,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cdde  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ae1 #bjbe,mr4   
,huiz5ga 7= himself1 ,mr4 ,b>r1 ,mr4    
,meus]1 ,mr4 ,fitzg]ald1 ,mr4 ,rose1    
,mr4 ,moore ( ,nor? ,c>ol9a1 & ,mr4     
,timmons7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d ! ,consum]
 ,f9ancial ,protection ,act ( #bjaj to  
make ! ,bureau ( ,consum] ,f9ancial     
,protection an indep5d5t ag5cy l$ by a  
commission1 & = o!r purposes4  #a4 ,%ort
 title  ,?is ,act may be cit$ z !       
,bureau ( ,consum] ,f9ancial ,protection
 ,commission ,act4  #b4 ,mak+ ! ,bureau 
an indep5d5t ag5cy l$ by a commission ,!
 ,consum] ,f9ancial ,protection ,act (  
#bjaj 7#ab ,u4,s4,c4 #edha et seq47 is  
am5d$-- 7#a7 9 section #ajaa--  7,a7 9  
subsection 7a7-- 7i7 by /rik+ 9 ! ,f$]al
 ,res]ve ,sy/em12 &  7ii7 by /rik+      
indep5d5t bureau & ins]t+ indep5d5t     
ag5cy2  7,b7 by /rik+ subsections 7b71  
7c71 & 7d72  7,c7 by r$esignat+         

subsection 7e7 z subsection 7j72  7,d7 9
 subsection 7j71 z s r$esignat$1 by     
/rik+ 1 includ+ 9 cities 9 :i* ! ,f$]al 
res]ve banks1 or bran*es ( su* banks1   
are locat$12 &  7,e7 by ins]t+ aft]     
subsection 7a7 ! foll[+ new subsections3
  7b7 ,au?ority ,to prescribe           
regulations ,! commission ( ! ,bureau   
may prescribe su* regulations & issue   
su* ord]s 9 accordance ) ?is title z !  
,bureau may det]m9e to be necess>y =    
c>ry+ out ?is title & all o!r laws )9 ! 
,bureau's jurisdiction & %all ex]cise   
any au?orities grant$ "u ?is title & all
 o!r laws )9 ! ,bureau's jurisdiction4  
7c7 ,composition ( ! commission  7#a7 ,9
 g5]al ,! managem5t ( ! ,bureau %all be 
ve/$ 9 a commission1 :i* %all be compos$
 ( #e memb]s :o %all be appo9t$ by !    
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate1 &-- 7,a7 at lea/ #b ( :om %all h
 private sector exp]i5ce 9 ! provision (
 consum] f9ancial products & s]vices2 & 
7,b7 at lea/ #a ( :om %all h be5 employ$
 z a ,/ate bank sup]visor 7z def9$ 9    

section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahjc774 
7#b7 ,/agg]+ ,! memb]s ( ! commission   
%all s]ve /agg]$ t]ms1 :i* initially    
%all be e/abli%$ by ! ,presid5t = t]ms (
 #a1 #b1 #c1 #d1 & #e ye>s1             
respectively4  7#c7 ,t]ms  7,a7 ,9 g5]al
 ,except ) respect to ! initial /agg]$  
t]ms describ$ "u p>agraph 7#b71 ea*     
memb] ( ! commission1 includ+ ! ,*air1  
%all s]ve = a t]m ( #e ye>s4  7,b7      
,removal ,! ,presid5t may remove any    
memb] ( ! commission = ineffici5cy1     
neglect ( duty1 or malfeasance 9 (fice4 
7,c7 ,vacancies ,any memb] ( !          
commission appo9t$ to fill a vacancy    
occurr+ be=e ! expiration ( ! t]m to :i*
 t memb]'s pr$ecessor 0 appo9t$ 7includ+
 ! ,*air7 %all be appo9t$ only = !      
rema9d] ( ! t]m4  7,d7 ,cont9uation (   
s]vice ,ea* memb] ( ! commission may    
cont9ue to s]ve aft] ! expiration ( !   
t]m ( (fice to :i* t memb] 0 appo9t$    
until a successor has be5 appo9t$ by !  
,presid5t & confirm$ by ! ,s5ate1 except

