 ,amendments to the ,federal ,credit ,union ,act ,the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agea et seq47 is amended-- 7#a7 in section #bjb7;a77#c71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 7#b7 in section #bje7;d77#c71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7#c7 in section #bjf-- 7,a7 in subsection 7k77#b77;,d71 by striking #a1jjj1jjj each place such term appears and inserting #a1ejj1jjj2 and 7,b7 in subsection 7l71 by striking #a1jjj1jjj and inserting #a1ejj1jjj4 7e7 ,amendments to the ,revised ,statutes of the ,united ,states ,title ,,lxii of the ,revised ,statutes of the ,united ,states is amended-- 7#a7 in section #ebac7;c71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7#b7 in section #ebci7;b77#d71 by striking #a1jjj1jjj each place such term appears and inserting #a1ejj1jjj4 7f7 ,amendments to the ,federal ,reserve ,act ,the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq47 is amended-- 7#a7 in the #fth undesignated paragraph of section #i1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 7#b7 in section #ai7l77#d71 by striking #a1jjj1jjj each place such term appears and inserting #a1ejj1jjj2 and 7#c7 in section #bi7;d71 by striking #a1jjj1jjj each place such term appears and inserting #a1ejj1jjj4 7g7 ,amendments to the ,bank ,holding ,company ,act ,amendments of #aigj ,section #ajf7;b77#b77;,f77iv7 of the ,bank ,holding ,company ,act ,amendments of #aigj 7#ab ,u4,s4,c4 #aigh7;b77#b77;,f77iv77 is amended by striking #a1jjj1jjj each place such term appears and inserting #a1ejj1jjj4 7h7 ,amendments to the ,bank ,holding ,company ,act of #aief ,section #h of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdg7 is amended-- 7#a7 in subsection 7a77#b71 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7#b7 in subsection 7d77#c71 by striking #a1jjj1jjj and inserting #a1ejj1jjj4 7i7 ,amendments to title #ah1 ,united ,states ,code ,title #ah1 ,united ,states ,code1 is amended-- 7#a7 in section #bae7;a7 of chapter #aa1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 7#b7 in chapter #ca-- 7,a7 in section #fef1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7,b7 in section #feg1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 7#c7 in chapter #dg-- 7,a7 in section #ajje1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 7,b7 in section #ajjf1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 7,c7 in section #ajjg1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7,d7 in section #ajad1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7#d7 in chapter #fc-- 7,a7 in section #acda1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 7,b7 in section #acdc1 by striking #a1jjj1jjj and inserting #a1ejj1jjj2 and 7,c7 in section #acdd1 by striking #a1jjj1jjj and inserting #a1ejj1jjj4 ,,iii ,demanding ,accountability from ,financial ,regulators and ,devolving ,power ,away from ,washington ,a ,cost-,benefit ,analyses #caa4 ,definitions ,as used in this subtitle-- 7#a7 the term agency means the ,board of ,governors of the ,federal ,reserve ,system1 the ,consumer ,law ,enforcement ,agency1 the ,commodity ,futures ,trading ,commission1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 the ,office of the ,comptroller of the ,currency1 the ,national ,credit ,union ,administration1 and the ,securities and ,exchange ,commission2 7#b7 the term chief economist means-- 7,a7 with respect to the ,board of ,governors of the ,federal ,reserve ,system1 the ,director of the ,division of ,research and ,statistics1 or an employee of the agency with comparable authority2 7,b7 with respect to the ,consumer ,law ,enforcement ,agency1 the ,head of the ,office of ,economic ,analysis1 or an employee of the agency with comparable authority2 7,c7 with respect to the ,commodity ,futures ,trading ,commission1 the ,chief ,economist1 or an employee of the agency with comparable authority2 7,d7 with respect to the ,federal ,deposit ,insurance ,corporation1 the ,director of the ,division of ,insurance and ,research1 or an employee of the agency with comparable authority2 7,e7 with respect to the ,federal ,housing ,finance ,agency1 the ,chief ,economist1 or an employee of the agency with comparable authority2 7,f7 with respect to the ,office of the ,comptroller of the ,currency1 the ,director for ,policy ,analysis1 or an employee of the agency with comparable authority2 7,g7 with respect to the ,national ,credit ,union ,administration1 the ,chief ,economist1 or an employee of the agency with comparable authority2 and 7,h7 with respect to the ,securities and ,exchange ,commission1 the ,director of the ,division of ,economic and ,risk ,analysis1 or an employee of the agency with comparable authority2 7#c7 the term ,council means the ,chief ,economists ,council established under section #cah2 and 7#d7 the term regulation-- 7,a7 means an agency statement of general applicability and future effect that is designed to implement1 interpret1 or prescribe law or policy or to describe the procedure or practice requirements of an agency1 including rules1 orders of general applicability1 interpretive releases1 and other statements of general applicability that the agency intends to have the force and effect of law2 and 7,b7 does not include-- 7i7 a regulation issued in accordance with the formal rulemaking provisions of section #eef or #eeg of title #e1 ,united ,states ,code2 7ii7 a regulation that is limited to agency organization1 management1 or personnel matters2 7iii7 a regulation promulgated pursuant to statutory authority that expressly prohibits compliance with this provision2 7iv7 a regulation that is certified by the agency to be an emergency action1 if such certification is published in the ,federal ,register2 7v7 a regulation that is promulgated by the ,board of ,governors of the ,federal ,reserve ,system or the ,federal ,open ,market ,committee under section #aj;,a1 #aj;,b1 #ac1 #ac;,a1 or #ai of the ,federal ,reserve ,act1 or any of subsections 7a7 through 7f7 of section #ad of that ,act2 or 7vi7 a regulation filed with the ,commission by the ,public ,company ,accounting ,oversight ,board1 the ,municipal ,securities ,rulemaking ,board1 or any national securities association registered under section #ae;,a of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#d7;a77 for which the board or association has itself conducted the cost-benefit analysis and otherwise complied with the requirements of section #cab4 #cab4 ,required regulatory analysis 7a7 ,requirements for notices of proposed rulemaking ,an agency may not issue a notice of proposed rulemaking unless the agency includes in the notice of proposed rulemaking an analysis that contains1 at a minimum1 with respect to each regulation that is being proposed-- 7#a7 an identification of the need for the regulation and the regulatory objective1 including identification of the nature and significance of the market failure1 regulatory failure1 or other problem that necessitates the regulation2 7#b7 an explanation of why the private market or ,state1 local1 or tribal authorities cannot adequately address the identified market failure or other problem2 7#c7 an analysis of the adverse impacts to regulated entities1 other market participants1 economic activity1 or agency effectiveness that are engendered by the regulation and the magnitude of such adverse impacts2 7#d7 a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits of the regulation 7as compared to a benchmark that assumes the absence of the regulation71 including-- 7,a7 compliance costs2 7,b7 effects on economic activity1 net job creation 7excluding jobs related to ensuring compliance with the regulation71 efficiency1 competition1 and capital formation2 7,c7 regulatory administrative costs2 and 7,d7 costs imposed by the regulation on ,state1 local1 or tribal governments or other regulatory authorities2 7#e7 if quantified benefits do not outweigh quantitative costs1 a justification for the regulation2 7#f7 an identification and assessment of all available alternatives to the regulation1 including modification of an existing regulation or statute1 together with-- 7,a7 an explanation of why the regulation meets the objectives of the regulation more effectively than the alternatives1 and if the agency is proposing multiple alternatives1 an explanation of why a notice of proposed rulemaking1 rather than an advanced notice of proposed rulemaking1 is appropriate2 and 7,b7 if the regulation is not a pilot program1 an explanation of why a pilot program is not appropriate2 7#g7 if the regulation specifies the behavior or manner of compliance1 an explanation of why the agency did not instead specify performance objectives2 7#h7 an assessment of how the burden imposed by the regulation will be distributed among market participants1 including whether consumers1 investors1 small businesses1 or independent financial firms and advisors will be disproportionately burdened2 7#i7 an assessment of the extent to which the regulation is inconsistent1 incompatible1 or duplicative with the existing regulations of the agency or those of other domestic and international regulatory authorities with overlapping jurisdiction2 7#aj7 a description of any studies1 surveys1 or other data relied upon in preparing the analysis2 7#aa7 an assessment of the degree to which the key assumptions underlying the analysis are subject to uncertainty2 and 7#ab7 an explanation of predicted changes in market structure and infrastructure and in behavior by market participants1 including consumers and investors1 assuming that they will pursue their economic interests4 7b7 ,requirements for notices of final rulemaking 7#a7 ,in general ,notwithstanding any other provision of law1 an agency may not issue a notice of final rulemaking with respect to a regulation unless the agency-- 7,a7 has issued a notice of proposed rulemaking for the relevant regulation2 7,b7 has conducted and includes in the notice of final rulemaking an analysis that contains1 at a minimum1 the elements required under subsection 7a72 and 7,c7 includes in the notice of final rulemaking regulatory impact metrics selected by the chief economist to be used in preparing the report required pursuant to section #cae4 7#b7 ,consideration of comments ,the agency shall incorporate in the elements described in paragraph 7#a77;,b7 the data and analyses provided to the agency by commenters during the comment period1 or explain why the data or analyses are not being incorporated4 7#c7 ,comment period ,an agency shall not publish a notice of final rulemaking with respect to a regulation1 unless the agency-- 7,a7 has allowed at least #ij days from the date of publication in the ,federal ,register of the notice of proposed rulemaking for the submission of public comments2 or 7,b7 includes in the notice of final rulemaking an explanation of why the agency was not able to provide a #ij-;day comment period4 7#d7 ,prohibited ,rules 7,a7 ,in general ,an agency may not publish a notice of final rulemaking if the agency1 in its analysis under paragraph 7#a77;,b71 determines that the quantified costs are greater than the quantified benefits under subsection 7a77#e74 7,b7 ,publication of ,analysis ,if the agency is precluded by subparagraph 7,a7 from publishing a notice of final rulemaking1 the agency shall publish in the ,federal ,register and on the public website of the agency its analysis under paragraph 7#a77;,b71 and provide the analysis to each ,house of ,congress4 7,c7 ,congressional waiver ,if the agency is precluded by subparagraph 7,a7 from publishing a notice of final rulemaking1 ,congress1 by joint resolution pursuant to the procedures set forth for joint resolutions in section #hjb of title #e1 ,united ,states ,code1 may direct the agency to publish a notice of final rulemaking notwithstanding the prohibition contained in subparagraph 7,a74 ,in applying section #hjb of title #e1 ,united ,states ,code1 for purposes of this paragraph1 section #hjb7;e77#b7 shall not apply and the terms-- 7i7 joint resolution or joint resolution described in subsection 7a7 means only a joint resolution introduced during the period beginning on the submission or publication date and ending #fj days thereafter 7excluding days either ,house of ,congress is adjourned for more than #c days during a session of ,congress71 the matter after the resolving clause of which is as follows3 8,that ,congress directs1 notwithstanding the prohibition contained in section #cab7;b77#d77;,a7 of the ,financial ,,choice ,act of #bjag1 the to publish the notice of final rulemaking for the regulation or regulations that were the subject of the analysis submitted by the to ,congress on 40 7,the blank spaces being appropriately filled in472 and 7ii7 submission or publication date means-- 7,i7 the date on which the analysis under paragraph 7#a77;,b7 is submitted to ,congress under paragraph 7#d77;,b72 or 7,,ii7 if the analysis is submitted to ,congress less than #fj session days or #fj legislative days before the date on which the ,congress adjourns a session of ,congress1 the date on which the same or succeeding ,congress first convenes its next session4 #cac4 ,rule of construction ,for purposes of the ,paperwork ,reduction ,act 7#dd ,u4,s4,c4 #ceja et seq471 obtaining1 causing to be obtained1 or soliciting information for purposes of complying with section #cab with respect to a proposed rulemaking shall not be construed to be a collection of information1 provided that the agency has first issued an advanced notice of proposed rulemaking in connection with the regulation1 identifies that advanced notice of proposed rulemaking in its solicitation of information1 and informs the person from whom the information is obtained or solicited that the provision of information is voluntary4 #cad4 ,public availability of data and regulatory analysis 7a7 ,in general ,at or before the commencement of the public comment period with respect to a regulation1 the agency shall make available on its public website sufficient information about the data1 methodologies1 and assumptions underlying the analyses performed pursuant to section #cab so that the analytical results of the agency are capable of being substantially reproduced1 subject to an acceptable degree of imprecision or error4 7b7 ,confidentiality ,the agency shall comply with subsection 7a7 in a manner that preserves the confidentiality of nonpublic information1 including confidential trade secrets1 confidential commercial or financial information1 and confidential information about positions1 transactions1 or business practices4 #cae4 ,five-year regulatory impact analysis 7a7 ,in general ,not later than #e years after the date of publication in the ,federal ,register of a notice of final rulemaking1 the chief economist of the agency shall issue a report that examines the economic impact of the subject regulation1 including the direct and indirect costs and benefits of the regulation4 7b7 ,regulatory impact metrics ,in preparing the report required by subsection 7a71 the chief economist shall employ the regulatory impact metrics included in the notice of final rulemaking pursuant to section #cab7;b77#a77;,c74 7c7 ,reproducibility ,the report shall include the data1 methodologies1 and assumptions underlying the evaluation so that the agency's analytical results are capable of being substantially reproduced1 subject to an acceptable degree of imprecision or error4 7d7 ,confidentiality ,the agency shall comply with subsection 7c7 in a manner that preserves the confidentiality of nonpublic information1 including confidential trade secrets1 confidential commercial or financial information1 and confidential information about positions1 transactions1 or business practices4 7e7 ,report ,the agency shall submit the report required by subsection 7a7 to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives and post it on the public website of the agency4 ,the ,commodity ,futures ,trading ,commission shall also submit its report to the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate and the ,committee on ,agriculture of the ,house of ,representatives4 #caf4 ,retrospective review of existing rules 7a7 ,regulatory improvement plan ,not later than #a year after the date of enactment of this ,act and every #e years thereafter1 each agency shall develop1 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives1 and post on the public website of the agency a plan1 consistent with law and its resources and regulatory priorities1 under which the agency will modify1 streamline1 expand1 or repeal existing regulations so as to make the regulatory program of the agency more effective or less burdensome in achieving the regulatory objectives4 ,the ,commodity ,futures ,trading ,commission shall also submit its plan to the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate and the ,committee on ,agriculture of the ,house of ,representatives4 7b7 ,implementation progress report ,two years after the date of submission of each plan required under subsection 7a71 each agency shall develop1 submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives1 and post on the public website of the agency a report of the steps that it has taken to implement the plan1 steps that remain to be taken to implement the plan1 and1 if any parts of the plan will not be implemented1 reasons for not implementing those parts of the plan4 ,the ,commodity ,futures ,trading ,commission shall also submit its plan to the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate and the ,committee on ,agriculture of the ,house of ,representatives4 #cag4 ,judicial review 7a7 ,in general ,notwithstanding any other provision of law1 during the period beginning on the date on which a notice of final rulemaking for a regulation is published in the ,federal ,register and ending #a year later1 a person that is adversely affected or aggrieved by the regulation is entitled to bring an action in the ,united ,states ,court of ,appeals for the ,district of ,columbia ,circuit for judicial review of agency compliance with the requirements of section #cab4 7b7 ,stay ,the court may stay the effective date of the regulation or any provision thereof4 7c7 ,relief ,if the court finds that an agency has not complied with the requirements of section #cab1 the court shall vacate the subject regulation1 unless the agency shows by clear and convincing evidence that vacating the regulation would result in irreparable harm4 ,nothing in this section affects other limitations on judicial review or the power or duty of the court to dismiss any action or deny relief on any other appropriate legal or equitable ground4 #cah4 ,chief ,economists ,council 7a7 ,establishment ,there is established the ,chief ,economists ,council4 7b7 ,membership ,the ,council shall consist of the chief economist of each agency4 ,the members of the ,council shall select the first chairperson of the ,council4 ,thereafter the position of ,chairperson shall rotate annually among the members of the ,council4 7c7 ,meetings ,the ,council shall meet at the call of the ,chairperson1 but not less frequently than quarterly4 7d7 ,report ,one year after the effective date of this ,act and annually thereafter1 the ,council shall prepare and submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,agriculture1 ,nutrition1 and ,forestry of the ,senate and the ,committee on ,financial ,services and the ,committee on ,agriculture of the ,house of ,representatives a report on-- 7#a7 the benefits and costs of regulations adopted by the agencies during the past #ab months2 7#b7 the regulatory actions planned by the agencies for the upcoming #ab months2 7#c7 the cumulative effect of the existing regulations of the agencies on economic activity1 innovation1 international competitiveness of entities regulated by the agencies1 and net job creation 7excluding jobs related to ensuring compliance with the regulation72 7#d7 the training and qualifications of the persons who prepared the cost-benefit analyses of each agency during the past #ab months2 7#e7 the sufficiency of the resources available to the chief economists during the past #ab months for the conduct of the activities required by this subtitle2 and 7#f7 recommendations for legislative or regulatory action to enhance the efficiency and effectiveness of financial regulation in the ,united ,states4 #cai4 ,conforming amendments ,section #ae7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #ai7;a77 is amended-- 7#a7 by striking paragraph 7#a72 7#b7 in paragraph 7#b71 by striking 7#b7 and all that follows through light of-- and inserting the following3 7#a7 ,considerations ,before promulgating a regulation under this chapter or issuing an order 7except as provided in paragraph 7#b771 the ,commission shall take into consideration-- 2 7#c7 in paragraph 7#a71 as so redesignated-- 7,a7 in subparagraph 7,b71 by striking futures and inserting the relevant2 7,b7 in subparagraph 7,c71 by adding and at the end2 7,c7 in subparagraph 7,d71 by striking 2 and and inserting a period2 and 7,d7 by striking subparagraph 7,e72 and 7#d7 by redesignating paragraph 7#c7 as paragraph 7#b74 #cbj4 ,other regulatory entities ,not later than #a year after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall provide to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report setting forth a plan for subjecting the ,public ,company ,accounting ,oversight ,board1 the ,municipal ,securities ,rulemaking ,board1 and any national securities association registered under section #ae;,a of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#d7;a77 to the requirements of this subtitle1 other than direct representation on the ,council4 #cba4 ,avoidance of duplicative or unnecessary analyses ,an agency may perform the analyses required by this subtitle in conjunction with1 or as a part of1 any other agenda or analysis required by any other provision of law1 if such other analysis satisfies the provisions of this subtitle4 ,b ,congressional ,review of ,federal ,financial ,agency ,rulemaking #cca4 ,congressional review 7a7 7#a7 7,a7 ,before a rule may take effect1 a ,federal financial agency shall publish in the ,federal ,register a list of information on which the rule is based1 including data1 scientific and economic studies1 and cost-benefit analyses1 and identify how the public can access such information online1 and shall submit to each ,house of the ,congress and to the ,comptroller ,general a report containing-- 7i7 a copy of the rule2 7ii7 a concise general statement relating to the rule2 7iii7 a classification of the rule as a major or nonmajor rule1 including an explanation of the classification specifically addressing each criteria for a major rule contained within subparagraphs 7,a7 through 7,c7 of section #ccd7b72 7iv7 a list of any other related regulatory actions intended to implement the same statutory provision or regulatory objective as well as the individual and aggregate economic effects of those actions2 and 7v7 the proposed effective date of the rule4 7,b7 ,on the date of the submission of the report under subparagraph 7,a71 the ,federal financial agency shall submit to the ,comptroller ,general and make available to each ,house of ,congress-- 7i7 a complete copy of the cost-benefit analysis of the rule1 if any1 including an analysis of any jobs added or lost1 differentiating between public and private sector jobs2 7ii7 the ,federal financial agency's actions pursuant to sections #fjc1 #fjd1 #fje1 #fjg1 and #fji of title #e1 ,united ,states ,code2 7iii7 the ,federal financial agency's actions pursuant to sections #bjb1 #bjc1 #bjd1 and #bje of the ,unfunded ,mandates ,reform ,act of #aiie2 and 7iv7 any other relevant information or requirements under any other ,act and any relevant ,executive orders4 7,c7 ,upon receipt of a report submitted under subparagraph 7,a71 each ,house shall provide copies of the report to the chairman and ranking member of each standing committee with jurisdiction under the rules of the ,house of ,representatives or the ,senate to report a bill to amend the provision of law under which the rule is issued4 7#b7 7,a7 ,the ,comptroller ,general shall provide a report on each major rule to the committees of jurisdiction by the end of #ae calendar days after the submission or publication date4 ,the report of the ,comptroller ,general shall include an assessment of the ,federal financial agency's compliance with procedural steps required by paragraph 7#a77;,b7 and an assessment of whether the major rule imposes any new limits or mandates on private-sector activity4 7,b7 ,federal financial agencies shall cooperate with the ,comptroller ,general by providing information relevant to the ,comptroller ,general's report under subparagraph 7,a74 7#c7 ,a major rule relating to a report submitted under paragraph 7#a7 shall take effect upon enactment of a joint resolution of approval described in section #ccb or as provided for in the rule following enactment of a joint resolution of approval described in section #ccb1 whichever is later4 7#d7 ,a nonmajor rule shall take effect as provided by section #ccc after submission to ,congress under paragraph 7#a74 7#e7 ,if a joint resolution of approval relating to a major rule is not enacted within the period provided in subsection 7b77#b71 then a joint resolution of approval relating to the same rule may not be considered under this subtitle in the same ,congress by either the ,house of ,representatives or the ,senate4 7b7 7#a7 ,a major rule shall not take effect unless the ,congress enacts a joint resolution of approval described under section #ccb4 7#b7 ,if a joint resolution described in subsection 7a7 is not enacted into law by the end of #gj session days or legislative days1 as applicable1 beginning on the date on which the report referred to in subsection 7a77#a77;,a7 is received by ,congress 7excluding days either ,house of ,congress is adjourned for more than #c days during a session of ,congress71 then the rule described in that resolution shall be deemed not to be approved and such rule shall not take effect4 7c7 7#a7 ,notwithstanding any other provision of this section 7except subject to paragraph 7#c771 a major rule may take effect for one #ij-;calendar-day period if the ,president makes a determination under paragraph 7#b7 and submits written notice of such determination to the ,congress4 7#b7 ,paragraph 7#a7 applies to a determination made by the ,president by ,executive order that the major rule should take effect because such rule is-- 7,a7 necessary because of an imminent threat to health or safety or other emergency2 7,b7 necessary for the enforcement of criminal laws2 7,c7 necessary for national security2 or 7,d7 issued pursuant to any statute implementing an international trade agreement4 7#c7 ,an exercise by the ,president of the authority under this subsection shall have no effect on the procedures under section #ccb4 7d7 7#a7 ,in addition to the opportunity for review otherwise provided under this subtitle1 in the case of any rule for which a report was submitted in accordance with subsection 7a77#a77;,a7 during the period beginning on the date occurring-- 7,a7 in the case of the ,senate1 #fj session days2 or 7,b7 in the case of the ,house of ,representatives1 #fj legislative days1 before the date the ,congress is scheduled to adjourn a session of ,congress through the date on which the same or succeeding ,congress first convenes its next session1 sections #ccb and #ccc shall apply to such rule in the succeeding session of ,congress4 7#b7 7,a7 ,in applying sections #ccb and #ccc for purposes of such additional review1 a rule described under paragraph 7#a7 shall be treated as though-- 7i7 such rule were published in the ,federal ,register on-- 7,i7 in the case of the ,senate1 the #aeth session day2 or 7,,ii7 in the case of the ,house of ,representatives1 the #aeth legislative day1 after the succeeding session of ,congress first convenes2 and 7ii7 a report on such rule were submitted to ,congress under subsection 7a77#a7 on such date4 7,b7 ,nothing in this paragraph shall be construed to affect the requirement under subsection 7a77#a7 that a report shall be submitted to ,congress before a rule can take effect4 7#c7 ,a rule described under paragraph 7#a7 shall take effect as otherwise provided by law 7including other subsections of this section74 #ccb4 ,congressional approval procedure for major rules 7a7 7#a7 ,for purposes of this section1 the term joint resolution means only a joint resolution addressing a report classifying a rule as major pursuant to section #cca7;a77#a77;,a77iii7 that-- 7,a7 bears no preamble2 7,b7 bears the following title 7with blanks filled as appropriate73 ,approving the rule submitted by relating to 42 7,c7 includes after its resolving clause only the following 7with blanks filled as appropriate73 ,that ,congress approves the rule submitted by relating to 42 and 7,d7 is introduced pursuant to paragraph 7#b74 7#b7 ,after a ,house of ,congress receives a report classifying a rule as major pursuant to section #cca7;a77#a77;,a77iii71 the majority leader of that ,house 7or his or her respective designee7 shall introduce 7by request1 if appropriate7 a joint resolution described in paragraph 7#a7-- 7,a7 in the case of the ,house of ,representatives1 within #c legislative days2 and 7,b7 in the case of the ,senate1 within #c session days4 7#c7 ,a joint resolution described in paragraph 7#a7 shall not be subject to amendment at any stage of proceeding4 7b7 ,a joint resolution described in subsection 7a7 shall be referred in each ,house of ,congress to the committees having jurisdiction over the provision of law under which the rule is issued4 7c7 ,in the ,senate1 if the committee or committees to which a joint resolution described in subsection 7a7 has been referred have not reported it at the end of #ae session days after its introduction1 such committee or committees shall be automatically discharged from further consideration of the resolution and it shall be placed on the calendar4 ,a vote on final passage of the resolution shall be taken on or before the close of the #aeth session day after the resolution is reported by the committee or committees to which it was referred1 or after such committee or committees have been discharged from further consideration of the resolution4 7d7 7#a7 ,in the ,senate1 when the committee or committees to which a joint resolution is referred have reported1 or when a committee or committees are discharged 7under subsection 7c77 from further consideration of a joint resolution described in subsection 7a71 it is at any time thereafter in order 7even though a previous motion to the same effect has been disagreed to7 for a motion to proceed to the consideration of the joint resolution1 and all points of order against the joint resolution 7and against consideration of the joint resolution7 are waived4 ,the motion is not subject to amendment1 or to a motion to postpone1 or to a motion to proceed to the consideration of other business4 ,a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order4 ,if a motion to proceed to the consideration of the joint resolution is agreed to1 the joint resolution shall remain the unfinished business of the ,senate until disposed of4 7#b7 ,in the ,senate1 debate on the joint resolution1 and on all debatable motions and appeals in connection therewith1 shall be limited to not more than #b hours1 which shall be divided equally between those favoring and those opposing the joint resolution4 ,a motion to further limit debate is in order and not debatable4 ,an amendment to1 or a motion to postpone1 or a motion to proceed to the consideration of other business1 or a motion to recommit the joint resolution is not in order4 7#c7 ,in the ,senate1 immediately following the conclusion of the debate on a joint resolution described in subsection 7a71 and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the ,senate1 the vote on final passage of the joint resolution shall occur4 7#d7 ,appeals from the decisions of the ,chair relating to the application of the rules of the ,senate to the procedure relating to a joint resolution described in subsection 7a7 shall be decided without debate4 7e7 ,in the ,house of ,representatives1 if any committee to which a joint resolution described in subsection 7a7 has been referred has not reported it to the ,house at the end of #ae legislative days after its introduction1 such committee shall be discharged from further consideration of the joint resolution1 and it shall be placed on the appropriate calendar4 ,on the second and fourth ,thursdays of each month it shall be in order at any time for the ,speaker to recognize a ,member who favors passage of a joint resolution that has appeared on the calendar for at least #e legislative days to call up that joint resolution for immediate consideration in the ,house without intervention of any point of order4 ,when so called up a joint resolution shall be considered as read and shall be debatable for #a hour equally divided and controlled by the proponent and an opponent1 and the previous question shall be considered as ordered to its passage without intervening motion4 ,it shall not be in order to reconsider the vote on passage4 ,if a vote on final passage of the joint resolution has not been taken by the third ,thursday on which the ,speaker may recognize a ,member under this subsection1 such vote shall be taken on that day4 7f7 7#a7 ,if1 before passing a joint resolution described in subsection 7a71 one ,house receives from the other a joint resolution having the same text1 then-- 7,a7 the joint resolution of the other ,house shall not be referred to a committee2 and 7,b7 the procedure in the receiving ,house shall be the same as if no joint resolution had been received from the other ,house until the vote on passage1 when the joint resolution received from the other ,house shall supplant the joint resolution of the receiving ,house4 7#b7 ,this subsection shall not apply to the ,house of ,representatives if the joint resolution received from the ,senate is a revenue measure4 7g7 ,if either ,house has not taken a vote on final passage of the joint resolution by the last day of the period described in section #cca7;b77#b71 then such vote shall be taken on that day4 7h7 ,this section and section #ccc are enacted by ,congress-- 7#a7 as an exercise of the rulemaking power of the ,senate and ,house of ,representatives1 respectively1 and as such is deemed to be part of the rules of each ,house1 respectively1 but applicable only with respect to the procedure to be followed in that ,house in the case of a joint resolution described in subsection 7a7 and superseding other rules only where explicitly so2 and 7#b7 with full recognition of the ,constitutional right of either ,house to change the rules 7so far as they relate to the procedure of that ,house7 at any time1 in the same manner and to the same extent as in the case of any other rule of that ,house4 #ccc4 ,congressional disapproval procedure for nonmajor rules 7a7 ,for purposes of this section1 the term joint resolution means only a joint resolution introduced in the period beginning on the date on which the report referred to in section #cca7;a77#a77;,a7 is received by ,congress and ending #fj days thereafter 7excluding days either ,house of ,congress is adjourned for more than #c days during a session of ,congress71 the matter after the resolving clause of which is as follows3 ,that ,congress disapproves the nonmajor rule submitted by the relating to 1 and such rule shall have no force or effect4 7,the blank spaces being appropriately filled in74 7b7 ,a joint resolution described in subsection 7a7 shall be referred to the committees in each ,house of ,congress with jurisdiction4 7c7 ,in the ,senate1 if the committee to which is referred a joint resolution described in subsection 7a7 has not reported such joint resolution 7or an identical joint resolution7 at the end of #ae session days after the date of introduction of the joint resolution1 such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by #cj ,members of the ,senate1 and such joint resolution shall be placed on the calendar4 7d7 7#a7 ,in the ,senate1 when the committee to which a joint resolution is referred has reported1 or when a committee is discharged 7under subsection 7c77 from further consideration of a joint resolution described in subsection 7a71 it is at any time thereafter in order 7even though a previous motion to the same effect has been disagreed to7 for a motion to proceed to the consideration of the joint resolution1 and all points of order against the joint resolution 7and against consideration of the joint resolution7 are waived4 ,the motion is not subject to amendment1 or to a motion to postpone1 or to a motion to proceed to the consideration of other business4 ,a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order4 ,if a motion to proceed to the consideration of the joint resolution is agreed to1 the joint resolution shall remain the unfinished business of the ,senate until disposed of4 7#b7 ,in the ,senate1 debate on the joint resolution1 and on all debatable motions and appeals in connection therewith1 shall be limited to not more than #aj hours1 which shall be divided equally between those favoring and those opposing the joint resolution4 ,a motion to further limit debate is in order and not debatable4 ,an amendment to1 or a motion to postpone1 or a motion to proceed to the consideration of other business1 or a motion to recommit the joint resolution is not in order4 7#c7 ,in the ,senate1 immediately following the conclusion of the debate on a joint resolution described in subsection 7a71 and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the ,senate1 the vote on final passage of the joint resolution shall occur4 7#d7 ,appeals from the decisions of the ,chair relating to the application of the rules of the ,senate to the procedure relating to a joint resolution described in subsection 7a7 shall be decided without debate4 7e7 ,in the ,senate1 the procedure specified in subsection 7c7 or 7d7 shall not apply to the consideration of a joint resolution respecting a nonmajor rule-- 7#a7 after the expiration of the #fj session days beginning with the applicable submission or publication date2 or 7#b7 if the report under section #cca7;a77#a77;,a7 was submitted during the period referred to in section #cca7;d77#a71 after the expiration of the #fj session days beginning on the #aeth session day after the succeeding session of ,congress first convenes4 7f7 ,if1 before the passage by one ,house of a joint resolution of that ,house described in subsection 7a71 that ,house receives from the other ,house a joint resolution described in subsection 7a71 then the following procedures shall apply3 7#a7 ,the joint resolution of the other ,house shall not be referred to a committee4 7#b7 ,with respect to a joint resolution described in subsection 7a7 of the ,house receiving the joint resolution-- 7,a7 the procedure in that ,house shall be the same as if no joint resolution had been received from the other ,house2 but 7,b7 the vote on final passage shall be on the joint resolution of the other ,house4 #ccd4 ,definitions ,for purposes of this subtitle3 7#a7 ,the term ,federal financial agency means the ,consumer ,law ,enforcement ,agency1 ,board of ,governors of the ,federal ,reserve ,system1 the ,commodity ,futures ,trading ,commission1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 the ,office of the ,comptroller of the ,currency1 the ,national ,credit ,union ,administration1 and the ,securities and ,exchange ,commission4 7#b7 ,the term major rule means any rule1 including an interim final rule1 that the ,administrator of the ,office of ,information and ,regulatory ,affairs of the ,office of ,management and ,budget finds has resulted in or is likely to result in-- 7,a7 an annual effect on the economy of #ajj million or more2 7,b7 a major increase in costs or prices for consumers1 individual industries1 ,federal1 ,state1 or local government agencies1 or geographic regions2 or 7,c7 significant adverse effects on competition1 employment1 investment1 productivity1 innovation1 or on the ability of ,united ,states-based enterprises to compete with foreign-based enterprises in domestic and export markets4 7#c7 ,the term nonmajor rule means any rule that is not a major rule4 7#d7 ,the term rule has the meaning given such term in section #eea of title #e1 ,united ,states ,code1 except that such term does not include-- 7,a7 any rule of particular applicability1 including a rule that approves or prescribes for the future rates1 wages1 prices1 services1 or allowances therefore1 corporate or financial structures1 reorganizations1 mergers1 or acquisitions thereof1 or accounting practices or disclosures bearing on any of the foregoing2 7,b7 any rule relating to agency management or personnel2 or 7,c7 any rule of agency organization1 procedure1 or practice that does not substantially affect the rights or obligations of non-agency parties4 7#e7 ,the term submission date or publication date1 except as otherwise provided in this subtitle1 means-- 7,a7 in the case of a major rule1 the date on which the ,congress receives the report submitted under section #cca7;a77#a77;,a72 and 7,b7 in the case of a nonmajor rule1 the later of-- 7i7 the date on which the ,congress receives the report submitted under section #cca7;a77#a77;,a72 and 7ii7 the date on which the nonmajor rule is published in the ,federal ,register1 if so published4 #cce4 ,judicial review 7a7 ,no determination1 finding1 action1 or omission under this subtitle shall be subject to judicial review4 7b7 ,notwithstanding subsection 7a71 a court may determine whether a ,federal financial agency has completed the necessary requirements under this subtitle for a rule to take effect4 7c7 ,the enactment of a joint resolution of approval under section #ccb shall not be interpreted to serve as a grant or modification of statutory authority by ,congress for the promulgation of a rule1 shall not extinguish or affect any claim1 whether substantive or procedural1 against any alleged defect in a rule1 and shall not form part of the record before the court in any judicial proceeding concerning a rule except for purposes of determining whether or not the rule is in effect4 #ccf4 ,effective date of certain rules ,notwithstanding section #cca-- 7#a7 any rule that establishes1 modifies1 opens1 closes1 or conducts a regulatory program for a commercial1 recreational1 or subsistence activity related to hunting1 fishing1 or camping1 or 7#b7 any rule other than a major rule which the ,federal financial agency for good cause finds 7and incorporates the finding and a brief statement of reasons therefore in the rule issued7 that notice and public procedure thereon are impracticable1 unnecessary1 or contrary to the public interest1 shall take effect at such time as the ,federal financial agency promulgating the rule determines4 #ccg4 ,budgetary effects of rules subject to section #ccb of the ,financial ,,choice ,act of #bjag ,section #beg7;b77#b7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe is amended by adding at the end the following new subparagraph3 7,e7 ,budgetary effects of rules subject to section #ccb of the ,financial ,,choice ,act of #bjag ,any rules subject to the congressional approval procedure set forth in section #ccb of the ,financial ,,choice ,act of #bjag affecting budget authority1 outlays1 or receipts shall be assumed to be effective unless it is not approved in accordance with such section4 4 ,c ,judicial ,review of ,agency ,actions #cda4 ,scope of judicial review of agency actions 7a7 ,in general ,notwithstanding any other provision of law1 in any judicial review of an agency action pursuant to chapter #g of title #e1 ,united ,states ,code1 to the extent necessary to decision and when presented1 the reviewing court shall determine the meaning or applicability of the terms of an agency action and decide de novo all relevant questions of law1 including the interpretation of constitutional and statutory provisions1 and rules made by an agency4 ,notwithstanding any other provision of law1 this section shall apply in any action for judicial review of agency action authorized under any provision of law4 ,no law may exempt any such civil action from the application of this section except by specific reference to this section4 7b7 ,agency defined ,for purposes of this section1 the term agency means the ,consumer ,law ,enforcement ,agency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,commodity ,futures ,trading ,commission1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 the ,office of the ,comptroller of the ,currency1 the ,national ,credit ,union ,administration1 and the ,securities and ,exchange ,commission4 7c7 ,effective date ,subsection 7a7 shall take effect after the end of the #b-year period beginning on the date of the enactment of this ,act4 ,d ,leadership of ,financial ,regulators #cea4 ,federal ,deposit ,insurance ,corporation ,section #b of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is amended-- 7#a7 in subsection 7a77#a71 by striking #e members and all that follows through #c of whom and inserting the following3 #e members1 who2 7#b7 by amending subsection 7d7 to read as follows3 7d7 ,vacancy ,any vacancy on the ,board of ,directors shall be filled in the manner in which the original appointment was made4 2 and 7#c7 in subsection 7f7-- 7,a7 by striking paragraph 7#b72 and 7,b7 by redesignating paragraph 7#c7 as paragraph 7#b74 #ceb4 ,federal ,housing ,finance ,agency ,section #acab7;b77#b7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #deab7 is amended by striking for cause4 ,e ,congressional ,oversight of ,appropriations #cfa4 ,bringing the ,federal ,deposit ,insurance ,corporation into the appropriations process 7a7 ,in general ,section #aj7;a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;a77 is amended-- 7#a7 by striking 7a7 ,the and inserting the following3 7a7 ,powers 7#a7 ,in general ,the 2 7#b7 by inserting 1 subject to paragraph 7#b71 after ,the ,board of ,directors of the ,corporation2 and 7#c7 by adding at the end the following new paragraph3 7#b7 ,appropriations requirement 7,a7 ,operating ,fund ,there is established an ,operating ,fund1 to which ,congress shall provide annual appropriations to the ,corporation1 which shall be separate from the ,deposit ,insurance ,fund4 7,b7 ,recovery of costs of annual appropriation ,the ,corporation shall collect assessments and other fees1 as provided under this ,act1 that are designed to recover the costs to the ,government of the annual appropriation to the ,corporation by ,congress4 ,except as provided in 7,e7 and subject to subparagraph 7,f71 the ,corporation may only incur obligations1 or allow and pay expenses1 from the ,operating ,fund pursuant to an appropriations ,act4 7,c7 ,deposits ,assessments and other fees described under subparagraph 7,b7 for any fiscal year-- 7i7 shall be deposited in the ,operating ,fund2 and 7ii7 except as provided in subparagraph 7,e71 shall not be collected for any fiscal year except to the extent provided in advance in appropriation ,acts4 7,d7 ,credits ,amounts deposited in the ,operating ,fund during a fiscal year shall be credited as offsetting the amount appropriated to the ,operating ,fund for such fiscal year4 7,e7 ,lapse of ,appropriation ,if on the first day of a fiscal year an appropriation to the ,corporation has not been enacted1 the ,corporation shall continue to collect the assessments and other fees described under subparagraph 7,b7 at the rate in effect during the preceding fiscal year1 until #fj days after the date such an appropriation is enacted4 7,f7 ,exception for certain programs ,this paragraph shall not apply to the ,corporation's ,insurance ,business ,line ,programs and ,receivership ,management ,business ,line ,programs1 as in existence on the date of enactment of this paragraph4 4 7b7 ,conforming amendment ,subsection 7d7 of section #g of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7 is amended to read as follows3 7d7 ,deposit ,insurance ,fund exempt from apportionment ,notwithstanding any other provision of law1 amounts received pursuant to any assessments or other fees that are deposited into the ,deposit ,insurance ,fund shall not be subject to apportionment for the purposes of chapter #ae of title #ca1 ,united ,states ,code1 or under any other authority4 4 7c7 ,effective date ,the amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is #ij days after the date of the enactment of the first appropriation ,act that provides for appropriations to the ,federal ,deposit ,insurance ,corporation and that is enacted after the date of the enactment of this ,act4 #cfb4 ,bringing the ,federal ,housing ,finance ,agency into the appropriations process 7a7 ,in general ,section #acaf of the ,housing and ,community ,development ,act of #aiib 7#ab ,u4,s4,c4 #deaf7 is amended-- 7#a7 by amending subsection 7a7 to read as follows3 7a7 ,appropriations requirement 7#a7 ,recovery of costs of annual appropriation ,the ,agency shall collect assessments and other fees that are designed to recover the costs to the ,government of the annual appropriation to the ,agency by ,congress4 7#b7 ,offsetting collections ,assessments and other fees described under paragraph 7#a7 for any fiscal year-- 7,a7 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,agency2 and 7,b7 except as provided in paragraph 7#c71 shall not be collected for any fiscal year except to the extent provided in advance in appropriation ,acts4 7#c7 ,lapse of ,appropriation ,if on the first day of a fiscal year an appropriation to the ,agency has not been enacted1 the ,agency shall continue to collect 7as offsetting collections7 the assessments and other fees described under paragraph 7#a7 at the rate in effect during the preceding fiscal year1 until #fj days after the date such an appropriation is enacted4 2 and 7#b7 by striking subsection 7f74 7b7 ,effective date ,the amendments made by this section shall apply with respect to expenses paid and assessments and other fees collected on or after the date that is #ij days after the date of the enactment of the first appropriation ,act that provides for appropriations to the ,federal ,housing ,finance ,agency and that is enacted after the date of the enactment of this ,act4 #cfc4 ,bringing the ,national ,credit ,union ,administration into the appropriations process 7a7 ,in general ,section #aje of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agee7 is amended-- 7#a7 by amending subsections 7a7 and 7b7 to read as follows3 7a7 ,payment by ,federal credit unions to ,administration ,each insured credit union shall pay to the ,administration an annual fee4 7b7 ,determinations of assessment periods and payment dates ,the ,board shall determine the periods for which the fee referred to under subsection 7a7 shall be assessed and the date for the payment of such fee or increments thereof4 2 7#b7 in subsection 7c71 by striking operating2 7#c7 by amending subsection 7d7 to read as follows3 7d7 ,appropriations requirement 7#a7 ,recovery of costs of annual appropriation ,the ,administration shall collect fees other than those fees referred to under subsection 7a7 from each insured credit union1 as provided under this ,act1 in an amount stated as a percentage of insured shares of each insured credit union 7which percentage shall be the same for all insured credit unions74 ,such fees shall be designed to recover the costs to the ,government of the annual appropriation to the ,administration by ,congress4 7#b7 ,offsetting collections ,fees described under paragraph 7#a7 for any fiscal year-- 7,a7 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,administration2 and 7,b7 except as provided in paragraph 7#c71 shall not be collected for any fiscal year except to the extent provided in advance in appropriation ,acts4 7#c7 ,lapse of appropriation ,if on the first day of a fiscal year an appropriation to the ,administration has not been enacted1 the ,administration shall continue to collect 7as offsetting collections7 the fees described under paragraph 7#a7 at the rate in effect during the preceding fiscal year1 until #fj days after the date such an appropriation is enacted4 7#d7 ,exception for insurance functions ,this subsection shall not apply to the ,national ,credit ,union ,share ,insurance ,fund1 including assessments and other fees that are deposited into1 and amounts paid from1 the ,national ,credit ,union ,share ,insurance ,fund4 2 and 7#d7 by striking subsection 7e74 7b7 ,conforming amendments ,the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agea et seq47 is amended-- 7#a7 in section #abj7;j71 by striking paragraph 7#c72 7#b7 by amending section #abh to read as follows3 #abh4 ,national credit union share insurance fund exempt from apportionment ,notwithstanding any other provision of law1 amounts received pursuant to any assessments or other fees that are deposited into the ,national ,credit ,union ,share ,insurance ,fund or the ,temporary ,corporate ,credit ,union ,stabilization ,fund shall not be subject to apportionment for the purposes of chapter #ae of title #ca1 ,united ,states ,code1 or under any other authority4 2 and 7#c7 in section #bjc7;a71 by striking and for such administrative and other expenses incurred in carrying out the purposes of this title4 7c7 ,effective date ,the amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is #ij days after the date of the enactment of the first appropriation ,act that provides for appropriations to the ,national ,credit ,union ,administration and that is enacted after the date of the enactment of this ,act4 #cfd4 ,bringing the ,office of the ,comptroller of the ,currency into the appropriations process 7a7 ,in general ,section #ebdj;,a of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #af7 is amended-- 7#a7 by striking ,sec4 #ebdj;,a4 ,the ,comptroller of the ,currency may collect an assessment1 fee1 or other charge from any entity described in section #c7q77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7q77#a771 as the ,comptroller determines is necessary or appropriate to carry out the responsibilities of the ,office of the ,comptroller of the ,currency4 ,in establishing the amount of an assessment1 fee1 or charge collected from an entity under this section1 and inserting the following3 #ebdj;,a4 ,collection of fees2 appropriations requirement 7a7 ,in general ,in establishing the amount of an assessment1 fee1 or charge collected from an entity under subsection 7b71 2 7#b7 by striking ,funds derived and all that follows through the end of the section2 and 7#c7 by adding at the end the following3 7b7 ,appropriations requirement 7#a7 ,recovery of costs of annual appropriation ,the ,comptroller of the ,currency shall impose and collect assessments1 fees1 or other charges that are designed to recover the costs to the ,government of the annual appropriation to the ,office of the ,comptroller of the ,currency by ,congress4 7#b7 ,offsetting collections ,assessments and other fees described under paragraph 7#a7 for any fiscal year-- 7,a7 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,office of the ,comptroller of the ,currency2 and 7,b7 except as provided in paragraph 7#c71 shall not be collected for any fiscal year except to the extent provided in advance in appropriation ,acts4 7#c7 ,lapse of ,appropriation ,if on the first day of a fiscal year an appropriation to the ,office of the ,comptroller of the ,currency has not been enacted1 the ,comptroller of the ,currency shall continue to collect 7as offsetting collections7 the assessments and other fees described under paragraph 7#a7 at the rate in effect during the preceding fiscal year1 until #fj days after the date such an appropriation is enacted4 4 7b7 ,conforming amendment ,section #ebdj 7#ab ,u4,s4,c4 #dha et seq47 of the ,revised ,statutes of the ,united ,states is amended by striking the fourth undesignated paragraph4 7c7 ,effective ,date ,the amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is #ij days after the date of the enactment of the first appropriation ,act that provides for appropriations to the ,comptroller of the ,currency and that is enacted after the date of the enactment of this ,act4 #cfe4 ,bringing the non-monetary policy related functions of the ,board of ,governors of the ,federal ,reserve ,system into the appropriations process 7a7 ,in general ,the ,federal ,reserve ,act is amended by inserting after section #aa;,b the following3 #aa;,c4 ,appropriations requirement for non-monetary policy related administrative costs 7a7 ,appropriations requirement 7#a7 ,recovery of costs of annual appropriation ,the ,board of ,governors of the ,federal ,reserve ,system and the ,federal reserve banks shall collect assessments and other fees1 as provided under this ,act1 that are designed to recover the costs to the ,government of the annual appropriation to the ,board of ,governors of the ,federal ,reserve ,system by ,congress4 ,the ,board of ,governors of the ,federal ,reserve ,system and the ,federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations ,act4 7#b7 ,offsetting collections ,assessments and other fees described under paragraph 7#a7 for any fiscal year-- 7,a7 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,board of ,governors of the ,federal ,reserve ,system2 and 7,b7 except as provided in paragraph 7#c71 shall not be collected for any fiscal year except to the extent provided in advance in appropriation ,acts4 7#c7 ,lapse of ,appropriation ,if on the first day of a fiscal year an appropriation to the ,board of ,governors of the ,federal ,reserve ,system has not been enacted1 the ,board of ,governors of the ,federal ,reserve ,system shall continue to collect 7as offsetting collections7 the assessments and other fees described under paragraph 7#a7 at the rate in effect during the preceding fiscal year1 until #fj days after the date such an appropriation is enacted4 7#d7 ,limitation ,this subsection shall only apply to the non-monetary policy related administrative costs of the ,board of ,governors of the ,federal ,reserve ,system4 7b7 ,definitions ,for purposes of this section3 7#a7 ,monetary policy ,the term monetary policy means a strategy for producing a generally acceptable exchange medium that supports the productive employment of economic resources by reliably serving as both a unit of account and store of value4 7#b7 ,non-monetary policy related administrative costs ,the term non-monetary policy related administrative costs means administrative costs not related to the conduct of monetary policy1 and includes-- 7,a7 direct operating expenses for supervising and regulating entities supervised and regulated by the ,board of ,governors of the ,federal ,reserve ,system1 including conducting examinations1 conducting stress tests1 communicating with the entities regarding supervisory matters and laws1 and regulations2 7,b7 operating expenses for activities integral to carrying out supervisory and regulatory responsibilities1 such as training staff in the supervisory function1 research and analysis functions including library subscription services1 and collecting and processing regulatory reports filed by supervised institutions2 and 7,c7 support1 overhead1 and pension expenses related to the items described under subparagraphs 7,a7 and 7,b74 4 7b7 ,effective date ,the amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is #ij days after the date of the enactment of the first appropriation ,act that provides for appropriations to the ,board of ,governors of the ,federal ,reserve ,system and that is enacted after the date of the enactment of this ,act4 ,f ,international ,processes #cga4 ,requirements for international processes 7a7 ,board of ,governors requirements ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh71 as amended by section #ajjg7;a71 is further amended by adding at the end the following new subsection3 7w7 ,international processes 7#a7 ,notice of process2 consultation ,at least #cj calendar days before any member or employee of the ,board of ,governors of the ,federal ,reserve ,system participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,governors shall-- 7,a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,board of ,governors2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the subject matter1 scope1 and goals of the process4 7#b7 ,public reports on process ,after the end of any process described under paragraph 7#a71 the ,board of ,governors shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the ,board of ,governors believes should be implemented as a result of the process4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before any member or employee of the ,board of ,governors of the ,federal ,reserve ,system participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,governors shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,board of ,governors2 and 7,c7 consult with the committees described under subparagraph 7,a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7#d7 ,definition ,for purposes of this subsection1 the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 7b7 ,,fdic requirements ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended by adding at the end the following new section3 #ea4 ,international processes 7a7 ,notice of process2 consultation ,at least #cj calendar days before the ,board of ,directors participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,corporation2 and 7#c7 solicit public comment1 and consult with the committees described under paragraph 7#a71 with respect to the subject matter1 scope1 and goals of the process4 7b7 ,public reports on process ,after the end of any process described under subsection 7a71 the ,board of ,directors shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the ,board of ,directors believes should be implemented as a result of the process4 7c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,board of ,directors participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,corporation2 and 7#c7 consult with the committees described under paragraph 7#a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7d7 ,definition ,for purposes of this section1 the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 7c7 ,treasury requirements ,section #cbe of title #ca1 ,united ,states ,code1 is amended by adding at the end the following new subsection3 7d7 ,international processes 7#a7 ,notice of process2 consultation ,at least #cj calendar days before the ,secretary participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,secretary shall-- 7,a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,department of the ,treasury2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the subject matter1 scope1 and goals of the process4 7#b7 ,public reports on process ,after the end of any process described under paragraph 7#a71 the ,secretary shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the ,secretary believes should be implemented as a result of the process4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,secretary participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,secretary shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,department of the ,treasury2 and 7,c7 consult with the committees described under subparagraph 7,a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7#d7 ,definition ,for purposes of this subsection1 the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 7d7 ,,occ requirements ,chapter one of title ,,lxii of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #ba et seq47 is amended-- 7#a7 by adding at the end the following new section3 #eaef;,b4 ,international processes 7a7 ,notice of process2 consultation ,at least #cj calendar days before the ,comptroller of the ,currency participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,office of the ,comptroller of the ,currency2 and 7#c7 solicit public comment1 and consult with the committees described under paragraph 7#a71 with respect to the subject matter1 scope1 and goals of the process4 7b7 ,public reports on process ,after the end of any process described under subsection 7a71 the ,board of ,directors shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the ,board of ,directors believes should be implemented as a result of the process4 7c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,board of ,directors participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,board of ,directors shall-- 7#a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7#b7 make such notice available to the public1 including on the website of the ,office of the ,comptroller of the ,currency2 and 7#c7 consult with the committees described under paragraph 7#a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7d7 ,definition ,for purposes of this section1 the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 2 and 7#b7 in the table of contents for such chapter1 by adding at the end the following new item3 #eaef;,b4 ,international processes4 4 7e7 ,securities and ,exchange ,commission requirements ,section #d of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d71 as amended by section #hah7;a71 is further amended by adding at the end the following new subsection3 7j7 ,international processes 7#a7 ,notice of process2 consultation ,at least #cj calendar days before the ,commission participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,commission shall-- 7,a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,commission2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the subject matter1 scope1 and goals of the process4 7#b7 ,public reports on process ,after the end of any process described under paragraph 7#a71 the ,commission shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the ,commission believes should be implemented as a result of the process4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,commission participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,commission shall-- 7,a7 issue a notice of agreement to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,commission2 and 7,c7 consult with the committees described under subparagraph 7,a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7#d7 ,definition ,for purposes of this subsection1 the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 7f7 ,commodity ,futures ,trading ,commission ,requirements ,section #b of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7 is amended by adding at the end the following3 7k7 ,international processes 7#a7 ,notice of process2 consultation ,at least #cj calendar days before the ,commission participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,commission shall-- 7,a7 issue a notice of the process1 including the subject matter1 scope1 and goals of the process1 to-- 7i7 the ,committees on ,financial ,services and ,agriculture of the ,house of ,representatives2 and 7ii7 the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,agriculture1 ,nutrition1 and ,forestry of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,commission2 and 7,c7 solicit public comment1 and consult with the committees described under subparagraph 7,a71 with respect to the subject matter1 scope1 and goals of the process4 7#b7 ,public reports on process ,after the end of any process described under paragraph 7#a71 the ,commission shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the ,commission believes should be implemented as a result of the process4 7#c7 ,notice of agreements2 consultation ,at least #ij calendar days before the ,commission participates in a process of setting financial standards as a part of any foreign or multinational entity1 the ,commission shall-- 7,a7 issue a notice of agreement to-- 7i7 the ,committees on ,financial ,services and ,agriculture of the ,house of ,representatives2 and 7ii7 the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,agriculture1 ,nutrition1 and ,forestry of the ,senate2 7,b7 make such notice available to the public1 including on the website of the ,commission2 and 7,c7 consult with the committees described under subparagraph 7,a7 with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy4 7#d7 ,definition ,for purposes of this subsection1 the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level1 including the ,financial ,stability ,board1 the ,basel ,committee on ,banking ,supervision 7or a similar organization71 and the ,international ,association of ,insurance ,supervisors 7or a similar organization74 4 ,g ,unfunded ,mandates ,reform #cha4 ,definitions ,for purposes of this title3 7#a7 ,agency ,the term agency has the meaning given such term under section #caa4 7#b7 ,other definitions ,except as provided under paragraph 7#a71 the definitions under section #dba of the ,congressional ,budget and ,impoundment ,control ,act of #aigd shall apply to this title4 #chb4 ,statements to accompany significant regulatory actions 7a7 ,in general ,unless otherwise expressly prohibited by law1 before promulgating any general notice of proposed rulemaking or any final rule1 or within six months after promulgating any final rule that was not preceded by a general notice of proposed rulemaking1 if the proposed rulemaking or final rule includes a ,federal mandate that may result in an annual effect on ,state1 local1 or tribal governments1 or to the private sector1 in the aggregate of #ajj1jjj1jjj or more in any #a year1 the agency shall prepare a written statement containing the following3 7#a7 ,the text of the draft proposed rulemaking or final rule1 together with the information required under subsections 7a7 and 7b77#a7 of section #cab1 as applicable1 including an explanation of the manner in which the proposed rulemaking or final rule is consistent with the statutory requirement and avoids undue interference with ,state1 local1 and tribal governments in the exercise of their governmental functions4 7#b7 ,estimates by the agency1 if and to the extent that the agency determines that accurate estimates are reasonably feasible1 of-- 7,a7 the future compliance costs of the ,federal mandate2 and 7,b7 any disproportionate budgetary effects of the ,federal mandate upon any particular regions of the nation or particular ,state1 local1 or tribal governments1 urban or rural or other types of communities1 or particular segments of the private sector4 7#c7 7,a7 ,a detailed description of the extent of the agency's prior consultation with the private sector and elected representatives 7under section #chd7 of the affected ,state1 local1 and tribal governments4 7,b7 ,a detailed summary of the comments and concerns that were presented by the private sector and ,state1 local1 or tribal governments either orally or in writing to the agency4 7,c7 ,a detailed summary of the agency's evaluation of those comments and concerns4 7#d7 ,a detailed summary of how the agency complied with each of the regulatory principles described under section #cab1 as applicable4 7b7 ,promulgation ,in promulgating a general notice of proposed rulemaking or a final rule for which a statement under subsection 7a7 is required1 the agency shall include in the promulgation a summary of the information contained in the statement4 7c7 ,preparation in conjunction with other statement ,any agency may prepare any statement required under subsection 7a7 in conjunction with or as a part of any other statement or analysis1 provided that the statement or analysis satisfies the provisions of subsection 7a74 #chc4 ,small government agency plan ,before establishing any regulatory requirements that might significantly or uniquely affect small governments1 agencies shall have developed a plan under which the agency shall-- 7#a7 provide notice of the requirements to potentially affected small governments1 if any2 7#b7 enable officials of affected small governments to provide meaningful and timely input in the development of regulatory proposals containing significant ,federal intergovernmental mandates2 and 7#c7 inform1 educate1 and advise small governments on compliance with the requirements4 #chd4 ,state1 local1 and tribal government and private sector input 7a7 ,in general ,each agency shall1 to the extent permitted in law1 develop an effective process to permit elected officers of ,state1 local1 and tribal governments 7or their designated employees with authority to act on their behalf71 and impacted parties within the private sector 7including small business71 to provide meaningful and timely input in the development of regulatory proposals containing significant ,federal mandates4 7b7 ,meetings between state1 local1 tribal and federal officers ,the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 shall not apply to actions in support of intergovernmental communications where-- 7#a7 meetings are held exclusively between ,federal officials and elected officers of ,state1 local1 and tribal governments 7or their designated employees with authority to act on their behalf7 acting in their official capacities2 and 7#b7 such meetings are solely for the purposes of exchanging views1 information1 or advice relating to the management or implementation of ,federal programs established pursuant to public law that explicitly or inherently share intergovernmental responsibilities or administration4 7c7 ,guidelines ,for appropriate implementation of subsections 7a7 and 7b7 consistent with applicable laws and regulations1 the following guidelines shall be followed3 7#a7 ,consultations shall take place as early as possible1 before issuance of a notice of proposed rulemaking1 continue through the final rule stage1 and be integrated explicitly into the rulemaking process4 7#b7 ,agencies shall consult with a wide variety of ,state1 local1 and tribal officials and impacted parties within the private sector 7including small businesses74 ,geographic1 political1 and other factors that may differentiate varying points of view should be considered4 7#c7 ,agencies should estimate benefits and costs to assist with these consultations4 ,the scope of the consultation should reflect the cost and significance of the ,federal mandate being considered4 7#d7 ,agencies shall1 to the extent practicable-- 7,a7 seek out the views of ,state1 local1 and tribal governments1 and impacted parties within the private sector 7including small business71 on costs1 benefits1 and risks2 and 7,b7 solicit ideas about alternative methods of compliance and potential flexibilities1 and input on whether the ,federal regulation will harmonize with and not duplicate similar laws in other levels of government4 7#e7 ,consultations shall address the cumulative impact of regulations on the affected entities4 7#f7 ,agencies may accept electronic submissions of comments by relevant parties but may not use those comments as the sole method of satisfying the guidelines in this subsection4 #che4 ,least burdensome option or explanation required 7a7 ,in general ,except as provided in subsection 7b71 before promulgating any rule for which a written statement is required under section #chb1 the agency shall identify and consider a reasonable number of regulatory alternatives and from those alternatives select the least costly1 most cost-effective or least burdensome alternative that achieves the objectives of the rule1 for-- 7#a7 ,state1 local1 and tribal governments1 in the case of a rule containing a ,federal intergovernmental mandate2 and 7#b7 the private sector1 in the case of a rule containing a ,federal private sector mandate4 7b7 ,exception ,the provisions of subsection 7a7 shall apply unless-- 7#a7 the head of the affected agency publishes with the final rule an explanation of why the least costly1 most cost-effective or least burdensome method of achieving the objectives of the rule was not adopted2 or 7#b7 the provisions are inconsistent with law4 7c7 ,certification ,no later than #a year after the date of the enactment of this ,act1 the ,administrator of the ,office of ,information and ,regulatory ,affairs shall certify to ,congress1 with a written explanation1 agency compliance with this section and include in that certification agencies and rulemakings that fail to adequately comply with this section4 #chf4 ,assistance to the ,office of ,information and ,regulatory ,affairs ,the ,administrator of the ,office of ,information and ,regulatory ,affairs shall-- 7#a7 collect from agencies the statements prepared under section #chb2 and 7#b7 periodically forward copies of such statements to the ,director of the ,congressional ,budget ,office on a reasonably timely basis after promulgation of the general notice of proposed rulemaking or of the final rule for which the statement was prepared4 #chg4 ,office of ,information and ,regulatory ,affairs responsibilities 7a7 ,in ,general ,the ,administrator of the ,office of ,information and ,regulatory ,affairs shall provide meaningful guidance and oversight so that each agency's regulations for which a written statement is required under section #chb are consistent with the principles and requirements of this title1 as well as other applicable laws1 and do not conflict with the policies or actions of another agency4 ,if the ,administrator determines that an agency's regulations for which a written statement is required under section #chb do not comply with such principles and requirements1 are not consistent with other applicable laws1 or conflict with the policies or actions of another agency1 the ,administrator shall identify areas of non-compliance1 notify the agency1 and request that the agency comply before the agency finalizes the regulation concerned4 7b7 ,annual statements to ,congress on agency compliance ,the ,administrator of the ,office of ,information and ,regulatory ,affairs annually shall submit to ,congress a written report detailing compliance by each agency with the requirements of this title that relate to regulations for which a written statement is required by section #chb1 including activities undertaken at the request of the ,administrator to improve compliance1 during the preceding reporting period4 ,the report shall also contain an appendix detailing compliance by each agency with section #chd4 #chh4 ,judicial review 7a7 ,agency statements on significant regulatory actions 7#a7 ,in general ,compliance or noncompliance by any agency with the provisions of section #chb1 paragraphs 7#a7 and 7#b7 of section #chc7;a71 and subsections 7a7 and 7b7 of section #che shall be subject to judicial review in accordance with this section4 7#b7 ,limited review of agency compliance or noncompliance 7,a7 ,agency compliance or noncompliance with the provisions of section #chb1 paragraphs 7#a7 and 7#b7 of section #chc7;a71 and subsections 7a7 and 7b7 of section #che shall be subject to judicial review under section #gjf7a7 of title #e1 ,united ,states ,code1 and as provided under subparagraph 7,b74 7,b7 ,if an agency fails to prepare the written statement 7including the preparation of the estimates1 analyses1 statements1 or descriptions7 under section #chb1 prepare the written plan under paragraphs 7#a7 and 7#b7 of section #chc7;a71 or comply with subsections 7a7 and 7b7 of section #che1 a court may compel the agency to prepare such written statement1 prepare such written plan1 or comply with such section2 7#c7 ,review of agency rules ,in any judicial review under any other ,federal law of an agency rule for which a written statement under section #chb1 a written plan under paragraphs 7#a7 and 7#b7 of section #chc7;a71 or compliance with subsections 7a7 and 7b7 of section #che is required1 the inadequacy or failure to prepare such statement 7including the inadequacy or failure to prepare any estimate1 analysis1 statement1 or description71 to prepare such written plan1 or to comply with such section may be used as a basis for staying1 enjoining1 invalidating or otherwise affecting such agency rule4 7#d7 ,certain information as part of record ,any information generated under section #chb1 paragraphs 7#a7 and 7#b7 of section #chc7;a71 and subsections 7a7 and 7b7 of section #che that is part of the rulemaking record for judicial review under the provisions of any other ,federal law may be considered as part of the record for judicial review conducted under such other provisions of ,federal law4 7#e7 ,application of other ,federal law ,for any petition under paragraph 7#b7 the provisions of such other ,federal law shall control all other matters1 such as exhaustion of administrative remedies1 the time for and manner of seeking review and venue1 except that if such other ,federal law does not provide a limitation on the time for filing a petition for judicial review that is less than #ahj days1 such limitation shall be #ahj days after a final rule is promulgated by the appropriate agency4 7#f7 ,effective date ,this subsection shall apply to any agency rule for which a general notice of proposed rulemaking is promulgated on or after the date of the enactment of this ,act4 7b7 ,judicial review and rule of construction ,except as provided in subsection 7a7-- 7#a7 any estimate1 analysis1 statement1 description or report prepared under this title1 and any compliance or noncompliance with the provisions of this title1 and any determination concerning the applicability of the provisions of this title shall not be subject to judicial review2 and 7#b7 no provision of this title shall be construed to create any right or benefit1 substantive or procedural1 enforceable by any person in any administrative or judicial action4 ,h ,enforcement ,coordination #cia4 ,policies to minimize duplication of enforcement efforts ,each agency 7as defined under section #caa7 shall1 not later than the end of the #ij-;day period beginning on the date of the enactment of this ,act1 implement policies and procedures-- 7#a7 to minimize duplication of efforts with other ,federal or ,state authorities when bringing an administrative or judicial action against an individual or entity2 7#b7 to establish when joint investigations1 administrative actions1 or judicial actions or the coordination of law enforcement activities are necessary and appropriate and in the public interest2 and 7#c7 to1 in the course of a joint investigation1 administrative action1 or judicial action1 establish a lead agency to avoid duplication of efforts and unnecessary burdens and to ensure consistent enforcement1 as necessary and appropriate and in the public interest4 ,i ,penalties for ,unauthorized ,disclosures #cib4 ,criminal penalty for unauthorized disclosures ,section #afe of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecfe71 as amended by section #aea7;b77#f77,m71 is further amended by adding at the end the following3 7m7 ,criminal penalty for unauthorized disclosures 7#a7 ,in general ,any officer or employee of a ,federal department or agency1 who by virtue of such officer or employee's employment or official position1 has possession of1 or access to1 agency records which contain individually identifiable information submitted pursuant to the requirements of this section1 the disclosure of which is prohibited by ,federal statute1 rule1 or regulation1 and who knowing that disclosure of the specific material is so prohibited1 willfully discloses the material in any manner to any person or agency not entitled to receive it1 shall be guilty of a misdemeanor and fined not more than #e1jjj4 7#b7 ,obtaining records under false pretenses ,any person who knowingly and willfully requests or obtains information described under paragraph 7#a7 from a ,federal department or agency under false pretenses shall be guilty of a misdemeanor and fined not more than #e1jjj4 7#c7 ,treatment of determinations ,for purposes of this subsection1 a determination made under subsection 7d7 or 7i7 based on individually identifiable information submitted pursuant to the requirements of this section shall be deemed individually identifiable information1 the disclosure of which is prohibited by ,federal statute4 4 ,,ii ,stop ,settlement ,slush ,funds #cic4 ,limitation on donations made pursuant to settlement agreements to which certain departments or agencies are a party 7a7 ,limitation on required donations ,no settlement to which a department or agency is a party may direct or provide for a payment to any person who is not a victim of the alleged wrongdoing4 7b7 ,penalty ,any ,executive branch official or agent thereof who enters into or enforces a settlement in violation of subsection 7a71 shall be subject to the same penalties that would apply in the case of a violation of section #ccjb of title #ca1 ,united ,states ,code4 7c7 ,effective date ,subsections 7a7 and 7b7 apply only in the case of a settlement agreement concluded on or after the date of enactment of this ,act4 7d7 ,definitions 7#a7 ,the term department or agency-- 7,a7 has the meaning given the term agency under section #caa2 and 7,b7 means the ,department of ,housing and ,urban ,development1 the ,department of ,justice1 and the ,rural ,housing ,service of the ,department of ,agriculture4 7#b7 ,the term settlement agreement means a settlement agreement resolving a civil action or potential civil action1 a plea agreement1 a deferred prosecution agreement1 or a non-prosecution agreement4 7#c7 ,the term payment means a payment or loan4 7#d7 ,the term payment to any person who is not a victim means any payment other than a payment-- 7,a7 to a person who is party to the lawsuit or settlement2 7,b7 that provides restitution for or otherwise directly remedies actual harm 7including to the environment7 directly and proximately caused by the party making the payment as a result of that party's alleged wrongdoing2 7,c7 that constitutes payment for services rendered in connection with the case2 or 7,d7 made pursuant to section #cffc of title #ah1 ,united ,states ,code4 ,,iv ,unleashing ,opportunities for ,small ,businesses1 ,innovators1 and ,job ,creators by ,facilitating ,capital ,formation ,a ,small ,business ,mergers1 ,acquisitions1 ,sales1 and ,brokerage ,simplification #dja4 ,registration exemption for merger and acquisition brokers ,section #ae7;b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7b77 is amended by adding at the end the following3 7#ac7 ,registration exemption for merger and acquisition brokers 7,a7 ,in general ,except as provided in subparagraph 7,b71 an ,m,a broker shall be exempt from registration under this section4 7,b7 ,excluded activities ,an ,m,a broker is not exempt from registration under this paragraph if such broker does any of the following3 7i7 ,directly or indirectly1 in connection with the transfer of ownership of an eligible privately held company1 receives1 holds1 transmits1 or has custody of the funds or securities to be exchanged by the parties to the transaction4 7ii7 ,engages on behalf of an issuer in a public offering of any class of securities that is registered1 or is required to be registered1 with the ,commission under section #ab or with respect to which the issuer files1 or is required to file1 periodic information1 documents1 and reports under subsection 7d74 7iii7 ,engages on behalf of any party in a transaction involving a public shell company4 7,c7 ,disqualifications ,an ,m,a broker is not exempt from registration under this paragraph if such broker is subject to-- 7i7 suspension or revocation of registration under paragraph 7#d72 7ii7 a statutory disqualification described in section #c7;a77#ci72 7iii7 a disqualification under the rules adopted by the ,commission under section #ibf of the ,investor ,protection and ,securities ,reform ,act of #bjaj 7#ae ,u4,s4,c4 #gg;d note72 or 7iv7 a final order described in paragraph 7#d77;,h74 7,d7 ,rule of construction ,nothing in this paragraph shall be construed to limit any other authority of the ,commission to exempt any person1 or any class of persons1 from any provision of this title1 or from any provision of any rule or regulation thereunder4 7,e7 ,definitions ,in this paragraph3 7i7 ,control ,the term control means the power1 directly or indirectly1 to direct the management or policies of a company1 whether through ownership of securities1 by contract1 or otherwise4 ,there is a presumption of control for any person who-- 7,i7 is a director1 general partner1 member or manager of a limited liability company1 or officer exercising executive responsibility 7or has similar status or functions72 7,,ii7 has the right to vote #bj percent or more of a class of voting securities or the power to sell or direct the sale of #bj percent or more of a class of voting securities2 or 7,,iii7 in the case of a partnership or limited liability company1 has the right to receive upon dissolution1 or has contributed1 #bj percent or more of the capital4 7ii7 ,eligible privately held company ,the term eligible privately held company means a privately held company that meets both of the following conditions3 7,i7 ,the company does not have any class of securities registered1 or required to be registered1 with the ,commission under section #ab or with respect to which the company files1 or is required to file1 periodic information1 documents1 and reports under subsection 7d74 7,,ii7 ,in the fiscal year ending immediately before the fiscal year in which the services of the ,m,a broker are initially engaged with respect to the securities transaction1 the company meets either or both of the following conditions 7determined in accordance with the historical financial accounting records of the company73 7aa7 ,the earnings of the company before interest1 taxes1 depreciation1 and amortization are less than #be1jjj1jjj4 7bb7 ,the gross revenues of the company are less than #bej1jjj1jjj4 7iii7 ,m,a broker ,the term ,m,a broker means a broker1 and any person associated with a broker1 engaged in the business of effecting securities transactions solely in connection with the transfer of ownership of an eligible privately held company1 regardless of whether the broker acts on behalf of a seller or buyer1 through the purchase1 sale1 exchange1 issuance1 repurchase1 or redemption of1 or a business combination involving1 securities or assets of the eligible privately held company1 if the broker reasonably believes that-- 7,i7 upon consummation of the transaction1 any person acquiring securities or assets of the eligible privately held company1 acting alone or in concert1 will control and1 directly or indirectly1 will be active in the management of the eligible privately held company or the business conducted with the assets of the eligible privately held company2 and 7,,ii7 if any person is offered securities in exchange for securities or assets of the eligible privately held company1 such person will1 prior to becoming legally bound to consummate the transaction1 receive or have reasonable access to the most recent fiscal year-end financial statements of the issuer of the securities as customarily prepared by the management of the issuer in the normal course of operations and1 if the financial statements of the issuer are audited1 reviewed1 or compiled1 any related statement by the independent accountant1 a balance sheet dated not more than #abj days before the date of the offer1 and information pertaining to the management1 business1 results of operations for the period covered by the foregoing financial statements1 and material loss contingencies of the issuer4 7iv7 ,public shell company ,the term public shell company is a company that at the time of a transaction with an eligible privately held company-- 7,i7 has any class of securities registered1 or required to be registered1 with the ,commission under section #ab or that is required to file reports pursuant to subsection 7d72 7,,ii7 has no or nominal operations2 and 7,,iii7 has-- 7aa7 no or nominal assets2 7bb7 assets consisting solely of cash and cash equivalents2 or 7cc7 assets consisting of any amount of cash and cash equivalents and nominal other assets4 7,f7 ,inflation adjustment 7i7 ,in general ,on the date that is #e years after the date of the enactment of this paragraph1 and every #e years thereafter1 each dollar amount in subparagraph 7,e77ii77,,ii7 shall be adjusted by-- 7,i7 dividing the annual value of the ,employment ,cost ,index ,for ,wages and ,salaries1 ,private ,industry ,workers 7or any successor index71 as published by the ,bureau of ,labor ,statistics1 for the calendar year preceding the calendar year in which the adjustment is being made by the annual value of such index 7or successor7 for the calendar year ending ,december #ca1 #bjab2 and 7,,ii7 multiplying such dollar amount by the quotient obtained under subclause 7,i74 7ii7 ,rounding ,each dollar amount determined under clause 7i7 shall be rounded to the nearest multiple of #ajj1jjj4 4 #djb4 ,effective date ,this subtitle and any amendment made by this subtitle shall take effect on the date that is #ij days after the date of the enactment of this ,act4 ,b ,encouraging ,employee ,ownership #djf4 ,increased threshold for disclosures relating to compensatory benefit plans ,not later than #fj days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall revise section #bcj4gja7;e7 of title #ag1 ,code of ,federal ,regulations1 so as to increase from #e1jjj1jjj to #bj1jjj1jjj the aggregate sales price or amount of securities sold during any consecutive #ab-month period in excess of which the issuer is required under such section to deliver an additional disclosure to investors4 ,the ,commission shall index for inflation such aggregate sales price or amount every #e years to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics1 rounding to the nearest #a1jjj1jjj4 ,c ,small ,company ,disclosure ,simplification #daa4 ,exemption from ,,xbrl requirements for emerging growth companies and other smaller companies 7a7 ,exemption for emerging growth companies ,emerging growth companies are exempted from the requirements to use ,extensible ,business ,reporting ,language 7,,xbrl7 for financial statements and other periodic reporting required to be filed with the ,commission under the securities laws4 ,such companies may elect to use ,,xbrl for such reporting4 7b7 ,exemption for other smaller companies ,issuers with total annual gross revenues of less than #bej1jjj1jjj are exempt from the requirements to use ,,xbrl for financial statements and other periodic reporting required to be filed with the ,commission under the securities laws4 ,such issuers may elect to use ,,xbrl for such reporting4 ,an exemption under this subsection shall continue in effect until-- 7#a7 the date that is five years after the date of enactment of this ,act2 or 7#b7 the date that is two years after a determination by the ,commission1 by order after conducting the analysis required by section #c1 that the benefits of such requirements to such issuers outweigh the costs1 but no earlier than three years after enactment of this ,act4 7c7 ,modifications to regulations ,not later than #fj days after the date of enactment of this ,act1 the ,commission shall revise its regulations under parts #bbi1 #bcj1 #bcb1 #bci1 #bdj1 and #bdi of title #ag1 ,code of ,federal ,regulations1 to reflect the exemptions set forth in subsections 7a7 and 7b74 #dab4 ,analysis by the ,,sec ,the ,commission shall conduct an analysis of the costs and benefits to issuers described in section #daa7;b7 of the requirements to use ,,xbrl for financial statements and other periodic reporting required to be filed with the ,commission under the securities laws4 ,such analysis shall include an assessment of-- 7#a7 how such costs and benefits may differ from the costs and benefits identified by the ,commission in the order relating to interactive data to improve financial reporting 7dated ,january #cj1 #bjji2 #gd ,fed4 ,reg4 #fggf7 because of the size of such issuers2 7#b7 the effects on efficiency1 competition1 capital formation1 and financing and on analyst coverage of such issuers 7including any such effects resulting from use of ,,xbrl by investors72 7#c7 the costs to such issuers of-- 7,a7 submitting data to the ,commission in ,,xbrl2 7,b7 posting data on the website of the issuer in ,,xbrl2 7,c7 software necessary to prepare1 submit1 or post data in ,,xbrl2 and 7,d7 any additional consulting services or filing agent services2 7#d7 the benefits to the ,commission in terms of improved ability to monitor securities markets1 assess the potential outcomes of regulatory alternatives1 and enhance investor participation in corporate governance and promote capital formation2 and 7#e7 the effectiveness of standards in the ,united ,states for interactive filing data relative to the standards of international counterparts4 #dac4 ,report to ,congress ,not later than one year after the date of enactment of this ,act1 the ,commission shall provide the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report regarding-- 7#a7 the progress in implementing ,,xbrl reporting within the ,commission2 7#b7 the use of ,,xbrl data by ,commission officials2 7#c7 the use of ,,xbrl data by investors2 7#d7 the results of the analysis required by section #dab2 and 7#e7 any additional information the ,commission considers relevant for increasing transparency1 decreasing costs1 and increasing efficiency of regulatory filings with the ,commission4 #dad4 ,definitions ,as used in this subtitle1 the terms ,commission1 emerging growth company1 issuer1 and securities laws have the meanings given such terms in section #c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c74 ,d ,securities and ,exchange ,commission ,overpayment ,credit #daf4 ,refunding or crediting overpayment of section #ca fees 7a7 ,in general ,section #ca of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;ee7 is amended by adding at the end the following3 7n7 ,overpayment ,if a national securities exchange or national securities association pays to the ,commission an amount in excess of fees and assessments due under this section and informs the ,commission of such amount paid in excess within #aj years of the date of the payment1 the ,commission shall offset future fees and assessments due by such exchange or association in an amount equal to such excess amount4 4 7b7 ,applicability ,the amendment made by this section shall apply to any fees and assessments paid before1 on1 or after the date of enactment of this section4 ,e ,fair ,access to ,investment ,research #dba4 ,safe harbor for investment fund research 7a7 ,expansion of the safe harbor ,not later than the end of the #de-;day period beginning on the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall propose1 and not later than the end of the #abj-;day period beginning on such date1 the ,commission shall adopt1 upon such terms1 conditions1 or requirements as the ,commission may determine necessary or appropriate in the public interest1 for the protection of investors1 and for the promotion of capital formation1 revisions to section #bcj4aci of title #ag1 ,code of ,federal ,regulations1 to provide that a covered investment fund research report that is published or distributed by a broker or dealer-- 7#a7 shall be deemed1 for purposes of sections #b7;a77#aj7 and #e7;c7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;b7a77#aj71 #gg;e7c771 not to constitute an offer for sale or an offer to sell a security that is the subject of an offering pursuant to a registration statement that is effective1 even if the broker or dealer is participating or will participate in the registered offering of the covered investment fund's securities2 and 7#b7 shall be deemed to satisfy the conditions of subsection 7a77#a7 or 7a77#b7 of section #bcj4aci of title #ag1 ,code of ,federal ,regulations1 or any successor provisions1 for purposes of the ,commission's rules and regulations under the ,federal securities laws and the rules of any self-regulatory organization4 7b7 ,implementation of safe harbor ,in implementing the safe harbor pursuant to subsection 7a71 the ,commission shall-- 7#a7 not1 in the case of a covered investment fund with a class of securities in substantially continuous distribution1 condition the safe harbor on whether the broker's or dealer's publication or distribution of a covered investment fund research report constitutes such broker's or dealer's initiation or reinitiation of research coverage on such covered investment fund or its securities2 7#b7 not-- 7,a7 require the covered investment fund to have been registered as an investment company under the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47 or subject to the reporting requirements of section #ac or #ae7;d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm1 #gho7d77 for any period exceeding the period of time referenced under paragraph 7a77#a77;i77,a77#a7 of section #bcj4aci of title #ag1 ,code of ,federal ,regulations2 or 7,b7 impose a minimum float provision exceeding that referenced in paragraph 7a77#a77;i77,a77#a77;i7 of section #bcj4aci of title #ag1 ,code of ,federal ,regulations2 7#c7 provide that a self-regulatory organization may not maintain or enforce any rule that would-- 7,a7 prohibit the ability of a member to publish or distribute a covered investment fund research report solely because the member is also participating in a registered offering or other distribution of any securities of such covered investment fund2 or 7,b7 prohibit the ability of a member to participate in a registered offering or other distribution of securities of a covered investment fund solely because the member has published or distributed a covered investment fund research report about such covered investment fund or its securities2 and 7#d7 provide that a covered investment fund research report shall not be subject to section #bd7;b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#bd7;b77 or the rules and regulations thereunder1 except that such report may still be subject to such section and the rules and regulations thereunder to the extent that it is otherwise not subject to the content standards in the rules of any self-regulatory organization related to research reports1 including those contained in the rules governing communications with the public regarding investment companies or substantially similar standards4 7c7 ,rules of construction ,nothing in this ,act shall be construed as in any way limiting-- 7#a7 the applicability of the antifraud or antimanipulation provisions of the ,federal securities laws and rules adopted thereunder to a covered investment fund research report1 including section #ag of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggq71 section #cd7;b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#cc71 and sections #i and #aj of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;i1 #gh;j72 or 7#b7 the authority of any self-regulatory organization to examine or supervise a member's practices in connection with such member's publication or distribution of a covered investment fund research report for compliance with applicable provisions of the ,federal securities laws or self-regulatory organization rules related to research reports1 including those contained in rules governing communications with the public4 7d7 ,interim effectiveness of safe harbor 7#a7 ,in general ,from and after the #abj-;day period beginning on the date of enactment of this ,act1 if the ,commission has not adopted revisions to section #bcj4aci of title #ag1 ,code of ,federal ,regulations1 as required by subsection 7a71 and until such time as the ,commission has done so1 a broker or dealer distributing or publishing a covered investment fund research report after such date shall be able to rely on the provisions of section #bcj4aci of title #ag1 ,code of ,federal ,regulations1 and the broker or dealer's publication of such report shall be deemed to satisfy the conditions of subsection 7a77#a7 or 7a77#b7 of section #bcj4aci of title #ag1 ,code of ,federal ,regulations1 if the covered investment fund that is the subject of such report satisfies the reporting history requirements 7without regard to ,form ,s-#c or ,form ,f-#c eligibility7 and minimum float provisions of such subsections for purposes of the ,commission's rules and regulations under the ,federal securities laws and the rules of any self-regulatory organization1 as if revised and implemented in accordance with subsections 7a7 and 7b74 7#b7 ,status of covered investment fund ,after such period and until the ,commission has adopted revisions to section #bcj4aci and ,,finra has revised rule #bbaj1 for purposes of subsection 7c77#g77,o7 of such rule1 a covered investment fund shall be deemed to be a security that is listed on a national securities exchange and that is not subject to section #bd7;b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#bd7;b774 ,communications concerning only covered investment funds that fall within the scope of such section shall not be required to be filed with ,,finra4 7e7 ,definitions ,for purposes of this section3 7#a7 ,the term covered investment fund research report means a research report published or distributed by a broker or dealer about a covered investment fund or any securities issued by the covered investment fund1 but not including a research report to the extent that it is published or distributed by the covered investment fund or any affiliate of the covered investment fund4 7#b7 ,the term covered investment fund means-- 7,a7 an investment company registered under1 or that has filed an election to be treated as a business development company under1 the ,investment ,company ,act of #aidj and that has filed a registration statement under the ,securities ,act of #aicc for the public offering of a class of its securities1 which registration statement has been declared effective by the ,commission2 and 7,b7 a trust or other person-- 7i7 issuing securities in an offering registered under the ,securities ,act of #aicc and which class of securities is listed for trading on a national securities exchange2 7ii7 the assets of which consist primarily of commodities1 currencies1 or derivative instruments that reference commodities or currencies1 or interests in the foregoing2 and 7iii7 that provides in its registration statement under the ,securities ,act of #aicc that a class of its securities are purchased or redeemed1 subject to conditions or limitations1 for a ratable share of its assets4 7#c7 ,the term ,,finra means the ,financial ,industry ,regulatory ,authority4 7#d7 ,the term research report has the meaning given that term under section #b7;a77#c7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;b7a77#c771 except that such term shall not include an oral communication4 7#e7 ,the term self-regulatory organization has the meaning given to that term under section #c7;a77#bf7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#bf774 ,f ,accelerating ,access to ,capital #dbf4 ,expanded eligibility for use of ,form ,s-#c ,not later than #de days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall revise ,form ,s-#c-- 7#a7 so as to permit securities to be registered pursuant to ,general ,instruction ,i4,b4#a4 of such form provided that either-- 7,a7 the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant is #ge1jjj1jjj or more2 or 7,b7 the registrant has at least one class of common equity securities listed and registered on a national securities exchange2 and 7#b7 so as to remove the requirement of paragraph 7c7 from ,general ,instruction ,i4,b4#f4 of such form4 ,g ,enhancing the ,,raise ,act #dca4 ,certain accredited investor transactions ,section #d of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;d7 is amended-- 7#a7 by amending subsection 7d7 to read as follows3 7d7 7#a7 ,the transactions referred to in subsection 7a77#g7 are transactions where-- 7,a7 each purchaser is an accredited investor1 as that term is defined in section #bcj4eja7;a7 of title #ag1 ,code of ,federal ,regulations 7or any successor thereto72 and 7,b7 if any securities sold in reliance on subsection 7a77#g7 are offered by means of any general solicitation or general advertising1 all such sales are made through a platform available only to accredited investors4 7#b7 ,securities sold in reliance on subsection 7a77#g7 shall be deemed to have been acquired in a transaction not involving any public offering4 7#c7 ,the exemption provided by this subsection shall not be available for a transaction where the seller is-- 7,a7 an issuer1 its subsidiaries or parent2 7,b7 an underwriter acting on behalf of the issuer1 its subsidiaries or parent1 which receives compensation from the issuer with respect to such sale2 or 7,c7 a dealer4 7#d7 ,a transaction meeting the requirements of this subsection shall be deemed not to be a distribution for purposes of section #b7;a77#aa74 2 and 7#b7 by striking subsection 7e74 ,h ,small ,business ,credit ,availability #dcf4 ,business development company ownership of securities of investment advisers and certain financial companies 7a7 ,in general ,section #fj of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#ei7 is amended-- 7#a7 by striking ,notwithstanding and inserting 7a7 ,notwithstanding2 7#b7 by striking except that the ,commission shall not and inserting the following3 except that-- 7#a7 section #ab shall not apply to the purchasing1 otherwise acquiring1 or holding by a business development company of any security issued by1 or any other interest in the business of1 any person who is an investment adviser registered under title ,,ii of this ,act1 who is an investment adviser to an investment company1 or who is an eligible portfolio company2 and 7#b7 the ,commission shall not 2 7#c7 by adding at the end the following3 7b7 ,nothing in this section shall prevent the ,commission from issuing rules to address potential conflicts of interest between business development companies and investment advisers4 4 7b7 ,definition of eligible portfolio company ,section #b7;a77#df77;,b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a77#df77;,b77 is amended by inserting before the semicolon the following3 7unless it is described in paragraph 7#b71 7#c71 7#d71 7#e71 7#f71 or 7#i7 of such section74 7c7 ,investment threshold ,section #ee7;a7 of the ,investment ,company ,act of #aidj is amended by inserting before the colon the following3 1 provided that no more than #ej percent of its total assets are assets described in section #c7;c74 #dcg4 ,expanding access to capital for business development companies 7a7 ,in general ,section #fa7;a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#fj7;a77 is amended-- 7#a7 by redesignating paragraphs 7#b7 through 7#d7 as paragraphs 7#c7 through 7#e71 respectively2 7#b7 by striking paragraph 7#a7 and inserting the following3 7#a7 ,except as provided in paragraph 7#b71 the asset coverage requirements of subparagraphs 7,a7 and 7,b7 of section #ah7;a77#a7 7and any related rule promulgated under this ,act7 applicable to business development companies shall be #bjj percent4 7#b7 ,the asset coverage requirements of subparagraphs 7,a7 and 7,b7 of section #ah7;a77#a7 and of subparagraphs 7,a7 and 7,b7 of section #ah7;a77#b7 7and any related rule promulgated under this ,act7 applicable to a business development company shall be #aej percent if-- 7,a7 within five business days of the approval of the adoption of the asset coverage requirements described in clause 7ii71 the business development company discloses such approval and the date of its effectiveness in a ,form #h-,k filed with the ,commission and in a notice on its website and discloses in its periodic filings made under section #ac of the ,securities and ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7-- 7i7 the aggregate value of the senior securities issued by such company and the asset coverage percentage as of the date of such company's most recent financial statements2 and 7ii7 that such company has adopted the asset coverage requirements of this subparagraph and the effective date of such requirements2 7,b7 with respect to a business development company that issues equity securities that are registered on a national securities exchange1 the periodic filings of the company under section #ac7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7 include disclosures reasonably designed to ensure that shareholders are informed of-- 7i7 the amount of indebtedness and asset coverage ratio of the company1 determined as of the date of the financial statements of the company dated on or most recently before the date of such filing2 and 7ii7 the principal risk factors associated with such indebtedness1 to the extent such risk is incurred by the company2 and 7,c7 7i7 the application of this paragraph to the company is approved by the required majority 7as defined in section #eg7o77 of the directors of or general partners of such company who are not interested persons of the business development company1 which application shall become effective on the date that is #a year after the date of the approval1 and1 with respect to a business development company that issues equity securities that are not registered on a national securities exchange1 the company extends1 to each person who is a shareholder as of the date of the approval1 an offer to repurchase the equity securities held by such person as of such approval date1 with #be percent of such securities to be repurchased in each of the four quarters following such approval date2 or 7ii7 the company obtains1 at a special or annual meeting of shareholders or partners at which a quorum is present1 the approval of more than #ej percent of the votes cast of the application of this paragraph to the company1 which application shall become effective on the date immediately after the date of the approval4 2 7#c7 in paragraph 7#c7 7as redesignated71 by inserting or which is a stock after indebtedness2 7#d7 in subparagraph 7,a7 of paragraph 7#d7 7as redesignated7-- 7,a7 in the matter preceding clause 7i71 by striking voting2 and 7,b7 by amending clause 7iii7 to read as follows3 7iii7 the exercise or conversion price at the date of issuance of such warrants1 options1 or rights is not less than-- 7,i7 the market value of the securities issuable upon the exercise of such warrants1 options1 or rights at the date of issuance of such warrants1 options1 or rights2 or 7,,ii7 if no such market value exists1 the net asset value of the securities issuable upon the exercise of such warrants1 options1 or rights at the date of issuance of such warrants1 options1 or rights2 and 2 and 7#e7 by adding at the end the following3 7#f7 7,a7 ,except as provided in subparagraph 7,b71 the following shall not apply to a business development company3 7i7 ,subparagraphs 7,c7 and 7,d7 of section #ah7;a77#b74 7ii7 ,subparagraph 7,e7 of section #ah7;a77#b71 to the extent such subparagraph requires any priority over any other class of stock as to distribution of assets upon liquidation4 7iii7 ,with respect to a senior security which is a stock1 subsections 7c7 and 7i7 of section #ah4 7,b7 ,subparagraph 7,a7 shall not apply with respect to preferred stock issued to a person who is not known by the company to be a qualified institutional buyer 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd74 4 7b7 ,conforming amendments ,the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47 is amended-- 7#a7 in section #eg-- 7,a7 in subsection 7j77#a71 by striking section #fa7;a77#c77;,b7 and inserting section #fa7;a77#d77;,b72 and 7,b7 in subsection 7n77#b71 by striking section #fa7;a77#c77;,b7 and inserting section #fa7;a77#d77;,b72 and 7#b7 in section #fc7c71 by striking section #fa7;a77#c7 and inserting section #fa7;a77#d74 #dch4 ,parity for business development companies regarding offering and proxy rules 7a7 ,revision to rules ,not later than #a year after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall revise any rules to the extent necessary to allow a business development company that has filed an election pursuant to section #ed of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#ec7 to use the securities offering and proxy rules that are available to other issuers that are required to file reports under section #ac or section #ae7;d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm2 #gho7d774 ,any action that the ,commission takes pursuant to this subsection shall include the following3 7#a7 ,the ,commission shall revise rule #dje under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dje7-- 7,a7 to remove the exclusion of a business development company from the definition of a well-known seasoned issuer provided by that rule2 and 7,b7 to add registration statements filed on ,form ,n-#b to the definition of automatic shelf registration statement provided by that rule4 7#b7 ,the ,commission shall revise rules #afh and #afi under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4afh and #bcj4afi7 to remove the exclusion of a business development company from an issuer that can use the exemptions provided by those rules4 7#c7 ,the ,commission shall revise rules #afc and #afc;,a under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4afc and #bcj4afc;,a7 to remove a business development company from the list of issuers that are ineligible to use the exemptions provided by those rules4 7#d7 ,the ,commission shall revise rule #acd under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4acd7 to remove the exclusion of a business development company from that rule4 7#e7 ,the ,commission shall revise rules #ach and #aci under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4ach and #bcj4aci7 to specifically include a business development company as an issuer to which those rules apply4 7#f7 ,the ,commission shall revise rule #afd under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4afd7 to remove a business development company from the list of issuers that are excluded from that rule4 7#g7 ,the ,commission shall revise rule #dcc under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dcc7 to specifically include a business development company that is a well-known seasoned issuer as an issuer to which that rule applies4 7#h7 ,the ,commission shall revise rule #dae under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dae7-- 7,a7 to state that the registration for securities provided by that rule includes securities registered by a business development company on ,form ,n-#b2 and 7,b7 to provide an exception for a business development company from the requirement that a ,form ,n-#b registrant must furnish the undertakings required by item #cd4d of ,form ,n-#b4 7#i7 ,the ,commission shall revise rule #dig under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dig7 to include a process for a business development company to file a form of prospectus that is parallel to the process for filing a form of prospectus under rule #dbd7;b74 7#aj7 ,the ,commission shall revise rules #agb and #agc under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4agb and #bcj4agc7 to remove the exclusion of an offering of a business development company from those rules4 7#aa7 ,the ,commission shall revise rule #dah under the ,securities ,act of #aicc 7#ag ,c4,f4,r4 #bcj4dah7 to provide that a business development company that would otherwise meet the eligibility requirements of ,general ,instruction ,i4,a of ,form ,s-#c shall be exempt from paragraph 7a77#c7 of that rule4 7#ab7 ,the ,commission shall revise rule #ad;a-#aja under the ,securities ,exchange ,act of #aicd 7#ag ,c4,f4,r4 #bdj4ad;a-#aja7 to provide that a business development company that would otherwise meet the requirements of ,general ,instruction ,i4,a of ,form ,s-#c shall be deemed to meet the requirements of ,form ,s-#c for purposes of ,schedule #ad;,a4 7#ac7 ,the ,commission shall revise rule #ajc under ,regulation ,,fd 7#ag ,c4,f4,r4 #bdc4ajc7 to provide that paragraph 7a7 of that rule applies for purposes of ,form ,n-#b4 7b7 ,revision to form ,n-#b ,not later than #a year after the date of enactment of this ,act1 the ,commission shall revise ,form ,n-#b-- 7#a7 to include an item or instruction that is similar to item #ab on ,form ,s-#c to provide that a business development company that would otherwise meet the requirements of ,form ,s-#c shall incorporate by reference its reports and documents filed under the ,securities ,exchange ,act of #aicd into its registration statement filed on ,form ,n-#b2 and 7#b7 to include an item or instruction that is similar to the instruction regarding automatic shelf offerings by well-known seasoned issuers on ,form ,s-#c to provide that a business development company that is a well-known seasoned issuer may file automatic shelf offerings on ,form ,n-#b4 7c7 ,treatment if revisions not completed in timely manner ,if the ,commission fails to complete the revisions required by subsections 7a7 and 7b7 by the time required by such subsections1 a business development company shall be entitled to treat such revisions as having been completed in accordance with the actions required to be taken by the ,commission by such subsections until such time as such revisions are completed by the ,commission4 7d7 ,rule of construction ,any reference in this section to a rule or form means such rule or form or any successor rule or form4 ,i ,fostering ,innovation #dda4 ,temporary