[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1910 Placed on Calendar Senate (PCS)]
Calendar No. 176
114th CONGRESS
1st Session
S. 1910
[Report No. 114-97]
Making appropriations for financial services and general government for
the fiscal year ending September 30, 2016, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 30, 2015
Mr. Boozman, from the Committee on Appropriations, reported the
following original bill; which was read twice and placed on the
calendar
_______________________________________________________________________
A BILL
Making appropriations for financial services and general government for
the fiscal year ending September 30, 2016, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the following sums
are appropriated, out of any money in the Treasury not otherwise
appropriated, for financial services and general government for the
fiscal year ending September 30, 2016, and for other purposes, namely:
TITLE I
DEPARTMENT OF THE TREASURY
Departmental Offices
salaries and expenses
For necessary expenses of the Departmental Offices including
operation and maintenance of the Treasury Building and Annex; hire of
passenger motor vehicles; maintenance, repairs, and improvements of,
and purchase of commercial insurance policies for, real properties
leased or owned overseas, when necessary for the performance of
official business; executive direction program activities;
international affairs and economic policy activities; domestic finance
and tax policy activities, including technical assistance to State and
local governments; terrorism and financial intelligence activities; and
Treasury-wide management policies and programs activities,
$325,900,000: Provided, That of the amount appropriated under this
heading--
(1) not less than $112,500,000 is for the Office of
Terrorism and Financial Intelligence to safeguard the financial
system against illicit use and to combat rogue nations,
terrorist facilitators, weapons of mass destruction
proliferators, money launderers, drug kingpins, and other
national security threats;
(2) not to exceed $350,000 is for official reception and
representation expenses;
(3) not to exceed $258,000 is for unforeseen emergencies of
a confidential nature to be allocated and expended under the
direction of the Secretary of the Treasury and to be accounted
for solely on the Secretary's certificate; and
(4) not to exceed $25,200,000 shall remain available until
September 30, 2017, for--
(A) the Treasury-wide Financial Statement Audit and
Internal Control Program;
(B) information technology modernization
requirements;
(C) the audit, oversight, and administration of the
Gulf Coast Restoration Trust Fund;
(D) the development and implementation of programs
within the Office of Critical Infrastructure Protection
and Compliance Policy, including entering into
cooperative agreements; and
(E) secure space requirements.
department-wide systems and capital investments programs
(including transfer of funds)
For development and acquisition of automatic data processing
equipment, software, and services and for repairs and renovations to
buildings owned by the Department of the Treasury, $5,000,000, to
remain available until September 30, 2018: Provided, That these funds
shall be transferred to accounts and in amounts as necessary to satisfy
the requirements of the Department's offices, bureaus, and other
organizations: Provided further, That this transfer authority shall be
in addition to any other transfer authority provided in this Act:
Provided further, That none of the funds appropriated under this
heading shall be used to support or supplement ``Internal Revenue
Service, Operations Support'' or ``Internal Revenue Service, Business
Systems Modernization''.
office of inspector general
salaries and expenses
For necessary expenses of the Office of Inspector General in
carrying out the provisions of the Inspector General Act of 1978,
$35,416,000, including hire of passenger motor vehicles; of which not
to exceed $100,000 shall be available for unforeseen emergencies of a
confidential nature, to be allocated and expended under the direction
of the Inspector General of the Treasury; of which up to $2,800,000 to
remain available until September 30, 2017, shall be for audits and
investigations conducted pursuant to section 1608 of the Resources and
Ecosystems Sustainability, Tourist Opportunities, and Revived Economies
of the Gulf Coast States Act of 2012 (33 U.S.C. 1321 note); and of
which not to exceed $1,000 shall be available for official reception
and representation expenses.
treasury inspector general for tax administration
salaries and expenses
For necessary expenses of the Treasury Inspector General for Tax
Administration in carrying out the Inspector General Act of 1978, as
amended, including purchase and hire of passenger motor vehicles (31
U.S.C. 1343(b)); and services authorized by 5 U.S.C. 3109, at such
rates as may be determined by the Inspector General for Tax
Administration; $167,275,000, of which $5,000,000 shall remain
available until September 30, 2017; of which not to exceed $6,000,000
shall be available for official travel expenses; of which not to exceed
$500,000 shall be available for unforeseen emergencies of a
confidential nature, to be allocated and expended under the direction
of the Inspector General for Tax Administration; and of which not to
exceed $1,500 shall be available for official reception and
representation expenses.
special inspector general for the troubled asset relief program
salaries and expenses
For necessary expenses of the Office of the Special Inspector
General in carrying out the provisions of the Emergency Economic
Stabilization Act of 2008 (Public Law 110-343), $36,671,000.
Financial Crimes Enforcement Network
salaries and expenses
For necessary expenses of the Financial Crimes Enforcement Network,
including hire of passenger motor vehicles; travel and training
expenses of non-Federal and foreign government personnel to attend
meetings and training concerned with domestic and foreign financial
intelligence activities, law enforcement, and financial regulation;
services authorized by 5 U.S.C. 3109; not to exceed $10,000 for
official reception and representation expenses; and for assistance to
Federal law enforcement agencies, with or without reimbursement,
$112,979,000, of which not to exceed $34,335,000 shall remain available
until September 30, 2018.
Treasury Forfeiture Fund
(rescission)
Of the unobligated balances available under this heading,
$700,000,000 are rescinded.
Bureau of the Fiscal Service
salaries and expenses
For necessary expenses of operations of the Bureau of the Fiscal
Service, $356,000,000; of which not to exceed $4,210,000, to remain
available until September 30, 2018, is for information systems
modernization initiatives; of which $5,000 shall be available for
official reception and representation expenses; and of which not to
exceed $19,800,000, to remain available until September 30, 2018, is to
support the Department's activities related to implementation of the
Digital Accountability and Transparency Act (DATA Act; Public Law 113-
101), including changes in business processes, workforce, or
information technology to support high quality, transparent Federal
spending information.
In addition, $165,000, to be derived from the Oil Spill Liability
Trust Fund to reimburse administrative and personnel expenses for
financial management of the Fund, as authorized by section 1012 of
Public Law 101-380.
Alcohol and Tobacco Tax and Trade Bureau
salaries and expenses
For necessary expenses of carrying out section 1111 of the Homeland
Security Act of 2002, including hire of passenger motor vehicles,
$101,439,000; of which not to exceed $6,000 for official reception and
representation expenses; not to exceed $50,000 for cooperative research
and development programs for laboratory services; and provision of
laboratory assistance to State and local agencies with or without
reimbursement.
United States Mint
united states mint public enterprise fund
Pursuant to section 5136 of title 31, United States Code, the
United States Mint is provided funding through the United States Mint
Public Enterprise Fund for costs associated with the production of
circulating coins, numismatic coins, and protective services, including
both operating expenses and capital investments: Provided, That the
aggregate amount of new liabilities and obligations incurred during
fiscal year 2016 under such section 5136 for circulating coinage and
protective service capital investments of the United States Mint shall
not exceed $20,000,000.
Community Development Financial Institutions Fund Program Account
To carry out the Riegle Community Development and Regulatory
Improvements Act of 1994 (subtitle A of title I of Public Law 103-325),
including services authorized by section 3109 of title 5, United States
Code, but at rates for individuals not to exceed the per diem rate
equivalent to the rate for EX-3, $221,000,000. Of the amount
appropriated under this heading--
(1) not less than $161,900,000, notwithstanding section
108(e) of Public Law 103-325 (12 U.S.C. 4707(e)) with regard to
Small and/or Emerging Community Development Financial
Institutions Assistance awards, is available until September
30, 2017, for financial assistance and technical assistance
under subparagraphs (A) and (B) of section 108(a)(1),
respectively, of Public Law 103-325 (12 U.S.C. 4707(a)(1)(A)
and (B)), of which up to $3,102,500 may be used for the cost of
direct loans: Provided, That the cost of direct and guaranteed
loans, including the cost of modifying such loans, shall be as
defined in section 502 of the Congressional Budget Act of 1974:
Provided further, That these funds are available to subsidize
gross obligations for the principal amount of direct loans not
to exceed $25,000,000;
(2) not less than $15,000,000, notwithstanding section
108(e) of Public Law 103-325 (12 U.S.C. 4707(e)), is available
until September 30, 2017, for financial assistance, technical
assistance, training and outreach programs designed to benefit
Native American, Native Hawaiian, and Alaskan Native
communities and provided primarily through qualified community
development lender organizations with experience and expertise
in community development banking and lending in Indian country,
Native American organizations, tribes and tribal organizations,
and other suitable providers;
(3) not less than $21,000,000 is available until September
30, 2017, for the Bank Enterprise Award program;
(4) up to $23,100,000 is available until September 30,
2016, for administrative expenses, including administration of
CDFI fund programs and the New Markets Tax Credit Program, of
which not less than $1,000,000 is for capacity building to
expand CDFI investments in underserved rural areas, and up to
$300,000 is for administrative expenses to carry out the direct
loan program; and
(5) during fiscal year 2016, none of the funds available
under this heading are available for the cost, as defined in
section 502 of the Congressional Budget Act of 1974, of
commitments to guarantee bonds and notes under section 114A of
the Riegle Community Development and Regulatory Improvement Act
of 1994 (12 U.S.C. 4713a): Provided, That commitments to
guarantee bonds and notes under such section 114A shall not
exceed $750,000,000: Provided further, That such section 114A
shall remain in effect until September 30, 2016.
Internal Revenue Service
taxpayer services
For necessary expenses of the Internal Revenue Service to provide
taxpayer services, including pre-filing assistance and education,
filing and account services, taxpayer advocacy services, and other
services as authorized by 5 U.S.C. 3109, at such rates as may be
determined by the Commissioner, $2,156,554,000, of which not less than
$5,600,000 shall be for the Tax Counseling for the Elderly Program, of
which not less than $12,000,000 shall be available for low-income
taxpayer clinic grants, and of which not less than $12,000,000, to
remain available until September 30, 2017, shall be available for a
Community Volunteer Income Tax Assistance matching grants program for
tax return preparation assistance, of which not less than $206,000,000
shall be available for operating expenses of the Taxpayer Advocate
Service: Provided, That of the amounts made available for the Taxpayer
Advocate Service, not less than $5,000,000 shall be for identity theft
casework.
In addition, $90,000,000 is available solely for measurable
improvements in the customer service representative level of service
rate, the number of days to resolve tax refund fraud by identity theft
cases, and the percentage of correspondence the IRS responds to within
established timeframes: Provided, That such funds shall supplement and
not supplant any other amounts made available to the IRS for such
purposes.
enforcement
For necessary expenses for tax enforcement activities of the
Internal Revenue Service to determine and collect owed taxes, to
provide legal and litigation support, to conduct criminal
investigations, to enforce criminal statutes related to violations of
internal revenue laws and other financial crimes, to purchase and hire
passenger motor vehicles (31 U.S.C. 1343(b)), and to provide other
services as authorized by 5 U.S.C. 3109, at such rates as may be
determined by the Commissioner, $4,500,000,000, of which not to exceed
$50,000,000 shall remain available until September 30, 2017, and of
which not less than $57,493,000 shall be for the Interagency Crime and
Drug Enforcement program.
operations support
For necessary expenses of the Internal Revenue Service to support
taxpayer services and enforcement programs, including rent payments;
facilities services; printing; postage; physical security; headquarters
and other IRS-wide administration activities; research and statistics
of income; telecommunications; information technology development,
enhancement, operations, maintenance, and security; the hire of
passenger motor vehicles (31 U.S.C. 1343(b)); and other services as
authorized by 5 U.S.C. 3109, at such rates as may be determined by the
Commissioner; $3,468,446,000, of which not to exceed $50,000,000 shall
remain available until September 30, 2017; of which not to exceed
$10,000,000 shall remain available until expended for acquisition of
equipment and construction, repair and renovation of facilities; of
which not to exceed $1,000,000 shall remain available until September
30, 2018, for research; of which not to exceed $1,850,000 shall be for
the Internal Revenue Service Oversight Board; of which not to exceed
$20,000 shall be for official reception and representation expenses:
Provided, That not later than 30 days after the end of each quarter,
the Internal Revenue Service shall submit a report to the Committees on
Appropriations of the House of Representatives and the Senate and the
Comptroller General of the United States detailing the cost and
schedule performance for its major information technology investments,
including the purpose and life-cycle stages of the investments; the
reasons for any cost and schedule variances; the risks of such
investments and strategies the Internal Revenue Service is using to
mitigate such risks; and the expected developmental milestones to be
achieved and costs to be incurred in the next quarter: Provided
further, That the Internal Revenue Service shall include, in its budget
justification for fiscal year 2017, a summary of cost and schedule
performance information for its major information technology systems.
business systems modernization
For necessary expenses of the Internal Revenue Service's business
systems modernization program, $260,000,000, to remain available until
September 30, 2018, for the capital asset acquisition of information
technology systems, including management and related contractual costs
of said acquisitions, including related Internal Revenue Service labor
costs, and contractual costs associated with operations authorized by 5
U.S.C. 3109: Provided, That not later than 30 days after the end of
each quarter, the Internal Revenue Service shall submit a report to the
Committees on Appropriations of the House of Representatives and the
Senate and the Comptroller General of the United States detailing the
cost and schedule performance for CADE 2 and Modernized e-File
information technology investments, including the purposes and life-
cycle stages of the investments; the reasons for any cost and schedule
variances; the risks of such investments and the strategies the
Internal Revenue Service is using to mitigate such risks; and the
expected developmental milestones to be achieved and costs to be
incurred in the next quarter.
administrative provisions--internal revenue service
(including transfer of funds)
Sec. 101. Not to exceed 5 percent of any appropriation made
available in this Act to the Internal Revenue Service may be
transferred to any other Internal Revenue Service appropriation upon
the advance approval of the Committees on Appropriations.
Sec. 102. The Internal Revenue Service shall maintain an employee
training program, which shall include the following topics: taxpayers'
rights, dealing courteously with taxpayers, cross-cultural relations,
ethics, and the impartial application of tax law.
Sec. 103. The Internal Revenue Service shall institute and enforce
policies and procedures that will safeguard the confidentiality of
taxpayer information and protect taxpayers against identity theft.
Sec. 104. Funds made available by this or any other Act to the
Internal Revenue Service shall be available for improved facilities and
increased staffing to provide sufficient and effective 1-800 help line
service for taxpayers. The Commissioner shall continue to make
improvements to the Internal Revenue Service 1-800 help line service a
priority and allocate resources necessary to enhance the response time
to taxpayer communications, particularly with regard to victims of tax-
related crimes.
Sec. 105. None of the funds made available to the Internal Revenue
Service by this Act may be used to make a video unless the Service-Wide
Video Editorial Board determines in advance that making the video is
appropriate, taking into account the cost, topic, tone, and purpose of
the video.
Sec. 106. The Internal Revenue Service shall issue a notice of
confirmation of any address change relating to an employer making
employment tax payments, and such notice shall be sent to both the
employer's former and new address and an officer or employee of the
Internal Revenue Service shall give special consideration to an offer-
in-compromise from a taxpayer who has been the victim of fraud by a
third party payroll tax preparer.
Sec. 107. None of the funds made available under this Act may be
used by the Internal Revenue Service to target citizens of the United
States for exercising any right guaranteed under the First Amendment to
the Constitution of the United States.
Sec. 108. None of the funds made available in this Act may be used
by the Internal Revenue Service to target groups for regulatory
scrutiny based on their ideological beliefs.
Sec. 109. None of funds made available by this Act to the Internal
Revenue Service shall be obligated or expended on conferences that do
not adhere to the procedures, verification processes, documentation
requirements, and policies issued by the Chief Financial Officer, Human
Capital Office, and Agency-Wide Shared Services as a result of the
recommendations in the report published on May 31, 2013, by the
Treasury Inspector General for Tax Administration entitled ``Review of
the August 2010 Small Business/Self-Employed Division's Conference in
Anaheim, California'' (Reference Number 2013-10-037).
Sec. 110. None of the funds made available by this Act may be used
in contravention of section 6103 of the Internal Revenue Code of 1986
(relating to confidentiality and disclosure of returns and return
information).
Sec. 111. None of the funds made available in this Act to the
Internal Revenue Service may be obligated or expended--
(1) to make a payment to any employee under a bonus, award,
or recognition program; or
(2) under any hiring or personnel selection process with
respect to re-hiring a former employee, unless such program or
process takes into account the conduct and Federal tax
compliance of such employee or former employee.
Administrative Provisions--Department of the Treasury
(including transfers of funds)
Sec. 112. Appropriations to the Department of the Treasury in this
Act shall be available for uniforms or allowances therefor, as
authorized by law (5 U.S.C. 5901), including maintenance, repairs, and
cleaning; purchase of insurance for official motor vehicles operated in
foreign countries; purchase of motor vehicles without regard to the
general purchase price limitations for vehicles purchased and used
overseas for the current fiscal year; entering into contracts with the
Department of State for the furnishing of health and medical services
to employees and their dependents serving in foreign countries; and
services authorized by 5 U.S.C. 3109.
Sec. 113. Not to exceed 2 percent of any appropriations in this
title made available under the headings ``Departmental Offices--
Salaries and Expenses'', ``Office of Inspector General'', ``Special
Inspector General for the Troubled Asset Relief Program'', ``Financial
Crimes Enforcement Network'', ``Bureau of the Fiscal Service'', and
``Alcohol and Tobacco Tax and Trade Bureau'' may be transferred between
such appropriations upon the advance approval of the Committees on
Appropriations of the House of Representatives and the Senate:
Provided, That no transfer under this section may increase or decrease
any such appropriation by more than 2 percent.
Sec. 114. Not to exceed 2 percent of any appropriation made
available in this Act to the Internal Revenue Service may be
transferred to the Treasury Inspector General for Tax Administration's
appropriation upon the advance approval of the Committees on
Appropriations of the House of Representatives and the Senate:
Provided, That no transfer may increase or decrease any such
appropriation by more than 2 percent.
Sec. 115. None of the funds appropriated in this Act or otherwise
available to the Department of the Treasury or the Bureau of Engraving
and Printing may be used to redesign the $1 Federal Reserve note.
Sec. 116. The Secretary of the Treasury may transfer funds from
the ``Bureau of the Fiscal Service-Salaries and Expenses'' to the Debt
Collection Fund as necessary to cover the costs of debt collection:
Provided, That such amounts shall be reimbursed to such salaries and
expenses account from debt collections received in the Debt Collection
Fund.
Sec. 117. None of the funds appropriated or otherwise made
available by this or any other Act may be used by the United States
Mint to construct or operate any museum without the explicit approval
of the Committees on Appropriations of the House of Representatives and
the Senate, the House Committee on Financial Services, and the Senate
Committee on Banking, Housing, and Urban Affairs.
Sec. 118. None of the funds appropriated or otherwise made
available by this or any other Act or source to the Department of the
Treasury, the Bureau of Engraving and Printing, and the United States
Mint, individually or collectively, may be used to consolidate any or
all functions of the Bureau of Engraving and Printing and the United
States Mint without the explicit approval of the House Committee on
Financial Services; the Senate Committee on Banking, Housing, and Urban
Affairs; and the Committees on Appropriations of the House of
Representatives and the Senate.
Sec. 119. Funds appropriated by this Act, or made available by the
transfer of funds in this Act, for the Department of the Treasury's
intelligence or intelligence related activities are deemed to be
specifically authorized by the Congress for purposes of section 504 of
the National Security Act of 1947 (50 U.S.C. 414) during fiscal year
2016 until the enactment of the Intelligence Authorization Act for
Fiscal Year 2016.
Sec. 120. Not to exceed $5,000 shall be made available from the
Bureau of Engraving and Printing's Industrial Revolving Fund for
necessary official reception and representation expenses.
Sec. 121. The Secretary of the Treasury shall submit a Capital
Investment Plan to the Committees on Appropriations of the Senate and
the House of Representatives not later than 30 days following the
submission of the annual budget submitted by the President: Provided,
That such Capital Investment Plan shall include capital investment
spending from all accounts within the Department of the Treasury,
including but not limited to the Department-wide Systems and Capital
Investment Programs account, Treasury Franchise Fund account, and the
Treasury Forfeiture Fund account: Provided further, That such Capital
Investment Plan shall include expenditures occurring in previous fiscal
years for each capital investment project that has not been fully
completed.
Sec. 122. (a) Not later than 60 days after the end of each quarter,
the Office of Financial Stability and the Office of Financial Research
shall submit reports on their activities to the Committees on
Appropriations of the House of Representatives and the Senate, the
Committee on Financial Services of the House of Representatives and the
Senate Committee on Banking, Housing, and Urban Affairs.
(b) The reports required under subsection (a) shall include--
(1) the obligations made during the previous quarter by
object class, office, and activity;
(2) the estimated obligations for the remainder of the
fiscal year by object class, office, and activity;
(3) the number of full-time equivalents within each office
during the previous quarter;
(4) the estimated number of full-time equivalents within
each office for the remainder of the fiscal year; and
(5) actions taken to achieve the goals, objectives, and
performance measures of each office.
(c) At the request of any such Committees specified in subsection
(a), the Office of Financial Stability and the Office of Financial
Research shall make officials available to testify on the contents of
the reports required under subsection (a).
Sec. 123. Within 45 days after the date of enactment of this Act,
the Secretary of the Treasury shall submit an itemized report to the
Committees on Appropriations of the House of Representatives and the
Senate on the amount of total funds charged to each office by the
Franchise Fund including the amount charged for each service provided
by the Franchise Fund to each office, a detailed description of the
services, a detailed explanation of how each charge for each service is
calculated, and a description of the role customers have in governing
in the Franchise Fund.
Sec. 124. The Secretary of the Treasury, in consultation with the
appropriate agencies, departments, bureaus, and commissions that have
expertise in terrorism and complex financial instruments, shall provide
a report to the Committees on Appropriations of the House of
Representatives and Senate, the Committee on Financial Services of the
House of Representatives, and the Committee on Banking, Housing, and
Urban Affairs of the Senate not later than 90 days after the date of
enactment of this Act on economic warfare and financial terrorism.
Sec. 125. None of the funds appropriated or otherwise made
available in this Act may be obligated or expended to provide for the
enforcement of any rule, regulation, policy, or guideline implemented
pursuant to the Department of the Treasury Guidance for United States
Positions on MDBs Engaging with Developing Countries on Coal-Fired
Power Generation dated October 29, 2013, when enforcement of such rule,
regulation, policy, or guideline would prohibit, or have the effect of
prohibiting, the carrying out of any coal-fired or other power-
generation project the purpose of which is to increase exports of goods
and services from the United States or prevent the loss of jobs from
the United States.
This title may be cited as the ``Department of the Treasury
Appropriations Act, 2016''.
TITLE II
EXECUTIVE OFFICE OF THE PRESIDENT AND FUNDS APPROPRIATED TO THE
PRESIDENT
The White House
salaries and expenses
For necessary expenses for the White House as authorized by law,
including not to exceed $3,850,000 for services as authorized by 5
U.S.C. 3109 and 3 U.S.C. 105; subsistence expenses as authorized by 3
U.S.C. 105, which shall be expended and accounted for as provided in
that section; hire of passenger motor vehicles, and travel (not to
exceed $100,000 to be expended and accounted for as provided by 3
U.S.C. 103); and not to exceed $19,000 for official reception and
representation expenses, to be available for allocation within the
Executive Office of the President; and for necessary expenses of the
Office of Policy Development, including services as authorized by 5
U.S.C. 3109 and 3 U.S.C. 107, $55,000,000.
Executive Residence at the White House
operating expenses
For necessary expenses of the Executive Residence at the White
House, $12,700,000, to be expended and accounted for as provided by 3
U.S.C. 105, 109, 110, and 112-114.
reimbursable expenses
For the reimbursable expenses of the Executive Residence at the
White House, such sums as may be necessary: Provided, That all
reimbursable operating expenses of the Executive Residence shall be
made in accordance with the provisions of this paragraph: Provided
further, That, notwithstanding any other provision of law, such amount
for reimbursable operating expenses shall be the exclusive authority of
the Executive Residence to incur obligations and to receive offsetting
collections, for such expenses: Provided further, That the Executive
Residence shall require each person sponsoring a reimbursable political
event to pay in advance an amount equal to the estimated cost of the
event, and all such advance payments shall be credited to this account
and remain available until expended: Provided further, That the
Executive Residence shall require the national committee of the
political party of the President to maintain on deposit $25,000, to be
separately accounted for and available for expenses relating to
reimbursable political events sponsored by such committee during such
fiscal year: Provided further, That the Executive Residence shall
ensure that a written notice of any amount owed for a reimbursable
operating expense under this paragraph is submitted to the person owing
such amount within 60 days after such expense is incurred, and that
such amount is collected within 30 days after the submission of such
notice: Provided further, That the Executive Residence shall charge
interest and assess penalties and other charges on any such amount that
is not reimbursed within such 30 days, in accordance with the interest
and penalty provisions applicable to an outstanding debt on a United
States Government claim under 31 U.S.C. 3717: Provided further, That
each such amount that is reimbursed, and any accompanying interest and
charges, shall be deposited in the Treasury as miscellaneous receipts:
Provided further, That the Executive Residence shall prepare and submit
to the Committees on Appropriations, by not later than 90 days after
the end of the fiscal year covered by this Act, a report setting forth
the reimbursable operating expenses of the Executive Residence during
the preceding fiscal year, including the total amount of such expenses,
the amount of such total that consists of reimbursable official and
ceremonial events, the amount of such total that consists of
reimbursable political events, and the portion of each such amount that
has been reimbursed as of the date of the report: Provided further,
That the Executive Residence shall maintain a system for the tracking
of expenses related to reimbursable events within the Executive
Residence that includes a standard for the classification of any such
expense as political or nonpolitical: Provided further, That no
provision of this paragraph may be construed to exempt the Executive
Residence from any other applicable requirement of subchapter I or II
of chapter 37 of title 31, United States Code.
White House Repair and Restoration
For the repair, alteration, and improvement of the Executive
Residence at the White House pursuant to 3 U.S.C. 105(d), $625,000, to
remain available until expended, for required maintenance, resolution
of safety and health issues, and continued preventative maintenance.
Council of Economic Advisers
salaries and expenses
For necessary expenses of the Council of Economic Advisers in
carrying out its functions under the Employment Act of 1946 (15 U.S.C.
1021 et seq.), $4,184,000.
National Security Council and Homeland Security Council
salaries and expenses
For necessary expenses of the National Security Council and the
Homeland Security Council, including services as authorized by 5 U.S.C.
3109, $12,600,000.
Office of Administration
salaries and expenses
For necessary expenses of the Office of Administration, including
services as authorized by 5 U.S.C. 3109 and 3 U.S.C. 107, and hire of
passenger motor vehicles, $96,116,000, of which not to exceed
$7,994,000 shall remain available until expended for continued
modernization of information resources within the Executive Office of
the President.
Office of Management and Budget
salaries and expenses
For necessary expenses of the Office of Management and Budget,
including hire of passenger motor vehicles and services as authorized
by 5 U.S.C. 3109, to carry out the provisions of chapter 35 of title
44, United States Code, and to prepare and submit the budget of the
United States Government, in accordance with section 1105(a) of title
31, United States Code, $91,750,000, of which not to exceed $3,000
shall be available for official representation expenses: Provided,
That none of the funds appropriated in this Act for the Office of
Management and Budget may be used for the purpose of reviewing any
agricultural marketing orders or any activities or regulations under
the provisions of the Agricultural Marketing Agreement Act of 1937 (7
U.S.C. 601 et seq.): Provided further, That none of the funds made
available for the Office of Management and Budget by this Act may be
expended for the altering of the transcript of actual testimony of
witnesses, except for testimony of officials of the Office of
Management and Budget, before the Committees on Appropriations or their
subcommittees: Provided further, That of the funds made available for
the Office of Management and Budget by this Act, no less than one full-
time equivalent senior staff position shall be dedicated solely to the
Office of the Intellectual Property Enforcement Coordinator: Provided
further, That none of the funds provided in this or prior Acts shall be
used, directly or indirectly, by the Office of Management and Budget,
for evaluating or determining if water resource project or study
reports submitted by the Chief of Engineers acting through the
Secretary of the Army are in compliance with all applicable laws,
regulations, and requirements relevant to the Civil Works water
resource planning process: Provided further, That the Office of
Management and Budget shall have not more than 60 days in which to
perform budgetary policy reviews of water resource matters on which the
Chief of Engineers has reported: Provided further, That the Director
of the Office of Management and Budget shall notify the appropriate
authorizing and appropriating committees when the 60-day review is
initiated: Provided further, That if water resource reports have not
been transmitted to the appropriate authorizing and appropriating
committees within 15 days after the end of the Office of Management and
Budget review period based on the notification from the Director,
Congress shall assume Office of Management and Budget concurrence with
the report and act accordingly.
Office of National Drug Control Policy
salaries and expenses
For necessary expenses of the Office of National Drug Control
Policy; for research activities pursuant to the Office of National Drug
Control Policy Reauthorization Act of 2006 (Public Law 109-469); not to
exceed $10,000 for official reception and representation expenses; and
for participation in joint projects or in the provision of services on
matters of mutual interest with nonprofit, research, or public
organizations or agencies, with or without reimbursement, $20,047,000:
Provided, That the Office is authorized to accept, hold, administer,
and utilize gifts, both real and personal, public and private, without
fiscal year limitation, for the purpose of aiding or facilitating the
work of the Office.
federal drug control programs
high intensity drug trafficking areas program
(including transfers of funds)
For necessary expenses of the Office of National Drug Control
Policy's High Intensity Drug Trafficking Areas Program, $245,000,000,
to remain available until September 30, 2017, for drug control
activities consistent with the approved strategy for each of the
designated High Intensity Drug Trafficking Areas (``HIDTAs''), of which
not less than 51 percent shall be transferred to State and local
entities for drug control activities and shall be obligated not later
than 120 days after enactment of this Act: Provided, That up to 49
percent may be transferred to Federal agencies and departments in
amounts determined by the Director of the Office of National Drug
Control Policy, of which up to $2,700,000 may be used for auditing
services and associated activities: Provided further, That,
notwithstanding the requirements of Public Law 106-58, any unexpended
funds obligated prior to fiscal year 2014 may be used for any other
approved activities of that HIDTA, subject to reprogramming
requirements: Provided further, That each HIDTA designated as of
September 30, 2015, shall be funded at not less than the fiscal year
2015 base level, unless the Director submits to the Committees on
Appropriations of the House of Representatives and the Senate
justification for changes to those levels based on clearly articulated
priorities and published Office of National Drug Control Policy
performance measures of effectiveness: Provided further, That the
Director shall notify the Committees on Appropriations of the initial
allocation of fiscal year 2016 funding among HIDTAs not later than 45
days after enactment of this Act, and shall notify the Committees of
planned uses of discretionary HIDTA funding, as determined in
consultation with the HIDTA Directors, not later than 90 days after
enactment of this Act: Provided further, That upon a determination
that all or part of the funds so transferred from this appropriation
are not necessary for the purposes provided herein and upon
notification to the Committees on Appropriations of the House of
Representatives and the Senate, such amounts may be transferred back to
this appropriation.
other federal drug control programs
(including transfers of funds)
For other drug control activities authorized by the Office of
National Drug Control Policy Reauthorization Act of 2006 (Public Law
109-469), $108,310,000, to remain available until expended, which shall
be available as follows: $93,500,000 for the Drug-Free Communities
Program, of which $2,000,000 shall be made available as directed by
section 4 of Public Law 107-82, as amended by Public Law 109-469 (21
U.S.C. 1521 note); $2,000,000 for drug court training and technical
assistance; $9,500,000 for anti-doping activities; $2,060,000 for the
United States membership dues to the World Anti-Doping Agency; and
$1,250,000 shall be made available as directed by section 1105 of
Public Law 109-469: Provided, That amounts made available under this
heading may be transferred to other Federal departments and agencies to
carry out such activities.
Unanticipated Needs
For expenses necessary to enable the President to meet
unanticipated needs, in furtherance of the national interest, security,
or defense which may arise at home or abroad during the current fiscal
year, as authorized by 3 U.S.C. 108, $800,000, to remain available
until September 30, 2017.
Information Technology Oversight and Reform
(including transfer of funds)
For necessary expenses for the furtherance of integrated,
efficient, secure, and effective uses of information technology in the
Federal Government, $25,000,000, to remain available until expended:
Provided, That the Director of the Office of Management and Budget may
transfer these funds to one or more other agencies to carry out
projects to meet these purposes: Provided further, That the Director
of the Office of Management and Budget shall submit quarterly reports
not later than 45 days after the end of each quarter to the Committees
on Appropriations of the House of Representatives and the Senate and
the Government Accountability Office identifying the savings achieved
by the Office of Management and Budget's government-wide information
technology reform efforts: Provided further, That such reports shall
include savings identified by fiscal year, agency, and appropriation.
Special Assistance to the President
salaries and expenses
For necessary expenses to enable the Vice President to provide
assistance to the President in connection with specially assigned
functions; services as authorized by 5 U.S.C. 3109 and 3 U.S.C. 106,
including subsistence expenses as authorized by 3 U.S.C. 106, which
shall be expended and accounted for as provided in that section; and
hire of passenger motor vehicles, $4,211,000.
Official Residence of the Vice President
operating expenses
(including transfer of funds)
For the care, operation, refurnishing, improvement, and to the
extent not otherwise provided for, heating and lighting, including
electric power and fixtures, of the official residence of the Vice
President; the hire of passenger motor vehicles; and not to exceed
$90,000 pursuant to 3 U.S.C. 106(b)(2), $299,000: Provided, That
advances, repayments, or transfers from this appropriation may be made
to any department or agency for expenses of carrying out such
activities.
Administrative Provisions--Executive Office of the President and Funds
Appropriated to the President
(including transfer of funds)
Sec. 201. From funds made available in this Act under the headings
``The White House'', ``Executive Residence at the White House'',
``White House Repair and Restoration'', ``Council of Economic
Advisers'', ``National Security Council and Homeland Security
Council'', ``Office of Administration'', ``Special Assistance to the
President'', and ``Official Residence of the Vice President'', the
Director of the Office of Management and Budget (or such other officer
as the President may designate in writing), may, with advance approval
of the Committees on Appropriations of the House of Representatives and
the Senate, transfer not to exceed 10 percent of any such appropriation
to any other such appropriation, to be merged with and available for
the same time and for the same purposes as the appropriation to which
transferred: Provided, That the amount of an appropriation shall not
be increased by more than 50 percent by such transfers: Provided
further, That no amount shall be transferred from ``Special Assistance
to the President'' or ``Official Residence of the Vice President''
without the approval of the Vice President.
Sec. 202. Within 90 days after the date of enactment of this
section, the Director of the Office of Management and Budget shall
submit a report to the Committees on Appropriations of the House of
Representatives and the Senate on the costs of implementing the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Public Law 111-
203). Such report shall include--
(1) the estimated mandatory and discretionary obligations
of funds through fiscal year 2018, by Federal agency and by
fiscal year, including--
(A) the estimated obligations by cost inputs such
as rent, information technology, contracts, and
personnel;
(B) the methodology and data sources used to
calculate such estimated obligations; and
(C) the specific section of such Act that requires
the obligation of funds; and
(2) the estimated receipts through fiscal year 2017 from
assessments, user fees, and other fees by the Federal agency
making the collections, by fiscal year, including--
(A) the methodology and data sources used to
calculate such estimated collections; and
(B) the specific section of such Act that
authorizes the collection of funds.
Sec. 203. (a) During fiscal year 2016, any Executive order issued
by the President shall be accompanied by a statement from the Director
of the Office of Management and Budget on the budgetary impact,
including costs, benefits, and revenues, of the Executive order.
(b) Any such statement shall include--
(1) a narrative summary of the budgetary impact of such
order on the Federal Government;
(2) the impact on mandatory and discretionary obligations
and outlays, listed by Federal agency, for each year in the 5-
fiscal year period beginning in fiscal year 2016; and
(3) the impact on revenues of the Federal Government over
the 5-fiscal year period beginning in fiscal year 2016.
(c) If an Executive order is issued during fiscal year 2016 due to
a national emergency, the Director of the Office of Management and
Budget may issue the statement required by subsection (a) not later
than 15 days after the date that the Executive order is issued.
This title may be cited as the ``Executive Office of the President
Appropriations Act, 2016''.
TITLE III
THE JUDICIARY
Supreme Court of the United States
salaries and expenses
For expenses necessary for the operation of the Supreme Court, as
required by law, excluding care of the building and grounds, including
hire of passenger motor vehicles as authorized by 31 U.S.C. 1343 and
1344; not to exceed $10,000 for official reception and representation
expenses; and for miscellaneous expenses, to be expended as the Chief
Justice may approve, $75,838,000, of which $2,000,000 shall remain
available until expended.
In addition, there are appropriated such sums as may be necessary
under current law for the salaries of the chief justice and associate
justices of the court.
care of the building and grounds
For such expenditures as may be necessary to enable the Architect
of the Capitol to carry out the duties imposed upon the Architect by 40
U.S.C. 6111 and 6112, $9,964,000, to remain available until expended.
United States Court of Appeals for the Federal Circuit
salaries and expenses
For salaries of officers and employees, and for necessary expenses
of the court, as authorized by law, $30,872,000.
In addition, there are appropriated such sums as may be necessary
under current law for the salaries of the chief judge and judges of the
court.
United States Court of International Trade
salaries and expenses
For salaries of officers and employees of the court, services, and
necessary expenses of the court, as authorized by law, $18,160,000.
In addition, there are appropriated such sums as may be necessary
under current law for the salaries of the chief judge and judges of the
court.
Courts of Appeals, District Courts, and Other Judicial Services
salaries and expenses
For the salaries of judges of the United States Court of Federal
Claims, magistrate judges, and all other officers and employees of the
Federal Judiciary not otherwise specifically provided for, necessary
expenses of the courts, and the purchase, rental, repair, and cleaning
of uniforms for Probation and Pretrial Services Office staff, as
authorized by law, $4,960,008,000 (including the purchase of firearms
and ammunition); of which not to exceed $27,817,000 shall remain
available until expended for space alteration projects and for
furniture and furnishings related to new space alteration and
construction projects.
In addition, there are appropriated such sums as may be necessary
under current law for the salaries of circuit and district judges
(including judges of the territorial courts of the United States),
bankruptcy judges, and justices and judges retired from office or from
regular active service.
In addition, for expenses of the United States Court of Federal
Claims associated with processing cases under the National Childhood
Vaccine Injury Act of 1986 (Public Law 99-660), not to exceed
$6,045,000, to be appropriated from the Vaccine Injury Compensation
Trust Fund.
defender services
For the operation of Federal Defender organizations; the
compensation and reimbursement of expenses of attorneys appointed to
represent persons under 18 U.S.C. 3006A and 3599, and for the
compensation and reimbursement of expenses of persons furnishing
investigative, expert, and other services for such representations as
authorized by law; the compensation (in accordance with the maximums
under 18 U.S.C. 3006A) and reimbursement of expenses of attorneys
appointed to assist the court in criminal cases where the defendant has
waived representation by counsel; the compensation and reimbursement of
expenses of attorneys appointed to represent jurors in civil actions
for the protection of their employment, as authorized by 28 U.S.C.
1875(d)(1); the compensation and reimbursement of expenses of attorneys
appointed under 18 U.S.C. 983(b)(1) in connection with certain judicial
civil forfeiture proceedings; the compensation and reimbursement of
travel expenses of guardians ad litem appointed under 18 U.S.C.
4100(b); and for necessary training and general administrative
expenses, $1,042,616,000, to remain available until expended.
fees of jurors and commissioners
For fees and expenses of jurors as authorized by 28 U.S.C. 1871 and
1876; compensation of jury commissioners as authorized by 28 U.S.C.
1863; and compensation of commissioners appointed in condemnation cases
pursuant to rule 71.1(h) of the Federal Rules of Civil Procedure (28
U.S.C. Appendix Rule 71.1(h)), $48,423,000, to remain available until
expended: Provided, That the compensation of land commissioners shall
not exceed the daily equivalent of the highest rate payable under 5
U.S.C. 5332.
court security
(including transfers of funds)
For necessary expenses, not otherwise provided for, incident to the
provision of protective guard services for United States courthouses
and other facilities housing Federal court operations, and the
procurement, installation, and maintenance of security systems and
equipment for United States courthouses and other facilities housing
Federal court operations, including building ingress-egress control,
inspection of mail and packages, directed security patrols, perimeter
security, basic security services provided by the Federal Protective
Service, and other similar activities as authorized by section 1010 of
the Judicial Improvement and Access to Justice Act (Public Law 100-
702), $538,771,000, of which not to exceed $15,000,000 shall remain
available until expended, to be expended directly or transferred to the
United States Marshals Service, which shall be responsible for
administering the Judicial Facility Security Program consistent with
standards or guidelines agreed to by the Director of the Administrative
Office of the United States Courts and the Attorney General.
Administrative Office of the United States Courts
salaries and expenses
For necessary expenses of the Administrative Office of the United
States Courts as authorized by law, including travel as authorized by
31 U.S.C. 1345, hire of a passenger motor vehicle as authorized by 31
U.S.C. 1343(b), advertising and rent in the District of Columbia and
elsewhere, $86,000,000, of which not to exceed $8,500 is authorized for
official reception and representation expenses.
Federal Judicial Center
salaries and expenses
For necessary expenses of the Federal Judicial Center, as
authorized by Public Law 90-219, $27,000,000; of which $1,800,000 shall
remain available through September 30, 2017, to provide education and
training to Federal court personnel; and of which not to exceed $1,500
is authorized for official reception and representation expenses.
United States Sentencing Commission
salaries and expenses
For the salaries and expenses necessary to carry out the provisions
of chapter 58 of title 28, United States Code, $17,000,000, of which
not to exceed $1,000 is authorized for official reception and
representation expenses.
Administrative Provisions--The Judiciary
(including transfer of funds)
Sec. 301. Appropriations and authorizations made in this title
which are available for salaries and expenses shall be available for
services as authorized by 5 U.S.C. 3109.
Sec. 302. Not to exceed 5 percent of any appropriation made
available for the current fiscal year for the Judiciary in this Act may
be transferred between such appropriations, but no such appropriation,
except ``Courts of Appeals, District Courts, and Other Judicial
Services, Defender Services'' and ``Courts of Appeals, District Courts,
and Other Judicial Services, Fees of Jurors and Commissioners'', shall
be increased by more than 10 percent by any such transfers: Provided,
That any transfer pursuant to this section shall be treated as a
reprogramming of funds under sections 604 and 608 of this Act and shall
not be available for obligation or expenditure except in compliance
with the procedures set forth in section 608.
Sec. 303. Notwithstanding any other provision of law, the salaries
and expenses appropriation for ``Courts of Appeals, District Courts,
and Other Judicial Services'' shall be available for official reception
and representation expenses of the Judicial Conference of the United
States: Provided, That such available funds shall not exceed $11,000
and shall be administered by the Director of the Administrative Office
of the United States Courts in the capacity as Secretary of the
Judicial Conference.
Sec. 304. Section 3314(a) of title 40, United States Code, shall
be applied by substituting ``Federal'' for ``executive'' each place it
appears.
Sec. 305. In accordance with 28 U.S.C. 561-569, and
notwithstanding any other provision of law, the United States Marshals
Service shall provide, for such courthouses as its Director may
designate in consultation with the Director of the Administrative
Office of the United States Courts, for purposes of a pilot program,
the security services that 40 U.S.C. 1315 authorizes the Department of
Homeland Security to provide, except for the services specified in 40
U.S.C. 1315(b)(2)(E). For building-specific security services at these
courthouses, the Director of the Administrative Office of the United
States Courts shall reimburse the United States Marshals Service rather
than the Department of Homeland Security.
Sec. 306. (a) Section 3602(a) of title 18, United States Code, is
amended--
(1) by inserting after the first sentence: ``A person
appointed as a probation officer in one district may serve in
another district with the consent of the appointing court and
the court in the other district.''; and
(2) by inserting in the last sentence ``appointing'' before
``court may, for cause''.
Sec. 307. (a) Section 203(c) of the Judicial Improvements Act of
1990 (Public Law 101-650; 28 U.S.C. 133 note), is amended in the second
sentence (relating to the District of Kansas) following paragraph (12),
by striking ``24 years and 6 months'' and inserting ``25 years and 6
months''.
(b) Section 406 of the Transportation, Treasury, Housing and Urban
Development, the Judiciary, the District of Columbia, and Independent
Agencies Appropriations Act, 2006 (Public Law 109-115; 119 Stat. 2470;
28 U.S.C. 133 note) is amended in the second sentence (relating to the
eastern District of Missouri) by striking ``22 years and 6 months'' and
inserting ``23 years and 6 months''.
(c) Section 312(c)(2) of the 21st Century Department of Justice
Appropriations Authorization Act (Public Law 107-273; 28 U.S.C. 133
note), is amended--
(1) in the first sentence by striking ``13 years'' and
inserting ``14 years'';
(2) in the second sentence (relating to the central
District of California), by striking ``12 years and 6 months''
and inserting ``13 years and 6 months''; and
(3) in the third sentence (relating to the western district
of North Carolina), by striking ``11 years'' and inserting ``12
years''.
This title may be cited as the ``Judiciary Appropriations Act,
2016''.
