HR 557 · 112th Congress 2011–2013, ended

Consumer Financial Protection Oversight Act of 2011

Introduced Feb 8, 2011 Originated House Sponsor Randy Neugebauer R-TX

Fact sheet Spreadsheet

Latest action · Mar 23, 2011 Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 8, 2011
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Consumer Financial Protection Oversight Act of 2011 - Amends the Consumer Financial Protection Act of 2010 to transfer to the Department of the Treasury the Bureau of Consumer Financial Protection (CFPB) currently established as an independent bureau in the Federal Reserve System.

Prohibits the Secretary of the Treasury from interfering with the autonomy granted the Bureau under such Act.

Eliminates Bureau participation in both the Federal Reserve System Retirement Plan and in the Federal Reserve System Thrift Plan.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
HouseFinancial Services Committee
Referred Feb 8, 2011
Consumer Protection and Financial Institutions Subcommittee
Referred Mar 23, 2011

Actions 3

Everything that happened, newest first.

  1. Mar 23, 2011Referred to the Subcommittee on Financial Institutions and Consumer Credit.
  2. Feb 8, 2011Introduced in House
  3. Feb 8, 2011Referred to the House Committee on Financial Services.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article I, Section 8, Clause 18: The Congress shall have Power to make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by the Constitution in the Government of the United States, or in any Department or Officer thereof.

The sponsor’s statement, as printed in the page H552.

CRS reports 1

Congressional Research Service work that CRS links to this bill or the law it became, newest first.

Cite it 1

Products on other subjects that cite it, usually among other measures.

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
To amend the Consumer Financial Protection Act of 2010 to move the Bureau of Consumer Financial Protection into the Department of the Treasury.
Short Titles as Introduced
Consumer Financial Protection Oversight Act of 2011

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Feb 8, 2011Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.