HR 557
112th CONGRESS
1st Session
H. R. 557
To amend the Consumer Financial Protection Act of 2010 to move the
Bureau of Consumer Financial Protection into the Department of the Treasury.
IN THE HOUSE OF REPRESENTATIVES
February 8, 2011
Mr. NEUGEBAUER introduced the following bill; which was referred to the Committee
on Financial Services
A BILL
To amend the Consumer Financial Protection Act of 2010 to move the
Bureau of Consumer Financial Protection into the Department of the Treasury.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Consumer Financial Protection Oversight Act
of 2011'.
SEC. 2. MOVING THE BUREAU FROM THE FEDERAL RESERVE TO THE TREASURY.
The Consumer Financial Protection Act of 2010 is amended--
(1) in section 1011(a), by striking `Federal Reserve System' and inserting
`Department of the Treasury';
(i) in subparagraph (A), by striking `Board of Governors under the Federal
Reserve Act, the Board of Governors' and inserting `Secretary of the
Treasury, the Secretary'; and
(ii) in subparagraph (C), by striking `Board of Governors or the Federal
reserve banks' and inserting `Department of the Treasury';
(B) in paragraph (3), by striking `Board of Governors. The Board of Governors'
and inserting `Secretary of the Treasury. The Secretary';
(C) in paragraph (4), by striking `Board of Governors' and inserting `Secretary
of the Treasury'; and
(D) in paragraph (5), by striking `Board of Governors, and the Board of
Governors' and inserting `Secretary of the Treasury, and the Secretary';
and
(3) in section 1013(a), by striking paragraph (3).
END