 t a memb] may n cont9ue to s]ve m ?an  
#a ye> aft] ! date on :i* t memb]'s t]m 
w\ld o!rwise expire4  7,e7 ,o!r         
employm5t prohibit$ ,no memb] ( !       
commission %all engage 9 any o!r        
bus9ess1 vocation1 or employm5t4  7d7   
,affiliation ,n m ?an #c memb]s ( !     
commission %all be memb]s ( any "o      
political p>ty4  7e7 ,*air ( !          
commission  7#a7 ,initial ,*air ,! fir/ 
memb] & ,*air ( ! commission %all be !  
individual s]v+ z ,director ( ! ,bureau 
( ,consum] ,f9ancial ,protection on !   
day be=e ! date ( ! enactm5t ( ?is      
subsection4 ,su* individual %all s]ve   
until ! ,presid5t has appo9t$ all #e    
memb]s ( ! commission 9 accordance )    
subsection 7c74  7#b7 ,subsequ5t ,*air  
,( ! #e memb]s appo9t$ 9 accordance )   
subsection 7c71 ! ,presid5t %all appo9t 
#a memb] to s]ve z ! subsequ5t ,*air ( !
 commission4  7#c7 ,au?ority ,! ,*air   
%all be ! pr9cipal executive (fic] ( !  
commission1 & %all ex]cise all ( !      
executive & adm9i/rative functions ( !  

commission1 includ+ ) respect to-- 7,a7 
! appo9tm5t & sup]vision ( p]sonnel     
employ$ "u ! commission 7o!r ?an        
p]sonnel employ$ regul>ly & full "t 9 ! 
imm$iate (fices ( memb]s ( ! commission 
o!r ?an ! ,*air72  7,b7 ! di/ribution ( 
bus9ess among p]sonnel appo9t$ &        
sup]vis$ by ! ,*air & among adm9i/rative
 units ( ! commission2 &  7,c7 ! use &  
exp5diture ( funds4  7#d7 ,limitation ,9
 c>ry+ out any ( ! ,*air's functions "u 
! provisions ( ?is subsection1 ! ,*air  
%all be gov]n$ by g5]al policies ( !    
commission & by su* regulatory          
decisions1 f9d+s1 & det]m9ations z !    
commission may by law be au?oriz$ to    
make4  7#e7 ,reque/s or e/imates relat$ 
to appropriations ,reque/s or e/imates =
 regul>1 supplem5tal1 or defici5cy      
appropriations on behalf ( ! commission 
may n be submitt$ by ! ,*air )\t ! prior
 approval ( ! commission4  7#f7         
,designation ,! ,*air %all be kn[n z bo?
 ! ,*air ( ! commission ( ! ,bureau & ! 
,*air ( ! ,bureau4  7f7 ,initial quorum 

e/abli%$ ,= ! #f mon? p]iod beg9n+ on ! 
date ( enactm5t ( ?is subsection1 ! fir/
 memb] & ,*air ( ! commission describ$  
"u subsection 7e77#a7 %all con/itute a  
quorum = ! transaction ( bus9ess until !
 ,presid5t has appo9t$ all #e memb]s ( !
 commission 9 accordance ) subsection   
7c74 ,foll[+ su* appo9tm5t ( #e memb]s1 
! quorum requirem5ts ( subsection 7g7   
%all apply4  7g7 ,no impairm5t by reason
 ( vacancies ,no vacancy 9 ! memb]s ( ! 
commission aft] ! e/abli%m5t ( an       
initial quorum "u subsection 7f7 %all   
impair ! "r ( ! rema9+ memb]s ( !       
commission to ex]cise all ! p[]s ( !    
commission4 ,?ree memb]s ( ! commission 
%all con/itute a quorum = ! transaction 
( bus9ess1 except t if !re are only #c  
memb]s s]v+ on ! commission because (   
vacancies 9 ! commission1 #b memb]s ( ! 
commission %all con/itute a quorum = !  
transaction ( bus9ess4 ,if !re are only 
#b memb]s s]v+ on ! commission because (
 vacancies 9 ! commission1 #b memb]s    
%all con/itute a quorum = ! #f-mon?     