TITLE IV
DISTRICT OF COLUMBIA
Federal Funds
federal payment for resident tuition support
For a Federal payment to the District of Columbia, to be deposited
into a dedicated account, for a nationwide program to be administered
by the Mayor, for District of Columbia resident tuition support,
$30,000,000, to remain available until expended: Provided, That such
funds, including any interest accrued thereon, may be used on behalf of
eligible District of Columbia residents to pay an amount based upon the
difference between in-State and out-of-State tuition at public
institutions of higher education, or to pay up to $2,500 each year at
eligible private institutions of higher education: Provided further,
That the awarding of such funds may be prioritized on the basis of a
resident's academic merit, the income and need of eligible students and
such other factors as may be authorized: Provided further, That the
District of Columbia government shall maintain a dedicated account for
the Resident Tuition Support Program that shall consist of the Federal
funds appropriated to the Program in this Act and any subsequent
appropriations, any unobligated balances from prior fiscal years, and
any interest earned in this or any fiscal year: Provided further, That
the account shall be under the control of the District of Columbia
Chief Financial Officer, who shall use those funds solely for the
purposes of carrying out the Resident Tuition Support Program:
Provided further, That the Office of the Chief Financial Officer shall
provide a quarterly financial report to the Committees on
Appropriations of the House of Representatives and the Senate for these
funds showing, by object class, the expenditures made and the purpose
therefor.
federal payment for emergency planning and security costs in the
district of columbia
For a Federal payment of necessary expenses, as determined by the
Mayor of the District of Columbia in written consultation with the
elected county or city officials of surrounding jurisdictions,
$13,000,000, to remain available until expended, for the costs of
providing public safety at events related to the presence of the
National Capital in the District of Columbia, including support
requested by the Director of the United States Secret Service in
carrying out protective duties under the direction of the Secretary of
Homeland Security, and for the costs of providing support to respond to
immediate and specific terrorist threats or attacks in the District of
Columbia or surrounding jurisdictions.
federal payment to the district of columbia courts
For salaries and expenses for the District of Columbia Courts,
$246,000,000 to be allocated as follows: for the District of Columbia
Court of Appeals, $14,000,000, of which not to exceed $2,500 is for
official reception and representation expenses; for the Superior Court
of the District of Columbia, $122,000,000, of which not to exceed
$2,500 is for official reception and representation expenses; for the
District of Columbia Court System, $72,000,000, of which not to exceed
$2,500 is for official reception and representation expenses; and
$38,000,000, to remain available until September 30, 2017, for capital
improvements for District of Columbia courthouse facilities: Provided,
That funds made available for capital improvements shall be expended
consistent with the District of Columbia Courts master plan study and
facilities condition assessment: Provided further, That
notwithstanding any other provision of law, all amounts under this
heading shall be apportioned quarterly by the Office of Management and
Budget and obligated and expended in the same manner as funds
appropriated for salaries and expenses of other Federal agencies:
Provided further, That 30 days after providing written notice to the
Committees on Appropriations of the House of Representatives and the
Senate, the District of Columbia Courts may reallocate not more than
$6,000,000 of the funds provided under this heading among the items and
entities funded under this heading: Provided further, That the Joint
Committee on Judicial Administration in the District of Columbia may,
by regulation, establish a program substantially similar to the program
set forth in subchapter II of chapter 35 of title 5, United States
Code, for employees of the District of Columbia Courts.
federal payment for defender services in district of columbia courts
For payments authorized under section 11-2604 and section 11-2605,
D.C. Official Code (relating to representation provided under the
District of Columbia Criminal Justice Act), payments for counsel
appointed in proceedings in the Family Court of the Superior Court of
the District of Columbia under chapter 23 of title 16, D.C. Official
Code, or pursuant to contractual agreements to provide guardian ad
litem representation, training, technical assistance, and such other
services as are necessary to improve the quality of guardian ad litem
representation, payments for counsel appointed in adoption proceedings
under chapter 3 of title 16, D.C. Official Code, and payments
authorized under section 21-2060, D.C. Official Code (relating to
services provided under the District of Columbia Guardianship,
Protective Proceedings, and Durable Power of Attorney Act of 1986),
$49,890,000, to remain available until expended: Provided, That funds
provided under this heading shall be administered by the Joint
Committee on Judicial Administration in the District of Columbia:
Provided further, That, notwithstanding any other provision of law,
this appropriation shall be apportioned quarterly by the Office of
Management and Budget and obligated and expended in the same manner as
funds appropriated for expenses of other Federal agencies.
federal payment to the court services and offender supervision agency
for the district of columbia
For salaries and expenses, including the transfer and hire of motor
vehicles, of the Court Services and Offender Supervision Agency for the
District of Columbia, as authorized by the National Capital
Revitalization and Self-Government Improvement Act of 1997,
$242,000,000, of which not to exceed $2,000 is for official reception
and representation expenses related to Community Supervision and
Pretrial Services Agency programs, of which not to exceed $25,000 is
for dues and assessments relating to the implementation of the Court
Services and Offender Supervision Agency Interstate Supervision Act of
2002; of which $181,000,000 shall be for necessary expenses of
Community Supervision and Sex Offender Registration, to include
expenses relating to the supervision of adults subject to protection
orders or the provision of services for or related to such persons, of
which up to $3,159,000 shall remain available until September 30, 2018,
for the relocation of offender supervision field offices; and of which
$61,000,000 shall be available to the Pretrial Services Agency:
Provided, That notwithstanding any other provision of law, all amounts
under this heading shall be apportioned quarterly by the Office of
Management and Budget and obligated and expended in the same manner as
funds appropriated for salaries and expenses of other Federal agencies:
Provided further, That amounts under this heading may be used for
programmatic incentives for offenders and defendants successfully
meeting terms of supervision: Provided further, That the Director is
authorized to accept and use gifts in the form of in-kind contributions
of the following: space and hospitality to support offender and
defendant programs; equipment, supplies, clothing, and professional
development and vocational training services and items necessary to
sustain, educate, and train offenders and defendants, including their
dependent children; and programmatic incentives for offenders and
defendants meeting terms of supervision: Provided further, That the
Director shall keep accurate and detailed records of the acceptance and
use of any gift under the previous proviso, and shall make such records
available for audit and public inspection: Provided further, That the
Court Services and Offender Supervision Agency Director is authorized
to accept and use reimbursement from the District of Columbia
Government for space and services provided on a cost reimbursable
basis.
federal payment to the district of columbia public defender service
For salaries and expenses, including the transfer and hire of motor
vehicles, of the District of Columbia Public Defender Service, as
authorized by the National Capital Revitalization and Self-Government
Improvement Act of 1997, $40,889,000: Provided, That notwithstanding
any other provision of law, all amounts under this heading shall be
apportioned quarterly by the Office of Management and Budget and
obligated and expended in the same manner as funds appropriated for
salaries and expenses of Federal agencies: Provided further, That,
notwithstanding section 1342 of title 31, United States Code, and in
addition to the authority provided by the District of Columbia Code
Section 2-1607(b), upon approval of the Board of Trustees, the District
of Columbia Public Defender Service may accept and use voluntary and
uncompensated services for the purpose of aiding or facilitating the
work of the District of Columbia Public Defender Service: Provided
further, That, notwithstanding District of Columbia Code section 2-
1603(d), for the purpose of any action brought against the Board of the
Trustees of the District of Columbia Public Defender Service, the
trustees shall be deemed to be employees of the Public Defender
Service.
federal payment to the district of columbia water and sewer authority
For a Federal payment to the District of Columbia Water and Sewer
Authority, $14,000,000, to remain available until expended, to continue
implementation of the Combined Sewer Overflow Long-Term Plan:
Provided, That the District of Columbia Water and Sewer Authority
provides a 100 percent match for this payment.
federal payment to the criminal justice coordinating council
For a Federal payment to the Criminal Justice Coordinating Council,
$1,900,000, to remain available until expended, to support initiatives
related to the coordination of Federal and local criminal justice
resources in the District of Columbia.
federal payment for judicial commissions
For a Federal payment, to remain available until September 30,
2017, to the Commission on Judicial Disabilities and Tenure, $295,000,
and for the Judicial Nomination Commission, $270,000.
federal payment for school improvement
For a Federal payment for a school improvement program in the
District of Columbia, $45,000,000, to remain available until expended,
for payments authorized under the Scholarship for Opportunity and
Results Act (division C of Public Law 112-10): Provided, That within
funds provided for opportunity scholarships $3,200,000 shall be for the
activities specified in sections 3007(b) through 3007(d) and 3009 of
the Act.
federal payment for the district of columbia national guard
For a Federal payment to the District of Columbia National Guard,
$435,000, to remain available until expended for the Major General
David F. Wherley, Jr. District of Columbia National Guard Retention and
College Access Program.
federal payment for testing and treatment of hiv/aids
For a Federal payment to the District of Columbia for the testing
of individuals for, and the treatment of individuals with, human
immunodeficiency virus and acquired immunodeficiency syndrome in the
District of Columbia, $5,000,000.
District of Columbia Funds
Local funds are appropriated for the District of Columbia for the
current fiscal year out of the General Fund of the District of Columbia
(``General Fund'') for programs and activities set forth under the
heading ``District of Columbia Funds Summary of Expenses'' and at the
rate set forth under such heading, as included in the Fiscal Year 2016
Budget Request Act of 2015 submitted to the Congress by the District of
Columbia as amended as of the date of enactment of this Act: Provided,
That notwithstanding any other provision of law, except as provided in
section 450A of the District of Columbia Home Rule Act (section 1-
204.50a, D.C. Official Code), sections 816 and 817 of the Financial
Services and General Government Appropriations Act, 2009 (secs. 47-
369.01 and 47-369.02, D.C. Official Code), and provisions of this Act,
the total amount appropriated in this Act for operating expenses for
the District of Columbia for fiscal year 2016 under this heading shall
not exceed the estimates included in the Fiscal Year 2016 Budget
Request Act of 2015 submitted to Congress by the District of Columbia
as amended as of the date of enactment of this Act or the sum of the
total revenues of the District of Columbia for such fiscal year:
Provided further, That the amount appropriated may be increased by
proceeds of one-time transactions, which are expended for emergency or
unanticipated operating or capital needs: Provided further, That such
increases shall be approved by enactment of local District law and
shall comply with all reserve requirements contained in the District of
Columbia Home Rule Act: Provided further, That the Chief Financial
Officer of the District of Columbia shall take such steps as are
necessary to assure that the District of Columbia meets these
requirements, including the apportioning by the Chief Financial Officer
of the appropriations and funds made available to the District during
fiscal year 2016, except that the Chief Financial Officer may not
reprogram for operating expenses any funds derived from bonds, notes,
or other obligations issued for capital projects.
This title may be cited as the ``District of Columbia
Appropriations Act, 2016''.
TITLE V
INDEPENDENT AGENCIES
Administrative Conference of the United States
salaries and expenses
For necessary expenses of the Administrative Conference of the
United States, authorized by 5 U.S.C. 591 et seq., $3,100,000, to
remain available until September 30, 2017, of which not to exceed
$1,000 is for official reception and representation expenses.
Bureau of Consumer Financial Protection
administrative provisions
Sec. 501. Section 1017(a)(2)(C) of Public Law 111-203 is repealed.
Sec. 502. Effective October 1, 2016, notwithstanding section 1017
of Public Law 111-203--
(1) the Board of Governors of the Federal Reserve System
shall not transfer amounts specified under such section to the
Bureau of Consumer Financial Protection; and
(2) there are authorized to be appropriated to the Bureau
of Consumer Financial Protection such sums as may be necessary
to carry out the authorities of the Bureau under Federal
consumer financial law.
Sec. 503. (a) During fiscal year 2016, on the date on which a
request is made for a transfer of funds in accordance with section 1017
of Public Law 111-203, the Bureau of Consumer Financial Protection
shall notify the Committees on Appropriations of the House of
Representatives and the Senate, the Committee on Financial Services of
the House of Representatives, and the Committee on Banking, Housing,
and Urban Affairs of the Senate of such request.
(b)(1) Any such notification shall include the amount of the funds
requested, an explanation of how the funds will be obligated by object
class and activity, and why the funds are necessary to protect
consumers.
(2) Any notification required by this section shall be made
available on the Bureau's public Web site.
Sec. 504. (a) Not later than 2 weeks after the end of each quarter
of each fiscal year, the Bureau of Consumer Financial Protection shall
submit a report on its activities to the Committees on Appropriations
of the House of Representatives and the Senate, the Committee on
Financial Services of the House of Representatives, and the Committee
on Banking, Housing, and Urban Affairs of the Senate.
(b) The reports required under subsection (a) shall include--
(1) the obligations made during the previous quarter by
object class, office, and activity;
(2) the estimated obligations for the remainder of the
fiscal year by object class, office, and activity;
(3) the number of full-time equivalents within each office
during the previous quarter;
(4) the estimated number of full-time equivalents within
each office for the remainder of the fiscal year; and
(5) actions taken to achieve the goals, objectives, and
performance measures of each office.
(c) At the request of any committee specified in subsection (a),
the Bureau of Consumer Financial Protection shall make Bureau officials
available to testify on the contents of the reports required under
subsection (a).
Sec. 505. (a) In General.--Section 1011 of the Consumer Financial
Protection Act of 2010 (12 U.S.C. 5491) is amended--
(1) by striking subsections (b), (c), and (d);
(2) by redesignating subsection (e) as subsection (c); and
(3) by inserting after subsection (a) the following:
``(b) Management of the Bureau.--
``(1) In general.--The management of the Bureau shall be
vested in a Board of Directors consisting of 5 members, who
shall be appointed by the President, by and with the advice and
consent of the Senate, from among individuals who--
``(A) are citizens of the United States; and
``(B) have developed strong competency and
understanding of, and have experience working with,
financial products and services.
``(2) Terms.--
``(A) In general.--Except as provided in
subparagraph (B), each member of the Board, including
the Chairperson, shall serve for a term of 5 years.
``(B) Staggered terms.--The members of the Board
shall serve staggered terms, which shall initially be
for terms of 1, 2, 3, 4, and 5 years, respectively, and
such members shall be appointed such that, after the
appointments of the initial 5 members of the Board,
members of different political parties are appointed
alternately.
``(C) Removal.--The President may remove any member
of the Board for inefficiency, neglect of duty, or
malfeasance in office.
``(D) Vacancies.--Any member of the Board appointed
to fill a vacancy occurring before the expiration of
the term to which the predecessor of that member was
appointed (including the Chairperson) shall be
appointed only for the remainder of the term.
``(E) Continuation of service.--Each member of the
Board may continue to serve after the expiration of the
term of office to which that member was appointed until
a successor has been appointed by the President and
confirmed by the Senate, except that a member may not
continue to serve more than 1 year after the date on
which the term of that member would otherwise expire.
``(F) Successive terms.--A member of the Board may
not be reappointed to a second consecutive term, except
that an initial member of the Board appointed for less
than a 5-year term may be reappointed to a full 5-year
term and a future member appointed to fill an unexpired
term may be reappointed for a full 5-year term.
``(3) Affiliation.--Not more than 3 members of the Board
shall be members of any 1 political party.
``(4) Chairperson of the board.--
``(A) Appointment.--The President shall appoint 1
of the 5 members of the Board to serve as Chairperson
of the Board.
``(B) Authority.--The Chairperson shall be the
principal executive officer of the Bureau, and shall
exercise all of the executive and administrative
functions of the Bureau, including with respect to--
``(i) the supervision of personnel employed
by the Bureau (other than personnel employed
regularly and full time in the immediate
offices of members of the Board other than the
Chairperson);
``(ii) the distribution of business among
personnel appointed and supervised by the
Chairperson and among administrative units of
the Bureau; and
``(iii) the use and expenditure of funds.
``(C) Limitation.--In carrying out any of the
functions of the Chairperson under this paragraph, the
Chairperson shall be governed by general policies of
the Bureau and by such regulatory decisions, findings,
and determinations as the Bureau may by law be
authorized to make.
``(D) Requests or estimates related to
appropriations.--Any request or estimate for regular,
supplemental, or deficiency appropriations on behalf of
the Bureau, including any request for a transfer of
funds under section 1017(a), may not be submitted by
the Chairperson without the prior approval of the
Board.
``(E) Vacancy.--The President may designate a
member of the Board to serve as Acting Chairperson in
the event of a vacancy in the office of the
Chairperson.
``(5) Compensation.--
``(A) Chairperson.--The Chairperson shall receive
compensation at the rate prescribed for level I of the
Executive Schedule under section 5312 of title 5,
United States Code.
``(B) Other members of the board.--The 4 members of
the Board other than the Chairperson shall each receive
compensation at the rate prescribed for level II of the
Executive Schedule under section 5313 of title 5,
United States Code.
``(6) Other employment prohibited.--A member of the Board
may not engage in any other business, vocation, or
employment.''.
(b) Effective Date.--The amendments made by this section shall take
effect on the later of--
(1) October 1, 2016; or
(2) the date on which not less than 3 persons have been
confirmed by the Senate to serve as members of the Board of
Directors of the Bureau of Consumer Financial Protection.
Commodity Futures Trading Commission
(including transfers of funds)
For necessary expenses to carry out the provisions of the Commodity
Exchange Act (7 U.S.C. 1 et seq.), including the purchase and hire of
passenger motor vehicles, and the rental of space (to include multiple
year leases) in the District of Columbia and elsewhere, $250,000,000,
including not to exceed $3,000 for official reception and
representation expenses, and not to exceed $25,000 for the expenses for
consultations and meetings hosted by the Commission with foreign
governmental and other regulatory officials, of which not less than
$51,000,000, to remain available until September 30, 2017, shall be for
the purchase of information technology and of which not less than
$2,620,000 shall be for the Office of the Inspector General.
Consumer Product Safety Commission
salaries and expenses
For necessary expenses of the Consumer Product Safety Commission,
including hire of passenger motor vehicles, services as authorized by 5
U.S.C. 3109, but at rates for individuals not to exceed the per diem
rate equivalent to the maximum rate payable under 5 U.S.C. 5376,
purchase of nominal awards to recognize non-Federal officials'
contributions to Commission activities, and not to exceed $4,000 for
official reception and representation expenses, $123,000,000.
Election Assistance Commission
salaries and expenses
(including transfer of funds)
For necessary expenses to carry out the Help America Vote Act of
2002 (Public Law 107-252), $9,600,000, of which $1,500,000 shall be
transferred to the National Institute of Standards and Technology for
election reform activities authorized under the Help America Vote Act
of 2002.
Federal Communications Commission
salaries and expenses
For necessary expenses of the Federal Communications Commission, as
authorized by law, including uniforms and allowances therefor, as
authorized by 5 U.S.C. 5901-5902; not to exceed $4,000 for official
reception and representation expenses; purchase and hire of motor
vehicles; special counsel fees; and services as authorized by 5 U.S.C.
3109, $320,000,000, to remain available until expended: Provided, That
in addition, $44,168,497 shall be made available until expended for
necessary expenses associated with moving to a new facility or
reconfiguring the existing space to significantly reduce space
consumption: Provided further, That $364,168,497 of offsetting
collections shall be assessed and collected pursuant to section 9 of
title I of the Communications Act of 1934, shall be retained and used
for necessary expenses and shall remain available until expended:
Provided further, That the sum herein appropriated shall be reduced as
such offsetting collections are received during fiscal year 2016 so as
to result in a final fiscal year 2016 appropriation estimated at $0:
Provided further, That any offsetting collections received in excess of
$364,168,497 in fiscal year 2016 shall not be available for obligation:
Provided further, That remaining offsetting collections from prior
years collected in excess of the amount specified for collection in
each such year and otherwise becoming available on October 1, 2015,
shall not be available for obligation: Provided further, That,
notwithstanding 47 U.S.C. 309(j)(8)(B), proceeds from the use of a
competitive bidding system that may be retained and made available for
obligation shall not exceed $117,000,000 for fiscal year 2016,
including not to exceed $518,981 for obligation by the Office of the
Inspector General: Provided further, That, of the amount appropriated
under this heading, not less than $11,090,000 shall be for the salaries
and expenses of the Office of Inspector General.
administrative provisions--federal communications commission
Sec. 510. Section 302 of the Universal Service Antideficiency
Temporary Suspension Act is amended by striking ``December 31, 2016'',
each place it appears and inserting ``December 31, 2017''.
Sec. 511. None of the funds appropriated by this Act may be used
by the Federal Communications Commission to modify, amend, or change
its rules or regulations for universal service support payments to
implement the February 27, 2004 recommendations of the Federal-State
Joint Board on Universal Service regarding single connection or primary
line restrictions on universal service support payments.
Federal Deposit Insurance Corporation
office of the inspector general
For necessary expenses of the Office of Inspector General in
carrying out the provisions of the Inspector General Act of 1978,
$34,568,000, to be derived from the Deposit Insurance Fund or, only
when appropriate, the FSLIC Resolution Fund.
Federal Election Commission
salaries and expenses
For necessary expenses to carry out the provisions of the Federal
Election Campaign Act of 1971, $72,500,000, of which $5,000,000 shall
remain available until September 30, 2017, for lease expiration and
replacement lease expenses; and of which not to exceed $5,000 shall be
available for reception and representation expenses.
Federal Labor Relations Authority
salaries and expenses
For necessary expenses to carry out functions of the Federal Labor
Relations Authority, pursuant to Reorganization Plan Numbered 2 of
1978, and the Civil Service Reform Act of 1978, including services
authorized by 5 U.S.C. 3109, and including hire of experts and
consultants, hire of passenger motor vehicles, and including official
reception and representation expenses (not to exceed $1,500) and rental
of conference rooms in the District of Columbia and elsewhere,
$25,548,000: Provided, That public members of the Federal Service
Impasses Panel may be paid travel expenses and per diem in lieu of
subsistence as authorized by law (5 U.S.C. 5703) for persons employed
intermittently in the Government service, and compensation as
authorized by 5 U.S.C. 3109: Provided further, That, notwithstanding
31 U.S.C. 3302, funds received from fees charged to non-Federal
participants at labor-management relations conferences shall be
credited to and merged with this account, to be available without
further appropriation for the costs of carrying out these conferences.
Federal Trade Commission
salaries and expenses
For necessary expenses of the Federal Trade Commission, including
uniforms or allowances therefor, as authorized by 5 U.S.C. 5901-5902;
services as authorized by 5 U.S.C. 3109; hire of passenger motor
vehicles; and not to exceed $2,000 for official reception and
representation expenses, $300,000,000, to remain available until
expended: Provided, That not to exceed $300,000 shall be available for
use to contract with a person or persons for collection services in
accordance with the terms of 31 U.S.C. 3718: Provided further, That,
notwithstanding any other provision of law, not to exceed $124,000,000
of offsetting collections derived from fees collected for premerger
notification filings under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 (15 U.S.C. 18a), regardless of the year of collection,
shall be retained and used for necessary expenses in this
appropriation: Provided further, That, notwithstanding any other
provision of law, not to exceed $14,000,000 in offsetting collections
derived from fees sufficient to implement and enforce the Telemarketing
Sales Rule, promulgated under the Telemarketing and Consumer Fraud and
Abuse Prevention Act (15 U.S.C. 6101 et seq.), shall be credited to
this account, and be retained and used for necessary expenses in this
appropriation: Provided further, That the sum herein appropriated from
the general fund shall be reduced as such offsetting collections are
received during fiscal year 2016, so as to result in a final fiscal
year 2016 appropriation from the general fund estimated at not more
than $162,000,000: Provided further, That none of the funds made
available to the Federal Trade Commission may be used to implement
subsection (e)(2)(B) of section 43 of the Federal Deposit Insurance Act
(12 U.S.C. 1831t).
General Services Administration
real property activities
federal buildings fund
limitations on availability of revenue
(including transfers of funds)
Amounts in the Fund, including revenues and collections deposited
into the Fund shall be available for necessary expenses of real
property management and related activities not otherwise provided for,
including operation, maintenance, and protection of federally owned and
leased buildings; rental of buildings in the District of Columbia;
restoration of leased premises; moving governmental agencies (including
space adjustments and telecommunications relocation expenses) in
connection with the assignment, allocation and transfer of space;
contractual services incident to cleaning or servicing buildings, and
moving; repair and alteration of federally owned buildings including
grounds, approaches and appurtenances; care and safeguarding of sites;
maintenance, preservation, demolition, and equipment; acquisition of
buildings and sites by purchase, condemnation, or as otherwise
authorized by law; acquisition of options to purchase buildings and
sites; conversion and extension of federally owned buildings;
preliminary planning and design of projects by contract or otherwise;
construction of new buildings (including equipment for such buildings);
and payment of principal, interest, and any other obligations for
public buildings acquired by installment purchase and purchase
contract; in the aggregate amount of $8,304,422,000, of which--
(1) $181,500,000 shall remain available until expended for
construction and acquisition activities (including funds for
sites and expenses, and associated design and construction
services) for the United States Courthouse in Nashville,
Tennessee: Provided, That the foregoing limit of costs on new
construction and acquisition may be exceeded to the extent that
savings are effected in other such projects, but not to exceed
10 percent of the amounts included in a transmitted prospectus,
if required, unless advance approval is obtained from the
Committees on Appropriations of a greater amount;
(2) $357,189,000 shall remain available until expended for
repairs and alterations, including associated design and
construction services, of which--
(A) $157,189,000 is for Major Repair and
Alterations activities, including $96,344,000 for the
Jacob K. Javits Federal Office Building in New York
City, New York, and $60,845,000 for the Edward J.
Schwartz Federal Building and U.S. Courthouse in San
Diego, California;
(B) $200,000,000 is for Basic Repairs and
Alterations, Consolidation Activities, the Judiciary
Capital Security Program, and the Fire and Life Safety
Program:
Provided, That funds made available in this or any previous
Act in the Federal Buildings Fund for Repairs and Alterations
shall, for prospectus projects, be limited to the amount
identified for each project, except each project in this or any
previous Act may be increased by an amount not to exceed 10
percent unless advance approval is obtained from the Committees
on Appropriations of a greater amount: Provided further, That
additional projects for which prospectuses have been fully
approved may be funded under this category only if advance
approval is obtained from the Committees on Appropriations:
Provided further, That the amounts provided in this or any
prior Act for ``Repairs and Alterations'' may be used to fund
costs associated with implementing security improvements to
buildings necessary to meet the minimum standards for security
in accordance with current law and in compliance with the
reprogramming guidelines of the appropriate Committees of the
House and Senate: Provided further, That the difference
between the funds appropriated and expended on any projects in
this or any prior Act, under the heading ``Repairs and
Alterations'', may be transferred to Basic Repairs and
Alterations or used to fund authorized increases in prospectus
projects: Provided further, That the amount provided in this
or any prior Act for Basic Repairs and Alterations may be used
to pay claims against the Government arising from any projects
under the heading ``Repairs and Alterations'' or used to fund
authorized increases in prospectus projects;
(3) $5,521,601,000 for rental of space to remain available
until expended; and
(4) $2,244,132,000 for building operations to remain
available until expended:
Provided further, That the total amount of funds made available from
this Fund to the General Services Administration shall not be available
for expenses of any construction, repair, alteration and acquisition
project for which a prospectus, if required by 40 U.S.C. 3307(a), has
not been approved, except that necessary funds may be expended for each
project for required expenses for the development of a proposed
prospectus: Provided further, That funds available in the Federal
Buildings Fund may be expended for emergency repairs when advance
approval is obtained from the Committees on Appropriations: Provided
further, That amounts necessary to provide reimbursable special
services to other agencies under 40 U.S.C. 592(b)(2) and amounts to
provide such reimbursable fencing, lighting, guard booths, and other
facilities on private or other property not in Government ownership or
control as may be appropriate to enable the United States Secret
Service to perform its protective functions pursuant to 18 U.S.C. 3056,
shall be available from such revenues and collections: Provided
further, That revenues and collections and any other sums accruing to
this Fund during fiscal year 2016, excluding reimbursements under 40
U.S.C. 592(b)(2), in excess of the aggregate new obligational authority
authorized for Real Property Activities of the Federal Buildings Fund
in this Act shall remain in the Fund and shall not be available for
expenditure except as authorized in appropriations Acts.
general activities
government-wide policy
For expenses authorized by law, not otherwise provided for, for
Government-wide policy and evaluation activities associated with the
management of real and personal property assets and certain
administrative services; Government-wide policy support
responsibilities relating to acquisition, travel, motor vehicles,
information technology management, and related technology activities;
and services as authorized by 5 U.S.C. 3109; $58,000,000.
operating expenses
(including transfer of funds)
For expenses authorized by law, not otherwise provided for, for
Government-wide activities associated with utilization and donation of
surplus personal property; disposal of real property; agency-wide
policy direction, management, and communications; the Civilian Board of
Contract Appeals; and services as authorized by 5 U.S.C. 3109;
$58,560,000, of which not to exceed $7,500 is for official reception
and representation expenses.
office of inspector general
For necessary expenses of the Office of Inspector General and
service authorized by 5 U.S.C. 3109, $65,000,000, of which $2,000,000
is available until expended: Provided, That not to exceed $50,000
shall be available for payment for information and detection of fraud
against the Government, including payment for recovery of stolen
Government property: Provided further, That not to exceed $2,500 shall
be available for awards to employees of other Federal agencies and
private citizens in recognition of efforts and initiatives resulting in
enhanced Office of Inspector General effectiveness.
allowances and office staff for former presidents
For carrying out the provisions of the Act of August 25, 1958 (3
U.S.C. 102 note), and Public Law 95-138, $3,277,000.
pre-election presidential transition
(including transfer of funds)
For activities authorized by the Pre-Election Presidential
Transition Act of 2010 (Public Law 111-283), not to exceed $13,278,000,
to remain available until September 30, 2017: Provided, That such
amounts may be transferred to ``Acquisition Services Fund'' or
``Federal Buildings Fund'' to reimburse obligations incurred for the
purposes provided herein in fiscal year 2015: Provided further, That
amounts made available under this heading shall be in addition to any
other amounts available for such purposes.
federal citizen services fund
(including transfers of funds)
For necessary expenses of the Office of Citizen Services and
Innovative Technologies, including services authorized by 40 U.S.C. 323
and 44 U.S.C. 3604; and for necessary expenses in support of
interagency projects that enable the Federal Government to enhance its
ability to conduct activities electronically, through the development
and implementation of innovative uses of information technology;
$55,894,000, to be deposited into the Federal Citizen Services Fund:
Provided, That the previous amount may be transferred to Federal
agencies to carry out the purpose of the Federal Citizen Services Fund:
Provided further, That the appropriations, revenues, reimbursements,
and collections deposited into the Fund shall be available until
expended for necessary expenses of Federal Citizen Services and other
activities that enable the Federal Government to enhance its ability to
conduct activities electronically in the aggregate amount not to exceed
$90,000,000: Provided further, That appropriations, revenues,
reimbursements, and collections accruing to this Fund during fiscal
year 2016 in excess of such amount shall remain in the Fund and shall
not be available for expenditure except as authorized in appropriations
Acts: Provided further, That any appropriations provided to the
Electronic Government Fund that remain unobligated may be transferred
to the Federal Citizen Services Fund: Provided further, That the
transfer authorities provided herein shall be in addition to any other
transfer authority provided in this Act.
administrative provisions--general services administration
(including transfer of funds)
Sec. 520. Funds available to the General Services Administration
shall be available for the hire of passenger motor vehicles.
Sec. 521. Funds in the Federal Buildings Fund made available for
fiscal year 2016 for Federal Buildings Fund activities may be
transferred between such activities only to the extent necessary to
meet program requirements: Provided, That any proposed transfers shall
be approved in advance by the Committees on Appropriations of the House
of Representatives and the Senate.
Sec. 522. Except as otherwise provided in this title, funds made
available by this Act shall be used to transmit a fiscal year 2017
request for United States Courthouse construction only if the request:
(1) meets the design guide standards for construction as established
and approved by the General Services Administration, the Judicial
Conference of the United States, and the Office of Management and
Budget; (2) reflects the priorities of the Judicial Conference of the
United States as set out in its approved 5-year construction plan; and
(3) includes a standardized courtroom utilization study of each
facility to be constructed, replaced, or expanded.
Sec. 523. None of the funds provided in this Act may be used to
increase the amount of occupiable square feet, provide cleaning
services, security enhancements, or any other service usually provided
through the Federal Buildings Fund, to any agency that does not pay the
rate per square foot assessment for space and services as determined by
the General Services Administration in consideration of the Public
Buildings Amendments Act of 1972 (Public Law 92-313).
Sec. 524. From funds made available under the heading ``Federal
Buildings Fund, Limitations on Availability of Revenue'', claims
against the Government of less than $250,000 arising from direct
construction projects and acquisition of buildings may be liquidated
from savings effected in other construction projects with prior
notification to the Committees on Appropriations of the House of
Representatives and the Senate.
Sec. 525. In any case in which the Committee on Transportation and
Infrastructure of the House of Representatives and the Committee on
Environment and Public Works of the Senate adopt a resolution granting
lease authority pursuant to a prospectus transmitted to Congress by the
Administrator of the General Services Administration under 40 U.S.C.
3307, the Administrator shall ensure that the delineated area of
procurement is identical to the delineated area included in the
prospectus for all lease agreements, except that, if the Administrator
determines that the delineated area of the procurement should not be
identical to the delineated area included in the prospectus, the
Administrator shall provide an explanatory statement to each of such
committees and the Committees on Appropriations of the House of
Representatives and the Senate prior to exercising any lease authority
provided in the resolution.
Sec. 526. With respect to each project funded under the heading
``Major Repairs and Alterations'' or ``Judiciary Capital Security
Program'', the Administrator of General Services shall submit a
spending plan and explanation for each project to be undertaken to the
Committees on Appropriations of the House of Representatives and the
Senate not later than 30 days after the date of enactment of this Act.
Sec. 527. Any consolidation of the headquarters of the Federal
Bureau of Investigation must result in a full consolidation.
Harry S Truman Scholarship Foundation
salaries and expenses
For payment to the Harry S Truman Scholarship Foundation Trust
Fund, established by section 10 of Public Law 93-642, $1,000,000, to
remain available until expended.
Merit Systems Protection Board
salaries and expenses
(including transfer of funds)
For necessary expenses to carry out functions of the Merit Systems
Protection Board pursuant to Reorganization Plan Numbered 2 of 1978,
the Civil Service Reform Act of 1978, and the Whistleblower Protection
Act of 1989 (5 U.S.C. 5509 note), including services as authorized by 5
U.S.C. 3109, rental of conference rooms in the District of Columbia and
elsewhere, hire of passenger motor vehicles, direct procurement of
survey printing, and not to exceed $2,000 for official reception and
representation expenses, $42,740,000, to remain available until
September 30, 2017, together with not to exceed $2,345,000, to remain
available until September 30, 2017, for administrative expenses to
adjudicate retirement appeals to be transferred from the Civil Service
Retirement and Disability Fund in amounts determined by the Merit
Systems Protection Board.
Morris K. Udall and Stewart L. Udall Foundation
morris k. udall and stewart l. udall trust fund
(including transfer of funds)
For payment to the Morris K. Udall and Stewart L. Udall Trust Fund,
pursuant to the Morris K. Udall and Stewart L. Udall Foundation Act (20
U.S.C. 5601 et seq.), $1,995,000, to remain available until expended,
of which, notwithstanding sections 8 and 9 of such Act: (1) up to
$50,000 shall be used to conduct financial audits pursuant to the
Accountability of Tax Dollars Act of 2002 (Public Law 107-289); and (2)
up to $1,000,000 shall be available to carry out the activities
authorized by section 6(7) of Public Law 102-259 and section 817(a) of
Public Law 106-568 (20 U.S.C. 5604(7)): Provided, That of the total
amount made available under this heading $200,000 shall be transferred
to the Office of Inspector General of the Department of the Interior,
to remain available until expended, for audits and investigations of
the Morris K. Udall and Stewart L. Udall Foundation, consistent with
the Inspector General Act of 1978 (5 U.S.C. App.).
environmental dispute resolution fund
For payment to the Environmental Dispute Resolution Fund to carry
out activities authorized in the Environmental Policy and Conflict
Resolution Act of 1998, $3,400,000, to remain available until expended.
National Archives and Records Administration
operating expenses
For necessary expenses in connection with the administration of the
National Archives and Records Administration and archived Federal
records and related activities, as provided by law, and for expenses
necessary for the review and declassification of documents, the
activities of the Public Interest Declassification Board, the
operations and maintenance of the electronic records archives, the hire
of passenger motor vehicles, and for uniforms or allowances therefor,
as authorized by law (5 U.S.C. 5901), including maintenance, repairs,
and cleaning, $372,000,000.
office of inspector general
For necessary expenses of the Office of Inspector General in
carrying out the provisions of the Inspector General Reform Act of
2008, Public Law 110-409, 122 Stat. 4302-16 (2008), and the Inspector
General Act of 1978 (5 U.S.C. App.), and for the hire of passenger
motor vehicles, $4,180,000.
repairs and restoration
For the repair, alteration, and improvement of archives facilities,
and to provide adequate storage for holdings, $7,500,000, to remain
available until expended: Provided, That from amounts made available
under this heading in Public Laws 111-8 and 111-117 for necessary
expenses related to the repair and renovation of the Franklin D.
Roosevelt Presidential Library and Museum in Hyde Park, New York, the
remaining unobligated balances shall be available to implement the
National Archives and Records Administration Capital Improvement Plan.
national historical publications and records commission
grants program
For necessary expenses for allocations and grants for historical
publications and records as authorized by 44 U.S.C. 2504, $5,000,000,
to remain available until expended.
National Credit Union Administration
community development revolving loan fund
For the Community Development Revolving Loan Fund program as
authorized by 42 U.S.C. 9812, 9822 and 9910, $2,000,000 shall be
available until September 30, 2017, for technical assistance to low-
income designated credit unions.
Office of Government Ethics
salaries and expenses
For necessary expenses to carry out functions of the Office of
Government Ethics pursuant to the Ethics in Government Act of 1978, the
Ethics Reform Act of 1989, and the Stop Trading on Congressional
Knowledge Act of 2012, including services as authorized by 5 U.S.C.
3109, rental of conference rooms in the District of Columbia and
elsewhere, hire of passenger motor vehicles, and not to exceed $1,500
for official reception and representation expenses, $15,420,000.
Office of Personnel Management
salaries and expenses
(including transfer of trust funds)
For necessary expenses to carry out functions of the Office of
Personnel Management (OPM) pursuant to Reorganization Plan Numbered 2
of 1978 and the Civil Service Reform Act of 1978, including services as
authorized by 5 U.S.C. 3109; medical examinations performed for
veterans by private physicians on a fee basis; rental of conference
rooms in the District of Columbia and elsewhere; hire of passenger
motor vehicles; not to exceed $2,500 for official reception and
representation expenses; advances for reimbursements to applicable
funds of OPM and the Federal Bureau of Investigation for expenses
incurred under Executive Order No. 10422 of January 9, 1953, as
amended; and payment of per diem and/or subsistence allowances to
employees where Voting Rights Act activities require an employee to
remain overnight at his or her post of duty, $119,239,000, of which
$616,000 may be for strengthening the capacity and capabilities of the
acquisition workforce (as defined by the Office of Federal Procurement
Policy Act, as amended (41 U.S.C. 4001 et seq.)), including the
recruitment, hiring, training, and retention of such workforce and
information technology in support of acquisition workforce
effectiveness or for management solutions to improve acquisition
management; and in addition $118,425,000 for administrative expenses,
to be transferred from the appropriate trust funds of OPM without
regard to other statutes, including direct procurement of printed
materials, for the retirement and insurance programs: Provided, That
the provisions of this appropriation shall not affect the authority to
use applicable trust funds as provided by sections 8348(a)(1)(B),
8958(f)(2)(A), 8988(f)(2)(A), and 9004(f)(2)(A) of title 5, United
States Code: Provided further, That no part of this appropriation
shall be available for salaries and expenses of the Legal Examining
Unit of OPM established pursuant to Executive Order No. 9358 of July 1,
1943, or any successor unit of like purpose: Provided further, That
the President's Commission on White House Fellows, established by
Executive Order No. 11183 of October 3, 1964, may, during fiscal year
2016, accept donations of money, property, and personal services:
Provided further, That such donations, including those from prior
years, may be used for the development of publicity materials to
provide information about the White House Fellows, except that no such
donations shall be accepted for travel or reimbursement of travel
expenses, or for the salaries of employees of such Commission.
office of inspector general
salaries and expenses
(including transfer of trust funds)
For necessary expenses of the Office of Inspector General in
carrying out the provisions of the Inspector General Act of 1978,
including services as authorized by 5 U.S.C. 3109, hire of passenger
motor vehicles, $4,384,000, and in addition, not to exceed $22,479,000
for administrative expenses to audit, investigate, and provide other
oversight of the Office of Personnel Management's retirement and
insurance programs, to be transferred from the appropriate trust funds
of the Office of Personnel Management, as determined by the Inspector
General: Provided, That the Inspector General is authorized to rent
conference rooms in the District of Columbia and elsewhere.
Office of Special Counsel
salaries and expenses
For necessary expenses to carry out functions of the Office of
Special Counsel pursuant to Reorganization Plan Numbered 2 of 1978, the
Civil Service Reform Act of 1978 (Public Law 95-454), the Whistleblower
Protection Act of 1989 (Public Law 101-12) as amended by Public Law
107-304, the Whistleblower Protection Enhancement Act of 2012 (Public
Law 112-199), and the Uniformed Services Employment and Reemployment
Rights Act of 1994 (Public Law 103-353), including services as
authorized by 5 U.S.C. 3109, payment of fees and expenses for
witnesses, rental of conference rooms in the District of Columbia and
elsewhere, and hire of passenger motor vehicles; $23,500,000.
Postal Regulatory Commission
salaries and expenses
(including transfer of funds)
For necessary expenses of the Postal Regulatory Commission in
carrying out the provisions of the Postal Accountability and
Enhancement Act (Public Law 109-435), $15,000,000, to be derived by
transfer from the Postal Service Fund and expended as authorized by
section 603(a) of such Act.
Privacy and Civil Liberties Oversight Board
salaries and expenses
For necessary expenses of the Privacy and Civil Liberties Oversight
Board, as authorized by section 1061 of the Intelligence Reform and
Terrorism Prevention Act of 2004 (42 U.S.C. 2000ee), $23,297,000, to
remain available until September 30, 2017.
Securities and Exchange Commission
salaries and expenses
For necessary expenses for the Securities and Exchange Commission,
including services as authorized by 5 U.S.C. 3109, the rental of space
(to include multiple year leases) in the District of Columbia and
elsewhere, and not to exceed $3,500 for official reception and
representation expenses, $1,500,000,000, to remain available until
expended; of which not less than $11,315,971 shall be for the Office of
Inspector General; of which not to exceed $75,000 shall be available
for a permanent secretariat for the International Organization of
Securities Commissions; of which not to exceed $100,000 shall be
available for expenses for consultations and meetings hosted by the
Commission with foreign governmental and other regulatory officials,
members of their delegations and staffs to exchange views concerning
securities matters, such expenses to include necessary logistic and
administrative expenses and the expenses of Commission staff and
foreign invitees in attendance including: (1) incidental expenses such
as meals; (2) travel and transportation; and (3) related lodging or
subsistence; and of which not less than $60,971,000 shall be for the
Division of Economic and Risk Analysis: Provided, That fees and
charges authorized by section 31 of the Securities Exchange Act of 1934
(15 U.S.C. 78ee) shall be credited to this account as offsetting
collections: Provided further, That not to exceed $1,500,000,000 of
such offsetting collections shall be available until expended for
necessary expenses of this account: Provided further, That the total
amount appropriated under this heading from the general fund for fiscal
year 2016 shall be reduced as such offsetting fees are received so as
to result in a final total fiscal year 2016 appropriation from the
general fund estimated at not more than $0.
Selective Service System
salaries and expenses
For necessary expenses of the Selective Service System, including
expenses of attendance at meetings and of training for uniformed
personnel assigned to the Selective Service System, as authorized by 5
U.S.C. 4101-4118 for civilian employees; hire of passenger motor
vehicles; services as authorized by 5 U.S.C. 3109; and not to exceed
$750 for official reception and representation expenses; $22,703,000:
Provided, That during the current fiscal year, the President may exempt
this appropriation from the provisions of 31 U.S.C. 1341, whenever the
President deems such action to be necessary in the interest of national
defense: Provided further, That none of the funds appropriated by this
Act may be expended for or in connection with the induction of any
person into the Armed Forces of the United States.
Small Business Administration
salaries and expenses
For necessary expenses, not otherwise provided for, of the Small
Business Administration, including hire of passenger motor vehicles as
authorized by sections 1343 and 1344 of title 31, United States Code,
and not to exceed $3,500 for official reception and representation
expenses, $257,000,000, of which not less than $12,000,000 shall be
available for examinations, reviews, and other lender oversight
activities: Provided, That the Administrator is authorized to charge
fees to cover the cost of publications developed by the Small Business
Administration, and certain loan program activities, including fees
authorized by section 5(b) of the Small Business Act: Provided
further, That, notwithstanding 31 U.S.C. 3302, revenues received from
all such activities shall be credited to this account, to remain
available until expended, for carrying out these purposes without
further appropriations: Provided further, That the Small Business
Administration may accept gifts in an amount not to exceed $4,000,000
and may co-sponsor activities, each in accordance with section 132(a)
of division K of Public Law 108-447, during fiscal year 2016: Provided
further, That $6,100,000 shall be available for the Loan Modernization
and Accounting System, to be available until September 30, 2017:
Provided further, That $3,000,000 shall be for the Federal and State
Technology Partnership Program under section 34 of the Small Business
Act (15 U.S.C. 657d).
entrepreneurial development programs
For necessary expenses of programs supporting entrepreneurial and
small business development, $220,150,000, to remain available until
September 30, 2017: Provided, That $115,000,000 shall be available to
fund grants for performance in fiscal year 2016 or fiscal year 2017 as
authorized by section 21 of the Small Business Act: Provided further,
That $25,000,000 shall be for marketing, management, and technical
assistance under section 7(m) of the Small Business Act (15 U.S.C.
636(m)(4)) by intermediaries that make microloans under the microloan
program: Provided further, That $17,400,000 shall be available for
grants to States to carry out export programs that assist small
business concerns authorized under section 1207 of Public Law 111-240.
office of inspector general
For necessary expenses of the Office of Inspector General in
carrying out the provisions of the Inspector General Act of 1978,
$19,900,000.
office of advocacy
For necessary expenses of the Office of Advocacy in carrying out
the provisions of title II of Public Law 94-305 (15 U.S.C. 634a et
seq.) and the Regulatory Flexibility Act of 1980 (5 U.S.C. 601 et
seq.), $9,120,000, to remain available until expended.
business loans program account
(including transfer of funds)
For the cost of direct loans, $3,338,172, to remain available until
expended: Provided, That such costs, including the cost of modifying
such loans, shall be as defined in section 502 of the Congressional
Budget Act of 1974: Provided further, That subject to section 502 of
the Congressional Budget Act of 1974, during fiscal year 2016
commitments to guarantee loans under section 503 of the Small Business
Investment Act of 1958 shall not exceed $7,500,000,000: Provided
further, That during fiscal year 2016 commitments for general business
loans authorized under section 7(a) of the Small Business Act shall not
exceed $23,500,000,000 for a combination of amortizing term loans and
the aggregated maximum line of credit provided by revolving loans:
Provided further, That during fiscal year 2016 commitments for loans
authorized under subparagraph (C) of section 502(7) of The Small
Business Investment Act of 1958 (15 U.S.C. 696(7)) shall not exceed
$7,500,000: Provided further, That during fiscal year 2016 commitments
to guarantee loans for debentures under section 303(b) of the Small
Business Investment Act of 1958 shall not exceed $4,000,000,000:
Provided further, That during fiscal year 2016, guarantees of trust
certificates authorized by section 5(g) of the Small Business Act shall
not exceed a principal amount of $12,000,000,000. In addition, for
administrative expenses to carry out the direct and guaranteed loan
programs, $152,725,828, which may be transferred to and merged with the
appropriations for Salaries and Expenses.
disaster loans program account
(including transfers of funds)
For administrative expenses to carry out the direct loan program
authorized by section 7(b) of the Small Business Act, $186,858,000, to
be available until expended, of which $1,000,000 is for the Office of
Inspector General of the Small Business Administration for audits and
reviews of disaster loans and the disaster loan programs and shall be
transferred to and merged with the appropriations for the Office of
Inspector General; of which $176,858,000 is for direct administrative
expenses of loan making and servicing to carry out the direct loan
program, which may be transferred to and merged with the appropriations
for Salaries and Expenses; and of which $9,000,000 is for indirect
administrative expenses for the direct loan program, which may be
transferred to and merged with the appropriations for Salaries and
Expenses: Provided, That, of the funds provided herein, $158,829,000
shall be for major disasters declared pursuant to the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C.