exemption for low-revenue issuers ,section #djd of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbfb7 is amended by adding at the end the following3 7d7 ,temporary exemption for low-,revenue issuers 7#a7 ,low-revenue exemption ,subsection 7b7 shall not apply with respect to an audit report prepared for an issuer that-- 7,a7 ceased to be an emerging growth company on the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the ,securities ,act of #aicc2 7,b7 had average annual gross revenues of less than #ej1jjj1jjj as of its most recently completed fiscal year2 and 7,c7 is not a large accelerated filer4 7#b7 ,expiration of temporary exemption ,an issuer ceases to be eligible for the exemption described under paragraph 7#a7 at the earliest of-- 7,a7 the last day of the fiscal year of the issuer following the tenth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the ,securities ,act of #aicc2 7,b7 the last day of the fiscal year of the issuer during which the average annual gross revenues of the issuer exceed #ej1jjj1jjj2 or 7,c7 the date on which the issuer becomes a large accelerated filer4 7#c7 ,definitions ,for purposes of this subsection3 7,a7 ,average annual gross revenues ,the term average annual gross revenues means the total gross revenues of an issuer over its most recently completed three fiscal years divided by three4 7,b7 ,emerging growth company ,the term emerging growth company has the meaning given such term under section #c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c74 7,c7 ,large accelerated filer ,the term large accelerated filer has the meaning given that term under section #bdj4ab;b-#b of title #ag1 ,code of ,federal ,regulations1 or any successor thereto4 4 ,j ,small ,business ,capital ,formation ,enhancement #ddf4 ,annual review of government-business forum on capital formation ,section #ejc of the ,small ,business ,investment ,incentive ,act of #aihj 7#ae ,u4,s4,c4 #hj;c-#a7 is amended by adding at the end the following3 7e7 ,the ,commission shall-- 7#a7 review the findings and recommendations of the forum2 and 7#b7 each time the forum submits a finding or recommendation to the ,commission1 promptly issue a public statement-- 7,a7 assessing the finding or recommendation of the forum2 and 7,b7 disclosing the action1 if any1 the ,commission intends to take with respect to the finding or recommendation4 4 ,k ,helping ,angels ,lead ,our ,startups #dea4 ,definition of angel investor group ,as used in this subtitle1 the term angel investor group means any group that-- 7#a7 is composed of accredited investors interested in investing personal capital in early-stage companies2 7#b7 holds regular meetings and has defined processes and procedures for making investment decisions1 either individually or among the membership of the group as a whole2 and 7#c7 is neither associated nor affiliated with brokers1 dealers1 or investment advisers4 #deb4 ,clarification of general solicitation 7a7 ,in general ,not later than #f months after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall revise ,regulation ,d of its rules 7#ag ,c4,f4,r4 #bcj4ejj et seq47 to require that in carrying out the prohibition against general solicitation or general advertising contained in section #bcj4ejb7;c7 of title #ag1 ,code of ,federal ,regulations1 the prohibition shall not apply to a presentation or other communication made by or on behalf of an issuer which is made at an event-- 7#a7 sponsored by-- 7,a7 the ,united ,states or any territory thereof1 by the ,district of ,columbia1 by any ,state1 by a political subdivision of any ,state or territory1 or by any agency or public instrumentality of any of the foregoing2 7,b7 a college1 university1 or other institution of higher education2 7,c7 a nonprofit organization2 7,d7 an angel investor group2 7,e7 a venture forum1 venture capital association1 or trade association2 or 7,f7 any other group1 person or entity as the ,securities and ,exchange ,commission may determine by rule2 7#b7 where any advertising for the event does not reference any specific offering of securities by the issuer2 7#c7 the sponsor of which-- 7,a7 does not make investment recommendations or provide investment advice to event attendees2 7,b7 does not engage in an active role in any investment negotiations between the issuer and investors attending the event2 7,c7 does not charge event attendees any fees other than administrative fees2 and 7,d7 does not receive any compensation with respect to such event that would require registration of the sponsor as a broker or a dealer under the ,securities ,exchange ,act of #aicd1 or as an investment advisor under the ,investment ,advisers ,act of #aidj2 and 7#d7 where no specific information regarding an offering of securities by the issuer is communicated or distributed by or on behalf of the issuer1 other than-- 7,a7 that the issuer is in the process of offering securities or planning to offer securities2 7,b7 the type and amount of securities being offered2 7,c7 the amount of securities being offered that have already been subscribed for2 and 7,d7 the intended use of proceeds of the offering4 7b7 ,rule of construction ,subsection 7a7 may only be construed as requiring the ,securities and ,exchange ,commission to amend the requirements of ,regulation ,d with respect to presentations and communications1 and not with respect to purchases or sales4 ,l ,main ,street ,growth #def4 ,venture exchanges 7a7 ,securities ,exchange ,act of #aicd ,section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f7 is amended by adding at the end the following3 7m7 ,venture exchange 7#a7 ,registration 7,a7 ,in general ,a national securities exchange may elect to be treated 7or for a listing tier of such exchange to be treated7 as a venture exchange by notifying the ,commission of such election1 either at the time the exchange applies to be registered as a national securities exchange or after registering as a national securities exchange4 7,b7 ,determination time period ,with respect to a securities exchange electing to be treated 7or for a listing tier of such exchange to be treated7 as a venture exchange-- 7i7 at the time the exchange applies to be registered as a national securities exchange1 such application and election shall be deemed to have been approved by the ,commission unless the ,commission denies such application before the end of the #f-month period beginning on the date the ,commission received such application2 and 7ii7 after registering as a national securities exchange1 such election shall be deemed to have been approved by the ,commission unless the ,commission denies such approval before the end of the #f-month period beginning on the date the ,commission received notification of such election4 7#b7 ,powers and restrictions ,a venture exchange-- 7,a7 may only constitute1 maintain1 or provide a market place or facilities for bringing together purchasers and sellers of venture securities2 7,b7 may determine the increment to be used for quoting and trading venture securities on the exchange2 7,c7 shall disseminate last sale and quotation information on terms that are fair and reasonable and not unreasonably discriminatory2 7,d7 may choose to carry out periodic auctions for the sale of a venture security instead of providing continuous trading of the venture security2 and 7,e7 may not extend unlisted trading privileges to any venture security4 7#c7 ,exemptions from certain national security exchange regulations ,a venture exchange shall not be required to-- 7,a7 comply with any of sections #bdb4fjj through #bdb4fab of title #ag1 ,code of ,federal ,regulations2 7,b7 comply with any of sections #bdb4cjj through #bdb4cjc of title #ag1 ,code of ,federal ,regulations2 7,c7 submit any data to a securities information processor2 or 7,d7 use decimal pricing4 7#d7 ,treatment of certain exempted securities ,a security that is exempt from registration pursuant to section #c7;b7 of the ,securities ,act of #aicc shall be exempt from section #ab7;a7 of this title with respect to the trading of such security on a venture exchange1 if the issuer of such security is in compliance with all disclosure obligations of such section #c7;b7 and the regulations issued under such section4 7#e7 ,definitions ,for purposes of this subsection3 7,a7 ,early-stage1 growth company 7i7 ,in general ,the term early-stage1 growth company means an issuer-- 7,i7 that has not made an initial public offering of any securities of the issuer2 and 7,,ii7 with a market capitalization of #a1jjj1jjj1jjj 7as such amount is indexed for inflation every #e years by the ,commission to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics1 setting the threshold to the nearest #a1jjj1jjj7 or less4 7ii7 ,treatment when market capitalization exceeds threshold 7,i7 ,in general ,in the case of an issuer that is an early-stage1 growth company the securities of which are traded on a venture exchange1 such issuer shall not cease to be an early-stage1 growth company by reason of the market capitalization of such issuer exceeding the threshold specified in clause 7i77,,ii7 until the end of the period of #bd consecutive months during which the market capitalization of such issuer exceeds #b1jjj1jjj1jjj 7as such amount is indexed for inflation every #e years by the ,commission to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics1 setting the threshold to the nearest #a1jjj1jjj74 7,,ii7 ,exemptions ,if an issuer would cease to be an early-stage1 growth company under subclause 7,i71 the venture exchange may1 at the request of the issuer1 exempt the issuer from the market capitalization requirements of this subparagraph for the #a-year period that begins on the day after the end of the #bd-month period described in such subclause4 ,the venture exchange may1 at the request of the issuer1 extend the exemption for #a additional year4 7,b7 ,venture security ,the term venture security means-- 7i7 securities of an early-stage1 growth company that are exempt from registration pursuant to section #c7;b7 of the ,securities ,act of #aicc2 and 7ii7 securities of an emerging growth company4 4 7b7 ,securities ,act of #aicc ,section #ah7;b77#a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggr7b77#a77 is amended-- 7#a7 in subparagraph 7,b71 by striking or at the end2 7#b7 in subparagraph 7,c71 by striking the period and inserting 2 or2 and 7#c7 by adding at the end the following3 7,d7 a venture security1 as defined under section #f7m77#e7 of the ,securities ,exchange ,act of #aicd4 4 7c7 ,sense of ,congress ,it is the sense of the ,congress that the ,securities and ,exchange ,commission should-- 7#a7 when necessary or appropriate in the public interest and consistent with the protection of investors1 make use of the ,commission's general exemptive authority under section #cf of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghmm7 with respect to the provisions added by this section2 and 7#b7 if the ,commission determines appropriate1 create an ,office of ,venture ,exchanges within the ,commission's ,division of ,trading and ,markets4 7d7 ,rule of construction ,nothing in this section or the amendments made by this section shall be construed to impair or limit the construction of the antifraud provisions of the securities laws 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a777 or the authority of the ,securities and ,exchange ,commission under those provisions4 7e7 ,effective date for tiers of existing national securities exchanges ,in the case of a securities exchange that is registered as a national securities exchange under section #f of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;f7 on the date of the enactment of this ,act1 any election for a listing tier of such exchange to be treated as a venture exchange under subsection 7m7 of such section shall not take effect before the date that is #ahj days after such date of enactment4 ,m ,micro ,offering ,safe ,harbor #dfa4 ,exemptions for micro-offerings 7a7 ,in general ,section #d of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;d7 is amended-- 7#a7 in subsection 7a71 by adding at the end the following3 7#h7 transactions meeting the requirements of subsection 7e74 2 and 7#b7 as amended by section #dcd7b71 by adding at the end the following3 7e7 ,certain micro-,offerings ,the transactions referred to in subsection 7a77#h7 are transactions involving the sale of securities by an issuer 7including all entities controlled by or under common control with the issuer7 that meet all of the following requirements3 7#a7 ,pre-existing relationship ,each purchaser has a substantive pre-existing relationship with an officer of the issuer1 a director of the issuer1 or a shareholder holding #aj percent or more of the shares of the issuer4 7#b7 #ce or fewer purchasers ,there are no more than1 or the issuer reasonably believes that there are no more than1 #ce purchasers of securities from the issuer that are sold in reliance on the exemption provided under subsection 7a77#h7 during the #ab-month period preceding such transaction4 7#c7 ,small offering amount ,the aggregate amount of all securities sold by the issuer1 including any amount sold in reliance on the exemption provided under subsection 7a77#h71 during the #ab-month period preceding such transaction1 does not exceed #ejj1jjj4 4 7b7 ,exemption under ,state regulations ,section #ah7;b77#d7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77 is amended-- 7#a7 in subparagraph 7,f71 by striking or at the end2 7#b7 in subparagraph 7,g71 by striking the period and inserting 2 or2 and 7#c7 by adding at the end the following3 7,h7 section #d7;a77#h74 4 ,n ,private ,placement ,improvement #dff4 ,revisions to ,,sec ,regulation ,d ,not later than #de days following the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall revise ,regulation ,d 7#ag ,c4,f4,r4 #eja et seq47 in accordance with the following3 7#a7 ,the ,commission shall revise ,form ,d filing requirements to require an issuer offering or selling securities in reliance on an exemption provided under ,rule #ejf of ,regulation ,d to file with the ,commission a single notice of sales containing the information required by ,form ,d for each new offering of securities no earlier than #ae days after the date of the first sale of securities in the offering4 ,the ,commission shall not require such an issuer to file any notice of sales containing the information required by ,form ,d except for the single notice described in the previous sentence4 7#b7 ,the ,commission shall make the information contained in each ,form ,d filing available to the securities commission 7or any agency or office performing like functions7 of each ,state and territory of the ,united ,states and the ,district of ,columbia4 7#c7 ,the ,commission shall not condition the availability of any exemption for an issuer under ,rule #ejf of ,regulation ,d 7#ag ,c4,f4,r4 #bcj4ejf7 on the issuer's or any other person's filing with the ,commission of a ,form ,d or any similar report4 7#d7 ,the ,commission shall not require issuers to submit written general solicitation materials to the ,commission in connection with a ,rule #ejf7;c7 offering1 except when the ,commission requests such materials pursuant to the ,commission's authority under section #h;,a or section #bj of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;h-#a or #ggt7 or section #i1 #aj7;b71 #ba;,a1 #ba;,b1 or #ba;,c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;i1 #gh;j7b71 #ghu-#a1 #ghu-#b1 or #ghu-#c74 7#e7 ,the ,commission shall not extend the requirements contained in ,rule #aef to private funds4 7#f7 ,the ,commission shall revise ,rule #eja7;a7 of ,regulation ,d to provide that a person who is a knowledgeable employee of a private fund or the fund's investment adviser1 as defined in ,rule #c;c-#e7;a77#d7 7#ag ,c4,f4,r4 #bgj4c;c-#e7;a77#d771 shall be an accredited investor for purposes of a ,rule #ejf offering of a private fund with respect to which the person is a knowledgeable employee4 ,o ,supporting ,america's ,innovators #dga4 ,investor limitation for qualifying venture capital funds ,section #c7;c77#a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#a77 is amended-- 7#a7 by inserting after one hundred persons the following3 7or1 with respect to a qualifying venture capital fund1 #ejj persons72 and 7#b7 by adding at the end the following3 7,c7 ,the term qualifying venture capital fund means any venture capital fund 7as defined pursuant to section #bjc7l77#a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c7l77#a77 with no more than #ej1jjj1jjj in aggregate capital contributions and uncalled committed capital1 as such dollar amount is annually adjusted by the ,commission to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor4 4 ,p ,fix ,crowdfunding #dgf4 ,crowdfunding exemption 7a7 ,securities ,act of #aicc ,section #d7;a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;d7 is amended by striking paragraph 7#f7 and inserting the following3 7#f7 transactions involving the offer or sale of securities by an issuer1 provided that-- 7,a7 in the case of a transaction involving an intermediary between the issuer and the investor1 such intermediary complies with the requirements under section #d;,a7a72 and 7,b7 in the case of a transaction not involving an intermediary between the issuer and the investor1 the issuer complies with the requirements under section #d;,a7b74 4 7b7 ,requirements to qualify for crowdfunding exemption ,section #d;,a of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;d-#a7 is amended to read as follows3 #d;,a4 ,requirements with respect to certain small transactions 7a7 ,requirements on intermediaries ,for purposes of section #d7;a77#f71 a person acting as an intermediary in a transaction involving the offer or sale of securities shall comply with the requirements of this subsection if the intermediary-- 7#a7 warns investors1 including on the intermediary's website used for the offer and sale of such securities1 of the speculative nature generally applicable to investments in startups1 emerging businesses1 and small issuers1 including risks in the secondary market related to illiquidity2 7#b7 warns investors that they are subject to the restriction on sales requirement described under subsection 7e72 7#c7 takes reasonable measures to reduce the risk of fraud with respect to such transaction2 7#d7 registers with the ,commission and the ,financial ,industry ,regulatory ,authority1 including by providing the ,commission with the intermediary's physical address1 website address1 and the names of the intermediary and employees of the intermediary1 and keep such information up-to-date2 7#e7 provides the ,commission with continuous investor-level access to the intermediary's website2 7#f7 requires each potential investor to answer questions demonstrating-- 7,a7 an understanding of the level of risk generally applicable to investments in startups1 emerging businesses1 and small issuers2 7,b7 an understanding of the risk of illiquidity2 and 7,c7 such other areas as the ,commission may determine appropriate by rule or regulation1 including information relating to the owners' and management's experience1 and any related party transactions and conflicts of interest2 7#g7 carries out a background check on the issuer's principals2 7#h7 provides the ,commission and potential investors with notice of the offering not less than #aj days prior to such offering1 not later than the first day securities are offered to potential investors1 including-- 7,a7 the issuer's name1 legal status1 physical address1 and website address2 7,b7 the names of the issuer's principals2 7,c7 the stated purpose and intended use of the proceeds of the offering sought by the issuer2 and 7,d7 the target offering amount and the deadline to reach the target offering amount2 7#i7 outsources cash-management functions to a qualified third party custodian1 such as a broker or dealer registered under section #ae7;b77#a7 of the ,securities ,exchange ,act of #aicd1 a trust company1 or an insured depository institution2 7#aj7 makes available on the intermediary's website a method of communication that permits the issuer and investors to communicate with one another2 7#aa7 provides the ,commission with a notice upon completion of the offering1 which shall include the aggregate offering amount and the number of purchasers2 and 7b7 ,requirements on issuers if no intermediary ,for purposes of section #d7;a77#f71 an issuer who offers or sells securities without an intermediary shall comply with the requirements of this subsection if the issuer-- 7#a7 warns investors1 including on the issuer's website1 of the speculative nature generally applicable to investments in startups1 emerging businesses1 and small issuers1 including risks in the secondary market related to illiquidity2 7#b7 warns investors that they are subject to the restriction on sales requirement described under subsection 7e72 7#c7 takes reasonable measures to reduce the risk of fraud with respect to such transaction2 7#d7 provides the ,commission with the issuer's physical address1 website address1 and the names of the principals and employees of the issuers1 and keeps such information up-to-date2 7#e7 provides the ,commission with continuous investor-level access to the issuer's website2 7#f7 requires each potential investor to answer questions demonstrating-- 7,a7 an understanding of the level of risk generally applicable to investments in startups1 emerging businesses1 and small issuers2 7,b7 an understanding of the risk of illiquidity2 and 7,c7 such other areas as the ,commission may determine appropriate by rule or regulation2 7#g7 provides the ,commission with notice of the offering not less than #aj days prior to such offering1 not later than the first day securities are offered to potential investors1 including-- 7,a7 the stated purpose and intended use of the proceeds of the offering sought by the issuer2 and 7,b7 the target offering amount and the deadline to reach the target offering amount2 7#h7 outsources cash-management functions to a qualified third party custodian1 such as a broker or dealer registered under section #ae7;b77#a7 of the ,securities ,exchange ,act of #aicd1 a trust company1 or an insured depository institution2 7#i7 makes available on the issuer's website a method of communication that permits the issuer and investors to communicate with one another2 7#aj7 does not offer personalized investment advice2 7#aa7 provides the ,commission with a notice upon completion of the offering1 which shall include the aggregate offering amount and the number of purchasers2 and 7c7 ,verification of income ,for purposes of section #d7;a77#f71 an issuer or intermediary may rely on certifications as to annual income provided by the person to whom the securities are sold to verify the investor's income4 7d7 ,information ,available to ,states ,the ,commission shall make the notices described under subsections 7a77#i71 7a77#ac71 7b77#h71 and 7b77#ac7 and the information described under subsections 7a77#d7 and 7b77#d7 available to the ,states4 7e7 ,restriction on sales ,with respect to a transaction involving the issuance of securities described under section #d7;a77#f71 a purchaser may not transfer such securities during the #a-year period beginning on the date of purchase1 unless such securities are sold to-- 7#a7 the issuer of such securities2 or 7#b7 an accredited investor4 7f7 ,construction 7#a7 ,no registration as broker ,with respect to a transaction described under section #d7;a77#f7 involving an intermediary1 such intermediary shall not be required to register as a broker under section #ae7;a77#a7 of the ,securities ,exchange ,act of #aicd solely by reason of participation in such transaction4 7#b7 ,no preclusion of other capital raising ,nothing in this section or section #d7;a77#f7 shall be construed as preventing an issuer from raising capital through methods not described under section #d7;a77#f74 4 7c7 ,rulemaking ,not later than #ahj days after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall issue or revise such rules as may be necessary to carry out section #d;,a of the ,securities ,act of #aicc1 ans amended by this ,act4 ,in issuing or revising such rules1 the ,commission shall consider the costs and benefits of the action4 7d7 ,disqualification ,not later than #ahj days after the date of enactment of this ,act1 the ,securities and ,exchange ,commission shall by rule or regulation establish disqualification provisions under which an issuer shall not be eligible to utilize the exemption under section #d7;a77#f7 of the ,securities ,act of #aicc 7as amended by this ,act7 based on the disciplinary history of the issuer or its predecessors1 affiliates1 officers1 directors1 or persons fulfilling similar roles4 ,the ,commission shall also establish disqualification provisions under which an intermediary shall not be eligible to act as an intermediary in connection with an offering utilizing the exemption under section #d7;a77#f7 of the ,securities ,act of #aicc based on the disciplinary history of the intermediary or its predecessors1 affiliates1 officers1 directors1 or persons fulfilling similar roles4 ,such provisions shall be substantially similar to the disqualification provisions contained in the regulations adopted in accordance with section #ibf of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ae ,u4,s4,c4 #gg;d note74 #dgg4 ,exclusion of crowdfunding investors from shareholder cap ,section #ab7;g77#e7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghl7g77#e77 is amended-- 7#a7 by striking 7#e7 ,for the purposes and inserting3 7#e7 ,definitions 7,a7 ,in general ,for the purposes 2 and 7#b7 by adding at the end the following3 7,b7 ,exclusion for persons holding certain securities ,for purposes of this subsection1 securities held by persons who purchase such securities in transactions described under section #d7;a77#f7 of the ,securities ,act of #aicc shall not be deemed to be held of record4 4 #dgh4 ,preemption of ,state law 7a7 ,in general ,section #ah7;b77#d77;,c7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77;,c77 is amended by striking section #d7f7 and inserting section #d7;a77#f74 7b7 ,clarification of the preservation of ,state enforcement authority 7#a7 ,in general ,the amendments made by subsection 7a7 relate solely to ,state registration1 documentation1 and offering requirements1 as described under section #ah7;a7 of ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggr7a771 and shall have no impact or limitation on other ,state authority to take enforcement action with regard to an issuer1 intermediary1 or any other person or entity using the exemption from registration provided by section #d7;a77#f7 of such ,act1 except that a ,state may not impose any fees under such authority4 7#b7 ,clarification of ,state jurisdiction over unlawful conduct of intermediaries1 issuers1 and custodians ,section #ah7;c77#a7 of the ,securities ,act of #aicc is amended by striking in connection with securities or securities transactions and all that follows and inserting the following3 1 in connection with securities or securities transactions1 with respect to-- 7,a7 fraud or deceit2 7,b7 unlawful conduct by a broker or dealer2 and 7,c7 with respect to a transaction described under section #d7;a77#f71 unlawful conduct by an intermediary1 issuer1 or custodian4 4 #dgi4 ,treatment of funding portals ,section #ecab7;c7 of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7#b7 ,funding portals not included in definition ,the term financial institution 7as defined in subsection 7a77 does not include a funding portal 7as defined under section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 4 ,q ,corporate ,governance ,reform and ,transparency #dha4 ,definitions 7a7 ,securities ,exchange ,act of #aicd ,section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77 is amended by adding at the end the following new paragraphs3 7#hc7 ,proxy advisory firm ,the term proxy advisory firm means any person who is primarily engaged in the business of providing proxy voting research1 analysis1 or recommendations to clients1 which conduct constitutes a solicitation within the meaning of section #ad and the ,commission's rules and regulations thereunder1 except to the extent that the person is exempted by such rules and regulations from requirements otherwise applicable to persons engaged in a solicitation4 7#hd7 ,person associated with a proxy advisory firm ,the term person associated with a proxy advisory firm means any partner1 officer1 or director of a proxy advisory firm 7or any person occupying a similar status or performing similar functions71 any person directly or indirectly controlling1 controlled by1 or under common control with a proxy advisory firm1 or any employee of a proxy advisory firm1 except that persons associated with a proxy advisory firm whose functions are clerical or ministerial shall not be included in the meaning of such term4 ,the ,commission may by rules and regulations classify1 for purposes or any portion or portions of this ,act1 persons1 including employees controlled by a proxy advisory firm4 4 7b7 ,applicable definitions ,as used in this subtitle-- 7#a7 the term ,commission means the ,securities and ,exchange ,commission2 and 7#b7 the term proxy advisory firm has the same meaning as in section #c7;a77#hc7 of the ,securities ,exchange ,act of #aicd1 as added by this subtitle4 #dhb4 ,registration of proxy advisory firms 7a7 ,amendment ,the ,securities ,exchange ,act of #aicd is amended by inserting after section #ae;,g the following new section3 #ae;,h4 ,registration of proxy advisory firms 7a7 ,conduct prohibited ,it shall be unlawful for a proxy advisory firm to make use of the mails or any means or instrumentality of interstate commerce to provide proxy voting research1 analysis1 or recommendations to any client1 unless such proxy advisory firm is registered under this section4 7b7 ,registration procedures 7#a7 ,application for registration 7,a7 ,in general ,a proxy advisory firm must file with the ,commission an application for registration1 in such form as the ,commission shall require1 by rule or regulation1 and containing the information described in subparagraph 7,b74 7,b7 ,required information ,an application for registration under this section shall contain information regarding-- 7i7 a certification that the applicant has adequate financial and managerial resources to consistently provide proxy advice based on accurate information2 7ii7 the procedures and methodologies that the applicant uses in developing proxy voting recommendations1 including whether and how the applicant considers the size of a company when making proxy voting recommendations2 7iii7 the organizational structure of the applicant2 7iv7 whether or not the applicant has in effect a code of ethics1 and if not1 the reasons therefor2 7v7 any potential or actual conflict of interest relating to the ownership structure of the applicant or the provision of proxy advisory services by the applicant1 including whether the proxy advisory firm engages in services ancillary to the provision of proxy advisory services such as consulting services for corporate issuers1 and if so the revenues derived therefrom2 7vi7 the policies and procedures in place to manage conflicts of interest under subsection 7f72 and 7vii7 any other information and documents concerning the applicant and any person associated with such applicant as the ,commission1 by rule1 may prescribe as necessary or appropriate in the public interest or for the protection of investors4 7#b7 ,review of application 7,a7 ,initial determination ,not later than #ij days after the date on which the application for registration is filed with the ,commission under paragraph 7#a7 7or within such longer period as to which the applicant consents7 the ,commission shall-- 7i7 by order1 grant registration2 or 7ii7 institute proceedings to determine whether registration should be denied4 7,b7 ,conduct of proceedings 7i7 ,content ,proceedings referred to in subparagraph 7,a77ii7 shall-- 7,i7 include notice of the grounds for denial under consideration and an opportunity for hearing2 and 7,,ii7 be concluded not later than #abj days after the date on which the application for registration is filed with the ,commission under paragraph 7#a74 7ii7 ,determination ,at the conclusion of such proceedings1 the ,commission1 by order1 shall grant or deny such application for registration4 7iii7 ,extension authorized ,the ,commission may extend the time for conclusion of such proceedings for not longer than #ij days1 if it finds good cause for such extension and publishes its reasons for so finding1 or for such longer period as to which the applicant consents4 7,c7 ,grounds for decision ,the ,commission shall grant registration under this subsection-- 7i7 if the ,commission finds that the requirements of this section are satisfied2 and 7ii7 unless the ,commission finds 7in which case the ,commission shall deny such registration7 that-- 7,i7 the applicant has failed to certify to the ,commission's satisfaction that it has adequate financial and managerial resources to consistently provide proxy advice based on accurate information and to materially comply with the procedures and methodologies disclosed under paragraph 7#a77;,b7 and with subsections 7f7 and 7g72 or 7,,ii7 if the applicant were so registered1 its registration would be subject to suspension or revocation under subsection 7e74 7#c7 ,public availability of information ,subject to section #bd1 the ,commission shall make the information and documents submitted to the ,commission by a proxy advisory firm in its completed application for registration1 or in any amendment submitted under paragraph 7#a7 or 7#b7 of subsection 7c71 publicly available on the ,commission's website1 or through another comparable1 readily accessible means4 7c7 ,update of registration 7#a7 ,update ,each registered proxy advisory firm shall promptly amend and update its application for registration under this section if any information or document provided therein becomes materially inaccurate1 except that a registered proxy advisory firm is not required to amend the information required to be filed under subsection 7b77#a77;,b77i7 by filing information under this paragraph1 but shall amend such information in the annual submission of the organization under paragraph 7#b7 of this subsection4 7#b7 ,certification ,not later than #ij calendar days after the end of each calendar year1 each registered proxy advisory firm shall file with the ,commission an amendment to its registration1 in such form as the ,commission1 by rule1 may prescribe as necessary or appropriate in the public interest or for the protection of investors-- 7,a7 certifying that the information and documents in the application for registration of such registered proxy advisory firm continue to be accurate in all material respects2 and 7,b7 listing any material change that occurred to such information or documents during the previous calendar year4 7d7 ,censure1 denial1 or suspension of registration2 notice and hearing ,the ,commission1 by order1 shall censure1 place limitations on the activities1 functions1 or operations of1 suspend for a period not exceeding #ab months1 or revoke the registration of any registered proxy advisory firm if the ,commission finds1 on the record after notice and opportunity for hearing1 that such censure1 placing of limitations1 suspension1 or revocation is necessary for the protection of investors and in the public interest and that such registered proxy advisory firm1 or any person associated with such an organization1 whether prior to or subsequent to becoming so associated-- 7#a7 has committed or omitted any act1 or is subject to an order or finding1 enumerated in subparagraph 7,a71 7,d71 7,e71 7,h71 or 7,g7 of section #ae7;b77#d71 has been convicted of any offense specified in section #ae7;b77#d77;,b71 or is enjoined from any action1 conduct1 or practice specified in subparagraph 7,c7 of section #ae7;b77#d71 during the #aj-year period preceding the date of commencement of the proceedings under this subsection1 or at any time thereafter2 7#b7 has been convicted during the #aj-year period preceding the date on which an application for registration is filed with the ,commission under this section1 or at any time thereafter1 of-- 7,a7 any crime that is punishable by imprisonment for one or more years1 and that is not described in section #ae7;b77#d77;,b72 or 7,b7 a substantially equivalent crime by a foreign court of competent jurisdiction2 7#c7 is subject to any order of the ,commission barring or suspending the right of the person to be associated with a registered proxy advisory firm2 7#d7 fails to furnish the certifications required under subsections 7b77#b77;,c77ii77,i7 and 7c77#b72 7#e7 has engaged in one or more prohibited acts enumerated in paragraph 7#a72 or 7#f7 fails to maintain adequate financial and managerial resources to consistently offer advisory services with integrity1 including by failing to comply with subsections 7f7 or 7g74 7e7 ,termination of registration 7#a7 ,voluntary withdrawal ,a registered proxy advisory firm may1 upon such terms and conditions as the ,commission may establish as necessary in the public interest or for the protection of investors1 which terms and conditions shall include at a minimum that the registered proxy advisory firm will no longer conduct such activities as to bring it within the definition of proxy advisory firm in section #c7;a77#hc7 of the ,securities ,exchange ,act of #aicd1 withdraw from registration by filing a written notice of withdrawal to the ,commission4 7#b7 ,commission authority ,in addition to any other authority of the ,commission under this title1 if the ,commission finds that a registered proxy advisory firm is no longer in existence or has ceased to do business as a proxy advisory firm1 the ,commission1 by order1 shall cancel the registration under this section of such registered proxy advisory firm4 7f7 ,management of conflicts of interest 7#a7 ,organization policies and procedures ,each registered proxy advisory firm shall establish1 maintain1 and enforce written policies and procedures reasonably designed1 taking into consideration the nature of the business of such registered proxy advisory firm and associated persons1 to address and manage any conflicts of interest that can arise from such business4 7#b7 ,commission authority ,the ,commission shall issue final rules to prohibit1 or require the management and disclosure of1 any conflicts of interest relating to the offering of proxy advisory services by a registered proxy advisory firm1 including1 without limitation1 conflicts of interest relating to-- 7,a7 the manner in which a registered proxy advisory firm is compensated by the client1 or any affiliate of the client1 for providing proxy advisory services2 7,b7 the provision of consulting1 advisory1 or other services by a registered proxy advisory firm1 or any person associated with such registered proxy advisory firm1 to the client2 7,c7 business relationships1 ownership interests1 or any other financial or personal interests between a registered proxy advisory firm1 or any person associated with such registered proxy advisory firm1 and any client1 or any affiliate of such client2 7,d7 transparency around the formulation of proxy voting policies2 7,e7 the execution of proxy votes if such votes are based upon recommendations made by the proxy advisory firm in which someone other than the issuer is a proponent2 7,f7 issuing recommendations where proxy advisory firms provide advisory services to a company2 and 7,g7 any other potential conflict of interest1 as the ,commission deems necessary or appropriate in the public interest or for the protection of investors4 7g7 ,reliability of proxy advisory firm services 7#a7 ,in general ,each registered proxy advisory firm shall have staff sufficient to produce proxy voting recommendations that are based on accurate and current information4 ,each registered proxy advisory firm shall detail procedures sufficient to permit companies receiving proxy advisory firm recommendations access in a reasonable time to the draft recommendations1 with an opportunity to provide meaningful comment thereon1 including the opportunity to present details to the person responsible for developing the recommendation in person or telephonically4 ,each registered proxy advisory firm shall employ an ombudsman to receive complaints about the accuracy of voting information used in making recommendations from the subjects of the proxy advisory firm's voting recommendations1 and shall resolve those complaints in a timely fashion and in any event prior to voting on the matter to which the recommendation relates4 7#b7 ,draft recommendations defined ,for purposes of this subsection1 the term draft recommendations-- 7,a7 means the overall conclusions of proxy voting recommendations prepared for the clients of a proxy advisory firm1 including any public data cited therein1 any company information or substantive analysis impacting the recommendation1 and the specific voting recommendations on individual proxy ballot issues2 and 7,b7 does not include the entirety of the proxy advisory firm's final report to its clients4 7h7 ,designation of compliance officer ,each registered proxy advisory firm shall designate an individual responsible for administering the policies and procedures that are required to be established pursuant to subsections 7f7 and 7g71 and for ensuring compliance with the securities laws and the rules and regulations thereunder1 including those promulgated by the ,commission pursuant to this section4 7i7 ,prohibited conduct 7#a7 ,prohibited acts and practices ,the ,commission shall issue final rules to prohibit any act or practice relating to the offering of proxy advisory services by a registered proxy advisory firm that the ,commission determines to be unfair or coercive1 including any act or practice relating to-- 7,a7 conditioning a voting recommendation or other proxy advisory firm recommendation on the purchase by an issuer or an affiliate thereof of other services or products1 of the registered proxy advisory firm or any person associated with such registered proxy advisory firm2 and 7,b7 modifying a voting recommendation or otherwise departing from its adopted systematic procedures and methodologies in the provision of proxy advisory services1 based on whether an issuer1 or affiliate thereof1 subscribes or will subscribe to other services or product of the registered proxy advisory firm or any person associated with such organization4 7#b7 ,rule of construction ,nothing in paragraph 7#a71 or in any rules or regulations adopted thereunder1 may be construed to modify1 impair1 or supersede the operation of any of the antitrust laws 7as defined in the first section of the ,clayton ,act1 except that such term includes section #e of the ,federal ,trade ,commission ,act1 to the extent that such section #e applies to unfair methods of competition74 7j7 ,statements of financial condition ,each registered proxy advisory firm shall1 on a confidential basis1 file with the ,commission1 at intervals determined by the ,commission1 such financial statements1 certified 7if required by the rules or regulations of the ,commission7 by an independent public auditor1 and information concerning its financial condition1 as the ,commission1 by rule1 may prescribe as necessary or appropriate in the public interest or for the protection of investors4 7k7 ,annual report ,each registered proxy advisory firm shall1 at the beginning of each fiscal year of such firm1 report to the ,commission on the number of shareholder proposals its staff reviewed in the prior fiscal year1 the number of recommendations made in the prior fiscal year1 the number of staff who reviewed and made recommendations on such proposals in the prior fiscal year1 and the number of recommendations made in the prior fiscal year where the proponent of such recommendation was a client of or received services from the proxy advisory firm4 7l7 ,transparent policies ,each registered proxy advisory firm shall file with the ,commission and make publicly available its methodology for the formulation of proxy voting policies and voting recommendations4 7m7 ,rules of construction 7#a7 ,no waiver of rights1 privileges1 or defenses ,registration under and compliance with this section does not constitute a waiver of1 or otherwise diminish1 any right1 privilege1 or defense that a registered proxy advisory firm may otherwise have under any provision of ,state or ,federal law1 including any rule1 regulation1 or order thereunder4 7#b7 ,no private right of action ,nothing in this section may be construed as creating any private right of action1 and no report filed by a registered proxy advisory firm in accordance with this section or section #ag shall create a private right of action under section #ah or any other provision of law4 7n7 ,regulations 7#a7 ,new provisions ,such rules and regulations as are required by this section or are otherwise necessary to carry out this section1 including the application form required under subsection 7a7-- 7,a7 shall be issued by the ,commission1 not later than #ahj days after the date of enactment of this section2 and 7,b7 shall become effective not later than #a year after the date of enactment of this section4 7#b7 ,review of existing regulations ,not later than #bgj days after the date of enactment of this section1 the ,commission shall-- 7,a7 review its existing rules and regulations which affect the operations of proxy advisory firms2 7,b7 amend or revise such rules and regulations in accordance with the purposes of this section1 and issue such guidance1 as the ,commission may prescribe as necessary or appropriate in the public interest or for the protection of investors2 and 7,c7 direct ,commission staff to withdraw the ,egan ,jones ,proxy ,services 7,may #bg1 #bjjd7 and ,institutional ,shareholder ,services1 ,inc4 7,september #ae1 #bjjd7 no-action letters4 7o7 ,applicability ,this section1 other than subsection 7n71 which shall apply on the date of enactment of this section1 shall apply on the earlier of-- 7#a7 the date on which regulations are issued in final form under subsection 7n77#a72 or 7#b7 #bgj days after the date of enactment of this section4 4 7b7 ,conforming amendment ,section #ag7;a77#a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghq7a77#a77 is amended by inserting proxy advisory firm1 after nationally recognized statistical rating organization14 #dhc4 ,commission annual report ,the ,commission shall make an annual report publicly available on the ,commission's ,internet website4 ,such report shall1 with respect to the year to which the report relates-- 7#a7 identify applicants for registration under section #ae;,h of the ,securities ,exchange ,act of #aicd1 as added by this subtitle2 7#b7 specify the number of and actions taken on such applications2 7#c7 specify the views of the ,commission on the state of competition1 transparency1 policies and methodologies1 and conflicts of interest among proxy advisory firms2 7#d7 include the determination of the ,commission with regard to-- 7,a7 the quality of proxy advisory services issued by proxy advisory firms2 7,b7 the financial markets2 7,c7 competition among proxy advisory firms2 7,d7 the incidence of undisclosed conflicts of interest by proxy advisory firms2 7,e7 the process for registering as a proxy advisory firm2 and 7,f7 such other matters relevant to the implementation of this subtitle and the amendments made by this subtitle1 as the ,commission determines necessary to bring to the attention of the ,congress2 7#e7 identify problems1 if any1 that have resulted from the implementation of this subtitle and the amendments made by this subtitle2 and 7#f7 recommend solutions1 including any legislative or regulatory solutions1 to any problems identified under paragraphs 7#d7 and 7#e74 ,r ,senior ,safe #dia4 ,immunity 7a7 ,definitions ,in this subtitle-- 7#a7 the term ,bank ,secrecy ,act ,officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code2 7#b7 the term broker-dealer means a broker or dealer1 as those terms are defined1 respectively1 in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7#c7 the term covered agency means-- 7,a7 a ,state financial regulatory agency1 including a ,state securities or law enforcement authority and a ,state insurance regulator2 7,b7 each of the ,federal financial institutions regulatory agencies2 7,c7 the ,securities and ,exchange ,commission2 7,d7 a law enforcement agency2 7,e7 and ,state or local agency responsible for administering adult protective service laws2 and 7,f7 a ,state attorney general4 7#d7 the term covered financial institution means-- 7,a7 a credit union2 7,b7 a depository institution2 7,c7 an investment advisor2 7,d7 a broker-dealer2 7,e7 an insurance company2 7,f7 a ,state attorney general2 and 7,g7 a transfer agent4 7#e7 the term credit union means a ,federal credit union1 ,state credit union1 or ,state-chartered credit union1 as those terms are defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb72 7#f7 the term depository institution has the meaning given the term in section #c7;c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7;c772 7#g7 the term exploitation means the fraudulent or otherwise illegal1 unauthorized1 or improper act or process of an individual1 including a caregiver or fiduciary1 that-- 7,a7 uses the resources of a senior citizen for monetary personal benefit1 profit1 or gain2 or 7,b7 results in depriving a senior citizen of rightful access to or use of benefits1 resources1 belongings or assets2 7#h7 the term ,federal financial institutions regulatory agencies has the meaning given the term in section #ajjc of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjb72 7#i7 the term investment adviser has the meaning given the term in section #bjb of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b72 7#aj7 the term insurance company has the meaning given the term in section #b7;a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a772 7#aa7 the term registered representative means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities2 7#ab7 the term senior citizen means an individual who is not less than #fe years of age2 7#ac7 the term ,state insurance regulator has the meaning given such term in section #cae of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fgce72 7#ad7 the term ,state securities or law enforcement authority has the meaning given the term in section #bd7;f77#d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghx7f77#d772 and 7#ae7 the term transfer agent has the meaning given the term in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 7b7 ,immunity from suit 7#a7 ,immunity for individuals ,an individual who has received the training described in section #ajib shall not be liable1 including in any civil or administrative proceeding1 for disclosing the possible exploitation of a senior citizen to a covered agency if the individual1 at the time of the disclosure-- 7,a7 served as a supervisor1 compliance officer 7including a ,bank ,secrecy ,act ,officer71 or registered representative for a covered financial institution2 and 7,b7 made the disclosure with reasonable care including reasonable efforts to avoid disclosure other than to a covered agency4 7#b7 ,immunity for covered financial institutions ,a covered financial institution shall not be liable1 including in any civil or administrative proceeding1 for a disclosure made by an individual described in paragraph 7#a7 if-- 7,a7 the individual was employed by1 or1 in the case of a registered representative1 affiliated or associated with1 the covered financial institution at the time of the disclosure2 and 7,b7 before the time of the disclosure1 the covered financial institution provided the training described in section #dib to each individual described in section #dib7;a74 #dib4 ,training required 7a7 ,in general ,a covered financial institution may provide training described in subsection 7b77#a7 to each officer or employee of1 or registered representative affiliated or associated with1 the covered financial institution who-- 7#a7 is described in section #dia7;b77#a77;,a72 7#b7 may come into contact with a senior citizen as a regular part of the duties of the officer1 employee1 or registered representative2 or 7#c7 may review or approve the financial documents1 records1 or transactions of a senior citizen in connection with providing financial services to a senior citizen4 7b7 ,training 7#a7 ,in general ,the training described in this paragraph shall-- 7,a7 instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen2 7,b7 discuss the need to protect the privacy and respect the integrity of each individual customer of a covered financial institution2 and 7,c7 be appropriate to the job responsibilities of the individual attending the training4 7#b7 ,timing ,the training required under subsection 7a7 shall be provided as soon as reasonably practicable but not later than #a year after the date on which an officer1 employee1 or registered representative begins employment with or becomes affiliated or associated with the covered financial institution4 7#c7 ,bank ,secrecy ,act ,officer ,an individual who is designated as a compliance officer under an anti-money laundering program established pursuant to section #ecah7;h7 of title #ca1 ,united ,states ,code1 shall be deemed to have received the training described under this subsection4 #dic4 ,relationship to ,state law ,nothing in this ,act shall be construed to preempt or limit any provision of ,state law1 except only to the extent that section #ajia provides a greater level of protection against liability to an individual described in section #dia7;b77#a7 or to a covered financial institution described in section #dia7;b77#b7 than is provided under ,state law4 ,s ,national ,securities ,exchange ,regulatory ,parity #dif4 ,application of exemption ,section #ah7;b77#a7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #ggr7b77#a771 as amended by section #def7;b71 is further amended-- 7#a7 by striking subparagraph 7,a72 7#b7 in subparagraph 7,b71 by striking that the ,commission determines by rule 7on its own initiative or on the basis of a petition7 are substantially similar to the listing standards applicable to securities described in subparagraph 7,a7 and inserting that have been approved by the ,commission2 7#c7 in subparagraph 7,c71 by striking or 7,b72 and 7#d7 by redesignating subparagraphs 7,b71 7,c71 and 7,d7 as subparagraphs 7,a71 7,b71 and 7,c71 respectively4 ,t ,private ,company ,flexibility and ,growth #dig4 ,shareholder threshold for registration ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended-- 7#a7 in section #ab7;g7-- 7,a7 in paragraph 7#a7-- 7i7 by striking shall-- and all that follows through register such security and inserting shall1 not later than #abj days after the last day of its first fiscal year ended after the effective date of this subsection on which the issuer has total assets exceeding #aj1jjj1jjj 7or such greater amount of assets as the ,commission may establish by rule7 and a class of equity security 7other than an exempted security7 held of record by #b1jjj or more persons 7or such greater number of persons as the ,commission may establish by rule71 register such security2 and 7ii7 by adding at the end the following3 ,the dollar figure in this paragraph shall be indexed for inflation every #e years by the ,commission to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics1 rounded to the nearest #ajj1jjj42 and 7,b7 in paragraph 7#d71 by striking #cjj persons and all that follows through #a1bjj persons persons and inserting #a1bjj persons2 and 7#b7 in section #ae7;d77#a71 by striking #cjj persons and all that follows through #a1bjj persons persons and inserting #a1bjj persons4 ,u ,small ,company ,capital ,formation ,enhancements #dih4 ,,jobs ,act-related exemption ,section #c7;b7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;c7b77 is amended-- 7#a7 in paragraph 7#b77;,a71 by striking #ej1jjj1jjj and inserting #ge1jjj1jjj1 adjusted for inflation by the ,commission every #b years to the nearest #aj1jjj to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics2 and 7#b7 in paragraph 7#e7-- 7,a7 by striking such amount as and inserting3 such amount1 in addition to the adjustment for inflation provided for under such paragraph 7#b77;,a71 as2 and 7,b7 by striking such amount1 it and inserting such amount1 in addition to the adjustment for inflation provided for under such paragraph 7#b77;,a71 it4 ,v ,encouraging ,public ,offerings #dii4 ,expanding testing the waters and confidential submissions ,the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;a et seq47 is amended-- 7#a7 in section #e7;d71 by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer2 and 7#b7 in section #f7;e7-- 7,a7 in the heading1 by striking ,emerging growth companies and inserting ,draft registration statements2 and 7,b7 by amending paragraph 7#a7 to read as follows3 7#a7 ,in general ,any issuer1 prior to its initial public offering date1 may confidentially submit to the ,commission a draft registration statement1 for confidential nonpublic review by the staff of the ,commission prior to public filing1 provided that the initial confidential submission and all amendments thereto shall be publicly filed with the ,commission not later than #ae days before the date on which the issuer conducts a road show1 as such term is defined in section #bcj4dcc7;h77#d7 of title #ag1 ,code of ,federal ,regulations1 or any successor thereto4 4 ,v ,regulatory ,relief for ,main ,street and ,community ,financial ,institutions ,a ,preserving ,access to ,manufactured ,housing #eja4 ,mortgage originator definition ,section #ajc of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb7 is amended-- 7#a7 by redesignating the second subsection 7cc7 and subsection 7dd7 as subsections 7dd7 and 7ee71 respectively2 and 7#b7 in paragraph 7#b77;,c7 of subsection 7dd71 as so redesignated1 by striking an employee of a retailer of manufactured homes who is not described in clause 7i7 or 7iii7 of subparagraph 7,a7 and who does not advise a consumer on loan terms 7including rates1 fees1 and other costs7 and inserting a retailer of manufactured or modular homes or its employees unless such retailer or its employees receive compensation or gain for engaging in activities described in subparagraph 7,a7 that is in excess of any compensation or gain received in a comparable cash transaction4 #ejb4 ,high-,cost mortgage definition ,section #ajc of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjb71 as amended by section #eja1 is further amended-- 7#a7 by redesignating subsection 7aa7 7relating to disclosure of greater amount or percentage71 as so designated by section #aajj;,a of the ,consumer ,financial ,protection ,act of #bjaj1 as subsection 7bb72 7#b7 by redesignating subsection 7bb7 7relating to high cost mortgages71 as so designated by section #aajj;,a of the ,consumer ,financial ,protection ,act of #bjaj1 as subsection 7aa71 and moving such subsection to immediately follow subsection 7z72 and 7#c7 in subsection 7aa77#a77;,a71 as so redesignated-- 7,a7 in clause 7i77,i71 by striking 7#h4e percentage points1 if the dwelling is personal property and the transaction is for less than #ej1jjj7 and inserting 7#aj percentage points if the dwelling is personal property or is a transaction that does not include the purchase of real property on which a dwelling is to be placed1 and the transaction is for less than #ge1jjj 7as such amount is adjusted by the ,consumer ,law ,enforcement ,agency to reflect the change in the ,consumer ,price ,index772 and 7,b7 in clause 7ii7-- 7i7 in subclause 7,i71 by striking or at the end2 and 7ii7 by adding at the end the following3 7,,iii7 in the case of a transaction for less than #ge1jjj 7as such amount is adjusted by the ,consumer ,law ,enforcement ,agency to reflect the change in the ,consumer ,price ,index7 in which the dwelling is personal property 7or is a consumer credit transaction that does not include the purchase of real property on which a dwelling is to be placed7 the greater of #e percent of the total transaction amount or #c1jjj 7as such amount is adjusted by the ,consumer ,law ,enforcement ,agency to reflect the change in the ,consumer ,price ,index72 or 4 ,b ,mortgage ,choice #ejf4 ,definition of points and fees 7a7 ,amendment to section #ajc of ,,tila ,paragraph 7#d7 of section #ajc7;aa7 of the ,truth in ,lending ,act1 as redesignated by section #ejb1 is amended-- 7#a7 by striking paragraph 7#a77;,b7 and inserting paragraph 7#a77;,a7 and section #abi;,c2 7#b7 in subparagraph 7,c7-- 7,a7 by inserting and insurance after taxes2 7,b7 in clause 7ii71 by inserting 1 except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement 7as defined in section #c7g7 of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjb7g77 after compensation2 and 7,c7 by striking clause 7iii7 and inserting the following3 7iii7 the charge is-- 7,i7 a bona fide third-party charge not retained by the mortgage originator1 creditor1 or an affiliate of the creditor or mortgage originator2 or 7,,ii7 a charge set forth in section #ajf7;e77#a72 2 and 7#c7 in subparagraph 7,d7-- 7,a7 by striking accident12 and 7,b7 by striking or any payments and inserting and any payments4 7b7 ,amendment to section #abi;,c of ,,tila ,section #abi;,c of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7 is amended-- 7#a7 in subsection 7a77#e77;,c71 by striking #ajc and all that follows through or mortgage originator and inserting #ajc7;aa77#d72 and 7#b7 in subsection 7b77#b77;,c77i71 by striking #ajc and all that follows through or mortgage originator7 and inserting #ajc7;aa77#d74 ,c ,financial ,institution ,customer ,protection #eaa4 ,requirements for deposit account termination requests and orders 7a7 ,termination requests or orders must be material 7#a7 ,in general ,an appropriate ,federal banking agency may not formally or informally request or order a depository institution to terminate a specific customer account or group of customer accounts or to otherwise restrict or discourage a depository institution from entering into or maintaining a banking relationship with a specific customer or group of customers unless-- 7,a7 the agency has a material reason for such request or order2 and 7,b7 such reason is not based solely on reputation risk4 7#b7 ,treatment of national security threats ,if an appropriate ,federal banking agency believes a specific customer or group of customers is1 or is acting as a conduit for1 an entity which-- 7,a7 poses a threat to national security2 7,b7 is involved in terrorist financing2 7,c7 is an agency of the government of ,iran1 ,north ,korea1 ,syria1 or any country listed from time to time on the ,state ,sponsors of ,terrorism list2 7,d7 is located in1 or is subject to the jurisdiction of1 any country specified in subparagraph 7,c72 or 7,e7 does business with any entity described in subparagraph 7,c7 or 7,d71 unless the appropriate ,federal banking agency determines that the customer or group of customers has used due diligence to avoid doing business with any entity described in subparagraph 7,c7 or 7,d71 such belief shall satisfy the requirement under paragraph 7#a74 7b7 ,notice requirement 7#a7 ,in general ,if an appropriate ,federal banking agency formally or informally requests or orders a depository institution to terminate a specific customer account or a group of customer accounts1 the agency shall-- 7,a7 provide such request or order to the institution in writing2 and 7,b7 accompany such request or order with a written justification for why such termination is needed1 including any specific laws or regulations the agency believes are being violated by the customer or group of customers1 if any4 7#b7 ,justification requirement ,a justification described under paragraph 7#a77;,b7 may not be based solely on the reputation risk to the depository institution4 7c7 ,customer notice 7#a7 ,notice required ,except as provided under paragraph 7#b71 if an appropriate ,federal banking agency orders a depository institution to terminate a specific customer account or a group of customer accounts1 the depository institution shall inform the customer or customers of the justification for the customer's account termination described under subsection 7b74 7#b7 ,notice prohibited in cases of national security ,if an appropriate ,federal banking agency requests or orders a depository institution to terminate a specific customer account or a group of customer accounts based on a belief that the customer or customers pose a threat to national security1 or are otherwise described under subsection 7a77#b71 neither the depository institution nor the appropriate ,federal banking agency may inform the customer or customers of the justification for the customer's account termination4 7d7 ,reporting requirement ,each appropriate ,federal banking agency shall issue an annual report to the ,congress stating-- 7#a7 the aggregate number of specific customer accounts that the agency requested or ordered a depository institution to terminate during the previous year2 and 7#b7 the legal authority on which the agency relied in making such requests and orders and the frequency on which the agency relied on each such authority4 7e7 ,definitions ,for purposes of this section3 7#a7 ,appropriate ,federal banking agency ,the term appropriate ,federal banking agency means-- 7,a7 the appropriate ,federal banking agency1 as defined under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,b7 the ,national ,credit ,union ,administration1 in the case of an insured credit union4 7#b7 ,depository institution ,the term depository institution means-- 7,a7 a depository institution1 as defined under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 and 7,b7 an insured credit union4 #eab4 ,amendments to the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi ,section #iea of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahcc;a7 is amended-- 7#a7 in subsection 7c77#b71 by striking affecting a federally insured financial institution and inserting against a federally insured financial institution or by a federally insured financial institution against an unaffiliated third person2 and 7#b7 in subsection 7g7-- 7,a7 in the heading1 by striking subpoenas and inserting investigations2 and 7,b7 by amending paragraph 7#a77;,c7 to read as follows3 7,c7 summon witnesses and require the production of any books1 papers1 correspondence1 memoranda1 or other records which the ,attorney ,general deems relevant or material to the inquiry1 if the ,attorney ,general-- 7i7 requests a court order from a court of competent jurisdiction for such actions and offers specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant and material for conducting an investigation under this section2 or 7ii7 either personally or through delegation no lower than the ,deputy ,attorney ,general1 issues and signs a subpoena for such actions and such subpoena is supported by specific and articulable facts showing that there are reasonable grounds to believe that the information or testimony sought is relevant for conducting an investigation under this section4 4 ,d ,portfolio ,lending and ,mortgage ,access #eaf4 ,safe harbor for certain loans held on portfolio 7a7 ,in general ,section #abi;,c of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;c7 is amended by adding at the end the following3 7j7 ,safe harbor for certain loans held on portfolio 7#a7 ,safe harbor for creditors that are depository institutions 7,a7 ,in general ,a creditor that is a depository institution shall not be subject to suit for failure to comply with subsection 7a71 7c77#a71 or 7f77#b7 of this section or section #abi;,h with respect to a residential mortgage loan1 and the banking regulators shall treat such loan as a qualified mortgage1 if-- 7i7 the creditor has1 since the origination of the loan1 held the loan on the balance sheet of the creditor2 and 7ii7 all prepayment penalties with respect to the loan comply with the limitations described under subsection 7c77#c74 7,b7 ,exception for certain transfers ,in the case of a depository institution that transfers a loan originated by that institution to another depository institution by reason of the bankruptcy or failure of the originating depository institution or the purchase of the originating depository institution1 the depository institution transferring such loan shall be deemed to have complied with the requirement under subparagraph 7,a77i74 7#b7 ,safe harbor for mortgage originators ,a mortgage originator shall not be subject to suit for a violation of section #abi;,b7c77#c77;,b7 for steering a consumer to a residential mortgage loan if-- 7,a7 the creditor of such loan is a depository institution and has informed the mortgage originator that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan2 and 7,b7 the mortgage originator informs the consumer that the creditor intends to hold the loan on the balance sheet of the creditor for the life of the loan4 7#c7 ,definitions ,for purposes of this subsection3 7,a7 ,banking regulators ,the term banking regulators means the ,federal banking agencies1 the ,consumer ,law ,enforcement ,agency1 and the ,national ,credit ,union ,administration4 7,b7 ,depository institution ,the term depository institution has the meaning given that term under section #ai7;b77#a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #eje7;b77#a774 7,c7 ,federal banking agencies ,the term ,federal banking agencies has the meaning given that term under section #c of the ,federal ,deposit ,insurance ,act4 4 7b7 ,rule of construction ,nothing in the amendment made by this section may be construed as preventing a balloon loan from qualifying for the safe harbor provided under section #abi;,c7j7 of the ,truth in ,lending ,act if the balloon loan otherwise meets all of the requirements under such subsection 7j71 regardless of whether the balloon loan meets the requirements described under clauses 7i7 through 7iv7 of section #abi;,c7b77#b77;,e7 of such ,act4 ,e ,application of the ,expedited ,funds ,availability ,act #eba4 ,application of the ,expedited ,funds ,availability ,act 7a7 ,in general ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is amended-- 7#a7 in section #fjb7bj7 7#ab ,u4,s4,c4 #djja7bj77 by inserting 1 located in the ,united ,states1 after ,,atm2 7#b7 in section #fjb7ba7 7#ab ,u4,s4,c4 #djja7ba77 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 after ,puerto ,rico12 7#c7 in section #fjb7bc7 7#ab ,u4,s4,c4 #djja7bc77 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 after ,puerto ,rico12 and 7#d7 in section #fjc7;d77#b77;,a7 7#ab ,u4,s4,c4 #djjb7;d77#b77;,a771 by inserting ,american ,samoa1 the ,commonwealth of the ,northern ,mariana ,islands1 after ,puerto ,rico14 7b7 ,effective date ,this section shall take effect on ,january #a1 #bjag4 ,f ,small ,bank ,holding ,company ,policy ,statement #ebf4 ,changes required to small bank holding company policy statement on assessment of financial and managerial factors 7a7 ,in general ,before the end of the #f-month period beginning on the date of the enactment of this ,act1 the ,board of ,governors of the ,federal ,reserve ,system shall revise the ,small ,bank ,holding ,company ,policy ,statement on ,assessment of ,financial and ,managerial ,factors 7#ab ,c4,f4,r4 part #bbe--;appendix ,c7 to raise the consolidated asset threshold under such policy statement from #a1jjj1jjj1jjj 7as adjusted by ,public ,law #aac-bej7 to #aj1jjj1jjj1jjj4 7b7 ,conforming amendment ,subparagraph 7,c7 of section #aga7;b77#e7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecga7;b77#e77 is amended to read as follows3 7,c7 any bank holding company or savings and loan holding company that is subject to the application of the ,small ,bank ,holding ,company ,policy ,statement on ,assessment of ,financial and ,managerial ,factors of the ,board of ,governors 7#ab ,c4,f4,r4 part #bbe--;appendix ,c74 4 ,g ,community ,institution ,mortgage ,relief #eca4 ,community financial institution mortgage relief 7a7 ,exemption from escrow requirements for loans held by smaller creditors ,section #abi;,d of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;d7 is amended-- 7#a7 by adding at the end the following3 7k7 ,safe harbor for loans held by smaller creditors 7#a7 ,in general ,a creditor shall not be in violation of subsection 7a7 with respect to a loan if-- 7,a7 the creditor has consolidated assets of #aj1jjj1jjj1jjj or less2 and 7,b7 the creditor holds the loan on the balance sheet of the creditor for the #c-year period beginning on the date of the origination of the loan4 7#b7 ,exception for certain transfers ,in the case of a creditor that transfers a loan to another person by reason of the bankruptcy or failure of the creditor1 the purchase of the creditor1 or a supervisory act or recommendation from a ,state or ,federal regulator1 the creditor shall be deemed to have complied with the requirement under paragraph 7#a77;,b74 2 and 7#b7 by striking the term ,board each place such term appears and inserting ,consumer ,law ,enforcement ,agency4 7b7 ,modification to exemption for small servicers of mortgage loans ,section #f of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfje7 is amended by adding at the end the following3 7n7 ,small ,servicer ,exemption ,the ,consumer ,law ,enforcement ,agency shall1 by regulation1 provide exemptions to1 or adjustments for1 the provisions of this section for a servicer that annually services #bj1jjj or fewer mortgage loans1 in order to reduce regulatory burdens while appropriately balancing consumer protections4 4 ,h ,financial ,institutions ,examination ,fairness and ,reform #ecf4 ,timeliness of examination reports 7a7 ,in general ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is amended by adding at the end the following3 #ajab4 ,timeliness of examination reports 7a7 ,in general 7#a7 ,final examination report ,a ,federal financial institutions regulatory agency shall provide a final examination report to a financial institution not later than #fj days after the later of-- 7,a7 the exit interview for an examination of the institution2 or 7,b7 the provision of additional information by the institution relating to the examination4 7#b7 ,exit interview ,if a financial institution is not subject to a resident examiner program1 the exit interview shall occur not later than the end of the #i-month period beginning on the commencement of the examination1 except that such period may be extended by the ,federal financial institutions regulatory agency by providing written notice to the institution and the ,independent ,examination ,review ,director describing with particularity the reasons that a longer period is needed to complete the examination4 7b7 ,examination materials ,upon the request of a financial institution1 the ,federal financial institutions regulatory agency shall include with the final report an appendix listing all examination or other factual information relied upon by the agency in support of a material supervisory determination4 #ajac4 ,examination standards 7a7 ,in general ,in the examination of a financial institution-- 7#a7 a commercial loan shall not be placed in non-accrual status solely because the collateral for such loan has deteriorated in value2 7#b7 a modified or restructured commercial loan shall be removed from non-accrual status if the borrower demonstrates the ability to perform on such loan over a maximum period of #f months1 except that with respect to loans on a quarterly1 semiannual1 or longer repayment schedule such period shall be a maximum of #c consecutive repayment periods2 7#c7 a new appraisal on a performing commercial loan shall not be required unless an advance of new funds is involved2 and 7#d7 in classifying a commercial loan in which there has been deterioration in collateral value1 the amount to be classified shall be the portion of the deficiency relating to the decline in collateral value and repayment capacity of the borrower4 7b7 ,well capitalized institutions ,the ,federal financial institutions regulatory agencies may not require a financial institution that is well capitalized to raise additional capital in lieu of an action prohibited under subsection 7a74 7c7 ,consistent loan classifications ,the ,federal financial institutions regulatory agencies shall develop and apply identical definitions and reporting requirements for non-accrual loans4 #ajad4 ,office of ,independent ,examination ,review 7a7 ,establishment ,there is established in the ,council an ,office of ,independent ,examination ,review 7the ,office74 7b7 ,head of ,office ,there is established the position of the ,independent ,examination ,review ,director 7the ,director71 as the head of the ,office4 ,the ,director shall be appointed by the ,council and shall be independent from any member agency of the ,council4 7c7 ,staffing ,the ,director is authorized to hire staff to support the activities of the ,office4 7d7 ,duties ,the ,director shall-- 7#a7 receive and1 at the ,director's discretion1 investigate complaints from financial institutions1 their representatives1 or another entity acting on behalf of such institutions1 concerning examinations1 examination practices1 or examination reports2 7#b7 hold meetings1 at least once every three months and in locations designed to encourage participation from all sections of the ,united ,states1 with financial institutions1 their representatives1 or another entity acting on behalf of such institutions1 to discuss examination procedures1 examination practices1 or examination policies2 7#c7 review examination procedures of the ,federal financial institutions regulatory agencies to ensure that the written examination policies of those agencies are being followed in practice and adhere to the standards for consistency established by the ,council2 7#d7 conduct a continuing and regular review of examination quality assurance for all examination types conducted by the ,federal financial institutions regulatory agencies2 7#e7 adjudicate any supervisory appeal initiated under section #ajae2 and 7#f7 report annually to the ,committee on ,financial ,services of the ,house of ,representatives1 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 and the ,council1 on the reviews carried out pursuant to paragraphs 7#c7 and 7#d71 including compliance with the requirements set forth in section #ajab regarding timeliness of examination reports1 and the ,council's recommendations for improvements in examination procedures1 practices1 and policies4 7e7 ,confidentiality ,the ,director shall keep confidential all meetings with1 discussions with1 and information provided by financial institutions4 #ajae4 ,right to independent review of material supervisory determinations 7a7 ,in general ,a financial institution shall have the right to obtain an independent review of a material supervisory determination contained in a final report of examination4 7b7 ,notice 7#a7 ,timing ,a financial institution seeking review of a material supervisory determination under this section shall file a written notice with the ,independent ,examination ,review ,director 7the ,director7 within #fj days after receiving the final report of examination that is the subject of such review4 7#b7 ,identification of determination ,the written notice shall identify the material supervisory determination that is the subject of the independent examination review1 and a statement of the reasons why the institution believes that the determination is incorrect or should otherwise be modified4 7#c7 ,information to be provided to institution ,any information relied upon by the agency in the final report that is not in the possession of the financial institution may be requested by the financial institution and shall be delivered promptly by the agency to the financial institution4 7c7 ,right to hearing 7#a7 ,in general ,the ,director shall determine the merits of the appeal on the record or1 at the financial institution's election1 shall refer the appeal to an ,administrative ,law ,judge to conduct a confidential hearing pursuant to the procedures set forth under sections #eef and #eeg of title #e1 ,united ,states ,code1 which hearing shall take place not later than #fj days after the petition for review was received by the ,director1 and to issue a proposed decision to the ,director based upon the record established at such hearing4 7#b7 ,standard of review ,in rendering a determination or recommendation under this subsection1 neither the ,administrative ,law ,judge nor the ,director shall defer to the opinions of the examiner or agency1 but shall conduct a de novo review to independently determine the appropriateness of the agency's decision based upon the relevant statutes1 regulations1 and other appropriate guidance1 as well as evidence adduced at any hearing4 7d7 ,final decision ,a decision by the ,director on an independent review under this section shall-- 7#a7 be made not later than #fj days after the record has been closed2 and 7#b7 be deemed final agency action and shall bind the agency whose supervisory determination was the subject of the review and the financial institution requesting the review4 7e7 ,right to judicial review ,a financial institution shall have the right to petition for review of final agency action under this section by filing a ,petition for ,review within #fj days of the ,director's decision in the ,united ,states ,court of ,appeals for the ,district of ,columbia ,circuit or the ,circuit in which the financial institution is located4 7f7 ,report ,the ,director shall report annually to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate on actions taken under this section1 including the types of issues that the ,director has reviewed and the results of those reviews4 ,in no case shall such a report contain information about individual financial institutions or any confidential or privileged information shared by financial institutions4 7g7 ,retaliation prohibited ,a ,federal financial institutions regulatory agency may not-- 7#a7 retaliate against a financial institution1 including service providers1 or any institution-affiliated party 7as defined under section #c of the ,federal ,deposit ,insurance ,act71 for exercising appellate rights under this section2 or 7#b7 delay or deny any agency action that would benefit a financial institution or any institution-affiliated party on the basis that an appeal under this section is pending under this section4 7h7 ,rule of construction ,nothing in this section may be construed-- 7#a7 to affect the right of a ,federal financial institutions regulatory agency to take enforcement or other supervisory actions related to a material supervisory determination under review under this section2 or 7#b7 to prohibit the review under this section of a material supervisory determination with respect to which there is an ongoing enforcement or other supervisory action4 4 7b7 ,additional amendments 7#a7 ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid ,section #cji of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dhjf7 is amended-- 7,a7 in subsection 7a71 by inserting after appropriate ,federal banking agency the following3 1 the ,consumer ,law ,enforcement ,agency12 7,b7 in subsection 7b7-- 7i7 in paragraph 7#b71 by striking the appellant from retaliation by agency examiners and inserting the insured depository institution or insured credit union from retaliation by the agencies referred to in subsection 7a72 and 7ii7 by adding at the end the following flush-left text3 ,for purposes of this subsection and subsection 7e71 retaliation includes delaying consideration of1 or withholding approval of1 any request1 notice1 or application that otherwise would have been approved1 but for the exercise of the institution's or credit union's rights under this section4 2 7,c7 in subsection 7e77#b7-- 7i7 in subparagraph 7,b71 by striking and at the end2 7ii7 in subparagraph 7,c71 by striking the period and inserting 2 and2 and 7iii7 by adding at the end the following3 7,d7 ensure that appropriate safeguards exist for protecting the insured depository institution or insured credit union from retaliation by any agency referred to in subsection 7a7 for exercising its rights under this subsection4 2 and 7,d7 in subsection 7f77#a77;,a7-- 7i7 in clause 7ii71 by striking and at the end2 7ii7 in clause 7iii71 by striking and at the end2 and 7iii7 by adding at the end the following3 7iv7 any issue specifically listed in an exam report as a matter requiring attention by the institution's management or board of directors2 and 7v7 any suspension or removal of an institution's status as eligible for expedited processing of applications1 requests1 notices1 or filings on the grounds of a supervisory or compliance concern1 regardless of whether that concern has been cited as a basis for another material supervisory determination or matter requiring attention in an examination report1 provided that the conduct at issue did not involve violation of any criminal law2 and 4 7#b7 ,federal ,credit ,union ,act ,section #bje7;j7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghe7;j77 is amended by inserting the ,consumer ,law ,enforcement ,agency1 before the ,administration each place such term appears4 7#c7 ,federal ,financial ,institutions ,examination ,council ,act of #aigh ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is amended-- 7,a7 in section #ajjc1 by amending paragraph 7#a7 to read as follows3 7#a7 the term ,federal financial institutions regulatory agencies-- 7,a7 means the ,office of the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration2 and 7,b7 for purposes of sections #ajab1 #ajac1 #ajad1 and #ajae1 includes the ,consumer ,law ,enforcement ,agency2 2 and 7,b7 in section #ajje1 by striking ,one-fifth and inserting ,one-fourth4 ,i ,national ,credit ,union ,administration ,budget ,transparency #eda4 ,budget transparency for the ,,ncua ,section #bji7;b7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghi7 is amended-- 7#a7 by redesignating paragraphs 7#a7 and 7#b7 as paragraphs 7#b7 and 7#c71 respectively2 7#b7 by inserting before paragraph 7#b71 as so redesignated1 the following3 7#a7 on an annual basis and prior to the submission of the detailed business-type budget required under paragraph 7#b7-- 7,a7 make publicly available and cause to be printed in the ,federal ,register a draft of such detailed business-type budget2 and 7,b7 hold a public hearing1 with public notice provided of such hearing1 wherein the public can submit comments on the draft of such detailed business-type budget2 2 and 7#c7 in paragraph 7#b71 as so redesignated-- 7,a7 by inserting detailed after submit a2 and 7,b7 by inserting 1 and where such budget shall address any comments submitted by the public pursuant to paragraph 7#a77;,b7 after ,control ,act4 ,j ,taking ,account of ,institutions with ,low ,operation ,risk #edf4 ,regulations appropriate to business models 7a7 ,in general ,for any regulatory action occurring after the date of the enactment of this ,act1 each ,federal financial institutions regulatory agency shall-- 7#a7 take into consideration the risk profile and business models of each type of institution or class of institutions subject to the regulatory action2 7#b7 determine the necessity1 appropriateness1 and impact of applying such regulatory action to such institutions or classes of institutions2 and 7#c7 tailor such regulatory action in a manner that limits the regulatory compliance impact1 cost1 liability risk1 and other burdens1 as appropriate1 for the risk profile and business model of the institution or class of institutions involved4 7b7 ,other considerations ,in carrying out the requirements of subsection 7a71 each ,federal financial institutions regulatory agency shall consider-- 7#a7 the impact that such regulatory action1 both by itself and in conjunction with the aggregate effect of other regulations1 has on the ability of the applicable institution or class of institutions to serve evolving and diverse customer needs2 7#b7 the potential impact of examination manuals1 regulatory actions taken with respect to third-party service providers1 or other regulatory directives that may be in conflict or inconsistent with the tailoring of such regulatory action described in subsection 7a77#c72 and 7#c7 the underlying policy objectives of the regulatory action and statutory scheme involved4 7c7 ,notice of proposed and final rulemaking ,each ,federal financial institutions regulatory agency shall disclose in every notice of proposed rulemaking and in any final rulemaking for a regulatory action how the agency has applied subsections 7a7 and 7b74 7d7 ,reports to ,congress 7#a7 ,individual agency reports 7,a7 ,in general ,not later than #a year after the date of the enactment of this ,act and annually thereafter1 each ,federal financial institutions regulatory agency shall report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate on the specific actions taken to tailor the regulatory actions of the agency pursuant to the requirements of this ,act4 7,b7 ,appearance before the ,committees ,the head of each ,federal financial institution regulatory agency shall appear before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate after each report is made pursuant to subparagraph 7,a7 to testify on the contents of such report4 7#b7 ,,fiec reports 7,a7 ,in general ,not later than #c months after each report is submitted under paragraph 7#a71 the ,financial ,institutions ,examination ,council shall report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate on-- 7i7 the extent to which regulatory actions tailored pursuant to this ,act result in different treatment of similarly situated institutions of diverse charter types2 and 7ii7 the reasons for such differential treatment4 7,b7 ,appearance before the ,committees ,the ,chairman of the ,financial ,institutions ,examination ,council shall appear before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate after each report is made pursuant to subparagraph 7,a7 to testify on the contents of such report4 7e7 ,limited look-,back application 7#a7 ,in general ,each ,federal financial institutions regulatory agency shall conduct a review of all regulations adopted during the period beginning on the date that is seven years before the date of the introduction of this ,act in the ,house of ,representatives and ending on the date of the enactment of this ,act1 and apply the requirements of this ,act to such regulations4 7#b7 ,revision ,if the application of the requirements of this ,act to any such regulation requires such regulation to be revised1 the applicable ,federal financial institutions regulatory agency shall revise such regulation within #c years of the enactment of this ,act4 7f7 ,definitions ,in this ,act1 the following definitions shall apply3 7#a7 ,federal financial institutions regulatory agencies ,the term ,federal financial institutions regulatory agencies means the ,office of the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 the ,national ,credit ,union ,administration1 and the ,consumer ,law ,enforcement ,agency4 7#b7 ,regulatory action ,the term regulatory action means any proposed1 interim1 or final rule or regulation1 guidance1 or published interpretation4 ,k ,federal ,savings ,association ,charter ,flexibility #eea4 ,option for ,federal savings associations to operate as a covered savings association ,the ,home ,owners' ,loan ,act is amended by inserting after section #e 7#ab ,u4,s4,c4 #adfd7 the following3 #e;,a4 ,election to operate as a covered savings association 7a7 ,definition ,in this section1 the term covered savings association means a ,federal savings association that makes an election approved under subsection 7b74 7b7 ,election 7#a7 ,in general ,upon issuance of the rules described in subsection 7f71 a ,federal savings association may elect to operate as a covered savings association by submitting a notice to the ,comptroller of such election4 7#b7 ,approval ,a ,federal savings association shall be deemed to be approved to operate as a covered savings association on the date that is #fj days after the date on which the ,comptroller receives the notice under paragraph 7#a71 unless the ,comptroller notifies the ,federal savings association otherwise4 7c7 ,rights and duties ,notwithstanding any other provision of law and except as otherwise provided in this section1 a covered savings association shall-- 7#a7 have the same rights and privileges as a national bank that has its main office situated in the same location as the home office of the covered savings association2 and 7#b7 be subject to the same duties1 restrictions1 penalties1 liabilities1 conditions1 and limitations that would apply to such a national bank4 7d7 ,treatment of covered savings associations ,a covered savings association shall be treated as a ,federal savings association for the purposes-- 7#a7 of governance of the covered savings association1 including incorporation1 bylaws1 boards of directors1 shareholders1 and distribution of dividends2 7#b7 of consolidation1 merger1 dissolution1 conversion 7including conversion to a stock bank or to another charter71 conservatorship1 and receivership2 and 7#c7 determined by regulation of the ,comptroller4 7e7 ,existing branches ,a covered savings association may continue to operate any branch or agency the covered savings association operated on the date on which an election under subsection 7b7 is approved4 7f7 ,rulemaking ,the ,comptroller shall issue rules to carry out this section-- 7#a7 that establish streamlined standards and procedures that clearly identify required documentation or timelines for an election under subsection 7b72 7#b7 that require a ,federal savings association that makes an election under subsection 7b7 to identify specific assets and subsidiaries-- 7,a7 that do not conform to the requirements for assets and subsidiaries of a national bank2 and 7,b7 that are held by the ,federal savings association on the date on which the ,federal savings association submits a notice of such election2 7#c7 that establish-- 7,a7 a transition process for bringing such assets and subsidiaries into conformance with the requirements for a national bank2 and 7,b7 procedures for allowing the ,federal savings association to provide a justification for grandfathering such assets and subsidiaries after electing to operate as a covered savings association2 7#d7 that establish standards and procedures to allow a covered savings association to terminate an election under subsection 7b7 after an appropriate period of time or to make a subsequent election2 7#e7 that clarify requirements for the treatment of covered savings associations1 including the provisions of law that apply to covered savings associations2 and 7#f7 as the ,comptroller deems necessary and in the interests of safety and soundness4 4 ,l ,,safe ,transitional ,licensing #eef4 ,eliminating barriers to jobs for loan originators 7a7 ,in general ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is amended by adding at the end the following3 #aeah4 ,employment transition of loan originators 7a7 ,temporary authority to originate loans for loan originators moving from a depository institution to a non-depository institution 7#a7 ,in general ,upon employment by a ,state-licensed mortgage company1 an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application ,state for the period described in paragraph 7#b7 if the individual-- 7,a7 has not had an application for a loan originator license denied1 or had such a license revoked or suspended in any governmental jurisdiction2 7,b7 has not been subject to or served with a cease and desist order in any governmental jurisdiction or as described in section #aead7;c72 7,c7 has not been convicted of a felony that would preclude licensure under the law of the application ,state2 7,d7 has submitted an application to be a ,state-licensed loan originator in the application ,state2 and 7,e7 was registered in the ,nationwide ,mortgage ,licensing ,system and ,registry as a loan originator during the #ab-month period preceding the date of submission of the information required under section #aeje7;a74 7#b7 ,period ,the period described in paragraph 7#a7 shall begin on the date that the individual submits the information required under section #aeje7;a7 and shall end on the earliest of-- 7,a7 the date that the individual withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 the date that the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 the date that the application ,state grants a ,state license2 or 7,d7 the date that is #abj days after the date on which the individual submits the application1 if the application is listed on the ,nationwide ,mortgage ,licensing ,system and ,registry as incomplete4 7b7 ,temporary authority to originate loans for ,state-licensed loan originators moving interstate 7#a7 ,in general ,a ,state-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application ,state for the period described in paragraph 7#b7 if the ,state-licensed loan originator-- 7,a7 meets the requirements of subparagraphs 7,a71 7,b71 7,c71 and 7,d7 of subsection 7a77#a72 7,b7 is employed by a ,state-licensed mortgage company in the application ,state2 and 7,c7 was licensed in a ,state that is not the application ,state during the #cj-;day period preceding the date of submission of the information required under section #aeje7;a7 in connection with the application submitted to the application ,state4 7#b7 ,period ,the period described in paragraph 7#a7 shall begin on the date that the ,state-licensed loan originator submits the information required under section #aeje7;a7 in connection with the application submitted to the application ,state and end on the earliest of-- 7,a7 the date that the ,state-licensed loan originator withdraws the application to be a ,state-licensed loan originator in the application ,state2 7,b7 the date that the application ,state denies1 or issues a notice of intent to deny1 the application2 7,c7 the date that the application ,state grants a ,state license2 or 7,d7 the date that is #abj days after the date on which the ,state-licensed loan originator submits the application1 if the application is listed on the ,nationwide ,mortgage ,licensing ,system and ,registry as incomplete4 7c7 ,applicability 7#a7 ,any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application ,state pursuant to this section shall be subject to the requirements of this title and to applicable ,state law to the same extent as if such individual was a ,state-licensed loan originator licensed by the application ,state4 7#b7 ,any individual who is deemed to have temporary authority to act as a loan originator in an application ,state pursuant to this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable ,state law to the same extent as if such individual was a ,state-licensed loan originator licensed by the application ,state4 7d7 ,definitions ,in this section1 the following definitions shall apply3 7#a7 ,state-licensed mortgage company ,the term ,state-licensed mortgage company means an entity licensed or registered under the law of any ,state to engage in residential mortgage loan origination and processing activities4 7#b7 ,application ,state ,the term application ,state means a ,state in which a registered loan originator or a ,state-licensed loan originator seeks to be licensed4 4 7b7 ,table of contents amendment ,the table of contents in section #a7;b7 of the ,housing and ,economic ,recovery ,act of #bjjh 7#db ,u4,s4,c4 #deja note7 is amended by inserting after the item relating to section #aeag the following3 ,sec4 #aeah4 ,employment transition of loan originators4 4 7c7 ,amendment to civil liability of the ,consumer ,law ,enforcement ,agency and other officials ,section #aeac of the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaab7 is amended by striking are loan originators or are applying for licensing or registration as loan originators and inserting are applying for licensing or registration using the ,nationwide ,mortgage ,licensing ,system and ,registry4 ,m ,right to ,lend #efa4 ,small business loan data collection requirement 7a7 ,repeal ,section #gjd;,b of the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7 is repealed4 7b7 ,conforming amendments ,section #gja7;b7 of the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia7;b77 is amended-- 7#a7 in paragraph 7#c71 by inserting or at the end2 7#b7 in paragraph 7#d71 by striking 2 or and inserting a period2 and 7#c7 by striking paragraph 7#e74 7c7 ,clerical amendment ,the table of sections for title ,,vii of the ,consumer ,credit ,protection ,act is amended by striking the item relating to section #gjd;,b4 ,n ,community ,bank ,reporting ,relief #eff4 ,short form call report 7a7 ,in general ,section #g7;a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;a77 is amended by adding at the end the following3 7#ab7 ,short form reporting 7,a7 ,in general ,the appropriate ,federal banking agencies shall issue regulations allowing for a reduced reporting requirement for covered depository institutions when making the first and third report of condition for a year1 as required pursuant to paragraph 7#c74 7,b7 ,covered depository institution defined ,for purposes of this paragraph1 the term covered depository institution means an insured depository institution that-- 7i7 is well capitalized 7as defined under section #ch7;b772 and 7ii7 satisfies such other criteria as the appropriate ,federal banking agencies determine appropriate4 4 7b7 ,report to ,congress ,not later than #ahj days after the date of the enactment of this ,act1 and every #cfe days thereafter until the appropriate ,federal banking agencies 7as defined under section #c of the ,federal ,deposit ,insurance ,act7 have issued the regulations required under section #g7;a77#ab77;,a7 of the ,federal ,deposit ,insurance ,act1 such agencies shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report describing the progress made in issuing such regulations4 ,o ,homeowner ,information ,privacy ,protection #ega4 ,study regarding privacy of information collected under the ,home ,mortgage ,disclosure ,act of #aige 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study to determine whether the data required to be published1 made available1 or disclosed under the final rule1 in connection with other publicly available data sources1 including data made publicly available under ,regulation ,c 7#ab ,c4,f4,r4 #ajjc7 before the effective date of the final rule1 could allow for or increase the probability of-- 7#a7 exposure of the identity of mortgage applicants or mortgagors through reverse engineering2 7#b7 exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information2 7#c7 the marketing or sale of unfair or deceptive financial products to mortgage applicants or mortgagors based on such data2 7#d7 personal financial loss or emotional distress resulting from the exposure of mortgage applicants or mortgagors to identify theft or the loss of sensitive personal financial information2 and 7#e7 the potential legal liability facing the ,consumer ,law ,enforcement ,agency and market participants in the event the data required to be published1 made available1 or disclosed under the final rule leads or contributes to identity theft or the capture of sensitive personal financial information4 7b7 ,report ,the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report that includes-- 7#a7 the findings and conclusions of the ,comptroller ,general with respect to the study required under subsection 7a72 and 7#b7 any recommendations for legislative or regulatory actions that-- 7,a7 would enhance the privacy of a consumer when accessing mortgage credit2 and 7,b7 are consistent with consumer protections and safe and sound banking operations4 7c7 ,suspension of data sharing requirements ,notwithstanding any other provision of law1 including the final rule-- 7#a7 depository institutions shall not be required to publish1 disclose1 or otherwise make available to the public1 pursuant to the ,home ,mortgage ,disclosure ,act of #aige 7or regulations issued under such ,act7 any data that was not required to be published1 disclosed1 or otherwise made available pursuant to such ,act 7or regulations issued under such ,act7 on the day before the date of the enactment of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act2 and 7#b7 the ,consumer ,law ,enforcement ,agency and the ,financial ,institutions ,examination ,council shall not publish1 disclose1 or otherwise make available to the public any such information received from a depository institution pursuant to the final rule4 7d7 ,definitions ,for purposes of this section3 7#a7 ,depository institution ,the term depository institution has the meaning given that term under section #cjc of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjb74 7#b7 ,final rule ,the term final rule means the final rule issued by the ,bureau of ,consumer ,financial ,protection titled ,home ,mortgage ,disclosure 7,regulation ,c7 7,october #bh1 #bjae2 #hj ,fed4 ,reg4 #ffabh74 ,p ,home ,mortgage ,disclosure ,adjustment #egf4 ,depository institutions subject to maintenance of records and disclosure requirements 7a7 ,in general ,section #cjd of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjc7 is amended-- 7#a7 by redesignating subsection 7i7 as paragraph 7#b7 and adjusting the margin appropriately2 and 7#b7 by inserting before such paragraph 7#b7 the following3 7i7 ,exemptions 7#a7 ,in general ,with respect to a depository institution1 the requirements of subsections 7a7 and 7b7 shall not apply-- 7,a7 with respect to closed-end mortgage loans1 if such depository institution originated less than #ajj closed-end mortgage loans in each of the two preceding calendar years2 and 7,b7 with respect to open-end lines of credit1 if such depository institution originated less than #bjj open-end lines of credit in each of the two preceding calendar years4 4 7b7 ,technical correction ,section #cjd7;i77#b7 of such ,act1 as redesignated by subsection 7a71 is amended by striking section #cjc7b77;,a7 and inserting section #cjc7c77;,a74 ,q ,protecting ,consumers' ,access to ,credit #eha4 ,rate of interest after transfer of loan 7a7 ,amendment to the ,revised ,statutes ,section #eaig of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #he7 is amended by adding at the end the following new sentence3 ,a loan that is valid when made as to its maximum rate of interest in accordance with this section shall remain valid with respect to such rate regardless of whether the loan is subsequently sold1 assigned1 or otherwise transferred to a third party1 and may be enforced by such third party notwithstanding any ,state law to the contrary44 7b7 ,amendment to the ,home ,owners' ,loan ,act ,section #d7;g77#a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfc7;g77#a77 is amended by adding at the end the following new sentence3 ,a loan that is valid when made as to its maximum rate of interest in accordance with this subsection shall remain valid with respect to such rate regardless of whether the loan is subsequently sold1 assigned1 or otherwise transferred to a third party1 and may be enforced by such third party notwithstanding any ,state law to the contrary44 7c7 ,amendment to the ,federal ,credit ,union ,act ,section #bje7;g77#a7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghe7;g77#a77 is amended by adding at the end the following new sentence3 ,a loan that is valid when made as to its maximum rate of interest in accordance with this subsection shall remain valid with respect to such rate regardless of whether the loan is subsequently sold1 assigned1 or otherwise transferred to a third party1 and may be enforced by such third party notwithstanding any ,state law to the contrary44 7d7 ,amendment to the ,federal ,deposit ,insurance ,act ,section #bg7;a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;d7a77 is amended by adding at the end the following new sentence3 ,a loan that is valid when made as to its maximum rate of interest in accordance with this section shall remain valid with respect to such rate regardless of whether the loan is subsequently sold1 assigned1 or otherwise transferred to a third party1 and may be enforced by such third party notwithstanding any ,state law to the contrary44 ,r ,,ncua ,overhead ,transparency #ehf4 ,fund transparency ,section #bjc of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghc7 is amended by adding at the end the following3 7g7 ,fund transparency 7#a7 ,in general ,the ,board shall accompany each annual budget submitted pursuant to section #bji7;b7 with a report containing-- 7,a7 a detailed analysis of how the expenses of the ,administration are assigned between prudential activities and insurance-related activities and the extent to which those expenses are paid from the fees collected pursuant to section #aje or from the ,fund2 and 7,b7 the ,board's supporting rationale for any proposed use of amounts in the ,fund contained in such budget1 including detailed breakdowns and supporting rationales for any such proposed use related to titles of this ,act other than this title4 7#b7 ,public disclosure ,the ,board shall make each report described under paragraph 7#a7 available to the public4 4 ,s ,housing ,opportunities ,made ,easier #eia4 ,clarification of donated services to non-profits ,section #abi;,e7i7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;e7i77 is amended by adding at the end the following3 7#d7 ,rule of construction related to appraisal donations ,for purposes of paragraph 7#a71 if a fee appraiser voluntarily donates appraisal services to an organization described in section #agj7;c77#b7 of the ,internal ,revenue ,code of #aihf1 such voluntary donation shall be deemed customary and reasonable4 4 ,,vi ,regulatory ,relief for ,strongly ,capitalized1 ,well ,managed ,banking ,organizations #fja4 ,capital election 7a7 ,in general ,a banking organization may make an election under this section to be treated as a qualifying banking organization for purposes of the regulatory relief described under section #fjb4 7b7 ,requirements ,a banking organization may qualify to be treated as a qualifying banking organization if-- 7#a7 the banking organization has an average leverage ratio of at least #aj percent2 7#b7 with respect to a depository institution holding company1 each insured depository institution subsidiary of the holding company simultaneously makes the election described under subsection 7a72 and 7#c7 with respect to an insured depository institution1 any parent depository institution holding company of the institution simultaneously makes the election described under subsection 7a74 7c7 ,election process ,to make an election under this section1 a banking organization shall submit an election to the appropriate ,federal banking agency 7and any applicable ,state bank supervisor that regulates the banking organization7 containing-- 7#a7 a notice of such election2 7#b7 the banking organization's average leverage ratio1 as well as the organization's quarterly leverage ratio for each of the most recently completed four calendar quarters2 7#c7 if the banking organization is a depository institution holding company1 the information described under paragraph 7#b7 for each of the organization's insured depository institution subsidiaries2 and 7#d7 if the banking organization is an insured depository institution1 the information described under paragraph 7#b7 for any parent depository institution holding company of the institution4 7d7 ,effective date of election 7#a7 ,in general ,an election made under this section shall take effect at the end of the #cj-;day period beginning on the date that the appropriate ,federal banking agency receives the application described under subsection 7c71 unless the appropriate ,federal banking agency determines that the banking organization has not met the requirements described under subsection 7b74 7#b7 ,notice of failure to meet requirements ,if the appropriate ,federal banking agency determines that a banking organization submitting an election notice under subsection 7c7 does not meet the requirements described under subsection 7b71 the agency shall-- 7,a7 notify the banking organization 7and any applicable ,state bank supervisor that regulates the banking organization71 in writing1 of such determination as soon as possible after such determination is made1 but in no case later than the end of the #cj-;day period beginning on the date that the appropriate ,federal banking agency receives the election2 and 7,b7 include in such notification the specific reasons for such determination and steps that the banking organization can take to meet such requirements4 7e7 ,treatment of certain new banking organizations ,in the case of a banking organization that is a newly-chartered insured depository institution or a banking organization that becomes a banking organization because it controls a newly-chartered insured depository institution1 such banking organization may be treated as a qualifying banking organization immediately upon becoming a banking organization1 if-- 7#a7 an election to be treated as a qualifying banking organization was included in the application filed with the appropriate ,federal banking agency in connection with becoming a banking organization2 and 7#b7 as of the date the banking organization becomes a banking organization1 the banking organization's tangible equity divided by the banking organization's leverage exposure1 expressed as a percentage1 is at least #aj percent4 7f7 ,failure to maintain quarterly leverage ratio and loss of election 7#a7 ,effect of failure to maintain quarterly leverage ratio 7,a7 ,in general ,if1 with respect to the most recently completed calendar quarter1 the appropriate ,federal banking agency determines that a qualifying banking organization's quarterly leverage ratio is below #aj percent-- 7i7 the appropriate ,federal banking agency shall notify the qualifying banking organization and any applicable ,state bank supervisor that regulates the banking organization of such determination2 7ii7 the appropriate ,federal banking agency may prohibit the banking organization from making a capital distribution2 and 7iii7 the banking organization shall1 within #c months of the first such determination1 submit a capital restoration plan to the appropriate ,federal banking agency4 7,b7 ,loss of election after one-year remediation period ,if a banking organization described under subparagraph 7,a7 does not1 within the #a-year period beginning on the date of such determination1 raise the organization's quarterly leverage ratio for a calendar quarter ending in such #a-year period to at least #aj percent1 the banking organization's election under this section shall be terminated1 and the appropriate ,federal banking agency shall notify any applicable ,state bank supervisor that regulates the banking organization of such termination4 7,c7 ,effect of subsidiary on parent organization ,with respect to a qualifying banking organization described under subparagraph 7,a7 that is an insured depository institution1 any parent depository institution holding company of the qualifying banking organization shall-- 7i7 if the appropriate ,federal banking agency determines it appropriate1 be prohibited from making a capital distribution 7other than a capital contribution to such qualifying banking organization described under subparagraph 7,a772 and 7ii7 if the qualifying banking organization has an election terminated under subparagraph 7,b71 any such parent depository institution holding company shall also have its election under this section terminated4 7#b7 ,immediate loss of election if the quarterly leverage ratio falls below #f percent 7,a7 ,in general ,if1 with respect to the most recently completed calendar quarter1 the appropriate ,federal banking agency determines that a qualifying banking organization's quarterly leverage ratio is below #f percent1 the banking organization's election under this section shall be terminated1 and the appropriate ,federal banking agency shall notify any applicable ,state bank supervisor that regulates the banking organization of such termination4 7,b7 ,effect of subsidiary on parent organization ,with respect to a qualifying banking organization described under subparagraph 7,a7 that is an insured depository institution1 any parent depository institution holding company of the qualifying banking organization shall also have its election under this section terminated4 7#c7 ,ability to make future elections ,if a banking organization has an election under this section terminated1 the banking organization may not apply for another election under this section until the banking organization has maintained a quarterly leverage ratio of at least #aj percent for #h consecutive calendar quarters4 #fjb4 ,regulatory relief 7a7 ,in general ,a qualifying banking organization shall be exempt from the following3 7#a7 ,any ,federal law1 rule1 or regulation addressing capital or liquidity requirements or standards4 7#b7 ,any ,federal law1 rule1 or regulation that permits an appropriate ,federal banking agency to object to a capital distribution4 7#c7 ,any consideration by an appropriate ,federal banking agency of the following3 7,a7 ,any risk the qualifying banking organization may pose to the stability of the financial system of the ,united ,states1 under section #e7;c77#b7 of the ,bank ,holding ,company ,act of #aief4 7,b7 ,the extent to which a proposed acquisition1 merger1 or consolidation would result in greater or more concentrated risks to the stability of the ,united ,states banking or financial system1 under section #c7;c77#g7 of the ,bank ,holding ,company ,act of #aief1 so long as the banking organization1 after such proposed acquisition1 merger1 or consolidation1 would maintain a quarterly leverage ratio of at least #aj percent4 7,c7 ,whether the performance of an activity by the banking organization could possibly pose a risk to the stability of the ,united ,states banking or financial system1 under section #d7;j77#b77;,a7 of the ,bank ,holding ,company ,act of #aief4 7,d7 ,whether the acquisition of control of shares of a company engaged in an activity described in section #d7;j77#a77;,a7 of the ,bank ,holding ,company ,act of #aief could possibly pose a risk to the stability of the ,united ,states banking or financial system1 under section #d7;j77#b77;,a7 of the ,bank ,holding ,company ,act of #aief1 so long as the banking organization1 after acquiring control of such company1 would maintain a quarterly leverage ratio of at least #aj percent4 7,e7 ,whether a merger would pose a risk to the stability of the ,united ,states banking or financial system1 under section #ah7;c77#e7 of the ,federal ,deposit ,insurance ,act1 so long as the banking organization1 after such proposed merger1 would maintain a quarterly leverage ratio of at least #aj percent4 7,f7 ,any risk the qualifying banking organization may pose to the stability of the financial system of the ,united ,states1 under section #aj7;b77#d7 of the ,home ,owners' ,loan ,act4 7#d7 ,subsections 7i77#h7 and 7k77#f77;,b77ii7 of section #d and section #ad of the ,bank ,holding ,company ,act of #aief4 7#e7 ,section #ah7;c77#ac7 of the ,federal ,deposit ,insurance ,act4 7#f7 ,section #afc of the ,financial ,stability ,act of #bjaj4 7#g7 ,section #aj7;e77#b77;,e7 of the ,home ,owners' ,loan ,act4 7#h7 ,any ,federal law1 rule1 or regulation implementing standards of the type provided for in subsections 7b71 7c71 7d71 7e71 7g71 7h71 7i71 and 7j7 of section #afe of the ,financial ,stability ,act of #bjaj4 7#i7 ,any ,federal law1 rule1 or regulation providing limitations on mergers1 consolidations1 or acquisitions of assets or control1 to the extent such limitations relate to capital or liquidity standards or concentrations of deposits or assets1 so long as the banking organization1 after such proposed merger1 consolidation1 or acquisition1 would maintain a quarterly leverage ratio of at least #aj percent4 7b7 ,qualifying banking organizations treated as well capitalized ,a qualifying banking organization shall be deemed to be well capitalized for purposes of-- 7#a7 section #baf of the ,federal ,credit ,union ,act2 and 7#b7 sections #bi1 #ch1 #dd1 and #df of the ,federal ,deposit ,insurance ,act4 7c7 ,treatment of certain risk-weighted asset requirements for qualifying banking organizations 7#a7 ,acquisition size criteria treatment ,a qualifying banking organization shall be deemed to meet the criteria described under section #d7;j77#d77;,d7 of the ,bank ,holding ,company ,act of #aief1 so long as after the proposed transaction the acquiring qualifying banking organization would maintain a quarterly leverage ratio of at least #aj percent4 7#b7 ,use of leverage exposure ,with respect to a qualifying banking