p]iod beg9n+ on ! date ( ! vacancy :i*  
caus$ ! numb] ( commission memb]s to    
decl9e to #b4  7h7 ,seal ,! ,bureau %all
 h an (ficial seal4  7i7 ,comp5sation   
7#a7 ,*air ,! ,*air %all receive        
comp5sation at ! rate prescrib$ = level 
,i ( ! ,executive ,s*$ule "u section    
#ecac ( title #e1 ,unit$ ,/ates ,code4  
7#b7 ,o!r memb]s ( ! commission ,! #d   
o!r memb]s ( ! commission %all ea*      
receive comp5sation at ! rate prescrib$ 
= level ,,ii ( ! ,executive ,s*$ule "u  
section #ecad ( title #e1 ,unit$ ,/ates 
,code4  2  7#b7 9 section #ajab7;c7--   
7,a7 9 ! head+1 by /rik+ ,autonomy ( !  
,bureau & ins]t+ ,coord9ation ) ! ,bo>d 
( ,gov]nors2  7,b7 by /rik+ 7#a7        
,coord9ation ) ! bo>d ( gov]nors4--2 &  
7,c7 by /rik+ p>agraphs 7#b71 7#c71     
7#d71 & 7#e72 &  7#c7 9 section         
#ajad7;b71 by /rik+ ,n few] ?an #f      
memb]s %all be appo9t$ ^u !             
recomm5dation ( ! regional ,f$]al       
,res]ve ,bank ,presid5ts1 on a rotat+   
basis4 & ins]t+ ,n few] ?an half ( all  

memb]s %all h private sector exp]i5ce 9 
! provision ( consum] f9ancial products 
& s]vices44  #c4 ,deem+ ( "n ,any       
ref]5ce 9 a law1 regulation1 docum5t1   
pap]1 or o!r record ( ! ,unit$ ,/ates to
 ! ,director ( ! ,bureau ( ,consum]     
,f9ancial ,protection1 except 9         
subsection 7e77#a7 ( section #ajaa ( !  
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edia71 z add$ by  
?is ,act1 %all be deem$ a ref]5ce to !  
commission lead+ & gov]n+ ! ,bureau (   
,consum] ,f9ancial ,protection1 z       
describ$ "u section #ajaa ( ! ,consum]  
,f9ancial ,protection ,act ( #bjaj4  #d4
 ,con=m+ am5dm5ts  7a7 ,consum]         
,f9ancial ,protection ,act ( #bjaj  7#a7
 ,9 g5]al ,except z provid$ "u p>agraph 
7#b71 ! ,consum] ,f9ancial ,protection (
 #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is 
am5d$-- 7,a7 by /rik+ ,director ( !     
,bureau ea* place su* t]m appe>s1 o!r   
?an :]e su* t]m is us$ to ref] to a     
,director o!r ?an ! ,director ( !       
,bureau ( ,consum] ,f9ancial            

,protection1 & ins]t+ ,bureau2  7,b7 by 
/rik+ ,director ea* place su* t]m appe>s
 & ins]t+ ,bureau1 o!r ?an :]e su* t]m  
is us$ to ref] to a ,director o!r ?an ! 
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection2 &  7,c7 9 section
 #ajjb1 by /rik+ p>agraph 7#aj74  7#b7  
,exceptions  7,a7 ,9 g5]al ,! ,consum]  
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha et seq47 is am5d$-- 7i7 
9 section #ajac7;c77#c7--  7,i7 by /rik+
 ,assi/ant ,director ( ! ,bureau = &    
ins]t+ ,head ( ! ,(fice (2 &  7,,ii7 9  
subp>agraph 7,b71 by /rik+ ,assi/ant    
,director & ins]t+ ,head ( ! ,(fice2    
7ii7 9 section #ajac7;g77#b7-- 7,i7 by  
/rik+ ,assi/ant director & ins]t+ ,head 
( ! ,(fice2 &  7,,ii7 by /rik+ an       
assi/ant director & ins]t+ a ,head ( !  
,(fice ( ,f9ancial ,protection = ,old]  
,am]icans2  7iii7 9 section #ajaf7;a71  
by /rik+ ,director ( ! ,bureau & ins]t+ 
,*air ( ! ,bureau2 &  7iv7 by /rik+     
section #ajff4  7,b7 ,cl]ical am5dm5t ,!
 table ( cont5ts = ! ,dodd-,frank ,wall 