5122(2)); $151,179,014 is for direct administrative expenses of loan
making and servicing to carry out the direct loan program; and
$7,649,986 is for indirect administrative expenses for the direct loan
program: Provided further, That the amount for major disasters under
this heading is designated by Congress as being for disaster relief
pursuant to section 251(b)(2)(D) of the Balanced Budget and Emergency
Deficit Control Act of 1985 (Public Law 99-177), as amended.
administrative provisions--small business administration
(including transfer of funds)
Sec. 530. Not to exceed 5 percent of any appropriation made
available for the current fiscal year for the Small Business
Administration in this Act may be transferred between such
appropriations, but no such appropriation shall be increased by more
than 10 percent by any such transfers: Provided, That any transfer
pursuant to this paragraph shall be treated as a reprogramming of funds
under section 608 of this Act and shall not be available for obligation
or expenditure except in compliance with the procedures set forth in
that section.
Sec. 531. (a) None of the funds made available under this Act may
be used to collect a guarantee fee under section 7(a)(18) of the Small
Business Act (15 U.S.C. 636(a)(18)) with respect to a loan guaranteed
under section 7(a)(31) of such Act that is made to a small business
concern (as defined under section 3 of such Act (15 U.S.C. 632)) that
is 51 percent or more owned and controlled by 1 or more individuals who
is a veteran (as defined in section 101 of title 38, United States
Code) or the spouse of a veteran.
(b) Nothing in this section shall be construed to limit the
authority of the Administrator of the Small Business Administration to
waive such a guarantee fee or any other loan fee with respect to a loan
to a small business concern described in subsection (a) or any other
borrower.
Sec. 532. Subparagraph (C) of section 502(7) of the Small Business
Investment Act of 1958 (15 U.S.C 696(7)), as in effect on September 25,
2012, shall be in effect during fiscal year 2016.
United States Postal Service
payment to the postal service fund
For payment to the Postal Service Fund for revenue forgone on free
and reduced rate mail, pursuant to subsections (c) and (d) of section
2401 of title 39, United States Code, $49,923,000, which shall not be
available for obligation until October 1, 2016: Provided, That mail
for overseas voting and mail for the blind shall continue to be free:
Provided further, That 6-day delivery and rural delivery of mail shall
continue at not less than the 1983 level: Provided further, That none
of the funds made available to the Postal Service by this Act shall be
used to implement any rule, regulation, or policy of charging any
officer or employee of any State or local child support enforcement
agency, or any individual participating in a State or local program of
child support enforcement, a fee for information requested or provided
concerning an address of a postal customer: Provided further, That
none of the funds provided in this Act shall be used to consolidate or
close small rural and other small post offices.
office of inspector general
salaries and expenses
(including transfer of funds)
For necessary expenses of the Office of Inspector General in
carrying out the provisions of the Inspector General Act of 1978,
$243,883,000, to be derived by transfer from the Postal Service Fund
and expended as authorized by section 603(b)(3) of the Postal
Accountability and Enhancement Act (Public Law 109-435).
United States Tax Court
salaries and expenses
For necessary expenses, including contract reporting and other
services as authorized by 5 U.S.C. 3109, $51,300,000: Provided, That
travel expenses of the judges shall be paid upon the written
certificate of the judge.
TITLE VI
GENERAL PROVISIONS--THIS ACT
(including rescission)
Sec. 601. None of the funds in this Act shall be used for the
planning or execution of any program to pay the expenses of, or
otherwise compensate, non-Federal parties intervening in regulatory or
adjudicatory proceedings funded in this Act.
Sec. 602. None of the funds appropriated in this Act shall remain
available for obligation beyond the current fiscal year, nor may any be
transferred to other appropriations, unless expressly so provided
herein.
Sec. 603. The expenditure of any appropriation under this Act for
any consulting service through procurement contract pursuant to 5
U.S.C. 3109, shall be limited to those contracts where such
expenditures are a matter of public record and available for public
inspection, except where otherwise provided under existing law, or
under existing Executive order issued pursuant to existing law.
Sec. 604. None of the funds made available in this Act may be
transferred to any department, agency, or instrumentality of the United
States Government, except pursuant to a transfer made by, or transfer
authority provided in, this Act or any other appropriations Act.
Sec. 605. None of the funds made available by this Act shall be
available for any activity or for paying the salary of any Government
employee where funding an activity or paying a salary to a Government
employee would result in a decision, determination, rule, regulation,
or policy that would prohibit the enforcement of section 307 of the
Tariff Act of 1930 (19 U.S.C. 1307).
Sec. 606. No funds appropriated pursuant to this Act may be
expended by an entity unless the entity agrees that in expending the
assistance the entity will comply with chapter 83 of title 41, United
States Code.
Sec. 607. No funds appropriated or otherwise made available under
this Act shall be made available to any person or entity that has been
convicted of violating chapter 83 of title 41, United States Code.
Sec. 608. Except as otherwise provided in this Act, none of the
funds provided in this Act, provided by previous appropriations Acts to
the agencies or entities funded in this Act that remain available for
obligation or expenditure in fiscal year 2016, or provided from any
accounts in the Treasury derived by the collection of fees and
available to the agencies funded by this Act, shall be available for
obligation or expenditure through a reprogramming of funds that: (1)
creates a new program; (2) eliminates a program, project, or activity;
(3) increases funds or personnel for any program, project, or activity
for which funds have been denied or restricted by the Congress; (4)
proposes to use funds directed for a specific activity by the Committee
on Appropriations of either the House of Representatives or the Senate
for a different purpose; (5) augments existing programs, projects, or
activities in excess of $5,000,000 or 10 percent, whichever is less;
(6) reduces existing programs, projects, or activities by $5,000,000 or
10 percent, whichever is less; or (7) creates or reorganizes offices,
programs, or activities unless prior approval is received from the
Committees on Appropriations of the House of Representatives and the
Senate: Provided, That prior to any significant reorganization or
restructuring of offices, programs, or activities, each agency or
entity funded in this Act shall consult with the Committees on
Appropriations of the House of Representatives and the Senate:
Provided further, That not later than 60 days after the date of
enactment of this Act, each agency funded by this Act shall submit a
report to the Committees on Appropriations of the House of
Representatives and the Senate to establish the baseline for
application of reprogramming and transfer authorities for the current
fiscal year: Provided further, That at a minimum the report shall
include: (1) a table for each appropriation with a separate column to
display the President's budget request, adjustments made by Congress,
adjustments due to enacted rescissions, if appropriate, and the fiscal
year enacted level; (2) a delineation in the table for each
appropriation both by object class and program, project, and activity
as detailed in the budget appendix for the respective appropriation;
and (3) an identification of items of special congressional interest:
Provided further, That the amount appropriated or limited for salaries
and expenses for an agency shall be reduced by $100,000 per day for
each day after the required date that the report has not been submitted
to the Congress.
Sec. 609. Except as otherwise specifically provided by law, not to
exceed 50 percent of unobligated balances remaining available at the
end of fiscal year 2016 from appropriations made available for salaries
and expenses for fiscal year 2016 in this Act, shall remain available
through September 30, 2017, for each such account for the purposes
authorized: Provided, That a request shall be submitted to the
Committees on Appropriations of the House of Representatives and the
Senate for approval prior to the expenditure of such funds: Provided
further, That these requests shall be made in compliance with
reprogramming guidelines.
Sec. 610. (a) None of the funds made available in this Act may be
used by the Executive Office of the President to request--
(1) any official background investigation report on any
individual from the Federal Bureau of Investigation; or
(2) a determination with respect to the treatment of an
organization as described in section 501(c) of the Internal
Revenue Code of 1986 and exempt from taxation under section
501(a) of such Code from the Department of the Treasury or the
Internal Revenue Service.
(b) Subsection (a) shall not apply--
(1) in the case of an official background investigation
report, if such individual has given express written consent
for such request not more than 6 months prior to the date of
such request and during the same presidential administration;
or
(2) if such request is required due to extraordinary
circumstances involving national security.
Sec. 611. The cost accounting standards promulgated under chapter
15 of title 41, United States Code shall not apply with respect to a
contract under the Federal Employees Health Benefits Program
established under chapter 89 of title 5, United States Code.
Sec. 612. For the purpose of resolving litigation and implementing
any settlement agreements regarding the nonforeign area cost-of-living
allowance program, the Office of Personnel Management may accept and
utilize (without regard to any restriction on unanticipated travel
expenses imposed in an Appropriations Act) funds made available to the
Office of Personnel Management pursuant to court approval.
Sec. 613. No funds appropriated by this Act shall be available to
pay for an abortion, or the administrative expenses in connection with
any health plan under the Federal employees health benefits program
which provides any benefits or coverage for abortions.
Sec. 614. The provision of section 613 shall not apply where the
life of the mother would be endangered if the fetus were carried to
term, or the pregnancy is the result of an act of rape or incest.
Sec. 615. In order to promote Government access to commercial
information technology, the restriction on purchasing nondomestic
articles, materials, and supplies set forth in chapter 83 of title 41,
United States Code (popularly known as the Buy American Act), shall not
apply to the acquisition by the Federal Government of information
technology (as defined in section 11101 of title 40, United States
Code), that is a commercial item (as defined in section 103 of title
41, United States Code).
Sec. 616. Notwithstanding section 1353 of title 31, United States
Code, no officer or employee of any regulatory agency or commission
funded by this Act may accept on behalf of that agency, nor may such
agency or commission accept, payment or reimbursement from a non-
Federal entity for travel, subsistence, or related expenses for the
purpose of enabling an officer or employee to attend and participate in
any meeting or similar function relating to the official duties of the
officer or employee when the entity offering payment or reimbursement
is a person or entity subject to regulation by such agency or
commission, or represents a person or entity subject to regulation by
such agency or commission, unless the person or entity is an
organization described in section 501(c)(3) of the Internal Revenue
Code of 1986 and exempt from tax under section 501(a) of such Code.
Sec. 617. Notwithstanding section 708 of this Act, funds made
available to the Commodity Futures Trading Commission and the
Securities and Exchange Commission by this or any other Act may be used
for the interagency funding and sponsorship of a joint advisory
committee to advise on emerging regulatory issues.
Sec. 618. (a)(1) Notwithstanding any other provision of law, an
Executive agency covered by this Act otherwise authorized to enter into
contracts for either leases or the construction or alteration of real
property for office, meeting, storage, or other space must consult with
the General Services Administration before issuing a solicitation for
offers of new leases or construction contracts, and in the case of
succeeding leases, before entering into negotiations with the current
lessor.
(2) Any such agency with authority to enter into an emergency lease
may do so during any period declared by the President to require
emergency leasing authority with respect to such agency.
(b) For purposes of this section, the term ``Executive agency
covered by this Act'' means any Executive agency provided funds by this
Act, but does not include the General Services Administration or the
United States Postal Service.
Sec. 619. (a) There are appropriated for the following activities
the amounts required under current law:
(1) Compensation of the President (3 U.S.C. 102).
(2) Payments to--
(A) the Judicial Officers' Retirement Fund (28
U.S.C. 377(o));
(B) the Judicial Survivors' Annuities Fund (28
U.S.C. 376(c)); and
(C) the United States Court of Federal Claims
Judges' Retirement Fund (28 U.S.C. 178(l)).
(3) Payment of Government contributions--
(A) with respect to the health benefits of retired
employees, as authorized by chapter 89 of title 5,
United States Code, and the Retired Federal Employees
Health Benefits Act (74 Stat. 849); and
(B) with respect to the life insurance benefits for
employees retiring after December 31, 1989 (5 U.S.C.
ch. 87).
(4) Payment to finance the unfunded liability of new and
increased annuity benefits under the Civil Service Retirement
and Disability Fund (5 U.S.C. 8348).
(5) Payment of annuities authorized to be paid from the
Civil Service Retirement and Disability Fund by statutory
provisions other than subchapter III of chapter 83 or chapter
84 of title 5, United States Code.
(b) Nothing in this section may be construed to exempt any amount
appropriated by this section from any otherwise applicable limitation
on the use of funds contained in this Act.
Sec. 620. The Public Company Accounting Oversight Board (Board)
shall have authority to obligate funds for the scholarship program
established by section 109(c)(2) of the Sarbanes-Oxley Act of 2002
(Public Law 107-204) in an aggregate amount not exceeding the amount of
funds collected by the Board as of December 31, 2015, including accrued
interest, as a result of the assessment of monetary penalties. Funds
available for obligation in fiscal year 2016 shall remain available
until expended.
Sec. 621. None of the funds made available in this Act may be used
by the Federal Trade Commission to complete the draft report entitled
``Interagency Working Group on Food Marketed to Children: Preliminary
Proposed Nutrition Principles to Guide Industry Self-Regulatory
Efforts'' unless the Interagency Working Group on Food Marketed to
Children complies with Executive Order No. 13563.
Sec. 622. None of the funds made available by this Act may be used
to pay the salaries and expenses for the following positions:
(1) Director, White House Office of Health Reform.
(2) Assistant to the President for Energy and Climate
Change.
(3) Senior Advisor to the Secretary of the Treasury
assigned to the Presidential Task Force on the Auto Industry
and Senior Counselor for Manufacturing Policy.
(4) White House Director of Urban Affairs.
Sec. 623. None of the funds in this Act may be used for the
Director of the Office of Personnel Management to award a contract,
enter an extension of, or exercise an option on a contract to a
contractor conducting the final quality review processes for background
investigation fieldwork services or background investigation support
services that, as of the date of the award of the contract, are being
conducted by that contractor.
Sec. 624. Each executive agency covered by this Act shall include,
in its fiscal year 2017 budget justification materials submitted to the
Committees on Appropriations of the House of Representatives and the
Senate, a separate table briefly describing the top management
challenges for fiscal year 2016 as identified by the agency inspector
general, together with an explanation of how the fiscal year 2017
budget request addresses each such management challenge.
Sec. 625. (a) The head of each executive branch agency funded by
this Act shall ensure that the Chief Information Officer of the agency
has the authority to participate in decisions regarding the budget
planning process related to information technology.
(b) Amounts appropriated for any executive branch agency funded by
this Act that are available for information technology shall be
allocated within the agency, consistent with the provisions of
appropriations Acts and budget guidelines and recommendations from the
Director of the Office of Management and Budget, in such manner as
specified by, or approved by, the Chief Information Officer of the
agency in consultation with the Chief Financial Officer of the agency
and budget officials.
Sec. 626. None of the funds made available in this Act may be used
in contravention of chapter 29, 31, or 33 of title 44, United States
Code.
Sec. 627. From the unobligated balances available in the
Securities and Exchange Commission Reserve Fund established by section
991 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Public Law 111-203), $25,000,000 are rescinded.
Sec. 628. The head of any executive branch department, agency,
board, commission, or office funded by this Act shall require that all
contracts within their purview that provide award fees link such fees
to successful acquisition outcomes, specifying the terms of cost,
schedule, and performance.
Sec. 629. Notwithstanding any other provision of this Act, none of
the funds appropriated or otherwise made available by this Act may be
used to pay award or incentive fees for contractor performance that has
been judged to be below satisfactory performance or performance that
does not meet the basic requirements of a contract.
Sec. 630. (a) Treatment of Payment for Public Communication as
Contribution if Made Under Control or Direction of Candidate.--Section
301(8)(A) of the Federal Election Campaign Act of 1971 (52 U.S.C.
30101(8)(A)) is amended--
(1) by striking ``or'' at the end of clause (i);
(2) by striking the period at the end of clause (ii) and
inserting ``; or''; and
(3) by adding at the end the following new clause:
``(iii) any payment by a political
committee of a political party for the direct
costs of a public communication (as defined in
paragraph (22)) made on behalf of a candidate
for Federal office who is affiliated with such
party, but only if the communication is
controlled by, or made at the direction of, the
candidate or an authorized committee of the
candidate.''.
(b) Requiring Control or Direction by Candidate for Treatment as
Coordinated Party Expenditure.--
(1) In general.--Paragraph (4) of section 315(d) of such
Act (52 U.S.C. 30116(d)) is amended to read as follows:
``(4) Special rule for direct costs of communications.--The
direct costs incurred by a political committee of a political
party for a communication made in connection with the campaign
of a candidate for Federal office shall not be subject to the
limitations contained in paragraphs (2) and (3) unless the
communication is controlled by, or made at the direction of,
the candidate or an authorized committee of the candidate.''.
(2) Conforming amendment.--Paragraph (1) of section 315(d)
of such Act (52 U.S.C. 30116(d)) is amended by striking
``paragraphs (2), (3), and (4)'' and inserting ``paragraphs (2)
and (3)''.
Sec. 631. Section 302(g) of the Federal Election Campaign Act of
1971 (52 U.S.C. 30102(g)) is amended to read as follows:
``(g) Filing With the Commission.--All designations, statements,
and reports required to be filed under this Act shall be filed with the
Commission.''.
Sec. 632. On and after the date of enactment of this Act, in the
case of a party to a joint sales agreement (as defined in Note 2(k) to
section 73.3555 of title 47, Code of Federal Regulations) that is in
effect on the effective date of the amendment to Note 2(k)(2) to that
section made by the Further Notice of Proposed Rulemaking and Report
and Order adopted by the Federal Communications Commission on March 31,
2014 (FCC 14-28), the party shall not be considered to be in violation
of the ownership limitations of that section by reason of the
application of the rule in Note 2(k)(2), as so amended, to the joint
sales agreement.
Sec. 633. None of the funds made available by this Act may be used
to regulate, directly or indirectly, the prices or related terms (as
such terms are described in paragraph 164 of the Report and Order on
Remand, Declaratory Ruling, and Order in the matter of protecting and
promoting the open Internet, adopted by the Federal Communications
Commission on February 26, 2015 (FCC 15-24)) charged or imposed by
providers of broadband Internet access service (as defined in the final
rules in Appendix A of such Report and Order on Remand, Declaratory
Ruling, and Order) for such service, regardless of whether such
regulation takes the form of requirements for future conduct or
enforcement regarding past conduct.
Sec. 634. None of the amounts made available by this Act may be
used to finalize or implement the Safety Standard for Recreational Off-
Highway Vehicles published by the Consumer Product Safety Commission in
the Federal Register on November 19, 2014 (79 Fed. Reg. 68964) until
after--
(1) the National Academy of Sciences, in consultation with
the National Highway Traffic Safety Administration and the
Department of Defense, completes a study to determine--
(A) the technical validity of the lateral stability
and vehicle handling requirements proposed by such
standard for purposes of reducing the risk of
Recreational Off-Highway Vehicle (referred to in this
section as ``ROV'') rollovers in the off-road
environment, including the repeatability and
reproducibility of testing for compliance with such
requirements;
(B) the number of ROV rollovers that would be
prevented if the proposed requirements were adopted;
(C) whether there is a technical basis for the
proposal to provide information on a point-of-sale
hangtag about a ROV's rollover resistance on a
progressive scale; and
(D) the effect on the utility of ROVs used by the
United States military if the proposed requirements
were adopted; and
(2) a report containing the results of the study completed
under paragraph (1) is delivered to--
(A) the Committee on Commerce, Science, and
Transportation of the Senate;
(B) the Committee on Energy and Commerce of the
House of Representatives;
(C) the Committee on Appropriations of the Senate;
and
(D) the Committee on Appropriations of the House of
Representatives.
Sec. 635. Notwithstanding any other provision of law, not to
exceed $2,266,085 of unobligated balances from ``Election Assistance
Commission, Election Reform Programs'' shall be available to record a
disbursement previously incurred under that heading in fiscal year 2014
against a 2008 cancelled account.
Sec. 636. None of the funds appropriated by this Act may be used
by the Federal Communications Commission to modify, amend, or change
the rules or regulations of the Commission for universal service high-
cost support for competitive eligible telecommunications carriers in a
way that is inconsistent with paragraph (e)(5) or (e)(6) of section
54.307 of title 47, Code of Federal Regulations, as in effect on July
15, 2015: Provided, That this section shall not prohibit the
Commission from considering, developing, or adopting other support
mechanisms as an alternative to Mobility Fund Phase II.
Sec. 637. (a) Consumer Financial Protection Act of 2010.--The
Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is
amended--
(1) in section 1002 (12 U.S.C. 5481)--
(A) by striking paragraph (10) and inserting:
``(10) Board.--The term `Board' means the Board of
Directors of the Bureau of Consumer Financial Protection.'';
and
(B) by inserting after paragraph (29) the
following:
``(30) Chairperson.--The term `Chairperson' means the
Chairperson of the Board of Directors of the Bureau of Consumer
Financial Protection.'';
(2) in section 1012 (12 U.S.C. 5492)--
(A) in subsection (a)(8), by striking ``appointed
and supervised by the Director'' and inserting
``appointed by the Board and supervised by the
Chairperson'';
(B) in subsection (b), by striking ``Director'' and
inserting ``Board''; and
(C) in subsection (c)--
(i) in paragraph (2)(A), by striking
``Director'' and inserting ``Board''; and
(ii) in paragraph (4), by striking ``the
Director'' each place that term appears and
inserting ``any member of the Board'';
(3) in section 1013 (12 U.S.C. 5493)--
(A) in subsections (a), (b), (d), and (e), by
striking ``Director'' each place that term appears and
inserting ``Board'';
(B) in subsection (c)--
(i) in paragraphs (1) and (2), by striking
``Director'' each place that term appears and
inserting ``Board''; and
(ii) in paragraph (3)--
(I) by striking ``Assistant
Director'' each place that term appears
and inserting ``Head of Office''; and
(II) by striking ``the Director''
each place that term appears and
inserting ``the Board'';
(C) in subsection (g)--
(i) in paragraph (1), by striking
``Director'' and inserting ``Board''; and
(ii) in paragraph (2)--
(I) in the paragraph heading, by
striking ``Assistant director'' and
inserting ``Head of the office''; and
(II) by striking ``an assistant
director'' and inserting ``the Head of
the Office of Financial Protection for
Older Americans'';
(4) in section 1014 (12 U.S.C. 5494), by striking
``Director'' each place that term appears and inserting
``Board'';
(5) in section 1016(a) (12 U.S.C. 5496(a)), by striking
``Director of the Bureau'' and inserting ``Chairperson'';
(6) in section 1017--
(A) in subsection (a)--
(i) in paragraph (1), by striking
``Director'' and inserting ``Board'';
(ii) in paragraph (4)--
(I) in subparagraph (A)--
(aa) by striking ``Director
shall'' and inserting ``Board
shall'';
(bb) by striking
``Director,'' and inserting
``Board,''; and
(cc) by striking ``Director
in'' each place that term
appears and inserting ``Board
in'';
(II) in subparagraph (D), by
striking ``Director'' and inserting
``Board''; and
(III) in subparagraph (E), by
striking ``Director to'' and inserting
``Board to''; and
(iii) in paragraph (5)(C), by striking
``Director of the Bureau'' and inserting
``Chairperson'';
(B) in subsection (c)(1)--
(i) by striking ``Director,'' and inserting
``Board,''; and
(ii) by striking ``Director and'' and
inserting ``the members of the Board and''; and
(C) in subsection (e), by striking ``Director''
each place that term appears and inserting ``Board'';
(7) in subtitles B (12 U.S.C. 5511 et seq.), C (12 U.S.C.
5531 et seq.), and G (12 U.S.C. 5601 et seq.), by striking
``Director'' each place that term appears and inserting
``Board'';
(8) in section 1061(c)(2)(C)(i) (12 U.S.C.
5581(c)(2)(C)(i)), by striking ``the Board'' and inserting
``the National Credit Union Administration Board''; and
(9) in section 1066(a) (12 U.S.C. 5586(a)), by inserting
``first'' before ``Director''.
(b) Financial Stability Act of 2010.--Section 111(b)(1)(D) of the
Financial Stability Act of 2010 (12 U.S.C. 5321(b)(1)(D)) is amended by
striking ``Director of the Bureau'' and inserting ``Chairperson of the
Board of Directors of the Bureau''.
(c) Mortgage Reform and Anti-predatory Lending Act.--Section 1447
of the Mortgage Reform and Anti-Predatory Lending Act (12 U.S.C. 1701p-
2) is amended by striking ``Director'' each place the term appears and
inserting ``Board of Directors''.
(d) Electronic Fund Transfer Act.--Section 920(a)(4)(C) of the
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(4)(C)) is amended by
striking ``Director of the Bureau'' and inserting ``Board of Directors
of the Bureau''.
(e) Expedited Funds Availability Act.--The Expedited Funds
Availability Act (12 U.S.C. 4001 et seq.) is amended by striking
``Director of the Bureau'' each place that term appears and inserting
``Board of Directors of the Bureau''.
(f) Federal Deposit Insurance Act.--Section 2 of the Federal
Deposit Insurance Act (12 U.S.C. 1812) is amended--
(1) by striking ``Director of the Consumer Financial
Protection Bureau'' each place that term appears and inserting
``Chairperson of the Board of Directors of the Bureau of
Consumer Financial Protection''; and
(2) in subsection (d)(2), by striking ``Comptroller or
Director'' and inserting ``Comptroller or Chairperson''.
(g) Federal Financial Institutions Examination Council Act of
1978.--Section 1004(a)(4) of the Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3303(a)(4)) is amended by
striking ``Director of the Consumer Financial Protection Bureau'' and
inserting ``Chairperson of the Board of Directors of the Bureau of
Consumer Financial Protection''.
(h) Financial Literacy and Education Improvement Act.--Section 513
of the Financial Literacy and Education Improvement Act (20 U.S.C.
9702) is amended by striking ``Director'' each place that term appears
and inserting ``Chairperson of the Board of Directors''.
(i) Home Mortgage Disclosure Act of 1975.--Section 307 of the Home
Mortgage Disclosure Act of 1975 (12 U.S.C. 2806) is amended by striking
``Director of the Bureau of Consumer'' each place that term appears and
inserting ``Board of Directors of the Bureau of Consumer''.
(j) Interstate Land Sales Full Disclosure Act.--The Interstate Land
Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended--
(1) in section 1402(1) (15 U.S.C. 1701(1)), by striking
```Director' means the Director'' and inserting ```Board' means
the Board of Directors'';
(2) by striking ``Director'' each place that term appears
and inserting ``Board'';
(3) in section 1403(c) (15 U.S.C. 1702(c))--
(A) by striking ``by him'' and inserting ``by the
Board''; and
(B) by striking ``he'' and inserting ``the Board'';
(4) in section 1407 (15 U.S.C. 1706)--
(A) in subsection (c), by striking ``he'' and
inserting ``the Board''; and
(B) in subsection (e), by striking ``him'' and
inserting ``the Board'';
(5) in section 1411 (15 U.S.C. 1710)--
(A) in subsection (a)--
(i) by striking ``his findings'' and
inserting ``its finding''; and
(ii) by striking ``his recommendation'' and
inserting ``a recommendation''; and
(B) in subsection (b), by striking ``Secretary's
order'' and inserting ``order of the Board'';
(6) in section 1415 (15 U.S.C. 1714)--
(A) by striking ``him'' each place that term
appears and inserting ``the Board'';
(B) in subsection (a), by striking ``he may, in his
discretion'' and inserting ``the Board may, at the
discretion of the Board'';
(C) in subsection (b), by striking ``he'' each time
that term appears and inserting ``the Board''; and
(D) by striking ``in his discretion'' each time
that term appears and inserting ``at the discretion of
the Board'';
(7) in section 1416(a) (15 U.S.C. 1715(a))--
(A) by striking ``of the Bureau of Consumer
Financial Protection'' the first time that term
appears;
(B) by striking ``his functions, duties, and
powers'' and inserting ``the functions, duties, and
powers of the Board'';
(C) by striking ``his administrative law judges''
and inserting ``the administrative law judges of the
Bureau of Consumer Financial Protection''; and
(D) by striking ``himself'' and inserting ``the
Board'';
(8)(A) in section 1418a(b)(4) (15 U.S.C. 1717a(b)(4)), by
striking ``The Secretary's determination or order'' and
inserting ``A determination or order of the Board''; and
(B) in section 1418a(d) (15 U.S.C. 1717a(d)), by striking
``the Secretary's determination or order'' and inserting ``a
determination or order of the Board'';
(9) in section 1419 (15 U.S.C. 1718)--
(A) by striking ``him'' and inserting ``the
Board'';
(B) by striking ``his rules and regulations'' and
inserting ``the rules and regulations of the Board'';
and
(C) by striking ``his jurisdiction'' and inserting
``the jurisdiction of the Bureau of Consumer Financial
Protection''; and
(10) in section 1420 (15 U.S.C. 1719)--
(A) by inserting ``or any member of the Board''
before ``in any proceeding''; and
(B) by striking ``him'' and inserting ``the Board
or any member of the Board''.
(k) Real Estate Settlement Procedures Act of 1974.--Section 5 of
the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2604) is
amended--
(1) by striking ``Director of'' and inserting ``Board of
Directors of''; and
(2) by striking ``Director'' each place that term appears
and inserting ``Board''.
(l) S.A.F.E. Mortgage Licensing Act of 2008.--The S.A.F.E. Mortgage
Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended--
(1) in section 1503(10) (12 U.S.C. 5102(10))--
(A) in the paragraph heading, by striking
``Director'' and inserting ``Board''; and
(B) by striking ```Director' means the Director''
and inserting ```Board' means the Board of Directors'';
(2) by striking ``Director'' each place that term appears
and inserting ``Board'';
(3) in section 1514(b)(5) (12 U.S.C. 5113(b)(5)) and
section 1514(c)(4)(C) (12 U.S.C. 5113(c)(4)(C)), by striking
``Secretary's expenses'' and inserting ``expenses of the
Board'';
(4) in the headings of section 1514(c)(1), (c)(4)(A), and
(c)(5), by striking ``director'' and inserting ``board''; and
(5) in the heading of section 1514(d), by striking
``Director'' and inserting ``Board''.
(m) Title 44.--Section 3513(c) of title 44, United States Code, is
amended by striking ``Director of the Bureau'' and inserting ``Board of
Directors of the Bureau''.
(n) Deeming of Name.--Any reference in a law, regulation, document,
paper, or other record of the United States to the Director of the
Bureau of Consumer Financial Protection shall be deemed a reference to
the Board of Directors of the Bureau of Consumer Financial Protection,
unless otherwise specified in this Act.
(o) Effective Date.--This section and the amendments made by this
section shall take effect on the later of--
(1) October 1, 2016; or
(2) the date on which not less than 3 persons have been
confirmed by the Senate to serve as members of the Board of
Directors of the Bureau of Consumer Financial Protection.
Sec. 638. (a) Financing of Sales of Agricultural Commodities to
Cuba.--Notwithstanding any other provision of law (other than section
908 of the Trade Sanctions Reform and Export Enhancement Act of 2000
(22 U.S.C. 7207), as amended by subsection (c)), a person subject to
the jurisdiction of the United States may provide payment or financing
terms for sales of agricultural commodities to Cuba or an individual or
entity in Cuba.
(b) Definitions.--In this section:
(1) Agricultural commodity.--The term ``agricultural
commodity'' has the meaning given the term in section 102 of
the Agricultural Trade Act of 1978 (7 U.S.C. 5602).
(2) Financing.--The term ``financing'' includes any loan or
extension of credit.
(c) Conforming Amendment.--Section 908 of the Trade Sanctions
Reform and Export Enhancement Act of 2000 (22 U.S.C. 7207) is amended--
(1) in the section heading, by striking ``and financing'';
(2) by striking subsection (b);
(3) in subsection (a)--
(A) by striking ``Prohibition'' and all that
follows through ``(1) In general.--Notwithstanding''
and inserting ``In General.--Notwithstanding''; and
(B) by redesignating paragraphs (2) and (3) as
subsections (b) and (c), respectively, and by moving
those subsections, as so redesignated, 2 ems to the
left; and
(4) by striking ``paragraph (1)'' each place it appears and
inserting ``subsection (a)''.
Sec. 639. None of the funds made available in this Act may be
used, with respect to a State where marijuana is legal for recreational
or medicinal purposes, to prohibit or penalize a financial institution
solely because the institution provides financial services to an entity
that is a manufacturer, producer, or a person that participates in any
business or organized activity that--
(1) involves handling marijuana or marijuana products; and
(2) engages in such activity pursuant to a law established
by a State or a unit of local government.
Sec. 640. (a) The Office of Personnel Management shall provide to
each affected individual as defined in subsection (b) complimentary
identity protection coverage that--
(1) is not less comprehensive than the complimentary
identify protection coverage that the Office provided to
affected individuals before the date of enactment of this Act;
(2) is effective for a period of not less than 10 years;
and
(3) includes not less than $5,000,000 in identity theft
insurance.
(b) Definition.--In this section, the term ``affected individual''
means any individual whose personally identifiable information was
compromised during--
(1) the data breach of personnel records of current and
former Federal employees, at a network maintained by the
Department of the Interior, that was announced by the Office of
Personnel Management on June 4, 2015; or
(2) the data breach of systems of the Office of Personnel
Management containing information related to the background
investigations of current, former, and prospective Federal
employees, and of other individuals.
Sec. 641. (a) Notwithstanding any other provision of law, none of
the funds appropriated or otherwise made available by this Act or any
other Act may be used to implement any law, regulation, or policy that
prohibits or otherwise restricts travel, or any transaction incident to
travel, to or from Cuba by any citizen or legal resident of the United
States.
(b) Any law, regulation, or policy described in subsection (a)
shall cease to have any force or effect on and after the date of the
enactment of this Act.
(c) Nothing in this section limits the authority of the President
to restrict travel described in subsection (a), or any transaction
incident to such travel, if such restriction is important to the
national security of the United States or to protect human health or
welfare.
Sec. 642. Section 1706(b) of the Cuban Democracy Act of 1992 (22
U.S.C. 6005(b)) is amended--
(1) by striking paragraph (1); and
(2) by redesignating paragraphs (2), (3), and (4) as
paragraphs (1), (2), and (3), respectively.
TITLE VII
GENERAL PROVISIONS--GOVERNMENT-WIDE
Departments, Agencies, and Corporations
(including transfer of funds)
Sec. 701. No department, agency, or instrumentality of the United
States receiving appropriated funds under this or any other Act for
fiscal year 2016 shall obligate or expend any such funds, unless such
department, agency, or instrumentality has in place, and will continue
to administer in good faith, a written policy designed to ensure that
all of its workplaces are free from the illegal use, possession, or
distribution of controlled substances (as defined in the Controlled
Substances Act (21 U.S.C. 802)) by the officers and employees of such
department, agency, or instrumentality.
Sec. 702. Unless otherwise specifically provided, the maximum
amount allowable during the current fiscal year in accordance with
subsection 1343(c) of title 31, United States Code, for the purchase of
any passenger motor vehicle (exclusive of buses, ambulances, law
enforcement vehicles, protective vehicles, and undercover surveillance
vehicles), is hereby fixed at $19,947 except station wagons for which
the maximum shall be $19,997: Provided, That these limits may be
exceeded by not to exceed $7,250 for police-type vehicles: Provided
further, That the limits set forth in this section may not be exceeded
by more than 5 percent for electric or hybrid vehicles purchased for
demonstration under the provisions of the Electric and Hybrid Vehicle
Research, Development, and Demonstration Act of 1976: Provided
further, That the limits set forth in this section may be exceeded by
the incremental cost of clean alternative fuels vehicles acquired
pursuant to Public Law 101-549 over the cost of comparable
conventionally fueled vehicles: Provided further, That the limits set
forth in this section shall not apply to any vehicle that is a
commercial item and which operates on alternative fuel, including but
not limited to electric, plug-in hybrid electric, and hydrogen fuel
cell vehicles.
Sec. 703. Appropriations of the executive departments and
independent establishments for the current fiscal year available for
expenses of travel, or for the expenses of the activity concerned, are
hereby made available for quarters allowances and cost-of-living
allowances, in accordance with 5 U.S.C. 5922-5924.
Sec. 704. Unless otherwise specified in law during the current
fiscal year, no part of any appropriation contained in this or any
other Act shall be used to pay the compensation of any officer or
employee of the Government of the United States (including any agency
the majority of the stock of which is owned by the Government of the
United States) whose post of duty is in the continental United States
unless such person: (1) is a citizen of the United States; (2) is a
person who is lawfully admitted for permanent residence and is seeking
citizenship as outlined in 8 U.S.C. 1324b(a)(3)(B); (3) is a person who
is admitted as a refugee under 8 U.S.C. 1157 or is granted asylum under
8 U.S.C. 1158 and has filed a declaration of intention to become a
lawful permanent resident and then a citizen when eligible; or (4) is a
person who owes allegiance to the United States: Provided, That for
purposes of this section, affidavits signed by any such person shall be
considered prima facie evidence that the requirements of this section
with respect to his or her status are being complied with: Provided
further, That for purposes of subsections (2) and (3) such affidavits
shall be submitted prior to employment and updated thereafter as
necessary: Provided further, That any person making a false affidavit
shall be guilty of a felony, and upon conviction, shall be fined no
more than $4,000 or imprisoned for not more than 1 year, or both:
Provided further, That the above penal clause shall be in addition to,
and not in substitution for, any other provisions of existing law:
Provided further, That any payment made to any officer or employee
contrary to the provisions of this section shall be recoverable in
action by the Federal Government: Provided further, That this section
shall not apply to any person who is an officer or employee of the
Government of the United States on the date of enactment of this Act,
or to international broadcasters employed by the Broadcasting Board of
Governors, or to temporary employment of translators, or to temporary
employment in the field service (not to exceed 60 days) as a result of
emergencies: Provided further, That this section does not apply to the
employment as Wildland firefighters for not more than 120 days of
nonresident aliens employed by the Department of the Interior or the
USDA Forest Service pursuant to an agreement with another country.
Sec. 705. Appropriations available to any department or agency
during the current fiscal year for necessary expenses, including
maintenance or operating expenses, shall also be available for payment
to the General Services Administration for charges for space and
services and those expenses of renovation and alteration of buildings
and facilities which constitute public improvements performed in
accordance with the Public Buildings Act of 1959 (73 Stat. 479), the
Public Buildings Amendments of 1972 (86 Stat. 216), or other applicable
law.
Sec. 706. In addition to funds provided in this or any other Act,
all Federal agencies are authorized to receive and use funds resulting
from the sale of materials, including Federal records disposed of
pursuant to a records schedule recovered through recycling or waste
prevention programs. Such funds shall be available until expended for
the following purposes:
(1) Acquisition, waste reduction and prevention, and
recycling programs as described in Executive Order No. 13423
(January 24, 2007), including any such programs adopted prior
to the effective date of the Executive order.
(2) Other Federal agency environmental management programs,
including, but not limited to, the development and
implementation of hazardous waste management and pollution
prevention programs.
(3) Other employee programs as authorized by law or as
deemed appropriate by the head of the Federal agency.
Sec. 707. Funds made available by this or any other Act for
administrative expenses in the current fiscal year of the corporations
and agencies subject to chapter 91 of title 31, United States Code,
shall be available, in addition to objects for which such funds are
otherwise available, for rent in the District of Columbia; services in
accordance with 5 U.S.C. 3109; and the objects specified under this
head, all the provisions of which shall be applicable to the
expenditure of such funds unless otherwise specified in the Act by
which they are made available: Provided, That in the event any
functions budgeted as administrative expenses are subsequently
transferred to or paid from other funds, the limitations on
administrative expenses shall be correspondingly reduced.
Sec. 708. No part of any appropriation contained in this or any
other Act shall be available for interagency financing of boards
(except Federal Executive Boards), commissions, councils, committees,
or similar groups (whether or not they are interagency entities) which
do not have a prior and specific statutory approval to receive
financial support from more than one agency or instrumentality.
Sec. 709. None of the funds made available pursuant to the
provisions of this or any other Act shall be used to implement,
administer, or enforce any regulation which has been disapproved
pursuant to a joint resolution duly adopted in accordance with the
applicable law of the United States.
Sec. 710. During the period in which the head of any department or
agency, or any other officer or civilian employee of the Federal
Government appointed by the President of the United States, holds
office, no funds may be obligated or expended in excess of $5,000 to
furnish or redecorate the office of such department head, agency head,
officer, or employee, or to purchase furniture or make improvements for
any such office, unless advance notice of such furnishing or
redecoration is transmitted to the Committees on Appropriations of the
House of Representatives and the Senate. For the purposes of this
section, the term ``office'' shall include the entire suite of offices
assigned to the individual, as well as any other space used primarily
by the individual or the use of which is directly controlled by the
individual.
Sec. 711. Notwithstanding 31 U.S.C. 1346, or section 708 of this
Act, funds made available for the current fiscal year by this or any
other Act shall be available for the interagency funding of national
security and emergency preparedness telecommunications initiatives
which benefit multiple Federal departments, agencies, or entities, as
provided by Executive Order No. 13618 (July 6, 2012).
Sec. 712. (a) None of the funds made available by this or any other
Act may be obligated or expended by any department, agency, or other
instrumentality of the Federal Government to pay the salaries or
expenses of any individual appointed to a position of a confidential or
policy-determining character that is excepted from the competitive
service under section 3302 of title 5, United States Code, (pursuant to
schedule C of subpart C of part 213 of title 5 of the Code of Federal
Regulations) unless the head of the applicable department, agency, or
other instrumentality employing such schedule C individual certifies to
the Director of the Office of Personnel Management that the schedule C
position occupied by the individual was not created solely or primarily
in order to detail the individual to the White House.
(b) The provisions of this section shall not apply to Federal
employees or members of the armed forces detailed to or from an element
of the intelligence community (as that term is defined under section
3(4) of the National Security Act of 1947 (50 U.S.C. 3003(4))).
Sec. 713. No part of any appropriation contained in this or any
other Act shall be available for the payment of the salary of any
officer or employee of the Federal Government, who--
(1) prohibits or prevents, or attempts or threatens to
prohibit or prevent, any other officer or employee of the
Federal Government from having any direct oral or written
communication or contact with any Member, committee, or
subcommittee of the Congress in connection with any matter
pertaining to the employment of such other officer or employee
or pertaining to the department or agency of such other officer
or employee in any way, irrespective of whether such
communication or contact is at the initiative of such other
officer or employee or in response to the request or inquiry of
such Member, committee, or subcommittee; or
(2) removes, suspends from duty without pay, demotes,
reduces in rank, seniority, status, pay, or performance or
efficiency rating, denies promotion to, relocates, reassigns,
transfers, disciplines, or discriminates in regard to any
employment right, entitlement, or benefit, or any term or
condition of employment of, any other officer or employee of
the Federal Government, or attempts or threatens to commit any
of the foregoing actions with respect to such other officer or
employee, by reason of any communication or contact of such
other officer or employee with any Member, committee, or
subcommittee of the Congress as described in paragraph (1).
Sec. 714. (a) None of the funds made available in this or any other
Act may be obligated or expended for any employee training that--
(1) does not meet identified needs for knowledge, skills,
and abilities bearing directly upon the performance of official
duties;
(2) contains elements likely to induce high levels of
emotional response or psychological stress in some
participants;
(3) does not require prior employee notification of the
content and methods to be used in the training and written end
of course evaluation;
(4) contains any methods or content associated with
religious or quasi-religious belief systems or ``new age''
belief systems as defined in Equal Employment Opportunity
Commission Notice N-915.022, dated September 2, 1988; or
(5) is offensive to, or designed to change, participants'
personal values or lifestyle outside the workplace.
(b) Nothing in this section shall prohibit, restrict, or otherwise
preclude an agency from conducting training bearing directly upon the
performance of official duties.
Sec. 715. No part of any funds appropriated in this or any other
Act shall be used by an agency of the executive branch, other than for
normal and recognized executive-legislative relationships, for
publicity or propaganda purposes, and for the preparation, distribution
or use of any kit, pamphlet, booklet, publication, radio, television,
or film presentation designed to support or defeat legislation pending
before the Congress, except in presentation to the Congress itself.
Sec. 716. None of the funds appropriated by this or any other Act
may be used by an agency to provide a Federal employee's home address
to any labor organization except when the employee has authorized such
disclosure or when such disclosure has been ordered by a court of
competent jurisdiction.
Sec. 717. None of the funds made available in this or any other
Act may be used to provide any non-public information such as mailing,
telephone or electronic mailing lists to any person or any organization
outside of the Federal Government without the approval of the
Committees on Appropriations of the House of Representatives and the
Senate.
Sec. 718. No part of any appropriation contained in this or any
other Act shall be used directly or indirectly, including by private
contractor, for publicity or propaganda purposes within the United
States not heretofore authorized by Congress.
Sec. 719. (a) In this section, the term ``agency''--
(1) means an Executive agency, as defined under 5 U.S.C.
105; and
(2) includes a military department, as defined under
section 102 of such title, the Postal Service, and the Postal
Regulatory Commission.
(b) Unless authorized in accordance with law or regulations to use
such time for other purposes, an employee of an agency shall use
official time in an honest effort to perform official duties. An
employee not under a leave system, including a Presidential appointee
exempted under 5 U.S.C. 6301(2), has an obligation to expend an honest
effort and a reasonable proportion of such employee's time in the
performance of official duties.
Sec. 720. Notwithstanding 31 U.S.C. 1346 and section 708 of this
Act, funds made available for the current fiscal year by this or any
other Act to any department or agency, which is a member of the Federal
Accounting Standards Advisory Board (FASAB), shall be available to
finance an appropriate share of FASAB administrative costs.
Sec. 721. Notwithstanding 31 U.S.C. 1346 and section 708 of this
Act, the head of each Executive department and agency is hereby
authorized to transfer to or reimburse ``General Services
Administration, Government-wide Policy'' with the approval of the
Director of the Office of Management and Budget, funds made available
for the current fiscal year by this or any other Act, including rebates
from charge card and other contracts: Provided, That these funds shall
be administered by the Administrator of General Services to support
Government-wide and other multi-agency financial, information
technology, procurement, and other management innovations, initiatives,
and activities, including improving coordination and reducing
duplication, as approved by the Director of the Office of Management
and Budget, in consultation with the appropriate interagency and multi-
agency groups designated by the Director (including the President's
Management Council for overall management improvement initiatives, the
Chief Financial Officers Council for financial management initiatives,
the Chief Information Officers Council for information technology
initiatives, the Chief Human Capital Officers Council for human capital
initiatives, the Chief Acquisition Officers Council for procurement
initiatives, and the Performance Improvement Council for performance
improvement initiatives): Provided further, That the total funds
transferred or reimbursed shall not exceed $17,000,000 for Government-
Wide innovations, initiatives, and activities: Provided further, That
the funds transferred to or for reimbursement of ``General Services
Administration, Government-wide Policy'' during fiscal year 2016 shall
remain available for obligation through September 30, 2017: Provided
further, That such transfers or reimbursements may only be made after
15 days following notification of the Committees on Appropriations of
the House of Representatives and the Senate by the Director of the
Office of Management and Budget.