organization1 in determining whether a proposal qualifies with the criteria described under subparagraphs 7,a77iii7 and 7,b77i7 of section #d7;j77#d7 of the ,bank ,holding ,company ,act of #aief1 the ,board of ,governors of the ,federal ,reserve ,system shall consider the leverage exposure of an insured depository institution instead of the total risk-weighted assets of such institution4 #fjc4 ,contingent capital study 7a7 ,study ,the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,office of the ,comptroller of the ,currency shall each carry out a study1 which shall include holding public hearings1 on how to design a requirement that banking organizations issue contingent capital with a market-based conversion trigger4 7b7 ,report ,not later than the end of the #a-year period beginning on the date of the enactment of this ,act1 each agency described under subsection 7a7 shall submit a report to the ,congress containing-- 7#a7 all findings and determinations made by the agency in carrying out the study required under subsection 7a72 and 7#b7 the agency's recommendations on how the ,congress should design a requirement that banking organizations issue contingent capital with a market-based conversion trigger4 #fjd4 ,study on altering the current prompt corrective action rules 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study to assess the benefits and feasibility of altering the current prompt corrective action rules and replacing the ,basel-based capital ratios with the nonperforming asset coverage ratio or ,,nacr as the trigger for specific required supervisory interventions4 ,the ,comptroller ,general shall ensure that such study includes the following3 7#a7 ,an assessment of the performance of an ,,nacr forward-looking measure of a banking organization's solvency condition relative to the regulatory capital ratios currently used by prompt corrective action rules4 7#b7 ,an analysis of the performance of alternative definitions of nonperforming assets4 7#c7 ,an assessment of the impact of two alternative intervention thresholds3 7,a7 ,an initial 7high7 intervention threshold1 below which appropriate ,federal banking agency examiners are required to intervene and assess a banking organization's condition and prescribe remedial measures4 7,b7 ,a lower threshold1 below which banking organizations must increase their capital1 seek an acquirer1 or face mandatory resolution within #ij days4 7b7 ,report ,not later than the end of the #a-year period beginning on the date of the enactment of this ,act1 the ,comptroller ,general shall submit a report to the ,congress containing-- 7#a7 all findings and determinations made in carrying out the study required under subsection 7a72 and 7#b7 recommendations on the most suitable definition of nonperforming assets1 as well as the two numerical thresholds that trigger specific required supervisory interventions4 #fje4 ,definitions ,for purposes of this title3 7#a7 ,appropriate ,federal banking agency ,the term appropriate ,federal banking agency-- 7,a7 has the meaning given such term under section #c of the ,federal ,deposit ,insurance ,act2 and 7,b7 means the ,national ,credit ,union ,administration1 in the case of an insured credit union4 7#b7 ,banking organization ,the term banking organization means-- 7,a7 an insured depository institution2 7,b7 an insured credit union2 7,c7 a depository institution holding company2 7,d7 a company that is treated as a bank holding company for purposes of section #h of the ,international ,banking ,act2 and 7,e7 a ,u4,s4 intermediate holding company established by a foreign banking organization pursuant to section #beb4aec of title #ab1 ,code of ,federal ,regulations4 7#c7 ,foreign exchange swap ,the term foreign exchange swap has the meaning given that term under section #a;a of the ,commodity ,exchange ,act4 7#d7 ,insured credit union ,the term insured credit union has the meaning given that term under section #aja of the ,federal ,credit ,union ,act4 7#e7 ,leverage exposure ,the term leverage exposure-- 7,a7 with respect to a banking organization other than an insured credit union or a traditional banking organization1 has the meaning given the term total leverage exposure under section #c4aj7;c77#d77;ii71 #bag4aj7;c77#d71 or #cbd4aj7;c77#d7 of title #ab1 ,code of ,federal ,regulations1 as applicable1 as in effect on the date of the enactment of this ,act2 7,b7 with respect to a traditional banking organization other than an insured credit union1 means total assets 7minus any items deducted from common equity tier #a capital7 as calculated in accordance with generally accepted accounting principles and as reported on the traditional banking organization's applicable regulatory filing with the banking organization's appropriate ,federal banking agency2 and 7,c7 with respect to a banking organization that is an insured credit union1 has the meaning given the term total assets under section #gjb4b of title #ab1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of this ,act4 7#f7 ,leverage ratio definitions 7,a7 ,average leverage ratio ,with respect to a banking organization1 the term average leverage ratio means the average of the banking organization's quarterly leverage ratios for each of the most recently completed four calendar quarters4 7,b7 ,quarterly leverage ratio ,with respect to a banking organization and a calendar quarter1 the term quarterly leverage ratio means the organization's tangible equity divided by the organization's leverage exposure1 expressed as a percentage1 on the last day of such quarter4 7#g7 ,,nacr ,the term ,,nacr means-- 7,a7 book equity less nonperforming assets plus loan loss reserves1 divided by 7,b7 total banking organization assets4 7#h7 ,nonperforming assets ,the term nonperforming assets means-- 7,a7 #bj percent of assets that are past due #cj to #hi days1 plus 7,b7 #ej percent of assets that are past due #ij days or more1 plus 7,c7 #ajj percent of nonaccrual assets and other real estate owned4 7#i7 ,qualifying banking organization ,the term qualifying banking organization means a banking organization that has made an election under section #fja and with respect to which such election is in effect4 7#aj7 ,security-based swap ,the term security-based swap has the meaning given that term under section #c of the ,securities ,exchange ,act of #aicd4 7#aa7 ,swap ,the term swap has the meaning given that term under section #a;a of the ,commodity ,exchange ,act4 7#ab7 ,tangible equity ,the term tangible equity-- 7,a7 with respect to a banking organization other than a credit union1 means the sum of-- 7i7 common equity tier #a capital2 7ii7 additional tier #a capital consisting of instruments issued on or before the date of enactment of this ,act2 and 7iii7 with respect to a depository institution holding company that had less than #ae1jjj1jjj1jjj in total consolidated assets as of ,december #ca1 #bjji1 or ,march #ca1 #bjaj1 or a banking organization that was a mutual holding company as of ,may #ai1 #bjaj1 trust preferred securities issued prior to ,may #ai1 #bjaj1 to the extent such organization was permitted1 as of the date of the enactment of this ,act1 to consider such securities as tier #a capital under existing regulations of the appropriate ,federal banking agency2 and 7,b7 with respect to a banking organization that is a credit union1 has the meaning given the term net worth under section #gjb4b of title #ab1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of this ,act4 7#ac7 ,traditional banking organization ,the term traditional banking organization means a banking organization that-- 7,a7 has zero trading assets and zero trading liabilities2 7,b7 does not engage in swaps or security-based swaps1 other than swaps or security-based swaps referencing interest rates or foreign exchange swaps2 and 7,c7 has a total notional exposure of swaps and security-based swaps of not more than #h1jjj1jjj1jjj4 7#ad7 ,other banking terms ,the terms insured depository institution and depository institution holding company have the meaning given those terms1 respectively1 under section #c of the ,federal ,deposit ,insurance ,act4 7#ae7 ,other capital terms ,with respect to a banking organization1 the terms additional tier #a capital and common equity tier #a capital have the meaning given such terms1 respectively1 under section #c4bj1 #bag4bj1 or #cbd4bj of title #ab1 ,code of ,federal ,regulations1 as applicable1 as in effect on the date of the enactment of this ,act4 ,,vii ,empowering ,americans to ,achieve ,financial ,independence ,a ,separation of ,powers and ,liberty ,enhancements #gaa4 ,consumer ,law ,enforcement ,agency 7a7 ,making the ,bureau an independent ,consumer ,law ,enforcement ,agency ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajaa-- 7,a7 in the heading of such section1 by striking ,,bureau ,,of ,,consumer ,,financial ,,protection and inserting ,consumer ,law ,enforcement ,agency2 7,b7 in subsection 7a7-- 7i7 in the heading of such subsection1 by striking ,bureau and inserting ,agency2 7ii7 by striking in the ,federal ,reserve ,system12 7iii7 by striking independent bureau and inserting independent agency2 and 7iv7 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency 7hereinafter in this section referred to as the ,agency72 7,c7 in subsection 7b77#e71 by amending subparagraph 7,a7 to read as follows3 7,a7 shall be appointed by the ,president2 and 2 7,d7 in subsection 7c71 by striking paragraph 7#c72 7,e7 in subsection 7e71 by striking 1 including in cities in which the ,federal reserve banks1 or branches of such banks1 are located12 and 7,f7 by striking ,bureau each place such term appears and inserting ,agency2 and 7#b7 in section #ajab-- 7,a7 in subsection 7a77#aj71 by striking examinations12 and 7,b7 by striking subsection 7c74 7b7 ,deeming of name ,any reference in a law1 regulation1 document1 paper1 or other record of the ,united ,states to the ,bureau of ,consumer ,financial ,protection shall be deemed a reference to the ,consumer ,law ,enforcement ,agency4 7c7 ,conforming amendments 7#a7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7,a7 in the table of contents in section #a7;b7-- 7i7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 and 7ii7 in the table of contents relating to title ,x1 in the items relating to subtitle ,b1 subtitle ,c1 and section #ajbg1 by striking ,bureau each place such term appears and inserting ,agency2 7,b7 in section #b1 by amending paragraph 7#d7 to read as follows3 7#d7 ,agency ,the term ,agency means the ,consumer ,law ,enforcement ,agency established under title ,x4 2 7,c7 in section #cdb by striking ,bureau each place such term appears in headings and text and inserting ,agency2 7,d7 in section #adjj7;b7-- 7i7 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency2 and 7ii7 in the subsection heading1 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency2 7,e7 in section #adaa7;a77#a71 by striking ,bureau and inserting ,agency2 and 7,f7 in section #addg1 by striking ,director of the ,bureau each place such term appears and inserting ,director of the ,consumer ,law ,enforcement ,agency4 7#b7 ,alternative ,mortgage ,transaction ,parity ,act of #aihb ,the ,alternative ,mortgage ,transaction ,parity ,act of #aihb 7#ab ,u4,s4,c4 #chja et seq47 is amended-- 7,a7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 and 7,b7 in the subsection heading of subsection 7d7 of section #hjd 7#ab ,u4,s4,c4 #chjc7;d771 by striking ,bureau and inserting ,agency4 7#c7 ,electronic ,fund ,transfer ,act ,the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afic et seq47 is amended-- 7,a7 by amending the second paragraph 7#d7 7defining the term ,bureau7 to read as follows3 7#d7 the term ,agency means the ,consumer ,law ,enforcement ,agency2 2 7,b7 in section #iaf7;d77#a71 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency2 and 7,c7 by striking ,bureau each place that term appears in heading or text and inserting ,agency4 7#d7 ,equal ,credit ,opportunity ,act ,the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq47 is amended-- 7,a7 in section #gjb 7#ae ,u4,s4,c4 #afia;a71 by amending subsection 7c7 to read as follows3 7c7 ,the term ,agency means the ,consumer ,law ,enforcement ,agency4 2 and 7,b7 by striking ,bureau each place that term appears in heading or text and inserting ,agency4 7#e7 ,expedited ,funds ,availability ,act ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is amended-- 7,a7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 and 7,b7 in the heading of section #fje7;f77#a71 by striking board and bureau and inserting ,board and ,agency4 7#f7 ,fair and ,accurate ,credit ,transactions ,act of #bjjc ,the ,fair and ,accurate ,credit ,transactions ,act of #bjjc 7,public ,law #ajh-aei7 is amended by striking ,bureau each place such term appears and inserting ,agency4 7#g7 ,fair ,credit ,reporting ,act ,the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha et seq47 is amended-- 7,a7 by amending section #fjc7w7 to read as follows3 7w7 ,agency ,the term ,agency means the ,consumer ,law ,enforcement ,agency4 2 and 7,b7 by striking ,bureau each place such term appears1 other than in sections #fbf and #fjc7v71 and inserting ,agency4 7#h7 ,fair ,debt ,collection ,practices ,act ,the ,fair ,debt ,collection ,practices ,act 7#ae ,u4,s4,c4 #afib et seq47 is amended-- 7,a7 by amending section #hjc7a7 to read as follows3 7#a7 ,the term ,agency means the ,consumer ,law ,enforcement ,agency4 2 and 7,b7 by striking ,bureau each place such term appears in heading or text and inserting ,agency4 7#i7 ,federal ,deposit ,insurance ,act ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended-- 7,a7 in the second paragraph 7#f7 7with the heading ,referral to bureau of consumer financial protection7 of section #h7t7 7#ab ,u4,s4,c4 #ahah7t77-- 7i7 in the paragraph heading1 by striking bureau of consumer financial protection2 and inserting ,consumer ,law ,enforcement ,agency2 and 7ii7 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency2 7,b7 by amending clause 7vi7 of section #aa7t77#b77;,a7 7#ab ,u4,s4,c4 #ahba7t77#b77;,a77vi77 to read as follows3 7vi7 ,the ,consumer ,law ,enforcement ,agency4 2 7,c7 in section #ah7x7 7#ab ,u4,s4,c4 #ahbh7x771 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 7,d7 by striking ,bureau each place such term appears and inserting ,agency2 and 7,e7 in section #dc7;e7 7#ab ,u4,s4,c4 #ahcat7e771 by amending paragraph 7#e7 to read as follows3 7#e7 ,agency ,the term ,agency means the ,consumer ,law ,enforcement ,agency4 4 7#aj7 ,federal ,financial ,institutions ,examination ,council ,act of #aigh ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is amended-- 7,a7 in section #ajjd7;a77#d71 by striking ,consumer ,financial ,protection ,bureau and inserting ,consumer ,law ,enforcement ,agency2 and 7,b7 in section #ajaa1 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency4 7#aa7 ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi ,the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7,public ,law #aja-gc2 #ajc ,stat4 #ahc7 is amended-- 7,a7 in section #aaab7;b7 7#ab ,u4,s4,c4 #ccda71 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency2 7,b7 in section #aabd 7#ab ,u4,s4,c4 #ccec71 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 7,c7 in section #aabe 7#ab ,u4,s4,c4 #cced71 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 and 7,d7 in section #abjf7;a7 7#ab ,u4,s4,c4 #ahcc;b7a771 by striking ,federal ,housing ,finance ,board and all that follows through ,farm ,credit ,administration and inserting ,federal ,housing ,finance ,board1 the ,consumer ,law ,enforcement ,agency1 and the ,farm ,credit ,administration4 7#ab7 ,financial ,literacy and ,education ,improvement ,act ,section #eac of the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igjb7 is amended by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency4 7#ac7 ,gramm-,leach-,bliley ,act ,title ,v of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fhja et seq47 is amended-- 7,a7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 and 7,b7 in section #eje7;a77#h7 7#ae ,u4,s4,c4 #fhje7;a77#h771 by striking ,bureau and inserting ,agency4 7#ad7 ,home ,mortgage ,disclosure ,act of #aige ,the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq47 is amended-- 7,a7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 7,b7 by striking ,bureau each place such term appears and inserting ,agency2 and 7,c7 in section #cjc1 by amending paragraph 7#a7 to read as follows3 7#a7 the term ,agency means the ,consumer ,law ,enforcement ,agency2 4 7#ae7 ,homeowners ,protection ,act of #aiih ,section #aj7;a77#d7 of the ,homeowners ,protection ,act of #aiih 7#ab ,u4,s4,c4 #diji7;a77#d77 is amended by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency4 7#af7 ,home ,ownership and ,equity ,protection ,act of #aiid ,section #aeh7;a7 of the ,home ,ownership and ,equity ,protection ,act of #aiid 7#ae ,u4,s4,c4 #afja note7 is amended by striking ,bureau and inserting ,consumer ,law ,enforcement ,agency4 7#ag7 ,interstate ,land ,sales ,full ,disclosure ,act ,the ,interstate ,land ,sales ,full ,disclosure ,act 7#ab ,u4,s4,c4 #agja et seq47 is amended-- 7,a7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,agency2 7,b7 in section #adjb1 by amending paragraph 7#ab7 to read as follows3 7#ab7 ,agency means the ,consumer ,law ,enforcement ,agency4 2 and 7,c7 in section #adaf1 by striking ,bureau each place such term appears and inserting ,agency4 7#ah7 ,real ,estate ,settlement ,procedures ,act of #aigd ,the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfja et seq47 is amended-- 7,a7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 7,b7 by striking ,bureau each place such term appears and inserting ,agency2 and 7,c7 in section #c1 by amending paragraph 7#i7 to read as follows3 7#i7 the term ,agency means the ,consumer ,law ,enforcement ,agency4 4 7#ai7 ,revised ,statues of the ,united ,states ,section #eacf;,c7b77#c77;,b7 of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #be;b7b77#c77;,b77 is amended by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency4 7#bj7 ,right to ,financial ,privacy ,act of #aigh ,the ,right to ,financial ,privacy ,act of #aigh 7#ab ,u4,s4,c4 #cdja et seq47 is amended-- 7,a7 by amending subparagraph 7,b7 of section #aaja7g7 7#ab ,u4,s4,c4 #cdja7g77;,b77 to read as follows3 7,b7 the ,consumer ,law ,enforcement ,agency2 2 and 7,b7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears in heading or text and inserting ,consumer ,law ,enforcement ,agency4 7#ba7 ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is amended-- 7,a7 in section #aejg1 by striking ,bureau1 and the ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 7,b7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,law ,enforcement ,agency2 7,c7 by striking ,bureau each place such appears1 other than in sections #aeje7;a77#a71 #aejg7;a77#b77;,a71 and #aeaa7;b71 and inserting ,agency2 7,d7 in section #aejc1 by amending paragraph 7#a7 to read as follows3 7#a7 ,agency ,the term ,agency means the ,consumer ,law ,enforcement ,agency4 2 7,e7 in the heading of section #aejh1 by striking ,,bureau ,,of ,,consumer ,,financial ,,protection and inserting ,consumer ,law ,enforcement ,agency2 and 7,f7 in the heading of section #aead1 by striking ,,bureau and inserting ,,agency4 7#bb7 ,telemarketing and ,consumer ,fraud and ,abuse ,prevention ,act ,the ,telemarketing and ,consumer ,fraud and ,abuse ,prevention ,act 7#ae ,u4,s4,c4 #faja et seq47 is amended by striking ,bureau of ,consumer ,financial ,protection each place such term appears in heading or text and inserting ,consumer ,law ,enforcement ,agency4 7#bc7 ,title #e1 ,united ,states ,code ,title #e1 ,united ,states ,code1 is amended-- 7,a7 in section #eeb;a7w7-- 7i7 in the subsection heading1 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency2 7ii7 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency2 7,b7 in section #fji7;d77#b71 by striking ,consumer ,financial ,protection ,bureau of the ,federal ,reserve ,system and inserting ,consumer ,law ,enforcement ,agency2 and 7,c7 in section #cacb7;a77#a77;,d71 as amended by section #aea7;a77#a71 is further amended by inserting the ,consumer ,law ,enforcement ,agency1 before and the ,national ,credit ,union ,administration4 7#bd7 ,title #aj1 ,united ,states ,code 7,a7 ,section #ihg ,section #ihg7;h77#c77;,e7 of title #aj1 ,united ,states ,code1 is amended by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency4 7,b7 ,,ndaa ,,fy #bjae ,section #eeg7;a7 of the ,carl ,levin and ,howard ,p4 ,buck ,mc,keon ,national ,defense ,authorization ,act for ,fiscal ,year #bjae 7,public ,law #aac-bi2 #abh ,stat4 #ccha2 #aj ,u4,s4,c4 #aadd note71 is amended by striking ,consumer ,financial ,protection ,bureau each place such term appears and inserting ,consumer ,law ,enforcement ,agency4 7#be7 ,title #dd1 ,united ,states ,code ,title #dd1 ,united ,states ,code1 is amended-- 7,a7 in section #cejb7e71 by striking the ,bureau of ,consumer ,financial ,protection1 the ,office of ,financial ,research1 and inserting the ,consumer ,law ,enforcement ,agency12 and 7,b7 in section #ceac7;c71 by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,law ,enforcement ,agency4 7#bf7 ,truth in ,lending ,act ,the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 is amended-- 7,a7 by amending section #ajc7;b7 7#ae ,u4,s4,c4 #afjb7;b77 to read as follows3 7b7 ,agency ,the term ,agency means the ,consumer ,law ,enforcement ,agency4 2 7,b7 by amending section #ajc7;c7 7#ae ,u4,s4,c4 #afjb7;c77 to read as follows3 7c7 ,board ,the term ,board means the ,board of ,governors of the ,federal ,reserve ,system4 2 and 7,c7 in section #abh7;f7 7#ae ,u4,s4,c4 #afch7;f771 by striking ,board each place such term appears and inserting ,agency2 7,d7 in sections #abi;,b 7#ae ,u4,s4,c4 #afci;b7 and #abi;,c 7#ae ,u4,s4,c4 #afci;c71 by striking ,board each place such term appears and inserting ,agency2 7,e7 in section #adj;,a 7#ae ,u4,s4,c4 #afea71 by striking in consultation with the ,bureau and inserting in consultation with the ,federal ,trade ,commission2 7,f7 by striking ,national ,credit ,union ,administration ,bureau each place such term appears and inserting ,national ,credit ,union ,administration ,board2 7,g7 by striking ,bureau each place such term appears in heading or text and inserting ,agency2 and 7,h7 by striking bureau and inserting ,agency in the paragraph headings for-- 7i7 section #abb7;d77#b7 7#ae ,u4,s4,c4 #afcb7;d77#b772 7ii7 section #abg7;c77#e7 7#ae ,u4,s4,c4 #afcg7;c77#e772 7iii7 section #abg7r77#c7 7#ae ,u4,s4,c4 #afcg7r77#c772 and 7iv7 section #abg;,a7a77#ad7 7#ae ,u4,s4,c4 #afcg;a7a77#ad774 7#bg7 ,truth in ,savings ,act ,the ,truth in ,savings ,act 7#ab ,u4,s4,c4 #dcja et seq47 is amended-- 7,a7 by amending paragraph 7#d7 of section #bgd 7#ab ,u4,s4,c4 #dcac7d77 to read as follows3 7#d7 ,agency ,the term ,agency means the ,consumer ,law ,enforcement ,agency4 2 7,b7 by striking ,national ,credit ,union ,administration ,bureau each place such term appears and inserting ,national ,credit ,union ,administration ,board2 and 7,c7 by striking ,bureau each place such term appears and inserting ,agency4 #gab4 ,authority of the ,office of ,information and ,regulatory ,affairs ,section #ajbb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7 is amended by adding at the end the following3 7e7 ,authority of the ,office of ,information and ,regulatory ,affairs ,the ,office of ,information and ,regulatory ,affairs shall have the same duties and authorities with respect to the ,consumer ,law ,enforcement ,agency as the ,office of ,information and ,regulatory ,affairs has with respect to any other agency that is not an independent regulatory agency 7as such terms are defined1 respectively1 under section #cejb of title #dd1 ,united ,states ,code74 4 #gac4 ,bringing the ,agency into the regular appropriations process ,section #ajag of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edig7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by amending the heading of such subsection to read as follows3 ,budget1 financial management1 and audit4--2 7,b7 by striking paragraphs 7#a71 7#b71 and 7#c72 7,c7 by redesignating paragraphs 7#d7 and 7#e7 as paragraphs 7#a7 and 7#b71 respectively2 and 7,d7 by striking subparagraphs 7,e7 and 7,f7 of paragraph 7#a71 as so redesignated2 7#b7 by striking subsections 7b7 and 7c72 7#c7 by redesignating subsections 7d7 and 7e7 as subsections 7b7 and 7c71 respectively2 and 7#d7 in subsection 7c71 as so redesignated-- 7,a7 by striking paragraphs 7#a71 7#b71 and 7#c7 and inserting the following3 7#a7 ,authorization of appropriations ,there is authorized to be appropriated to the ,agency for each of fiscal years #bjag and #bjah an amount equal to the aggregate amount of funds transferred by the ,board of ,governors to the ,bureau of ,consumer ,financial ,protection during fiscal year #bjae4 2 and 7,b7 by redesignating paragraph 7#d7 as paragraph 7#b74 #gad4 ,consumer ,law ,enforcement ,agency ,inspector ,general ,reform 7a7 ,appointment of ,inspector ,general ,the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 is amended-- 7#a7 in section #h;,g-- 7,a7 in subsection 7a77#b71 by striking and the ,bureau of ,consumer ,financial ,protection2 7,b7 in subsection 7c71 by striking ,for purposes of implementing this section and all that follows through the end of the subsection2 and 7,c7 in subsection 7g77#c71 by striking and the ,bureau of ,consumer ,financial ,protection2 and 7#b7 in section #ab-- 7,a7 in paragraph 7#a71 by inserting the ,consumer ,law ,enforcement ,agency2 after the ,president of the ,export-,import ,bank22 and 7,b7 in paragraph 7#b71 by inserting the ,consumer ,law ,enforcement ,agency1 after the ,export-,import ,bank14 7b7 ,requirements for the ,inspector ,general for the ,consumer ,law ,enforcement ,agency 7#a7 ,establishment ,section #ajaa of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edia71 as amended by section #caa1 is further amended by adding at the end the following3 7i7 ,inspector ,general ,there is established the position of the ,inspector ,general of the ,agency4 2 and 7#b7 ,hearings ,section #ajaf of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edif7 is amended by inserting after subsection 7c7 the following3 7d7 ,additional ,requirement for ,inspector ,general ,on a separate occasion from that described in subsection 7a71 the ,inspector ,general of the ,agency shall appear1 upon invitation1 before the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives at semi-annual hearings regarding the reports required under subsection 7b7 and the reports required under section #e of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 4 7#c7 ,participation in the ,council of ,inspectors ,general on ,financial ,oversight ,section #ihi;,e7a77#a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by adding at the end the following3 7,j7 ,the ,consumer ,law ,enforcement ,agency4 4 7#d7 ,deadline for appointment ,not later than #fj days after the date of the enactment of this ,act1 the ,president shall appoint an ,inspector ,general for the ,consumer ,law ,enforcement ,agency in accordance with section #c of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7c7 ,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 ,consumer ,law ,enforcement ,agency4 ,at that time1 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 ,system4 #gae4 ,private parties authorized to compel the ,agency to seek sanctions by filing civil actions2 ,adjudications deemed actions ,section #ajec of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eefc7 is amended by adding at the end the following3 7f7 ,private parties authorized to compel the ,agency to seek sanctions by filing civil actions 7#a7 ,termination of administrative proceeding ,in the case of any person who is a party to a proceeding brought by the ,agency under this section1 to which chapter #e of title #e1 ,united ,states ,code1 applies1 and against whom an order imposing a cease and desist order or a penalty may be issued at the conclusion of the proceeding1 that person may1 not later than #bj days after receiving notice of such proceeding1 and at that person's discretion1 require the ,agency to terminate the proceeding4 7#b7 ,civil action authorized ,if a person requires the ,agency to terminate a proceeding pursuant to paragraph 7#a71 the ,agency may bring a civil action against that person for the same remedy that might be imposed4 7g7 ,adjudications deemed actions ,any administrative adjudication commenced under this section shall be deemed an action for purposes of section #ajed7;g74 4 #gaf4 ,civil investigative demands to be appealed to courts ,section #ajeb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eefb7 is amended-- 7#a7 in subsection 7c7-- 7,a7 in paragraph 7#b71 by inserting after shall state the following3 with specificity2 and 7,b7 by adding at the end the following3 7#ad7 ,meeting requirement ,the recipient of a civil investigative demand shall meet and confer with an ,agency investigator within #cj calendar days after receipt of the demand to discuss and attempt to resolve all issues regarding compliance with the civil investigative demand1 unless the ,agency grants an extension requested by such recipient4 2 7#b7 in subsection 7f7-- 7,a7 by amending paragraph 7#a7 to read as follows3 7#a7 ,in general ,not later than #de days after the service of any civil investigative demand upon any person under subsection 7c71 or at any time before the return date specified in the demand1 whichever period is shorter1 or within such period exceeding #de days after service or in excess of such return date as may be prescribed in writing1 subsequent to service1 by any ,agency investigator named in the demand1 such person may file1 in the district court of the ,united ,states for any judicial district in which such person resides1 is found1 or transacts business1 a petition for an order modifying or setting aside the demand4 2 and 7,b7 in paragraph 7#b71 by striking at the ,bureau2 and 7#c7 in subsection 7h7-- 7,a7 by striking 7#a7 ,in general4--2 and 7,b7 by striking paragraph 7#b74 #gag4 ,agency dual mandate and economic analysis 7a7 ,purpose ,section #ajba7;a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeaa7;a77 is amended by adding at the end the following3 ,in addition1 the ,director shall seek to implement and1 where applicable1 enforce ,federal consumer financial law consistently for the purpose of strengthening participation in markets by covered persons1 without ,government interference or subsidies1 to increase competition and enhance consumer choice44 7b7 ,office of ,economic ,analysis 7#a7 ,in general ,section #ajac of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7 is amended by adding at the end the following3 7h7 ,office of ,economic ,analysis 7#a7 ,establishment ,the ,director shall1 not later than the end of the #fj-;day period beginning on the date of the enactment of this subsection1 establish an ,office of ,economic ,analysis4 7#b7 ,direct reporting ,the head of the ,office of ,economic ,analysis shall report directly to the ,director4 7#c7 ,review and assessment of proposed rules and regulations ,the ,office of ,economic ,analysis shall-- 7,a7 review all proposed rules and regulations of the ,agency2 7,b7 assess the impact of such rules and regulations on consumer choice1 price1 and access to credit products2 and 7,c7 publish a report on such reviews and assessments in the ,federal ,register4 7#d7 ,measuring existing rules and regulations ,the ,office of ,economic ,analysis shall-- 7,a7 review each rule and regulation issued by the ,commission after #a1 #b1 #f1 and #aa years2 7,b7 measure the rule or regulation's success in solving the problem that the rule or regulation was intended to solve when issued2 and 7,c7 publish a report on such review and measurement in the ,federal ,register4 7#e7 ,cost-benefit analysis related to administrative enforcement and civil actions ,the ,office of ,economic ,analysis shall-- 7,a7 carry out a cost-benefit analysis of any proposed administrative enforcement action1 civil lawsuit1 or consent order of the ,agency2 and 7,b7 assess the impact of such complaint1 lawsuit1 or order on consumer choice1 price1 and access to credit products4 4 7#b7 ,consideration of review and assessment2 rulemaking requirements ,section #ajbb7;b7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b77 is amended by adding at the end the following3 7#e7 ,consideration of review and assessment by the ,office of ,economic ,analysis ,before issuing any rule or regulation1 the ,director shall consider the review and assessment of such rule or regulation carried out by the ,office of ,economic ,analysis4 7#f7 ,identification of problems and metrics for judging success 7,a7 ,in general ,the ,director shall1 in each proposed rulemaking of the ,agency-- 7i7 identify the problem that the particular rule or regulations is seeking to solve2 and 7ii7 specify the metrics by which the ,agency will measure the success of the rule or regulation in solving such problem4 7,b7 ,required metrics ,the metrics specified under subparagraph 7,a77ii7 shall include a measurement of changes to consumer access to1 and cost of1 consumer financial products and services4 4 7#c7 ,consideration of cost-benefit review related to administrative actions ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7,a7 in subtitle ,e of title ,x1 by adding at the end the following3 #ajei4 ,consideration of cost-benefit analysis related to administrative enforcement and civil actions ,before initiating any administrative enforcement action or civil lawsuit or entering into a consent order1 the ,director shall consider the cost-benefit analysis of such action1 lawsuit1 or order carried out by the ,office of ,economic ,analysis4 2 and 7,b7 in the table of contents under section #a7;b71 by inserting after the item relating to section #ajeh the following3 ,sec4 #ajei4 ,consideration of cost-benefit analysis related to administrative enforcement and civil actions4 4 7c7 ,avoidance of duplicative or unnecessary analyses ,the ,consumer ,law ,enforcement ,agency may perform any of the analyses required by the amendments made by this section in conjunction with1 or as part of1 any other agenda or analysis required by any other provision of law1 if such other agenda or analysis satisfies the provisions of this section4 #gah4 ,no deference to ,agency interpretation ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajbb7;b77#d7-- 7,a7 by striking 7,a7 ,in general4--2 and 7,b7 by striking subparagraph 7,b72 and 7#b7 in section #ajfa7;b77#e77;,e7-- 7,a7 by striking affords to the-- and all that follows through 7i7 ,federal ,trade ,commission and inserting affords to the ,federal ,trade ,commission2 7,b7 by striking 2 or and inserting a period2 and 7,c7 by striking clause 7ii74 ,b ,administrative ,enhancements #gba4 ,advisory opinions ,section #ajbb7;b7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b771 as amended by section #gag1 is further amended by adding at the end the following3 7#g7 ,advisory opinions 7,a7 ,establishing procedures 7i7 ,in general ,the ,director shall establish a procedure and1 as necessary1 promulgate rules to provide written opinions in response to inquiries concerning the conformance of specific conduct with ,federal consumer financial law4 ,in establishing the procedure1 the ,director shall consult with the prudential regulators and such other ,federal departments and agencies as the ,director determines appropriate1 and obtain the views of all interested persons through a public notice and comment period4 7ii7 ,scope of request ,a request for an opinion under this paragraph must relate to specific proposed or prospective conduct by a covered person contemplating the proposed or prospective conduct4 7iii7 ,submission ,a request for an opinion under this paragraph may be submitted to the ,director either by or on behalf of a covered person4 7iv7 ,right to withdraw inquiry ,any inquiry under this paragraph may be withdrawn at any time prior to the ,director issuing an opinion in response to such inquiry1 and any opinion based on an inquiry that has been withdrawn shall have no force or effect4 7,b7 ,issuance of opinions 7i7 ,in general ,the ,director shall1 within #ij days of receiving the request for an opinion under this paragraph1 either-- 7,i7 issue an opinion stating whether the described conduct would violate ,federal consumer financial law2 7,,ii7 if permissible under clause 7iii71 deny the request2 or 7,,iii7 explain why it is not feasible to issue an opinion4 7ii7 ,extension ,notwithstanding clause 7i71 if the ,director determines that the ,agency requires additional time to issue an opinion1 the ,director may make a single extension of the deadline of #ij days or less4 7iii7 ,denial of requests ,the ,director shall not issue an opinion1 and shall so inform the requestor1 if the request for an opinion-- 7,i7 asks a general question of interpretation2 7,,ii7 asks about a hypothetical situation2 7,,iii7 asks about the conduct of someone other than the covered person on whose behalf the request is made2 7,,iv7 asks about past conduct that the covered person on whose behalf the request is made does not plan to continue in the future2 or 7,v7 fails to provide necessary supporting information requested by the ,agency within a reasonable time established by the ,agency4 7iv7 ,amendment and revocation ,an advisory opinion issued under this paragraph may be amended or revoked at any time4 7v7 ,public disclosure ,an opinion rendered pursuant to this paragraph shall be placed in the ,agency's public record #ij days after the requesting party has received the advice1 subject to any limitations on public disclosure arising from statutory restrictions1 ,agency regulations1 or the public interest4 ,the ,agency shall redact any personal1 confidential1 or identifying information about the covered person or any other persons mentioned in the advisory opinion1 unless the covered person consents to such disclosure4 7vi7 ,report to ,congress ,the ,agency shall1 concurrent with the semi-annual report required under section #ajaf7;b71 submit information regarding the number of requests for an advisory opinion received1 the subject of each request1 the number of requests denied pursuant to clause 7iii71 and the time needed to respond to each request4 7,c7 ,reliance on opinion ,any person may rely on an opinion issued by the ,director pursuant to this paragraph that has not been amended or withdrawn4 ,no liability under ,federal consumer financial law shall attach to conduct consistent with an advisory opinion that had not been amended or withdrawn at the time the conduct was undertaken4 7,d7 ,confidentiality ,any document or other material that is received by the ,agency or any other ,federal department or agency in connection with an inquiry under this paragraph shall be exempt from disclosure under section #eeb of title #e1 ,united ,states ,code 7commonly referred to as the ,freedom of ,information ,act7 and may not1 except with the consent of the covered person making such inquiry1 be made publicly available1 regardless of whether the ,director responds to such inquiry or the covered person withdraws such inquiry before receiving an opinion4 7,e7 ,assistance for small businesses 7i7 ,in general ,the ,agency shall assist1 to the maximum extent practicable1 small businesses in preparing inquiries under this paragraph4 7ii7 ,small business defined ,for purposes of this subparagraph1 the term small business has the meaning given the term small business concern under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7,f7 ,inquiry fee 7i7 ,in general ,the ,director shall develop a system to charge a fee for each inquiry made under this paragraph in an amount sufficient1 in the aggregate1 to pay for the cost of carrying out this paragraph4 7ii7 ,notice and comment ,not later than #de days after the date of the enactment of this paragraph1 the ,director shall publish a description of the fee system described in clause 7i7 in the ,federal ,register and shall solicit comments from the public for a period of #fj days after publication4 7iii7 ,finalization ,the ,director shall publish a final description of the fee system and implement such fee system not later than #cj days after the end of the public comment period described in clause 7ii74 4 #gbb4 ,reform of ,consumer ,financial ,civil ,penalty ,fund 7a7 ,segregated ,accounts ,section #ajag7;b7 of the ,consumer ,financial ,protection ,act of #bjaj1 as redesignated by section #gac1 is amended by redesignating paragraph 7#b7 as paragraph 7#c71 and by inserting after paragraph 7#a7 the following new paragraph3 7#b7 ,segregated ,accounts in ,civil ,penalty ,fund 7,a7 ,in ,general ,the ,agency shall establish and maintain a segregated account in the ,civil ,penalty ,fund each time the ,agency obtains a civil penalty against any person in any judicial or administrative action under ,federal consumer financial laws4 7,b7 ,deposits in ,segregated ,accounts ,the ,agency shall deposit each civil penalty collected into the segregated account established for such penalty under subparagraph 7,a74 4 7b7 ,payment to ,victims ,paragraph 7#c7 of section #ajag7;b7 of such ,act1 as redesignated by subsection 7a71 is amended to read as follows3 7#c7 ,payment to victims 7,a7 ,in general 7i7 ,identification of class ,not later than #fj days after the date of deposit of amounts in a segregated account in the ,civil ,penalty ,fund1 the ,agency shall identify the class of victims of the violation of ,federal consumer financial laws for which such amounts were collected and deposited under paragraph 7#b74 7ii7 ,payments ,the ,agency1 within #b years after the date on which such class of victims is identified1 shall locate and make payments from such amounts to each victim4 7,b7 ,funds deposited in ,treasury 7i7 ,in general ,the ,agency shall deposit into the general fund of the ,treasury any amounts remaining in a segregated account in the ,civil ,penalty ,fund at the end of the #b-year period for payments to victims under subparagraph 7,a74 7ii7 ,impossible or impractical payments ,if the ,agency determines before the end of the #b-year period for payments to victims under subparagraph 7,a7 that such victims cannot be located or payments to such victims are otherwise not practicable1 the ,agency shall deposit into the general fund of the ,treasury the amounts in the segregated account in the ,civil ,penalty ,fund4 4 7c7 ,effective date 7#a7 ,in general ,the amendments made by this section shall apply with respect to civil penalties collected after the date of enactment of this ,act4 7#b7 ,amounts in ,consumer ,financial ,civil ,penalty ,fund on date of enactment ,with respect to amounts in the ,consumer ,financial ,civil ,penalty ,fund on the date of enactment of this ,act that were not allocated for consumer education and financial literacy programs on or before ,september #cj1 #bjae1 the ,consumer ,law ,enforcement ,agency shall separate such amounts into segregated accounts in accordance with1 and for purposes of1 section #ajag7;d7 of the ,consumer ,financial ,protection ,act of #bjaj1 as amended by this section4 ,the date of deposit of such amounts shall be deemed to be the date of enactment of this ,act4 #gbc4 ,agency pay fairness 7a7 ,in general ,section #ajac7;a77#b7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7;a77#b77 is amended to read as follows3 7#b7 ,compensation ,the rates of basic pay for all employees of the ,agency shall be set and adjusted by the ,director in accordance with the ,general ,schedule set forth in section #eccb of title #e1 ,united ,states ,code4 4 7b7 ,effective date ,the amendment made by subsection 7a7 shall apply to service by an employee of the ,consumer ,law ,enforcement ,agency following the #ij-;day period beginning on the date of enactment of this ,act4 #gbd4 ,elimination of market monitoring functions ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajba7;c7-- 7,a7 by striking paragraph 7#c72 and 7,b7 by redesignating paragraphs 7#d71 7#e71 and 7#f7 as paragraphs 7#c71 7#d71 and 7#e71 respectively2 7#b7 in section #ajbb1 by striking subsection 7c72 and 7#c7 in section #ajbf7;b71 by striking 1 and to assess and detect risks to consumers and consumer financial markets4 #gbe4 ,reforms to mandatory functional units ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajac-- 7,a7 in subsection 7b7-- 7i7 in paragraph 7#a71 by striking shall establish and inserting may establish2 7ii7 in paragraph 7#b71 by striking shall establish and inserting may establish2 and 7iii7 paragraph 7#c77;,d7-- 7,i7 by striking ,to facilitate preparation of the reports required under subparagraph 7,c71 supervision and enforcement activities1 and monitoring of the market for consumer financial products and services1 the and inserting ,the2 and 7,,ii7 by adding at the end the following3 ,information collected under this paragraph may not be made publicly available42 7,b7 in subsection 7c7-- 7i7 in paragraph 7#a71 by striking shall establish and inserting may establish2 and 7ii7 in paragraph 7#c71 by striking ,there is established the and inserting ,at any time when the ,office of ,fair ,lending and ,equal ,opportunity exists within the ,agency1 there shall be a2 7,c7 in subsection 7d7-- 7i7 in paragraph 7#a71 by striking shall establish and inserting may establish2 7ii7 in paragraph 7#c7-- 7,i7 in subparagraph 7,a71 by inserting 1 if such ,office exists within the ,agency1 after ,community ,affairs ,office2 and 7,,ii7 in subparagraph 7,b71 by striking established by the ,director and inserting 1 if established by the ,director12 and 7iii7 in paragraph 7#d71 by striking ,not later than #bd months after the designated transfer date1 and annually thereafter1 and inserting ,annually1 at any time when the ,office of ,financial ,education exists within the ,agency12 7,d7 in subsection 7e77#a71 by striking shall establish and inserting may establish2 7,e7 by striking subsection 7f72 7,f7 by redesignating subsections 7g7 and 7h7 as subsections 7f7 and 7g71 respectively2 and 7,g7 in subsection 7f71 as so redesignated-- 7i7 in paragraph 7#a7-- 7,i7 by striking ,before the end of the #ahj-;day period beginning on the designated transfer date1 the ,director shall and inserting ,the ,director may2 and 7,,ii7 by striking on protection from unfair1 deceptive1 and abusive practices and2 7ii7 in paragraph 7#b71 by striking ,the ,office and inserting ,at any time when the ,office of ,financial ,protection for ,older ,americans exists within the ,agency1 the ,office2 and 7iii7 in paragraph 7#c7-- 7,i7 in subparagraph 7,a7-- 7aa7 by striking clause 7i72 7bb7 by redesignating clauses 7ii7 and 7iii7 as clauses 7i7 and 7ii71 respectively2 and 7cc7 in clause 7ii71 as so redesignated1 by striking to respond to consumer problems caused by unfair1 deceptive1 or abusive practices2 7,,ii7 in subparagraph 7,b71 by striking and alert the ,commission and ,state regulators of certifications or designations that are identified as unfair1 deceptive1 or abusive2 and 7,,iii7 in subparagraph 7,d7-- 7aa7 by striking clause 7i72 and 7bb7 by redesignating clauses 7ii7 and 7iii7 as clauses 7i7 and 7ii71 respectively2 7#b7 in section #ajbi7;e71 by inserting after ,affairs1 the following3 if established under this title12 and 7#c7 in section #ajce-- 7,a7 in subsection 7a71 by striking shall designate and inserting may designate2 and 7,b7 in subsection 7b71 by striking ,the ,secretary and inserting ,if the ,secretary designates the ,ombudsman under subsection 7a71 the ,secretary4 #gbf4 ,repeal of mandatory advisory board 7a7 ,in general ,section #ajad of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edid7 is repealed4 7b7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the item relation to section #ajad4 7c7 ,rule of ,construction ,nothing in this section may be construed as limiting the authority of the ,director of the ,consumer ,law ,enforcement ,agency to establish advisory committees pursuant to the ,federal ,advisory ,committee ,act4 #gbg4 ,elimination of supervision authority 7a7 ,in general ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajjb7ae77;,b77ii77,i71 by striking examination or2 7#b7 in section #ajac7;a77#a77;,b71 by striking compliance examiners1 compliance supervision analysts12 7#c7 in section #ajaf7;c7-- 7,a7 in paragraph 7#e71 by striking supervisory and2 and 7,b7 in paragraph 7#f71 by striking orders1 and supervisory actions and inserting and orders2 7#d7 in section #ajbd-- 7,a7 in the heading1 by striking ,,supervision ,,of and inserting ,,authority ,,with ,,respect ,,to ,,certain2 7,b7 in subsection 7a7-- 7i7 in paragraph 7#a77;,b71 by striking as defined by rule in accordance with paragraph 7#b7 and inserting as of the date of the enactment of the ,financial ,,choice ,act of #bjag2 7ii7 by striking paragraph 7#b72 7iii7 by redesignating paragraph 7#c7 as paragraph 7#b72 and 7iv7 in subparagraph 7,a7 of paragraph 7#b71 as so redesignated1 by striking #ajbe7;a7 or2 7,c7 by striking subsection 7b72 7,d7 by redesignating subsections 7c71 7d71 7e71 and 7f7 as subsections 7b71 7c71 7d71 and 7e71 respectively2 7,e7 in subsection 7c71 as so redesignated-- 7i7 in the heading1 by striking and ,examination ,authority2 and 7ii7 by striking 1 conduct examinations1 each place such term appears2 7,f7 in subsection 7d71 as so redesignated-- 7i7 by inserting rulemaking and enforcement1 but not supervisory1 before authority of the ,bureau2 and 7ii7 by striking conducting any examination or requiring any report from a service provider subject to this subsection and inserting carrying out any authority pursuant to this subsection with respect to a service provider2 7#e7 by striking section #ajbe2 7#f7 in section #ajbf-- 7,a7 by amending subsection 7a7 to read as follows3 7a7 ,scope of coverage ,this section shall apply to any covered person that is an insured depository institution or an insured credit union4 2 7,b7 in subsection 7b77#c71 by striking report of examination or related2 7,c7 by striking subsection 7c72 7,d7 by redesignating subsections 7d7 and 7e7 as subsections 7c7 and 7d71 respectively2 and 7,e7 in subsection 7d71 as so redesignated-- 7i7 by striking section #ajbe and inserting this section2 and 7ii7 by striking ,when conducting any examination or requiring any report from a service provider subject to this subsection and inserting ,in carrying out any authority pursuant to this subsection with respect to a service provider2 7#g7 in section #ajbg-- 7,a7 by striking supervisory1 each place such term appears2 7,b7 in subsection 7e77#a71 by striking supervisory or2 and 7,c7 in subsection 7p71 by striking section #ajbd7;c77#a7 and inserting section #ajbd7;b77#a72 7#h7 in section #ajcd-- 7,a7 by striking subsections 7b7 and 7c72 and 7,b7 by redesignating subsection 7d7 as subsection 7b72 7#i7 in section #ajec-- 7,a7 in subsection 7b77#a77;,a71 by striking sections #ajbd1 #ajbe1 and #ajbf and inserting sections #ajbd and #ajbf2 and 7,b7 in subsection 7c77#c77;,b77ii77,,ii71 by striking 1 by examination or otherwise12 7#aj7 in section #ajed7;a71 by striking sections #ajbd1 #ajbe1 and #ajbf and inserting sections #ajbd and #ajbf2 7#aa7 in section #ajfa-- 7,a7 in subsection 7a77#a7-- 7i7 in subparagraph 7,a71 by striking 2 and at the end and inserting a period2 and 7ii7 by striking subparagraph 7,b72 and 7,b7 in subsection 7c7-- 7i7 by amending paragraph 7#a7 to read as follows3 7#a7 ,examination ,a transferor agency that is a prudential regulator shall have exclusive authority 7relative to the ,bureau7 to require reports from and conduct examinations for compliance with ,federal consumer financial laws with respect to a person described in section #ajbf7;a74 2 7ii7 in paragraph 7#b7-- 7,i7 by striking subparagraph 7,a72 and 7,,ii7 by redesignating subparagraphs 7,b7 and 7,c7 as subparagraphs 7,a7 and 7,b71 respectively2 7#ab7 in section #ajfc1 by striking sections #ajbd1 #ajbe1 and #ajbf each place such term appears and inserting sections #ajbd and #ajbf2 and 7#ac7 in section #ajfg1 by striking subsection 7e74 7b7 ,home ,mortgage ,disclosure ,act of #aige ,section #cje7;d7 of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjd7;d77 is amended by striking examine and4 7c7 ,omnibus ,appropriations ,act1 #bjji ,section #fbf of the ,omnibus ,appropriations ,act1 #bjji 7#ae ,u4,s4,c4 #afch note7 is repealed4 7d7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended-- 7#a7 in the item relating to section #ajbd1 by striking ,,supervision ,,of and inserting ,,authority ,,with ,,respect ,,to ,,certain2 and 7#b7 by striking the item relating to section #ajbe4 #gbh4 ,transfer of old ,,ots building from ,,occ to ,,gsa ,not later than #ahj days after the date of enactment of this ,act1 the ,comptroller of the ,currency shall transfer administrative jurisdiction over the ,federal property located at #agjj ,g ,street1 ,northwest1 in the ,district of ,columbia to the ,administrator of ,general ,services4 #gbi4 ,limitation on ,agency authority ,section #ajbg of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeag7 is amended-- 7#a7 in subsection 7g77#c77;,a71 by striking may not exercise any rulemaking or enforcement authority and inserting may not exercise any rulemaking1 enforcement1 or other authority2 7#b7 in subsection 7i77#a71 by striking shall have no authority to exercise any power to enforce this title and inserting may not exercise any rulemaking1 enforcement1 or other authority2 and 7#c7 in subsection 7j77#a71 by striking shall have no authority to exercise any power to enforce this title and inserting may not exercise any rulemaking1 enforcement1 or other authority4 ,c ,policy ,enhancements #gca4 ,consumer right to financial privacy 7a7 ,requirement of the ,agency to obtain permission before collecting nonpublic personal information ,section #ajbb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab71 as amended by section #gbd7c71 is further amended by inserting after subsection 7b7 the following3 7c7 ,consumer privacy 7#a7 ,in general ,the ,agency may not request1 obtain1 access1 collect1 use1 retain1 or disclose any nonpublic personal information about a consumer unless-- 7,a7 the ,agency clearly and conspicuously discloses to the consumer1 in writing or in an electronic form1 what information will be requested1 obtained1 accessed1 collected1 used1 retained1 or disclosed2 and 7,b7 before such information is requested1 obtained1 accessed1 collected1 used1 retained1 or disclosed1 the consumer informs the ,agency that such information may be requested1 obtained1 accessed1 collected1 used1 retained1 or disclosed4 7#b7 ,application of requirement to contractors of the ,agency ,paragraph 7#a7 shall apply to any person directed or engaged by the ,agency to collect information to the extent such information is being collected on behalf of the ,agency4 7#c7 ,definition of nonpublic personal information ,in this subsection1 the term nonpublic personal information has the meaning given the term in section #eji of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fhji74 4 7b7 ,removal of exemption for the ,agency from the ,right to ,financial ,privacy ,act ,section #aaac of the ,right to ,financial ,privacy ,act of #aigh 7#ab ,u4,s4,c4 #cdac7 is amended by striking subsection 7r74 #gcb4 ,repeal of ,council authority to set aside ,agency rules and requirement of safety and soundness considerations when issuing rules 7a7 ,repeal of authority 7#a7 ,in general ,section #ajbc of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeac7 is hereby repealed4 7#b7 ,conforming amendment ,section #ajbb7;b77#b77;,c7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b77#b77;,c77 is amended by striking 1 except that nothing in this clause shall be construed as altering or limiting the procedures under section #ajbc that may apply to any rule prescribed by the ,bureau4 7#c7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the item relating to section #ajbc4 7b7 ,safety and soundness check ,section #ajbb7;b77#b77;,a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b77#b77;,a77 is amended-- 7#a7 in clause 7i71 by striking and at the end2 7#b7 in clause 7ii71 by adding and at the end2 and 7#c7 by adding at the end the following3 7iii7 the impact of such rule on the financial safety or soundness of an insured depository institution2 4 #gcc4 ,removal of authority to regulate small-dollar credit ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajbd7;a77#a7-- 7,a7 in subparagraph 7,c71 by adding or at the end2 7,b7 in subparagraph 7,d71 by striking 2 or and inserting a period2 and 7,c7 by striking subparagraph 7,e72 and 7#b7 in section #ajbg1 by adding at the end the following3 7t7 ,no authority to regulate small-dollar credit ,the ,agency may not exercise any rulemaking1 enforcement1 or other authority with respect to payday loans1 vehicle title loans1 or other similar loans4 4 #gcd4 ,reforming indirect auto financing guidance 7a7 ,nullification of auto lending guidance ,bulletin #bjac-jb of the ,bureau of ,consumer ,financial ,protection 7published ,march #ba1 #bjac7 shall have no force or effect4 7b7 ,guidance requirements ,section #ajbb7;b7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b771 as amended by section #gba1 is further amended by adding at the end the following3 7#h7 ,guidance on indirect auto financing ,in proposing and issuing guidance primarily related to indirect auto financing1 the ,agency shall-- 7,a7 provide for a public notice and comment period before issuing the guidance in final form2 7,b7 make available to the public1 including on the website of the ,agency1 all studies1 data1 methodologies1 analyses1 and other information relied on by the ,agency in preparing such guidance2 7,c7 redact any information that is exempt from disclosure under paragraph 7#c71 7#d71 7#f71 7#g71 or 7#h7 of section #eeb7;b7 of title #e1 ,united ,states ,code2 7,d7 consult with the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,trade ,commission1 and the ,department of ,justice2 and 7,e7 conduct a study on the costs and impacts of such guidance to consumers and women-owned1 minority-owned1 veteran-owned1 and small businesses1 including consumers and small businesses in rural areas4 4 7c7 ,rule of construction ,nothing in this section shall be construed to apply to guidance issued by the ,consumer ,law ,enforcement ,agency that is not primarily related to indirect auto financing4 #gce4 ,prohibition of ,government price controls for payment card transactions 7a7 ,in general ,section #ajge of the ,consumer ,financial ,protection ,act of #bjaj is hereby repealed and the provisions of law amended by such section are revived or restored as if such section had not been enacted4 7b7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the item relating to section #ajge4 #gcf4 ,removal of ,agency ,,udaap authority 7a7 ,in general ,the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajba7;b77#b71 by striking unfair1 deceptive1 or abusive acts and practices and2 7#b7 by striking section #ajca2 7#c7 in section #ajcf7;a7-- 7,a7 in paragraph 7#a7-- 7i7 by striking provider and all that follows through to offer and inserting provider to offer2 7ii7 by striking subparagraph 7,b72 and 7,b7 in paragraph 7#b77;,c71 by striking 2 or at the end and inserting a period2 and 7,c7 by striking paragraph 7#c72 and 7#d7 in section #ajfa7;b77#e7-- 7,a7 in subparagraph 7,b71 by striking clause 7ii72 7,b7 by striking subparagraph 7,d72 and 7,c7 by redesignating subparagraph 7,e7 7as amended by section #gah7b77 as subparagraph 7,d72 and 7#e7 in section #ajgf7;b77#b71 by striking determine-- and all that follows through 7,b7 provide for and inserting determine1 provide for4 7b7 ,telemarketing and ,consumer ,fraud and ,abuse ,prevention ,act ,section #c7;c7 of the ,telemarketing and ,consumer ,fraud and ,abuse ,prevention ,act 7#ae ,u4,s4,c4 #fajb7 is amended-- 7#a7 in paragraph 7#a71 by striking 2 and at the end and inserting a period2 7#b7 by striking paragraph 7#b72 and 7#c7 by striking subsection 7a7-- and all that follows through 7#a7 shall and inserting subsection 7a7 shall4 7c7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the item relating to section #ajca4 #gcg4 ,preservation of ,,udap authority for ,federal banking regulators 7a7 ,in general ,section #ah7;f7 of the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #eg;a7f77 is amended to read as follows3 7f7 ,unfair or deceptive acts or practices by depository institutions 7#a7 ,in general ,in order to prevent unfair or