,/reet ,re=m & ,consum] ,protection ,act
 is am5d$ by /rik+ ! item relat+ to     
section #ajff4  7b7 ,dodd-,frank ,wall  
,/reet ,re=m & ,consum] ,protection ,act
 ,! ,dodd-,frank ,wall ,/reet ,re=m &   
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecja et seq47 is am5d$-- 7#a7 9       
section #aaa7;b77#a77;,d71 by /rik+     
,director & ins]t+ ,*air2 &  7#b7 9     
section #addg1 by /rik+ ,director ( !   
,bureau ea* place su* t]m appe>s &      
ins]t+ ,*air ( ! ,bureau4  7c7          
,electronic ,fund ,transf] ,act ,section
 #iba7;a77#d77;,c7 ( ! ,electronic ,fund
 ,transf] ,act 7#ae ,u4,s4,c4           
#afico-#b7;a77#d77;,c771 z add$ by      
section #ajge7;a77#b7 ( ! ,consum]      
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,bureau (  
,consum] ,f9ancial ,protection & ins]t+ 
,*air ( ! ,bureau ( ,consum] ,f9ancial  
,protection4  7d7 ,exp$it$ ,funds       
,availability ,act ,! ,exp$it$ ,funds   
,availability ,act 7#ab ,u4,s4,c4 #djja 
et seq471 z am5d$ by section #ajhf ( !  

,consum] ,f9ancial ,protection ,act (   
#bjaj1 is am5d$ by /rik+ ,director ( !  
,bureau ea* place su* t]m appe>s &      
ins]t+ ,bureau4  7e7 ,f$]al ,deposit    
,insurance ,act ,section #b ( ! ,f$]al  
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahab71 z am5d$ by section #ccf7;a7 ( ! 
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act1 is am5d$ by  
/rik+ ,director ( ! ,consum] ,f9ancial  
,protection ,bureau ea* place su* t]m   
appe>s & ins]t+ ,*air ( ! ,bureau (     
,consum] ,f9ancial ,protection4  7f7    
,f$]al ,f9ancial ,in/itutions           
,exam9ation ,c\ncil ,act ( #aigh        
,section #ajjd7;a77#d7 ( ! ,f$]al       
,f9ancial ,in/itutions ,exam9ation      
,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4     
#ccjc7;a77#d771 z am5d$ by section #ajia
 ( ! ,consum] ,f9ancial ,protection ,act
 ( #bjaj1 is am5d$ by /rik+ ,director ( 
! ,consum] ,f9ancial ,protection ,bureau
 & ins]t+ ,*air ( ! ,bureau ( ,consum]  
,f9ancial ,protection4  7g7 ,f9ancial   
,lit]acy & ,education ,improvem5t ,act  

,section #eac ( ! ,f9ancial ,lit]acy &  
,education ,improvem5t ,act 7#bj        
,u4,s4,c4 #igjb71 z am5d$ by section    
#ajac7;d77#e7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ea* place su* t]m appe>s
 & ins]t+ ,*air4  7h7 ,home ,mortgage   
,disclosure ,act ( #aige ,section #cjg (
 ! ,home ,mortgage ,disclosure ,act (   
#aige 7#ab ,u4,s4,c4 #bhjf et seq71 z   
am5d$ by section #ajid7f7 ( ! ,consum]  
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,bureau (  
,consum] ,f9ancial ,protection ea* place
 su* t]m appe>s & ins]t+ ,bureau (      
,consum] ,f9ancial ,protection4  7i7    
,int]/ate ,l& ,sales ,full ,disclosure  
,act ,! ,int]/ate ,l& ,sales ,full      
,disclosure ,act 7#ae ,u4,s4,c4 #agja et
 seq71 z am5d$ by section #ajih;,a ( !  
,consum] ,f9ancial ,protection ,act (   
#bjaj1 is am5d$--  7#a7 9 section       
#adjb-- 7,a7 by /rik+ p>agraph 7#a72 &  
7,b7 by r$esignat+ p>agraphs 7#b7 ?r\gh 
7#ab7 z p>agraphs 7#a7 ?r\gh 7#aa71     