Sec. 722. Notwithstanding any other provision of law, a woman may
breastfeed her child at any location in a Federal building or on
Federal property, if the woman and her child are otherwise authorized
to be present at the location.
Sec. 723. Notwithstanding 31 U.S.C. 1346, or section 708 of this
Act, funds made available for the current fiscal year by this or any
other Act shall be available for the interagency funding of specific
projects, workshops, studies, and similar efforts to carry out the
purposes of the National Science and Technology Council (authorized by
Executive Order No. 12881), which benefit multiple Federal departments,
agencies, or entities: Provided, That the Office of Management and
Budget shall provide a report describing the budget of and resources
connected with the National Science and Technology Council to the
Committees on Appropriations, the House Committee on Science and
Technology, and the Senate Committee on Commerce, Science, and
Transportation 90 days after enactment of this Act.
Sec. 724. Any request for proposals, solicitation, grant
application, form, notification, press release, or other publications
involving the distribution of Federal funds shall comply with any
relevant requirements in part 200 of title 2, Code of Federal
Regulations: Provided, That this section shall apply to direct
payments, formula funds, and grants received by a State receiving
Federal funds.
Sec. 725. (a) Prohibition of Federal Agency Monitoring of
Individuals' Internet Use.--None of the funds made available in this or
any other Act may be used by any Federal agency--
(1) to collect, review, or create any aggregation of data,
derived from any means, that includes any personally
identifiable information relating to an individual's access to
or use of any Federal Government Internet site of the agency;
or
(2) to enter into any agreement with a third party
(including another government agency) to collect, review, or
obtain any aggregation of data, derived from any means, that
includes any personally identifiable information relating to an
individual's access to or use of any nongovernmental Internet
site.
(b) Exceptions.--The limitations established in subsection (a)
shall not apply to--
(1) any record of aggregate data that does not identify
particular persons;
(2) any voluntary submission of personally identifiable
information;
(3) any action taken for law enforcement, regulatory, or
supervisory purposes, in accordance with applicable law; or
(4) any action described in subsection (a)(1) that is a
system security action taken by the operator of an Internet
site and is necessarily incident to providing the Internet site
services or to protecting the rights or property of the
provider of the Internet site.
(c) Definitions.--For the purposes of this section:
(1) The term ``regulatory'' means agency actions to
implement, interpret or enforce authorities provided in law.
(2) The term ``supervisory'' means examinations of the
agency's supervised institutions, including assessing safety
and soundness, overall financial condition, management
practices and policies and compliance with applicable standards
as provided in law.
Sec. 726. (a) None of the funds appropriated by this Act may be
used to enter into or renew a contract which includes a provision
providing prescription drug coverage, except where the contract also
includes a provision for contraceptive coverage.
(b) Nothing in this section shall apply to a contract with--
(1) any of the following religious plans:
(A) Personal Care's HMO; and
(B) OSF HealthPlans, Inc.; and
(2) any existing or future plan, if the carrier for the
plan objects to such coverage on the basis of religious
beliefs.
(c) In implementing this section, any plan that enters into or
renews a contract under this section may not subject any individual to
discrimination on the basis that the individual refuses to prescribe or
otherwise provide for contraceptives because such activities would be
contrary to the individual's religious beliefs or moral convictions.
(d) Nothing in this section shall be construed to require coverage
of abortion or abortion-related services.
Sec. 727. The United States is committed to ensuring the health of
its Olympic, Pan American, and Paralympic athletes, and supports the
strict adherence to anti-doping in sport through testing, adjudication,
education, and research as performed by nationally recognized oversight
authorities.
Sec. 728. Notwithstanding any other provision of law, funds
appropriated for official travel to Federal departments and agencies
may be used by such departments and agencies, if consistent with Office
of Management and Budget Circular A-126 regarding official travel for
Government personnel, to participate in the fractional aircraft
ownership pilot program.
Sec. 729. Notwithstanding any other provision of law, none of the
funds appropriated or made available under this or any other
appropriations Act may be used to implement or enforce restrictions or
limitations on the Coast Guard Congressional Fellowship Program, or to
implement the proposed regulations of the Office of Personnel
Management to add sections 300.311 through 300.316 to part 300 of title
5 of the Code of Federal Regulations, published in the Federal
Register, volume 68, number 174, on September 9, 2003 (relating to the
detail of executive branch employees to the legislative branch).
Sec. 730. Notwithstanding any other provision of law, no executive
branch agency shall purchase, construct, or lease any additional
facilities, except within or contiguous to existing locations, to be
used for the purpose of conducting Federal law enforcement training
without the advance approval of the Committees on Appropriations of the
House of Representatives and the Senate, except that the Federal Law
Enforcement Training Center is authorized to obtain the temporary use
of additional facilities by lease, contract, or other agreement for
training which cannot be accommodated in existing Center facilities.
Sec. 731. Unless otherwise authorized by existing law, none of the
funds provided in this or any other Act may be used by an executive
branch agency to produce any prepackaged news story intended for
broadcast or distribution in the United States, unless the story
includes a clear notification within the text or audio of the
prepackaged news story that the prepackaged news story was prepared or
funded by that executive branch agency.
Sec. 732. None of the funds made available in this Act may be used
in contravention of section 552a of title 5, United States Code
(popularly known as the Privacy Act), and regulations implementing that
section.
Sec. 733. (a) In General.--None of the funds appropriated or
otherwise made available by this or any other Act may be used for any
Federal Government contract with any foreign incorporated entity which
is treated as an inverted domestic corporation under section 835(b) of
the Homeland Security Act of 2002 (6 U.S.C. 395(b)) or any subsidiary
of such an entity.
(b) Waivers.--
(1) In general.--Any Secretary shall waive subsection (a)
with respect to any Federal Government contract under the
authority of such Secretary if the Secretary determines that
the waiver is required in the interest of national security.
(2) Report to congress.--Any Secretary issuing a waiver
under paragraph (1) shall report such issuance to Congress.
(c) Exception.--This section shall not apply to any Federal
Government contract entered into before the date of the enactment of
this Act, or to any task order issued pursuant to such contract.
Sec. 734. During fiscal year 2016, for each employee who--
(1) retires under section 8336(d)(2) or 8414(b)(1)(B) of
title 5, United States Code; or
(2) retires under any other provision of subchapter III of
chapter 83 or chapter 84 of such title 5 and receives a payment
as an incentive to separate, the separating agency shall remit
to the Civil Service Retirement and Disability Fund an amount
equal to the Office of Personnel Management's average unit cost
of processing a retirement claim for the preceding fiscal year.
Such amounts shall be available until expended to the Office of
Personnel Management and shall be deemed to be an
administrative expense under section 8348(a)(1)(B) of title 5,
United States Code.
Sec. 735. (a) None of the funds made available in this or any other
Act may be used to recommend or require any entity submitting an offer
for a Federal contract to disclose any of the following information as
a condition of submitting the offer:
(1) Any payment consisting of a contribution, expenditure,
independent expenditure, or disbursement for an electioneering
communication that is made by the entity, its officers or
directors, or any of its affiliates or subsidiaries to a
candidate for election for Federal office or to a political
committee, or that is otherwise made with respect to any
election for Federal office.
(2) Any disbursement of funds (other than a payment
described in paragraph (1)) made by the entity, its officers or
directors, or any of its affiliates or subsidiaries to any
person with the intent or the reasonable expectation that the
person will use the funds to make a payment described in
paragraph (1).
(b) In this section, each of the terms ``contribution'',
``expenditure'', ``independent expenditure'', ``electioneering
communication'', ``candidate'', ``election'', and ``Federal office''
has the meaning given such term in the Federal Election Campaign Act of
1971 (2 U.S.C. 431 et seq.).
Sec. 736. None of the funds made available in this or any other
Act may be used to pay for the painting of a portrait of an officer or
employee of the Federal government, including the President, the Vice
President, a member of Congress (including a Delegate or a Resident
Commissioner to Congress), the head of an executive branch agency (as
defined in section 133 of title 41, United States Code), or the head of
an office of the legislative branch.
Sec. 737. (a)(1) Notwithstanding any other provision of law, and
except as otherwise provided in this section, no part of any of the
funds appropriated for fiscal year 2016, by this or any other Act, may
be used to pay any prevailing rate employee described in section
5342(a)(2)(A) of title 5, United States Code--
(A) during the period from the date of expiration of the
limitation imposed by the comparable section for the previous
fiscal years until the normal effective date of the applicable
wage survey adjustment that is to take effect in fiscal year
2016, in an amount that exceeds the rate payable for the
applicable grade and step of the applicable wage schedule in
accordance with such section; and
(B) during the period consisting of the remainder of fiscal
year 2016, in an amount that exceeds, as a result of a wage
survey adjustment, the rate payable under subparagraph (A) by
more than the sum of--
(i) the percentage adjustment taking effect in
fiscal year 2016 under section 5303 of title 5, United
States Code, in the rates of pay under the General
Schedule; and
(ii) the difference between the overall average
percentage of the locality-based comparability payments
taking effect in fiscal year 2016 under section 5304 of
such title (whether by adjustment or otherwise), and
the overall average percentage of such payments which
was effective in the previous fiscal year under such
section.
(2) Notwithstanding any other provision of law, no prevailing rate
employee described in subparagraph (B) or (C) of section 5342(a)(2) of
title 5, United States Code, and no employee covered by section 5348 of
such title, may be paid during the periods for which paragraph (1) is
in effect at a rate that exceeds the rates that would be payable under
paragraph (1) were paragraph (1) applicable to such employee.
(3) For the purposes of this subsection, the rates payable to an
employee who is covered by this subsection and who is paid from a
schedule not in existence on September 30, 2015, shall be determined
under regulations prescribed by the Office of Personnel Management.
(4) Notwithstanding any other provision of law, rates of premium
pay for employees subject to this subsection may not be changed from
the rates in effect on September 30, 2015, except to the extent
determined by the Office of Personnel Management to be consistent with
the purpose of this subsection.
(5) This subsection shall apply with respect to pay for service
performed after September 30, 2015.
(6) For the purpose of administering any provision of law
(including any rule or regulation that provides premium pay,
retirement, life insurance, or any other employee benefit) that
requires any deduction or contribution, or that imposes any requirement
or limitation on the basis of a rate of salary or basic pay, the rate
of salary or basic pay payable after the application of this subsection
shall be treated as the rate of salary or basic pay.
(7) Nothing in this subsection shall be considered to permit or
require the payment to any employee covered by this subsection at a
rate in excess of the rate that would be payable were this subsection
not in effect.
(8) The Office of Personnel Management may provide for exceptions
to the limitations imposed by this subsection if the Office determines
that such exceptions are necessary to ensure the recruitment or
retention of qualified employees.
(b) Notwithstanding subsection (a), the adjustment in rates of
basic pay for the statutory pay systems that take place in fiscal year
2016 under sections 5344 and 5348 of title 5, United States Code, shall
be--
(1) not less than the percentage received by employees in
the same location whose rates of basic pay are adjusted
pursuant to the statutory pay systems under sections 5303 and
5304 of title 5, United States Code: Provided, That prevailing
rate employees at locations where there are no employees whose
pay is increased pursuant to sections 5303 and 5304 of title 5,
United States Code, and prevailing rate employees described in
section 5343(a)(5) of title 5, United States Code, shall be
considered to be located in the pay locality designated as
``Rest of United States'' pursuant to section 5304 of title 5,
United States Code, for purposes of this subsection; and
(2) effective as of the first day of the first applicable
pay period beginning after September 30, 2015.
Sec. 738. (a) The Vice President may not receive a pay raise in
calendar year 2016, notwithstanding the rate adjustment made under
section 104 of title 3, United States Code, or any other provision of
law.
(b) An employee serving in an Executive Schedule position, or in a
position for which the rate of pay is fixed by statute at an Executive
Schedule rate, may not receive a pay rate increase in calendar year
2016, notwithstanding schedule adjustments made under section 5318 of
title 5, United States Code, or any other provision of law, except as
provided in subsection (g), (h), or (i). This subsection applies only
to employees who are holding a position under a political appointment.
(c) A chief of mission or ambassador at large may not receive a pay
rate increase in calendar year 2016, notwithstanding section 401 of the
Foreign Service Act of 1980 (Public Law 96-465) or any other provision
of law, except as provided in subsection (g), (h), or (i).
(d) Notwithstanding sections 5382 and 5383 of title 5, United
States Code, a pay rate increase may not be received in calendar year
2016 (except as provided in subsection (g), (h), or (i)) by--
(1) a noncareer appointee in the Senior Executive Service
paid a rate of basic pay at or above level IV of the Executive
Schedule; or
(2) a limited term appointee or limited emergency appointee
in the Senior Executive Service serving under a political
appointment and paid a rate of basic pay at or above level IV
of the Executive Schedule.
(e) Any employee paid a rate of basic pay (including any locality-
based payments under section 5304 of title 5, United States Code, or
similar authority) at or above level IV of the Executive Schedule who
serves under a political appointment may not receive a pay rate
increase in calendar year 2016, notwithstanding any other provision of
law, except as provided in subsection (g), (h), or (i). This subsection
does not apply to employees in the General Schedule pay system or the
Foreign Service pay system, or to employees appointed under section
3161 of title 5, United States Code, or to employees in another pay
system whose position would be classified at GS-15 or below if chapter
51 of title 5, United States Code, applied to them.
(f) Nothing in subsections (b) through (e) shall prevent employees
who do not serve under a political appointment from receiving pay
increases as otherwise provided under applicable law.
(g) A career appointee in the Senior Executive Service who receives
a Presidential appointment and who makes an election to retain Senior
Executive Service basic pay entitlements under section 3392 of title 5,
United States Code, is not subject to this section.
(h) A member of the Senior Foreign Service who receives a
Presidential appointment to any position in the executive branch and
who makes an election to retain Senior Foreign Service pay entitlements
under section 302(b) of the Foreign Service Act of 1980 (Public Law 96-
465) is not subject to this section.
(i) Notwithstanding subsections (b) through (e), an employee in a
covered position may receive a pay rate increase upon an authorized
movement to a different covered position with higher-level duties and a
pre-established higher level or range of pay, except that any such
increase must be based on the rates of pay and applicable pay
limitations in effect on December 31, 2013.
(j) Notwithstanding any other provision of law, for an individual
who is newly appointed to a covered position during the period of time
subject to this section, the initial pay rate shall be based on the
rates of pay and applicable pay limitations in effect on December 31,
2013.
(k) If an employee affected by subsections (b) through (e) is
subject to a biweekly pay period that begins in calendar year 2016 but
ends in calendar year 2017, the bar on the employee's receipt of pay
rate increases shall apply through the end of that pay period.
Sec. 739. (a) The head of any Executive branch department, agency,
board, commission, or office funded by this or any other appropriations
Act shall submit annual reports to the Inspector General or senior
ethics official for any entity without an Inspector General, regarding
the costs and contracting procedures related to each conference held by
any such department, agency, board, commission, or office during fiscal
year 2016 for which the cost to the United States Government was more
than $100,000.
(b) Each report submitted shall include, for each conference
described in subsection (a) held during the applicable period--
(1) a description of its purpose;
(2) the number of participants attending;
(3) a detailed statement of the costs to the United States
Government, including--
(A) the cost of any food or beverages;
(B) the cost of any audio-visual services;
(C) the cost of employee or contractor travel to
and from the conference; and
(D) a discussion of the methodology used to
determine which costs relate to the conference; and
(4) a description of the contracting procedures used
including--
(A) whether contracts were awarded on a competitive
basis; and
(B) a discussion of any cost comparison conducted
by the departmental component or office in evaluating
potential contractors for the conference.
(c) Within 15 days of the date of a conference held by any
Executive branch department, agency, board, commission, or office
funded by this or any other appropriations Act during fiscal year 2016
for which the cost to the United States Government was more than
$20,000, the head of any such department, agency, board, commission, or
office shall notify the Inspector General or senior ethics official for
any entity without an Inspector General, of the date, location, and
number of employees attending such conference.
(d) A grant or contract funded by amounts appropriated by this or
any other appropriations Act may not be used for the purpose of
defraying the costs of a conference described in subsection (c) that is
not directly and programmatically related to the purpose for which the
grant or contract was awarded, such as a conference held in connection
with planning, training, assessment, review, or other routine purposes
related to a project funded by the grant or contract.
(e) None of the funds made available in this or any other
appropriations Act may be used for travel and conference activities
that are not in compliance with Office of Management and Budget
Memorandum M-12-12 dated May 11, 2012.
Sec. 740. None of the funds made available in this or any other
appropriations Act may be used to increase, eliminate, or reduce
funding for a program, project, or activity as proposed in the
President's budget request for a fiscal year until such proposed change
is subsequently enacted in an appropriation Act, or unless such change
is made pursuant to the reprogramming or transfer provisions of this or
any other appropriations Act.
Sec. 741. None of the funds made available by this or any other
Act may be used to implement, administer, enforce, or apply the rule
entitled ``Competitive Area'' published by the Office of Personnel
Management in the Federal Register on April 15, 2008 (73 Fed. Reg.
20180 et seq.).
Sec. 742. None of the funds appropriated or otherwise made
available by this or any other Act may be used to begin or announce a
study or public-private competition regarding the conversion to
contractor performance of any function performed by Federal employees
pursuant to Office of Management and Budget Circular A-76 or any other
administrative regulation, directive, or policy.
Sec. 743. (a) None of the funds appropriated or otherwise made
available by this or any other Act may be available for a contract,
grant, or cooperative agreement with an entity that requires employees
or contractors of such entity seeking to report fraud, waste, or abuse
to sign internal confidentiality agreements or statements prohibiting
or otherwise restricting such employees or contractors from lawfully
reporting such waste, fraud, or abuse to a designated investigative or
law enforcement representative of a Federal department or agency
authorized to receive such information.
(b) The limitation in subsection (a) shall not contravene
requirements applicable to Standard Form 312, Form 4414, or any other
form issued by a Federal department or agency governing the
nondisclosure of classified information.
Sec. 744. None of the funds made available by this or any other
Act may be used to enter into a contract, memorandum of understanding,
or cooperative agreement with, make a grant to, or provide a loan or
loan guarantee to, any corporation that has any unpaid Federal tax
liability that has been assessed, for which all judicial and
administrative remedies have been exhausted or have lapsed, and that is
not being paid in a timely manner pursuant to an agreement with the
authority responsible for collecting the tax liability, where the
awarding agency is aware of the unpaid tax liability, unless a Federal
agency has considered suspension or debarment of the corporation and
has made a determination that this further action is not necessary to
protect the interests of the Government.
Sec. 745. None of the funds made available by this or any other
Act may be used to enter into a contract, memorandum of understanding,
or cooperative agreement with, make a grant to, or provide a loan or
loan guarantee to, any corporation that was convicted of a felony
criminal violation under any Federal law within the preceding 24
months, where the awarding agency is aware of the conviction, unless a
Federal agency has considered suspension or debarment of the
corporation and has made a determination that this further action is
not necessary to protect the interests of the Government.
Sec. 746. (a) No funds appropriated in this or any other Act may be
used to implement or enforce the agreements in Standard Forms 312 and
4414 of the Government or any other nondisclosure policy, form, or
agreement if such policy, form, or agreement does not contain the
following provisions: ``These provisions are consistent with and do not
supersede, conflict with, or otherwise alter the employee obligations,
rights, or liabilities created by existing statute or Executive order
relating to (1) classified information, (2) communications to Congress,
(3) the reporting to an Inspector General of a violation of any law,
rule, or regulation, or mismanagement, a gross waste of funds, an abuse
of authority, or a substantial and specific danger to public health or
safety, or (4) any other whistleblower protection. The definitions,
requirements, obligations, rights, sanctions, and liabilities created
by controlling Executive orders and statutory provisions are
incorporated into this agreement and are controlling.'': Provided,
That notwithstanding the preceding provision of this section, a
nondisclosure policy form or agreement that is to be executed by a
person connected with the conduct of an intelligence or intelligence-
related activity, other than an employee or officer of the United
States Government, may contain provisions appropriate to the particular
activity for which such document is to be used. Such form or agreement
shall, at a minimum, require that the person will not disclose any
classified information received in the course of such activity unless
specifically authorized to do so by the United States Government. Such
nondisclosure forms shall also make it clear that they do not bar
disclosures to Congress, or to an authorized official of an executive
agency or the Department of Justice, that are essential to reporting a
substantial violation of law.
(b) A nondisclosure agreement may continue to be implemented and
enforced notwithstanding subsection (a) if it complies with the
requirements for such agreement that were in effect when the agreement
was entered into.
(c) No funds appropriated in this or any other Act may be used to
implement or enforce any agreement entered into during fiscal year 2014
which does not contain substantially similar language to that required
in subsection (a).
Sec. 747. None of the funds made available by this or any other
Act may be used to implement, administer, carry out, modify, revise, or
enforce Executive Order 13690 (entitled ``Establishing a Federal Flood
Risk Management Standard and a Process for Further Soliciting and
Considering Stakeholder Input'').
Sec. 748. If, for fiscal year 2016, new budget authority provided
in appropriations Acts exceeds the discretionary spending limit for any
category set forth in section 251(c) of the Balanced Budget and
Emergency Deficit Control Act of 1985 due to estimating differences
with the Congressional Budget Office, an adjustment to the
discretionary spending limit in such category for fiscal year 2016
shall be made by the Director of the Office of Management and Budget in
the amount of the excess but the total of all such adjustments shall
not exceed 0.2 percent of the sum of the adjusted discretionary
spending limits for all categories for that fiscal year.
Sec. 749. Except as expressly provided otherwise, any reference to
``this Act'' contained in any title other than title IV or VIII shall
not apply to such title IV or VIII.
TITLE VIII
GENERAL PROVISIONS--DISTRICT OF COLUMBIA
(including transfers of funds)
Sec. 801. There are appropriated from the applicable funds of the
District of Columbia such sums as may be necessary for making refunds
and for the payment of legal settlements or judgments that have been
entered against the District of Columbia government.
Sec. 802. None of the Federal funds provided in this Act shall be
used for publicity or propaganda purposes or implementation of any
policy including boycott designed to support or defeat legislation
pending before Congress or any State legislature.
Sec. 803. (a) None of the Federal funds provided under this Act to
the agencies funded by this Act, both Federal and District government
agencies, that remain available for obligation or expenditure in fiscal
year 2016, or provided from any accounts in the Treasury of the United
States derived by the collection of fees available to the agencies
funded by this Act, shall be available for obligation or expenditures
for an agency through a reprogramming of funds which--
(1) creates new programs;
(2) eliminates a program, project, or responsibility
center;
(3) establishes or changes allocations specifically denied,
limited or increased under this Act;
(4) increases funds or personnel by any means for any
program, project, or responsibility center for which funds have
been denied or restricted;
(5) re-establishes any program or project previously
deferred through reprogramming;
(6) augments any existing program, project, or
responsibility center through a reprogramming of funds in
excess of $3,000,000 or 10 percent, whichever is less; or
(7) increases by 20 percent or more personnel assigned to a
specific program, project or responsibility center,
unless prior approval is received from the Committees on Appropriations
of the House of Representatives and the Senate.
(b) The District of Columbia government is authorized to approve
and execute reprogramming and transfer requests of local funds under
this title through November 7, 2016.
Sec. 804. None of the Federal funds provided in this Act may be
used by the District of Columbia to provide for salaries, expenses, or
other costs associated with the offices of United States Senator or
United States Representative under section 4(d) of the District of
Columbia Statehood Constitutional Convention Initiatives of 1979 (D.C.
Law 3-171; D.C. Official Code, sec. 1-123).
Sec. 805. Except as otherwise provided in this section, none of
the funds made available by this Act or by any other Act may be used to
provide any officer or employee of the District of Columbia with an
official vehicle unless the officer or employee uses the vehicle only
in the performance of the officer's or employee's official duties. For
purposes of this section, the term ``official duties'' does not include
travel between the officer's or employee's residence and workplace,
except in the case of--
(1) an officer or employee of the Metropolitan Police
Department who resides in the District of Columbia or is
otherwise designated by the Chief of the Department;
(2) at the discretion of the Fire Chief, an officer or
employee of the District of Columbia Fire and Emergency Medical
Services Department who resides in the District of Columbia and
is on call 24 hours a day;
(3) at the discretion of the Director of the Department of
Corrections, an officer or employee of the District of Columbia
Department of Corrections who resides in the District of
Columbia and is on call 24 hours a day;
(4) at the discretion of the Chief Medical Examiner, an
officer or employee of the Office of the Chief Medical Examiner
who resides in the District of Columbia and is on call 24 hours
a day;
(5) at the discretion of the Director of the Homeland
Security and Emergency Management Agency, an officer or
employee of the Homeland Security and Emergency Management
Agency who resides in the District of Columbia and is on call
24 hours a day;
(6) the Mayor of the District of Columbia; and
(7) the Chairman of the Council of the District of
Columbia.
Sec. 806. (a) None of the Federal funds contained in this Act may
be used by the District of Columbia Attorney General or any other
officer or entity of the District government to provide assistance for
any petition drive or civil action which seeks to require Congress to
provide for voting representation in Congress for the District of
Columbia.
(b) Nothing in this section bars the District of Columbia Attorney
General from reviewing or commenting on briefs in private lawsuits, or
from consulting with officials of the District government regarding
such lawsuits.
Sec. 807. None of the Federal funds contained in this Act may be
used to distribute any needle or syringe for the purpose of preventing
the spread of blood borne pathogens in any location that has been
determined by the local public health or local law enforcement
authorities to be inappropriate for such distribution.
Sec. 808. Nothing in this Act may be construed to prevent the
Council or Mayor of the District of Columbia from addressing the issue
of the provision of contraceptive coverage by health insurance plans,
but it is the intent of Congress that any legislation enacted on such
issue should include a ``conscience clause'' which provides exceptions
for religious beliefs and moral convictions.
Sec. 809. None of the Federal funds appropriated under this Act
shall be expended for any abortion except where the life of the mother
would be endangered if the fetus were carried to term or where the
pregnancy is the result of an act of rape or incest.
Sec. 810. (a) No later than 30 calendar days after the date of the
enactment of this Act, the Chief Financial Officer for the District of
Columbia shall submit to the appropriate committees of Congress, the
Mayor, and the Council of the District of Columbia, a revised
appropriated funds operating budget in the format of the budget that
the District of Columbia government submitted pursuant to section 442
of the District of Columbia Home Rule Act (D.C. Official Code, sec. 1-
204.42), for all agencies of the District of Columbia government for
fiscal year 2016 that is in the total amount of the approved
appropriation and that realigns all budgeted data for personal services
and other-than-personal services, respectively, with anticipated actual
expenditures.
(b) This section shall apply only to an agency for which the Chief
Financial Officer for the District of Columbia certifies that a
reallocation is required to address unanticipated changes in program
requirements.
Sec. 811. No later than 30 calendar days after the date of the
enactment of this Act, the Chief Financial Officer for the District of
Columbia shall submit to the appropriate committees of Congress, the
Mayor, and the Council for the District of Columbia, a revised
appropriated funds operating budget for the District of Columbia Public
Schools that aligns schools budgets to actual enrollment. The revised
appropriated funds budget shall be in the format of the budget that the
District of Columbia government submitted pursuant to section 442 of
the District of Columbia Home Rule Act (D.C. Official Code, sec. 1-
204.42).
Sec. 812. (a) Amounts appropriated in this Act as operating funds
may be transferred to the District of Columbia's enterprise and capital
funds and such amounts, once transferred, shall retain appropriation
authority consistent with the provisions of this Act.
(b) The District of Columbia government is authorized to reprogram
or transfer for operating expenses any local funds transferred or
reprogrammed in this or the four prior fiscal years from operating
funds to capital funds, and such amounts, once transferred or
reprogrammed, shall retain appropriation authority consistent with the
provisions of this Act.
(c) The District of Columbia government may not transfer or
reprogram for operating expenses any funds derived from bonds, notes,
or other obligations issued for capital projects.
Sec. 813. None of the Federal funds appropriated in this Act shall
remain available for obligation beyond the current fiscal year, nor may
any be transferred to other appropriations, unless expressly so
provided herein.
Sec. 814. Except as otherwise specifically provided by law or
under this Act, not to exceed 50 percent of unobligated balances
remaining available at the end of fiscal year 2016 from appropriations
of Federal funds made available for salaries and expenses for fiscal
year 2016 in this Act, shall remain available through September 30,
2017, for each such account for the purposes authorized: Provided,
That a request shall be submitted to the Committees on Appropriations
of the House of Representatives and the Senate for approval prior to
the expenditure of such funds: Provided further, That these requests
shall be made in compliance with reprogramming guidelines outlined in
section 803 of this Act.
Sec. 815. (a) During fiscal year 2017, during a period in which
neither a District of Columbia continuing resolution or a regular
District of Columbia appropriation bill is in effect, local funds are
appropriated in the amount provided for any project or activity for
which local funds are provided in the Fiscal Year 2017 Budget Request
Act of 2016 as submitted to Congress (subject to any modifications
enacted by the District of Columbia as of the beginning of the period
during which this subsection is in effect) at the rate set forth by
such Act.
(b) Appropriations made by subsection (a) shall cease to be
available--
(1) during any period in which a District of Columbia
continuing resolution for fiscal year 2017 is in effect; or
(2) upon the enactment into law of the regular District of
Columbia appropriation bill for fiscal year 2017.
(c) An appropriation made by subsection (a) is provided under the
authority and conditions as provided under this Act and shall be
available to the extent and in the manner that would be provided by
this Act.
(d) An appropriation made by subsection (a) shall cover all
obligations or expenditures incurred for such project or activity
during the portion of fiscal year 2017 for which this section applies
to such project or activity.
(e) This section shall not apply to a project or activity during
any period of fiscal year 2017 if any other provision of law (other
than an authorization of appropriations)--
(1) makes an appropriation, makes funds available, or
grants authority for such project or activity to continue for
such period; or
(2) specifically provides that no appropriation shall be
made, no funds shall be made available, or no authority shall
be granted for such project or activity to continue for such
period.
(f) Nothing in this section shall be construed to affect
obligations of the government of the District of Columbia mandated by
other law.
Sec. 816. (a) This section may be cited as the ``D.C. Opportunity
Scholarship Program School Certification Requirements Act''.
(b) Section 3007(a) of the Scholarships for Opportunity and Results
Act (Public Law 112-10; 125 Stat. 203) is amended--
(1) in paragraph (4)--
(A) in subparagraph (E), by striking ``and'' after
the semicolon;
(B) in subparagraph (F), by striking the period at
the end and inserting a semicolon; and
(C) by adding at the end the following:
``(G)(i) is provisionally or fully accredited by a
national or regional accrediting agency that is
recognized in the District of Columbia School Reform
Act of 1995 (sec. 38-1802.02(16)(A)-(G), D.C. Official
Code) or any other accrediting body deemed appropriate
by the Office of the State Superintendent for Schools
for the purposes of accrediting an elementary or
secondary school; or
``(ii) in the case of a school that is a
participating school as of the day before the
date of enactment of the D.C. Opportunity
Scholarship Program School Certification
Requirements Act and, as of such day, does not
meet the requirements of clause (i)--
``(I) by not later than 1 year
after such date of enactment, is
pursuing accreditation by a national or
regional accrediting agency recognized
in the District of Columbia School
Reform Act of 1995 (sec. 38-
1802.02(16)(A)-(G), D.C. Official Code)
or any other accrediting body deemed
appropriate by the Office of the State
Superintendent for Schools for the
purposes of accrediting an elementary
or secondary school; and
``(II) by not later than 5 years
after such date of enactment, is
provisionally or fully accredited by
such accrediting agency, except that an
eligible entity may grant not more than
one 1-year extension to meet this
requirement for each participating
school that provides evidence to the
eligible entity from such accrediting
agency that the school's application
for accreditation is in process and the
school will be awarded accreditation
before the end of the 1-year extension
period;
``(H) conducts criminal background checks on school
employees who have direct and unsupervised interaction
with students; and
``(I) complies with all requests for data and
information regarding the reporting requirements
described in section 3010.''; and
(2) by adding at the end the following:
``(5) New participating schools.--If a school is not a
participating school as of the date of enactment of the D.C.
Opportunity Scholarship Program School Certification
Requirements Act, the school shall not become a participating
school and none of the funds provided under this division for
opportunity scholarships may be used by an eligible student to
enroll in that school unless the school--
``(A) is actively pursuing provisional or full
accreditation by a national or regional accrediting
agency that is recognized in the District of Columbia
School Reform Act of 1995 (sec. 38-1802.02(16)(A)-(G),
D.C. Official Code) or any other accrediting body
deemed appropriate by the Office of the State
Superintendent for Schools for the purposes of
accrediting an elementary or secondary school; and
``(B) meets all of the other requirements for
participating schools under this Act.
``(6) Enrolling in another school.--An eligible entity
shall assist the parents of a participating eligible student in
identifying, applying to, and enrolling in an another
participating school for which opportunity scholarship funds
may be used, if--
``(A) such student is enrolled in a participating
private school and may no longer use opportunity
scholarship funds for enrollment in that participating
private school because such school fails to meet a
requirement under paragraph 4, or any other requirement
of this Act; or
``(B) a participating eligible student is enrolled
in a school that ceases to be a participating
school.''.
(c) Report to Eligible Entities.--Section 3010 of the Scholarships
for Opportunity and Results Act (Public Law 112-10; 125 Stat. 203) is
further amended--
(1) by redesignating subsection (d) as subsection (e); and
(2) by inserting after subsection (c) the following:
``(d) Reports to Eligible Entities.--The eligible entity receiving
funds under section 3004(a) shall ensure that each participating school
under this division submits to the eligible entity beginning not later
than 5 years after the date of the enactment of the D.C. Opportunity
Scholarship Program School Certification Requirements Act, a
certification that the school has been awarded provisional or full
accreditation, or has been granted an extension by the eligible entity
in accordance with section 3007(a)(4)(G).''.
(d) Unless specifically provided otherwise, this section, and the
amendments made by this section, shall take effect 1 year after the
date of enactment of this Act.
Sec. 817. Subparagraph (G) of section 3(c)(2) of the District of
Columbia College Access Act of 1999 (Public Law 106-98), as amended, is
further amended:
(1) by inserting after ``(G)'', ``(i) for individuals who
began an undergraduate course of study prior to school year
2015-2016,''; and
(2) by inserting the following before the period at the
end: ``and (ii) for individuals who begin an undergraduate
course of study in or after school year 2016-2017, is from a
family with a taxable annual income of less than $450,000.
Beginning with school year 2017-2018, the Mayor shall adjust
the amounts in clauses (i) and (ii) for inflation, as measured
by the percentage increase, if any, from the preceding fiscal
year in the Consumer Price Index for All Urban Consumers,
published by the Bureau of Labor Statistics of the Department
of Labor''.
Sec. 818. Except as expressly provided otherwise, any reference to
``this Act'' contained in this title or in title IV shall be treated as
referring only to the provisions of this title or of title IV.
TITLE IX--FINANCIAL REGULATORY IMPROVEMENTS
SEC. 901. SHORT TITLE.
This title may be cited as the ``Financial Regulatory Improvement
Act of 2015''.
Subtitle A--Regulatory Relief and Protection of Consumer Access to
Credit
SEC. 902. EXCEPTION TO ANNUAL WRITTEN PRIVACY NOTICE REQUIREMENT UNDER
THE GRAMM-LEACH-BLILEY ACT.
Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is
amended by adding at the end the following:
``(f) Exception to Annual Written Notice Requirement.--
``(1) In general.--A financial institution described in
paragraph (2) shall not be required to provide an annual
written disclosure under this section until such time as the
financial institution fails to comply with subparagraph (A),
(B), or (C) of paragraph (2).
``(2) Covered institutions.--A financial institution
described in this paragraph is a financial institution that--
``(A) provides nonpublic personal information only
in accordance with the provisions of subsection (b)(2)
or (e) of section 502 or regulations prescribed under
section 504(b);
``(B) has not changed its policies and practices
with respect to disclosing nonpublic personal
information from the policies and practices that were
disclosed in the most recent disclosure sent to
consumers in accordance with this section; and
``(C) otherwise provides customers access to such
most recent disclosure in electronic or other form
permitted by regulations prescribed under section
504.''.
SEC. 903. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO BECOME MEMBERS
OF A FEDERAL HOME LOAN BANK.
(a) In General.--Section 4(a) of the Federal Home Loan Bank Act (12
U.S.C. 1424(a)) is amended by adding at the end the following:
``(5) Certain privately insured credit unions.--
``(A) In general.--Subject to the requirements of
subparagraph (B), a credit union that lacks insurance
of its member accounts under Federal law shall be
treated as an insured depository institution for
purposes of this Act.
``(B) Certification by appropriate state
supervisor.--For purposes of this paragraph, a credit
union that lacks insurance of its member accounts under
Federal law and that has applied for membership in a
Federal Home Loan Bank shall be treated as an insured
depository institution if the following has occurred:
``(i) Determination by state supervisor of
the credit union.--
``(I) In general.--Subject to
subclause (II), the appropriate
supervisor of the State in which the
credit union is chartered has
determined that the credit union meets
all the eligibility requirements under
section 201(a) of the Federal Credit
Union Act (12 U.S.C. 1781(a)) to apply
for insurance of its member accounts as
of the date of the application for
membership.
``(II) Certification deemed
valid.--In the case of any credit union
to which subclause (I) applies, if the
appropriate supervisor of the State in
which such credit union is chartered
fails to make the determination
required pursuant to such subclause by
the end of the 12-month period
beginning on the date on which the
application is submitted to the
supervisor, the credit union shall be
deemed to have met the requirements of
subclause (I).
``(ii) Determination by state supervisor of
the private deposit insurer.--The licensing
entity of the private deposit insurer that is
insuring the member accounts of the credit
union--
``(I) receives, on an annual basis,
an independent actuarial opinion that
the private insurer has set aside
sufficient reserves for losses; and
``(II) obtains, as frequently as
appropriate, but not less frequently
than once every 36 months, a study by
an independent actuary on the capital
adequacy of the private insurer.
``(iii) Submission of financial
information.--The credit union or the
appropriate supervisor of the State in which
the credit union is chartered makes available,
and continues to make available for such time
as the credit union is a member of a Federal
Home Loan Bank, to the Federal Housing Finance
Agency or to the Federal Home Loan Bank all
reports, records, and other information related
to any examination or inquiry performed by the
supervisor concerning the financial condition
of the credit union, as soon as is practicable.
``(C) Security interests of federal home loan bank
not avoidable.--Notwithstanding any provision of State
law authorizing a conservator or liquidating agent of a
credit union to repudiate contracts, no such provision
shall apply with respect to--
``(i) any extension of credit from any
Federal Home Loan Bank to any credit union that
is a member of any such bank pursuant to this
paragraph; or
``(ii) any security interest in the assets
of such a credit union securing any such
extension of credit.
``(D) Protection for certain federal home loan bank
advances.--Notwithstanding any State law to the
contrary, if a Bank makes an advance under section 10
to a State-chartered credit union that is not federally
insured--
``(i) the interest of the Bank in any
collateral securing the advance has the same
priority and is afforded the same standing and
rights that the security interest would have
had if the advance had been made to a federally
insured credit union; and
``(ii) the Bank has the same right to
access such collateral that the Bank would have
had if the advance had been made to a federally
insured credit union.''.
(b) Copies of Audits of Private Insurers of Certain Depository
Institutions Required to Be Provided to Supervisory Agencies.--Section
43(a)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C.
1831t(a)(2)(A)) is amended--
(1) in clause (i), by striking ``; and'' and inserting a
semicolon;
(2) in clause (ii), by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following:
``(iii) in the case of depository
institutions described in subsection (e)(2)(A),
the member accounts of which are insured by the
private deposit insurer, which are members of a
Federal home loan bank, to the Federal Housing
Finance Agency, not later than 7 days after the
audit is completed.''.
(c) GAO Report.--Not later than 18 months after the date of
enactment of this title, the Comptroller General of the United States
shall conduct a study and submit to Congress a report on--
(1) the adequacy of insurance reserves held by any private
deposit insurer that insures the member accounts of any entity
described in section 43(e)(2)(A) of the Federal Deposit
Insurance Act (12 U.S.C. 1831t(e)(2)(A)); and
(2) for any entity described in paragraph (1), the member
accounts of which are insured by a private deposit insurer, the
level of compliance with Federal regulations relating to the
disclosure of a lack of Federal deposit insurance.
SEC. 904. DESIGNATION OF RURAL AREA.
(a) Application.--Not later than 90 days after the date of
enactment of this title, the Bureau of Consumer Financial Protection
shall establish an application process under which a person who lives
or does business in a State may, with respect to an area identified by
the person in the State that has not been designated by the Bureau of
Consumer Financial Protection as a rural area for purposes of a Federal
consumer financial law (as defined in section 1002 of the Consumer
Financial Protection Act of 2010 (12 U.S.C. 5481)), apply for such area
to be so designated.
(b) Evaluation Criteria.--In evaluating an application submitted
under subsection (a), the Bureau of Consumer Financial Protection shall
take into consideration the following factors:
(1) Criteria used by the Director of the Bureau of the
Census for classifying geographical areas as rural or urban.
(2) Criteria used by the Director of the Office of
Management and Budget to designate counties as metropolitan,
micropolitan, or neither.
(3) Criteria used by the Secretary of Agriculture to
determine property eligibility for rural development programs.
(4) The Department of Agriculture rural-urban commuting
area codes.
(5) A written opinion provided by the State bank supervisor
(as defined in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813).
(6) Population density.
(c) Rule of Construction.--If, at any time before the date on which
an application is submitted under subsection (a), the area subject to
review has been designated as nonrural by any Federal agency described
in subsection (b) using any of the criteria described in that
subsection, the Bureau of Consumer Financial Protection shall not be
required to consider such designation in its evaluation.
(d) Public Comment Period.--
(1) In general.--Not later than 60 days after the date on
which an application submitted under subsection (a) is
received, the Bureau of Consumer Financial Protection shall--
(A) publish the application on the website of the
Bureau of Consumer Financial Protection; and
(B) make the application available for public
comment for not fewer than 90 days.
(2) Limitation on additional applications.--Nothing in
this section shall be construed to require the Bureau of
Consumer Financial Protection, during the public comment period
described in paragraph (1) with respect to an application
submitted under subsection (a), to accept an additional
application with respect to the area that is the subject of the
initial application.
(e) Decision on Designation.--Not later than 90 days after the end
of the public comment period described in subsection (d)(1), the Bureau
of Consumer Financial Protection shall--
(1) grant or deny such application, in whole or in part;
and
(2) publish such grant or denial in the Federal Register,
along with an explanation of the factors on which the Bureau of
Consumer Financial Protection relied in making such decision.
(f) Subsequent Applications.--A decision by the Bureau under
subsection (e) to deny an application for an area to be designated as a
rural area shall not preclude the Bureau of Consumer Financial
Protection from accepting a subsequent application submitted under
subsection (a) for the area to be so designated if the subsequent
application is submitted after the date on which the 90-day period
beginning on the date on which the Bureau of Consumer Financial
Protection denies the application under subsection (e) expires.
(g) Operations in Rural Areas.--The Truth in Lending Act (15 U.S.C.
1601 et seq.) is amended--
(1) in section 129C(b)(2)(E)(iv)(I) (15 U.S.C.
1639c(b)(2)(E)(iv)(I)), by striking ``predominantly''; and
(2) in section 129D(c)(1) (15 U.S.C. 1639d(c)(1)), by
striking ``predominantly''.
SEC. 905. INDEPENDENT EXAMINATION REVIEW.
(a) In General.--The Federal Financial Institutions Examination
Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at
the end the following:
``SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION REVIEW.
``(a) Establishment.--There is established in the Council an Office
of Independent Examination Review.
``(b) Head of Office.--
``(1) Establishment.--There is established the position of
the Director as the head of the Office of Independent
Examination Review, who shall be appointed by the Council for a
term of 5 years.
``(2) Removal.--
``(A) In general.--The President may remove the
Director from office.
``(B) Congressional notification.--Not later than
30 days after the date on which the Director is removed
from office under subparagraph (A), the President shall
submit to Congress a written notification describing
the reasons for the removal.
``(c) Staffing.--The Director may hire staff to support the
activities of the Office of Independent Examination Review.
``(d) Duties.--The Director shall--
``(1) receive and, at the discretion of the Director,
investigate complaints from financial institutions,
representatives of financial institutions, or any other entity
acting on behalf of financial institutions, concerning
examinations, examination practices, or examination reports;
``(2) hold meetings, not less than once every 90 days and
in locations designed to encourage participation from all
regions of the United States, with financial institutions,
representatives of financial institutions, or any other entity
acting on behalf of financial institutions, to discuss
examination procedures, examination practices, or examination
policies;
``(3) review examination procedures of the Federal
financial institutions regulatory agencies to ensure that the
written examination policies of the agencies are being followed
in practice and adhere to the standards for consistency
established by the Council;
``(4) conduct a continuing and regular program of
examination quality assurance for all types of examinations
conducted by the Federal financial institutions regulatory
agencies; and
``(5) submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate, the Committee on Financial
Services of the House of Representatives, and the Council an
annual report on the reviews carried out pursuant to paragraphs
(3) and (4), including recommendations for improvements in
examination procedures, practices, and policies.
``(e) Confidentiality.--The Director shall keep confidential--
``(1) all meetings, discussions, and information provided
by financial institutions; and
``(2) any confidential or privileged information provided
by a Federal financial institutions regulatory agency.
``(f) Funding; Budget.--
``(1) In general.--One-fifth of the costs and expenses of
the Office of Independent Examination Review, including the
salaries of its employees, shall be paid by each of the Federal
financial institutions regulatory agencies, which shall be
based on the budget submitted under paragraph (2).
``(2) Budget.--Not later than April 15 of each fiscal year,
the Director shall submit to the Council a projected budget for
the Office of Independent Examination Review for the following
fiscal year.''.
(b) Definitions.--Section 1003 of the Federal Financial
Institutions Examination Council Act of 1978 (12 U.S.C. 3302) is
amended--
(1) by striking paragraph (1) and inserting the following:
``(1) the term `Federal financial institutions regulatory
agencies' means the Office of the Comptroller of the Currency,
the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, the National Credit
Union Administration, and the Bureau of Consumer Financial
Protection;'';
(2) in paragraph (2), by striking ``; and'' and inserting a
semicolon;
(3) in paragraph (3), by striking the semicolon and
inserting ``; and''; and
(4) by adding at the end the following:
``(4) the term `Director' means the Director established
under section 1012.''.