deceptive acts or practices in or affecting commerce 7including acts or practices which are unfair or deceptive to consumers7 by depository institutions1 each ,federal banking regulator shall prescribe regulations to carry out the purposes of this section1 including regulations defining with specificity such unfair or deceptive acts or practices1 and containing requirements prescribed for the purpose of preventing such acts or practices4 7#b7 ,promulgating substantially similar regulations ,whenever the ,commission prescribes a rule under subsection 7a77#a77;,b71 then within #fj days after such rule takes effect each ,federal banking regulator shall promulgate substantially similar regulations prohibiting acts or practices of depository institutions which are substantially similar to those prohibited by rules of the ,commission and which impose substantially similar requirements1 unless-- 7,a7 the ,federal banking regulator finds that such acts or practices of depository institutions are not unfair or deceptive2 or 7,b7 the ,board of ,governors of the ,federal ,reserve ,system finds that implementation of similar regulations with respect to depository institutions would seriously conflict with essential monetary and payments systems policies of such ,board1 and publishes any such finding1 and the reasons therefor1 in the ,federal ,register4 7#c7 ,enforcement 7,a7 ,in general ,compliance with regulations prescribed under this subsection shall be enforced-- 7i7 under section #h of the ,federal ,deposit ,insurance ,act1 with respect to a depository institution other than a ,federal credit union2 and 7ii7 under sections #abj and #bjf of the ,federal ,credit ,union ,act1 with respect to a ,federal credit union4 7,b7 ,deeming of violation ,for the purpose of the exercise by a ,federal banking regulator of the regulator's powers under any ,act referred to in subparagraph 7,a71 a violation of any regulation prescribed under this subsection shall be deemed to be a violation of a requirement imposed under that ,act4 7,c7 ,enforcement through any existing authority ,in addition to its powers under any provision of law specifically referred to in subparagraph 7,a71 each ,federal banking regulator may exercise1 for the purpose of enforcing compliance with any regulation prescribed under this subsection1 any other authority conferred on the regulator by law4 7#d7 ,rule of construction ,the authority of the ,board of ,governors of the ,federal ,reserve ,system to issue regulations under this subsection does not impair the authority of any other ,federal banking regulator to make rules respecting the regulator's own procedures in enforcing compliance with regulations prescribed under this subsection4 7#e7 ,report to ,congress ,each ,federal banking regulator exercising authority under this subsection shall transmit to the ,congress each year a detailed report on its activities under this subsection during the preceding calendar year4 7#f7 ,definitions ,for purposes of this ,act3 7,a7 ,bank ,the term bank means-- 7i7 national banks and ,federal branches and ,federal agencies of foreign banks2 7ii7 member banks of the ,federal ,reserve ,system 7other than national banks71 branches and agencies of foreign banks 7other than ,federal branches1 ,federal agencies1 and insured ,state branches of foreign banks71 commercial lending companies owned or controlled by foreign banks1 and organizations operating under section #be or #be;,a of the ,federal ,reserve ,act2 and 7iii7 banks insured by the ,federal ,deposit ,insurance ,corporation 7other than banks referred to in clause 7i7 or 7ii7 and insured ,state branches of foreign banks4 7,b7 ,depository institution ,the term depository institution means a bank1 a savings and loan institution1 or a ,federal credit union4 7,c7 ,federal banking regulator ,the term ,federal banking regulator-- 7i7 has the meaning given the term appropriate ,federal banking agency under section #c of the ,federal ,deposit ,insurance ,act2 and 7ii7 means the ,national ,credit ,union ,administration1 in the case of a ,federal credit union4 7,d7 ,federal credit union ,the term ,federal credit union has the same meaning as in section #aja of the ,federal ,credit ,union ,act4 7,e7 ,savings and loan institution ,the term savings and loan institution has the same meaning as in section #c of the ,federal ,deposit ,insurance ,act4 7,f7 ,other terms ,the terms used in this paragraph that are not defined in this ,act or otherwise defined in section #c7s7 of the ,federal ,deposit ,insurance ,act shall have the meaning given to them in section #a7;b7 of the ,international ,banking ,act of #aigh4 4 7b7 ,conforming amendments ,the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq47 is amended-- 7#a7 in section #f7;j77#f71 by striking section #ah7;f77#c7 7#ae ,u4,s4,c4 #eg;a7f77#c771 a ,federal credit union described in section #ah7;f77#d7 7#ae ,u4,s4,c4 #eg;a7f77#d77 and inserting section #ah7;f71 a ,federal credit union described in section #ah7;f72 7#b7 in section #ba7;b77#f77;,c71 by striking section #ah7;f77#c7 of the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #eg;a7f77#c771 or a ,federal credit union described in section #ah7;f77#d7 of the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #eg;a7f77#d77 and inserting #ah7;f71 or a ,federal credit union described in section #ah7;f72 7#c7 by striking section #ah7;f77#b7 each place such term appears and inserting section #ah7;f72 7#d7 by striking section #ah7;f77#c7 each place such term appears and inserting section #ah7;f72 and 7#e7 by striking section #ah7;f77#d7 each place such term appears and inserting section #ah7;f74 #gch4 ,repeal of authority to restrict arbitration 7a7 ,in general ,section #ajbh of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeah7 is hereby repealed4 7b7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the item relating to section #ajbh4 ,,viii ,capital ,markets ,improvements ,a ,,sec ,reform1 ,restructuring1 and ,accountability #hja4 ,authorization of appropriations ,section #ce of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghkk7 is amended by striking paragraphs 7#a7 through 7#e7 and inserting the following3 7#a7 for fiscal year #bjag1 #a1eee1jjj1jjj2 7#b7 for fiscal year #bjah1 #a1fje1jjj1jjj2 7#c7 for fiscal year #bjai1 #a1fee1jjj1jjj2 7#d7 for fiscal year #bjbj1 #a1gje1jjj1jjj2 7#e7 for fiscal year #bjba1 #a1gee1jjj1jjj2 and 7#f7 for fiscal year #bjbb1 #a1hje1jjj1jjj4 4 #hjb4 ,report on unobligated appropriations ,section #bc of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghw7 is amended by adding at the end the following3 7e7 ,report on unobligated appropriations ,if1 at the end of any fiscal year1 there remain unobligated any funds that were appropriated to the ,commission for such fiscal year1 the ,commission shall1 not later than #cj days after the last day of such fiscal year1 submit to the ,committee on ,financial ,services and the ,committee on ,appropriations of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,appropriations of the ,senate a report stating the amount of such unobligated funds4 ,if there is any material change in the amount stated in the report1 the ,commission shall1 not later than #g days after determining the amount of the change1 submit to such committees a supplementary report stating the amount of and reason for the change4 4 #hjc4 ,,sec ,reserve ,fund abolished ,section #d of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d7 is amended by striking subsection 7i74 #hjd4 ,fees to offset appropriations 7a7 ,section #ca of the ,securities ,exchange ,act of #aicd ,section #ca of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;ee7 is amended-- 7#a7 by striking subsection 7a7 and inserting the following3 7a7 ,collection ,the ,commission shall1 in accordance with this section1 collect transaction fees and assessments4 2 7#b7 in subsection 7i7-- 7,a7 in paragraph 7#a77;,a71 by inserting except as provided in paragraph 7#b71 before shall2 and 7,b7 by striking paragraph 7#b7 and inserting the following3 7#b7 ,general ,revenue ,any fees collected for a fiscal year pursuant to this section1 sections #ac7;e7 and #ad7;g7 of this title1 and section #f7;b7 of the ,securities ,act of #aicc in excess of the amount provided in appropriation ,acts for collection for such fiscal year pursuant to such sections shall be deposited and credited as general revenue of the ,treasury4 2 7#c7 in subsection 7j7-- 7,a7 by striking the regular appropriation to the ,commission by ,congress for such fiscal year each place it appears and inserting the target offsetting collection amount for such fiscal year2 and 7,b7 in paragraph 7#b71 by striking subsection 7l7 and inserting subsection 7l77#b72 and 7#d7 by striking subsection 7l7 and inserting the following3 7l7 ,definitions ,for purposes of this section3 7#a7 ,target offsetting collection amount ,the target offsetting collection amount for a fiscal year is-- 7,a7 for fiscal year #bjag1 #a1djj1jjj1jjj2 and 7,b7 for each succeeding fiscal year1 the target offsetting collection amount for the prior fiscal year1 adjusted by the rate of inflation4 7#b7 ,baseline estimate of the aggregate dollar amount of sales ,the baseline estimate of the aggregate dollar amount of sales for any fiscal year is the baseline estimate of the aggregate dollar amount of sales of securities 7other than bonds1 debentures1 other evidences of indebtedness1 security futures products1 and options on securities indexes 7excluding a narrow-based security index77 to be transacted on each national securities exchange and by or through any member of each national securities association 7otherwise than on a national securities exchange7 during such fiscal year as determined by the ,commission1 after consultation with the ,congressional ,budget ,office and the ,office of ,management and ,budget1 using the methodology required for making projections pursuant to section #beg of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe4 4 7b7 ,section #f7;b7 of the ,securities ,act of #aicc ,section #f7;b7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;f7b77 is amended-- 7#a7 by striking target fee collection amount each place it appears and inserting target offsetting collection amount2 7#b7 in paragraph 7#d71 by striking the last sentence and inserting the following3 ,subject to paragraphs 7#f77;,b7 and 7#g71 an adjusted rate prescribed under paragraph 7#b7 shall take effect on the later of-- 7,a7 the first day of the fiscal year to which such rate applies2 or 7,b7 five days after the date on which a regular appropriation to the ,commission for such fiscal year is enacted4 2 7#c7 in paragraph 7#e71 by inserting of the ,securities ,exchange ,act of #aicd after sections #ac7;e7 and #ad7;g72 7#d7 by redesignating paragraph 7#f7 as paragraph 7#h72 7#e7 by inserting after paragraph 7#e7 the following3 7#f7 ,offsetting collections ,fees collected pursuant to this subsection for any fiscal year-- 7,a7 except as provided in section #ca7;i77#b7 of the ,securities ,exchange ,act of #aicd1 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,commission2 and 7,b7 except as provided in paragraph 7#g71 shall not be collected for any fiscal year except to the extent provided in advance in appropriation ,acts4 7#g7 ,lapse of appropriation ,if on the first day of a fiscal year a regular appropriation to the ,commission has not been enacted1 the ,commission shall continue to collect fees 7as offsetting collections7 under this subsection at the rate in effect during the preceding fiscal year1 until #e days after the date such a regular appropriation is enacted4 2 and 7#f7 in subparagraph 7,a7 of paragraph 7#h7 7as so redesignated7-- 7,a7 by striking the subparagraph heading and inserting ,target offsetting collection amount4--2 and 7,b7 in the heading of the right column of the table1 by striking fee and inserting offsetting4 7c7 ,section #ac7;e7 of the ,securities ,exchange ,act of #aicd ,section #ac7;e7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7e77 is amended-- 7#a7 by striking paragraph 7#e7 and inserting the following3 7#e7 ,offsetting collections ,fees collected pursuant to this subsection for any fiscal year-- 7,a7 except as provided in section #ca7;i77#b71 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,commission2 and 7,b7 except as provided in paragraph 7#h71 shall not be collected for any fiscal year except to the extent provided in advance in appropriations ,acts4 2 and 7#b7 by adding at the end the following3 7#h7 ,lapse of appropriation ,if on the first day of a fiscal year a regular appropriation to the ,commission has not been enacted1 the ,commission shall continue to collect fees 7as offsetting collections7 under this subsection at the rate in effect during the preceding fiscal year1 until #e days after the date such a regular appropriation is enacted4 4 7d7 ,section #ad7;g7 of the ,securities ,exchange ,act of #aicd ,section #ad7;g7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghn7g77 is amended-- 7#a7 by striking paragraph 7#e7 and inserting the following3 7#e7 ,offsetting collections ,fees collected pursuant to this subsection for any fiscal year-- 7,a7 except as provided in section #ca7;i77#b71 shall be deposited and credited as offsetting collections to the account providing appropriations to the ,commission2 and 7,b7 except as provided in paragraph 7#h71 shall not be collected for any fiscal year except to the extent provided in advance in appropriations ,acts4 2 7#b7 by redesignating paragraph 7#h7 as paragraph 7#i72 and 7#c7 by inserting after paragraph 7#g7 the following3 7#h7 ,lapse of appropriation ,if on the first day of a fiscal year a regular appropriation to the ,commission has not been enacted1 the ,commission shall continue to collect fees 7as offsetting collections7 under this subsection at the rate in effect during the preceding fiscal year1 until #e days after the date such a regular appropriation is enacted4 4 7e7 ,effective date ,the amendments made by this section-- 7#a7 shall apply beginning on ,october #a1 #bjag1 except that for fiscal year #bjah1 the ,securities and ,exchange ,commission shall publish-- 7,a7 the rates established under section #ca of the ,securities ,exchange ,act of #aicd1 as amended by this section1 not later than #cj days after the date on which an ,act making a regular appropriation to the ,commission for fiscal year #bjah is enacted2 and 7,b7 the rate established under section #f7;b7 of the ,securities ,act of #aicc1 as amended by this section1 not later than ,august #ca1 #bjag2 and 7#b7 shall not apply with respect to fees for any fiscal year before fiscal year #bjah4 #hje4 ,commission relocation funding prohibition ,the ,securities and ,exchange ,commission may not obligate any funds for the purpose of constructing a new headquarters of the ,commission4 #hjf4 ,implementation of recommendations ,section #ifg of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by adding at the end the following3 7d7 ,implementation of recommendations ,not later than #f months after the date of enactment of this subsection1 the ,securities and ,exchange ,commission shall complete an implementation of the recommendations contained in the report of the independent consultant issued under subsection 7b7 on ,march #aj1 #bjaa4 ,to the extent that implementation of certain recommendations requires legislation1 the ,commission shall submit a report to ,congress containing a request for legislation granting the ,commission such authority it needs to fully implement such recommendations4 4 #hjg4 ,office of ,credit ,ratings to report to the ,division of ,trading and ,markets ,section #ae;,e7p77#a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7p77#a77 is amended-- 7#a7 in subparagraph 7,a71 by striking within the ,commission and inserting within the ,division of ,trading and ,markets2 and 7#b7 in subparagraph 7,b71 by striking report to the ,chairman and inserting report to the head of the ,division of ,trading and ,markets4 #hjh4 ,office of ,municipal ,securities to report to the ,division of ,trading and ,markets ,section #igi of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ae ,u4,s4,c4 #gho-#d;a7 is amended-- 7#a7 in subsection 7a71 by inserting 1 within the ,division of ,trading and ,markets1 after ,there shall be in the ,commission2 and 7#b7 in subsection 7b71 by striking report to the ,chairman and inserting report to the head of the ,division of ,trading and ,markets4 #hji4 ,independence of ,commission ,ombudsman ,section #d7;g77#h7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d7g77#h77 is amended-- 7#a7 in subparagraph 7,a71 by striking the ,investor ,advocate shall appoint and all that follows through ,investor ,advocate and inserting the ,chairman shall appoint an ,ombudsman1 who shall report to the ,commission2 and 7#b7 in subparagraph 7,d7-- 7,a7 by striking report to the ,investor ,advocate and inserting report to the ,commission2 and 7,b7 by striking the last sentence4 #haj4 ,investor ,advisory ,committee improvements ,section #ci of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghpp7 is amended-- 7#a7 in subsection 7a77#b77;,b71 by striking submit and inserting1 in consultation with the ,small ,business ,capital ,formation ,advisory ,committee established under section #dj1 submit2 7#b7 in subsection 7b7-- 7,a7 in paragraph 7#a7-- 7i7 in subparagraph 7,c71 by striking and2 7ii7 in subparagraph 7,d77iv71 by striking the period at the end and inserting 2 and2 and 7iii7 by adding at the end the following3 7,e7 a member of the ,small ,business ,capital ,formation ,advisory ,committee who shall be a nonvoting member4 2 7,b7 by amending paragraph 7#b7 to read as follows3 7#b7 ,term 7,a7 ,length of term for members of the ,committee ,each member of the ,committee appointed under paragraph 7#a71 other than the ,investor ,advocate1 shall serve for a term of #d years4 7,b7 ,limitation on multiple terms ,a member of the ,committee may not serve for more than one term1 except for the ,investor ,advocate1 a representative of ,state securities commissions1 and the member of the ,small ,business ,capital ,formation ,advisory ,committee4 2 and 7,c7 in paragraph 7#c71 by striking paragraph 7#a77;,b7 and inserting paragraph 7#a72 7#c7 in subsection 7c71 by amending paragraph 7#b7 to read as follows3 7#b7 ,term 7,a7 ,length of term ,each member elected under paragraph 7#a7 shall serve for a term of #c years in the capacity for which the member was elected under paragraph 7#a74 7,b7 ,limitation on multiple terms ,a member elected under paragraph 7#a7 may not serve for more than one term in the capacity for which the member was elected under paragraph 7#a74 2 and 7#d7 by striking subsections 7i7 and 7j74 #haa4 ,duties of ,investor ,advocate ,section #d7;g77#d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d7g77#d77 is amended-- 7#a7 in subparagraph 7,d77ii71 by striking and2 7#b7 in subparagraph 7,e71 by striking the period at the end and inserting a semicolon2 and 7#c7 by adding at the end the following3 7,f7 not take a position on any legislation pending before ,congress other than a legislative change proposed by the ,investor ,advocate pursuant to subparagraph 7,e72 7,g7 consult with the ,advocate for ,small ,business ,capital ,formation on proposed recommendations made under subparagraph 7,e72 and 7,h7 advise the ,advocate for ,small ,business ,capital ,formation on issues related to small business investors4 4 #hab4 ,elimination of exemption of ,small ,business ,capital ,formation ,advisory ,committee from ,federal ,advisory ,committee ,act ,section #dj of the ,securities ,exchange ,act of #aicd 7as added by ,public ,law #aad-bhd7 is amended by striking subsection 7h74 #hac4 ,internal risk controls ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended-- 7#a7 by inserting after section #d;,g1 as added by this ,act1 the following3 #d;,h4 ,internal risk controls 7a7 ,in general ,each of the following entities1 in consultation with the ,chief ,economist1 shall develop comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data by such entity1 all market data sharing agreements of such entity1 and all academic research performed at such entity using market data3 7#a7 ,the ,commission4 7#b7 ,each national security association required to register under section #ae;,a4 7b7 ,consolidated audit trail ,the ,commission may not approve a national market system plan pursuant to part #bdb4fac of title #ag1 ,code of ,federal ,regulations 7or any successor regulation71 unless the operator of the consolidated audit trail created by such plan has developed1 in consultation with the ,chief ,economist1 comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data by such operator1 all market data sharing agreements of such operator1 and all academic research performed at such operator using market data4 2 7#b7 in section #c7;a71 by redesignating the second paragraph 7#hj7 7relating to funding portals7 as paragraph 7#ha72 and 7#c7 in section #c7;a71 by adding at the end the following3 7#hb7 ,chief economist ,the term ,chief ,economist means the ,director of the ,division of ,economic and ,risk ,analysis1 or an employee of the ,commission with comparable authority1 as determined by the ,commission4 4 #had4 ,applicability of notice and comment requirements of the ,administrative ,procedure ,act to guidance voted on by the ,commission ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended by inserting after section #d;,h1 as added by this ,act1 the following3 #d;,i4 ,applicability of notice and comment requirements of the ,administrative ,procedure ,act to guidance voted on by the ,commission ,the notice and comment requirements of section #eec of title #e1 ,united ,states ,code1 shall also apply with respect to any ,commission statement or guidance1 including interpretive rules1 general statements of policy1 or rules of ,commission organization1 procedure1 or practice1 that has the effect of implementing1 interpreting1 or prescribing law or policy and that is voted on by the ,commission4 4 #hae4 ,limitation on pilot programs 7a7 ,in general ,section #d of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d71 as amended by section #cga7;e71 is further amended by adding at the end the following3 7k7 ,limitation on pilot programs 7#a7 ,in general ,any pilot program established by self-regulatory organizations1 either individually or jointly1 and filed with the ,commission1 including under section #aa;,a or #ai1 shall terminate after the end of the #e-year period beginning on the date that the ,commission approved such program1 unless the ,commission issues a rule to permanently continue such program or approves such program on a permanent basis4 7#b7 ,extension ,with respect to a particular pilot program described under paragraph 7#a71 the ,commission may extend the #e-year period described under such paragraph for an additional #c years if the ,commission determines such extension is necessary or appropriate in the public interest or for the protection of investors4 7#c7 ,lack of statutory authority ,if1 with respect to a pilot program described under paragraph 7#a71 the ,commission determines that the pilot program should continue permanently1 but the ,commission lacks sufficient statutory authority to permanently continue the program1 the ,commission shall1 not later than #a year before such pilot program is scheduled to terminate pursuant to paragraph 7#a71 notify the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate that the ,commission believes the program should continue permanently but does not have sufficient statutory authority to continue the program4 4 7b7 ,treatment of existing pilot programs ,for purposes of section #d7k7 of ,securities ,exchange ,act of #aicd1 as added by subsection 7a71 the date on which the ,commission approved a pilot program that was in existence on the date of the enactment of this ,act shall be deemed to be the date of the enactment of this ,act4 #haf4 ,procedure for obtaining certain intellectual property 7a7 ,persons under ,securities ,act of #aicc ,section #h of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;h7 is amended by adding at the end the following3 7g7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title a person to produce or furnish source code1 including algorithmic trading source code or similar intellectual property1 to the ,commission unless the ,commission first issues a subpoena4 4 7b7 ,persons under the ,securities ,exchange ,act of #aicd ,section #bc of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghw7 is amended by adding at the end the following3 7e7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title a person to produce or furnish source code1 including algorithmic trading source code or similar intellectual property1 to the ,commission unless the ,commission first issues a subpoena4 4 7c7 ,investment ,companies ,section #ca of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#cj7 is amended by adding at the end the following3 7e7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title an investment company to produce or furnish source code1 including algorithmic trading source code or similar intellectual property1 to the ,commission unless the ,commission first issues a subpoena4 4 7d7 ,investment ,advisers ,section #bjd of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#d7 is amended-- 7#a7 by adding at the end the following3 7f7 ,procedure for obtaining certain intellectual property ,the ,commission is not authorized to compel under this title an investment adviser to produce or furnish source code1 including algorithmic trading source code or similar intellectual property1 to the ,commission unless the ,commission first issues a subpoena4 2 and 7#b7 in the second subsection 7d71 by striking 7d7 and inserting 7e74 #hag4 ,process for closing investigations 7a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall establish a process for closing investigations 7including preliminary or informal investigations7 that is designed to ensure that the ,commission1 in a timely manner-- 7#a7 makes a determination of whether or not to institute an administrative or judicial action in a matter or refer the matter to the ,attorney ,general for potential criminal prosecution2 and 7#b7 if the ,commission determines not to institute such an action or refer the matter to the ,attorney ,general1 informs the persons who are the subject of the investigation that the investigation is closed4 7b7 ,rule of construction ,nothing in this section shall be construed to affect the authority of the ,commission to re-open an investigation if the ,commission obtains new evidence after the investigation is closed1 subject to any applicable statute of limitations4 #hah4 ,enforcement ,ombudsman 7a7 ,in general ,section #d of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d71 as amended by section #hjc1 is further amended by adding at the end the following3 7i7 ,enforcement ,ombudsman 7#a7 ,establishment ,the ,commission shall have an ,enforcement ,ombudsman1 who shall be appointed by and report directly to the ,commission4 7#b7 ,duties ,the ,enforcement ,ombudsman shall-- 7,a7 act as a liaison between the ,commission and any person who is the subject of an investigation 7including a preliminary or informal investigation7 by the ,commission or an administrative or judicial action brought by the ,commission in resolving problems that such persons may have with the ,commission or the conduct of ,commission staff2 and 7,b7 establish safeguards to maintain the confidentiality of communications between the persons described in subparagraph 7,a7 and the ,enforcement ,ombudsman4 7#c7 ,limitation ,in carrying out the duties of the ,enforcement ,ombudsman under paragraph 7#b71 the ,enforcement ,ombudsman shall utilize personnel of the ,commission to the extent practicable4 ,nothing in this subsection shall be construed as replacing1 altering1 or diminishing the activities of any ombudsman or similar office of any other agency4 7#d7 ,report ,the ,enforcement ,ombudsman shall submit to the ,commission and to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate an annual report that describes the activities and evaluates the effectiveness of the ,enforcement ,ombudsman during the preceding year4 4 7b7 ,deadline for initial appointment ,the ,securities and ,exchange ,commission shall appoint the initial ,enforcement ,ombudsman under subsection 7i7 of section #d of the ,securities ,exchange ,act of #aicd1 as added by subsection 7a71 not later than #ahj days after the date of the enactment of this ,act4 #hai4 ,adequate notice ,section #ba of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu7 is amended by adding at the end the following3 7k7 ,adequate notice required before bringing an enforcement action 7#a7 ,in general ,no person shall be subject to an enforcement action by the ,commission for an alleged violation of the securities laws or the rules and regulations issued thereunder if such person did not have adequate notice of such law1 rule1 or regulation4 7#b7 ,publishing of interpretation deemed adequate notice ,with respect to an enforcement action1 adequate notice of a securities law or a rule or regulation issued thereunder shall be deemed to have been provided to a person if the ,commission approved a statement or guidance1 in accordance with ,section #d;,i1 with respect to the conduct that is the subject of the enforcement action1 prior to the time that the person engaged in the conduct that is the subject of the enforcement action4 4 #hbj4 ,advisory committee on ,commission's enforcement policies and practices 7a7 ,establishment ,not later than #f months after the date of the enactment of this ,act1 the ,chairman shall establish an advisory committee on the ,commission's enforcement policies and practices 7in this section referred to as the ,committee74 7b7 ,duties 7#a7 ,analysis and recommendations 7,a7 ,in general ,the ,committee shall conduct an analysis of the policies and practices of the ,commission relating to the enforcement of the securities laws and make recommendations to the ,commission regarding changes to such policies and practices4 7,b7 ,specific matters included ,in carrying out subparagraph 7,a71 the ,committee shall analyze and make recommendations to the ,commission regarding matters including the following3 7i7 ,how the ,commission's enforcement objectives and strategies may be more effective4 7ii7 ,the ,commission's enforcement practices and procedures from the point of view of due process1 the relationship of enforcement action to notice of legal requirements1 the attribution of responsibility for violations1 and the protection of reputation and rights of privacy4 7iii7 ,the ,commission's enforcement policies and practices in light of its statutory responsibility to protect investors1 maintain fair1 orderly1 and efficient markets1 and facilitate capital formation4 7iv7 ,the appropriate blend of regulation1 publicity1 and formal enforcement action and on methods of furthering voluntary compliance4 7v7 ,criteria for the selection and disposition of enforcement actions1 the adequacy of sanctions authorized by law1 and the suitability and effectiveness of sanctions imposed by the ,commission proceedings4 7#b7 ,report ,not later than #a year after the establishment of the ,committee under subsection 7a71 the ,committee shall submit to the ,commission and the appropriate congressional committees a report containing the results of the analysis and the recommendations required by paragraph 7#a77;,a74 7c7 ,membership 7#a7 ,number and appointment ,the ,committee shall be composed of not less than #c and not greater than #g members appointed by the ,chairman4 7#b7 ,chairperson ,the ,chairperson of the ,committee shall be designated by the ,chairman at the time of appointment of the members4 7d7 ,support ,the ,commission shall provide the ,committee with the administrative1 professional1 and technical support required by the ,committee to carry out its responsibilities under this section4 7e7 ,termination of ,committee ,the ,committee established by subsection 7a7 shall terminate on the date that the report required by subsection 7b77#b7 is submitted4 7f7 ,consideration and adoption of recommendations by ,commission ,not later than #ahj days after the ,committee submits the report required by subsection 7b77#b71 the ,commission shall-- 7#a7 consider the analysis and recommendations included in such report2 7#b7 adopt such recommendations1 with any modifications1 as the ,commission considers appropriate2 and 7#c7 submit to the appropriate congressional committees a report that-- 7,a7 lists each recommendation included in such report that the ,commission does not adopt or adopts with material modifications2 and 7,b7 for each recommendation listed under subparagraph 7,a71 explains why the ,commission does not consider it appropriate or does not have sufficient authority to adopt the recommendation or to adopt the recommendation without material modification4 7g7 ,definitions ,in this section3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7#b7 ,chairman ,the term ,chairman means the ,chairman of the ,commission4 7#c7 ,commission ,the term ,commission means the ,securities and ,exchange ,commission4 7#d7 ,securities laws ,the term securities laws has the meaning given such term in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a774 #hba4 ,process to permit recipient of ,wells notification to appear before ,commission staff in-person 7a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall establish a process under which1 in any instance in which the ,commission staff provides a written ,wells notification to an individual informing the individual that the ,commission staff has made a preliminary determination to recommend that the ,commission bring an administrative or judicial action against the individual1 the individual shall have the right to make an in-person presentation before the ,commission staff concerning such recommendation and to be represented by counsel at such presentation1 at the individual's own expense4 7b7 ,attendance by ,commissioners ,such process shall provide that each ,commissioner of the ,commission1 or a designee of the ,commissioner1 may attend any such presentation4 7c7 ,report by ,commission staff ,such process shall provide that1 before any ,commission vote on whether to bring the administrative or judicial action against the individual1 the ,commission staff shall provide to each ,commissioner a written report on any such presentation1 including any factual or legal arguments made by the individual and any supporting documents provided by the individual4 #hbb4 ,publication of enforcement manual 7a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,securities and ,exchange ,commission shall approve1 by vote of the ,commission1 and publish an updated manual that sets forth the policies and practices that the ,commission will follow in the enforcement of the securities laws 7as defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a7774 ,such manual shall include policies and practices required by this ,act1 and by the amendments made by this ,act1 and shall be developed so as to ensure transparency in such enforcement and uniform application of such laws by the ,commission4 7b7 ,enforcement plan and report ,beginning on the date that is one year after the date of enactment of this ,act1 and each year thereafter1 and the ,securities and ,exchange ,commission shall transmit to ,congress and publish on its ,internet website an annual enforcement plan and report that shall-- 7#a7 detail the priorities of the ,commission with regard to enforcement and examination activities for the forthcoming year2 7#b7 report on the ,commission's enforcement and examination activities for the previous year1 including an assessment of how such activities comported with the priorities identified for that year pursuant to paragraph 7#a72 7#c7 contain an analysis of litigated decisions found not in favor of the ,commission over the preceding year2 7#d7 contain a description of any emerging trends the ,commission has focused on as part of its enforcement program1 including whether and how the ,commission has alerted or communicated with those who may be subject to the ,commission's regulation of emerging trends2 7#e7 contain a description of legal theories or standards employed by the ,commission in enforcement over the preceding year that had not previously been employed1 and a summary justifying each such theory or standard2 and 7#f7 provide an opportunity and mechanism for public comment4 #hbc4 ,private parties authorized to compel the ,securities and ,exchange ,commission to seek sanctions by filing civil actions ,title ,i of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended by adding at the end the following3 #da4 ,private parties authorized to compel the ,commission to seek sanctions by filing civil actions 7a7 ,termination of administrative proceeding ,in the case of any person who is a party to a proceeding brought by the ,commission under a securities law1 to which section #eed of title #e1 ,united ,states ,code1 applies1 and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding1 that person may1 not later than #bj days after receiving notice of such proceeding1 and at that person's discretion1 require the ,commission to terminate the proceeding4 7b7 ,civil action authorized ,if a person requires the ,commission to terminate a proceeding pursuant to subsection 7a71 the ,commission may bring a civil action against that person for the same remedy that might be imposed4 7c7 ,standard of proof in administrative proceeding ,notwithstanding any other provision of law1 in the case of a proceeding brought by the ,commission under a securities law1 to which section #eed of title #e1 ,united ,states ,code1 applies1 a legal or equitable remedy may be imposed on the person against whom the proceeding was brought only on a showing by the ,commission of clear and convincing evidence that the person has violated the relevant provision of law4 4 #hbd4 ,certain findings required to approve civil money penalties against issuers ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended by inserting after section #d;,e the following3 #d;,f4 ,certain findings required to approve civil money penalties against issuers ,the ,commission may not seek against or impose on an issuer a civil money penalty for violation of the securities laws unless the publicly available text of the order approving the seeking or imposition of such penalty contains findings1 supported by an analysis by the ,division of ,economic and ,risk ,analysis and certified by the ,chief ,economist1 of whether-- 7#a7 the alleged violation resulted in direct economic benefit to the issuer2 and 7#b7 the penalty will harm the shareholders of the issuer4 4 #hbe4 ,repeal of authority of the ,commission to prohibit persons from serving as officers or directors 7a7 ,under ,securities ,act of #aicc ,subsection 7f7 of section #h;,a of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;h-#a7 is repealed4 7b7 ,under ,securities ,exchange ,act of #aicd ,subsection 7f7 of section #ba;,c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#c7 is repealed4 #hbf4 ,subpoena duration and renewal ,section #ba7;b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu7b77 is amended-- 7#a7 by inserting ,subpoena4-- after the enumerator2 7#b7 by striking ,for the purpose of and inserting the following3 7#a7 ,in general ,for the purpose of 2 and 7#c7 by adding at the end the following3 7#b7 ,omnibus orders of investigation 7,a7 ,duration and renewal ,an omnibus order of investigation shall not be for an indefinite duration and may be renewed only by ,commission action4 7,b7 ,definition ,in paragraph 7,a71 the term omnibus order of investigation means an order of the ,commission authorizing #a of more members of the ,commission or its staff to issue subpoenas under paragraph 7#a7 to multiple persons in relation to a particular subject matter area4 4 #hbg4 ,elimination of automatic disqualifications ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq471 as amended by this ,act1 is further amended by inserting after section #d;,f the following3 #d;,g4 ,elimination of automatic disqualifications 7a7 ,in general ,notwithstanding any other provision of law1 a non-natural person may not be disqualified or otherwise made ineligible to use an exemption or registration provision1 engage in an activity1 or qualify for any similar treatment under a provision of the securities laws or the rules issued by the ,commission under the securities laws by reason of having1 or a person described in subsection 7b7 having1 been convicted of any felony or misdemeanor or made the subject of any judicial or administrative order1 judgment1 or decree arising out of a governmental action 7including an order1 judgment1 or decree agreed to in a settlement71 or having1 or a person described in subsection 7b7 having1 been suspended or expelled from membership in1 or suspended or barred from association with a member of1 a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade1 unless the ,commission1 by order1 on the record after notice and an opportunity for hearing1 makes a determination that such non-natural person should be so disqualified or otherwise made ineligible for purposes of such provision4 7b7 ,person described ,a person is described in this subsection if the person is-- 7#a7 a natural person who is a director1 officer1 employee1 partner1 member1 or shareholder of the non-natural person referred to in subsection 7a7 or is otherwise associated or affiliated with such non-natural person in any way2 or 7#b7 a non-natural person who is associated or affiliated with the non-natural person referred to in subsection 7a7 in any way4 7c7 ,rule of construction ,nothing in this section shall be construed to limit any authority of the ,commission1 by order1 on the record after notice and an opportunity for hearing1 to prohibit a person from using an exemption or registration provision1 engaging in an activity1 or qualifying for any similar treatment under a provision of the securities laws1 or the rules issued by the ,commission under the securities laws1 by reason of a circumstance referred to in subsection 7a7 or any similar circumstance4 4 #hbh4 ,denial of award to culpable whistleblowers ,section #ba;,f7c7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghu-#f7;c77 is amended-- 7#a7 in paragraph 7#b7-- 7,a7 in subparagraph 7,c71 by striking or at the end2 7,b7 in subparagraph 7,d71 by striking the period and inserting 2 or2 and 7,c7 by adding at the end the following3 7,e7 to any whistleblower who is responsible for1 or complicit in1 the violation of the securities laws for which the whistleblower provided information to the ,commission4 2 and 7#b7 by adding at the end the following3 7#c7 ,definition ,for purposes of paragraph 7#b77;,e71 a person is responsible for1 or complicit in1 a violation of the securities laws if1 with the intent to promote or assist the violation1 the person-- 7,a7 procures1 induces1 or causes another person to commit the offense2 7,b7 aids or abets another person in committing the offense2 or 7,c7 having a duty to prevent the violation1 fails to make an effort the person is required to make4 4 #hbi4 ,confidentiality of records obtained from foreign securities and law enforcement authorities ,section #bd7;d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghx7d77 is amended to read as follows3 7d7 ,records obtained from foreign securities and law enforcement authorities ,except as provided in subsection 7g71 the ,commission shall not be compelled to disclose records obtained from a foreign securities authority1 or from a foreign law enforcement authority as defined in subsection 7f77#d71 if-- 7#a7 the foreign securities authority or foreign law enforcement authority has in good faith determined and represented to the ,commission that the records are confidential under the laws of the country of such authority2 and 7#b7 the ,commission obtains such records pursuant to-- 7,a7 such procedure as the ,commission may authorize for use in connection with the administration or enforcement of the securities laws2 or 7,b7 a memorandum of understanding4 ,for purposes of section #eeb of title #e1 ,united ,states ,code1 this subsection shall be considered a statute described in subsection 7b77#c77;,b7 of such section #eeb4 4 #hcj4 ,clarification of authority to impose sanctions on persons associated with a broker or dealer ,section #ae7;b77#f77;,a77i7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7b77#f77;,a77i77 is amended by striking enumerated and all that follows and inserting enumerated in subparagraph 7,a71 7,d71 7,e71 7,g71 or 7,h7 of paragraph 7#d7 of this subsection24 #hca4 ,complaint and burden of proof requirements for certain actions for breach of fiduciary duty ,section #cf7;b7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#ce7;b77 is amended by adding at the end the following3 7#g7 ,in any such action brought by a security holder of a registered investment company on behalf of such company-- 7,a7 the complaint shall state with particularity all facts establishing a breach of fiduciary duty1 and1 if an allegation of any such facts is based on information and belief1 the complaint shall state with particularity all facts on which that belief is formed2 and 7,b7 such security holder shall have the burden of proving a breach of fiduciary duty by clear and convincing evidence4 4 #hcb4 ,congressional access to information held by the ,public ,company ,accounting ,oversight ,board ,section #aje7;b77#e7 of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbae7;b77#e77 is amended-- 7#a7 in subparagraph 7,a71 by striking subparagraphs 7,b7 and 7,c7 and inserting subparagraphs 7,b71 7,c7 and 7,d72 and 7#b7 by adding at the end the following3 7,d7 ,availability to the ,congressional ,committees ,the ,board shall make available to the ,committees specified under section #aja7;h7-- 7i7 such information as the ,committees shall request2 and 7ii7 with respect to any confidential or privileged information provided in response to a request under clause 7i71 including any information subject to section #ajd7;g7 and subparagraph 7,a71 or any confidential or privileged information provided orally in response to such a request1 such information shall maintain the protections provided in subparagraph 7,a71 and shall retain its confidential and privileged status in the hands of the ,board and the ,committees4 4 #hcc4 ,abolishing ,investor ,advisory ,group ,the ,public ,company ,accounting ,oversight ,board shall abolish the ,investor ,advisory ,group4 #hcd4 ,repeal of requirement for ,public ,company ,accounting ,oversight ,board to use certain funds for merit scholarship program 7a7 ,in general ,section #aji7;c7 of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbai7;c77 is amended by striking paragraph 7#b74 7b7 ,conforming amendments ,section #aji of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbai7 is amended-- 7#a7 in subsection 7c71 by striking uses of funds and all that follows through ,the budget and inserting uses of funds4--,the budget2 and 7#b7 in subsection 7f71 by striking subsection 7c77#a7 and inserting subsection 7c74 #hce4 ,reallocation of fines for violations of rules of municipal securities rulemaking board 7a7 ,in general ,section #ae;,b7c77#i7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#d7;c77#i77 is amended to read as follows3 7#i7 ,fines collected for violations of the rules of the ,board shall be deposited and credited as general revenue of the ,treasury1 except as otherwise provided in section #cjh of the ,sarbanes-,oxley ,act of #bjjb or section #ba;,f of this title4 4 7b7 ,effective date ,the amendment made by subsection 7a7 shall apply to fines collected after the date of enactment of this ,act4 ,b ,eliminating ,excessive ,government ,intrusion in the ,capital ,markets #hda4 ,repeal of ,department of ,labor fiduciary rule and requirements prior to rulemaking relating to standards of conduct for brokers and dealers 7a7 ,repeal of ,department of ,labor fiduciary rule ,the final rule of the ,department of ,labor titled ,definition of the ,term ,fiduciary2 ,conflict of ,interest ,rule--,retirement ,investment ,advice and related prohibited transaction exemptions published ,april #h1 #bjaf 7#ha ,fed4 ,reg4 #bjidf7 shall have no force or effect4 7b7 ,stay on rules defining certain fiduciaries ,after the date of enactment of this ,act1 the ,secretary of ,labor shall not prescribe any regulation under the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajja et seq47 defining the circumstances under which an individual is considered a fiduciary until the date that is #fj days after the ,securities and ,exchange ,commission issues a final rule relating to standards of conduct for brokers and dealers pursuant to the second subsection 7k7 of section #ae of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7k774 7c7 ,requirement after stay ,if1 after the stay described under subsection 7b71 the ,secretary of ,labor prescribes a regulation described under such subsection1 the ,secretary of ,labor shall prescribe a substantially identical definition of what constitutes fiduciary investment advice and impose substantially identical standards of care and conditions as the ,securities and ,exchange ,commission has imposed on brokers1 dealers1 or investment advisers4 7d7 ,requirements prior to rulemaking relating to standards of conduct for brokers and dealers ,the second subsection 7k7 of section #ae of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7k771 as added by section #iac7;g77#a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq471 is amended by adding at the end the following3 7#c7 ,requirements prior to rulemaking ,the ,commission shall not promulgate a rule pursuant to paragraph 7#a7 before providing a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate describing whether-- 7,a7 retail investors 7and such other customers as the ,commission may provide7 are being harmed due to brokers or dealers operating under different standards of conduct than those that apply to investment advisors under section #baa of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#aa72 7,b7 alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under different standards of conduct than those standards that apply to investment advisors under section #baa of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#aa71 including-- 7i7 simplifying the titles used by brokers1 dealers1 and investment advisers2 and 7ii7 enhancing disclosure surrounding the different standards of conduct currently applicable to brokers1 dealers1 and investment advisers2 7,c7 the adoption of a uniform fiduciary standard of conduct for brokers1 dealers1 and investment advisors would adversely impact the commissions of brokers and dealers1 the availability of proprietary products offered by brokers and dealers1 and the ability of brokers and dealers to engage in principal transactions with customers2 and 7,d7 the adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized and cost-effective investment advice1 recommendations about securities1 or the availability of such advice and recommendations4 7#d7 ,economic analysis ,the ,commission's conclusions contained in the report described in paragraph 7#c7 shall be supported by economic analysis4 7#e7 ,requirements for promulgating a rule ,the ,commission shall publish in the ,federal ,register alongside the rule promulgated pursuant to paragraph 7#a7 formal findings that such rule would reduce confusion or harm to retail customers 7and such other customers as the ,commission may by rule provide7 due to different standards of conduct applicable to brokers1 dealers1 and investment advisors4 7#f7 ,requirements under ,investment ,advisers ,act of #aidj ,in proposing rules under paragraph 7#a7 for brokers or dealers1 the ,commission shall consider the differences in the registration1 supervision1 and examination requirements applicable to brokers1 dealers1 and investment advisors4 4 #hdb4 ,exemption from risk retention requirements for nonresidential mortgage 7a7 ,in general ,section #ae;,g of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#aa7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#c77;,b71 by striking and at the end2 7,b7 in paragraph 7#d77;,b71 by striking the period and inserting 2 and2 and 7,c7 by adding at the end the following3 7#e7 the term asset-backed security refers only to an asset-backed security that is comprised wholly of residential mortgages4 2 7#b7 in subsection 7b7-- 7,a7 by striking paragraph 7#a72 and 7,b7 by striking 7#b7 ,residential mortgages4--2 7#c7 by striking subsection 7h7 and redesignating subsection 7i7 as subsection 7h72 and 7#d7 in subsection 7h7 7as so redesignated7-- 7,a7 by striking effective-- and all that follows through 7#a7 with respect to and inserting effective with respect to2 7,b7 in paragraph 7#a71 by striking 2 and and inserting a period2 and 7,c7 by striking paragraph 7#b74 7b7 ,conforming amendment ,section #ida of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking subsection 7c74 #hdc4 ,frequency of shareholder approval of executive compensation ,section #ad;,a7a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghn-#a7;a77 is amended-- 7#a7 in paragraph 7#a71 by striking ,not less frequently than once every #c years and inserting ,each year in which there has been a material change to the compensation of executives of an issuer from the previous year2 and 7#b7 by striking paragraph 7#b7 and redesignating paragraph 7#c7 as paragraph 7#b74 #hdd4 ,shareholder ,proposals 7a7 ,resubmission thresholds ,the ,securities and ,exchange ,commission shall revise section #bdj4ad;a-#h7;i77#ab7 of title #ag1 ,code of ,federal ,regulations to-- 7#a7 in paragraph 7i71 adjust the #c percent threshold to #f percent2 7#b7 in paragraph 7ii71 adjust the #f percent threshold to #ae percent2 and 7#c7 in paragraph 7iii71 adjust the #aj percent threshold to #cj percent4 7b7 ,holding requirement ,the ,securities and ,exchange ,commission shall revise the holding requirement for a shareholder to be eligible to submit a shareholder proposal to an issuer in section #bdj4ad;a-#h7;b77#a7 of title #ag1 ,code of ,federal ,regulations1 to-- 7#a7 eliminate the option to satisfy the holding requirement by holding a certain dollar amount2 7#b7 require the shareholder to hold #a percent of the issuer's securities entitled to be voted on the proposal1 or such greater percentage as determined by the ,commission2 and 7#c7 adjust the #a year holding period to #c years4 7c7 ,shareholder proposals issued by proxies ,section #ad of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghn7 is amended by adding at the end the following3 7j7 ,shareholder proposals by proxies not permitted ,an issuer may not include in its proxy materials a shareholder proposal submitted by a person in such person's capacity as a proxy1 representative1 agent1 or person otherwise acting on behalf of a shareholder4 4 #hde4 ,prohibition on requiring a single ballot ,section #ad of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghn7 is amended by adding at the end the following3 7k7 ,prohibition on requiring a single ballot ,the ,commission may not require that a solicitation of a proxy1 consent1 or authorization to vote a security of an issuer in an election of members of the board of directors of the issuer be made using a single ballot or card that lists both individuals nominated by 7or on behalf of7 the issuer and individuals nominated by 7or on behalf of7 other proponents and permits the person granting the proxy1 consent1 or authorization to select from among individuals in both groups4 4 #hdf4 ,requirement for municipal advisor for issuers of municipal securities ,section #ae;,b7d7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#d7;d77 is amended by adding at the end the following3 7#c7 ,an issuer of municipal securities shall not be required to retain a municipal advisor prior to issuing any such securities4 4 #hdg4 ,small issuer exemption from internal control evaluation ,section #djd7;c7 of the ,sarbanes-,oxley ,act of #bjjb 7#ae ,u4,s4,c4 #gbfb7;c77 is amended to read as follows3 7c7 ,exemption for smaller issuers ,subsection 7b7 shall not apply with respect to any audit report prepared for an issuer that has total market capitalization of less than #ejj1jjj1jjj1 nor to any issuer that is a depository institution with assets of less than #a1jjj1jjj1jjj4 4 #hdh4 ,streamlining of applications for an exemption from the ,investment ,company ,act of #aidj ,section #f7;c7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#f7;c77 is amended-- 7#a7 by striking 7c7 ,the ,commission and inserting the following3 7c7 ,general exemptive authority 7#a7 ,in general ,the ,commission 2 and 7#b7 by adding at the end the following3 7#b7 ,application process 7,a7 ,in general ,a person who wishes to receive an exemption from the ,commission pursuant to paragraph 7#a7 shall file an application with the ,commission in such form and manner and containing such information as the ,commission may require4 7,b7 ,publication2 rejection of invalid applications 7i7 ,in general ,not later than the end of the #e-;day period beginning on the date that the ,commission receives an application under subparagraph 7,a71 the ,commission shall either-- 7,i7 publish the application1 including by publication on the website of the ,commission2 or 7,,ii7 if the ,commission determines that the application does not comply with the proper form1 manner1 or information requirements described under subparagraph 7,a71 reject such application and notify the applicant of the specific reasons the application was rejected4 7ii7 ,failure to publish application ,if the ,commission does not reject an application under clause 7i77,,ii71 but fails to publish the application by the end of the time period specified under clause 7i71 such application shall be deemed to have been published on the date that is the end of such time period4 7#c7 ,determination by ,commission 7,a7 ,in general ,not later than #de days after the date that the ,commission publishes an application pursuant to paragraph 7#b77;,b71 the ,commission shall1 by order-- 7i7 approve the application2 7ii7 if the ,commission determines that the application would have been approved had the applicant provided additional supporting documentation or made certain amendments to the application-- 7,i7 provide the applicant with the specific additional supporting documentation or amendments that the ,commission believes are necessary for the applicant to provide in order for the application to be approved2 and 7,,ii7 request that the applicant withdraw the application and re-submit the application with such additional supporting documentation and amendments2 or 7iii7 deny the application4 7,b7 ,extension of time period ,the ,commission may extend the time period described under subparagraph 7,a7 by not more than an additional #de days1 if-- 7i7 the ,commission determines that a longer period is appropriate and publishes the reasons for such determination2 or 7ii7 the applicant consents to the longer period4 7,c7 ,time period for withdrawal ,if the ,commission makes a request under subparagraph 7,a77ii7 for an applicant to withdraw an application1 such application shall be deemed to be denied if the applicant informs the ,commission that the applicant will not withdraw the application or if the applicant does not withdraw the application before the end of the #cj-;day period beginning on the date the ,commission makes such request4 7#d7 ,proceedings2 notice and hearing ,if an application is denied pursuant to paragraph 7#c71 the ,commission shall provide the applicant with-- 7,a7 a written explanation for why the application was not approved2 and 7,b7 an opportunity for hearing1 if requested by the applicant not later than #bj days after the date of such denial1 with such hearing to be commenced not later than #cj days after the date of such denial4 7#e7 ,result of failure to institute or commence proceedings ,an application shall be deemed to have been approved by the ,commission1 if-- 7,a7 the ,commission fails to either approve1 request the withdrawal of1 or deny the application1 as required under paragraph 7#c77;,a71 within the time period required under paragraph 7#c77;,a71 as such time period may have been extended pursuant to paragraph 7#c77;,b72 