3.0.0 664 2023-01-11T13:19:42Z 2023-01-11T13:19:42Z Senate S S 2009-03-23 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-03-23T19:58:07Z Financial System Stabilization and Reform Act of 2009 111 1754 HR 2009-04-28 Referred to the Subcommittee on General Farm Commodities and Risk Management. Identical bill CRS 2009-03-23 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-03-23 Sponsor introductory remarks on measure. (CR S3611-3613) IntroReferral B00100 9 Library of Congress 2009-03-23 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N N000180 Sen. Nelson, Ben [D-NE] E. Nelson D NE Benjamin 2009-07-20 False B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2009-09-30 False Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Business records Commodities markets Commodity Futures Trading Commission Credit and credit markets Department of the Treasury Executive agency funding and structure Federal Reserve System Financial crises and stabilization Financial services and investments Fraud offenses and financial crimes Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2009-03-23 Introduced in Senate 2009-04-24T19:42:01Z Financial System Stabilization and Reform Act of 2009 - Establishes an independent Financial Stability Council to: (1) review, and approve or prohibit issuance of, or require modification of, any rule or regulation issued by any federal financial regulator; (2) require each federal financial regulator to issue or revise its rules and regulations in conformance with the Council's determination; (3) review new financial products and services and recommend regulations for them to the appropriate federal financial regulator; and (4) direct each federal financial regulator to impose appropriate solvency requirements, including capital requirements and long-term debt ratios on any financial institution within its jurisdiction, as the Council deems necessary to prevent systemic risk to the financial system of the United States.

Subjects violations of this Act to civil penalties.

Grants Council actions precedence in any conflict with any regulatory action of a federal financial regulator.

Amends the Commodity Exchange Act to subject each credit-default swap trading clearinghouse to regulation by the Commodity Futures Trading Commission (CFTC). Sets forth capitalization, reporting, and recordkeeping for positions involving credit-default swaps.

Requires the Board of Governors of the Federal Reserve System (Board) to promulgate rules: (1) for the examination of the safety and soundness of, and the extent of systemic risk to the financial system of the United States posed by, any investment bank holding company organized in or doing business in the United States; and (2) for reasonable reporting of information by each investment bank holding company, to the extent necessary to implement this Act.

Directs the Securities and Exchange Commission (SEC) to issue final rules that: (1) designate clearinghouses for credit-default swaps; and (2) prohibit fraudulent, deceptive, or manipulative acts or practices in connection with such swaps.

Requires such rules to require that clearinghouses: (1) are capitalized by participants to a level adequate to guarantee payments; and (2) are authorized to assess members for a default fund.

Requires any person that engages in a credit-default swap transaction to utilize an SEC-designated clearinghouse for such purpose.

Abolishes the Office of Thrift Supervision and transfers its authorities, functions, personnel, and property to the Comptroller of the Currency.

Prohibits the Secretary of the Treasury from delaying or preventing the issuance or promulgation of any rule or regulation by the Comptroller.

]]> Financial System Stabilization and Reform Act of 2009 Display Title Financial System Stabilization and Reform Act of 2009 Official Title as Introduced A bill to create a systemic risk monitor for the financial system of the United States, to oversee financial regulatory activities of the Federal Government, and for other purposes. Introduced in Senate IS Short Titles as Introduced Financial System Stabilization and Reform Act of 2009 Introduced in Senate 2009-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s664is/xml/BILLS-111s664is.xml 2009-03-23 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.