(c) Federal Banking Agency Ombudsman.--
(1) In general.--Section 309 of the Riegle Community
Development and Regulatory Improvement Act of 1994 (12 U.S.C.
4806) is amended--
(A) in the first sentence of subsection (a), by
inserting ``, the Bureau of Consumer Financial
Protection,'' after ``Federal banking agency'';
(B) in subsection (b)--
(i) by redesignating paragraphs (1) and (2)
as subparagraphs (A) and (B), respectively, and
adjusting the margins accordingly;
(ii) in the matter preceding subparagraph
(A), as so redesignated, by striking ``In
establishing'' and inserting the following:
``(1) In general.--In establishing'';
(iii) in paragraph (1)(B), as so
redesignated, by striking ``the appellant from
retaliation by agency examiners'' and inserting
``the insured depository institution or insured
credit union from retaliation by an agency
referred to in subsection (a)''; and
(iv) by adding at the end the following:
``(2) Retaliation.--For purposes of this subsection and
subsection (e), retaliation includes delaying consideration of,
or withholding approval of, any request, notice, or application
that otherwise would have been approved, but for the exercise
of the rights of the insured depository institution or insured
credit union under this section.''; and
(C) in subsection (e)(2)--
(i) in subparagraph (B), by striking ``;
and'' and inserting a semicolon;
(ii) in subparagraph (C), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(D) ensure that appropriate safeguards exist for
protecting the insured depository institution or
insured credit union from retaliation by any
appropriate Federal banking agency for exercising the
rights of the insured depository institution or insured
credit union under this subsection.''.
(2) Effect.--Nothing in this subsection shall be construed
to affect the authority of an appropriate Federal banking
agency (as defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813)) or the National Credit Union
Administration Board to take enforcement or other supervisory
action.
(d) Federal Credit Union Act.--Section 205(j) of the Federal Credit
Union Act (12 U.S.C. 1785(j)) is amended by inserting ``the Bureau of
Consumer Financial Protection,'' before ``the Administration'' each
place that term appears.
(e) Federal Financial Institutions Examination Council Act.--
Section 1005 of the Federal Financial Institutions Examination Council
Act of 1978 (12 U.S.C. 3304) is amended by striking ``One-fifth'' and
inserting ``One-fourth''.
SEC. 906. CONFIDENTIALITY OF INFORMATION SHARED BETWEEN STATE AND
FEDERAL FINANCIAL SERVICES REGULATORS.
Section 1512(a) of the S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5111(a)) is amended by inserting ``or financial services''
before ``industry''.
SEC. 907. SAFE HARBOR FOR CERTAIN LOANS HELD IN PORTFOLIO.
(a) In General.--Section 129C of the Truth in Lending Act (15
U.S.C. 1639c) is amended by adding at the end the following:
``(j) Safe Harbor for Certain Loans Held in Portfolio.--
``(1) Definitions.--In this section--
``(A) the term `appropriate Federal banking agency'
has the meaning given that term in section 3 of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
``(B) the term `depository institution' has the
meaning given that term in section 19(b)(1) of the
Federal Reserve Act (12 U.S.C. 461(b)(1)); and
``(C) the term `financial institution regulator'
means an appropriate Federal banking agency, the
Bureau, and the National Credit Union Administration.
``(2) Safe harbor for creditors.--
``(A) In general.--A creditor shall not be subject
to suit for failure to comply with subsection (a),
(c)(1), or (f)(2) of this section or section 129H with
respect to a residential mortgage loan, and the
financial institution regulators shall treat such loan
as a qualified mortgage, if--
``(i)(I) the creditor has, since the
origination of the loan, held the loan on the
balance sheet of the creditor; or
``(II) any person acquiring the loan has
continued to hold the loan on the balance sheet
of the person;
``(ii) the loan has not been acquired through a
securitization;
``(iii) all prepayment penalties with respect to
the loan comply with the limitations described in
subsection (c)(3);
``(iv) the loan does not have--
``(I) negative amortization;
``(II) interest-only features; or
``(III) a loan term of more than 30 years;
and
``(v) the creditor has documented the consumer's--
``(I) income;
``(II) employment;
``(III) assets; and
``(IV) credit history.
``(B) 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 institution, the
depository institution acquiring the loan shall be
deemed to have complied with the requirement under
subparagraph (A)(i).''.
(b) Reviewing the Portfolio of Systemically Important Banks.--
Section 18(o) of the Federal Deposit Insurance Act (12 U.S.C. 1828(o))
is amended by adding at the end the following:
``(5) Systemically important bank review.--The appropriate
Federal banking agency shall periodically review the mortgage
portfolio or targeted segments of the portfolios of a bank
subject to a determination under section 113A(a) of the
Financial Stability Act of 2010 if--
``(A) there is elevated risk;
``(B) there is an increase in delinquency and loss
rates;
``(C) there are new lines of business;
``(D) there are new acquisition channels;
``(E) there is rapid growth; or
``(F) an internal audit is inadequate.''.
(c) Rule of Construction.--Nothing in the amendment made by
subsection (a) shall be construed to prevent a balloon loan from
qualifying for the safe harbor provided under section 129C(j) of the
Truth in Lending Act, as added by subsection (a), if the balloon loan
otherwise meets all of the requirements under subsection (j) of that
section, regardless of whether the balloon loan meets the requirements
described under clauses (i) through (iv) of section 129C(b)(2)(E) of
that Act (12 U.S.C. 129C(b)(2)(E)).
SEC. 908. PROTECTING CONSUMER ACCESS TO MORTGAGE CREDIT.
(a) Definition of High-cost Mortgage.--Section 103 of the Truth in
Lending Act (15 U.S.C. 1602) is amended--
(1) by redesignating subsections (aa) and (bb) as
subsections (bb) and (aa), respectively, and moving subsection
(bb), as so redesignated, after subsection (aa), as so
redesignated; and
(2) in subsection (aa)(4), as so redesignated--
(A) in the matter preceding subparagraph (A), by
striking ``paragraph (1)(B)'' and inserting ``paragraph
(1)(A) and section 129C'';
(B) in subparagraph (C)--
(i) in the matter preceding clause (i), by
inserting ``and insurance'' after ``taxes'';
and
(ii) in clause (iii), by striking ``; and''
and inserting a semicolon; and
(C) in subparagraph (D)--
(i) by striking ``accident,''; and
(ii) by striking ``or any payments'' and
inserting ``and any payments''.
(b) Rulemaking.--Not later than 90 days after the date of enactment
of this title, the Bureau of Consumer Financial Protection shall
promulgate regulations to carry out the amendments made by subsection
(a)(2).
(c) Study and Report on Consumer Access to Mortgage Credit.--
(1) Study required.--The Comptroller General of the United
States shall conduct a study to determine the effects that the
Dodd-Frank Wall Street Reform and Consumer Protection Act (12
U.S.C. 5301 et seq.) has had on the availability and
affordability of credit for consumers, small businesses, first-
time homebuyers, and mortgage lending, including the effects--
(A) on the mortgage market for mortgages that are
not qualified mortgages;
(B) on the ability of prospective homebuyers to
obtain financing, including first-time homebuyers;
(C) on the ability of homeowners facing resets or
adjustments to refinance, including whether homeowners
have fewer refinancing options due to the
unavailability of certain loan products that were
available before the date of enactment of the Dodd-
Frank Wall Street Reform and Consumer Protection Act
(12 U.S.C. 5301 et seq.);
(D) on the ability of minorities to access
affordable credit compared with other prospective
borrowers;
(E) on home sales and construction;
(F) of extending any right of rescission on
adjustable rate loans and the impact of the right of
rescission on litigation;
(G) of any State foreclosure law and the ability of
investors to transfer a property after foreclosure;
(H) of expanding the existing provisions of the
Home Ownership and Equity Protection Act of 1994 (15
U.S.C. 1601 note and 1602 note);
(I) of prohibiting prepayment penalties on high-
cost mortgages;
(J) of establishing counseling services under the
Department of Housing and Urban Development and offered
through the Office of Housing Counseling; and
(K) on the differences in title insurance premiums
and ancillary charges paid by low- and moderate-income
consumers to affiliates of mortgage lenders to purchase
title insurance versus title insurance premiums and
ancillary charges paid by low- and moderate-income
consumers to unaffiliated title agencies or attorneys
to purchase title insurance in those markets in which
both affiliated and unaffiliated mortgage lenders
compete.
(2) Report.--Not later than 1 year after the date of
enactment of this title, the Comptroller General of the United
States shall submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report that
includes--
(A) the findings and conclusions of the Comptroller
General with respect to the study conducted under
paragraph (1); and
(B) any recommendations for legislative or
regulatory actions that--
(i) would enhance the access of a consumer
to mortgage credit;
(ii) is consistent with consumer
protections and safe and sound banking
operations; and
(iii) would address any negative effects on
mortgage credit and mortgage availability
identified in the study.
SEC. 909. PROTECTING ACCESS TO MANUFACTURED HOMES.
(a) Mortgage Originator Definition.--Section 103 of the Truth in
Lending Act (15 U.S.C. 1602) is amended--
(1) by redesignating the second subsection designated as
subsection (cc) and subsection (dd) as subsections (dd) and
(ee), respectively; and
(2) in subsection (dd)(2)(C), as so redesignated, by
striking ``an employee of a retailer of manufactured homes who
is not described in clause (i) or (iii) of subparagraph (A) and
who does not advise a consumer on loan terms (including rates,
fees, and other costs)'' 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 (A) that is in
excess of any compensation or gain received in a comparable
cash transaction''.
(b) High-Cost Mortgage Definition.--Section 103(aa)(1)(A) of the
Truth in Lending Act (15 U.S.C. 1602(aa)(1)(A)), as redesignated by
section 908(a)(1) of this title, is amended--
(1) in clause (i)(I), by striking ``(8.5 percentage points,
if the dwelling is personal property and the transaction is for
less than $50,000)'' and inserting ``(10 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 placed, and the transaction is for less than $75,000
(as such amount is adjusted by the Bureau to reflect the change
in the Consumer Price Index))''; and
(2) in clause (ii)--
(A) in subclause (I), by striking ``; or'' and
inserting a semicolon; and
(B) by adding at the end the following:
``(III) in the case of a
transaction for less than $75,000 (as
such amount is adjusted by the Bureau
to reflect the change in the Consumer
Price Index) in which the dwelling is
personal property (or is a consumer
credit transaction that does not
include the purchase of real property
on which a dwelling is to be placed),
the greater of 5 percent of the total
transaction amount or $3,000 (as such
amount is adjusted by the Bureau to
reflect the change in the Consumer
Price Index); or''.
SEC. 910. STREAMLINING BANK EXAMS.
Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C.
1820(d)) is amended--
(1) in paragraph (4)(A), by striking ``$500,000,000'' and
inserting ``$1,000,000,000''; and
(2) in paragraph (10), by striking ``$500,000,000'' and
inserting ``$1,000,000,000''.
SEC. 911. ADJUSTMENTS FOR CHANGES IN GROSS DOMESTIC PRODUCT.
(a) Commodity Exchange Act.--Section 2(h)(7)(C)(ii) of the
Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(ii)) is amended by
inserting ``(as such amount is adjusted annually by the Commission to
reflect the percentage change for the previous calendar year in the
gross domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'' after
``$10,000,000,000'' each place that term appears.
(b) Consumer Financial Protection Bureau Examination and Reporting
Threshold.--
(1) Increase in the examination threshold.--Section 1025(a)
of the Consumer Financial Protection Act of 2010 (12 U.S.C.
5515(a)) is amended by striking ``$10,000,000,000'' each place
that term appears and inserting ``$50,000,000,000 (as such
amount is adjusted annually by the Commission to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)''.
(2) Increase in the reporting threshold.--Section 1026(a)
of the Consumer Financial Protection Act of 2010 (12 U.S.C.
5516(a)) is amended by striking ``$10,000,000,000'' each place
that term appears and inserting ``$50,000,000,000 (as such
amount is adjusted annually by the Commission to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)''.
(3) Effective date.--This subsection and the amendments
made by this subsection shall take effect on the date that is
45 days after the date of enactment of this title.
(c) Securities Exchange Act of 1934.--Section 3C(g)(3)(B) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c-3(g)(3)(B)) is amended
by inserting ``(as such amount is adjusted annually by the Commission
to reflect the percentage change for the previous calendar year in the
gross domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'' after
``$10,000,000,000'' each place that term appears.
(d) Electronic Fund Transfer Act.--Section 920(a)(6)(A) of the
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(6)(A)) is amended by
inserting ``(as such amount is adjusted annually by the Board to
reflect the percentage change for the previous calendar year in the
gross domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'' after
``$10,000,000,000''.
(e) Enhancing Financial Institution Safety and Soundness Act of
2010.--Section 334(e) of the Enhancing Financial Institution Safety and
Soundness Act of 2010 (title III of Public Law 111-203; 124 Stat. 1539)
is amended by inserting ``(as such amount is adjusted annually by the
Corporation to reflect the percentage change for the previous calendar
year in the gross domestic product of the United States, as calculated
by the Bureau of Economic Analysis of the Department of Commerce)''
after ``$10,000,000,000''.
(f) Investor Protection and Securities Reform Act of 2010.--Section
956(f) of the Investor Protection and Securities Reform Act of 2010 (15
U.S.C. 5641(f)) is amended by inserting ``(as such amount is adjusted
annually by the appropriate Federal regulator to reflect the percentage
change for the previous calendar year in the gross domestic product of
the United States, as calculated by the Bureau of Economic Analysis of
the Department of Commerce)'' after ``$1,000,000,000''.
SEC. 912. STUDY ON THE PRIVACY RISKS OF GOVERNMENT PUBLICATION OF
PERSONAL FINANCIAL DATA.
Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C.
2803) is amended--
(1) in subsection (n), by inserting ``Such data shall not
be publicly disclosed by the Bureau or a depository institution
before the date on which the report is submitted under
subsection (o)(2).'' after the period at the end; and
(2) by adding at the end the following:
``(o) Study and Report to Congress.--
``(1) Study required.--The Comptroller General of the
United States shall conduct a study to determine whether the
data published under this Act, in connection with other
publicly available data sources, could allow for or increase
the probability of--
``(A) exposure of the identity of mortgage
applicants or mortgagors through reverse engineering;
``(B) exposure of mortgage applicants or mortgagors
to identity theft or the loss of sensitive personal
financial information;
``(C) the marketing or sale of unfair, deceptive,
or abusive financial products to mortgage applicants or
mortgagors based on the data published under this Act;
``(D) 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 information; and
``(E) the potential legal liability facing the
Bureau and market participants in the event the
published data leads or contributes to identity theft
or the capture of sensitive personal financial
information.
``(2) Report.--Not later than 1 year after the date of
enactment of this subsection, the Comptroller General of the
United States shall submit to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives a report
that includes--
``(A) the findings and conclusions of the
Comptroller General with respect to the study conducted
under paragraph (1); and
``(B) any recommendations for legislative or
regulatory actions that--
``(i) would enhance the privacy of a
consumer when accessing mortgage credit; and
``(ii) are consistent with consumer
protections and safe and sound banking
operations.''.
SEC. 913. ENSURING THE REPORTING OF APPRAISAL MISCONDUCT.
Section 129E of the Truth in Lending Act (15 U.S.C. 1639e) is
amended--
(1) in subsection (e)--
(A) by striking ``Any mortgage lender'' and
inserting the following:
``(1) In general.--Any mortgage lender''; and
(B) by adding at the end the following:
``(2) Limitation on civil liability.--No person may be held
civilly liable under any provision of Federal, State, or other
law for a disclosure made in good faith pursuant to this
section.''; and
(2) in subsection (k), by adding at the end the following:
``(4) Applicability.--This subsection shall not apply to
subsection (e).''.
SEC. 914. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.
Notwithstanding the rule of the Board of Governors of the Federal
Reserve System regarding Mutual Holding Company Dividend Waivers in
section 239.63 of title 12, Code of Federal Regulations (or any
successor thereto), grandfathered mutual holding companies and all
other mutual holding companies shall be permitted to waive the receipt
of dividends declared on the common stock of their bank or mid-size
holding companies.
SEC. 915. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.
Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C.
1639e(i)(2)) is amended--
(1) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively, and adjusting the margins
accordingly;
(2) in the matter preceding clause (i), as so redesignated,
by striking ``For purposes of'' and inserting the following:
``(A) In general.--For purposes of''; and
(3) by adding at the end the following:
``(B) Rule of construction related to appraisal
donations.--In the case of an appraisal for which the
appraiser voluntarily does not receive a fee, the
appraiser is not, and shall not be construed to be,
with respect to the donated appraisal, a fee appraiser
for purposes of this section.''.
SEC. 916. CLARIFYING THE APPLICABILITY OF SECTION 13(H)(1) OF THE BANK
HOLDING COMPANY ACT OF 1956.
(a) In General.--Section 13(h)(1) of the Bank Holding Company Act
of 1956 (12 U.S.C. 1851(h)(1)) is amended--
(1) in subparagraph (D), by redesignating clauses (i) and
(ii) as subclauses (I) and (II), respectively, and adjusting
the margins accordingly;
(2) by redesignating subparagraphs (A), (B), (C), and (D)
as clauses (i), (ii), (iii), and (iv), respectively, and
adjusting the margins accordingly;
(3) by striking ``institution that functions solely in a
trust or fiduciary capacity, if--''and inserting the following:
``institution--
``(A) that functions solely in a trust or fiduciary
capacity, if--''; and
(4) by striking the period at the end and inserting the
following: ``; or
``(B) with total consolidated assets of
$10,000,000,000 or less if such institution is not
controlled by a company with total consolidated assets
of more than $10,000,000,000 (as such amounts are
adjusted annually by the Board to reflect the
percentage change for the previous calendar year in the
gross domestic product of the United States, as
calculated by the Bureau of Economic Analysis of the
Department of Commerce).''.
(b) Reservation of Authority.--Section 13 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1851) is amended by adding at the end
the following:
``(i) Reservation of Authority for Certain Insured Depository
Institutions.--
``(1) In general.--Notwithstanding subsection (h)(1)(B),
the appropriate Federal banking agency for an insured
depository institution with total consolidated assets of
$10,000,000,000 or less may apply the prohibitions and
restrictions of this section to the activities of the insured
depository institution that, but for subsection (h)(1)(B),
would be subject to the prohibitions and restrictions of this
section if the appropriate Federal banking agency determines
that those activities--
``(A) are inconsistent with traditional banking
activities; or
``(B) due to their nature or volume, pose a risk to
the safety and soundness of the insured depository
institution.
``(2) Notice and response.--Each of the appropriate Federal
banking agencies shall establish a procedure for providing
notice to an insured depository institution of a determination
under paragraph (1) and an opportunity for response.''.
SEC. 917. STUDY OF MORTGAGE SERVICING ASSETS.
(a) Definitions.--In this section:
(1) Banking institution.--The term ``banking institution''
means an insured depository institution, Federal credit union,
State credit union, bank holding company, or savings and loan
holding company.
(2) Basel iii capital requirements.--The term ``Basel III
capital requirements'' means the Global Regulatory Framework
for More Resilient Banks and Banking Systems issued by the
Basel Committee on Banking Supervision on December 16, 2010, as
revised on June 1, 2011.
(3) Federal banking agencies.--The term ``Federal banking
agencies'' means the Board of Governors of the Federal Reserve
System, the Office of the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, and the National Credit
Union Administration.
(4) Mortgage servicing assets.--The term ``mortgage
servicing assets'' means those assets that result from
contracts to service loans secured by real estate, where such
loans are owned by third parties.
(5) NCUA capital requirements.--The term ``NCUA capital
requirements'' means the proposed rule of the National Credit
Union Administration entitled ``Risk-Based Capital'' (80 Fed.
Reg. 4340 (January 27, 2015)).
(6) Other definitions.--
(A) Banking definitions.--The terms ``bank holding
company'', ``insured depository institution'', and
``savings and loan holding company'' have the meanings
given those terms in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813).
(B) Credit union definitions.--The terms ``Federal
credit union'' and ``State credit union'' have the
meanings given those terms in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752).
(b) Study of the Appropriate Capital for Mortgage Servicing
Assets.--
(1) In general.--The Federal banking agencies shall jointly
conduct a study of the appropriate capital requirements for
mortgage servicing assets for banking institutions.
(2) Issues to be studied.--The study required under
paragraph (1) shall include, with a specific focus on banking
institutions--
(A) the risk to banking institutions of holding
mortgage servicing assets;
(B) the history of the market for mortgage
servicing assets, including in particular the market
for those assets in the period of the financial crisis;
(C) the ability of banking institutions to
establish a value for mortgage servicing assets of the
institution through periodic sales or other means;
(D) regulatory approaches to mortgage servicing
assets and capital requirements that may be used to
address concerns about the value of and ability to sell
mortgage servicing assets;
(E) the impact of imposing the Basel III capital
requirements and the NCUA capital requirements on
banking institutions on the ability of those
institutions--
(i) to compete in the mortgage servicing
business, including the need for economies of
scale to compete in that business; and
(ii) to provide service to consumers to
whom the institutions have made mortgage loans;
(F) an analysis of what the mortgage servicing
marketplace would look like if the Basel III capital
requirements and the NCUA capital requirements on
mortgage servicing assets--
(i) were fully implemented; and
(ii) applied to both banking institutions
and nondepository residential mortgage loan
servicers;
(G) the significance of problems with mortgage
servicing assets, if any, in banking institution
failures and problem banking institutions, including
specifically identifying failed banking institutions
where mortgage servicing assets contributed to the
failure; and
(H) an analysis of the relevance of the Basel III
capital requirements and the NCUA capital requirements
on mortgage servicing assets to the banking systems of
other significantly developed countries.
(3) Report to congress.--Not later than 180 days after the
date of enactment of this title, the Federal banking agencies
shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report containing--
(A) the results of the study required under
paragraph (1);
(B) any analysis on the specific issue of mortgage
servicing assets undertaken by the Federal banking
agencies before finalizing regulations implementing the
Basel III capital requirements and the NCUA capital
requirements; and
(C) any recommendations for legislative or
regulatory actions that would address concerns about
the value of and ability to sell and the ability of
banking institutions to hold mortgage servicing assets.
SEC. 918. NO WAIT FOR LOWER MORTGAGE RATES.
(a) In General.--Section 129(b) of the Truth in Lending Act (15
U.S.C. 1639(b)) is amended--
(1) by redesignating paragraph (3) as paragraph (4); and
(2) by inserting after paragraph (2) the following:
``(3) No wait for lower rate.--If a creditor extends to a
consumer a second offer of credit with a lower annual
percentage rate, the transaction may be consummated without
regard to the period specified in paragraph (1).''.
(b) Safe Harbor for Good Faith Compliance With TILA-RESPA
Integrated Disclosure Rule.--Section 1032(f) of the Consumer Financial
Protection Act of 2010 (12 U.S.C. 5532(f)) is amended--
(1) by striking ``Not later than'' and inserting the
following:
``(1) In general.--Not later than''; and
(2) by adding at the end the following:
``(2) Safe harbor for good faith compliance.--
``(A) Safe harbor.--Notwithstanding any other
provision of law, during the period described in
subparagraph (B), an entity that provides the
disclosures required under the Truth in Lending Act (15
U.S.C. 1601 et seq.) and sections 4 and 5 of the Real
Estate Settlement Procedures Act of 1974 (12 U.S.C.
2603 and 2604), as in effect on July 31, 2015, shall
not be subject to any civil, criminal, or
administrative action or penalty for failure to fully
comply with any requirement under this subsection.
``(B) Applicable period.--Subparagraph (A) shall
apply to an entity during the period beginning on the
date of enactment of this paragraph and ending on the
date that is 30 days after the date on which a
certification by the Director that the model
disclosures required under paragraph (1) are accurate
and in compliance with all State laws is published in
the Federal Register.''.
SEC. 919. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.
(a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5101 et seq.) is amended by adding at the end the following:
``SEC. 1518. EMPLOYMENT TRANSITION.
``(a) Temporary License for Persons Moving From a Financial
Institution to a Non-bank Originator.--A registered loan originator
shall be deemed to be a State-licensed loan originator for the 120-day
period beginning on the date on which a State-licensed mortgage lender,
mortgage banker, or mortgage servicer that is not a depository
institution registers with the Nationwide Mortgage Licensing System and
Registry that the registered loan originator is employed by the State-
licensed mortgage lender, mortgage banker, or mortgage servicer, as
applicable.
``(b) Temporary License for Persons Moving Interstate.--A
registered loan originator or State-licensed loan originator in 1 State
shall be deemed to be a State-licensed loan originator in another State
for the 120-day period beginning on the date on which a State-licensed
mortgage lender, mortgage banker, or mortgage servicer in that State
registers with the Nationwide Mortgage Licensing System and Registry
that the registered loan originator or State-licensed loan originator
is employed by the State-licensed mortgage lender, mortgage banker, or
mortgage servicer, as applicable.
``(c) Federal and State Recognition.--The registration provided
under subsections (a) and (b) shall fulfill any licensing or
registration requirement for a loan originator under section 1504 and
any State law or regulation.''.
(b) Technical and Conforming Amendment.--The table of contents for
the Housing and Economic Recovery Act of 2008 (Public Law 110-289; 122
Stat. 2654) is amended by inserting after the item relating to section
1517 the following:
``Sec. 1518. Employment transition.''.
SEC. 920. SHORT FORM CALL REPORTS.
Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C.
1817(a)) is amended by adding at the end the following:
``(12) Short form reporting.--
``(A) Review of reports of condition.--The
appropriate Federal banking agencies shall jointly
review the information and schedules that are required
to be filed by an insured depository institution in a
report of condition required under paragraph (3). As
part of this review, the appropriate Federal banking
agencies shall jointly--
``(i) establish guiding principles for
determining the appropriateness of information
and schedules collected in a report of
condition; and
``(ii) consistent with the principles
established under clause (i), consider and
document the need for each data item collected,
the frequency with which each data item will be
collected, and the population of insured
depository institutions from which each data
item is required.
``(B) Development of short form reports of
condition.--After completing the review required under
subparagraph (A), the appropriate Federal banking
agencies shall jointly develop, to the extent
appropriate, 1 or more report of condition forms that
reduce or eliminate information or schedules required
to be filed by an insured depository institution in a
report of condition required under paragraph (3). Such
form or forms shall, as determined by the appropriate
Federal banking agencies, be appropriate for the size
and complexity of the insured depository institution.
``(C) Reports to congress.--Not later than 180 days
after the date of enactment of this paragraph, and
every 180 days thereafter until the appropriate Federal
banking agencies have jointly completed the
requirements under subparagraphs (A) and (B), the
appropriate Federal banking agencies shall submit to
the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of
the House of Representatives a report describing the
progress made concerning the completion of such
responsibilities.''.
SEC. 921. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT.
(a) In General.--The Expedited Funds Availability Act (12 U.S.C.
4001 et seq.) is amended--
(1) in section 602 (12 U.S.C. 4001)--
(A) in paragraph (20), by inserting ``, located in
the United States,'' after ``ATM'';
(B) in paragraph (21), by inserting ``American
Samoa, the Commonwealth of the Northern Mariana
Islands,'' after ``Puerto Rico,''; and
(C) in paragraph (23), by inserting ``American
Samoa, the Commonwealth of the Northern Mariana
Islands,'' after ``Puerto Rico,''; and
(2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by
inserting ``American Samoa, the Commonwealth of the Northern
Mariana Islands,'' after ``Puerto Rico,''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect on January 1, 2016.
SEC. 922. APPLICATION OF THE FEDERAL ADVISORY COMMITTEE ACT.
Section 1013 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5493) is amended by adding at the end the following:
``(h) Application of FACA.--Notwithstanding any provision of the
Federal Advisory Committee Act (5 U.S.C. App.), such Act shall apply to
each advisory committee of the Bureau and each subcommittee of such an
advisory committee.''.
SEC. 923. BUDGET TRANSPARENCY FOR THE NCUA.
Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789) is
amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs
(2) and (3), respectively;
(2) by inserting before paragraph (2), as so redesignated,
the following:
``(1) on an annual basis and prior to the submission of the
detailed business-type budget required under paragraph (2)--
``(A) make publicly available and cause to be
printed in the Federal Register a draft of the detailed
business-type budget; and
``(B) hold a public hearing, with public notice
provided of the hearing, wherein the public may submit
comments on the draft of the detailed business-type
budget;''; and
(3) in paragraph (2), as so redesignated--
(A) by inserting ``detailed'' after ``submit a'';
and
(B) by inserting ``, which shall address any
comment submitted by the public under paragraph
(1)(B)'' after ``Control Act''.
SEC. 924. DATE FOR DETERMINING CONSOLIDATED ASSETS.
Section 171(b)(4)(C) of the Financial Stability Act of 2010 (12
U.S.C. 5371(b)(4)(C)) is amended by inserting ``or March 31, 2010,''
after ``December 31, 2009,''.
SEC. 925. FHLB MEMBERSHIP.
(a) FHLB Membership Proposed Rule.--
(1) Definitions.--In this subsection:
(A) Community development financial institution.--
The term ``community development financial
institution'' has the meaning given that term in
section 103 of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4702).
(B) Covered proposed rule.--The term ``covered
proposed rule'' means the proposed rule of the Federal
Housing Finance Agency entitled ``Members of Federal
Home Loan Banks'' (79 Fed. Reg. 54848 (September 12,
2014)).
(C) Other terms from the federal home loan bank
act.--The terms ``community financial institution'',
``Federal Home Loan Bank'', and ``Federal Home Loan
Bank System'' have the meanings given those terms in
section 2 of the Federal Home Loan Bank Act (12 U.S.C.
1422).
(2) Withdrawal of proposed rule.--Not later than 30 days
after the date of enactment of this title, the Federal Housing
Finance Agency shall withdraw the covered proposed rule.
(3) GAO study and report on proposed rule.--
(A) Study.--
(i) In general.--The Comptroller General of
the United States shall conduct a study on the
impact that the covered proposed rule would
have, if adopted as proposed, on--
(I) the ability of the Federal Home
Loan Banks to fulfill the mandate to
provide liquidity to support housing
finance and economic and community
development;
(II) the safety and soundness of
the Federal Home Loan Bank System;
(III) the liquidity needs of
financial intermediaries;
(IV) the stability of the Federal
Home Loan Bank System;
(V) the benefits of a diverse
membership base for Federal Home Loan
Banks; and
(VI) the ability of member
institutions to rely on access to
Federal Home Loan Bank advances.
(ii) Considerations.--In conducting the
study under clause (i), the Comptroller General
of the United States shall consider--
(I) the comment letters submitted
in response to the notice of proposed
rulemaking for the covered proposed
rule;
(II) the legislative and
administrative history of the Federal
Home Loan Bank membership rules;
(III) the burden placed on
community financial institutions and
community development financial
institutions; and
(IV) the legal authority of the
Federal Housing Finance Agency to
exclude from membership any class or
category of insurance companies.
(B) Report.--Not later than 1 year after the date
of enactment of this title, the Comptroller General of
the United States shall submit to the Committee on
Banking, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of
Representatives a report on the findings of the study
conducted under subparagraph (A)(i).
(b) Credit Union Parity for FHLB Membership Eligibility.--Section
2(10)(A)(i) of the Federal Home Loan Bank Act (12 U.S.C.
1422(10)(A)(i)) is amended to read as follows:
``(i) the deposits of which--
``(I) are insured under the Federal
Deposit Insurance Act (12 U.S.C. 1811
et seq.); or
``(II) are insured under or
eligible to be insured under the
Federal Credit Union Act (12 U.S.C.
1751 et seq.); and''.
SEC. 926. ENSURING A COMPREHENSIVE REGULATORY REVIEW.
Section 2222 of the Economic Growth and Regulatory Paperwork
Reduction Act of 1996 (12 U.S.C. 3311) is amended--
(1) in subsection (a)--
(A) by striking ``each appropriate Federal banking
agency represented on the Council'' and inserting
``each of the Office of the Comptroller of the
Currency, the Federal Deposit Insurance Corporation,
the Board of Governors of the Federal Reserve System,
the Bureau of Consumer Financial Protection, and the
National Credit Union Administration Board as the
Federal agency representatives on the Council'';
(B) by inserting ``, joint or otherwise, and
including all regulations issued pursuant to any
authority provided under the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Public Law 111-203;
124 Stat. 1376),'' after ``prescribed by the Council'';
(C) by striking ``any such appropriate Federal
banking agency'' and inserting ``any such Federal
agency''; and
(D) by striking ``insured depository institutions''
and inserting ``financial institutions'';
(2) in subsections (b), (c), and (d), by striking ``the
appropriate Federal banking agency'' each place that term
appears and inserting ``the appropriate Federal agency''; and
(3) in subsection (e)--
(A) in paragraph (1), by striking ``the appropriate
Federal banking agencies'' and inserting ``the
appropriate Federal agencies''; and
(B) in paragraph (2), by striking ``the appropriate
Federal banking agency'' and inserting ``the
appropriate Federal agency''.
SEC. 927. PROHIBITION ON IMPLEMENTATION OR PARTICIPATION IN OPERATION
CHOKE POINT.
The Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, the Board of Governors of the Federal
Reserve System, the Bureau of Consumer Financial Protection, or the
National Credit Union Administration may not implement or participate
in the Operation Choke Point initiative of the Department of Justice.
SEC. 928. EXEMPTIVE AUTHORITY.
(a) Exemptive Authority for the Federal Deposit Insurance
Corporation.--Section 10 of the Federal Deposit Insurance Act (12
U.S.C. 1820) is amended by adding at the end the following:
``(l) Exemptive Authority.--
``(1) In general.--Notwithstanding any other provision of
law, the Corporation, after considering the factors in
paragraph (3), may exempt by rule any depository institution
having less than $10,000,000,000 in total assets from--
``(A) any provision of this Act;
``(B) any rule promulgated under this Act; or
``(C) any rule promulgated under any other Act
conferring authority to the Corporation.
``(2) Conditions.--The Corporation may impose conditions on
an exemption granted under paragraph (1).
``(3) Factors to consider.--In issuing an exemption under
paragraph (1), the Corporation shall consider, as appropriate,
the extent to which--
``(A) the provision or rule would impose an
unnecessary or undue burden or cost on the depository
institution;
``(B) the provision or rule is unnecessary or
unwarranted in order to promote the safety and
soundness of the depository institution; and
``(C) the exemption is necessary, appropriate, or
consistent with the public interest.
``(4) Adjustment for changes in gross domestic product.--
The asset threshold identified in paragraph (1) shall be
adjusted annually by the Corporation to reflect the percentage
change for the previous calendar year in the gross domestic
product of the United States, as calculated by the Bureau of
Economic Analysis of the Department of Commerce.''.
(b) Exemptive Authority for the Office of the Comptroller of the
Currency.--
(1) Exemptive authority for national banks.--Section 5239A
of the Revised Statutes is amended--
(A) by striking ``Except'' and inserting the
following:
``(a) In General.--Except''.; and
(B) by adding at the end the following:
``(b) Exemptive Authority.--
``(1) Definition.--In this subsection, the term `insured
depository institution' has the meaning given the term in
section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813).
``(2) Exemption.--Notwithstanding any other provision of
law, the Comptroller of the Currency, after considering the
factors in paragraph (4), may exempt by rule any national bank
having less than $10,000,000,000 in total assets from--
``(A) any provision of this title;
``(B) any rule promulgated under this title; or
``(C) any rule promulgated under any other title or
Act that confers authority to the Comptroller.
``(3) Conditions.--The Comptroller may impose conditions on
an exemption granted under paragraph (2).
``(4) Factors to consider.--In issuing an exemption under
paragraph (2), the Comptroller shall consider, as appropriate,
the extent to which--
``(A) the provision or rule would impose an
unnecessary or undue burden or cost on the national
bank;
``(B) the provision or rule is unnecessary or
unwarranted to promote the safety and soundness of the
national bank; and
``(C) the exemption is necessary, appropriate, or
consistent with the public interest.
``(5) Adjustment for changes in gross domestic product.--
The asset threshold identified in paragraph (2) shall be
adjusted annually by the Comptroller to reflect the percentage
change for the previous calendar year in the gross domestic
product of the United States, as calculated by the Bureau of
Economic Analysis of the Department of Commerce.''.
(2) Exemptive authority for savings associations.--Section
4(a) of the Home Owners' Loan Act (12 U.S.C. 1463) is amended
by adding at the end the following:
``(4) Exemptive authority.--
``(A) Definition.--In this paragraph, the term
`insured depository institution' has the meaning given
the term in section 3 of the Federal Deposit Insurance
Act (12 U.S.C. 1813).
``(B) Exemption.--Notwithstanding any other
provision of law, the Comptroller of the Currency,
after considering the factors in subparagraph (D), may
exempt by rule any savings association having less than
$10,000,000,000 in total assets from--
``(i) any provision of this title;
``(ii) any rule promulgated under this
title; or
``(iii) any rule promulgated under any
other title or act conferring authority on the
Comptroller.
``(C) Conditions.--The Comptroller may impose
conditions on an exemption granted under subparagraph
(B).
``(D) Factors to consider.--In issuing an exemption
under subparagraph (B), the Comptroller shall consider,
as appropriate, the extent to which--
``(i) the provision or rule would impose an
unnecessary or undue burden or cost on the
savings association;
``(ii) the provision or rule is unnecessary
or unwarranted to promote the safety and
soundness of the savings association; and
``(iii) the exemption is necessary,
appropriate, or consistent with the public
interest.
``(E) Adjustment for changes in gross domestic
product.--The asset threshold identified in
subparagraph (B) shall be adjusted annually by the
Comptroller to reflect the percentage change for the
previous calendar year in the gross domestic product of
the United States, as calculated by the Bureau of
Economic Analysis of the Department of Commerce.''.
(c) Exemptive Authority for the Board of Governors of the Federal
Reserve System.--
(1) Exemptive authority for state member banks.--Section 11
of the Federal Reserve Act (12 U.S.C. 248) is amended by adding
at the end the following:
``(t) Exemptive Authority.--
``(1) Definition.--In this section, the term `insured
depository institution' has the meaning given the term in
section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813).
``(2) Exemption.--Notwithstanding any other provision of
law, the Board, after considering the factors in paragraph (4),
may exempt by rule any state member bank having less than
$10,000,000,000 in total assets from--
``(A) any provision of this Act;
``(B) any rule promulgated under this Act; or
``(C) any rule promulgated under any other act
conferring authority on the Board.
``(3) Conditions.--The Board may impose conditions on an
exemption granted under paragraph (2).
``(4) Factors to consider.--In issuing an exemption under
paragraph (2), the Board shall consider, as appropriate, the
extent to which--
``(A) the provision or rule would impose an
unnecessary or undue burden or cost on the state member
bank;
``(B) the provision or rule is unnecessary or
unwarranted to promote the safety and soundness of the
state member bank; and
``(C) the exemption is necessary, appropriate, or
consistent with the public interest.
``(5) Adjustment for changes in gross domestic product.--
The asset threshold identified in paragraph (2) shall be
adjusted annually by the Board to reflect the percentage change
for the previous calendar year in the gross domestic product of
the United States, as calculated by the Bureau of Economic
Analysis of the Department of Commerce.''.
(2) Exemptive authority for bank holding companies.--The
Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is
amended by adding at the end the following:
``SEC. 15. EXEMPTIVE AUTHORITY.
``(a) Definition.--In this section, the term `insured depository
institution' has the meaning given the term in section 3 of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
``(b) Exemption.--Notwithstanding any other provision of law, the
Board, after considering the factors in subsection (d), may exempt by
rule any bank holding company having less than $10,000,000,000 in total
assets from--
``(1) any provision of this Act;
``(2) any rule promulgated under this Act; or
``(3) any rule promulgated under any other act conferring
authority on the Board.
``(c) Conditions.--The Board may impose conditions on an exemption
granted under subsection (b).
``(d) Factors to Consider.--In issuing an exemption under
subsection (b), the Board shall consider, as appropriate, the extent to
which--
``(1) the provision or rule would impose an unnecessary or
undue burden or cost on the bank holding company;
``(2) the provision or rule is unnecessary or unwarranted
to promote the safety and soundness of the bank holding
company; and
``(3) the exemption is necessary, appropriate, or
consistent with the public interest.
``(e) Adjustment for Changes in Gross Domestic Product.--The asset
threshold identified in subsection (b) shall be adjusted annually by
the Board to reflect the percentage change for the previous calendar
year in the gross domestic product of the United States, as calculated
by the Bureau of Economic Analysis of the Department of Commerce.''.
(3) Exemptive authority for savings and loan holding
companies and mutual holding companies.--Section 10 of the Home
Owners' Loan Act (12 U.S.C. 1467a) is amended by adding at the
end the following:
``(u) Exemptive Authority.--
``(1) Definitions.--In this subsection--
``(A) the term `insured depository institution' has
the meaning given the term in section 3 of the Federal
Deposit Insurance Act (12 U.S.C. 1813); and
``(B) the term `mutual holding company' has the
meaning given the term in subsection (o)(10)(A).
``(2) Exemption.--Notwithstanding any other provision of
law, the Board, after considering the factors in paragraph (4),
may exempt by rule any savings and loan holding company or any
mutual holding company having less than $10,000,000,000 in
total assets from--
``(A) any provision of this Act;
``(B) any rule promulgated under this Act; or
``(C) any rule promulgated under any other Act
conferring authority on the Board.
``(3) Conditions.--The Board may impose conditions on an
exemption granted under paragraph (2).
``(4) Factors to consider.--In issuing an exemption under
paragraph (2), the Board shall consider the extent to which--
``(A) the provision or rule would impose an
unnecessary or undue burden or cost on the savings and
loan holding company or the mutual holding company;
``(B) the provision or rule is unnecessary or
unwarranted to promote the safety and soundness of the
savings and loan holding company or the mutual holding
company; and
``(C) the exemption is necessary, appropriate, or
consistent with the public interest.
``(5) Limitation.--The authority granted under paragraph
(2) shall not apply with respect to a savings and loan holding
company described in subsection (c)(9)(C).
``(6) Adjustment for changes in gross domestic product.--
The asset threshold identified in paragraph (2) shall be
adjusted annually by the Board to reflect the percentage change
for the previous calendar year in the gross domestic product of
the United States, as calculated by the Bureau of Economic
Analysis of the Department of Commerce.''.
Subtitle B--Systemically Important Bank Holding Companies
SEC. 931. REVISIONS TO COUNCIL AUTHORITY.
(a) Purposes and Duties.--Section 112(a)(2)(I) of the Financial
Stability Act of 2010 (12 U.S.C. 5322(a)(2)(I)) is amended--
(1) by striking ``and large, interconnected bank holding
companies''; and
(2) by inserting ``and bank holding companies subject to a
determination under section 113A(a)'' before the semicolon at
the end.
(b) Authority to Require Supervision and Regulation of Certain Bank
Holding Companies.--The Financial Stability Act of 2010 (12 U.S.C. 5311
et seq.) is amended by adding after section 113 (12 U.S.C. 5323) the
following:
``SEC. 113A. AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF
SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES.
``(a) In General.--The Council may, in accordance with the
procedures described in subsections (c) and (d), determine that a bank
holding company shall be deemed systemically important.
``(b) Considerations.--
``(1) The Council shall, not later than 90 days after the
date of enactment of this section, issue regulations describing
with specificity the factors that the Council will use to make
a determination under subsection (a). Such factors shall
initially include the following:
``(A) The size of the bank holding company.
``(B) The interconnectedness of the bank holding
company.
``(C) The extent of readily available substitutes
or financial institution infrastructure for the
services provided by the bank holding company.
``(D) The global cross-jurisdictional activity of
the bank holding company.
``(E) The complexity of the bank holding company.
``(2) The Council may, by regulation, add to, subtract, or
modify the factors used by the Council pursuant to paragraph
(1) if the Council--
``(A) provides notice to the public and opportunity
for comment on any proposed changes;
``(B) explains, as part of the notice required in
subparagraph (A), with specificity how any proposed
changes would result in factors that more accurately
measure the threat that the material financial distress
of a bank holding company could pose to the financial
stability of the United States, in comparison with the
existing factors; and
``(C) finds, on a nondelegable basis and by a vote
of not fewer than \2/3\ of the voting members then
serving, including an affirmative vote by the
Chairperson, that such a change would result in factors
that more accurately measure the threat that the
material financial distress of a bank holding company
could pose to the financial stability of the United
States, in comparison with the existing factors.
``(c) Bank Holding Companies Deemed Systemically Important.--
``(1) In general.--With respect to a bank holding company
with total consolidated assets of not less than $50,000,000,000
and not more than $500,000,000,000 (as such amounts are
adjusted annually by the Council to reflect the percentage
change for the previous calendar year in the gross domestic
product of the United States, as calculated by the Bureau of
Economic Analysis of the Department of Commerce), the Council
may, on a nondelegable basis and by a vote of not fewer than
\2/3\ of the voting members then serving, including an
affirmative vote by the Chairperson, make a determination under
subsection (a) if the Council determines, based on the factors
considered pursuant to subsection (b), that the material
financial distress of a bank holding company could pose a
threat to the financial stability of the United States.
``(2) Requirements for proposed determination, notice and
opportunity for hearing, and final determination.--
``(A) Initial evaluation by the board of
governors.--The Board of Governors may identify a bank
holding company for an evaluation of whether, based on
the factors considered pursuant to subsection (b), the
material financial distress of the bank holding company
could pose a threat to the financial stability of the
United States. Upon identifying such bank holding
company, the Board of Governors--
``(i) shall provide the bank holding
company with--
``(I) a written notice that shall
include any quantitative analysis used
in identifying the bank holding company
and shall explain with specificity the
basis for identifying the bank holding
company;
``(II) an opportunity to submit
written materials for consideration by
the Board of Governors as part of an
evaluation by the Board of Governors
under clause (ii); and
``(III) an opportunity to meet with
representatives of the Board of
Governors to discuss the analysis
conducted by the Board of Governors to
identify the bank holding company;
``(ii) may, after fulfilling the
requirements of clause (i), evaluate whether,
based on the factors considered pursuant to
subsection (b), the material financial distress
of the bank holding company could pose a threat
to the financial stability of the United
States;
``(iii) may, at the conclusion of an
evaluation under clause (ii), make a
recommendation to the Council that the Council
perform an evaluation under subparagraph
(B)(ii)(I); and
``(iv) shall, if a recommendation is made
under clause (iii), provide written notice to
the bank holding company that a recommendation
was made, which notice shall include a detailed
explanation of the basis for the
recommendation, including how each factor
considered pursuant to subsection (b) relates
to the potential threat posed by the bank
holding company to the financial stability of
the United States.