or 7,b7 the applicant requests an opportunity for hearing1 pursuant to paragraph 7#d77;,b71 but the ,commission does not commence such hearing within the time period required under paragraph 7#d77;,b74 7#f7 ,rulemaking ,not later than #ahj days after the date of enactment of this paragraph1 the ,commission shall issue rules to carry out this subsection4 4 #hdi4 ,restriction on recovery of erroneously awarded compensation ,section #aj;,d7b77#b7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;j-#d7;b77#b77 is amended by inserting before the period the following3 1 where such executive officer had control or authority over the financial reporting that resulted in the accounting restatement4 #hej4 ,exemptive authority for certain provisions relating to registration of nationally recognized statistical rating organizations ,section #ae;,e of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7 is amended by adding at the end the following3 7w7 ,commission exemptive authority ,the ,commission1 by rules and regulations upon its own motion1 or by order upon application1 may conditionally or unconditionally exempt any person from any provision or provisions of this title or of any rule or regulation thereunder1 if and to the extent it determines that such rule1 regulation1 or requirement is creating a barrier to entry into the market for nationally recognized statistical rating organizations or impeding competition among such organizations1 or that such an exemption is necessary or appropriate in the public interest and is consistent with the protection of investors4 4 #hea4 ,risk-based examinations of ,nationally ,recognized ,statistical ,rating ,organizations ,section #ae;,e7p77#c7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7p77#c77 is amended-- 7#a7 in subparagraph 7,a7-- 7,a7 in the heading1 by striking ,annual and inserting ,risk-based2 7,b7 by striking an examination and inserting examinations2 and 7,c7 by striking at least annually2 and 7#b7 in subparagraph 7,b71 in the matter preceding clause 7i71 by inserting 1 as appropriate1 after ,each examination under subparagraph 7,a7 shall include4 #heb4 ,transparency of credit rating methodologies ,section #ae;,e7s7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7s77 is amended-- 7#a7 in paragraph 7#b77;,b71 by inserting before the semicolon the following3 rated by the nationally recognized statistical rating agency2 and 7#b7 in paragraph 7#c7-- 7,a7 in subparagraph 7,a77ix71 by inserting before the period the following3 1 except that the ,commission may not require the inclusion of references to statutory or regulatory requirements or statutory provision headings or enumerators for any specific disclosure2 7,b7 in subparagraph 7,b77iv71 by inserting before the period the following3 1 except that the ,commission may not require the inclusion of references to statutory or regulatory requirements or statutory provision headings or enumerators for any specific disclosure2 and 7,c7 by adding at the end the following3 7,c7 ,no mandate on the organization of disclosures ,the ,commission may not mandate the specific organization of the disclosures required under this paragraph4 4 #hec4 ,repeal of certain attestation requirements relating to credit ratings ,section #ae;,e of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7 is amended-- 7#a7 in subsection 7c77#c77;,b7-- 7,a7 in clause 7i71 by adding and at the end2 7,b7 in clause 7ii71 by striking 2 and and inserting a period2 and 7,c7 by striking clause 7iii72 and 7#b7 in subsection 7q77#b7-- 7,a7 in subparagraph 7,d71 by adding and at the end2 7,b7 in subparagraph 7,e71 by striking 2 and and inserting a period2 and 7,c7 by striking subparagraph 7,f74 #hed4 ,look-back review by ,,nrsro ,section #ae;,e7h77#d77;,a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7;h77#d77;,a77 is amended-- 7#a7 by striking ,each nationally and inserting the following3 7i7 ,in general ,each nationally 2 7#b7 by striking underwriter and inserting lead underwriter2 7#c7 by striking in any capacity2 7#d7 by striking during the #a-year period preceding the date an action was taken with respect to the credit rating2 7#e7 by redesignating clauses 7i7 and 7ii7 as subclauses 7,i7 and 7,,ii71 respectively1 and adjusting the margin of such subclauses accordingly2 7#f7 in subclause 7,i71 as so redesignated1 by inserting before the semicolon the following3 during the #a-year period preceding the departure of the employee from the nationally recognized statistical rating organization2 and 7#g7 by adding at the end the following3 7ii7 ,maintenance of ratings actions ,in the case of maintenance of ratings actions1 the requirement under clause 7i7 shall only apply to employees of a person subject to a credit rating of the nationally recognized statistical rating organization or an issuer of a security or money market instrument subject to a credit rating of the nationally recognized statistical rating organization4 4 #hee4 ,approval of credit rating procedures and methodologies ,section #ae;,e7r77#a77;,a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7r77#a77;,a77 is amended by inserting 1 or the ,chief ,credit ,officer after performing a function similar to that of a board4 #hef4 ,exception for providing certain material information relating to a credit rating ,section #ae;,e7h77#c7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho-#g7;h77#c77 is amended by adding at the end the following3 7,c7 ,exception for providing certain material information ,rules issued under this paragraph may not prohibit a person who participates in sales or marketing of a product or service of a nationally recognized statistical rating organization from providing material information1 or information believed in good faith to be material1 to the issuance or maintenance of a credit rating to a person who participates in determining or monitoring the credit rating1 or developing or approving procedures or methodologies used for determining the credit rating1 so long as the information provided is not intended to influence the determination of a credit rating1 or the procedures or methodologies used to determine credit ratings4 4 #heg4 ,repeals 7a7 ,repeals ,the following provisions of title ,,ix of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act are repealed1 and the provisions of law amended or repealed by such sections are restored or revived as if such sections had not been enacted3 7#a7 ,section #iab4 7#b7 ,section #iad4 7#c7 ,section #iag4 7#d7 ,section #iah4 7#e7 ,section #iai;,a4 7#f7 ,section #iai;,b4 7#g7 ,section #iai;,c4 7#h7 ,section #iba4 7#i7 ,section #ibi,t4 7#aj7 ,section #ibi,x4 7#aa7 ,section #ibi,y4 7#ab7 ,section #ibi,z4 7#ac7 ,section #ica4 7#ad7 ,section #icc4 7#ae7 ,section #icg4 7#af7 ,section #ici;,b4 7#ag7 ,section #ici;,c4 7#ah7 ,section #ici;,d4 7#ai7 ,section #ici;,e4 7#bj7 ,section #ici;,f4 7#ba7 ,section #ici;,g4 7#bb7 ,section #ici;,h4 7#bc7 ,section #idf4 7#bd7 ,subsection 7b7 of section #iec4 7#be7 ,section #iee4 7#bf7 ,section #ief4 7#bg7 ,section #ifd4 7#bh7 ,section #ife4 7#bi7 ,section #ifh4 7#cj7 ,section #iga4 7#ca7 ,section #igb4 7#cb7 ,section #igf4 7#cc7 ,section #igg4 7#cd7 ,section #igh4 7#ce7 ,section #ihd4 7#cf7 ,section #ihi4 7#cg7 ,section #ihi;,a4 7#ch7 ,section #ihi;,f4 7#ci7 ,subsection 7b7 of section #ihi;,g4 7#dj7 ,section #ihi;,i4 7b7 ,conforming amendments ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja7 is amended-- 7#a7 in the table of contents in section #a7;b71 by striking the items relating to the sections described under paragraphs 7#a7 through 7#bc71 7#be7 through 7#ch71 and 7#dj7 of subsection 7a72 7#b7 in section #iec1 by striking 7a7 ,disclosure of pay versus performance4--2 and 7#c7 in section #ihi;,g1 by striking 7a7 ,exemption4--4 #heh4 ,exemption of and reporting by private equity fund advisers ,section #bjc of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c7 is amended by adding at the end the following3 7o7 ,exemption of and reporting by private equity fund advisers 7#a7 ,in general ,except as provided in this subsection1 no investment adviser shall be subject to the registration or reporting requirements of this title with respect to the provision of investment advice relating to a private equity fund4 7#b7 ,maintenance of records and access by ,commission ,not later than #f months after the date of enactment of this subsection1 the ,commission shall issue final rules-- 7,a7 to require investment advisers described in paragraph 7#a7 to maintain such records and provide to the ,commission such annual or other reports as the ,commission1 taking into account fund size1 governance1 investment strategy1 risk1 and other factors1 determines necessary and appropriate in the public interest and for the protection of investors2 and 7,b7 to define the term private equity fund for purposes of this subsection4 4 #hei4 ,records and reports of private funds ,the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47 is amended-- 7#a7 in section #bjd7;b7-- 7,a7 in paragraph 7#a7-- 7i7 in subparagraph 7,a71 by striking investors1 and all that follows and inserting investors42 7ii7 by striking subparagraph 7,b72 and 7iii7 by striking this title-- and all that follows through to maintain and inserting this title to maintain2 7,b7 in paragraph 7#c77;,h7-- 7i7 by striking 1 in consultation with the ,council12 and 7ii7 by striking or for the assessment of systemic risk2 7,c7 in paragraph 7#d71 by striking 1 or for the assessment of systemic risk2 7,d7 in paragraph 7#e71 by striking or for the assessment of systemic risk2 7,e7 in paragraph 7#f77;,a77ii71 by striking 1 or for the assessment of systemic risk2 7,f7 by striking paragraph 7#g7 and redesignating paragraphs 7#h7 through 7#aa7 as paragraphs 7#g7 through 7#aj71 respectively2 and 7,g7 in paragraph 7#h7 7as so redesignated71 by striking paragraph 7#h7 and inserting paragraph 7#g72 and 7#b7 in section #baa7;e7-- 7,a7 by striking after consultation with the ,council but2 and 7,b7 by striking subsection #bjd7;b7 and inserting section #bjd7;b74 #hfj4 ,definition of accredited investor 7a7 ,in general ,section #b7;a77#ae7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;b7a77#ae77 is amended-- 7#a7 by redesignating clauses 7i7 and 7ii7 as subparagraphs 7,a7 and 7,f71 respectively2 and 7#b7 in subparagraph 7,a7 7as so redesignated71 by striking 2 or at the end and inserting a semicolon1 and inserting after such subparagraph the following3 7,b7 any natural person whose individual net worth1 or joint net worth with that person's spouse1 exceeds #a1jjj1jjj 7which amount1 along with the amounts set forth in subparagraph 7,c71 shall be adjusted for inflation by the ,commission every #e years to the nearest #aj1jjj to reflect the change in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics7 where1 for purposes of calculating net worth under this subparagraph-- 7i7 the person's primary residence shall not be included as an asset2 7ii7 indebtedness that is secured by the person's primary residence1 up to the estimated fair market value of the primary residence at the time of the sale of securities1 shall not be included as a liability 7except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding #fj days before such time1 other than as a result of the acquisition of the primary residence1 the amount of such excess shall be included as a liability72 and 7iii7 indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability2 7,c7 any natural person who had an individual income in excess of #bjj1jjj in each of the #b most recent years or joint income with that person's spouse in excess of #cjj1jjj in each of those years and has a reasonable expectation of reaching the same income level in the current year2 7,d7 any natural person who1 by reason of their net worth or income1 is an accredited investor under section #bcj4bae of title #ag1 ,code of ,federal ,regulations 7as in effect on the day before the date of enactment of this subparagraph72 7,e7 any natural person who is currently licensed or registered as a broker or investment adviser by the ,commission1 the ,financial ,industry ,regulatory ,authority1 or an equivalent self-regulatory organization 7as defined in section #c7;a77#bf7 of the ,securities ,exchange ,act of #aicd71 or the securities division of a ,state or the equivalent ,state division responsible for licensing or registration of individuals in connection with securities activities2 7,f7 any natural person the ,commission determines1 by regulation1 to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment1 and whose education or job experience is verified by the ,financial ,industry ,regulatory ,authority or an equivalent self-regulatory organization 7as defined in section #c7;a77#bf7 of the ,securities ,exchange ,act of #aicd72 or 4 7b7 ,repeal 7#a7 ,in general ,section #dac of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 is hereby repealed4 7#b7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the items relating to section #dac4 #hfa4 ,repeal of certain provisions requiring a study and report to ,congress 7a7 ,repeal ,the following provisions of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act are repealed3 7#a7 ,section #dab4 7#b7 ,section #dae4 7#c7 ,section #daf4 7#d7 ,section #dag4 7b7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the items relating to sections #dab1 #dae1 #daf1 and #dag4 #hfb4 ,repeal 7a7 ,repeal ,the following sections of title ,,xv of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act are repealed1 and the provisions of law amended or repealed by such sections are restored or revived as if such sections had not been enacted3 7#a7 ,section #aejb4 7#b7 ,section #aejc4 7#c7 ,section #aejd4 7#d7 ,section #aeje4 7#e7 ,section #aejf4 7b7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the items relating to sections #aejb1 #aejc1 #aejd1 #aeje1 and #aejf4 ,c ,harmonization of ,derivatives ,rules #hga4 ,commissions review and harmonization of rules relating to the regulation of over-the-counter swaps markets ,the ,securities and ,exchange ,commission and the ,commodity ,futures ,trading ,commission shall review each rule1 order1 and interpretive guidance issued by either such ,commission pursuant to title ,,vii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ae ,u4,s4,c4 #hcja et seq47 and1 where the ,commissions find inconsistencies in any such rules1 orders1 or interpretive guidance1 shall jointly issue new rules1 orders1 or interpretive guidance to resolve such inconsistencies4 #hgb4 ,treatment of transactions between affiliates 7a7 ,commodity ,exchange ,act ,section #a;a7#dg7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a7#dg77 is amended by adding at the end the following3 7,g7 ,treatment of swap transactions between affiliates 7i7 ,exemption from swap rules ,except as provided under clause 7ii71 the ,commission may not regulate a swap under this ,act if all of the following apply to such swap3 7,i7 ,affiliation ,one counterparty1 directly or indirectly1 holds a majority ownership interest in the other counterparty1 or a third party1 directly or indirectly1 holds a majority ownership interest in both counterparties4 7,,ii7 ,financial statements ,the affiliated counterparty that holds the majority interest in the other counterparty or the third party that1 directly or indirectly1 holds the majority interests in both affiliated counterparties1 reports its financial statements on a consolidated basis under generally accepted accounting principles or ,international ,financial ,reporting ,standards1 or other similar standards1 and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties4 7ii7 ,requirements for exempted swaps ,with respect to a swap described under clause 7i73 7,i7 ,reporting requirement ,if at least one counterparty is a swap dealer or major swap participant1 that counterparty shall report the swap pursuant to section #dr1 within such time period as the ,commission may by rule or regulation prescribe-- 7aa7 to a swap data repository2 or 7bb7 if there is no swap data repository that would accept the agreement1 contract or transaction1 to the ,commission4 7,,ii7 ,risk management requirement ,if at least one counterparty is a swap dealer or major swap participant1 the swap shall be subject to a centralized risk management program pursuant to section #ds7j7 that is reasonably designed to monitor and to manage the risks associated with the swap4 7,,iii7 ,anti-evasion requirement ,the swap shall not be structured to evade the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act in violation of any rule promulgated by the ,commission pursuant to section #gba7;c7 of such ,act4 4 7b7 ,securities ,exchange ,act of #aicd ,section #c7;a77#fh7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#fh77 is amended by inserting before subsection 7b7 the following3 7,f7 ,treatment of security-based swap transactions between affiliates 7i7 ,exemption from security-based swap rules ,except as provided under clause 7ii71 the ,commission may not regulate a security-based swap under this ,act if all of the following apply to such security-based swap3 7,i7 ,affiliation ,one counterparty1 directly or indirectly1 holds a majority ownership interest in the other counterparty1 or a third party1 directly or indirectly1 holds a majority ownership interest in both counterparties4 7,,ii7 ,financial statements ,the affiliated counterparty that holds the majority interest in the other counterparty or the third party that1 directly or indirectly1 holds the majority interests in both affiliated counterparties1 reports its financial statements on a consolidated basis under generally accepted accounting principles or ,international ,financial ,reporting ,standards1 or other similar standards1 and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties4 7ii7 ,requirements for exempted security-based swaps ,with respect to a security-based swap described under clause 7i73 7,i7 ,reporting requirement ,if at least one counterparty is a security-based swap dealer or major security-based swap participant1 that counterparty shall report the security-based swap pursuant to section #ac;,a1 within such time period as the ,commission may by rule or regulation prescribe-- 7aa7 to a security-based swap data repository2 or 7bb7 if there is no security-based swap data repository that would accept the agreement1 contract or transaction1 to the ,commission4 7,,ii7 ,risk management requirement ,if at least one counterparty is a security-based swap dealer or major security-based swap participant1 the security-based swap shall be subject to a centralized risk management program pursuant to section #ae;,f7j7 that is reasonably designed to monitor and to manage the risks associated with the security-based swap4 7,,iii7 ,anti-evasion requirement ,the security-based swap shall not be structured to evade the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act in violation of any rule promulgated by the ,commission pursuant to section #gfa7;b77#c7 of such ,act4 4 ,,ix ,repeal of the ,volcker ,rule and ,other ,provisions #ija4 ,repeals 7a7 ,in general ,the following sections of title ,,vi of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act are repealed1 and the provisions of law amended or repealed by such sections are restored or revived as if such sections had not been enacted3 7#a7 ,section #fjc4 7#b7 ,section #fah4 7#c7 ,section #fai4 7#d7 ,section #fbj4 7#e7 ,section #fba4 7b7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended by striking the items relating to sections #fjc1 #fah1 #fai1 #fbj1 and #fba4 ,x ,fed ,oversight ,reform and ,modernization #ajja4 ,requirements for policy rules of the ,federal ,open ,market ,committee ,the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq47 is amended by inserting after section #b;,b the following new section3 #b;,c4 ,directive ,policy ,rules of the ,federal ,open ,market ,committee 7a7 ,definitions ,in this section the following definitions shall apply3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate4 7#b7 ,directive ,policy ,rule ,the term ,directive ,policy ,rule means a policy rule developed by the ,federal ,open ,market ,committee that meets the requirements of subsection 7c7 and that provides the basis for the ,open ,market ,operations ,directive4 7#c7 ,,gdp ,the term ,,gdp means the gross domestic product of the ,united ,states as computed and published by the ,department of ,commerce4 7#d7 ,intermediate ,policy ,input ,the term ,intermediate ,policy ,input-- 7,a7 may include any variable determined by the ,federal ,open ,market ,committee as a necessary input to guide open-market operations2 7,b7 shall include an estimate of1 and the method of calculation for1 the current rate of inflation or current inflation expectations2 and 7,c7 shall include1 specifying whether the variable or estimate is historical1 current1 or a forecast and the method of calculation1 at least one of-- 7i7 an estimate of real ,,gdp1 nominal ,,gdp1 or potential ,,gdp2 7ii7 an estimate of the monetary aggregate compiled by the ,board of ,governors of the ,federal ,reserve ,system and ,federal reserve banks2 or 7iii7 an interactive variable or a net estimate composed of the estimates described in clauses 7i7 and 7ii74 7#e7 ,legislative day ,the term legislative day means a day on which either ,house of ,congress is in session4 7#f7 ,open ,market ,operations ,directive ,the term ,open ,market ,operations ,directive means an order to achieve a specified ,policy ,instrument ,target provided to the ,federal ,reserve ,bank of ,new ,york by the ,federal ,open ,market ,committee pursuant to powers authorized under section #ad of this ,act that guide open-market operations4 7#g7 ,policy ,instrument ,the term ,policy ,instrument means-- 7,a7 the nominal ,federal funds rate2 7,b7 the nominal rate of interest paid on nonborrowed reserves2 or 7,c7 the discount window primary credit interest rate most recently published on the ,federal ,reserve ,statistical ,release on selected interest rates 7daily or weekly71 commonly referred to as the ,h4#ae release4 7#h7 ,policy ,instrument ,target ,the term ,policy ,instrument ,target means the target for the ,policy ,instrument specified in the ,open ,market ,operations ,directive4 7#i7 ,reference ,policy ,rule ,the term ,reference ,policy ,rule means a calculation of the nominal ,federal funds rate as equal to the sum of the following3 7,a7 ,the rate of inflation over the previous four quarters4 7,b7 ,one-half of the percentage deviation of the real ,,gdp from an estimate of potential ,,gdp4 7,c7 ,one-half of the difference between the rate of inflation over the previous four quarters and two percent4 7,d7 ,two percent4 7b7 ,submitting a ,directive ,policy ,rule ,not later than #dh hours after the end of a meeting of the ,federal ,open ,market ,committee1 the ,chairman of the ,federal ,open ,market ,committee shall submit to the appropriate congressional committees and the ,comptroller ,general of the ,united ,states a ,directive ,policy ,rule and a statement that identifies the members of the ,federal ,open ,market ,committee who voted in favor of the ,directive ,policy ,rule4 7c7 ,requirements for a ,directive ,policy ,rule ,a ,directive ,policy ,rule shall-- 7#a7 identify the ,policy ,instrument the ,directive ,policy ,rule is designed to target2 7#b7 describe the strategy or rule of the ,federal ,open ,market ,committee for the systematic quantitative adjustment of the ,policy ,instrument ,target to respond to a change in the ,intermediate ,policy ,inputs2 7#c7 include a function that comprehensively models the interactive relationship between the ,intermediate ,policy ,inputs2 7#d7 include the coefficients of the ,directive ,policy ,rule that generate the current ,policy ,instrument ,target and a range of predicted future values for the ,policy ,instrument ,target if changes occur in any ,intermediate ,policy ,input2 7#e7 describe the procedure for adjusting the supply of bank reserves to achieve the ,policy ,instrument ,target2 7#f7 include a statement as to whether the ,directive ,policy ,rule substantially conforms to the ,reference ,policy ,rule and1 if applicable-- 7,a7 an explanation of the extent to which it departs from the ,reference ,policy ,rule2 7,b7 a detailed justification for that departure2 and 7,c7 a description of the circumstances under which the ,directive ,policy ,rule may be amended in the future2 7#g7 include a certification that the ,directive ,policy ,rule is expected to support the economy in achieving stable prices and maximum natural employment over the long term2 7#h7 include a calculation that describes with mathematical precision the expected annual inflation rate over a #e-year period2 and 7#i7 include a plan to use the most accurate data1 subject to all historical revisions1 for inputs into the ,directive ,policy ,rule and the ,reference ,policy ,rule4 7d7 ,,gao report ,the ,comptroller ,general of the ,united ,states shall compare the ,directive ,policy ,rule submitted under subsection 7b7 with the rule that was most recently submitted to determine whether the ,directive ,policy ,rule has materially changed4 ,if the ,directive ,policy ,rule has materially changed1 the ,comptroller ,general shall1 not later than #g days after each meeting of the ,federal ,open ,market ,committee1 prepare and submit a compliance report to the appropriate congressional committees specifying whether the ,directive ,policy ,rule submitted after that meeting and the ,federal ,open ,market ,committee are in compliance with this section4 7e7 ,changing market conditions 7#a7 ,rule of construction ,nothing in this ,act shall be construed to require that the plans with respect to the systematic quantitative adjustment of the ,policy ,instrument ,target described under subsection 7c77#b7 be implemented if the ,federal ,open ,market ,committee determines that such plans cannot or should not be achieved due to changing market conditions4 7#b7 ,,gao approval of update ,upon determining that plans described in paragraph 7#a7 cannot or should not be achieved1 the ,federal ,open ,market ,committee shall submit an explanation for that determination and an updated version of the ,directive ,policy ,rule to the ,comptroller ,general of the ,united ,states and the appropriate congressional committees not later than #dh hours after making the determination4 ,the ,comptroller ,general shall1 not later than #dh hours after receiving such updated version1 prepare and submit to the appropriate congressional committees a compliance report determining whether such updated version and the ,federal ,open ,market ,committee are in compliance with this section4 7f7 ,directive ,policy ,rule and ,federal ,open ,market ,committee not in compliance 7#a7 ,in general ,if the ,comptroller ,general of the ,united ,states determines that the ,directive ,policy ,rule and the ,federal ,open ,market ,committee are not in compliance with this section in the report submitted pursuant to subsection 7d71 or that the updated version of the ,directive ,policy ,rule and the ,federal ,open ,market ,committee are not in compliance with this section in the report submitted pursuant to subsection 7e77#b71 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall1 if requested by the chairman of either of the appropriate congressional committees1 not later than #g legislative days after such request1 testify before such committee as to why the ,directive ,policy ,rule1 the updated version1 or the ,federal ,open ,market ,committee is not in compliance4 7#b7 ,,gao audit ,notwithstanding subsection 7b7 of section #gad of title #ca1 ,united ,states ,code1 upon submitting a report of noncompliance pursuant to subsection 7d7 or subsection 7e77#b7 and after the period of #g legislative days described in paragraph 7#a71 the ,comptroller ,general shall audit the conduct of monetary policy by the ,board of ,governors of the ,federal ,reserve ,system and the ,federal ,open ,market ,committee upon request of the appropriate congressional committee4 ,such committee may specify the parameters of such audit4 7g7 ,congressional hearings ,the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall1 if requested by the chairman of either of the appropriate congressional committees and not later than #g legislative days after such request1 appear before such committee to explain any change to the ,directive ,policy ,rule4 4 #ajjb4 ,federal ,open ,market ,committee blackout period ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7 is amended by adding at the end the following new subsection3 7d7 ,blackout period 7#a7 ,in general ,during a blackout period1 the only public communications that may be made by members and staff of the ,committee with respect to macroeconomic or financial developments or about current or prospective monetary policy issues are the following3 7,a7 ,the dissemination of published data1 surveys1 and reports that have been cleared for publication by the ,board of ,governors of the ,federal ,reserve ,system4 7,b7 ,answers to technical questions specific to a data release4 7,c7 ,communications with respect to the prudential or supervisory functions of the ,board of ,governors4 7#b7 ,blackout period defined ,for purposes of this subsection1 and with respect to a meeting of the ,committee described under subsection 7a71 the term blackout period means the time period that-- 7,a7 begins immediately after midnight on the day that is one week prior to the date on which such meeting takes place2 and 7,b7 ends at midnight on the day after the date on which such meeting takes place4 7#c7 ,exemption for ,chairman of the ,board of ,governors ,nothing in this section shall prohibit the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system from participating in or issuing public communications4 4 #ajjc4 ,public transcripts of ,,fomc meetings ,section #ab;,a of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc71 as amended by section #ajjb1 is further amended by adding at the end the following3 7e7 ,public transcripts of meetings ,the ,committee shall-- 7#a7 record all meetings of the ,committee2 and 7#b7 make the full transcript of such meetings available to the public4 4 #ajjd4 ,membership of ,federal ,open ,market ,committee ,section #ab;,a7a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bfc7;a77 is amended-- 7#a7 in the first sentence1 by striking five and inserting six2 7#b7 in the second sentence1 by striking ,one by the board of directors and all that follows through the period at the end and inserting the following3 ,one by the boards of directors of the ,federal ,reserve ,banks of ,new ,york and ,boston2 one by the boards of directors of the ,federal ,reserve ,banks of ,philadelphia and ,cleveland2 one by the boards of directors of the ,federal ,reserve ,banks of ,richmond and ,atlanta2 one by the boards of directors of the ,federal ,reserve ,banks of ,chicago and ,st4 ,louis2 one by the boards of directors of the ,federal ,reserve ,banks of ,minneapolis and ,kansas ,city2 and one by the boards of directors of the ,federal ,reserve ,banks of ,dallas and ,san ,francisco42 and 7#c7 by inserting after the second sentence the following3 ,in odd numbered calendar years1 one representative shall be elected from each of the ,federal ,reserve ,banks of ,boston1 ,philadelphia1 ,richmond1 ,chicago1 ,minneapolis1 and ,dallas4 ,in even-numbered calendar years1 one representative shall be elected from each of the ,federal ,reserve ,banks of ,new ,york1 ,cleveland1 ,atlanta1 ,st4 ,louis1 ,kansas ,city1 and ,san ,francisco44 #ajje4 ,frequency of testimony of the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system to ,congress 7a7 ,in general ,section #b;,b of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bbe;b7 is amended-- 7#a7 by striking semi-annual each place it appears and inserting quarterly2 and 7#b7 in subsection 7a77#b7-- 7,a7 by inserting and ,october #bj after ,july #bj each place it appears2 and 7,b7 by inserting and ,may #bj after ,february #bj each place it appears4 7b7 ,conforming amendment ,paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg;b7#ab77 is amended by striking semi-annual and inserting quarterly4 #ajjf4 ,vice ,chairman for ,supervision report requirement ,paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdg7;b77 is amended-- 7#a7 by redesignating such paragraph as paragraph 7#aa72 and 7#b7 in such paragraph1 by adding at the end the following3 ,in each such appearance1 the ,vice ,chairman for ,supervision shall provide written testimony that includes the status of all pending and anticipated rulemakings that are being made by the ,board of ,governors of the ,federal ,reserve ,system4 ,if1 at the time of any appearance described in this paragraph1 the position of ,vice ,chairman for ,supervision is vacant1 the ,vice ,chairman for the ,board of ,governors of the ,federal ,reserve ,system 7who has the responsibility to serve in the absence of the ,chairman7 shall appear instead and provide the required written testimony4 ,if1 at the time of any appearance described in this paragraph1 both ,vice ,chairman positions are vacant1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system shall appear instead and provide the required written testimony44 #ajjg4 ,salaries1 financial disclosures1 and office staff of the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7#a7 by redesignating the second subsection 7s7 7relating to ,assessments1 ,fees1 and ,other ,charges for ,certain ,companies7 as subsection 7t72 and 7#b7 by inserting before subsection 7w71 as added by section #cga7;a71 the following new subsections3 7u7 ,ethics standards for members and employees 7#a7 ,prohibited and restricted financial interests and transactions ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to the provisions under section #ddja4ajb of title #e1 ,code of ,federal ,regulations1 to the same extent as such provisions apply to an employee of the ,securities and ,exchange ,commission4 7#b7 ,treatment of brokerage accounts and availability of account statements ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall-- 7,a7 disclose all brokerage accounts that the member or employee maintains1 as well as any accounts in which the member or employee controls trading or has a financial interest 7including managed accounts1 trust accounts1 investment club accounts1 and accounts of spouses or minor children who live with the member or employee72 and 7,b7 with respect to any securities account that the member or employee is required to disclose to the ,board of ,governors1 authorize the brokers and dealers of such account to send duplicate account statements directly to ,board of ,governors4 7#c7 ,prohibitions related to outside employment and activities ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to the prohibitions related to outside employment and activities described under section #ddja4ajc7;c7 of title #e1 ,code of ,federal ,regulations1 to the same extent as such prohibitions apply to an employee of the ,securities and ,exchange ,commission4 7#d7 ,additional ethics standards ,the members and employees of the ,board of ,governors of the ,federal ,reserve ,system shall be subject to-- 7,a7 the employee responsibilities and conduct regulations of the ,office of ,personnel ,management under part #gce of title #e1 ,code of ,federal ,regulations2 7,b7 the canons of ethics contained in subpart ,c of part #bjj of title #ag1 ,code of ,federal ,regulations1 to the same extent as such subpart applies to the employees of the ,securities and ,exchange ,commission2 and 7,c7 the regulations concerning the conduct of members and employees and former members and employees contained in subpart ,m of part #bjj of title #ag1 ,code of ,federal ,regulations1 to the same extent as such subpart applies to the employees of the ,securities and ,exchange ,commission4 7v7 ,disclosure of staff salaries and financial information ,the ,board of ,governors of the ,federal ,reserve ,system shall make publicly available1 on the website of the ,board of ,governors1 a searchable database that contains the names of all members1 officers1 and employees of the ,board of ,governors who receive an annual salary in excess of the annual rate of basic pay for ,,gs-#ae of the ,general ,schedule1 and-- 7#a7 the yearly salary information for such individuals1 along with any nonsalary compensation received by such individuals2 and 7#b7 any financial disclosures required to be made by such individuals4 4 7b7 ,office staff for each member of the ,board of ,governors ,subsection 7l7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended by adding at the end the following3 ,each member of the ,board of ,governors of the ,federal ,reserve ,system may employ1 at a minimum1 #b individuals1 with such individuals selected by such member and the salaries of such individuals set by such member4 ,a member may employ additional individuals as determined necessary by the ,board of ,governors44 #ajjh4 ,amendments to powers of the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,section #ac7c7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cdc7c771 as amended by section #aaa7;b77#c71 is further amended-- 7#a7 in subparagraph 7,a7-- 7,a7 by inserting that pose a threat to the financial stability of the ,united ,states after unusual and exigent circumstances2 and 7,b7 by inserting and by the affirmative vote of not less than nine presidents of the ,federal reserve banks after five members2 7#b7 in subparagraph 7,b7-- 7,a7 in clause 7i71 by inserting at the end the following3 ,federal reserve banks may not accept equity securities issued by the recipient of any loan or other financial assistance under this paragraph as collateral4 ,not later than #f months after the date of enactment of this sentence1 the ,board shall1 by rule1 establish-- 7,i7 a method for determining the sufficiency of the collateral required under this paragraph2 7,,ii7 acceptable classes of collateral2 7,,iii7 the amount of any discount on the value of the collateral that the ,federal reserve banks will apply for purposes of calculating the sufficiency of collateral under this paragraph2 and 7,,iv7 a method for obtaining independent appraisals of the value of collateral the ,federal reserve banks receive4 2 and 7,b7 in clause 7ii7-- 7i7 by striking the second sentence2 and 7ii7 by inserting after the first sentence the following3 ,a borrower shall not be eligible to borrow from any emergency lending program or facility unless the ,board and all ,federal banking regulators with jurisdiction over the borrower certify that1 at the time the borrower initially borrows under the program or facility1 the borrower is not insolvent42 7#c7 by inserting financial institution before participant each place such term appears2 7#d7 in subparagraph 7,d77i71 by inserting financial institution before participants2 and 7#e7 by adding at the end the following new subparagraphs3 7,e7 ,penalty rate 7i7 ,in general ,not later than #f months after the date of enactment of this subparagraph1 the ,board shall1 with respect to a recipient of any loan or other financial assistance under this paragraph1 establish by rule a minimum interest rate on the principal amount of any loan or other financial assistance4 7ii7 ,minimum interest rate defined ,in this subparagraph1 the term minimum interest rate shall mean the sum of-- 7,i7 the average of the secondary discount rate of all ,federal ,reserve banks over the most recent #ij-;day period2 and 7,,ii7 the average of the difference between a distressed corporate bond yield index 7as defined by rule of the ,board7 and a bond yield index of debt issued by the ,united ,states 7as defined by rule of the ,board7 over the most recent #ij-;day period4 7,f7 ,financial institution participant defined ,for purposes of this paragraph1 the term financial institution participant-- 7i7 means a company that is predominantly engaged in financial activities 7as defined in section #ajb7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecaa7;a7772 and 7ii7 does not include an agency described in subparagraph 7,w7 of section #ecab7;a77#b7 of title #ca1 ,united ,states ,code1 or an entity controlled or sponsored by such an agency4 4 7b7 ,conforming amendment ,section #aa7r77#b77;,a7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7r77#b77;,a77 is amended-- 7#a7 in clause 7ii77,,iv71 by striking 2 and and inserting a semicolon2 7#b7 in clause 7iii71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following new clause3 7iv7 the available members secure the affirmative vote of not less than nine presidents of the ,federal reserve banks4 4 #ajji4 ,interest rates on balances maintained at a ,federal ,reserve bank by depository institutions established by ,federal ,open ,market ,committee ,subparagraph 7,a7 of section #ai7;b77#ab7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa7;b77#ab77;,a77 is amended by inserting established by the ,federal ,open ,market ,committee after rate or rates4 #ajaj4 ,audit reform and transparency for the ,board of ,governors of the ,federal ,reserve ,system 7a7 ,in general ,notwithstanding section #gad of title #ca1 ,united ,states ,code1 or any other provision of law1 the ,comptroller ,general of the ,united ,states shall annually complete an audit of the ,board of ,governors of the ,federal ,reserve ,system and the ,federal reserve banks under subsection 7b7 of such section #gad within #ab months after the date of the enactment of this ,act4 7b7 ,report 7#a7 ,in general ,not later than #ij days after each audit required pursuant to subsection 7a7 is completed1 the ,comptroller ,general-- 7,a7 shall submit to ,congress a report on such audit2 and 7,b7 shall make such report available to the ,speaker of the ,house1 the majority and minority leaders of the ,house of ,representatives1 the majority and minority leaders of the ,senate1 the ,chairman and ,ranking ,member of the committee and each subcommittee of jurisdiction in the ,house of ,representatives and the ,senate1 and any other ,member of ,congress who requests the report4 7#b7 ,contents ,the report under paragraph 7#a7 shall include a detailed description of the findings and conclusion of the ,comptroller ,general with respect to the audit that is the subject of the report1 together with such recommendations for legislative or administrative action as the ,comptroller ,general may determine to be appropriate4 7c7 ,repeal of certain limitations ,subsection 7b7 of section #gad of title #ca1 ,united ,states ,code1 is amended by striking the second sentence4 7d7 ,technical and conforming amendments 7#a7 ,in general ,section #gad of title #ca1 ,united ,states ,code1 is amended-- 7,a7 in subsection 7d77#c71 by striking or 7f7 each place such term appears2 7,b7 in subsection 7e71 by striking the third undesignated paragraph of section #ac and inserting section #ac7c72 and 7,c7 by striking subsection 7f74 7#b7 ,federal ,reserve ,act ,subsection 7s7 7relating to ,federal ,reserve ,transparency and ,release of ,information7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7,a7 in paragraph 7#d77;,a71 by striking has the same meaning as in section #gad7;f77#a77;,a7 of title #ca1 ,united ,states ,code and inserting means a program or facility1 including any special purpose vehicle or other entity established by or on behalf of the ,board of ,governors of the ,federal ,reserve ,system or a ,federal reserve bank1 authorized by the ,board of ,governors under section #ac7c71 that is not subject to audit under section #gad7;e7 of title #ca1 ,united ,states ,code2 7,b7 in paragraph 7#f71 by striking or in section #gad7;f77#c77;,c7 of title #ca1 ,united ,states ,code1 the information described in paragraph 7#a7 and information concerning the transactions described in section #gad7;f7 of such title1 and inserting the information described in paragraph 7#a72 and 7,c7 in paragraph 7#g71 by striking and section #ac7c77;,c71 section #gad7;f77#c77;,c7 of title #ca1 ,united ,states ,code1 and and inserting 1 section #ac7c77;,c71 and4 #ajaa4 ,establishment of a ,centennial ,monetary ,commission 7a7 ,findings ,congress finds the following3 7#a7 ,the ,constitution endows ,congress with the power to coin money1 regulate the value thereof4 7#b7 ,following the financial crisis known as the ,panic of #aijg1 ,congress established the ,national ,monetary ,commission to provide recommendations for the reform of the financial and monetary systems of the ,united ,states4 7#c7 ,incorporating several of the recommendations of the ,national ,monetary ,commission1 ,congress created the ,federal ,reserve ,system in #aiac4 ,as currently organized1 the ,federal ,reserve ,system consists of the ,board of ,governors in ,washington1 ,district of ,columbia1 and the ,federal reserve banks organized into #ab districts around the ,united ,states4 ,the stockholders of the #ab ,federal reserve banks include national and certain ,state-chartered commercial banks1 which operate on a fractional reserve basis4 7#d7 ,originally1 ,congress gave the ,federal ,reserve ,system a monetary mandate to provide an elastic currency1 within the context of a gold standard1 in response to seasonal fluctuations in the demand for currency4 7#e7 ,congress also gave the ,federal ,reserve ,system a financial stability mandate to serve as the lender of last resort to solvent but illiquid banks during a financial crisis4 7#f7 ,in #aigg1 ,congress changed the monetary mandate of the ,federal ,reserve ,system to a dual mandate for maximum employment and stable prices4 7#g7 ,empirical studies and historical evidence1 both within the ,united ,states and in other countries1 demonstrate that price stability is desirable because both inflation and deflation damage the economy4 7#h7 ,the economic challenge of recent years--most notably the bursting of the housing bubble1 the financial crisis of #bjjh1 and the ensuing anemic recovery--have occurred at great cost in terms of lost jobs and output4 7#i7 ,policymakers are reexamining the structure and functioning of financial institutions and markets to determine what1 if any1 changes need to be made to place the financial system on a stronger1 more sustainable path going forward4 7#aj7 ,the ,federal ,reserve ,system has taken extraordinary actions in response to the recent economic challenges4 7#aa7 ,the ,federal ,open ,market ,committee has engaged in multiple rounds of quantitative easing1 providing unprecedented liquidity to financial markets1 while committing to holding short-term interest rates low for a seemingly indefinite period1 and pursuing a policy of credit allocation by purchasing ,federal agency debt and mortgage-backed securities4 7#ab7 ,in the wake of the recent extraordinary actions of the ,federal ,reserve ,system1 ,congress--consistent with its constitutional responsibilities and as it has done periodically throughout the history of the ,united ,states--has once again renewed its examination of monetary policy4 7#ac7 ,central in such examination has been a renewed look at what is the most proper mandate for the ,federal ,reserve ,system to conduct monetary policy in the #bast century4 7b7 ,establishment of a ,centennial ,monetary ,commission ,there is established a commission to be known as the ,centennial ,monetary ,commission 7in this section referred to as the ,commission74 7c7 ,study and report on monetary policy 7#a7 ,study ,the ,commission shall-- 7,a7 examine how ,united ,states monetary policy since the creation of the ,board of ,governors of the ,federal ,reserve ,system in #aiac has affected the performance of the ,united ,states economy in terms of output1 employment1 prices1 and financial stability over time2 7,b7 evaluate various operational regimes under which the ,board of ,governors of the ,federal ,reserve ,system and the ,federal ,open ,market ,committee may conduct monetary policy in terms achieving the maximum sustainable level of output and employment and price stability over the long term1 including-- 7i7 discretion in determining monetary policy without an operational regime2 7ii7 price level targeting2 7iii7 inflation rate targeting2 7iv7 nominal gross domestic product targeting 7both level and growth rate72 7v7 the use of monetary policy rules2 and 7vi7 the gold standard2 7,c7 evaluate the use of macro-prudential supervision and regulation as a tool of monetary policy in terms of achieving the maximum sustainable level of output and employment and price stability over the long term2 7,d7 evaluate the use of the lender-of-last-resort function of the ,board of ,governors of the ,federal ,reserve ,system as a tool of monetary policy in terms of achieving the maximum sustainable level of output and employment and price stability over the long term2 7,e7 recommend a course for ,united ,states monetary policy going forward1 including-- 7i7 the legislative mandate2 7ii7 the operational regime2 7iii7 the securities used in open-market operations2 and 7iv7 transparency issues2 and 7,f7 consider the effects of the ,,gdp output and employment targets of the dual mandate 7both from the creation of the dual mandate in #aigg until the present time and estimates of the future effect of the dual mandate 7 on-- 7i7 ,united ,states economic activity2 7ii7 actions of the ,board of ,governors of the ,federal ,reserve ,system2 and 7iii7 ,federal debt4 7#b7 ,report ,not later than #a year after the date of the enactment of this section1 the ,commission shall submit to ,congress and make publicly available a report containing a statement of the findings and conclusions of the ,commission in carrying out the study under paragraph 7#a71 together with the recommendations the ,commission considers appropriate4 ,in making such report1 the ,commission shall specifically report on the considerations required under paragraph 7#a77;,f74 7d7 ,membership 7#a7 ,number and appointment 7,a7 ,appointed voting members ,the ,commission shall contain #ab voting members as follows3 7i7 ,six members appointed by the ,speaker of the ,house of ,representatives1 with four members from the majority party and two members from the minority party4 7ii7 ,six members appointed by the ,president ,pro ,tempore of the ,senate1 with four members from the majority party and two members from the minority party4 7,b7 ,chairman ,the ,speaker of the ,house of ,representatives and the majority leader of the ,senate shall jointly designate one of the members of the ,commission as ,chairman4 7,c7 ,non-voting members ,the ,commission shall contain #b non-voting members as follows3 7i7 ,one member appointed by the ,secretary of the ,treasury4 7ii7 ,one member who is the president of a district ,federal reserve bank appointed by the ,chair of the ,board of ,governors of the ,federal ,reserve ,system4 7#b7 ,period of ,appointment ,each member shall be appointed for the life of the ,commission4 7#c7 ,timing of appointment ,all members of the ,commission shall be appointed not later than #cj days after the date of the enactment of this section4 7#d7 ,vacancies ,a vacancy in the ,commission shall not affect its powers1 and shall be filled in the manner in which the original appointment was made4 7#e7 ,meetings 7,a7 ,initial meeting ,the ,commission shall hold its initial meeting and begin the operations of the ,commission as soon as is practicable4 7,b7 ,further ,meetings ,the ,commission shall meet upon the call of the ,chair or a majority of its members4 7#f7 ,quorum ,seven voting members of the ,commission shall constitute a quorum but a lesser number may hold hearings4 7#g7 ,member of ,congress ,defined ,in this subsection1 the term ,member of ,congress means a ,senator or a ,representative in1 or ,delegate or ,resident ,commissioner to1 the ,congress4 7e7 ,powers 7#a7 ,hearings and sessions ,the ,commission or1 on the authority of the ,commission1 any subcommittee or member thereof1 may1 for the purpose of carrying out this section1 hold hearings1 sit and act at times and places1 take testimony1 receive evidence1 or administer oaths as the ,commission or such subcommittee or member thereof considers appropriate4 7#b7 ,contract authority ,to the extent or in the amounts provided in advance in appropriation ,acts1 the ,commission may contract with and compensate government and private agencies or persons to enable the ,commission to discharge its duties under this section1 without regard to section #cgji of the ,revised ,statutes 7#da ,u4,s4,c4 #e74 7#c7 ,obtaining official data 7,a7 ,in general ,the ,commission is authorized to secure directly from any executive department1 bureau1 agency1 board1 commission1 office1 independent establishment1 or instrumentality of the ,government1 any information1 including suggestions1 estimates1 or statistics1 for the purposes of this section4 7,b7 ,requesting official data ,the head of such department1 bureau1 agency1 board1 commission1 office1 independent establishment1 or instrumentality of the government shall1 to the extent authorized by law1 furnish such information upon request made by-- 7i7 the ,chair2 7ii7 the ,chair of any subcommittee created by a majority of the ,commission2 or 7iii7 any member of the ,commission designated by a majority of the commission to request such information4 7#d7 ,assistance ,from ,federal ,agencies 7,a7 ,general services administration ,the ,administrator of ,general ,services shall provide to the ,commission on a reimbursable basis administrative support and other services for the performance of the functions of the ,commission4 7,b7 ,other departments and agencies ,in addition to the assistance prescribed in subparagraph 7,a71 at the request of the ,commission1 departments and agencies of the ,united ,states shall provide such services1 funds1 facilities1 staff1 and other support services as may be authorized by law4 7#e7 ,postal service ,the ,commission may use the ,united ,states mails in the same manner and under the same conditions as other departments and agencies of the ,united ,states4 7f7 ,commission personnel 7#a7 ,appointment and compensation of staff 7,a7 ,in ,general ,subject to rules prescribed by the ,commission1 the ,chair may appoint and fix the pay of the executive director and other personnel as the ,chair considers appropriate4 7,b7 ,applicability of civil service laws ,the staff of the ,commission may be appointed without regard to the provisions of title #e1 ,united ,states ,code1 governing appointments in the competitive service1 and may be paid without regard to the provisions of chapter #ea and subchapter ,,iii of chapter #ec of that title relating to classification and ,general ,schedule pay rates1 except that an individual so appointed may not receive pay in excess of level ,v of the ,executive ,schedule4 7#b7 ,consultants ,the ,commission may procure temporary and intermittent services under section #caji7;b7 of title #e1 ,united ,states ,code1 but at rates for individuals not to exceed the daily equivalent of the rate of pay for a person occupying a position at level ,,iv of the ,executive ,schedule4 7#c7 ,staff of federal agencies ,upon request of the ,commission1 the head of any ,federal department or agency may detail1 on a reimbursable basis1 any of the personnel of such department or agency to the ,commission to assist it in carrying out its duties under this section4 7g7 ,termination of commission 7#a7 ,in general ,the ,commission shall terminate #f months after the date on which the report is submitted under subsection 7c77#b74 7#b7 ,administrative ,activities before termination ,the ,commission may use the period between the submission of its report and its termination for the purpose of concluding its activities1 including providing testimony to the committee of ,congress concerning its report4 7h7 ,authorization of ,appropriations ,there is authorized to be appropriated to carry out this section #a1jjj1jjj1 which shall remain available until the date on which the ,commission terminates4 ,,xi ,improving ,insurance ,coordination through an ,independent ,advocate #aaja4 ,repeal of the ,federal ,insurance ,office2 ,creation of the ,office of the ,independent ,insurance ,advocate 7a7 ,establishment ,section #cac of title #ca1 ,united ,states ,code1 is amended to read as follows 7and conforming the table of contents for chapter #c of such title accordingly73 #cac4 ,office of the ,independent ,insurance ,advocate 7a7 ,establishment ,there is established in the ,department of the ,treasury a bureau to be known as the ,office of the ,independent ,insurance ,advocate 7in this section referred to as the ,office74 7b7 ,independent insurance advocate 7#a7 ,establishment of position ,the chief officer of the ,office of the ,independent ,insurance ,advocate shall be known as the ,independent ,insurance ,advocate4 ,the ,independent ,insurance ,advocate shall perform the duties of such office under the general direction of the ,secretary of the ,treasury4 7#b7 ,appointment ,the ,independent ,insurance ,advocate shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 from among persons having insurance expertise4 7#c7 ,term 7,a7 ,in general ,the ,independent ,insurance ,advocate shall serve a term of #f years1 unless sooner removed by the ,president upon reasons which shall be communicated to the ,senate4 7,b7 ,service after expiration ,if a successor is not nominated and confirmed by the end of the term of service of the ,independent ,insurance ,advocate1 the person serving as ,independent ,insurance ,advocate shall continue to serve until such time a successor is appointed and confirmed4 7,c7 ,vacancy ,an ,independent ,insurance ,advocate who is appointed to serve the remainder of a predecessor's uncompleted term shall be eligible thereafter to be appointed to a full #f year term4 7,d7 ,acting official on ,financial ,stability ,oversight ,council ,in the event of a vacancy in the office of the ,independent ,insurance ,advocate1 and pending the appointment and confirmation of a successor1 or during the absence or disability of the ,independent ,insurance ,advocate1 the ,independent ,member shall appoint a federal official appointed by the ,president and confirmed by the ,senate from a member agency of the ,financial ,stability ,oversight ,council1 not otherwise serving on the ,council1 who shall serve as a member of the ,council and act in the place of the ,independent ,insurance ,advocate until such vacancy1 absence1 or disability concludes4 7#d7 ,employment ,the ,independent ,insurance ,advocate shall be an employee of the ,federal ,government within the definition of employee under section #baje of title #e1 ,united ,states ,code4 7c7 ,independence2 oversight 7#a7 ,independence ,the ,secretary of the ,treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the ,independent ,insurance ,advocate1 and may not intervene in any matter or proceeding before the ,independent ,insurance ,advocate1 unless otherwise specifically provided by law4 7#b7 ,oversight by ,inspector ,general ,the ,office of the ,independent ,insurance ,advocate shall be an office in the establishment of the ,department of the ,treasury for purposes of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app474 7d7 ,retention of existing ,state regulatory authority ,nothing in this section or section #cad shall be construed to establish or provide the ,office or the ,department of the ,treasury with general supervisory or regulatory authority over the business of insurance4 7e7 ,budget 7#a7 ,annual transmittal ,for each fiscal year1 the ,independent ,insurance ,advocate shall transmit a budget estimate and request to the ,secretary of the ,treasury1 which shall specify the aggregate amount of funds requested for such fiscal year for the operations of the ,office of the ,independent ,insurance ,advocate4 7#b7 ,inclusions ,in transmitting the proposed budget to the ,president for approval1 the ,secretary of the ,treasury shall include-- 7,a7 an aggregate request for the ,independent ,insurance ,advocate2 and 7,b7 any comments of the ,independent ,insurance ,advocate with respect to the proposal4 7#c7 ,president's budget ,the ,president shall include in each budget of the ,united ,states ,government submitted to the ,congress-- 7,a7 a separate statement of the budget estimate prepared in accordance with paragraph 7#a72 7,b7 the amount requested by the ,president for the ,independent ,insurance ,advocate2 and 7,c7 any comments of the ,independent ,insurance ,advocate with respect to the proposal if the ,independent ,insurance ,advocate concludes that the budget submitted by the ,president would substantially inhibit the ,independent ,insurance ,advocate