respectively2  7#b7 9 section           
#adjc7;c7--  7,a7 by /rik+ him & ins]t+ 
! ,bureau2 &  7,b7 by /rik+ he & ins]t+ 
! ,bureau2  7#c7 9 section #adjg-- 7,a7 
9 subsection 7c71 by /rik+ he & ins]t+ !
 ,bureau2 &  7,b7 9 subsection 7e71 by  
/rik+ ,director or anyone designat$ by  
him & ins]t+ ,bureau2  7#d7 9 section   
#adaa7;a7--  7,a7 by /rik+ 8 f9d+s &    
ins]t+ ! f9d+s ( ! ,bureau2 &  7,b7 by  
/rik+ 8 recomm5dation & ins]t+ !        
recomm5dation ( ! ,bureau2  7#e7 9      
section #adae-- 7,a7 9 subsection 7a71  
by /rik+ he may1 9 8 discretion1 &      
ins]t+ ! ,bureau may1 9 ! discretion ( !
 ,bureau12  7,b7 9 subsection 7b7-- 7i7 
by /rik+ 9 8 discretion ea* place su*   
t]m appe>s & ins]t+ 9 ! discretion ( !  
,bureau2  7ii7 by /rik+ he deems &      
ins]t+ ! ,bureau det]m9es2 &  7iii7 by  
/rik+ he may deem & ins]t+ ! ,bureau may
 det]m9e2 &  7,c7 9 subsection 7c71 by  
/rik+ ! ,director1 or any (fic]         
designat$ by him1 & ins]t+ ! ,bureau2   
7#f7 9 section #adaf7;a7--  7,a7 by     

/rik+ ,director ( ! ,bureau ( ,consum]  
,f9ancial ,protection :o may delegate   
any ( 8 & ins]t+ ,bureau ( ,consum]     
,f9ancial ,protection1 :i* may delegate 
any2  7,b7 by /rik+ 8 adm9i/rative &    
ins]t+ adm9i/rative2 &  7,c7 by /rik+   
himself & ins]t+ ! commission ( !       
,bureau2  7#g7 9 section #adah;a7b77#d71
 by /rik+ ,secret>y's det]m9ation &     
ins]t+ det]m9ation ( ! ,bureau2 &  7#h7 
by /rik+ ,director ea* place su* t]m    
appe>s & ins]t+ ,bureau4  7j7 ,real     
,e/ate ,settlem5t ,proc$ures ,act (     
#aigd ,section #e ( ! ,real ,e/ate      
,settlem5t ,proc$ures ,act ( #aigd 7#ab 
,u4,s4,c4 #bfjd71 z am5d$ by section    
#adej ( ! ,dodd-,frank ,wall ,/reet     
,re=m & ,consum] ,protection ,act1 is   
am5d$--  7#a7 by /rik+ ,! ,director ( ! 
,bureau ( ,consum] ,f9ancial ,protection
 7h]eaft] 9 ?is section ref]r$ to z !   
,director7 & ins]t+ ,! ,bureau (        
,consum] ,f9ancial ,protection 7h]eaft] 
9 ?is section ref]r$ to z ! ,bureau72 & 
7#b7 by /rik+ ,director ea* place su*   

t]m appe>s & ins]t+ ,bureau4  7k7       
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ 
,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et    
seq471 z am5d$ by section #aajj ( !     
,consum] ,f9ancial ,protection ,act (   
#bjaj1 is am5d$-- 7#a7 by /rik+         
,director ea* place su* t]m appe>s 9    
head+s & text & ins]t+ ,bureau (        
,consum] ,f9ancial ,protection2 &  7#b7 
9 section #aejc1 by /rik+ p>agraph      
7#aj74  7l7 ,title #dd1 ,unit$ ,/ates   
,code ,section #ceac7;c7 ( title #dd1   
,unit$ ,/ates ,code1 z am5d$ by section 
#aajj;,d7b7 ( ! ,consum] ,f9ancial      
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ( !4