``(B) Evaluation by the council.--
``(i) In general.--The Council may only
make a proposed determination with respect to a
bank holding company under subparagraph (C)(i)
if the Council--
``(I) has received a recommendation
under subparagraph (A)(iii) with
respect to the bank holding company; or
``(II) not earlier than the
effective date of this section, and
after consultation and coordination
with the Board of Governors, on a
nondelegable basis and by a vote of not
fewer than \2/3\ of the voting members
then serving, including an affirmative
vote by the Chairperson, decides to
evaluate the bank holding company for a
proposed determination under
subparagraph (C)(i).
``(ii) Requirements before making a
proposed determination.--Before making a
proposed determination with respect to a bank
holding company under subparagraph (C)(i), and
after receiving a recommendation under clause
(i)(I) or making a decision under clause
(i)(II), the Council shall--
``(I) perform an evaluation of the
bank holding company, including an
evaluation of--
``(aa) whether the material
financial distress of the bank
holding company could pose a
threat to the financial
stability of the United States;
and
``(bb) how each of the
factors considered pursuant to
subsection (b) relates to the
potential threat posed by the
bank holding company to the
financial stability of the
United States; and
``(II) provide the bank holding
company with--
``(aa) a written notice
that the bank holding company
is being evaluated;
``(bb) an opportunity to
meet with representatives of
the Council to discuss the
evaluation by the Council; and
``(cc) an opportunity to
submit written materials to the
Council, within such time as
the Council deems appropriate
(but not earlier than 30 days
after the date of receipt of
the notice under item (aa)).
``(C) Proposed determination.--
``(i) Voting.--After fulfilling the
requirements of subparagraph (B), the Council
may, on a nondelegable basis and by a vote of
not fewer than \2/3\ of the voting members then
serving, including an affirmative vote by the
Chairperson, propose to make a determination
under paragraph (1) with respect to a bank
holding company.
``(ii) Notice of proposed determination.--
If the Council makes a proposed determination
under clause (i), the Council shall provide a
notice to the bank holding company, which
notice shall contain the basis for the proposed
determination, including a detailed explanation
of the evaluation performed under subparagraph
(B)(ii)(I).
``(D) Requirements before final determination.--
After making a proposed determination under
subparagraph (C)(i) and prior to making a final
determination under paragraph (1), the Council shall--
``(i) not later than 30 days after the date
of receipt of any notice under subparagraph
(C)(ii), provide the bank holding company with
an opportunity to request, in writing, a
hearing before the Council to contest the
proposed determination;
``(ii) if the Council receives a timely
request under clause (i), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the bank
holding company may appear, personally or
through counsel, to, at the discretion of the
bank holding company--
``(I) submit a plan to modify the
business, structure, or operations of
the bank holding company in order to
address the factors and the potential
threat posed by the bank holding
company to the financial stability of
the United States identified pursuant
to subparagraph (C)(ii);
``(II) submit written materials in
addition to or separate from the plan
described in subclause (I); and
``(III) provide oral testimony and
oral argument to the members of the
Council, with not fewer than \2/3\ of
the voting members of the Council,
including the Chairperson, in
attendance; and
``(iii) in the event a plan is submitted to
the Council under clause (ii)(I)--
``(I) consider whether the plan, if
implemented, would address the factors
and the potential threat posed by the
bank holding company to the financial
stability of the United States
identified pursuant to subparagraph
(C)(ii); and
``(II) provide the bank holding
company with--
``(aa) analysis of whether
and to what extent the plan
addresses the factors and the
potential threat posed by the
bank holding company to the
financial stability of the
United States identified
pursuant to subparagraph
(C)(ii);
``(bb) an opportunity to
meet with representatives of
the Council to discuss the
analysis provided under item
(aa); and
``(cc) an opportunity to
revise the plan after
discussions with
representatives of the Council.
``(E) Final determination.--
``(i) In general.--After fulfilling the
requirements of subparagraph (D), and not later
than 90 days after the date on which a hearing
is held under subparagraph (D)(ii), the Council
may vote to make a final determination under
paragraph (1). The Council may delay the vote
up to 1 additional year after the conclusion of
the 90-day period if considering a plan under
subparagraph (D)(iii).
``(ii) Outcome of the vote.--If the Council
votes on a final determination under paragraph
(1), the Council shall promptly inform the bank
holding company of the outcome of the vote in
writing.
``(iii) Notice of final determination.--If
the Council votes to make a final determination
under paragraph (1), the Council shall, not
later than 30 days after the date of the vote,
provide a notice to the bank holding company,
which notice shall contain--
``(I) the basis for the
determination, including--
``(aa) a detailed analysis
of any plan submitted by the
bank holding company and
considered by the Council under
subparagraph (D), if
applicable, which analysis
shall, at a minimum, include--
``(AA) whether and
to what extent
successful
implementation of the
plan could address the
factors and the
potential threat posed
by the bank holding
company to the
financial stability of
the United States
identified pursuant to
subparagraph (C)(ii);
and
``(BB) a detailed
explanation of why the
plan would not address
the factors and the
potential threat posed
by the bank holding
company to the
financial stability of
the United States
identified pursuant to
subparagraph (C)(ii),
if the Council, during
its consideration of
the plan under
subparagraph
(D)(iii)(I), concluded
that the plan would not
address such factors or
potential threat;
``(bb) the reasons why the
materials and other information
submitted or provided by the
bank holding company under
subclauses (II) and (III) of
subparagraph (D)(ii) did not
address the potential threat
posed by the bank holding
company to the financial
stability of the United States;
``(cc) a detailed analysis
of how the factors, including
an explanation of how each
factor relates to the potential
threat posed by the bank
holding company to the
financial stability of the
United States, that the Council
considered pursuant to
subsection (b) resulted in the
final determination under
paragraph (1); and
``(dd) specific aspects of
the business, operations, or
structure of the bank holding
company that the Council
believes could pose a threat to
the financial stability of the
United States, including an
assessment by the Council of
the probability and magnitude
of the threat; and
``(II) an explanation of actions
the bank holding company could take in
order for the Council to rescind the
determination.
``(3) Reevaluation and rescission.--
``(A) Reevaluation requirement.--The Council shall,
in accordance with this paragraph, reevaluate a final
determination made under paragraph (1) with respect to
a bank holding company--
``(i) if, at any time, the Board of
Governors recommends that the Council do so;
and
``(ii) not less frequently than once every
5 years.
``(B) Reevaluation procedure.--The Council, in
conducting any reevaluation of a bank holding company
required under subparagraph (A), shall--
``(i) provide a written notice to the bank
holding company being reevaluated;
``(ii) afford the bank holding company an
opportunity to submit a plan, within such time
as the Council determines to be appropriate
(but which shall be not earlier than 30 days
after the date of receipt by the bank holding
company of the notice provided under clause
(i)), to modify the business, structure, or
operations of the bank holding company;
``(iii) afford the bank holding company an
opportunity to submit written materials in
addition to, or separate from, the plan
described in clause (ii), within such time as
the Council determines to be appropriate (but
which shall be not earlier than 30 days after
the date of receipt by the bank holding company
of the notice provided under clause (i)), to
contest the determination, including materials
concerning whether, in the view of the bank
holding company, the material financial
distress at the bank holding company could pose
a threat to the financial stability of the
United States;
``(iv) provide an opportunity for the bank
holding company to meet with representatives of
the Council to present the information
described in clauses (ii) and (iii);
``(v) not earlier than 30 days after the
date of receipt of any notice under clause (i),
provide the bank holding company with an
opportunity to request, in writing, a hearing
before the Council to contest its final
determination under paragraph (1); and
``(vi) if the Council receives a timely
request under clause (v), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the bank
holding company may appear, personally or
through counsel, to, at the discretion of the
bank holding company, provide oral testimony
and oral argument to the members of the
Council, with not fewer than \2/3\ of the
voting members of the Council, including the
Chairperson, in attendance.
``(C) Company plan.--If a bank holding company
submits a plan in accordance with subparagraph (B)(ii),
the Council shall--
``(i) consider whether the plan, if
implemented, would result in the bank holding
company no longer meeting the criteria for a
final determination under paragraph (1); and
``(ii) provide the bank holding company
with--
``(I) analysis of whether and to
what extent the plan addresses the
potential threat posed by the bank
holding company to the financial
stability of the United States;
``(II) an opportunity to meet with
representatives of the Council to
discuss the analysis provided under
subclause (I); and
``(III) an opportunity to revise
the plan after discussions with
representatives of the Council.
``(D) Voting and explanation.--
``(i) In general.--After evaluating the
materials and information provided by a bank
holding company under subparagraph (B) and
fulfilling the requirements of subparagraph
(C), and not later than 180 days after the date
of receipt by the bank holding company of the
notice provided under subparagraph (B)(i), the
Council shall, on a nondelegable basis and by a
vote of not fewer than \2/3\ of the voting
members then serving, including an affirmative
vote by the Chairperson, determine whether to
renew a final determination under paragraph
(1).
``(ii) Notice of final determination.--If
the Council votes to renew a final
determination under clause (i), the Council
shall provide a notice to the bank holding
company with the reasons for the decision by
the Council, which notice shall address with
specificity--
``(I) any changes to the basis for
the final determination decision made
under paragraph (1) since the date on
which the final determination under
paragraph (1) was made, including any
changes to the information provided to
the bank holding company under--
``(aa) paragraph
(2)(E)(iii)(I)(cc); or
``(bb) this clause, in
prior years;
``(II) any plan submitted by the
bank holding company and considered by
the Council under subparagraph (C), and
shall, at a minimum, include--
``(aa) a detailed analysis
of whether and to what extent
successful implementation of
the plan could result in the
bank holding company no longer
meeting the criteria for a
final determination under
paragraph (1); and
``(bb) a detailed
explanation of why, if the plan
were implemented, the bank
holding company would still
meet the criteria for a final
determination under paragraph
(1), if the Council, during its
consideration of the plan under
subparagraph (C), concluded
that the bank holding company
would still meet those criteria
if the plan were implemented;
``(III) aspects of the business,
operations, or structure of the bank
holding company that the Council
believes could pose a threat to the
financial stability of the United
States, including the probability and
magnitude of that threat; and
``(IV) an explanation of actions
the bank holding company could take in
order for the Council to rescind the
determination.
``(iii) No final determination.--If the
Council does not vote to renew a final
determination under clause (i), then the
existing final determination under paragraph
(1) shall be rescinded and the Council shall
inform the bank holding company in writing.
``(iv) Voting threshold for rescission of
determination.--Notwithstanding clause (iii),
the Council may, at any time, on a nondelegable
basis and by a vote of not fewer than \2/3\ of
the voting members then serving, including an
affirmative vote by the Chairperson, determine
that a bank holding company no longer meets the
criteria for a final determination under
paragraph (1), in which case the Council shall
rescind the final determination.
``(4) Emergency exception.--
``(A) In general.--The Council may waive or modify
the requirements of paragraph (2) with respect to a
bank holding company with total consolidated assets of
not less than $50,000,000,000 and not more than
$500,000,000,000 (as such amounts are adjusted annually
by the Council to reflect the percentage change for the
previous calendar year in the gross domestic product of
the United States, as calculated by the Bureau of
Economic Analysis of the Department of Commerce) if the
Council determines, on a nondelegable basis and by a
vote of not fewer than \2/3\ of the voting members then
serving, including an affirmative vote by the
Chairperson, that such waiver or modification is
necessary or appropriate to prevent or mitigate threats
posed by the bank holding company to the financial
stability of the United States.
``(B) Notice.--The Council shall provide notice of
a waiver or modification under this paragraph to the
bank holding company concerned as soon as practicable,
but not later than 24 hours after the waiver or
modification is granted.
``(C) International coordination.--In making a
determination under subparagraph (A), the Council shall
consult with the appropriate home country supervisor,
if any, of a foreign bank holding company that is being
considered for such a determination.
``(D) Opportunity for hearing.--The Council shall
allow a bank holding company to request, in writing, an
opportunity for a hearing before the Council to contest
a waiver or modification under this paragraph, not
later than 10 days after the date of receipt of the
notice of waiver or modification. Upon receipt of a
timely request, the Council shall fix a time (not later
than 15 days after the date of receipt of the request)
and place at which the bank holding company may appear,
personally or through counsel, to submit written
materials (or, at the sole discretion of the Council,
oral testimony and oral argument).
``(E) Notice of final determination.--Not later
than 30 days after the date of any hearing under
subparagraph (D), the Council shall notify the subject
bank holding company of the final determination of the
Council under this paragraph, which shall contain a
statement of the basis for the decision of the Council.
``(5) Consultation.--The Council shall consult with the
primary financial regulatory agency for each bank holding
company that is being considered by the Council under this
section from the outset of the consideration of the bank
holding company by the Council, including before the Council
makes any proposed determination under paragraph (2)(C)(i) or
final determination under paragraph (1).
``(6) Judicial review.--If the Council makes or renews a
final determination under this subsection with respect to a
bank holding company, such bank holding company may, not later
than 30 days after the date of receipt of the notice of final
determination under paragraph (2)(E)(iii) or of renewal of a
final determination under paragraph (3)(D)(ii), bring an action
in the United States district court for the judicial district
in which the home office of such bank holding company is
located, or in the United States District Court for the
District of Columbia, for an order requiring that the final
determination be rescinded, and the court shall, upon review,
dismiss such action or direct the final determination to be
rescinded. Review of such an action shall be limited to whether
the final determination made under this subsection was
arbitrary and capricious.
``(7) Public disclosure requirement.--The Council shall--
``(A) in each case that a bank holding company has
received a notice under paragraph (2)(B)(ii)(II)(aa),
and the bank holding company has publicly disclosed
that the bank holding company is being evaluated by the
Council, confirm that the bank holding company is being
evaluated by the Council, in response to a request from
a third party;
``(B) upon making a final determination under
paragraph (1) or renewing a final determination under
paragraph (3)(D)(i), publicly provide a detailed
written explanation of the basis for the final
determination with sufficient detail to provide the
public with an understanding of the specific bases of
the determination by the Council, including any
assumptions related thereof, subject to the
requirements of section 112(d)(5); and
``(C) include, in the annual report required under
section 112--
``(i) the number of bank holding companies
from the previous year that received a notice
under paragraph (2)(B)(ii)(II)(aa);
``(ii) the number of bank holding companies
from the previous year that were subject to a
proposed determination under paragraph
(2)(C)(i); and
``(iii) the number of bank holding
companies from the previous year that were
subject to a final determination under
paragraph (1).
``(d) Bank Holding Companies Automatically Deemed Systemically
Important.--
``(1) Automatic determination.--A bank holding company with
total consolidated assets of more than $500,000,000,000 (as
such amount is adjusted annually by the Council to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)
shall automatically be subject to a determination under
subsection (a).
``(2) Rule of construction.--
``(A) Bank holding company increasing in size.--If,
subsequent to the effective date, a bank holding
company that was previously subject to a final
determination under subsection (c)(1) grows to have
total consolidated assets of more than $500,000,000,000
(as such amount is adjusted annually by the Council to
reflect the percentage change for the previous calendar
year in the gross domestic product of the United
States, as calculated by the Bureau of Economic
Analysis of the Department of Commerce) for a period of
180 consecutive days, the bank holding company shall be
subject to an automatic determination under paragraph
(1) and not subject to a determination under subsection
(c)(1) for the purposes of this section.
``(B) Bank holding company decreasing in size.--If
a bank holding company subject to an automatic
determination under paragraph (1) decreases in size,
such that the bank holding company no longer is a bank
holding company with total consolidated assets of more
than $500,000,000,000 (as such amount is adjusted
annually by the Council to reflect the percentage
change for the previous calendar year in the gross
domestic product of the United States, as calculated by
the Bureau of Economic Analysis of the Department of
Commerce) for a period of 180 consecutive days, the
bank holding company shall be considered subject to a
final determination under subsection (c)(1) and not
subject to an automatic determination under paragraph
(1) for the purposes of this section.
``(e) International Coordination.--In exercising its duties under
this title with respect to foreign bank holding companies, foreign-
based bank holding companies, and cross-border activities and markets,
the Council shall consult with appropriate foreign regulatory
authorities, to the extent appropriate.''.
(c) Enhanced Supervision.--Section 115 of the Financial Stability
Act of 2010 (12 U.S.C. 5325) is amended--
(1) in subsection (a)--
(A) in the matter preceding subparagraph (A) of
paragraph (1), by striking ``large, interconnected bank
holding companies'' and inserting ``bank holding
companies subject to a determination under section
113A(a)''; and
(B) in paragraph (2)--
(i) in subparagraph (A), by striking ``;
or'' and inserting a period;
(ii) by striking ``the Council may'' and
all that follows through ``differentiate'' and
inserting ``the Council may differentiate'';
and
(iii) by striking subparagraph (B); and
(2) in subsection (b)(3), by inserting ``and the factors
used by the Council pursuant to section 113A(b)'' after
``subsections (a) and (b) of section 113'' each place that term
appears.
(d) Reports.--The matter preceding paragraph (1) of section 116(a)
of the Financial Stability Act of 2010 (12 U.S.C. 5326(a)) is amended
by striking ``with total consolidated assets of $50,000,000,000 or
greater'' and inserting ``subject to a determination under section
113A(a)''.
(e) Mitigation.--Section 121 of the Financial Stability Act of 2010
(12 U.S.C. 5331) is amended--
(1) in the matter preceding paragraph (1) of subsection
(a), by striking ``with total consolidated assets of
$50,000,000,000 or more'' and inserting ``subject to a
determination under section 113A(a)''; and
(2) in subsection (c), by inserting ``in the case of a
nonbank financial company, and the factors used by the Council
pursuant to section 113A(b) in the case of a bank holding
company'' after ``as applicable,''.
(f) Office of Financial Research.--Section 155(d) of the Financial
Stability Act of 2010 (12 U.S.C. 5345(d)) is amended by striking ``with
total consolidated assets of 50,000,000,000 or greater'' and inserting
``subject to a determination under section 113A(a)''.
SEC. 932. REVISIONS TO BOARD AUTHORITY.
(a) Acquisitions.--Section 163 of the Financial Stability Act of
2010 (12 U.S.C. 5363) is amended by striking ``with total consolidated
assets equal to or greater than $50,000,000,000'' each place that term
appears and inserting ``subject to a determination under section
113A(a)''.
(b) Management Interlocks.--Section 164 of the Financial Stability
Act of 2010 (12 U.S.C. 5364) is amended by striking ``with total
consolidated assets equal to or greater than $50,000,000,000'' and
inserting ``subject to a determination under section 113A(a)''.
(c) Enhanced Supervision and Prudential Standards.--Section 165 of
the Financial Stability Act of 2010 (12 U.S.C. 5365) is amended--
(1) in subsection (a)--
(A) in paragraph (1), by striking ``with total
consolidated assets equal to or greater than
$50,000,000,000'' and inserting ``subject to a
determination under section 113A(a)''; and
(B) in paragraph (2)--
(i) by striking ``Application'' and all
that follows through ``In prescribing'' and
inserting ``Application.--In prescribing''; and
(ii) by striking subparagraph (B);
(2) in subsection (b)(3), by inserting ``and the factors
used by the Council pursuant to section 113A(b)'' after
``subsections (a) and (b) of section 113'' each place that term
appears;
(3) in subsection (h), by striking ``$10,000,000,000'' each
place that term appears and inserting ``$50,000,000,000 (as
such amount is adjusted annually by the Council to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'';
(4) in subsection (i)(2)(A), by striking
``$10,000,000,000'' and inserting ``$50,000,000,000 (as such
amount is adjusted annually by the Council to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'';
and
(5) in subsection (j)--
(A) in paragraph (1), by striking ``with total
consolidated assets equal to or greater than
$50,000,000,000'' and inserting ``described in
subsection (a)''; and
(B) by striking paragraph (2) and inserting the
following:
``(2) Considerations.--In making a determination under this
subsection, the Council shall--
``(A) in the case of a nonbank financial company
supervised by the Board of Governors, consider the
factors described in subsections (a) and (b) of section
113 and any other risk-related factors that the Council
deems appropriate; and
``(B) in the case of a bank holding company
described in subsection (a), consider the factors used
by the Council pursuant to section 113A(b).''.
(d) Conforming Amendment.--The second subsection designated as
subsection (s)(2) of the Federal Reserve Act (12 U.S.C. 248(s)(2))
(relating to assessments, fees, and other charges for certain
companies) is amended--
(1) in subparagraph (A), by striking ``having total
consolidated assets of $50,000,000,000 or more;'' and inserting
``subject to a determination under section 113A(a) of the
Financial Stability Act of 2010; and'';
(2) by striking subparagraph (B); and
(3) by redesignating subparagraph (C) as subparagraph (B).
SEC. 933. EFFECTIVE DATE.
(a) In General.--The amendments made by this subtitle shall, except
as otherwise provided, take effect on the date that is 180 days after
the date on which the regulations required under section 113A(b) of the
Financial Stability Act of 2010, as added by section 931(b) of this
title, are issued.
(b) Rule of Construction.--Nothing in this subtitle shall be
construed to prohibit the Financial Stability Oversight Council
established under section 111 of the Financial Stability Act of 2010
(12 U.S.C. 5321) or the Board of Governors of the Federal Reserve
System from complying with any of the requirements of section 113A of
that Act, as added by section 931(b) of this title, with respect to a
bank holding company (as defined in section 2 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1841)) prior to the effective date
described in subsection (a).
SEC. 934. SENSE OF CONGRESS.
(a) Definitions.--In this section:
(1) Appropriate federal banking agencies; bank holding
company.--The terms ``appropriate Federal banking agencies''
and ``bank holding company'' have the meanings given those
terms in section 3 of the Federal Deposit Insurance Act (12
U.S.C. 1813).
(2) Nonbank financial company.--The term ``nonbank
financial company'' has the meaning given that term in section
102(a) of the Financial Stability Act of 2010 (12 U.S.C. 5311).
(b) Sense of Congress.--It is the sense of Congress that the
appropriate Federal banking agencies should seek to properly tailor
prudential regulations and, in doing so, differentiate among bank
holding companies and among nonbank financial companies supervised by
the Board of Governors of the Federal Reserve System based on their
capital structure, riskiness, complexity, financial activities
(including the financial activities of their subsidiaries), size, and
other risk-related factors, using existing authorities, including
waiver authorities provided in statute or regulation.
SEC. 935. PRESERVATION OF AUTHORITY.
Nothing in this title shall be construed to limit the supervisory,
regulatory, or enforcement authority of a Federal banking agency (as
defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813)) to further the safe and sound operation of an institution that
the Federal banking agency supervises, except as specifically provided
in this title.
Subtitle C--Greater Transparency for the Financial Stability Oversight
Council Process for Nonbank Financial Companies
SEC. 941. ACCESS TO COUNCIL MEETINGS BY AGENCY MEMBERS.
Section 111(e) of the Financial Stability Act of 2010 (12 U.S.C.
5321(e)) is amended by adding at the end the following:
``(3) Access.--Any member of the governing body of a member
agency headed by a member of the Council described in
subparagraph (B), (E), (F), (G), or (I) of paragraph (1) of
subsection (b)--
``(A) may attend a meeting of the Council,
including any meeting of representatives of the members
of the Council; and
``(B) shall have access to the same information and
materials that a member of the Council described in
subparagraph (B), (E), (F), (G), or (I) of paragraph
(1) of subsection (b) is provided or entitled to.''.
SEC. 942. NONBANK DETERMINATION PROCESS.
Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323)
is amended--
(1) in subsection (a)(2)--
(A) in the matter preceding subparagraph (A), by
inserting ``factors, including'' after ``consider'';
(B) in subparagraph (H), by striking ``1 or more
primary financial regulatory agencies'' and inserting
``its primary financial regulatory agency, including
the appropriateness of the imposition of prudential
standards in addition to or as opposed to other forms
of regulation'';
(C) in subparagraph (J), by striking ``and'' at the
end;
(D) by redesignating subparagraph (K) as
subparagraph (L); and
(E) by inserting after subparagraph (J) the
following:
``(K) actions taken by the primary financial
regulatory agency pursuant to subsection (e)(1)(C);
and'';
(2) in subsection (b)(2)--
(A) in the matter preceding subparagraph (A), by
inserting ``factors, including'' after ``consider'';
(B) in subparagraph (H), by inserting ``, including
the appropriateness of the imposition of prudential
standards in addition to or as opposed to other forms
of regulation'' before the semicolon at the end;
(C) in subparagraph (J), by striking ``and'' at the
end;
(D) by redesignating subparagraph (K) as
subparagraph (L); and
(E) by inserting after subparagraph (J) the
following:
``(K) actions taken by the primary financial
regulatory agency pursuant to subsection (e)(1)(C);
and'';
(3) by striking subsections (d) and (e) and inserting the
following:
``(d) Annual Reevaluation and Rescission.--
``(1) Annual reevaluation.--Not less frequently than
annually, except with respect to subparagraph (E), the Council
shall reevaluate each final determination made under subsection
(a) or (b) with respect to a nonbank financial company
supervised by the Board of Governors and shall--
``(A) provide a written notice to the nonbank
financial company being reevaluated;
``(B) afford the nonbank financial company an
opportunity to submit a plan, within such time as the
Council determines to be appropriate (but which shall
be not earlier than 30 days after the date of receipt
by the nonbank financial company of the notice provided
under subparagraph (A)), to modify the business,
structure, or operations of the nonbank financial
company;
``(C) afford the nonbank financial company an
opportunity to submit written materials in addition to,
or separate from, the plan described in subparagraph
(B), within such time as the Council determines to be
appropriate (but which shall be not earlier than 30
days after the date of receipt by the nonbank financial
company of the notice provided under subparagraph (A)),
to contest the determination, including materials
concerning whether, in the view of the nonbank
financial company, the material financial distress at
the nonbank financial company, or the nature, scope,
size, scale, concentration, interconnectedness, or mix
of the activities of the nonbank financial company,
could pose a threat to the financial stability of the
United States;
``(D) provide an opportunity for the nonbank
financial company to meet with representatives of the
Council to present the information described in
subparagraphs (B) and (C); and
``(E) not less than once every 5 years and prior to
a vote under paragraph (3)(A)(ii)--
``(i) not earlier than 30 days after the
date of receipt of any notice under
subparagraph (A), provide the nonbank financial
company with an opportunity to request, in
writing, a hearing before the Council to
contest its final determination under
subsection (a) or (b); and
``(ii) if the Council receives a timely
request under clause (i), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the nonbank
financial company may appear, personally or
through counsel, to, at the discretion of the
nonbank financial company, provide oral
testimony and oral argument to the members of
the Council, with not fewer than \2/3\ of the
voting members of the Council, including the
Chairperson, in attendance.
``(2) Company plan.--If a nonbank financial company submits
a plan in accordance with paragraph (1)(B), the Council shall--
``(A) consider whether the plan, if implemented,
would result in the nonbank financial company no longer
meeting the criteria for a final determination under
subsection (a) or (b); and
``(B) provide the nonbank financial company with--
``(i) analysis of whether and to what
extent the plan addresses the potential threat
posed by the nonbank financial company to the
financial stability of the United States;
``(ii) an opportunity to meet with
representatives of the Council to discuss the
analysis provided under clause (i); and
``(iii) an opportunity to revise the plan,
after discussions with representatives of the
Council.
``(3) Voting and explanation.--
``(A) In general.--After evaluating the materials
and information provided by a nonbank financial company
under paragraph (1) and fulfilling the requirements of
paragraph (2), and not later than 180 days after the
date of receipt by the nonbank financial company of the
notice provided under paragraph (1)(A), the Council
shall, on a nondelegable basis and by a vote of not
fewer than \2/3\ of the voting members then serving,
including an affirmative vote by the Chairperson--
``(i) except as otherwise provided in
clause (ii), determine whether the nonbank
financial company no longer meets the criteria
for a final determination under subsection (a)
or (b), in which case the Council shall rescind
such determination; and
``(ii) not less than once every 5 years,
and following a hearing held under paragraph
(1)(E)(ii), determine whether to renew a final
determination under subsection (a) or (b).
``(B) Notice of final determination.--If the
Council does not vote to rescind a final determination
under subparagraph (A)(i) or votes to renew a final
determination under subparagraph (A)(ii), the Council
shall provide a notice to the nonbank financial company
and the primary financial regulatory agency of the
nonbank financial company with the reasons for the
decision by the Council, which notice shall address
with specificity--
``(i) any changes to the basis for the
final determination decision made under
subsection (a) or (b) since the date on which
the final determination under subsection (a) or
(b) was made, including any changes to the
information provided to the nonbank financial
company under--
``(I) subsection (e)(2)(C)(i)(IV);
``(II) this clause, in prior years;
or
``(III) subparagraph (D);
``(ii) any plan submitted by the nonbank
financial company and considered by the Council
under paragraph (2), and shall, at a minimum,
include--
``(I) a detailed analysis of
whether and to what extent successful
implementation of the plan could result
in the nonbank financial company no
longer meeting the criteria for a final
determination under subsection (a) or
(b); and
``(II) a detailed explanation of
why, if the plan were implemented, the
nonbank financial company would still
meet the criteria for a final
determination under subsection (a) or
(b), if the Council, during its
consideration of the plan under
paragraph (2), concluded that the
nonbank financial company would still
meet those criteria if the plan were
implemented;
``(iii) aspects of the business,
operations, or structure, including the nature,
scope, size, scale, concentration,
interconnectedness, or mix of the activities,
of the nonbank financial company that the
Council believes could pose a threat to the
financial stability of the United States,
including an assessment by the Council of the
probability and magnitude of the threat; and
``(iv) an explanation of actions the
nonbank financial company could take in order
for the Council to rescind the determination.
``(C) No final determination.--If the Council votes
to rescind a final determination under subparagraph
(A)(i) or does not vote to renew a final determination
under subparagraph (A)(ii), the existing final
determination under subsection (a) or (b) shall be
rescinded and the Council shall inform the nonbank
financial company in writing.
``(D) Explanation for certain companies.--With
respect to a reevaluation under this subsection in
which the final determination under subsection (a) or
(b) being reevaluated was made before the date of
enactment of this subparagraph, the Council, as part of
such reevaluation, shall provide a statement that--
``(i) explains with specificity the basis
for such determination; and
``(ii) includes the analysis required under
subsection (e)(2)(C)(i)(IV).
``(E) Voting threshold for rescission of
determination.--Notwithstanding subparagraph (A), the
Council may, at any time, on a nondelegable basis and
by a vote of not fewer than \2/3\ of the voting members
then serving, including an affirmative vote by the
Chairperson, determine that a nonbank financial company
no longer meets the criteria for a final determination
under subsection (a) or (b), in which case the Council
shall rescind the final determination.
``(e) Requirements for Proposed Determination, Notice and
Opportunity for Hearing, and Final Determination.--
``(1) In general.--Prior to making a final determination
under subsection (a) or (b) with respect to a nonbank financial
company, the Council must--
``(A) provide the nonbank financial company and its
primary financial regulatory agency with a notice that
the nonbank financial company is being evaluated, which
notice shall, at minimum--
``(i) include any quantitative analysis
used by the Council as part of its evaluation;
``(ii) identify with specificity any
factors that the Council has considered
pursuant to subsection (a)(2) or (b)(2)
relating to the nonbank financial company that
could cause the nonbank financial company to be
subject to a final determination under
subsection (a) or (b); and
``(iii) include an explanation of how each
factor identified in clause (ii) relates to the
potential threat posed by the nonbank financial
company to the financial stability of the
United States;
``(B) provide the nonbank financial company an
opportunity, not earlier than 30 days after the date of
receipt by the nonbank financial company of the notice
under subparagraph (A), to meet with representatives of
the Council, including to discuss the notice and any
analysis and factors considered by the Council;
``(C) provide the primary financial regulatory
agency of the nonbank financial company with not less
than 180 days from the date of receipt of the notice in
subparagraph (A) to--
``(i) provide a written response to the
Council that includes an assessment of--
``(I) the factors identified
pursuant to subparagraph (A)(ii);
``(II) the explanation provided
pursuant to subparagraph (A)(iii); and
``(III) the degree to which the
potential threat to the financial
stability of the United States is
currently addressed or could be
addressed by existing or pending
regulation or other regulatory action;
and
``(ii) issue proposed regulations or
undertake other regulatory action to address--
``(I) the factors identified
pursuant to subparagraph (A)(ii), as
applicable; and
``(II) the potential threat posed
by the nonbank financial company to the
financial stability of the United
States;
``(D) in the event that the primary financial
regulatory agency has provided a written response under
subparagraph (C)(i) or issued proposed regulations or
taken other regulatory actions under subparagraph
(C)(ii), find that--
``(i) taking into account the written
response by the primary financial regulatory
agency under subparagraph (C)(i), the nonbank
financial company merits a proposed
determination under subparagraph (E); and
``(ii) the primary financial regulatory
agency has not proposed regulations or taken
other regulatory actions after receipt of the
notice under subparagraph (A) that sufficiently
address the factors identified pursuant to
subparagraph (A)(ii), as applicable, and the
potential threat posed by the nonbank financial
company to the financial stability of the
United States;
``(E) after fulfilling the requirements of
subparagraphs (A), (B), (C), and (D), on a nondelegable
basis and by a vote of not fewer than \2/3\ of the
voting members then serving, including an affirmative
vote by the Chairperson, propose to make a
determination under subsection (a) or (b) with respect
to the nonbank financial company; and
``(F) subsequent to making a proposed determination
under subparagraph (E)--
``(i) provide a notice to the nonbank
financial company and its primary financial
regulatory agency, which notice shall contain
the basis for the proposed determination under
subparagraph (E), including--
``(I) the information and
explanation required under subparagraph
(A), along with any updates to such
information or explanation related to
the proposed determination under
subparagraph (E); and
``(II) an explanation and
justification for any finding under
subparagraph (D);
``(ii) not later than 30 days after the
date of receipt of any notice under clause (i),
provide the nonbank financial company with an
opportunity to request, in writing, a hearing
before the Council to contest the proposed
determination under subparagraph (E);
``(iii) if the Council receives a timely
request under clause (ii), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the nonbank
financial company may appear, personally or
through counsel, to, at the discretion of the
nonbank financial company--
``(I) submit a plan to modify the
business, structure, or operations of
the nonbank financial company in order
to address the factors and the
potential threat posed by the nonbank
financial company to the financial
stability of the United States
identified pursuant to clause (i)(I),
as applicable;
``(II) submit written materials in
addition to or separate from the plan
described in subclause (I); and
``(III) provide oral testimony and
oral argument to the members of the
Council, with not fewer than \2/3\ of
the voting members of the Council,
including the Chairperson, in
attendance; and
``(iv) in the event a plan is submitted to
the Council under clause (iii)(I)--
``(I) consider whether the plan, if
implemented, would address the factors
and the potential threat posed by the
nonbank financial company to the
financial stability of the United
States identified pursuant to clause
(i)(I), as applicable; and
``(II) provide the nonbank
financial company with--
``(aa) analysis of whether
and to what extent the plan
addresses the factors and the
potential threat posed by the
nonbank financial company to
the financial stability of the
United States identified
pursuant to clause (i)(I), as
applicable;
``(bb) an opportunity to
meet with representatives of
the Council to discuss the
analysis provided under item
(aa); and
``(cc) an opportunity to
revise the plan, after
discussions with
representatives of the Council.
``(2) Final determination.--
``(A) In general.--After fulfilling the
requirements of paragraph (1), and not later than 90
days after the date on which a hearing is held under
paragraph (1)(F)(iii), the Council may vote to make a
final determination under subsection (a) or (b). The
Council may delay the vote up to 1 additional year
after the conclusion of the 90-day period if
considering a plan under paragraph (1)(F)(iv)(I).
``(B) Outcome of the vote.--If the Council votes on
a final determination under subsection (a) or (b), the
Council shall promptly inform the nonbank financial
company of the outcome of the vote in writing.
``(C) Notice of final determination.--If the
Council votes to make a final determination under
subsection (a) or (b), the Council shall, not later
than 30 days after the date of the vote, provide a
notice to the nonbank financial company and its primary
financial regulatory agency, which notice shall
contain--
``(i) the basis for the determination,
including--
``(I) a detailed analysis of any
plan submitted by the nonbank financial
company and considered by the Council
under paragraph (1)(F), if applicable,
which analysis shall, at a minimum,
include--
``(aa) whether and to what
extent successful
implementation of the plan
could address the factors, as
applicable, and the potential
threat posed by the nonbank
financial company to the
financial stability of the
United States identified
pursuant to paragraph
(1)(F)(i)(I); and
``(bb) a detailed
explanation of why the plan
would not address the factors
and the potential threat posed
by the nonbank financial
company to the financial
stability of the United States
identified pursuant to
paragraph (1)(F)(i)(I), if the
Council, during its
consideration of the plan under
subparagraph (1)(F)(iv)(I),
concluded that the plan would
not address such factors or
potential threat;
``(II) the reasons why the
materials and other information
submitted or provided by the nonbank
financial company under subclauses (II)
and (III) of paragraph (1)(F)(iii) did
not address the potential threat posed
by the nonbank financial company to the
financial stability of the United
States;
``(III) a justification for any
finding under paragraph (1)(D);
``(IV) a detailed analysis of how
any factors, including an explanation
of how each factor relates to the
potential threat posed by the nonbank
financial company to the financial
stability of the United States, that
the Council considered pursuant to
subsection (a)(2) or (b)(2) resulted in
the final determination under
subsection (a) or (b); and
``(V) specific aspects of the
business, operations, or structure of
the nonbank financial company,
including the nature, scope, size,
scale, concentration,
interconnectedness, or mix of the
activities of the nonbank financial
company, that the Council believes
could pose a threat to the financial
stability of the United States,
including an assessment by the Council
of the probability and magnitude of the
threat; and
``(ii) an explanation of actions the
nonbank financial company could take in order
for the Council to rescind the
determination.'';
(4) in subsection (g), by striking ``before the Council
makes any'' and inserting ``from the outset of the
consideration of the nonbank financial company by the Council,
including before the Council makes any proposed determination
under subsection (e)(1)(E) or'';
(5) in subsection (h)--
(A) by inserting ``or renews'' after ``makes''; and
(B) by striking ``(d)(2), (e)(3), or (f)(5)'' and
inserting ``(d)(3)(B) or (f)(5) or of renewal of a
final determination under subsection (e)(2)(C)''; and
(6) by adding at the end the following:
``(j) Public Disclosure Requirement.--The Council shall--
``(1) in each case that a nonbank financial company has
received a notice under subsection (e)(1)(A), and the nonbank
financial company has publicly disclosed that the nonbank
financial company is being reviewed by the Council, confirm
that the nonbank financial company is being reviewed, in
response to a request from a third party;
``(2) upon making a final determination under subsection
(a) or (b) or renewing a final determination under paragraph
(3)(A) of subsection (d), publicly provide a detailed written
explanation of the basis for the final determination with
sufficient detail to provide the public with an understanding
of the specific bases of the determination by the Council,
including any assumptions related thereof, subject to the
requirements of section 112(d)(5);
``(3) include, in the annual report required by section
112--
``(A) the number of nonbank financial companies
from the previous year that received a notice under
subsection (e)(1)(A);
``(B) the number of nonbank financial companies
from the previous year that were subject to a proposed
determination under subsection (e)(1)(E); and
``(C) the number of nonbank financial companies
from the previous year that were subject to a final
determination under subsection (a) or (b); and
``(4) not earlier than 180 days after the date of enactment
of this subsection, publish in the Federal Register information
regarding the methodology the Council uses for calculating any
quantitative thresholds or other metrics used to consider the
factors listed in subsection (a)(2) or (b)(2).''.
SEC. 943. RULE OF CONSTRUCTION.
None of the amendments made by this subtitle shall be construed as
limiting the emergency powers of the Financial Stability Oversight
Council under section 113(f) of the Financial Stability Act of 2010 (12
U.S.C. 5323(f)).
Subtitle D--Improved Accountability and Transparency in the Regulation
of Insurance
SEC. 951. SENSE OF CONGRESS.
It is the sense of Congress that the Act of March 9, 1945 (commonly
known as the ``McCarran-Ferguson Act''; 59 Stat. 33, chapter 20; 15
U.S.C. 1011 et seq.) remains the preferred approach with respect to
regulating the business of insurance.
SEC. 952. ENSURING THE PROTECTION OF INSURANCE POLICYHOLDERS.
(a) Source of Strength.--Section 38A of the Federal Deposit
Insurance Act (12 U.S.C. 1831o-1) is amended--
(1) by redesignating subsections (c), (d), and (e) as
subsections (d), (e), and (f), respectively; and
(2) by inserting after subsection (b) the following:
``(c) Authority of State Insurance Regulator.--
``(1) In general.--The provisions of section 5(g) of the
Bank Holding Company Act of 1956 (12 U.S.C. 1844(g)) shall
apply to a savings and loan holding company that is an
insurance company, an affiliate of an insured depository
institution that is an insurance company, and to any other
company that is an insurance company and that directly or
indirectly controls an insured depository institution, to the
same extent as the provisions of that section apply to a bank
holding company that is an insurance company.
``(2) Rule of construction.--Requiring a bank holding
company that is an insurance company, a savings and loan
holding company that is an insurance company, an affiliate of
an insured depository institution that is an insurance company,
or any other company that is an insurance company and that
directly or indirectly controls an insured depository
institution to serve as a source of financial strength under
this section shall be deemed an action of the Board that
requires a bank holding company to provide funds or other
assets to a subsidiary depository institution for purposes of
section 5(g) of the Bank Holding Company Act of 1956 (12 U.S.C.
1844(g)).''.
(b) Liquidation Authority.--The Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended--
(1) in section 203(e)(3) (12 U.S.C. 5383(e)(3)), by
inserting ``or rehabilitation'' after ``orderly liquidation''
each place that term appears; and
(2) in section 204(d)(4) (12 U.S.C. 5384(d)(4)), by
inserting before the semicolon at the end the following: ``,
except that, if the covered financial company or covered
subsidiary is an insurance company or a subsidiary of an
insurance company, the Corporation--
``(A) shall promptly notify the State insurance
authority for the insurance company of the intention to
take such lien; and
``(B) may only take such lien--
``(i) to secure repayment of funds made
available to such covered financial company or
covered subsidiary; and
``(ii) if the Corporation determines, after
consultation with the State insurance
authority, that such lien will not unduly
impede or delay the liquidation or
rehabilitation of the insurance company, or the
recovery by its policyholders''.
SEC. 953. INTERNATIONAL INSURANCE CAPITAL STANDARDS ACCOUNTABILITY.
(a) Sense of Congress.--It is the sense of Congress that--
(1) the Secretary of the Treasury, the Board of Governors
of the Federal Reserve System, and the Director of the Federal
Insurance Office should support increasing transparency at any
global insurance or international standard-setting regulatory
or supervisory forum in which they participate, including
supporting and advocating for greater public observer access at
any such forum; and
(2) to the extent that the Secretary of the Treasury, the
Board of Governors of the Federal Reserve System, and the
Director of the Federal Insurance Office take a position on an
insurance proposal by a global insurance or international
standard-setting regulatory or supervisory forum, the Board of
Governors of the Federal Reserve System and the Director of the
Federal Insurance Office should achieve consensus positions
with State insurance regulators when they are participants
representing the United States in negotiations on insurance
issues before any international forum of financial regulators
or supervisors that considers insurance regulatory issues.
(b) Insurance Policy Advisory Committee.--
(1) Establishment.--There is established the Insurance
Policy Advisory Committee on International Capital Standards
and Other Insurance Issues at the Board of Governors of the
Federal Reserve System.
(2) Membership.--The Committee established under paragraph
(1) shall be composed of not more than 21 members, all of whom
represent a diverse set of expert perspectives from the various
sectors of the United States insurance industry, including life
insurance, property and casualty insurance and reinsurance,
agents and brokers, academics, consumer advocates, or experts
on issues facing underserved insurance communities and
consumers.
(c) Reports.--
(1) Reports and testimony by secretary of the treasury and
chairman of the board of governors of the federal reserve
system.--
(A) In general.--The Secretary of the Treasury and
the Chairman of the Board of Governors of the Federal
Reserve System, or their designees, shall submit an
annual report and provide annual testimony to the
Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the
House of Representatives on the efforts of the
Secretary of the Treasury, the Chairman of the Board of
Governors of the Federal Reserve System, and State
insurance regulators with respect to global insurance
or international standard-setting regulatory or
supervisory forums, including--
(i) a description of the insurance
regulatory or supervisory standard-setting
issues under discussion at any international
insurance standard-setting bodies;
(ii) a description of the effects that
proposals discussed at international insurance
regulatory or supervisory forums of insurance
could have on consumer and insurance markets in
the United States;
(iii) a description of any position taken
by the Secretary of the Treasury, the Chairman
of the Board of Governors of the Federal
Reserve System, and the Director of the Federal
Insurance Office in international insurance
discussions; and
(iv) a description of the efforts by the
Secretary of the Treasury, the Director of the
Federal Insurance Office, and the Chairman of
the Board of Governors of the Federal Reserve
System to increase transparency at any
international standard-setting bodies with whom
they participate, including efforts to provide
additional public access to working groups and
committees of such international insurance
standard-setting bodies.
(B) Termination.--This paragraph shall cease to be
effective on December 31, 2018.
(2) Reports and testimony by state insurance regulators.--A
State insurance regulator may provide testimony to Congress on
the issues described in paragraph (1)(A).
(3) Joint report by the chairman of the federal reserve and
the director of the federal insurance office.--
(A) In general.--The Secretary of the Treasury, the
Chairman of the Board of Governors of the Federal
Reserve System, and the Director of the Federal
Insurance Office, in consultation with State insurance
regulators, shall complete a study on, and submit to
Congress a report on the results of the study, the
impact on consumers and markets in the United States
before supporting or consenting to the adoption of any
key elements in any international insurance proposal or
international insurance capital standard.
(B) Notice and comment.--
(i) Notice.--The Secretary of the Treasury,
the Chairman of the Board of Governors of the
Federal Reserve System, and the Director of the
Federal Insurance Office shall provide notice
before the date on which drafting the report
described in subparagraph (A) is commenced and
after the date on which the draft of the report
is completed.
(ii) Opportunity for comment.--There shall
be an opportunity for public comment for a
period beginning on the date on which the
report is submitted under subparagraph (A) and
ending on the date that is 60 days after the
date on which the report is submitted.
(C) Review by comptroller general.--The Secretary
of the Treasury, the Chairman of the Board of Governors
of the Federal Reserve System, and the Director of the
Federal Insurance Office shall submit to the
Comptroller General of the United States the report
described in subparagraph (A) for review.
(4) Report on promoting transparency.--Not later than 180
days after the date of enactment of this title, the Chairman of
the Board of Governors of the Federal Reserve System and the
Secretary of the Treasury, or their designees, shall submit a
report and provide testimony to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives on the
efforts of the Secretary of the Treasury and the Chairman of
the Board of Governors of the Federal Reserve System to improve
transparency at any international insurance standard-setting
bodies in which they participate.