from performing the duties of the office4 7f7 ,assistance ,the ,secretary of the ,treasury shall provide the ,independent ,insurance ,advocate such services1 funds1 facilities and other support services as the ,independent ,insurance ,advocate may request and as the ,secretary may approve4 7g7 ,personnel 7#a7 ,employees ,the ,independent ,insurance ,advocate may fix the number of1 and appoint and direct1 the employees of the ,office1 in accordance with the applicable provisions of title #e1 ,united ,states ,code4 ,the ,independent ,insurance ,advocate is authorized to employ attorneys1 analysts1 economists1 and other employees as may be deemed necessary to assist the ,independent ,insurance ,advocate to carry out the duties and functions of the ,office4 ,unless otherwise provided expressly by law1 any individual appointed under this paragraph shall be an employee as defined in section #baje of title #e1 ,united ,states ,code1 and subject to the provisions of such title and other laws generally applicable to the employees of the ,executive ,branch4 7#b7 ,compensation ,employees of the ,office shall be paid in accordance with the provisions of chapter #ea and subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code1 relating to classification and ,general ,schedule pay rates4 7#c7 ,procurement of temporary and intermittent services ,the ,independent ,insurance ,advocate may procure temporary and intermittent services under section #caji7;b7 of title #e1 ,united ,states ,code1 at rates for individuals which do not exceed the daily equivalent of the annual rate of basic pay prescribed for ,level ,v of the ,executive ,schedule under section #ecaf of such title4 7#d7 ,details ,any employee of the ,federal ,government may be detailed to the ,office with or without reimbursement1 and such detail shall be without interruption or loss of civil service status or privilege4 ,an employee of the ,federal ,government detailed to the ,office shall report to and be subject to oversight by the ,independent ,insurance ,advocate during the assignment to the office1 and may be compensated by the branch1 department1 or agency from which the employee was detailed4 7#e7 ,intergovernmental personnel ,the ,independent ,insurance ,advocate may enter into agreements under subchapter ,,vi of chapter #cc of title #e1 ,united ,states ,code1 with ,state and local governments1 institutions of higher education1 ,indian tribal governments1 and other eligible organizations for the assignment of intermittent1 part-time1 and full-time personnel1 on a reimbursable or non-reimbursable basis4 7h7 ,ethics 7#a7 ,designated ethics official ,the ,legal ,counsel of the ,financial ,stability ,oversight ,council1 or in the absence of a ,legal ,counsel of the ,council1 the designated ethics official of any ,council member agency1 as chosen by the ,independent ,insurance ,advocate1 shall be the ethics official for the ,independent ,insurance ,advocate4 7#b7 ,restriction on representation ,in addition to any restriction under section #bje7;c7 of title#ah1 ,united ,states ,code1 except as provided in subsections 7d7 through 7i7 of section #bje of such title1 the ,independent ,insurance ,advocate 7except in the proper discharge of official duties7 shall not1 with or without compensation1 represent anyone to or before any officer or employee of-- 7,a7 the ,financial ,stability ,oversight ,council on any matter2 or 7,b7 the ,department of ,justice with respect to litigation involving a matter described in subparagraph 7,a74 7#c7 ,compensation for services provided by another ,for purposes of section #bjc of title #ah1 ,united ,states ,code1 and if a special government employee-- 7,a7 the ,independent ,insurance ,advocate shall not be subject to the restrictions of subsection 7a77#a7 of section #bjc1of title #ah1 ,united ,states ,code1 for sharing in compensation earned by another for representations on matters covered by such section2 and 7,b7 a person shall not be subject to the restrictions of subsection 7a77#b7 of such section for sharing such compensation with the ,independent ,insurance ,advocate4 7i7 ,advisory1 technical1 and professional committees ,the ,independent ,insurance ,advocate may appoint such special advisory1 technical1 or professional committees as may be useful in carrying out the functions of the ,office and the members of such committees may be staff of the ,office1 or other persons1 or both4 7j7 ,mission and functions 7#a7 ,mission ,in carrying out the functions under this subsection1 the mission of the ,office shall be to act as an independent advocate on behalf of the interests of ,united ,states policyholders on prudential aspects of insurance matters of importance1 and to provide perspective on protecting their interests1 separate and apart from any other ,federal agency or ,state insurance regulator4 7#b7 ,office ,the ,office shall have the authority-- 7,a7 to coordinate ,federal efforts on prudential aspects of international insurance matters1 including representing the ,united ,states1 as appropriate1 in the ,international ,association of ,insurance ,supervisors 7or a successor entity7 and assisting the ,secretary in negotiating covered agreements 7as such term is defined in subsection 7q77 in coordination with ,states 7including ,state insurance commissioners7 and the ,united ,states ,trade ,representative2 7,b7 to consult with the ,states 7including ,state insurance regulators7 regarding insurance matters of national importance and prudential insurance matters of international importance2 7,c7 to assist the ,secretary in administering the ,terrorism ,insurance ,program established in the ,department of the ,treasury under the ,terrorism ,risk ,insurance ,act of #bjjb 7#ae ,u4,s4,c4 #fgja note72 7,d7 to observe all aspects of the insurance industry1 including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the ,united ,states financial system2 and 7,e7 to make determinations and exercise the authority under subsection 7m7 with respect to covered agreements and ,state insurance measures4 7#c7 ,membership on ,financial ,stability ,oversight ,council 7,a7 ,in general ,the ,independent ,insurance ,advocate shall serve1 pursuant to section #aaa7;b77#a77;,j7 of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecba7;b77#a77;,j771 as a member on the ,financial ,stability ,oversight ,council4 7,b7 ,authority ,to assist the ,financial ,stability ,oversight ,council with its responsibilities to monitor international insurance developments1 advise the ,congress1 and make recommendations1 the ,independent ,insurance ,advocate shall have the authority-- 7i7 to regularly consult with international insurance supervisors and international financial stability counterparts2 7ii7 to consult with the ,board of ,governors of the ,federal ,reserve ,system and the ,states with respect to representing the ,united ,states1 as appropriate1 in the ,international ,association of ,insurance ,supervisors 7including to become a non-voting member thereof71 particularly on matters of systemic risk2 7iii7 to participate at the ,financial ,stability ,board of ,the ,group of ,twenty and to join with other members from the ,united ,states including on matters related to insurance2 and 7iv7 to participate with the ,united ,states delegation to the ,organization for ,economic ,cooperation and ,development and observe and participate at the ,insurance and ,private ,pensions ,committee4 7#d7 ,limitations on participation in supervisory colleges ,the ,office may not engage in any activities that it is not specifically authorized to engage in under this section or any other provision of law1 including participation in any supervisory college or other meetings or fora for cooperation and communication between the involved insurance supervisors established for the fundamental purpose of facilitating the effectiveness of supervision of entities which belong to an insurance group4 7k7 ,scope ,the authority of the ,office as specified and limited in this section shall extend to all lines of insurance except-- 7#a7 health insurance1 as determined by the ,secretary in coordination with the ,secretary of ,health and ,human ,services based on section #bgia of the ,public ,health ,service ,act 7#db ,u4,s4,c4 #cjj;gg-#ia72 7#b7 long-term care insurance1 except long-term care insurance that is included with life or annuity insurance components1 as determined by the ,secretary in coordination with the ,secretary of ,health and ,human ,services1 and in the case of long-term care insurance that is included with such components1 the ,secretary shall coordinate with the ,secretary of ,health and ,human ,services in performing the functions of the ,office2 and 7#c7 crop insurance1 as established by the ,federal ,crop ,insurance ,act 7#g ,u4,s4,c4 #aeja et seq474 7l7 ,access to information ,in carrying out the functions required under subsection 7j71 the ,office may coordinate with any relevant ,federal agency and any ,state insurance regulator 7or other relevant ,federal or ,state regulatory agency1 if any1 in the case of an affiliate of an insurer7 and any publicly available sources for the provision to the ,office of publicly available information4 ,notwithstanding any other provision of law1 each such relevant ,federal agency and ,state insurance regulator or other ,federal or ,state regulatory agency is authorized to provide to the ,office such data or information4 7m7 ,preemption pursuant to covered agreements 7#a7 ,standards ,a ,state insurance measure shall be preempted pursuant to this section or section #cad if1 and only to the extent that the ,independent ,insurance ,advocate determines1 in accordance with this subsection1 that the measure-- 7,a7 results in less favorable treatment of a non-,united ,states insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a ,united ,states insurer domiciled1 licensed1 or otherwise admitted in that ,state2 and 7,b7 is inconsistent with a covered agreement4 7#b7 ,determination 7,a7 ,notice of potential inconsistency ,before making any determination under paragraph 7#a71 the ,independent ,insurance ,advocate shall-- 7i7 notify and consult with the appropriate ,state regarding any potential inconsistency or preemption2 7ii7 notify and consult with the ,united ,states ,trade ,representative regarding any potential inconsistency or preemption2 7iii7 cause to be published in the ,federal ,register notice of the issue regarding the potential inconsistency or preemption1 including a description of each ,state insurance measure at issue and any applicable covered agreement2 7iv7 provide interested parties a reasonable opportunity to submit written comments to the ,office2 and 7v7 consider any comments received4 7,b7 ,scope of review ,for purposes of this subsection1 any determination of the ,independent ,insurance ,advocate regarding ,state insurance measures1 and any preemption under paragraph 7#a7 as a result of such determination1 shall be limited to the subject matter contained within the covered agreement involved and shall achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under ,state insurance or reinsurance regulation4 7,c7 ,notice of determination of inconsistency ,upon making any determination under paragraph 7#a71 the ,director shall-- 7i7 notify the appropriate ,state of the determination and the extent of the inconsistency2 7ii7 establish a reasonable period of time1 which shall not be less than #cj days1 before the determination shall become effective2 and 7iii7 notify the ,committees on ,financial ,services and ,ways and ,means of the ,house of ,representatives and the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,finance of the ,senate4 7#c7 ,notice of effectiveness ,upon the conclusion of the period referred to in paragraph 7#b77;,c77ii71 if the basis for such determination still exists1 the determination shall become effective and the ,independent ,insurance ,advocate shall-- 7,a7 cause to be published a notice in the ,federal ,register that the preemption has become effective1 as well as the effective date2 and 7,b7 notify the appropriate ,state4 7#d7 ,limitation ,no ,state may enforce a ,state insurance measure to the extent that such measure has been preempted under this subsection4 7#e7 ,applicability of ,administrative ,procedures ,act ,determinations of inconsistency made pursuant to paragraph 7#b7 shall be subject to the applicable provisions of subchapter ,,ii of chapter #e of title #e1 ,united ,states ,code 7relating to administrative procedure71 and chapter #g of such title 7relating to judicial review71 except that in any action for judicial review of a determination of inconsistency1 the court shall determine the matter de novo4 7n7 ,consultation ,the ,independent ,insurance ,advocate shall consult with ,state insurance regulators1 individually or collectively1 to the extent the ,independent ,insurance ,advocate determines appropriate1 in carrying out the functions of the ,office4 7o7 ,notices and requests for comment ,in addition to the other functions and duties specified in this section1 the ,independent ,insurance ,advocate may prescribe such notices and requests for comment in the ,federal ,register as are deemed necessary related to and governing the manner in which the duties and authorities of the ,independent ,insurance ,advocate are carried out2 7p7 ,savings ,provisions ,nothing in this section shall-- 7#a7 preempt-- 7,a7 any ,state insurance measure that governs any insurer's rates1 premiums1 underwriting1 or sales practices2 7,b7 any ,state coverage requirements for insurance2 7,c7 the application of the antitrust laws of any ,state to the business of insurance2 or 7,d7 any ,state insurance measure governing the capital or solvency of an insurer1 except to the extent that such ,state insurance measure results in less favorable treatment of a non-,united ,state insurer than a ,united ,states insurer2 or 7#b7 affect the preemption of any ,state insurance measure otherwise inconsistent with and preempted by ,federal law4 7q7 ,retention of authority of ,federal financial regulatory agencies ,nothing in this section or section #cad shall be construed to limit the authority of any ,federal financial regulatory agency1 including the authority to develop and coordinate policy1 negotiate1 and enter into agreements with foreign governments1 authorities1 regulators1 and multinational regulatory committees and to preempt ,state measures to affect uniformity with international regulatory agreements4 7r7 ,retention of authority of ,united ,states ,trade ,representative ,nothing in this section or section #cad shall be construed to affect the authority of the ,office of the ,united ,states ,trade ,representative pursuant to section #ada of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #baga7 or any other provision of law1 including authority over the development and coordination of ,united ,states international trade policy and the administration of the ,united ,states trade agreements program4 7s7 ,congressional testimony ,the ,independent ,insurance ,advocate shall appear before the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs at semi-annual hearings and shall provide testimony1 which shall include submitting written testimony in advance of such appearances to such committees and to the ,committee on ,ways and ,means of the ,house of ,representatives and the ,committee on ,finance of the ,senate1 on the following matters3 7#a7 ,office activities ,the efforts1 activities1 objectives1 and plans of the ,office4 7#b7 ,section #cac7l7 actions ,any actions taken by the ,office pursuant to subsection 7l7 7regarding preemption pursuant to covered agreements74 7#c7 ,insurance industry ,the state of1 and developments in1 the insurance industry4 7#d7 ,u4,s4 and global insurance and reinsurance markets ,the breadth and scope of the global insurance and reinsurance markets and the critical role such markets plays in supporting insurance in the ,united ,states and the ongoing impacts of part ,,ii of the ,nonadmitted and ,reinsurance ,reform ,act of #bjaj on the ability of ,state regulators to access reinsurance information for regulated companies in their jurisdictions4 7#e7 ,other ,any other matters as deemed relevant by the ,independent ,insurance ,advocate or requested by such ,committees4 7t7 ,report upon end of term of office ,not later than two months prior to the expiration of the term of office1 or discontinuation of service1 of each individual serving as the ,independent ,insurance ,advocate1 the ,independent ,insurance ,advocate shall submit a report to the ,committees on ,financial ,services and ,ways and ,means of the ,house of ,representatives and the ,committees on ,banking1 ,housing1 and ,urban ,affairs and ,finance of the ,senate setting forth recommendations regarding the ,financial ,stability ,oversight ,council and the role1 duties1 and functions of the ,independent ,insurance ,advocate4 7u7 ,definitions ,in this section and section #cad1 the following definitions shall apply3 7#a7 ,affiliate ,the term affiliate means1 with respect to an insurer1 any person who controls1 is controlled by1 or is under common control with the insurer4 7#b7 ,covered agreement ,the term covered agreement means a written bilateral or multilateral agreement regarding prudential measures with respect to the business of insurance or reinsurance that-- 7,a7 is entered into between the ,united ,states and one or more foreign governments1 authorities1 or regulatory entities2 and 7,b7 relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under ,state insurance or reinsurance regulation4 7#c7 ,insurer ,the term insurer means any person engaged in the business of insurance1 including reinsurance4 7#d7 ,federal financial regulatory agency ,the term ,federal financial regulatory agency means the ,department of the ,treasury1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,office of the ,comptroller of the ,currency1 the ,office of ,thrift ,supervision1 the ,securities and ,exchange ,commission1 the ,commodity ,futures ,trading ,commission1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 or the ,national ,credit ,union ,administration4 7#e7 ,financial ,stability ,oversight ,council ,the term ,financial ,stability ,oversight ,council means the ,financial ,stability ,oversight ,council established under section #aaa7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecba7;a774 7#f7 ,member agency ,the term member agency has the meaning given such term in section #aaa7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecba7;a774 7#g7 ,non-,united ,states insurer ,the term non-,united ,states insurer means an insurer that is organized under the laws of a jurisdiction other than a ,state1 but does not include any ,united ,states branch of such an insurer4 7#h7 ,office ,the term ,office means the ,office of the ,independent ,insurance ,advocate established by this section4 7#i7 ,state insurance measure ,the term ,state insurance measure means any ,state law1 regulation1 administrative ruling1 bulletin1 guideline1 or practice relating to or affecting prudential measures applicable to insurance or reinsurance4 7#aj7 ,state insurance regulator ,the term ,state insurance regulator means any ,state regulatory authority responsible for the supervision of insurers4 7#aa7 ,substantially equivalent to the level of protection achieved ,the term substantially equivalent to the level of protection achieved means the prudential measures of a foreign government1 authority1 or regulatory entity achieve a similar outcome in consumer protection as the outcome achieved under ,state insurance or reinsurance regulation4 7#ab7 ,united ,states insurer ,the term ,united ,states insurer means-- 7,a7 an insurer that is organized under the laws of a ,state2 or 7,b7 a ,united ,states branch of a non-,united ,states insurer4 4 7b7 ,pay at ,level ,,iii of ,executive ,schedule ,section #ecad of title #e1 ,united ,states ,code1 is amended by adding at the end the following new item3 ,independent ,insurance ,advocate1 ,department of the ,treasury4 4 7c7 ,voting member of ,,fsoc ,paragraph 7#a7 of section #aaa7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecba7;b77#a77 is amended by striking subparagraph 7,j7 and inserting the following new subparagraph3 7,j7 the ,independent ,insurance ,advocate appointed pursuant to section #cac of title #ca1 ,united ,states ,code4 4 7d7 ,independence ,section #aaa of ,public ,law #ic-die 7#ab ,u4,s4,c4 #bej7 is amended-- 7#a7 by inserting the ,independent ,insurance ,advocate of the ,department of the ,treasury1 after ,federal ,housing ,finance ,agency12 and 7#b7 by inserting or official before submitting them4 7e7 ,transfer of employees ,all employees of the ,department of ,treasury who are performing staff functions for the independent member of the ,financial ,stability ,oversight ,council under section #aaa7;b77#b77;,j7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecba7;b77#b77;,j77 on a full-time equivalent basis as of the date of enactment of this ,act shall be eligible for transfer to the ,office of the ,independent ,insurance ,advocate established pursuant to the amendment made by subsection 7a7 of this section for appointment as an employee and shall be transferred at the joint discretion of the ,independent ,insurance ,advocate and the eligible employee4 ,any employee eligible for transfer that is not appointed within #cfj days from the date of enactment of this ,act shall be eligible for detail under section #cac7;f77#d7 of title #ca1 ,united ,states ,code4 7f7 ,temporary service2 transition ,notwithstanding the amendment made by subsection 7a7 of this section1 during the period beginning on the date of the enactment of this ,act and ending on the date on which the ,independent ,insurance ,advocate is appointed and confirmed pursuant to section #cac7;b77#b7 of title #ca1 ,united ,states ,code1 as amended by such amendment1 the person serving1 on such date of enactment1 as the independent member of the ,financial ,stability ,oversight ,council pursuant to section #aaa7;b77#a77;,j7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecba7;b77#a77;,j77 shall act for all purposes as1 and with the full powers of1 the ,independent ,insurance ,advocate4 7g7 ,comparability in compensation schedules ,subsection 7a7 of section #abjf of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahcc;b7a77 is amended by inserting the ,office of the ,independent ,insurance ,advocate of the ,department of the ,treasury1 before and the ,farm ,credit ,administration14 7h7 ,senior executives ,subparagraph 7,d7 of section #cacb7;a77#a7 of title #e1 ,united ,states ,code1 is amended by inserting the ,office of the ,independent ,insurance ,advocate of the ,department of the ,treasury1 after ,finance ,agency14 #aajb4 ,treatment of covered agreements ,subsection 7c7 of section #cad of title #ca1 ,united ,states ,code is amended-- 7#a7 by designating paragraphs 7#a7 and 7#b7 as paragraphs 7#b7 and 7#c71 respectively2 and 7#b7 by inserting before paragraph 7#b71 as so redesignated1 the following new paragraph3 7#a7 the ,secretary of the ,treasury and the ,united ,states ,trade ,representative have caused to be published in the ,federal ,register1 and made available for public comment for a period of not fewer than #cj days and not greater than #ij days 7which period may run concurrently with the #ij-;day period for the covered agreement referred to in paragraph 7#c771 the proposed text of the covered agreement2 4 ,,xii ,technical corrections #abja4 ,table of contents2 ,definitional corrections 7a7 ,table of contents ,the table of contents for the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc2 #abd ,stat4 #acgf7 is amended by striking the items relating to section #djg through #dad and inserting the following3 ,sec4 #djg4 ,exemption of and reporting by venture capital fund advisers4 ,sec4 #djh4 ,exemption of and reporting by certain private fund advisers4 ,sec4 #dji4 ,family offices4 ,sec4 #daj4 ,state and ,federal responsibilities2 asset threshold for ,federal registration of investment advisers4 ,sec4 #daa4 ,custody of client assets4 ,sec4 #dad4 ,rule of construction relating to the ,commodity ,exchange ,act4 ,sec4 #dah4 ,qualified client standard4 ,sec4 #dai4 ,transition period4 4 7b7 ,definitions ,section #b of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja7 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by striking section #c and inserting section #c7w72 and 7,b7 by striking 7#ab ,u4,s4,c4 #ahac7 and inserting 7#ab ,u4,s4,c4 #ahac7w772 7#b7 in paragraph 7#f71 by striking #a et seq4 and inserting #a;a2 and 7#c7 in paragraph 7#ah77;,a7-- 7,a7 by striking bank holding company12 and 7,b7 by inserting includes1 before including14 #abjb4 ,antitrust savings clause corrections ,section #f of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecjc7 is amended1 in the second sentence-- 7#a7 by inserting 7#ae ,u4,s4,c4 #ab7;a77 after ,clayton ,act2 and 7#b7 by striking ,act1 to and inserting ,act 7#ae ,u4,s4,c4 #de7 to4 #abjc4 ,title ,i corrections ,title ,i of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecaa et seq47 is amended-- 7#a7 in section #ajb7;a77#f7 7#ab ,u4,s4,c4 #ecaa7;a77#f771 by inserting 7#ab ,u4,s4,c4 #ahdc7k77 after of #aief each place that term appears2 7#b7 in section #aaa7;c77#c7 7#ab ,u4,s4,c4 #ecba7;c77#c771 by striking that agency or department head and inserting the head of that member agency or department2 7#c7 in section #aab 7#ab ,u4,s4,c4 #ecbb7-- 7,a7 in subsection 7a77#b7-- 7i7 in subparagraph 7,c7 7as redesignated by section #aea7-- 7,i7 by striking to monitor and inserting monitor2 and 7,,ii7 by striking to advise and inserting advise2 7ii7 in subparagraph 7,h7 7as redesignated by section #aea71 by striking may2 and 7,b7 in subsection 7d77#e71 by striking subsection and subtitle ,b each place such term appears and inserting subtitle2 and 7#d7 in section #aga7;b77#d77;,d7 7#ab ,u4,s4,c4 #ecga7;b77#d77;,d771 by adding a period at the end4 #abjd4 ,title ,,iii corrections 7a7 ,in general ,title ,,iii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edja et seq47 is amended-- 7#a7 in section #cbg7;b77#e7 7#ab ,u4,s4,c4 #edcg7;b77#e771 by striking in and inserting into2 7#b7 in section #ccc7;b77#b7 7#abd ,stat4 #aeci71 by inserting the second place that term appears before and inserting2 and 7#c7 in section #cfi7e7 7#abd ,stat4 #aeei7-- 7,a7 in subparagraph 7,d77i7-- 7i7 in subclause 7,,iii71 by redesignating items 7aa71 7bb71 and 7cc7 as subitems 7,,aa71 7,,bb71 and 7,,cc71 respectively1 and adjusting the margins accordingly2 7ii7 in subclause 7,,iv71 redesignating items 7aa7 and 7bb7 as subitems 7,,aa7 and 7,,bb71 respectively1 and adjusting the margins accordingly2 7iii7 in subclause 7,v71 by redesignating items 7aa71 7bb71 and 7cc7 as subitems 7,,aa71 7,,bb71 and 7,,cc71 respectively1 and adjusting the margins accordingly2 and 7iv7 by redesignating subclauses 7,,iii71 7,,iv71 and 7,v7 as items 7bb71 7cc71 and 7dd71 respectively1 and adjusting the margins accordingly2 7,b7 in subparagraph 7,f7-- 7i7 in clause 7ii71 by adding and at the end2 7ii7 in clause 7iii71 by striking 2 and and inserting a period2 and 7iii7 by striking clause 7iv72 and 7,c7 in subparagraph 7,g77i71 by inserting each place such term appears before and inserting4 7b7 ,effective dates 7#a7 ,section #ccc ,the amendment made by subsection 7a77#b7 of this section shall take effect as though enacted as part of subtitle ,c of title ,,iii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #aech74 7#b7 ,section #cfi ,the amendments made by subsection 7a77#c7 of this section shall take effect as though enacted as part of subtitle ,e of title ,,iii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #aedf74 #abje4 ,title ,,iv correction ,section #dad of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #aegh7 is amended in the section heading by striking ,commodities and inserting ,commodity4 #abjf4 ,title ,,vi corrections 7a7 ,in general ,section #faj of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #aeif7 is amended-- 7#a7 by striking subsection 7b72 and 7#b7 by redesignating subsection 7c7 as subsection 7b74 7b7 ,effective date ,the amendments made by subsection 7a7 of this section shall take effect as though enacted as part of section #faj of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #afaa74 #abjg4 ,title ,,vii corrections 7a7 ,in general ,title ,,vii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ae ,u4,s4,c4 #hcja et seq47 is amended-- 7#a7 in section #gai7;c77#a77;,b7 7#ae ,u4,s4,c4 #hcjg7;c77#a77;,b771 by adding a period at the end2 7#b7 in section #gbc7;a77#a77;,b7 7#abd ,stat4 #afge71 by inserting 1 as added by section #ajg of the ,commodity ,futures ,modernization ,act of #bjjj 7,appendix ,e of ,public ,law #ajf-eed2 #aad ,stat4 #bgfc;,a-#chb71 after subsection 7i72 7#c7 in section #gcd7;b77#a7 7#abd ,stat4 #agah71 by striking is amended and all that follows through 7,b7 in and inserting is amended in2 7#d7 in section #gda7;b77#aj7 7#abd ,stat4 #agcb71 by striking #a;a7#ai77;,a77iv77,,ii7 each place it appears and inserting #a;a7#ah77;,a77iv77,,ii72 and 7#e7 in section #gdi 7#abd ,stat4 #agdf7-- 7,a7 in subsection 7a77#b71 by striking adding at the end and inserting inserting after subsection 7f72 and 7,b7 in subsection 7h77#a77;,b71 by inserting the second place that term appears before the semicolon4 7b7 ,effective date ,the amendments made by paragraphs 7#c71 7#d71 and 7#e7 of subsection 7a7 of this section shall take effect as though enacted as part of part ,,ii of subtitle ,a of title ,,vii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #afeh74 #abjh4 ,title ,,ix corrections ,section #ici7;h77#a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #ahhg7 is amended-- 7#a7 in the matter preceding subparagraph 7,a71 by inserting ,the before ,commission2 and 7#b7 by striking feasability and inserting feasibility4 #abji4 ,title ,x corrections 7a7 ,in general ,title ,x of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7#a7 in section #ajjb7ab77;,g7 7#ab ,u4,s4,c4 #edha7ab77;,g771 by striking ,home ,owners and inserting ,homeowners2 7#b7 in section #ajac7;a77#a77;,c7 7#ab ,u4,s4,c4 #edic7;a77#a77;,c771 by striking section #aa7a7 and inserting subsection 7l7 of section #aa2 7#c7 in section #ajag7;a77#b7 7as so redesignated by section #gac7 7#ab ,u4,s4,c4 #edig7;a77#e77-- 7,a7 in subparagraph 7,a71 in the last sentence by striking #gaf7;c7 of title #ca1 ,united ,states ,code and inserting #gaf of title #ca1 ,united ,states ,code2 and 7,b7 in subparagraph 7,c71 by striking section #cgji of the ,revised ,statutes of the ,united ,states 7#da ,u4,s4,c4 #e7 and inserting section #faja of title #da1 ,united ,states ,code2 7#d7 in section #ajbg7;d77#a77;,b7 7#ab ,u4,s4,c4 #eeag7;d77#a77;,b771 by inserting a comma after 7,a72 7#e7 in section #ajbi7;d7 7#ab ,u4,s4,c4 #eeai7;d771 by striking the period after ,commission ,act2 7#f7 in section #ajfa7;b77#g7 7#ab ,u4,s4,c4 #eeha7;b77#g77-- 7,a7 by striking ,secretary of the ,department of ,housing and ,urban ,development each place that term appears and inserting ,department of ,housing and ,urban ,development2 and 7,b7 in subparagraph 7,a71 by striking 7#ab ,u4,s4,c4 #eajb et seq47 and inserting 7#ab ,u4,s4,c4 #eaja et seq472 7#g7 in section #ajfc 7#ab ,u4,s4,c4 #eehc7-- 7,a7 in subsection 7f77#a77;,b71 by striking that2 and 7,b7 in subsection 7g77#a77;,a7-- 7i7 by striking 7#ab ,u4,s4,c4 #eajb et seq47 and inserting 7#ab ,u4,s4,c4 #eaja et seq472 and 7ii7 by striking seq7 and inserting seq472 7#h7 in section #ajfd7;i77#a77;,a77iii7 7#ab ,u4,s4,c4 #eehd7;i77#a77;,a77iii771 by inserting a period before ,if an2 7#i7 in section #ajgc7;c77#b7 7#ab ,u4,s4,c4 #efja7;c77#b77-- 7,a7 in the paragraph heading1 by inserting and education after financial literacy2 and 7,b7 by striking its duties and inserting their duties2 7#aj7 in section #ajgf7;b77#a7 7#ab ,u4,s4,c4 #efjb7;b77#a771 by inserting before the period at the end the following3 1 the ,agency may1 after notice and opportunity for comment1 prescribe regulations2 7#aa7 in section #ajgg7;b77#d77;,f7 7#abd ,stat4 #bjgf71 by striking associates and inserting associate's2 7#ab7 in section #ajhd7a7 7#abd ,stat4 #bjha71 by inserting a comma after #bjji72 7#ac7 in section #ajhi 7#abd ,stat4 #bjib7-- 7,a7 in paragraph 7#c7-- 7i7 in subparagraph 7,a71 by striking and at the end2 and 7ii7 in subparagraph 7,b77vi71 by striking the period at the end and inserting 2 and2 and 7,b7 by redesignating paragraph 7#d7 as subparagraph 7,c7 and adjusting the margins accordingly2 and 7#ad7 in section #ajih7f7 7#abd ,stat4 #bajd71 by inserting the first place that term appears before and4 7b7 ,effective date ,the amendments made by paragraphs 7#aa71 7#ab71 7#ac71 7#ad71 and 7#ae7 of subsection 7a7 shall take effect as though enacted as part of subtitle ,h of title ,x of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #bjhj74 #abaj4 ,title ,,xii correction ,title ,,xii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #babi7 is amended1 in section #abjh7;b7 7#ab ,u4,s4,c4 #efbf7;b771 by inserting 1 as defined in section #ajc7aj7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7aj771 after appropriated to the ,fund4 #abaa4 ,title ,,xiv correction ,title ,,xiv of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #bacf7 is amended1 in section #adea7;c7 7#ab ,u4,s4,c4 #agjax-#a7;c771 by striking pursuant4 #abab4 ,technical corrections to other statutes 7a7 ,alternative mortgage transaction parity act of #aihb ,the ,alternative ,mortgage ,transaction ,parity ,act of #aihb 7#ab ,u4,s4,c4 #chja et seq47 is amended-- 7#a7 in section #hjb7;a77#c7 7#ab ,u4,s4,c4 #chja7;a77#c771 by striking the ,director of the ,office of ,thrift ,supervision and inserting the ,consumer ,law ,enforcement ,agency2 7#b7 in section #hjd 7#ab ,u4,s4,c4 #chjc7-- 7,a7 in subsection 7a71 by striking the ,director of the ,office of ,thrift ,supervision each place such term appears and inserting the ,comptroller of the ,currency2 and 7,b7 in subsection 7d77#a71 by striking the comma after ,administration4 7b7 ,bank ,holding ,company ,act ,amendments of #aigj ,section #ajf7;b77#a7 of the ,bank ,holding ,company ,act ,amendments of #aigj 7#ab ,u4,s4,c4 #aigb7a77 is amended1 in the undesignated matter at the end1 by striking ,federal ,deposit ,insurance ,company and inserting ,federal ,deposit ,insurance ,corporation4 7c7 ,balanced ,budget and ,emergency ,deficit ,control ,act ,section #bee7;g77#a77;,a7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ije7;g77#a77;,a77 is amended by striking ,office of ,thrift ,supervision 7#bj-dajh-j-c-cgc744 7d7 ,bretton ,woods ,agreements ,act ,section #fh7;a77#a7 of the ,bretton ,woods ,agreements ,act 7#bb ,u4,s4,c4 #bhftt7a77#a77 is amended by striking ,fund 1 and inserting ,fund14 7e7 ,,can-,,spam ,act of #bjjc ,section #g7;b77#a77;,d7 of the ,,can-,,spam ,act of #bjjc 7#ae ,u4,s4,c4 #ggjf7;b77#a77;,d77 is amended by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency or the ,board of ,directors of ,federal ,deposit ,insurance ,corporation1 as applicable14 7f7 ,children's ,online ,privacy ,protection ,act of #aiih ,section #acjf7;b77#b7 of the ,children's ,online ,privacy ,protection ,act of #aiih 7#ae ,u4,s4,c4 #feje7;b77#b77 is amended by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency and the ,board of ,directors of ,federal ,deposit ,insurance ,corporation1 as applicable14 7g7 ,community ,reinvestment ,act of #aigg ,the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq47 is amended-- 7#a7 in section #hjc7a77;,c7 7#ab ,u4,s4,c4 #bijb7a77;,c771 by striking the period at the end and inserting a semicolon2 and 7#b7 in section #hjf 7#ab ,u4,s4,c4 #bije71 by striking companies11 and inserting companies14 7h7 ,credit ,repair ,organizations ,act ,section #djc7d7 of the ,credit ,repair ,organizations ,act 7#ae ,u4,s4,c4 #afgi;a7#d77 is amended by striking #ajc7;e7 and inserting #ajc7;f74 7i7 ,depository ,institution ,management ,interlocks ,act ,section #bje7i7 of the ,depository ,institution ,management ,interlocks ,act 7#ab ,u4,s4,c4 #cbjd7i77 is amended by striking ,director of the ,office of ,thrift ,supervision and inserting appropriate ,federal banking agency4 7j7 ,economic ,growth and ,regulatory ,paperwork ,reduction ,act of #aiif ,section #bbbg7;a77#a7 of the ,economic ,growth and ,regulatory ,paperwork ,reduction ,act of #aiif 7#ab ,u4,s4,c4 #beb7;a77#a77 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7k7 ,electronic ,fund ,transfer ,act ,the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afic et seq47 is amended-- 7#a7 in section #ijc 7#ae ,u4,s4,c4 #afic;a7-- 7,a7 in paragraph 7#b71 by striking #ajc7;i7 and inserting #ajc7;j72 and 7,b7 by redesignating the first paragraph designated as paragraph 7#d7 7defining the term ,board71 as paragraph 7#c72 7#b7 in section #ijd7;a7 7#ae ,u4,s4,c4 #afic;b7a77-- 7,a7 by redesignating the second paragraph designated as paragraph 7#a7 7relating to consultation with other agencies71 the second paragraph designated as paragraph 7#b7 7relating to the preparation of an analysis of economic impact71 paragraph 7#c71 and paragraph 7#d71 as subparagraphs 7,a71 7,b71 7,c71 and 7,d71 respectively1 and adjusting the margins accordingly2 and 7,b7 by striking ,in prescribing such regulations1 the ,board shall3 and inserting the following3 7#c7 ,regulations ,in prescribing regulations under this subsection1 the ,agency and the ,board shall-- 2 7#c7 in section #iji7;c7 7#ae ,u4,s4,c4 #afic;g7c771 by striking #ajc7;e7 and inserting #ajc7;f72 7#d7 in section #iah7;a77#d7 7#ae ,u4,s4,c4 #afico7a77#d71 by striking ,act and and inserting ,act2 and2 7#e7 by redesignating the section added by section #ajgc7d7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7relating to remittance transfers7 7#ae ,u4,s4,c4 #afico-#a7 as section #ibj of the ,electronic ,fund ,transfer ,act2 7#f7 by redesignating the section headed ,relation to ,state laws 7#ae ,u4,s4,c4 #aficq7 as section #iba of the ,electronic ,fund ,transfer ,act2 7#g7 by redesignating the section headed ,exemption for ,state regulation 7#ae ,u4,s4,c4 #aficr7 as section #ibb of the ,electronic ,fund ,transfer ,act2 and 7#h7 by redesignating the section headed ,effective date 7#ae ,u4,s4,c4 #afic note7 as section #ibc of the ,electronic ,fund ,transfer ,act4 7l7 ,emergency ,economic ,stabilization ,act of #bjjh ,section #aja7;b7 of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebaa7;b77 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7m7 ,equal ,credit ,opportunity ,act ,the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia et seq47 is amended-- 7#a7 in section #gjc 7#ae ,u4,s4,c4 #afia;b7-- 7,a7 in each of subsections 7c7 and 7d71 by striking paragraph each place that term appears and inserting subsection2 and 7,b7 in subsection 7g71 by adding a period at the end2 7#b7 in section #gjd 7#ae ,u4,s4,c4 #afia;c7-- 7,a7 in subsection 7a7-- 7i7 by striking ,consumer ,protection ,financial ,protection ,act of #bjaj with and inserting ,consumer ,financial ,protection ,act of #bjaj1 compliance with2 7ii7 in paragraph 7#a7-- 7,i7 by striking section #h and inserting ,section #h2 and 7,,ii7 in subparagraph 7,c71 by striking banks2 and inserting banks42 7iii7 in each of paragraphs 7#f7 and 7#g71 by striking the semicolon at the end and inserting a period2 and 7iv7 in paragraph 7#h71 by striking 2 and and inserting a period2 and 7,b7 in subsection 7c71 in the second sentence1 by striking subchapter and inserting title2 and 7#c7 in section #gjf7k7 7#ae ,u4,s4,c4 #afia;e7k771 by striking 1 7#b71 or 7#c7 and inserting or 7#b74 7n7 ,expedited ,funds ,availability ,act ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is amended-- 7#a7 in section #fje7;f77#b77;,a7 7#ab ,u4,s4,c4 #djjd7;f77#b77;,a771 by striking 11 and inserting a semicolon2 and 7#b7 in section #faj7;a77#b7 7#ab ,u4,s4,c4 #djji7;a77#b771 by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency and the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as appropriate14 7o7 ,fair ,credit ,reporting ,act ,the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha et seq47 is amended-- 7#a7 in section #fjc 7#ae ,u4,s4,c4 #afha;a7-- 7,a7 in subsection 7d77#b77;,d71 by striking 7x7 and inserting 7y72 7,b7 in subsection 7q77#e71 by striking #ajc7;i7 and inserting #ajc7;j72 and 7,c7 in subsection 7v71 by striking ,bureau and inserting ,federal ,trade ,commission2 7#b7 in section #fjd 7#ae ,u4,s4,c4 #afha;b7-- 7,a7 in subsection 7b7-- 7i7 in paragraph 7#b77;,b77i71 by striking section #fae7;a77#c7 and inserting section #fae7;a77#d72 7ii7 in paragraph 7#c77;,b77ii71 by striking clause 7,b77i77,,iv7 and inserting clause 7i77,,iv72 7iii7 in paragraph 7#d77;,a77ii71 by inserting and after the semicolon2 and 7iv7 by striking section #fji7;c77#c7 each place that term appears and inserting section #fji7;c72 and 7,b7 in subsection 7g77#e71 by striking paragraph 7#b74-- and all that follows through ,the ,bureau and inserting paragraph 7#b74--,the ,agency2 7#c7 in section #fje 7#ae ,u4,s4,c4 #afha;c7-- 7,a7 in subsection 7f71 by striking who and inserting which2 and 7,b7 in subsection 7h77#b77;,a7-- 7i7 by striking shall11 and inserting shall12 and 7ii7 by striking ,commission11 and inserting ,commission12 7#d7 in section #fje;,a7h77#a77;,a7 7#ae ,u4,s4,c4 #afha;c-#a7;h77#a77;,a771 by striking #ajc7;i7 and inserting #ajc7;j72 7#e7 in section #fjg7;e77#c77;,a7 7#ae ,u4,s4,c4 #afha;e7e77#c77;,a771 by striking section #fjd7;b77#d77;,e77i7 and inserting section #fjd7;b77#d77;,d77i72 7#f7 in section #fji 7#ae ,u4,s4,c4 #afha;g7-- 7,a7 in subsection 7a77#c77;,c77i71 by striking section #fjd7;b77#d77;,e77i7 and inserting section #fjd7;b77#d77;,d77i72 7,b7 in subsection 7c77#a7-- 7i7 in the paragraph heading1 by striking ,commission and inserting ,bureau2 and 7ii7 in subparagraph 7,b77vi71 by striking #fjc7w7 and inserting #fjc7x72 7,c7 in subsection 7e77#b77;,b77ii77,,ii71 by striking an2 and 7,d7 by striking ,the ,commission each place that term appears and inserting ,the ,bureau2 7#g7 in section #faj 7#ae ,u4,s4,c4 #afha;h7-- 7,a7 in subsection 7b77#a71 by inserting section after under2 and 7,b7 in subsection 7e71 by inserting a comma after on the report2 7#h7 in section #faa 7#ae ,u4,s4,c4 #afha;i71 by striking ,the ,commission each place that term appears and inserting ,the ,agency2 7#i7 in section #fab 7#ae ,u4,s4,c4 #afha;j7-- 7,a7 in subsection 7a77#a7-- 7i7 by striking 7w7 and inserting 7x72 and 7ii7 in subparagraph 7,c71 by striking #fjc7w7 each place that term appears and inserting #fjc7x72 7,b7 in subsection 7g71 by striking televison and inserting television2 and 7,c7 by striking ,the ,commission each place that term appears and inserting ,the ,bureau2 7#aj7 in section #fba 7#ae ,u4,s4,c4 #afhas7-- 7,a7 in subsection 7a77#a71 in the first sentence1 by striking 1 subsection 7b72 7,b7 in subsection 7e77#b71 by inserting a period after provisions of this title2 and 7,c7 in subsection 7f77#b71 by striking ,the ,commission and inserting ,the ,agency and 7#aa7 in section #fbc7;a77#e7 7#ae ,u4,s4,c4 #afhas-#b7;a77#e771 by striking of accounts4--7,a7 ,in general4--,a person and inserting of accounts4-- 7,a7 ,in general ,a person 4 7p7 ,federal ,credit ,union ,act ,section #bjf7;g77#g77;,d77iv7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghf7;g77#g77;,d77iv77 is amended by striking the semicolon at the end and inserting a period4 7q7 ,federal ,deposit ,insurance ,act ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended-- 7#a7 in section #c7q77#b77;,c7 7#ab ,u4,s4,c4 #ahac7q77#b77;,c771 by adding and at the end2 7#b7 in section #g 7#ab ,u4,s4,c4 #ahag7-- 7,a7 in subsection 7b77#b7-- 7i7 in subparagraph 7,a71 by striking 7,d7 and inserting 7,c72 and 7ii7 by redesignating subparagraphs 7,d7 and 7,e7 as subparagraphs 7,c7 and 7,d71 respectively2 and 7,b7 in subsection 7e77#b77;,c71 by adding a period at the end2 7#c7 in section #h 7#ab ,u4,s4,c4 #ahah7-- 7,a7 in subsection 7b77#c71 by striking ,act77 and inserting ,act72 and 7,b7 in subsection 7t77#b77;,c71 by striking depositors or and inserting depositors2 or2 7#d7 in section #aa 7#ab ,u4,s4,c4 #ahba7-- 7,a7 in subsection 7d77#b77;,i77ii71 by striking and section #ba;,a7b77#d72 and 7,b7 in subsection 7m71 in each of paragraphs 7#af7 and 7#ah71 by striking the comma after ,comptroller of the ,currency each place it appears2 and 7#e7 in section #bf7;a7 7#ab ,u4,s4,c4 #ahca;c7a771 by striking ,holding ,company ,act each place that term appears and inserting ,holding ,company ,act of #aief4 7r7 ,federal ,fire ,prevention and ,control ,act of #aigd ,section #ca7;a77#e77;,b7 of the ,federal ,fire ,prevention and ,control ,act of #aigd 7#ae ,u4,s4,c4 #bbbg7;a77#e77;,b77 is amended by striking the ,federal ,deposit ,insurance ,corporation and all that follows through the period and inserting 8or the ,federal ,deposit ,insurance ,corporation under the affordable housing program under section #dj of the ,federal ,deposit ,insurance ,act404 7s7 ,federal ,home ,loan ,bank ,act ,the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adba et seq47 is amended-- 7#a7 in section #aj7;h77#a7 7#ab ,u4,s4,c4 #adcj7;h77#a771 by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency or the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as applicable2 and 7#b7 in section #bb7;a7 7#ab ,u4,s4,c4 #addb7;a77-- 7,a7 in the matter preceding paragraph 7#a71 by striking ,comptroller of the ,currency and all that follows through ,supervision and inserting ,comptroller of the ,currency1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 the ,chairperson of the ,federal ,deposit ,insurance ,corporation1 and the ,chairman of the ,national ,credit ,union ,administration2 and 7,b7 in the undesignated matter following paragraph 7#b71 by striking ,comptroller of the ,currency and all that follows through ,supervision and inserting ,comptroller of the ,currency1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 and the ,chairman of the ,national ,credit ,union ,administration4 7t7 ,federal ,reserve ,act ,paragraph 7#h77;,b7 of section #aa7s7 of the ,federal ,reserve ,act 7headed ,federal ,reserve ,transparency and ,release of ,information7 7#ab ,u4,s4,c4 #bdh7 is amended by striking this section and inserting this subsection4 7u7 ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi ,the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7,public ,law #aja-gc2 #ajc ,stat4 #ahc7 is amended in section #aaba7f7 7#ab ,u4,s4,c4 #ccej7f771 by striking the ,office of ,thrift ,supervision14 7v7 ,gramm-,leach-,bliley ,act ,the ,gramm-,leach-,bliley ,act 7,public ,law #ajf-ajb2 #aac ,stat4 #acch7 is amended-- 7#a7 in section #acb7;a7 7#ab ,u4,s4,c4 #ahbh;b7a771 by striking the ,director of the ,office of ,thrift ,supervision12 7#b7 in section #bjf7;a7 7#ae ,u4,s4,c4 #gh;c note71 by striking ,except as provided in subsection 7e71 for and inserting ,for2 7#c7 in section #ejb7;e77#e7 7#ae ,u4,s4,c4 #fhjb7;e77#e771 by striking a ,federal and inserting 1 a ,federal2 7#d7 in section #ejd7;a77#b7 7#ae ,u4,s4,c4 #fhjd7;a77#b771 by striking and1 as appropriate1 and with and inserting and1 as appropriate1 with2 7#e7 in section #eji7b7 7#ae ,u4,s4,c4 #fhji7b77-- 7,a7 by striking subparagraph 7,d72 and 7,b7 by redesignating subparagraphs 7,e7 and 7,f7 as subparagraphs 7,d7 and 7,e71 respectively2 and 7#f7 in section #ebb7;b77#a77;,a77iv7 7#ae ,u4,s4,c4 #fhbb7;b77#a77;,a77iv771 by striking ,director of the ,office of ,thrift ,supervision and inserting ,comptroller of the ,currency and the ,board of ,directors of the ,federal ,deposit ,insurance ,corporation1 as appropriate4 7w7 ,helping ,families ,save ,their ,homes ,act of #bjji ,section #ajd of the ,helping ,families ,save ,their ,homes ,act of #bjji 7#ab ,u4,s4,c4 #agaez-#be7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by striking and the ,director of the ,office of ,thrift ,supervision1 shall jointly and inserting shall2 7,b7 by striking and the ,office of ,thrift ,supervision2 and 7,c7 by striking each such and inserting such2 and 7#b7 in subsection 7b77#a7-- 7,a7 in subparagraph 7,a7-- 7i7 in the first sentence-- 7,i7 by striking and the ,director of the ,office of ,thrift ,supervision12 and 7,,ii7 by striking or the ,director2 7ii7 in the second sentence1 by striking and the ,director of the ,office of ,thrift ,supervision2 and 7,b7 in subparagraph 7,b71 by striking and the ,director of the ,office of ,thrift ,supervision4 7x7 ,home ,mortgage ,disclosure ,act of #aige ,the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq47 is amended-- 7#a7 in section #cjd-- 7,a7 in subsection 7b77#e77;,a71 by striking #ae ,u4,s4,c4 #afjb7;aa77#d7 and inserting section #ajc7;aa77#d7 of the ,truth in ,lending ,act2 and 7,b7 in subsection 7j77#c7 7#ab ,u4,s4,c4 #bhjc7;j77#c771 by adding a period at the end2 and 7#b7 in section #cje7;b77#a77;,a77iii7 7#ab ,u4,s4,c4 #bhjd7;b77#a77;,a77iii771 by striking bank as1 and inserting bank1 as4 7y7 ,home ,owners' ,loan ,act ,the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq47 is amended-- 7#a7 in section #e 7#ab ,u4,s4,c4 #adfd7-- 7,a7 in subsection 7d77#b77;,e77ii7-- 7i7 in the first sentence1 by striking ,except as provided in section #ba;,a of the ,federal ,home ,loan ,bank ,act1 the and inserting ,the2 and 7ii7 by striking 1 at the ,director's discretion12 7,b7 in subsection 7i77#f71 by striking the ,office of ,thrift ,supervision or2 7,c7 in subsection 7m71 by striking ,director's each place that term appears and inserting appropriate ,federal banking agency's2 7,d7 in subsection 7n77#i77;,b71 by striking ,director's and inserting ,comptroller's2 and 7,e7 in subsection 7s7-- 7i7 in paragraph 7#a7-- 7,i7 in the matter preceding subparagraph 7,a71 by striking of such ,act7 and all that follows through shall require and inserting of such ,act71 the appropriate ,federal banking agency shall require2 and 7,,ii7 in subparagraph 7,b71 by striking other methods and all that follows through determines and inserting other methods as the appropriate ,federal banking agency determines2 7ii7 in paragraph 7#b7-- 7,i7 by striking determined and all that follows through may1 consistent and inserting determined by appropriate federal banking agency case-by-case4--,the appropriate ,federal banking agency may1 consistent2 and 7,,ii7 by striking capital-to-assets and all that follows through determines to be necessary and inserting capital-to-assets as the appropriate ,federal banking agency determines to be necessary2 7#b7 in section #f7;c7 7#ab ,u4,s4,c4 #adfe7;c771 by striking sections and inserting section2 7#c7 in section #aj 7#ab ,u4,s4,c4 #adfg;a7-- 7,a7 in subsection 7b77#f71 by striking time and all that follows through release and inserting time1 upon the motion or application of the ,board1 release2 7,b7 in subsection 7c77#b77;,h7-- 7i7 in the matter preceding clause 7i7-- 7,i7 by striking #ahda7p77 and inserting #ahda7p7772 and 7,,ii7 by inserting 7#ab ,u4,s4,c4 #ahdc7k77 before if--2 and 7ii7 in clause 7i71 by inserting of #aief 7#ab ,u4,s4,c4 #ahdc7l7 and 7m77 after ,company ,act2 and 7,c7 in subsection 7e77#g77;,b77iii7-- 7i7 by striking ,board of the ,office of ,thrift ,supervision and inserting ,director of the ,office of ,thrift ,supervision2 and 7ii7 by inserting 1 as defined in section #b of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja7 after transfer date2 and 7#d7 in section #ac 7#ab ,u4,s4,c4 #adfh;b71 by striking the a and inserting a4 7z7 ,housing act of #aidh ,section #ejb7;c77#c7 of the ,housing ,act of #aidh 7#ab ,u4,s4,c4 #agja;c7c77#c77 is amended by striking ,federal ,home ,loan ,bank ,agency and inserting ,federal ,housing ,finance ,agency4 7aa7 ,housing and ,urban ,development ,act of #aifh ,section #ajf7;h77#e7 of the ,housing and ,urban ,development ,act of #aifh 7#ab ,u4,s4,c4 #agjax7h77#e77 is amended by striking authorised and inserting authorized4 7bb7 ,international ,banking ,act of #aigh ,section #ae of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #caji7 is amended-- 7#a7 in each of subsections 7a7 and 7b7-- 7,a7 by striking 1 and ,director of the ,office of ,thrift ,supervision each place that term appears2 and 7,b7 by inserting and before ,federal ,deposit each place that term appears2 7#b7 in subsection 7a71 by striking ,comptroller1 ,corporation1 or ,director and inserting ,comptroller of the ,currency1 or ,corporation2 and 7#c7 in subsection 7c77#d7-- 7,a7 by inserting and before the ,federal ,deposit2 and 7,b7 by striking 1 and the ,director of the ,office of ,thrift ,supervision4 7cc7 ,international ,lending ,supervision ,act of #aihc ,section #iab of the ,international ,lending ,supervision ,act of #aihc 7#ab ,u4,s4,c4 #ciaa7 is amended-- 7#a7 by amending the section heading to read as follows3 ,equal representation for ,federal ,deposit ,insurance ,corporation2 7#b7 by striking 7a7 ,in general4--2 and 7#c7 by striking subsection 7b74 7dd7 ,interstate ,land ,sales ,full ,disclosure ,act ,the ,interstate ,land ,sales ,full ,disclosure ,act 7#ae ,u4,s4,c4 #agja et seq47 is amended in each of section #adaa7;b7 7#ae ,u4,s4,c4 #agaj7;b77 and subsections 7b77#d7 and 7d7 of section #adah;a 7#ae ,u4,s4,c4 #agag;a71 by striking ,secretary's each place that term appears and inserting ,director's4 7ee7 ,legal ,certainty for ,bank ,products ,act of #bjjj ,section #djc7;b77#a7 of the ,legal ,certainty for ,bank ,products ,act of #bjjj 7#g ,u4,s4,c4 #bg;a7b77#a77 is amended by striking that section and inserting section4 7ff7 ,public law #ic-die ,section #aaa of ,public ,law #ic-die 7#ab ,u4,s4,c4 #bej7 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7gg7 ,revised ,statutes of the ,united ,states ,section #eacf;,c7i7 of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #be;b7i77 is amended by striking powers4-- and all that follows through ,in accordance and inserting powers4--,in accordance4 7hh7 ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid ,section #aag7;e7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgaf7;e77 is amended by striking the ,director of the ,office of ,thrift ,supervision14 7ii7 ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh ,section #aead of the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaac7 is amended in each of subsections 7b77#e7 and 7c77#d77;,c71 by striking ,secretary's each place that term appears and inserting ,director's4 7jj7 ,securities ,exchange ,act of #aicd ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended-- 7#a7 in section #c;,c7g77#d77;,b77v7 7#ae ,u4,s4,c4 #gh;c-#c7;g77#d77;,b77v771 by striking of that ,act and inserting of that section2 7#b7 in section #c;,d7d77#aj77;,a7 7#ae ,u4,s4,c4 #gh;c-#d7;d77#aj77;,a771 by striking taking and inserting take2 7#c7 in section #c;,e7b77#a7 7#ae ,u4,s4,c4 #gh;c-#e7;b77#a771 by striking though and inserting through2 7#d7 in section #d7;g77#h77;,a7 7#ae ,u4,s4,c4 #gh;d7g77#h77;,a771 by striking 7#b77;,a77i7 and inserting 7#b77;,a77ii72 7#e7 in section #ae 7#ae ,u4,s4,c4 #gho7-- 7,a7 in each of subparagraphs 7,b77ii7 and 7,c7 of subsection 7b77#d71 by striking dealer municipal advisor11 and inserting dealer1 municipal advisor12 7,b7 by redesignating subsection 7j7 7relating to the authority of the ,commission7 as subsection 7p7 and moving that subsection to the end2 7,c7 as amended by section #hda7;d71 by redesignating the section subsection 7k7 and second subsection 7l7 7relating to standard of conduct and other matters1 respectively71 as added by section #iac7;g77#a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #ahbh71 as subsections 7q7 and 7r71 respectively and moving those subsections to the end2 and 7,d7 in subsection 7m71 by inserting the before same extent2 7#f7 in section #ae;,f7h7 7#ae ,u4,s4,c4 #gho-#aj7;h77-- 7,a7 in paragraph 7#b77;,a71 by inserting 8a0 after 8that acts as an advisor to02 7,b7 in paragraph 7#b77;,b71 by inserting a after offers to enter into2 and 7,c7 in paragraph 7#e77;,a77i7-- 7i7 by inserting 7,a7 after 7#ah72 and 7ii7 in subclause 7,,vii71 by striking act of and inserting ,act of2 7#g7 in section #ae;,g 7#ae ,u4,s4,c4 #gho-#aa7-- 7,a7 in subsection 7b77#b71 by inserting ,board of ,directors of the before ,federal ,housing2 7,b7 in subsection 7e77#d77;,a71 by striking subsection and inserting section2 7,c7 in subsection 7e77#d77;,c7-- 7i7 by striking #abi;,c7c77#b7 and inserting #abi;,c7b77#b77;,a72 and 7ii7 by inserting 7#ae ,u4,s4,c4 #afci;c7b77#b77;,a77 after ,lending ,act2 and 7,d7 in subsection 7e77#e71 by striking subsection and inserting section2 and 7#h7 in section #ag;,a 7#ae ,u4,s4,c4 #ghq-#a71 by redesignating subsection 7g71 as added by section #ibi,w of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7relating to due diligence for the delivery of dividends1 interest1 and other valuable property rights7 as subsection 7n7 and moving that subsection to the end4 7kk7 ,telemarketing and consumer fraud and abuse prevention act ,section #c7;b7 of the ,telemarketing and ,consumer ,fraud and ,abuse ,prevention ,act 7#ae ,u4,s4,c4 #fajb7;b77 is amended by inserting before the period at the end the following3 1 provided1 however1 nothing in this section shall conflict with or supersede section #f of the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #df74 7ll7 ,title #e ,title #e1 ,united ,states ,code1 is amended-- 7#a7 in section #cacb7;a77#a77;,d71 as amended by section #gaa1 by striking the ,office of ,thrift ,supervision11 the ,resolution ,trust ,corporation12 and 7#b7 in section #ecad1 by striking ,director of the ,office of ,thrift ,supervision44 7mm7 ,title #ca 7#a7 ,amendments ,title #ca1 ,united ,states ,code1 is amended-- 7,a7 by striking section #cji2 and 7,b7 in section #gad7;d77#c77;,b7 by striking a audit and inserting an audit4 7#b7 ,analysis ,the analysis for subchapter ,i of chapter #c of title #ca1 ,united ,states ,code1 is amended by striking the item relating to section #cji4 7nn7 ,truth in ,lending ,act ,the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 is amended-- 7#a7 in section #aje 7#ae ,u4,s4,c4 #afjd71 by inserting subsection 7h71 as added by section #adgb7;c7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#abd ,stat4 #bahg71 before subsection 7i71 as added by section #aajj;,a7#g7 of that ,act 7#abd ,stat4 #bajh72 7#b7 in section #ajf7;f77#b77;,b77i7 7#ae ,u4,s4,c4 #afje7;f77#b77;,b77i771 by striking #ajc7w7 and inserting #ajc7x72 7#c7 in section #aba7;b7 7#ae ,u4,s4,c4 #afca7;b771 by striking #ajc7;f7 and inserting #ajc7;g72 7#d7 in section #abb7;d77#e7 7#ae ,u4,s4,c4 #afcb7;d77#e771 by striking section #fjc7 and all that follows through promulgate and inserting section #fjc71 may promulgate2 7#e7 in section #abe7;e77#a7 7#ae ,u4,s4,c4 #afce7;e77#a771 by striking #ajc7w7 and inserting #ajc7x72 7#f7 in section #abi 7#ae ,u4,s4,c4 #afci7-- 7,a7 in subsection 7q71 by striking 7l77#b7 and inserting 7p77#b72 and 7,b7 in subsection 7u77#c71 by striking ,board each place that term appears and inserting ,agency2 7#g7 in section #abi;,c 7#ae ,u4,s4,c4 #afci;c7-- 7,a7 in subsection 7b77#b77;,b71 by striking the second period at the end2 and 7,b7 in subsection 7c77#a77;,b77ii77,i71 by striking a original and inserting an original2 7#h7 in section #adh7;d7 7#ae ,u4,s4,c4 #affe;c7d771 by striking ,bureau and inserting ,board2 7#i7 in section #adi 7#ae ,u4,s4,c4 #affe;d7-- 7,a7 by striking the ,director of the ,office of ,thrift ,supervision1 each place that term appears2 7,b7 by striking ,national ,credit ,union ,administration ,bureau and inserting ,national ,credit ,union ,administration ,board each place that term appears2 and 7,c7 by striking ,bureau of ,directors of the ,federal ,deposit ,insurance ,corporation and inserting ,board of ,directors of the ,federal ,deposit ,insurance ,corporation each place that term appears2 and 7#aj7 in section #aha7a7 7#ae ,u4,s4,c4 #affg7a771 by striking #ajc7;g7 and inserting #ajc7;h74 7oo7 ,truth in ,savings ,act ,the ,truth in ,savings ,act 7#ab ,u4,s4,c4 #dcja et seq47 is amended in each of sections #bfi7;a77#d7 7#ab ,u4,s4,c4 #dcjh7;a77#d771 #bgj7;a77#b7 7#ab ,u4,s4,c4 #dcji7;a77#b771 and #bgd7f7 7#ab ,u4,s4,c4 #dcac7f771 by striking ,administration ,bureau each place that term appears and inserting ,administration ,board4 ,may #be1 #bjag ,reported from the ,committee on ,financial ,services with an amendment ,may #be1 #bjag ,the ,committees on ,agriculture1 ,ways and ,means1 the ,judiciary1 ,oversight and ,government ,reform1 ,transportation and ,infrastructure1 ,rules1 the ,budget1 and ,education and the ,workforce discharged2 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed