,,ii  #aahth ,,congress  #ast ,session  
,s4 #cjie  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #ai1  
#bjbc,mr4 ,hagerty 7for himself and     
,mrs4 ,britt7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
amend the ,consumer ,financial          
,protection ,act of #bjaj to clarify the
 funding of the ,bureau of ,consumer    
,financial ,protection4  #a4 ,short     
title ,this ,act may be cited as the    
,federal ,reserve ,loss ,transparency   
,act4  #b4 ,bureau funding ,section     
#ajag7;a7 of the ,consumer ,financial   
,protection ,act of #bjaj 7#ab ,u4,s4,c4
 #edig7;a77 is amended-- 7#a7 by        
redesignating paragraphs 7#c7 through   
7#e7 as paragraphs 7#d7 through 7#f71   
respectively2 and  7#b7 by inserting    
after paragraph 7#b7 the following3     
7#c7 ,prohibition on transfer when the  
,federal reserve banks incur a loss     
,notwithstanding paragraph 7#a71 no     

transfer may be made to the ,bureau if  
the ,federal reserve banks1 in the      
aggregate1 incurred an operating loss in
 the most recently completed calendar   
quarter until the loss is offset with   
subsequent earnings4  4  #c4            
,calculation of net earnings using      
,,gaap ,section #g of the ,federal      
,reserve ,act is amended-- 7#a7 by      
redesignating the second subsection 7b7 
7#ab ,u4,s4,c4 #bij7 7relating to the   
use of earnings transferred to the      
,secretary7 and subsection 7c7 7#ab     
,u4,s4,c4 #eca7 as subsections 7c7 and  
7d71 respectively2 and  7#b7 by adding  
at the end the following3  7e7          
,calculation of net earnings and total  
capital using ,,gaap ,for purposes of   
this section1 earnings and total capital
 shall be calculated in accordance with 
,united ,states generally accepted      
accounting principles4  4