Subtitle E--Improving the Federal Reserve System
SEC. 961. REPORTS TO CONGRESS.
Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is amended
by striking subsection (b) and inserting the following:
``(b) Quarterly Reports to Congress.--
``(1) In general.--The Federal Open Market Committee shall,
on a quarterly basis, and in such a manner that 1 report is
submitted concurrently with each semi-annual hearing required
by subsection (a), submit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report explaining
the policy decisions of the Committee over the prior quarter
and the basis for those decisions.
``(2) Contents.--The report described in paragraph (1)
shall include--
``(A) a detailed analysis of the conduct of
monetary policy and economic developments and prospects
for the future, taking into account past and
prospective developments in--
``(i) employment;
``(ii) unemployment;
``(iii) production;
``(iv) investment;
``(v) real income;
``(vi) productivity;
``(vii) exchange rates;
``(viii) international trade and payments;
``(ix) prices;
``(x) inflation expectations;
``(xi) credit conditions; and
``(xii) interest rates;
``(B) a description of any monetary policy rule or
rules used or considered by the Committee that provides
or provide the basis for monetary policy decisions,
including short-term interest rate targets set by the
Committee, open market operations authorized under
section 14, and interest rates established by the
Committee pursuant to section 19(b)(12), and such
description shall include, at a minimum, for each rule,
a mathematical formula that models how monetary policy
instruments will be adjusted based on changes in
quantitative inputs;
``(C) a description of any additional strategy or
strategies, if any such exist, used by the Committee,
separate from or supplementary to any rule or rules
described in subparagraph (B), to affect monetary
policy;
``(D) a detailed explanation of--
``(i) any deviation in the rule or rules
described in subparagraph (B) in the current
report from any rule or rules described in
subparagraph (B) in the most recent quarterly
report; and
``(ii) any deviation in the strategy or
strategies described in subparagraph (C) in the
current report from any strategy or strategies
described in subparagraph (C) in the most
recent quarterly report;
``(E) a description of any instruments used to
execute monetary policy by employees of the Federal
Reserve System at the direction of the Committee, and
how such instruments have been used;
``(F) a description of the outlook for monetary
policy over the short term, medium term, and long term;
and
``(G) projections of inflation and economic growth
over the short term, medium term, and long term.
``(3) Dissent.--A member of the Committee described in
section 12A(a) may--
``(A) dissent from the report submitted under
paragraph (1) in whole or in part;
``(B) write a dissent expressing the views of the
member, which shall be included as part of the report
submitted to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives; and
``(C) sign a dissent written by another member of
the Committee to express support for views contained in
such dissent.''.
SEC. 962. TESTIMONY; VOTES; STAFF.
(a) Testimony; Votes.--Section 10 of the Federal Reserve Act is
amended--
(1) in paragraph (11), as redesignated by section 999F(v)
of this title, by inserting at the end the following: ``In the
event that no member of the Board is serving as Vice Chairman
for Supervision at the time such appearance is required, the
Chairman of the Board of Governors shall appear before each
Committee in the place of the Vice Chairman for Supervision.'';
and
(2) by adding at the end the following:
``(12)(A) The Board of Governors of the Federal Reserve
System shall, on a nondelegable basis, vote on whether to issue
any civil money penalty assessment order or settle any other
enforcement action if the issuance of such order or settlement
of such action involves the payment of not less than $1,000,000
in compensation, penalties, fines, or other payments.
``(B) The results of the vote of each member of the Board
under subparagraph (A) shall promptly be made publicly
available on the website of the Board.''.
(b) Delegation of Authorities; Staff.--Section 11 of the Federal
Reserve Act (12 U.S.C. 248) is amended--
(1) in subsection (k), by inserting ``and except as
otherwise provided in section 10(12)(A),'' after ``credit
policies,''; and
(2) in subsection (l), by inserting ``Of amounts made
available for employees of the Board of Governors under this
subsection, each member of the Board of Governors may employ
not more than 4 individuals, with such individuals selected by
such member and the salaries of such individuals set by such
member.'' after the period at the end.
SEC. 963. TRANSPARENCY AT THE FEDERAL OPEN MARKET COMMITTEE.
Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended
by adding at the end the following:
``(d) Not later than 3 years after the date on which a meeting of
the Committee is held, the Committee shall publish the transcript of
the meeting.''.
SEC. 964. INTEREST RATES ON BALANCES MAINTAINED AT A FEDERAL RESERVE
BANK BY DEPOSITORY INSTITUTIONS.
Section 19(b)(12)(A) of the Federal Reserve Act (12 U.S.C.
461(b)(12)(A)) is amended by inserting ``established by the Federal
Open Market Committee'' after ``rate or rates''.
SEC. 965. COMMISSION FOR RESTRUCTURING THE FEDERAL RESERVE SYSTEM.
(a) Establishment.--There is established an independent commission
to be known as the ``Federal Reserve System Restructuring Commission''
(referred to in this section as the ``Commission'').
(b) Membership.--
(1) In general.--The Commission shall be composed of 7
members as follows:
(A) 2 members appointed by the Speaker of the House
of Representatives.
(B) 2 members appointed by the majority leader of
the Senate.
(C) 1 member appointed by the minority leader of
the House of Representatives.
(D) 1 member appointed by the minority leader of
the Senate.
(E) 1 member appointed by the President.
(2) Chairman.--Once the members of the Commission have been
appointed, the members shall designate 1 of the members to be
Chairman of the Commission.
(3) Vacancies.--Any vacancy in the Commission shall be
filled in the same manner as the original appointment.
(c) Duties.--
(1) Study.--
(A) In general.--The Commission shall conduct a
study on whether it is appropriate to restructure the
Federal Reserve districts, including an analysis on
potential benefits and costs of restructuring.
(B) Considerations.--In determining whether such
restructuring is appropriate, the Commission shall
specifically consider the impact of restructuring with
respect to--
(i) maximizing operational effectiveness
within the Federal Reserve System while
minimizing operational costs;
(ii) maximizing the effectiveness of
supervisory and regulatory functions while
minimizing potential for regulatory capture;
and
(iii) monetary policy decision-making.
(C) Proposals.--The Commission shall--
(i) consider various proposals to
restructure the existing Federal Reserve
districts, including proposals to--
(I) increase the number of existing
Federal Reserve districts, including a
proposal to divide the Federal Reserve
district in which the Federal Reserve
Bank of San Francisco is contained into
2 or more separate districts while
retaining the existing structure for
the remaining Federal Reserve
districts;
(II) decrease the number of
existing Federal Reserve districts;
(III) restructure the existing
Federal Reserve districts without
increasing or decreasing the number of
existing Federal Reserve districts; and
(IV) reassign specific functions
and duties, including supervisory and
regulatory functions, to different
Federal Reserve banks within the
Federal Reserve System, including
functions and duties performed by the
Board; and
(ii) determine which of the proposals
considered under clause (i) are the optimal
approaches to restructuring the existing
Federal Reserve districts pursuant to
subclauses (I), (II), (III), and (IV) of clause
(i).
(2) Recommendation.--The Commission shall, based on the
proposals considered under paragraph (1)(C), develop a
recommendation on the optimal organization of the Federal
Reserve System that--
(A) maximizes--
(i) the operational effectiveness within
the Federal Reserve System while minimizing
operational costs; and
(ii) the effectiveness of supervisory and
regulatory functions while minimizing potential
for regulatory capture; and
(B) takes into account the impact of restructuring
on monetary policy decision-making.
(3) Report.--Not later than 18 months after the date of
enactment of this title, the Commission shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives, and also furnish copies to the President and
the Board of Governors of the Federal Reserve System, a report
that includes--
(A) the recommendation described in paragraph (2);
(B) a description of the proposals considered under
paragraph (1)(C)(i);
(C) a description of the proposals determined to be
optimal under paragraph (1)(C)(ii);
(D) an analysis of the benefits and costs of each
of the proposals described in subparagraph (B),
including, with respect to each proposal, an analysis
of--
(i) the operational benefits and costs to
the Federal Reserve System;
(ii) the impact on supervision of financial
institutions and nonbank financial institutions
supervised by the Federal Reserve banks; and
(iii) the impact on monetary policy
decision-making;
(E) an analysis of--
(i) any specific benefits and costs
resulting from the increase in total number of
Federal Reserve districts; and
(ii) any specific benefits and costs
resulting from the decrease in total number of
Federal Reserve districts, including an
evaluation of savings to the Federal Reserve
System through streamlining and elimination of
duplicated functions;
(F) a determination of--
(i) whether the benefits of restructuring
the existing Federal Reserve districts without
increasing or decreasing the number of existing
Federal Reserve districts outweigh the costs;
(ii) whether the benefits of increasing or
decreasing the number of existing Federal
Reserve districts outweigh the costs;
(iii) whether the benefits of reassigning
functions and duties to different Federal
Reserve banks within the Federal Reserve System
outweigh the costs; and
(iv) the optimal number of Federal Reserve
districts in order for the Federal Reserve
System to fulfill its statutory role in the
most efficient and cost-effective manner; and
(G) a description of the methodology used by the
Commission to reach the conclusions for the report.
(d) Powers of the Commission.--The Commission may lease space and
acquire personal property to the extent funds are available.
(e) Commission Personnel Matters.--
(1) Compensation of members.--
(A) In general.--Except as provided in subparagraph
(B), each member of the Commission who is not an
officer or employee of the Federal Government shall be
compensated at a rate equal to the daily equivalent of
the annual rate of basic pay prescribed for level IV of
the Executive Schedule under section 5315 of title 5,
United States Code, for each day (including travel
time) during which such member is engaged in the
performance of the duties of the Commission. All
members of the Commission who are officers or employees
of the United States shall serve without compensation
in addition to that received for their services as
officers or employees of the United States.
(B) Compensation of chairman.--The Chairman of the
Commission shall be compensated at a rate equal to the
daily equivalent of the minimum annual rate of basic
pay payable for level III of the Executive Schedule
under section 5314, of title 5, United States Code.
(2) Travel expenses.--The members of the Commission shall
be allowed travel expenses, including per diem in lieu of
subsistence, at rates authorized for employees of agencies
under subchapter I of chapter 57 of title 5, United States
Code, while away from their homes or regular places of business
in the performance of services for the Commission.
(3) Director and staff.--
(A) Director of staff.--The Commission shall
appoint a Director, who shall be paid at the rate of
basic pay payable for level IV of the Executive
Schedule under section 5315 of title 5, United States
Code.
(B) Staff.--
(i) In general.--Subject to clauses (ii)
and (iii), the Director, with the approval of
the Commission, may appoint and fix the pay of
additional personnel.
(ii) Applicability.--The Director may make
such appointments without regard to the
provisions of title 5, United States Code,
governing appointments in the competitive
service, and any personnel so appointed may be
paid without regard to the provisions of
chapter 51 and subchapter III of chapter 53 of
that title relating to classification and
General Schedule pay rates, except that an
individual so appointed may not receive pay in
excess of the annual rate of basic pay
prescribed for level V of the Executive
Schedule under section 5316 of that title.
(iii) Detail of government employees.--
(I) In general.--Upon request of
the Director, the head of any Federal
department or agency, including the
Comptroller General of the United
States, may detail any of the personnel
of that department or agency to the
Commission to assist the Commission in
carrying out its duties under this
section.
(II) Limitations.--
(aa) Detail of employees
from federal reserve system.--
Not more than \1/5\ of the
personnel employed by or
detailed to the Commission may
be on detail from the Federal
Reserve System.
(bb) Detail of employees
from other federal agencies.--
Not more than \1/5\ of the
personnel employed by or
detailed to the Commission may
be on detail from any Federal
department or agency other than
the Federal Reserve System.
(iv) Experts and consultants.--The
Commission may procure by contract the
temporary or intermittent services of experts
or consultants pursuant to section 3109(b) of
title 5, United States Code, at rates for
individuals which do not to exceed the daily
equivalent of the annual rate of basic pay for
a comparable position paid under the General
Schedule.
(C) Rule of construction.--Any individual employed
by the Commission under this paragraph, including any
expert or consultant under contract pursuant to
subparagraph (B)(iv), shall be considered staff for the
duration of such employment of such individual for the
purposes of this section.
(f) Prohibition Against Restricting Communications.--No person may
restrict an employee of the Federal Reserve System from communicating
with a member or staff of the Commission, and no person may take (or
threaten to take) an unfavorable personnel action, or withhold (or
threaten to withhold) a favorable personnel action, as a reprisal for
such communication.
(g) Confidential Information.--No member or staff of the Commission
shall request, either in writing or verbally, that any employee of the
Federal Reserve System provide--
(1) nonpublic information or documents concerning or
related to monetary policy deliberations; or
(2) confidential supervisory information.
(h) Disclosure of Nonpublic Information.--Any member or staff of
the Commission that obtains nonpublic information from the Federal
Reserve System or any employee of the Federal Reserve System shall
maintain the confidentiality of such information.
(i) Audit.--
(1) In general.--The Comptroller General of the United
States shall annually audit the financial transactions of the
Commission in accordance with the United States generally
accepted government auditing standards, as may be prescribed by
the Comptroller General of the United States.
(2) Location of audit.--An audit under paragraph (1) shall
be conducted at any place where accounts of the Commission are
normally kept.
(3) Access.--
(A) In general.--The representatives of the
Government Accountability Office shall have access, in
accordance with section 716(c) of title 31, United
States Code, to--
(i) the Chairman of the Commission, members
of the Commission, and staff of the Commission;
and
(ii) all books, accounts, documents,
papers, records (including electronic records),
reports, files, property, or other information
belonging to or under the control of or used or
employed by the Commission pertaining to its
financial transactions and necessary to
facilitate the audit.
(B) Verification of transactions.--Representatives
of the Government Accountability Office shall be
afforded full facilities for verifying transactions
with the balances or securities held by depositories,
fiscal agents, and custodians.
(4) Custody of documents and property.--All books,
accounts, documents, papers, records, reports, files, property,
or other information described in paragraph (3)(A)(ii) shall
remain in possession and custody of the Commission.
(5) Copies.--The Comptroller General of the United States
may make copies of any books, accounts, documents, papers,
records, reports, files, property, or other information
described in paragraph (3)(A)(ii) without cost to the
Comptroller General.
(6) Services.--In conducting an audit under this
subsection, the Comptroller General of the United States may
employ by contract, without regard to section 3709 of the
Revised Statutes (41 U.S.C. 6101), professional services of
firms and organizations of certified public accountants for
temporary periods or for special purposes.
(7) Reimbursement.--
(A) In general.--Upon the request of the
Comptroller General of the United States, the Chairman
of the Commission shall transfer to the Government
Accountability Office from funds made available to the
Commission the amount requested by the Comptroller
General to cover the full costs of any audit and report
conducted by the Comptroller General.
(B) Credit.--The Comptroller General of the United
States shall credit funds transferred under
subparagraph (A) to the account established for
salaries and expenses of the Government Accountability
Office, and such amount shall be available upon receipt
and without fiscal year limitation to cover the full
costs of the audit and report.
(8) Report.--The Comptroller General of the United States
shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives, and also furnish copies to the
President and the Commission, a report of each annual audit
conducted under this subsection, including--
(A) the scope of the audit;
(B) the statement of assets and liabilities and
surplus or deficit;
(C) the statement of income and expenses;
(D) the statement of sources and application of
funds;
(E) such comments and information as the
Comptroller General determines is necessary to inform
the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of
the House of Representatives of the financial
operations and condition of the Commission; and
(F) such recommendations that the Comptroller
General may deem advisable.
(j) Termination.--The Commission shall terminate not later than on
December 31, 2020.
(k) Funding.--
(1) In general.--Beginning on the first quarter of the
fiscal year after the date on which the Commission is
established, and in each quarter of a fiscal year thereafter,
the Board of Governors of the Federal Reserve System shall
transfer to the Commission, from the combined earnings of the
Federal Reserve System, the amount determined by the Chairman
of the Commission to be reasonably necessary to carry out the
authorities of the Commission pursuant to this section, taking
into account such other sums made available to the Commission
in preceding quarters, to be available without fiscal year
limitation and not subject to appropriation.
(2) Reviewability.--Notwithstanding any other provision in
this section, the funds derived from the Federal Reserve System
pursuant to this subsection shall not be subject to review by
the Committee on Appropriations of the Senate or the Committee
on Appropriations of the House of Representatives.
(l) Federal Reserve Districts.--The first undesignated paragraph of
section 2 of the Federal Reserve Act (38 Stat. 251, chapter 6) is
amended by inserting ``, except as otherwise provided under section 965
of the Financial Regulatory Improvement Act of 2015'' after
``organized''.
SEC. 966. GAO STUDY ON SUPERVISION.
(a) In General.--The Comptroller General of the United States shall
conduct a study on the effectiveness of supervision by the Board of
Governors of the Federal Reserve System and each Federal Reserve bank
of--
(1) bank holding companies subject to the requirements of
section 165 of the Financial Stability Act of 2010 (12 U.S.C.
5365) on the date of enactment of this title; and
(2) nonbank financial companies subject to a determination
under subsection (a) or (b) of section 113 of the Financial
Stability Act of 2010 (12 U.S.C. 5323).
(b) Report.--Not later than 18 months after the date of enactment
of this title, the Comptroller General of the United States shall
submit to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of
Representatives a report based on the study required under subsection
(a) that includes--
(1) an analysis of--
(A) the effectiveness of the delegation of
functions by the Board of Governors of the Federal
Reserve System in accordance with section 11(k) of the
Federal Reserve Act (12 U.S.C. 248(k));
(B) the effectiveness of supervision delegated to
each Federal Reserve bank by the Board of Governors of
the Federal Reserve System, including whether and how
the relationships between each Federal Reserve bank and
the institutions that each Federal Reserve bank
supervises impact the effectiveness of supervision;
(C) the propriety of the relationship between each
Federal Reserve bank and the institutions that each
Federal Reserve bank supervises, including any
potential conflicts of interest, and whether and how
such relationships impact the effectiveness of
supervision;
(D) the role played by the Large Institution
Supervision Coordinating Committee of the Board of
Governors of the Federal Reserve System, the
interactions between the Committee and the Federal
Reserve banks, and the effectiveness of the Committee;
and
(E) any other factors that could negatively
influence the effectiveness of supervision by any
Federal Reserve bank or the Board of Governors of the
Federal Reserve System;
(2) an evaluation of whether additional steps should be
taken by the Board of Governors of the Federal Reserve System,
each Federal Reserve bank, or Congress to improve the
effectiveness of supervision at each Federal Reserve bank and
the Board of Governors of the Federal Reserve System; and
(3) recommendations to improve the effectiveness of
supervision at each Federal Reserve bank and the Board of
Governors of the Federal Reserve System.
(c) Evaluation.--As part of the study required under subsection
(a), the Comptroller General of the United States shall separately
evaluate the effectiveness of supervision at the Board of Governors of
the Federal Reserve System and at each Federal Reserve bank.
SEC. 967. FEDERAL RESERVE STUDY ON NONBANK SUPERVISION.
(a) In General.--Not later than 180 days after the date of
enactment of this title, and not less than once every 2 years
thereafter, the Board of Governors of the Federal Reserve System shall
submit to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of
Representatives a report regarding how the Board plans to supervise and
regulate nonbank financial companies subject to a determination under
subsection (a) or (b) of section 113 of the Financial Stability Act of
2010 (12 U.S.C. 5323) that includes, with respect to nonbank financial
companies--
(1) a specific supervisory and regulatory framework,
differentiating among nonbank financial companies on an
individual basis or by category, taking into consideration the
capital structure, riskiness, complexity (including the
financial activities of any subsidiaries), size, and any other
risk-related factors that the Board of Governors of the Federal
Reserve System determines is appropriate;
(2) an assessment of the relevant experience and expertise
of staff of the Federal Reserve System assigned to such
supervision and regulation;
(3) a description of--
(A) the method for evaluating safety and soundness;
(B) the frequency of examinations;
(C) the criteria that will be examined; and
(D) coordination with Federal and State regulators,
including efforts to minimize duplicative supervision
and regulation, if appropriate; and
(4) an explanation of how the approach to supervision and
regulation of nonbank financial companies differs from
supervision and regulation of bank holding companies and member
banks.
(b) Sunset.--This section shall terminate on the date that is 10
years after the date of enactment of this title.
SEC. 968. FEDERAL RESERVE BANK GOVERNANCE.
(a) In General.--Section 4 of the Federal Reserve Act is amended--
(1) in paragraph (4) (12 U.S.C. 341)--
(A) by striking ``power--'' and inserting ``power,
except as provided in paragraph (25)--''; and
(B) by inserting ``except that the first vice
president of the Federal Reserve Bank of New York shall
be appointed by the Class B and Class C directors of
the bank, with the approval of the Board of Governors
of the Federal Reserve System, for a term of 5 years,''
after ``as the president,''; and
(2) by adding at the end the following:
``(25) Selection of the president of the federal reserve
bank of new york.--Notwithstanding any other provision of this
section, the president of the Federal Reserve Bank of New York
shall be appointed by the President, by and with the advice and
consent of the Senate, for terms of 5 years.
``(26) Testimony.--The president of the Federal Reserve
Bank of New York, on an annual basis, shall provide testimony
to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of
Representatives.''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect on the date of enactment of this title and apply to
appointments for the president of the Federal Reserve Bank of New York
made on and after that effective date.
Subtitle F--Improved Access to Capital and Tailored Regulation in the
Financial Markets
SEC. 971. HOLDING COMPANY REGISTRATION THRESHOLD EQUALIZATION.
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is
amended--
(1) in section 12(g) (15 U.S.C. 78l(g))--
(A) in paragraph (1)(B), by inserting ``, a savings
and loan holding company (as defined in section 10(a)
of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),''
after ``is a bank''; and
(B) in paragraph (4), by inserting ``, a savings
and loan holding company (as defined in section 10(a)
of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),''
after ``case of a bank''; and
(2) in section 15(d)(1) (15 U.S.C. 78o(d)(1)), by striking
``case of bank'' and inserting ``case of a bank, a savings and
loan holding company (as defined in section 10(a) of the Home
Owners' Loan Act (12 U.S.C. 1467a(a))),''.
SEC. 972. INCREASED THRESHOLD FOR DISCLOSURES RELATING TO COMPENSATORY
BENEFIT PLANS.
Not later than 60 days after the date of enactment of this title,
the Securities and Exchange Commission shall revise section 230.701(e)
of title 17, Code of Federal Regulations, to increase from $5,000,000
to $10,000,000 the aggregate sales price or amount of securities sold
during any consecutive 12-month period in excess of which the issuer is
required under such section to deliver an additional disclosure to
investors. The Securities and Exchange Commission shall index for
inflation such aggregate sales price or amount every 5 years to reflect
the change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics, rounding to the nearest
$1,000,000.
SEC. 973. REPEAL OF INDEMNIFICATION REQUIREMENTS.
(a) Derivatives Clearing Organizations.--Section 5b(k)(5) of the
Commodity Exchange Act (7 U.S.C. 7a-1(k)(5)) is amended to read as
follows:
``(5) Confidentiality agreement.--Before the Commission may
share information with any entity described in paragraph (4),
the Commission shall receive a written agreement from each
entity stating that the entity shall abide by the
confidentiality requirements described in section 8 relating to
the information on swap transactions that is provided.''.
(b) Swap Data Repositories.--Section 21(d) of the Commodity
Exchange Act (7 U.S.C. 24a(d)) is amended to read as follows:
``(d) Confidentiality Agreement.--Before the swap data repository
may share information with any entity described in subsection (c)(7),
the swap data repository shall receive a written agreement from each
entity stating that the entity shall abide by the confidentiality
requirements described in section 8 relating to the information on swap
transactions that is provided.''.
(c) Security-based Swap Data Repositories.--Section 13(n)(5) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m(n)(5)) is amended--
(1) in subparagraph (G)--
(A) in the matter preceding clause (i), by striking
``all'' and inserting ``security-based swap''; and
(B) in clause (v)--
(i) in subclause (II), by striking ``;
and'' and inserting a semicolon;
(ii) in subclause (III), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(IV) other foreign
authorities.''; and
(2) by striking subparagraph (H) and inserting the
following:
``(H) Confidentiality agreement.--Before the
security-based swap data repository may share
information with any entity described in subparagraph
(G), the security-based swap data repository shall
receive a written agreement from each entity stating
that the entity shall abide by the confidentiality
requirements described in section 24 relating to the
information on security-based swap transactions that is
provided.''.
(d) Effective Date.--The amendments made by this section shall take
effect as if enacted as part of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Public Law 111-203).
SEC. 974. IMPROVING ACCESS TO CAPITAL FOR EMERGING GROWTH COMPANIES.
Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1))
is amended by adding at the end the following: ``An issuer that was an
emerging growth company at the time it submitted a confidential
registration statement or, in lieu thereof, a publicly filed
registration statement for review under this subsection but ceases to
be an emerging growth company thereafter shall continue to be treated
as an emerging growth company for the purposes of this subsection
through the earlier of the date on which the issuer consummates its
initial public offering pursuant to such registration statement or the
end of the 1-year period beginning on the date on which the company
ceases to be an emerging growth company.''.
Subtitle G--Taxpayer Protections and Market Access for Mortgage Finance
SEC. 981. DEFINITIONS.
In this title:
(1) Agency.--The term ``Agency'' means the Federal Housing
Finance Agency.
(2) Back-end risk sharing.--The term ``back-end risk
sharing'' means any risk-sharing transaction that allows an
enterprise to share single-family mortgage credit risk that is
on the balance sheet of the enterprise with the private sector.
(3) Board of directors.--The term ``Board of Directors''
means the Board of Directors established under section
985(c)(1).
(4) Common securitization solutions.--The term ``Common
Securitization Solutions'' or ``CSS'' means Common
Securitization Solutions, LLC, the joint venture formed by the
enterprises in October 2013, or any successor to Common
Securitization Solutions, LLC, that is a joint venture of the
enterprises.
(5) Contractual and disclosure framework.--The term
``contractual and disclosure framework'' means a contractual
and disclosure framework for securitization of mortgage loans
by an entity other than an enterprise.
(6) Enterprise.--The term ``enterprise'' has the meaning
given that term in section 1303 of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4502).
(7) First loss position; front-end risk sharing; risk-
sharing transaction.--The terms ``first loss position'',
``front-end risk sharing'', and ``risk-sharing transaction''
have the meanings given those terms in section 1328(a) of the
Federal Housing Enterprises Financial Safety and Soundness Act
of 1992, as added by section 986(b)(1).
(8) Guarantee fee.--The term ``guarantee fee''--
(A) means a fee in connection with any guarantee of
the timely payment of principal and interest on
securities, notes, and other obligations based on or
backed by mortgages on residential real properties
designed principally for occupancy of from 1 to 4
families; and
(B) includes--
(i) the guaranty fee charged by the Federal
National Mortgage Association with respect to
mortgage-backed securities; and
(ii) the management and guarantee fee
charged by the Federal Home Loan Mortgage
Corporation with respect to participation
certificates.
(9) Platform.--The term ``Platform'' means the
securitization platform first described by the paper issued by
the Agency on October 4, 2012 entitled ``Building a New
Infrastructure for the Secondary Mortgage Market'', and updated
in subsequent documents released by the Agency, including
annual strategic plans for the conservatorship of the
enterprises and annual conservatorship scorecards.
(10) Private successor.--The term ``private successor''
means the private, nonprofit entity referred to in section
985(g) to which CSS transitions the Platform and the
contractual and disclosure framework, including any associated
intellectual property, technology, systems, and infrastructure,
in accordance with this title.
(11) Second loss position.--The term ``second loss
position'' means, with respect to a risk-sharing transaction,
the position to which any credit losses on a security resulting
from the nonperformance of underlying mortgage loans will
accrue and be absorbed after a first loss position, to the full
extent of a holder's interest in such position.
(12) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(13) Senior preferred stock purchase agreement.--The term
``Senior Preferred Stock Purchase Agreement'' means--
(A) the Amended and Restated Senior Preferred Stock
Purchase Agreement, dated September 26, 2008, as such
Agreement has been amended on May 6, 2009, December 24,
2009, and August 17, 2012, respectively, and as such
Agreement may be further amended and restated, entered
into between the Department of the Treasury and each
enterprise, as applicable; and
(B) any provision of any certificate in connection
with such Agreement creating or designating the terms,
powers, preferences, privileges, limitations, or any
other conditions of the Variable Liquidation Preference
Senior Preferred Stock of an enterprise issued or sold
pursuant to such Agreement.
SEC. 982. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.
(a) In General.--In the Senate and the House of Representatives,
for purposes of determining budgetary impacts to evaluate points of
order under the Congressional Budget Act of 1974, any previous budget
resolution, and any subsequent budget resolution, provisions contained
in any bill, resolution, amendment, motion, or conference report that
increase, or extend the increase of, any guarantee fee of an enterprise
shall not be scored with respect to the level of budget authority,
outlays, or revenues contained in such legislation.
(b) Exception.--The prohibition in subsection (a) shall not apply
to any legislation that--
(1) includes a specific instruction to the Secretary on the
sale, transfer, relinquishment, liquidation, divestiture, or
other disposition of senior preferred stock acquired pursuant
to the Senior Preferred Stock Purchase Agreement; and
(2) provides for an increase, or extension of an increase,
of any guarantee fee of an enterprise to be used for the
purpose of financing reforms to the secondary mortgage market.
SEC. 983. LIMITATIONS ON SALE OF PREFERRED STOCK.
Notwithstanding any other provision of law or any provision of the
Senior Preferred Stock Purchase Agreement, the Secretary may not sell,
transfer, relinquish, liquidate, divest, or otherwise dispose of any
outstanding shares of senior preferred stock acquired pursuant to the
Senior Preferred Stock Purchase Agreement, until such time as Congress
has passed and the President has signed into law legislation that
includes a specific instruction to the Secretary regarding the sale,
transfer, relinquishment, liquidation, divestiture, or other
disposition of the senior preferred stock so acquired.
SEC. 984. SECONDARY MARKET ADVISORY COMMITTEE.
Not later than 90 days after the date of enactment of this title,
the Agency shall direct the enterprises and CSS to establish the
Secondary Market Advisory Committee, which shall--
(1) provide advice to the enterprises and CSS on decisions
relating to the development of secondary mortgage market
infrastructure; and
(2) include private market participants representing
multiple aspects of the mortgage market, including mortgage
lenders, poolers of mortgage-backed securities, and investors
of mortgage-backed securities.
SEC. 985. SECURITIZATION PLATFORM.
(a) Sense of Congress.--It is the sense of Congress that--
(1) at the direction of the Agency, the enterprises have
established a joint venture called Common Securitization
Solutions intended to facilitate the issuance of mortgage-
backed securities through the Platform;
(2) at the direction of the Agency, the development of the
Platform is currently geared toward the issuance of mortgage-
backed securities by the enterprises;
(3) as soon as practicable, the capacity and functionality
of the Platform should be expanded to facilitate the issuance
of mortgage-backed securities by issuers other than the
enterprises, and CSS should undertake to develop the
contractual and disclosure framework for issuers other than the
enterprises;
(4) the property of the enterprises, including intellectual
property, technology, systems, and infrastructure (including
technology, systems, and infrastructure developed by the
enterprises for the Platform), as well as any other legacy
systems, infrastructure, processes, and the Platform itself are
valuable assets of the enterprises; and
(5) the enterprises should receive appropriate compensation
for the transfer of any such assets.
(b) Reports to Congress.--
(1) Annual report on development.--Not later than 1 year
after the date of enactment of this title, and every year
thereafter, the Agency shall submit to Congress a report on the
status of the development of the Platform and the contractual
and disclosure framework, which shall include--
(A) the projected timelines for--
(i) completing development of the Platform
to support the securitization needs of the
enterprises; and
(ii) completing development of the Platform
and the contractual and disclosure framework to
support the securitization needs of issuers
other than the enterprises; and
(B) the projected budget for the development of the
Platform and the contractual and disclosure framework.
(2) Report on transition.--Not later than 3 years after the
date of enactment of this title, the Agency shall develop a
plan, and submit to the Committee on Banking, Housing and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on such plan, to
transition the Platform and the contractual and disclosure
framework from a joint venture owned by the enterprises into a
private, nonprofit entity that best facilitates a deep, liquid,
and resilient secondary mortgage market for mortgage-backed
securities.
(c) Board of Directors.--
(1) Establishment.--Not later than 6 months after the date
of enactment of this title, the Agency shall direct the
enterprises and CSS to re-constitute a CSS Board of Directors
that meets the composition requirements set forth in paragraphs
(2) and (3).
(2) Composition after 1 year.--Not later than 1 year after
the date of enactment of this title, as determined by the
Agency, the Board of Directors shall be comprised of 7
directors, 3 of whom--
(A) shall have demonstrated knowledge of, or
experience in, financial management, financial
services, risk management, information technology, or
housing finance; and
(B) are not simultaneously employed by an
enterprise or serving as a director of an enterprise.
(3) Composition after 18 months.--Not later than 18 months
after the date of enactment of this title, as determined by the
Agency, the Board of Directors shall be comprised of 9
directors, 5 of whom--
(A) shall have demonstrated knowledge of, or
experience in, financial management, financial
services, risk management, information technology, or
housing finance; and
(B) are not simultaneously employed by an
enterprise or serving as a director of an enterprise.
(d) Authorized and Prohibited Activities.--
(1) Authorized activities.--
(A) In general.--Not later than 2 years after the
date of enactment of this title, CSS shall--
(i) for an entity other than an enterprise,
develop standards for--
(I) becoming an approved issuer of
securities issued through the Platform;
(II) loans that may serve as
collateral for securities issued
through the Platform; and
(III) originating, servicing,
pooling, dispute resolution,
disclosure, and securitizing
residential mortgage loans that
collateralize securities issued through
the Platform; and
(ii) operate and maintain the Platform and
establish fees for use of the Platform.
(B) Issuing securities by approved issuers.--Not
later than 3 years after the date of enactment of this
title--
(i) CSS shall facilitate the issuance of
securities by any approved issuer other than an
enterprise through the Platform; and
(ii) issuances of securities facilitated
through the Platform shall not be limited to
those made by the enterprises.
(C) Exception.--The Director may delay the
requirement under subparagraph (B) for 2 1-year periods
if the Director and the Secretary of the Treasury--
(i) determine that facilitation of such
securities is not feasible within that period
of time and could adversely impact the housing
market; and
(ii) submit to Congress a report describing
the justification for the determination made in
clause (i).
(2) Prohibited activities.--CSS may not, through the
Platform or otherwise--
(A) guarantee any mortgage loans or mortgage-backed
securities;
(B) assume or hold mortgage loan credit risk;
(C) purchase any mortgage loans for cash on a
single loan basis for the purpose of securitization;
(D) own or hold any mortgage loans or mortgage-
backed securities for investment purposes;
(E) make or be a party to any representation and
warranty agreement on any mortgage loans; or
(F) take lender representation and warranty risk.
(3) Authorized and prohibited activities of the private
successor.--All authorized and prohibited activities of CSS
under this subsection shall transfer to the private successor
at the time of transition under subsection (g), and shall
transfer to any future successor to the private successor at
the time of any such transition.
(e) Regulation of CSS and the Private Successor.--The Agency shall
have general regulatory authority over CSS, the private successor, and
any successor to the private successor to ensure the safety and
soundness of CSS and such successors
(f) Funding by the FHFA and Transfer of Property.--
(1) Transfer of funds from the enterprises.--At a time
established by the Agency, the Agency shall transfer to CSS
such funds from the enterprises as the Agency, after
consultation with the Board of Directors, determines may be
reasonably necessary for CSS to begin carrying out the
activities and operations of the Platform.
(2) Transfer of property.--
(A) In general.--The Agency shall direct the
enterprises to transfer or sell to the Platform any
property, including intellectual property, technology,
systems, and infrastructure (including technology,
systems, and infrastructure developed by the
enterprises for the Platform), as well as any other
legacy systems, infrastructure, and processes that may
be necessary for the Platform to carry out the
functions and operations of the Platform.
(B) Contractual and other legal obligations.--As
may be necessary for the Agency and the enterprises to
comply with legal, contractual, or other obligations,
the Agency shall have the authority to require that any
transfer authorized under subparagraph (A) occurs as an
exchange for value, including through the provision of
appropriate compensation to the enterprises or other
entities responsible for creating, or contracting with,
the Platform.
(g) Transition From CSS.--
(1) In general.--Not later than 5 years after the date of
enactment of this title, the Agency shall oversee the
transition of ownership of the Platform and the contractual and
disclosure framework from the enterprises and CSS to a private,
nonprofit entity in accordance with the plan developed under
subsection (b)(2).
(2) Board of directors.--The private successor shall
determine the structure of the Board of Directors following the
transition under paragraph (1).
(3) Repayment of cost.--Not later than 10 years after the
date of the transition described in paragraph (1), the total
cost of the property transferred in accordance with subsection
(f)(2) at the time of the transition, as determined jointly by
the Agency and the Secretary, shall be repaid to the
enterprises.
(h) Rule of Construction.--Nothing in this section shall be
construed to prohibit the Agency or CSS from first developing a common
securitization platform for use only by the enterprises, if all of the
provisions in this Act relating to the development of the Platform and
the contractual and disclosure framework are complied with in a timely
manner.
SEC. 986. MANDATORY RISK SHARING.
(a) Sense of Congress.--It is the sense of Congress that--
(1) at the direction of the Agency, the enterprises have
executed a series of transactions in which the enterprises
share credit risk with the private sector;
(2) in the risk-sharing transactions to date, the
enterprises have shared credit risk on pools of residential
mortgage loans that back securities on which an enterprise
either already guarantees or does not yet guarantee the timely
payment of principal and interest;
(3) the risk that the enterprises have shared has been
either any loss suffered on the loans in the pool or any loss
in excess of some minimal level on loans in the pool;
(4) to date, the vast majority of risk-sharing transactions
have involved either back-end risk sharing or the transfer of
the second loss position; and
(5) the Agency should direct the enterprises to--
(A) engage in more front-end risk sharing in which
the first loss position is transferred; and
(B) retain data that can help inform policymakers
and the public about the impact to consumers, the
market, and the enterprises from such transactions.
(b) Mandatory Risk Sharing.--
(1) In general.--Subpart A of part 2 of subtitle A of the
Federal Housing Enterprises Financial Safety and Soundness Act
of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the
end the following:
``SEC. 1328. MANDATORY RISK-SHARING TRANSACTIONS.
``(a) Definitions.--In this section:
``(1) First loss position.--The term `first loss position'
means, with respect to a risk-sharing transaction, the position
to which any credit loss on a security resulting from the
nonperformance of underlying mortgage loans will accrue and be
absorbed, to the full extent of the holder's interest in such
position.
``(2) Front-end risk sharing.--The term `front-end risk
sharing' means any risk-sharing transaction that provides for
an enterprise to share credit risk on a pool of single-family
residential mortgage loans that back securities on which the
enterprise guarantees the timely payment of principal and
interest with the private sector before the enterprise provides
any such guarantee.
``(3) Risk-sharing transaction.--The term `risk-sharing
transaction' means any transaction that provides for an
enterprise to share credit risk on a pool of single-family
residential mortgage loans that back securities on which the
enterprise guarantees the timely payment of principal and
interest with the private sector.
``(b) Risk-sharing Transactions.--The Director shall require each
enterprise to develop and undertake risk-sharing transactions in which
the first loss position is transferred, as provided in subsection (c).
``(c) Required Percentage of Business.--
``(1) Requirement.--The Director shall require that each
enterprise engage in significant and increasing risk-sharing
transactions, including front-end risk sharing and risk-sharing
transactions in which the first loss position is transferred,
considering market conditions and the safety and soundness of
the enterprise.
``(2) Annual reporting requirement.--Not later than 1 year
after the date of enactment of this section, and every year
thereafter, the Agency shall submit to Congress a report, which
shall include--
``(A) for the 12-month period preceding the date on
which the report is submitted, an assessment of the
market responses to the risk-sharing transactions of
each of the enterprises, in aggregate, and by credit
risk-sharing mechanism, including--
``(i) impacts on borrower costs, yield
spreads, and the economics of the operations of
the enterprises; and
``(ii) the type and characteristics of the
underlying collateral and borrowers whose loans
are involved in risk-sharing transactions; and
``(B) a 5-year plan, which shall include, for each
of the 5 years following the year in which the report
is issued--
``(i) the projected percentage of the
unpaid principal balance of each enterprise
covered under the credit risk-sharing program;
``(ii) the projected percentage of new
business for each enterprise subject to
transactions in which the first loss position
is transferred, including the types of deal
structures;
``(iii) the projected depth of front-end
risk sharing per type of transaction for each
enterprise; and
``(iv) a description of the steps that the
Agency intends to take to broaden the eligible
investor base for credit risk-sharing
programs.''.
Subtitle H--Dodd-Frank Wall Street Reform and Consumer Protection Act
Technical Corrections
SEC. 991. TABLE OF CONTENTS; DEFINITIONAL CORRECTIONS.
(a) Table of Contents.--The table of contents for the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Public Law 111-203; 124
Stat. 1376) is amended by striking the items relating to sections 407
through 416 and inserting the following:
``Sec. 407. Exemption of and reporting by venture capital fund
advisers.
``Sec. 408. Exemption of and reporting by certain private fund
advisers.
``Sec. 409. Family offices.
``Sec. 410. State and Federal responsibilities; asset threshold for
Federal registration of investment
advisers.
``Sec. 411. Custody of client assets.
``Sec. 412. Comptroller General study on custody rule costs.
``Sec. 413. Adjusting the accredited investor standard.
``Sec. 414. Rule of construction relating to the Commodity Exchange
Act.
``Sec. 415. GAO study and report on accredited investors.
``Sec. 416. GAO study on self-regulatory organization for private
funds.
``Sec. 417. Commission study and report on short selling.
``Sec. 418. Qualified client standard.
``Sec. 419. Transition period.''.
(b) Definitions.--Section 2 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (12 U.S.C. 5301) is amended--
(1) in paragraph (1)--
(A) by striking ``section 3'' and inserting
``section 3(w)''; and
(B) by striking ``(12 U.S.C. 1813)'' and inserting
``(12 U.S.C. 1813(w))'';
(2) in paragraph (6), by striking ``1 et seq.'' and
inserting ``1a''; and
(3) in paragraph (18)(A)--
(A) by striking ```bank holding company',''; and
(B) by inserting ```includes','' before
```including',''.
SEC. 992. ANTITRUST SAVINGS CLAUSE CORRECTIONS.
Section 6 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5303) is amended, in the second sentence--
(1) by inserting ``(15 U.S.C. 12(a))'' after ``Clayton
Act''; and
(2) by striking ``Act, to'' and inserting ``Act (15 U.S.C.
45) to''.
SEC. 993. TITLE I CORRECTIONS.
The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is
amended--
(1) in section 102(a)(6) (12 U.S.C. 5311(a)(6)), by
inserting ``(12 U.S.C. 1843(k))'' after ``of 1956'' each place
that term appears;
(2) in section 111 (12 U.S.C. 5321)--
(A) in subsection (b)--
(i) in paragraph (1)(G), by striking
``Chairperson'' and inserting ``Chairman''; and
(ii) in paragraph (2)(E), by striking
``such'' and inserting ``the''; and
(B) in subsection (c)(3), by striking ``that agency
or department head'' and inserting ``the head of that
member agency or department'';
(3) in section 112 (12 U.S.C. 5322)--
(A) in subsection (a)(2)--
(i) in subparagraph (D)--
(I) by striking ``to monitor'' and
inserting ``monitor''; and
(II) by striking ``to advise'' and
inserting ``advise'';
(ii) in subparagraph (J)--
(I) by striking ``that term is''
and inserting ``those terms are''; and
(II) by striking ``and settlement''
and inserting ``or settlement''; and
(iii) in subparagraph (L), by striking
``may''; and
(B) in subsection (d)(5)--
(i) in subparagraph (B), by striking
``subsection and'' and inserting ``subtitle
or''; and
(ii) in subparagraph (C), by striking
``subsection and'' and inserting ``subtitle
or'';
(4) in section 154(c) (12 U.S.C. 5344(c))--
(A) by striking ``Center.--'' and all that follows
through ``The Research'' and inserting ``Center.--The
Research''; and
(B) by redesignating subparagraphs (A) through (H)
as paragraphs (1) through (8), respectively, and
adjusting the margins accordingly;
(5) in section 155(a)(2) (12 U.S.C. 5345(a)(2)), by
striking ``(c),'' and inserting ``(c)'';
(6) in section 164 (12 U.S.C. 5364), by striking
``Institutions'' and inserting ``Institution'';
(7) in section 167(b)(1)(B)(ii) (12 U.S.C.
5367(b)(1)(B)(ii)), by striking ``to ensure'' and inserting
``ensure''; and
(8) in section 171(b)(4)(D) (12 U.S.C. 5371(b)(4)(D)), by
adding a period at the end.
SEC. 994. TITLE II CORRECTIONS.
Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5381 et seq.) is amended--
(1) in section 210 (12 U.S.C. 5390)--
(A) in subsection (a)--
(i) in paragraph (1)(D), by striking
``wind-up'' and inserting ``wind up''; and
(ii) in paragraph (5)(C), by striking
``receiver seeking'' and inserting ``receiver)
seeking'';
(B) in subsection (b)(1), by striking ``11,725''
each place that term appears and inserting ``$11,725'';
(C) in subsection (m)(1)(B), by inserting ``of''
before ``the Bankruptcy Code''; and
(D) in subsection (o)(1)(D)(i)(I), by striking
``and (h)(5)(E)'' and inserting ``or (h)(5)(E)'';
(2) in section 211(d)(1)(C) (12 U.S.C. 5391(d)(1)(C)), by
striking ``orderly liquidation plan under section 210(n)(14)''
and inserting ``an orderly liquidation plan under section
210(n)(9)''; and
(3) in section 215(a)(5) (124 Stat. 1518), by striking
``amd'' and inserting ``and''.
SEC. 995. TITLE III CORRECTIONS.
(a) In General.--The Enhancing Financial Institution Safety and
Soundness Act of 2010 (12 U.S.C. 5401 et seq.) is amended--
(1) in section 327(b)(5) (12 U.S.C. 5437(b)(5)), by
striking ``in'' and inserting ``into'';
(2) in section 333(b)(2) (124 Stat. 1539), by inserting
``the second place that term appears'' before ``and
inserting''; and
(3) in section 369(5) (124 Stat. 1559)--
(A) in subparagraph (D)(i)--
(i) in subclause (III), by redesignating
items (aa), (bb), and (cc) as subitems (AA),
(BB), and (CC), respectively, and adjusting the
margins accordingly;
(ii) in subclause (IV), by redesignating
items (aa) and (bb) as subitems (AA) and (BB),
respectively, and adjusting the margins
accordingly;
(iii) in subclause (V), by redesignating
items (aa), (bb), and (cc) as subitems (AA),
(BB), and (CC), respectively, and adjusting the
margins accordingly; and
(iv) by redesignating subclauses (III),
(IV), and (V) as items (bb), (cc), and (dd),
respectively, and adjusting the margins
accordingly;
(B) in subparagraph (F)--
(i) in clause (ii), by adding ``and'' at
the end;
(ii) in clause (iii), by striking ``; and''
and inserting a semicolon; and
(iii) by striking clause (iv); and
(C) in subparagraph (G)(i), by inserting ``each
place such term appears'' before ``and inserting''.
(b) Effective Dates.--
(1) Section 333.--The amendment made by subsection (a)(2)
of this section shall take effect as if enacted as part of
subtitle C of the Enhancing Financial Institution Safety and
Soundness Act of 2010 (title III of Public Law 111-203; 124
Stat. 1538).
(2) Section 369.--The amendments made by subsection (a)(3)
of this section shall take effect as if enacted as part of
subtitle E of the Enhancing Financial Institution Safety and
Soundness Act of 2010 (title III of Public Law 111-203; 124
Stat. 1546).
SEC. 996. TITLE IV CORRECTION.
Section 414 of the Private Fund Investment Advisers Registration
Act of 2010 (title IV of Public Law 111-203; 124 Stat. 1578) is amended
in the section heading by striking ``commodities'' and inserting
``commodity''.
SEC. 997. TITLE VI CORRECTIONS.
(a) In General.--The Bank and Savings Association Holding Company
and Depository Institution Regulatory Improvements Act of 2010 (title
VI of Public Law 111-203; 124 Stat. 1596) is amended--
(1) in section 610 (124 Stat. 1611)--
(A) by striking subsection (b); and
(B) by redesignating subsection (c) as subsection
(b); and
(2) in section 618(a) (12 U.S.C. 1850a(a))--
(A) in paragraph (4)(B)(i), by inserting ``of
Governors'' after ``Board''; and
(B) in paragraph (6), by inserting ``(12 U.S.C.
1841)'' after ``Act of 1956''.
(b) Effective Date.--The amendments made by subsection (a)(1) of
this section shall take effect as if enacted as part of section 610 of
the Bank and Savings Association Holding Company and Depository
Institution Regulatory Improvements Act of 2010 (title VI of Public Law
111-203; 124 Stat. 1611).
SEC. 998. TITLE VII CORRECTIONS.
(a) In General.--The Wall Street Transparency and Accountability
Act of 2010 (15 U.S.C. 8301 et seq.) is amended--
(1) in section 719(c)(1)(B) (15 U.S.C. 8307(c)(1)(B)), by
adding a period at the end;
(2) in section 723(a)(1)(B) (124 Stat. 1675), by inserting
``, as added by section 107 of the Commodity Futures
Modernization Act of 2000 (Appendix E of Public Law 106-554;
114 Stat. 2763A-382),'' after ``subsection (i)'';
(3) in section 724(a) (124 Stat. 1682), by striking
``adding at the end'' and inserting ``inserting after
subsection (e)'';
(4) in section 734(b)(1) (124 Stat. 1718), by striking ``is
amended'' and all that follows through ``(B) in'' and inserting
``is amended in'';
(5) in section 741(b)(10) (124 Stat. 1732), by striking
``1a(19)(A)(iv)(II)'' each place that term appears and
inserting ``1a(18)(A)(iv)(II)''; and
(6) in section 749 (124 Stat. 1746)--
(A) in subsection (a)(2), by striking ``adding at
the end'' and inserting ``inserting after subsection
(f)''; and
(B) in subsection (h)(1)(B), by inserting ``the
second place that term appears'' before the semicolon.
(b) Effective Date.--The amendments made by paragraphs (3), (4),
(5), and (6) of subsection (a) shall take effect as if enacted as part
of part II of subtitle A of the Wall Street Transparency and
Accountability Act of 2010 (title VII of Public Law 111-203; 124 Stat.
1658).
SEC. 999. TITLE VIII CORRECTIONS.
The Payment, Clearing, and Settlement Supervision Act of 2010 (12
U.S.C. 5461 et seq.) is amended--
(1) in section 805(a)(2)(E) (12 U.S.C. 5464(a)(2)(E)), by
striking the quotation marks at the end;
(2) in section 806 (12 U.S.C. 5465)--
(A) in subsection (b), in the first sentence, by
striking ``(2)) after'' and inserting ``(2))) after'';
and
(B) in subsection (e)(1)(A)--
(i) by striking ``advance notice'' and
inserting ``advance''; and
(ii) by striking ``each Supervisory
Agency'' and inserting ``its Supervisory
Agency'';
(3) in section 807 (12 U.S.C. 5466)--
(A) in subsection (d)(1), by adding a period at the
end; and
(B) in subsection (f)(2), by inserting a comma
after ``under'' the second place that term appears;
(4) in section 808(b) (12 U.S.C. 5467(b)), by inserting a
comma after ``under'' the third place that term appears; and
(5) in section 813 (12 U.S.C. 5472), in the matter
preceding paragraph (1), by inserting ``that includes'' after
``Representatives''.
SEC. 999A. TITLE IX CORRECTIONS.
Section 939(h)(1) of the Investor Protection and Securities Reform
Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1887) is
amended, in the matter preceding subparagraph (A)--
(1) by inserting ``The'' before ``Commission''; and
(2) by striking ``feasability'' and inserting
``feasibility''.
SEC. 999B. TITLE X CORRECTIONS.
(a) In General.--The Consumer Financial Protection Act of 2010 (12
U.S.C. 5481 et seq.) is amended--
(1) in section 1002(12)(G) (12 U.S.C. 5481(12)(G)), by
striking ``Home Owners'' and inserting ``Homeowners'';
(2) in section 1013(a)(1)(C) (12 U.S.C. 5493(a)(1)(C)), by
striking ``section 11(1) of the Federal Reserve Act (12 U.S.C.
248(1))'' and inserting ``subsection (l) of section 11 of the
Federal Reserve Act (12 U.S.C. 248(l)'';
(3) in section 1017(a)(5) (12 U.S.C. 5497(a)(5))--
(A) in subparagraph (A), in the last sentence by
striking ``716(c) of title 31, United States Code'' and
inserting ``716 of title 31, United States Code''; and
(B) in subparagraph (C), by striking ``section 3709
of the Revised Statutes of the United States (41 U.S.C.
5)'' and inserting ``section 6101 of title 41, United
States Code'';
(4) in section 1022(c)(9)(B) (12 U.S.C. 5512(c)(9)(B)), by
striking ``1978,'' and inserting ``1978'';
(5) in section 1025 (12 U.S.C. 5515)--
(A) in subsections (b), (c), and (d)--
(i) by inserting ``covered'' before
``persons'' each place that term appears; and
(ii) by inserting ``covered'' before
``person described in subsection (a)'' each
place that term appears;
(B) in subsection (d), by striking ``12 U.S.C.
1867(c)'' and inserting ``(12 U.S.C. 1867(c))''; and
(C) in subsection (e)(4)(F), by striking ``212 of
the Federal Credit Union Act (112 U.S.C. 1790a)'' and
inserting ``216 of the Federal Credit Union Act (12
U.S.C. 1790d)'';
(6) in section 1027(d)(1)(B) (12 U.S.C. 5517(d)(1)(B)), by
inserting a comma after ``(A)'';
(7) in section 1029(d) (12 U.S.C. 5519(d)), by striking the
period after ``Commission Act'';
(8) in section 1061 (12 U.S.C. 5581)--
(A) in subsection (b)(7)--
(i) by striking ``Secretary of the
Department of Housing and Urban Development''
each place that term appears and inserting
``Department of Housing and Urban
Development''; and
(ii) in subparagraph (A), by striking ``(12
U.S.C. 5102 et seq.)'' and inserting ``(12
U.S.C. 5101 et seq.)''; and
(B) in subsection (c)(2)(A), by striking
``procedures in'' and inserting ``procedures'';
(9) in section 1063 (12 U.S.C. 5583)--
(A) in subsection (f)(1)(B), by striking ``that'';
and
(B) in subsection (g)(1)(A)--
(i) by striking ``(12 U.S.C. 5102 et
seq.)'' and inserting ``(12 U.S.C. 5101 et
seq.)''; and
(ii) by striking ``seq)'' and inserting
``seq.)'';
(10) in section 1064(i)(1)(A)(iii) (12 U.S.C.
5584(i)(1)(A)(iii)), by inserting a period before ``If an'';
(11) in section 1073(c)(2) (12 U.S.C. 5601(c)(2))--
(A) in the paragraph heading, by inserting ``and
education'' after ``financial literacy''; and
(B) by striking ``its duties'' and inserting
``their duties'';
(12) in section 1076(b)(1) (12 U.S.C. 5602(b)(1)), by
inserting before the period at the end the following: ``, the
Bureau may, after notice and opportunity for comment, prescribe
regulations'';
(13) in section 1077(b)(4)(F) (124 Stat. 2076), by striking
``associates'' and inserting ``associate's'';
(14) in section 1084(1) (124 Stat. 2081)--
(A) by inserting ``paragraph (3) of section 903 (15
U.S.C. 1693a),'' before ``subsections (a) and (e) of
section 904'';
(B) by striking ``and in 918'' and inserting ``,
section 916(d) (15 U.S.C. 1693m(d)), section 918''; and
(C) by inserting a comma after ``2009)'';
(15) in section 1089 (124 Stat. 2092)--
(A) in paragraph (3)--
(i) in subparagraph (A), by striking
``and'' at the end; and
(ii) in subparagraph (B)(vi), by striking
the period at the end and inserting ``; and'';
and
(B) by redesignating paragraph (4) as subparagraph
(C) and adjusting the margins accordingly; and
(16) in section 1098(6) (124 Stat. 2104), by inserting
``the first place that term appears'' before ``and''.
(b) Effective Date.--The amendments made by paragraphs (14), (15),
and (16) of subsection (a) of this section shall take effect as if
enacted as part of subtitle H of the Consumer Financial Protection Act
of 2010 (title X of Public Law 111-203; 124 Stat. 2080).
SEC. 999C. TITLE XI CORRECTION.
Section 1105(d)(1) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5612(d)(1)) is amended by striking
``authority.--'' and all that follows through ``by the President'' and
inserting ``authority.--A request by the President''.
SEC. 999D. TITLE XII CORRECTION.
Section 1208(b) of the Improving Access to Mainstream Financial
Institutions Act of 2010 (12 U.S.C. 5626(b)) is amended by striking
``Fund for each'' and inserting ``Fund (as defined in section 103(10)
of the Riegle Community Development and Regulatory Improvement Act of
1994 (12 U.S.C. 4702(10))) for each''.
SEC. 999E. TITLE XIV CORRECTION.
Section 1451(c) of the Mortgage Reform and Anti-Predatory Lending
Act (12 U.S.C. 1701x-1(c)) is amended by striking ``pursuant''.
SEC. 999F. CONFORMING CORRECTIONS TO OTHER STATUTES.
(a) Alternative Mortgage Transaction Parity Act of 1982.--The
Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et
seq.) is amended--
(1) in section 802(a)(3) (12 U.S.C. 3801(a)(3)), by
striking ``the Director of the Office of Thrift Supervision''
and inserting ``the Bureau of Consumer Financial Protection'';
and
(2) in section 804(d)(1) (12 U.S.C. 3803(d)(1))--
(A) by striking ``identified'' and inserting
``issued''; and
(B) by striking the comma after ``Administration''.
(b) Bank Holding Company Acts.--
(1) Bank holding company act amendments of 1970.--Section
106(b)(1) of the Bank Holding Company Act Amendments of 1970
(12 U.S.C. 1972(1)) is amended, in the undesignated matter
following subparagraph (E)--
(A) by inserting ``Office of the'' before
``Comptroller of the''; and
(B) by striking ``Federal Deposit Insurance
Company'' and inserting ``Federal Deposit Insurance
Corporation''.
(2) Bank holding company act of 1956.--Section 13 of the
Bank Holding Company Act of 1956 (12 U.S.C. 1851) is amended--
(A) in subsection (d)(1)(E), by striking ``102 of
the Small Business Investment Act of 1958 (15 U.S.C.
662)'' and inserting ``103(3) of the Small Business
Investment Act of 1958 (15 U.S.C. 662(3))'';
(B) in subsection (f)(3)(A)(ii), by striking
``(d)(1)(g)(v)'' and inserting ``(d)(1)(G)(v)''; and
(C) in the matter preceding subparagraph (A) of
subsection (h)(1), by striking ``section 8 of the
International Banking Act of 1978'' and inserting
``section 8(a) of the International Banking Act of 1978
(12 U.S.C. 3106(a))''.
(c) Balanced Budget and Emergency Deficit Control Act.--Section
255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act
of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by striking ``Office of
Thrift Supervision (20-4108-0-3-373).''.
(d) Bretton Woods Agreements Act.--Section 68(a)(1) of the Bretton
Woods Agreements Act (22 U.S.C. 286tt(a)(1)) is amended by striking
``Fund ,'' and inserting ``Fund,''.
(e) CAN-SPAM Act of 2003.--Section 7(b)(1)(D) of the CAN-SPAM Act
of 2003 (15 U.S.C. 7706(b)(1)(D)) is amended 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
Corporation, as applicable''.
(f) Children's Online Privacy Protection Act of 1998.--Section
1306(b)(2) of the Children's Online Privacy Protection Act of 1998 (15
U.S.C. 6505(b)(2)) is amended 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 Corporation, as
applicable''.
(g) Commodity Exchange Act.--The Commodity Exchange Act (7 U.S.C. 1
et seq.) is amended--
(1) in section 1a (7 U.S.C. 1a)--
(A) in paragraph (12)(A)(i)(II), by adding a
semicolon at the end;
(B) in paragraph (39)(A)(iv), by striking ``225''
and inserting ``25''; and
(C) in paragraph (47)(B)(viii)(II), by striking
``(15 U.S.C. 77b(a)(11))'' and inserting ``(15 U.S.C.
77b(a)(11)))'';
(2) in section 2 (7 U.S.C. 2)--
(A) in subsection (c)(2)(D)(ii)(I), by striking
``subparagraphs'' and inserting ``subparagraph''; and
(B) in subsection (h)--
(i) in paragraph (5)--
(I) in subparagraph (A)--
(aa) by striking ``Swaps''
and inserting ``Each swap'';
and
(bb) by striking ``no later
than 180 days after the
effective date of this
subsection.'' and inserting
``no later than--
``(i) 30 days after the issuance of the
interim final rule; or
``(ii) such other date as the Commission
determines appropriate.''; and
(II) in subparagraph (B), by
striking ``Swaps'' and inserting ``Each
swap'';
(ii) in paragraph (7)--
(I) in subparagraph (C)(i)(VII), by
inserting ``or a governmental plan''
after ``employee benefit plan''; and
(II) in subparagraph (D)(ii)(V), by
striking ``of that Act'' and inserting
``of that section''; and
(iii) in paragraph (8)(A)(ii), by inserting
``section'' before ``5h or'';
(3) in section 4 (7 U.S.C. 6)--
(A) in subsection (b)(1)(A), by striking
``commission'' each place that term appears and
inserting ``Commission''; and
(B) in subsection (c)(1)--
(i) in subparagraph (A)--
(I) by inserting ``the Commission
shall not grant exemptions,'' after
``grant exemptions,''; and
(II) in clause (i)--
(aa) in subclause (I)--
(AA) by striking
``5(g), 5(h),''; and
(BB) by striking
``8e,''; and
(bb) in subclause (II), by
striking ``206(e)'' and
inserting ``206''; and
(ii) in subparagraph (B), by striking
``(D))'' and inserting ``(D)'';
(4) in section 4d(f)(2)(A) (7 U.S.C. 6d(f)(2)(A)), by
striking ``though'' and inserting ``through'';
(5) in section 4s (7 U.S.C. 6s)--
(A) in subsection (e)(3)--
(i) in subparagraph (B)(i)(II), by striking
``(11))'' and inserting ``(11)))''; and
(ii) in subparagraph (D)(ii), in the matter
preceding subclause (I), by striking ``non cash
collateral'' and inserting ``noncash
collateral'';
(B) in subsection (f)(1)(B)(i), by striking
``Commission'' and inserting ``prudential regulator'';
(C) in subsection (h)--
(i) in paragraph (2)(B), by inserting ``a''
before ``swap with''; and
(ii) in paragraph (5)(A)--
(I) in clause (i)--
(aa) by striking ``section
1a(18)'' and inserting
``section 1a(18)(A)''; and
(bb) in subclause (VII), by
striking ``act of'' and
inserting ``Act of''; and
(II) in clause (ii), by inserting
``in connection with the transaction''
after ``acting''; and
(D) in subsection (k)(3)(A)(ii), by striking ``the
code'' and inserting ``any code'';
(6) in section 5(d)(19)(A) (7 U.S.C. 7(d)(19)(A)), by
striking ``taking'' and inserting ``take'';
(7) in section 5b (7 U.S.C. 7a-1), by redesignating
subsection (k) as subsection (j);
(8) in section 5c(c) (7 U.S.C. 7a-2(c))--
(A) in paragraph (4)(B), by striking ``1a(10)'' and
inserting ``1a(9)''; and
(B) in paragraph (5)--
(i) in subparagraph (A), by striking ``this
subtitle'' and inserting ``this Act''; and
(ii) in subparagraph (C)(i), by striking
``1a(2)(i)'' and inserting ``1a(9)'';
(9) in section 5h (7 U.S.C. 7b-3)--
(A) in subsection (a)(1) , by striking ``a
facility'' and inserting ``a swap execution facility'';
and
(B) in subsection (f)(11)(A), by striking
``taking'' and inserting ``take'';
(10) in section 22(a)(1)(C)(ii) (7 U.S.C. 25(a)(1)(C)(ii)),
by striking ``or'' at the end; and
(11) in section 23 (7 U.S.C. 26)--
(A) in subsection (c)--
(i) in paragraph (1)(B)(i)(III), by
striking ``the Act'' each place that term
appears and inserting ``this Act''; and
(ii) in paragraph (2)(A)(i), by striking
``a appropriate'' and inserting ``an
appropriate''; and
(B) in subsection (f)(3), by striking ``7064'' and
inserting ``706''.
(h) Community Reinvestment Act of 1977.--The Community Reinvestment
Act of 1977 (12 U.S.C. 2901 et seq.) is amended--
(1) in section 803(1)(C) (12 U.S.C. 2902(1)(C)), by
striking the period at the end and inserting a semicolon; and
(2) in section 806 (12 U.S.C. 2905), by striking
``companies,,'' and inserting ``companies,''.
(i) Credit Repair Organizations Act.--Section 403(4) of the Credit
Repair Organizations Act (15 U.S.C. 1679a(4)) is amended by striking
``103(e)'' and inserting ``103(f)''.
(j) Depository Institution Management Interlocks Act.--Section
205(9) of the Depository Institution Management Interlocks Act (12
U.S.C. 3204(9)) is amended by striking ``Director of the Office of
Thrift Supervision'' and inserting ``appropriate Federal banking
agency''.
(k) Economic Growth and Regulatory Paperwork Reduction Act of
1996.--Section 2227(a)(1) of the Economic Growth and Regulatory
Paperwork Reduction Act of 1996 (12 U.S.C. 252(a)(1)) is amended by
striking ``the Director of the Office of Thrift Supervision,''.
(l) Electronic Fund Transfer Act.--The Electronic Fund Transfer Act
(15 U.S.C. 1693 et seq.) is amended--
(1) in section 903 (15 U.S.C. 1693a)--
(A) in paragraph (2), by striking ``103(i)'' and
inserting ``103(j)''; and
(B) by redesignating the first paragraph designated
as paragraph (4) (defining the term ``Board'') as
paragraph (3);
(2) in section 904(a) (15 U.S.C. 1693b(a))--
(A) by redesignating the second paragraph
designated as paragraph (1) (relating to consultation
with other agencies), the second paragraph designated
as paragraph (2) (relating to the preparation of an
analysis of economic impact), paragraph (3), and
paragraph (4) as subparagraphs (A), (B), (C), and (D),
respectively, and adjusting the margins accordingly;
(B) by striking ``In prescribing such regulations,
the Board shall:'' and inserting the following:
``(3) Regulations.--In prescribing regulations under this
subsection, the Bureau and the Board shall--'';
(C) in paragraph (3)(C), as so redesignated, by
striking ``the Board shall'';
(D) in paragraph (3)(D), as so redesignated--
(i) by inserting ``send promptly'' before
``any''; and
(ii) by striking ``shall be sent promptly
to Congress by the Board'' and inserting ``to
Congress'';
(3) in section 909(c) (15 U.S.C. 1693g(c)), by striking
``103(e)'' and inserting ``103(f)'';
(4) in section 918(a)(4) (15 U.S.C. 1693o(a)(4), by
striking ``Act and'' and inserting ``Act; and''; and
(5) in section 920(a)(4)(C) (15 U.S.C. 1693o-2(a)(4)(C)),
by striking ``the Director of the Office of Thrift
Supervision,''.
(m) Emergency Economic Stabilization Act of 2008.--Section 101(b)
of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b))
is amended by striking ``the Director of the Office of Thrift
Supervision,''.
(n) Equal Credit Opportunity Act.--The Equal Credit Opportunity Act
(15 U.S.C. 1691 et seq.) is amended--
(1) in section 703 (15 U.S.C. 1691b)--
(A) in each of subsections (c) and (d), by striking
``paragraph'' each place that term appears and
inserting ``subsection''; and
(B) in subsection (g), by adding a period at the
end;
(2) in section 704 (15 U.S.C. 1691c)--
(A) in subsection (a), by striking ``Consumer
Protection Financial Protection Act of 2010 with'' and
inserting ``Consumer Financial Protection Act of 2010,
compliance with''; and
(B) in subsection (c), in the second sentence, by
striking ``subchapter'' and inserting ``title'';
(3) in section 704B(e)(3) (15 U.S.C. 1691c-2(e)(3)), by
striking ``(1)(E)'' and inserting ``(2)(E)''; and
(4) in section 706(k) (15 U.S.C. 1691e(k)), by striking ``,
(2), or (3)'' and inserting ``or (2)''.
(o) Expedited Funds Availability Act.--The Expedited Funds
Availability Act (12 U.S.C. 4001 et seq.) is amended--
(1) in section 605(f)(2)(A) (12 U.S.C. 4004(f)(2)(A)), by
striking ``,,'' and inserting a semicolon; and
(2) in section 610(a)(2) (12 U.S.C. 4009(a)(2)), 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 Corporation, as
appropriate,''.
(p) Fair Credit Reporting Act.--The Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) is amended--
(1) in section 603 (15 U.S.C. 1681a)--
(A) in subsection (d)(2)(D), by striking ``(x)''
and inserting ``(y)'';
(B) in subsection (q)(5), by striking ``103(i)''
and inserting ``103(j)''; and
(C) in subsection (v), by striking ``Bureau'' and
inserting ``Federal Trade Commission'';
(2) in section 604 (15 U.S.C. 1681b)--
(A) in subsection (b)(2)(B)(i), by striking
``section 615(a)(3)'' and inserting ``section
615(a)(4)''; and
(B) in subsection (g)(5), by striking ``paragraph
(2).--'' and all that follows through ``The Bureau''
and inserting ``paragraph (2).--The Bureau'';
(3) in section 605(h)(2)(A) (15 U.S.C. 1681c(h)(2)(A))--
(A) by striking ``shall,,'' and inserting
``shall,''; and
(B) by striking ``Commission,,'' and inserting
``Commission,'';
(4) in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), and (2)(B)
of section 605A(h) (15 U.S.C. 1681c-1(h))--
(A) by striking ``103(i)'' and inserting ``103(j)''
each place that term appears; and
(B) by striking ``open-end'' and inserting ``open
end'' each place that term appears;
(5) in section 609 (15 U.S.C. 1681g)--
(A) in subsection (c)(1)--
(i) in the paragraph heading, by striking
``commission'' and inserting ``bureau''; and
(ii) in subparagraph (B)(vi), by striking
``603(w)'' and inserting ``603(x)''; and
(B) by striking ``The Commission'' each place that
term appears and inserting ``The Bureau'';
(6) in section 611 (15 U.S.C. 1681i), by striking ``The
Commission'' each place that term appears and inserting ``The
Bureau'';
(7) in section 612 (15 U.S.C. 1681j)--
(A) in subsection (a)(1), by striking ``(w)'' and
inserting ``(x)''; and
(B) by striking ``The Commission'' each place that
term appears and inserting ``The Bureau''; and
(8) in section 621 (15 U.S.C. 1681s)--
(A) in subsection (a)(1), in the first sentence, by
striking ``, subsection (b)'';
(B) in subsection (e)(2), by inserting a period
after ``provisions of this title''; and
(C) in subsection (f)(2), by striking ``The
Commission'' and inserting ``The Bureau''.
(q) Federal Credit Union Act.--Section 206(g)(7)(D)(iv) of the
Federal Credit Union Act (12 U.S.C. 1786(g)(7)(D)(iv)) is amended by
striking the semicolon at the end and inserting a period.
(r) Federal Deposit Insurance Act.--The Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.) is amended--
(1) in section 3(q)(2)(C) (12 U.S.C. 1813(q)(2)(C)), by
adding ``and'' at the end;
(2) in section 7 (12 U.S.C. 1817)--
(A) in subsection (b)(2)--
(i) in subparagraph (A), by striking
``(D)'' and inserting ``(C)''; and
(ii) by redesignating subparagraphs (D) and
(E) as subparagraphs (C) and (D), respectively;
and
(B) in subsection (e)(2)(C), by adding a period at
the end;
(3) in section 8 (12 U.S.C. 1818)--
(A) in subsection (b)(3), by striking ``Act))'' and
inserting ``Act)''; and
(B) in subsection (t)--
(i) in paragraph (2)--
(I) in subparagraph (C), by
striking ``depositors or'' and
inserting ``depositors; or''; and
(II) in subparagraph (D), by
striking the semicolon at the end and
inserting a period; and
(ii) by redesignating the second paragraph
designated as paragraph (6), as added by
section 1090(1) of the Consumer Financial
Protection Act of 2010 (title X of Public Law
111-203; 124 Stat. 2093) (relating to referral
to the Bureau of Consumer Financial
Protection), as paragraph (7);
(4) in section 10(b)(3)(A) (12 U.S.C. 1820(b)(3)(A)), by
striking ``that Act'' and inserting ``the Dodd-Frank Wall
Street Reform and Consumer Protection Act (12 U.S.C. 5301 et
seq.)'';
(5) in section 11 (12 U.S.C. 1821)--
(A) in subsection (d)(2)(I)(ii), by striking ``and
section 21A(b)(4)''; and
(B) in subsection (m), in each of paragraphs (16)
and (18), by striking the comma after ``Comptroller of
the Currency'' each place it appears; and
(6) in section 26(a) (12 U.S.C. 1831c(a)), by striking
``Holding Company Act'' each place that term appears and
inserting ``Holding Company Act of 1956''.
(s) Federal Financial Institutions Examination Council Act of
1978.--Section 1003(1) of the Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3302(1)) is amended by
striking ``the Office of Thrift Supervision,''.
(t) Federal Fire Prevention and Control Act of 1974.--Section
31(a)(5)(B) of the Federal Fire Prevention and Control Act of 1974 (15
U.S.C. 2227(a)(5)(B)) is amended by striking ``the Federal Deposit
Insurance Corporation'' and all that follows through the period and
inserting ``or the Federal Deposit Insurance Corporation under the
affordable housing program under section 40 of the Federal Deposit
Insurance Act.''.
(u) Federal Home Loan Bank Act.--The Federal Home Loan Bank Act (12
U.S.C. 1421 et seq.) is amended--
(1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), 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 Corporation, as applicable''; and
(2) in section 22(a) (12 U.S.C. 1442(a))--
(A) in the matter preceding paragraph (1), by
striking ``Currency'' and all that follows through
``Supervision'' and inserting ``Currency, the Chairman
of the Board of Governors of the Federal Reserve
System, the Chairperson of the Federal Deposit
Insurance Corporation, and the Chairman of the National
Credit Union Administration''; and
(B) in the undesignated matter following paragraph
(2), by striking ``Currency'' and all that follows
through ``Supervision'' and inserting ``Currency, the
Chairman of the Board of Governors of the Federal
Reserve System, and the Chairman of the National Credit
Union Administration''.
(v) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et
seq.) is amended--
(1) in section 10 (12 U.S.C. 247b), by redesignating
paragraph (12) as paragraph (11); and
(2) in section 11 (12 U.S.C. 248)--
(A) by redesignating subsection (s), as added by
section 1103(b) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (124 Stat. 2118) (relating
to Federal Reserve transparency and release of
information), as subsection (t), and moving subsection
(t), as so redesignated, so it appears after subsection
(s);
(B) in subsection (s)(2)(C), by striking
``supervised by the Board'' and inserting ``subject to
a final determination''; and
(C) in subsection (t), as so redesignated, in
paragraph (8)(B), by striking ``this section'' and
inserting ``this subsection''.
(w) Financial Institutions Reform, Recovery, and Enforcement Act of
1989.--The Financial Institutions Reform, Recovery, and Enforcement Act
of 1989 (Public Law 101-73; 103 Stat. 183) is amended--
(1) in section 1121(6) (12 U.S.C. 3350(6)), by striking
``the Office of Thrift Supervision,''; and
(2) in section 1206(a) (12 U.S.C. 1833b(a)), by striking
``and the Bureau of Consumer Financial Protection,'' and
inserting ``the Bureau of Consumer Financial Protection, and''.
(x) Gramm-Leach-Bliley Act.--The Gramm-Leach-Bliley Act (Public Law
106-102; 113 Stat. 1338) is amended--
(1) in section 132(a) (12 U.S.C. 1828b(a)), by striking
``the Director of the Office of Thrift Supervision,'';
(2) in section 206(a) (15 U.S.C. 78c note), by striking
``Except as provided in subsection (e), for'' and inserting
``For'';
(3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), by
inserting a comma after ``Protection'';
(4) in section 504(a)(2) (15 U.S.C. 6804(a)(2)), by
striking ``and, as appropriate, and with'' and inserting ``and,
as appropriate, with'';
(5) in section 509(2) (15 U.S.C. 6809(2))--
(A) by striking subparagraph (D); and
(B) by redesignating subparagraphs (E) and (F) as
subparagraphs (D) and (E), respectively; and
(6) in section 522(b)(1)(A)(iv) (15 U.S.C.
6822(b)(1)(A)(iv)), 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 Corporation, as appropriate''.
(y) Helping Families Save Their Homes Act of 2009.--Section 104 of
the Helping Families Save Their Homes Act of 2009 (12 U.S.C. 1715z-25)
is amended--
(1) in subsection (a)--
(A) in the matter preceding paragraph (1)--
(i) by striking ``and the Director of the
Office of Thrift Supervision, shall jointly''
and inserting ``shall'';
(ii) by striking ``Senate,'' and inserting
``Senate and'';
(iii) by striking ``and the Office of
Thrift Supervision''; and
(iv) by striking ``each such'' and
inserting ``such''; and
(B) in paragraph (1), by striking ``and the Office
of Thrift Supervision''; and
(2) in subsection (b)(1)--
(A) in subparagraph (A)--
(i) in the first sentence--
(I) by striking ``and the Director
of the Office of Thrift Supervision,'';
and
(II) by striking ``or the
Director''; and
(ii) in the second sentence, by striking
``and the Director of the Office of Thrift
Supervision''; and
(B) in subparagraph (B), by striking ``and the
Director of the Office of Thrift Supervision''.
(z) Home Mortgage Disclosure Act of 1975.--The Home Mortgage
Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is amended--
(1) in section 304(j)(3) (12 U.S.C. 2803(j)(3)), by adding
a period at the end; and
(2) in section 305(b)(1)(A) (12 U.S.C. 2804(b)(1)(A))--
(A) in the matter preceding clause (i), by
inserting ``by'' before ``the appropriate Federal
banking agency''; and
(B) in clause (iii), by striking ``bank as,'' and
inserting ``bank, as''.
(aa) Home Owners' Loan Act.--The Home Owners' Loan Act (12 U.S.C.
1461 et seq.) is amended--
(1) in section 5 (12 U.S.C. 1464)--
(A) in subsection (d)(2)(E)(ii)--
(i) in the first sentence, by striking
``Except as provided in section 21A of the
Federal Home Loan Bank Act, the'' and inserting
``The''; and
(ii) by striking ``, at the Director's
discretion,'';
(B) in subsection (i)(6), by striking ``the Office
of Thrift Supervision or'';
(C) in subsection (m), by striking ``Director's''
each place that term appears and inserting
``appropriate Federal banking agency's'';
(D) in subsection (n)(9)(B), by striking
``Director's'' and inserting ``Comptroller's''; and
(E) in subsection (s)--
(i) in paragraph (1)--
(I) in the matter preceding
subparagraph (A), by striking ``of such
Act)'' and all that follows through
``shall require'' and inserting ``of
such Act), the appropriate Federal
banking agency shall require''; and
(II) in subparagraph (B), by
striking ``other methods'' and all that
follows through ``determines'' and
inserting ``other methods as the
appropriate Federal banking agency
determines'';
(ii) in paragraph (2)--
(I) by striking ``determined'' and
all that follows through ``may,
consistent'' and inserting ``determined
by appropriate federal banking agency
case-by-case.--The appropriate Federal
banking agency may, consistent''; and
(II) 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 necessary''; and
(iii) in paragraph (3)--
(I) by striking ``agency, may'' and
inserting ``agency may''; and
(II) by striking ``the
Comptroller'' and inserting ``the
appropriate Federal banking agency'';
(2) in section 6(c) (12 U.S.C. 1465(c)), by striking
``sections'' and inserting ``section'';
(3) in section 10 (12 U.S.C. 1467a)--
(A) in subsection (b)(6), by striking ``time'' and
all that follows through ``release'' and inserting
``time, upon the motion or application of the Board,
release'';
(B) in subsection (c)(2)(H)--
(i) in the matter preceding clause (i)--
(I) by striking ``1841(p))'' and
inserting ``1841(p)))''; and
(II) by inserting ``(12 U.S.C.
1843(k))'' before ``if--''; and
(ii) in clause (i), by inserting ``of 1956
(12 U.S.C. 1843(l) and (m))'' after ``Company
Act''; and
(C) in subsection (e)(7)(B)(iii)--
(i) by striking ``Board of the Office of
Thrift Supervision'' and inserting ``Director
of the Office of Thrift Supervision''; and
(ii) by inserting ``(as defined in section
2 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5301))''
after ``transfer date''; and
(4) in section 13 (12 U.S.C. 1468b), by striking ``the a''
and inserting ``a''.
(bb) Home Ownership and Equity Protection Act of 1994.--Section 158
of the Home Ownership and Equity Protection Act of 1994 (15 U.S.C. 1601
note) is amended by striking ``Bureau'' each place that term appears
and inserting ``Bureau of Consumer Financial Protection''.
(cc) Housing Act of 1948.--Section 502(c)(3) of the Housing Act of
1948 (12 U.S.C. 1701c(c)(3)) is amended by striking ``Federal Home Loan
Bank Agency'' and inserting ``Federal Housing Finance Agency''.
(dd) Housing and Urban Development Act of 1968.--Section 106(h)(5)
of the Housing and Urban Development Act of 1968 (12 U.S.C.
1701x(h)(5)) is amended by striking ``authorised'' and inserting
``authorized''.
(ee) International Banking Act of 1978.--Section 15 of the
International Banking Act of 1978 (12 U.S.C. 3109) is amended--
(1) in each of subsections (a) and (b)--
(A) by striking ``, and Director of the Office of
Thrift Supervision'' each place that term appears; and
(B) by inserting ``and'' before ``Federal Deposit''
each place that term appears;
(2) in subsection (a), by striking ``Comptroller,
Corporation, or Director'' and inserting ``Comptroller, or
Corporation''; and
(3) in subsection (c)(4)--
(A) by inserting ``and'' before ``the Federal
Deposit''; and
(B) by striking ``, and the Director of the Office
of Thrift Supervision''.
(ff) International Lending Supervision Act of 1983.--Section 912 of
the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is
amended--
(1) in the section heading, by striking ``and the office of
thrift supervision'';
(2) by striking subsection (b);
(3) by striking ``(a) In General.--''; and
(4) by striking ``4'' and inserting ``3''.
(gg) Interstate Land Sales Full Disclosure Act.--The Interstate
Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended--
(1) in section 1402(1) (15 U.S.C. 1701(1)) by striking
``Bureau of'' and all that follows through the semicolon at the
end and inserting ``Bureau of Consumer Financial Protection;'';
and
(2) in each of section 1411(b) (15 U.S.C. 1710(b)) and
subsections (b)(4) and (d) of section 1418a (15 U.S.C. 1717a),
by striking ``Secretary's'' each place that term appears and
inserting ``Director's''.
(hh) Investment Advisers Act of 1940.--Section 224 of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-18c) is amended in the
section heading, by striking ``commodities'' and inserting
``commodity''.
(ii) Legal Certainty for Bank Products Act of 2000.--Section
403(b)(1) of the Legal Certainty for Bank Products Act of 2000 (7
U.S.C. 27a(b)(1)) is amended by striking ``that section'' and inserting
``section''.
(jj) Omnibus Appropriations Act, 2009.--Section 626(b) of the
Omnibus Appropriations Act, 2009 (12 U.S.C. 5538(b)) is amended, in
each of paragraphs (2) and (3), by inserting a comma after ``as
appropriate'' each place that term appears.
(kk) Public Law 93-495.--Section 111 of Public Law 93-495 (12
U.S.C. 250) is amended by striking ``the Director of the Office of
Thrift Supervision,''.
(ll) Revised Statutes of the United States.--Section 5136C(i) of
the Revised Statutes of the United States (12 U.S.C. 25b(i)) is amended
by striking ``Powers.--'' and all that follows through ``In
accordance'' and inserting ``Powers.--In accordance''.
(mm) Riegle Community Development and Regulatory Improvement Act of
1994.--Section 117(e) of the Riegle Community Development and
Regulatory Improvement Act of 1994 (12 U.S.C. 4716(e)) is amended by
striking ``the Director of the Office of Thrift Supervision,''.
(nn) S.A.F.E. Mortgage Licensing Act of 2008.--Section 1514 of the
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5113) is amended in
each of subsections (b)(5) and (c)(4)(C), by striking ``Secretary's''
each place that term appears and inserting ``Director's''.
(oo) Securities Exchange Act of 1934.--The Securities Exchange Act
of 1934 (15 U.S.C. 78a et seq.) is amended--
(1) in section 3C(g)(4)(B)(v) (15 U.S.C. 78c-
3(g)(4)(B)(v)), by striking ``of that Act'' and inserting ``of
that section'';
(2) in section 3D(d)(10)(A) (15 U.S.C. 78c-4(d)(10)(A)), by
striking ``taking'' and inserting ``take'';
(3) in section 3E(b)(1) (15 U.S.C. 78c-5(b)(1)), by
striking ``though'' and inserting ``through'';
(4) in section 4(g)(8)(A) (15 U.S.C. 78d(g)(8)(A)), by
striking ``(2)(A)(i)'' and inserting ``(2)(A)(ii)'';
(5) in section 15 (15 U.S.C. 78o)--
(A) in each of subparagraphs (B)(ii) and (C) of
subsection (b)(4), by striking ``dealer municipal
advisor,,'' and inserting ``dealer, municipal
advisor,'';
(B) by redesignating subsection (j) (relating to
the authority of the Commission) as subsection (p), and
moving that subsection so it follows subsection (o);
(C) by redesignating subsections (k) and (l)
(relating to standard of conduct and other matters,
respectively), as added by section 913(g)(1) of the
Investor Protection and Securities Reform Act of 2010
(title IX of Public Law 111-203; 124 Stat. 1828), as
subsections (q) and (r), respectively and moving those
subsections to the end; and
(D) in subsection (m), in the undesignated matter
following paragraph (2), by inserting ``the'' before
``same extent'';
(6) in section 15F(h) (15 U.S.C. 78o-10(h))--
(A) in paragraph (2)--
(i) in subparagraph (A), by inserting ``a''
after ``that acts as an advisor to''; and
(ii) in subparagraph (B), by inserting
``a'' after ``offers to enter into''; and
(B) in paragraph (5)(A)(i)--
(i) by inserting ``(A)'' after ``(18)'';
and
(ii) in subclause (VII), by striking ``act
of'' and inserting ``Act of'';
(7) in section 15G (15 U.S.C. 78o-11)--
(A) in subsection (b)(2), by inserting ``Director
of the'' before ``Federal Housing''; and
(B) in subsection (e)--
(i) in paragraph (4)--
(I) in subparagraph (A), by
striking ``subsection'' and inserting
``section''; and
(II) in subparagraph (C)--
(aa) by striking
``129C(c)(2)'' and inserting
``129C(b)(2)(A)''; and
(bb) by inserting ``(15
U.S.C. 1639c(b)(2)(A))'' after
``Lending Act''; and
(ii) in paragraph (5), by striking
``subsection'' and inserting ``section''; and
(8) in section 17A (15 U.S.C. 78q-1), by redesignating the
second subsection designated as subsection (g), as added by
section 929W of the Investor Protection and Securities Reform
Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1869)
(relating to due diligence for the delivery of dividends,
interest, and other valuable property rights), as subsection
(n) and moving that subsection to the end.
(pp) Telemarketing and Consumer Fraud and Abuse Prevention Act.--
Section 3(b) of the Telemarketing and Consumer Fraud and Abuse
Prevention Act (15 U.S.C. 6102(b)) is amended by inserting before the
period at the end the following: ``, provided, however, that nothing in
this section shall conflict with or supersede section 6 of the Federal
Trade Commission Act (15 U.S.C. 46)''.
(qq) Title 5.--Title 5, United States Code, is amended--
(1) in section 3132(a)(1)(D), by striking ``the Office of
Thrift Supervision,, the Resolution Trust Corporation,''; and
(2) in section 5314, by striking ``Director of the Office
of Thrift Supervision.''.
(rr) Title 31.--
(1) Amendments.--Title 31, United States Code, is amended--
(A) by striking section 309;
(B) in section 313--
(i) in subsection (j)(2), by striking
``Agency''; and
(ii) in subsection (r)(4), by striking
``the Office of Thrift Supervision,''; and
(C) in section 714(d)(3)(B) by striking ``a audit''
and inserting ``an audit''.
(2) Analysis.--The analysis for subchapter I of chapter 3
of title 31, United States Code, is amended by striking the
item relating to section 309.
(ss) Truth in Lending Act.--The Truth in Lending Act (15 U.S.C.
1601 et seq.) is amended--
(1) in section 103(dd)(2)(E)(v) (15 U.S.C.
1602(dd)(2)(E)(v)), as redesignated by section 909(a)(1) of
this Act, by striking ``Board'' and inserting ``Bureau'';
(2) in section 105 (15 U.S.C. 1604), by inserting
subsection (h), as added by section 1472(c) of the Mortgage
Reform and Anti-Predatory Lending Act (title XIV of Public Law
111-203; 124 Stat. 2190), before subsection (i), as added by
section 1100A(7) of the Consumer Financial Protection Act of
2010 (title X of Public Law 111-203; 124 Stat. 2108);
(3) in section 106(f)(2)(B)(i) (15 U.S.C.
1605(f)(2)(B)(i)), by striking ``103(w)'' and inserting
``103(x)'';
(4) in section 121(b) (15 U.S.C. 1631(b)), by striking
``103(f)'' and inserting ``103(g)'';
(5) in section 122(d)(5) (15 U.S.C. 1632(d)(5)), by
striking ``and the Bureau'';
(6) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), by
striking ``103(w)'' and inserting ``103(x)'';
(7) in section 129 (15 U.S.C. 1639)--
(A) in subsection (q), by striking ``(l)(2)'' and
inserting ``(p)(2)''; and
(B) in subsection (u)(3), by striking ``Board''
each place that term appears and inserting ``Bureau'';
(8) in section 129C (15 U.S.C. 1639c)--
(A) in subsection (b)(2)(B), by striking the second
period at the end; and
(B) in subsection (c)(1)(B)(ii)(I), by striking ``a
original'' and inserting ``an original'';
(9) in section 140A (15 U.S.C. 1651), by striking ``the
Bureau and'';
(10) in section 148(d) (15 U.S.C. 1665c(d)), by striking
``Bureau'' and inserting ``Board'';
(11) in section 149 (15 U.S.C. 1665d)--
(A) by striking ``the Director of the Office of
Thrift Supervision,'' each place that term appears;
(B) by striking ``National Credit Union
Administration Bureau'' each place that term appears
and inserting ``National Credit Union Administration
Board''; and
(C) by striking ``Bureau of Directors of the
Federal Deposit Insurance Corporation'' each place that
term appears and inserting ``Board of Directors of the
Federal Deposit Insurance Corporation''; and
(12) in section 181(1) (15 U.S.C. 1667(1)), by striking
``103(g)'' and inserting ``103(h)''.
(tt) Truth in Savings Act.--The Truth in Savings Act (12 U.S.C.
4301 et seq.) is amended in each of sections 269(a)(4) (12 U.S.C.
4308(a)(4)), 270(a)(2) (12 U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C.
4313(6)), by striking ``Administration Bureau'' each place that term
appears and inserting ``Administration Board''.
SEC. 999G. RULEMAKING DEADLINES.
(a) One-Year Extension.--The deadline for issuance of any rule or
regulation, conduct of any study, or submission of any report required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Public Law 111-203) or amendments made by that Act that has not been
met or is not met in final form by the date specified in that Act or
those amendments, shall be extended for 1 year.
(b) No Effect on Finalized Rules.--The extension provided under
subsection (a) shall have no effect on any rule required by the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Public Law 111-
203) or amendments made by that Act that have been issued in final form
before the date of enactment of this title.
SEC. 999H. EFFECTIVE DATES.
Except as otherwise specifically provided in this title--
(1) the amendments made by this title to a provision of the
Dodd-Frank Wall Street Reform and Consumer Protection Act
(Public Law 111-203) shall take effect as if enacted on the
effective date of the provision, immediately after the
provision takes effect; and
(2) the amendments made by this title to a provision of law
amended by the Dodd-Frank Wall Street Reform and Consumer
Protection Act shall take effect as if enacted on the effective
date of the amendment to that provision of law made by the
Dodd-Frank Wall Street Reform and Consumer Protection Act,
immediately after the amendment made by the Dodd-Frank Wall
Street Reform and Consumer Protection Act takes effect.
This Act may be cited as the ``Financial Services and General
Government Appropriations Act, 2016''.
Calendar No. 176
114th CONGRESS
1st Session
S. 1910
[Report No. 114-97]
_______________________________________________________________________
A BILL
Making appropriations for financial services and general government for
the fiscal year ending September 30, 2016, and for other purposes.
_______________________________________________________________________
July 30, 2015
Read twice and placed on the calendar