II Calendar No. 3 111th CONGRESS 1st Session S. 3 IN THE SENATE OF THE UNITED STATES January 6, 2009 Mr. Reid (for himself, Mr. Levin, Mr. Kerry, Mr. Kennedy, Mr. Begich, Mr. Durbin, Mr. Wyden, Mrs. Boxer, Mr. Menendez, Mr. Bingaman, Mr. Casey, Mr. Lautenberg, Ms. Stabenow, Mrs. McCaskill, Ms. Klobuchar, Mrs. Clinton, Mr. Schumer, Ms. Mikulski, and Mr. Brown) introduced the following bill; which was read the first time January 7, 2009 Read the second time and placed on the calendar A BILL To protect homeowners and consumers by reducing foreclosures, ensuring the availability of credit for homeowners, businesses, and consumers, and reforming the financial regulatory system, and for other purposes.

1.

Short title

This Act may be cited as the Homeowner Protection and Wall Street Accountability Act of 2009.

2.

Sense of Congress

It is the sense of Congress that Congress should enact, and the President should sign, legislation— (1)to stabilize the housing market and assist homeowners by imposing a temporary moratorium on foreclosures, removing impediments to the modification of distressed mortgages, creating tax and other incentives to help prevent foreclosures and encourage refinancing into affordable and sustainable mortgage solutions, and pursuing other foreclosure-prevention policies through the Troubled Asset Relief Program or other programs; (2)to ensure the safety and soundness of the United States financial system for investors by reforming the financial-regulatory system, strengthening systemic-risk regulation, enhancing market transparency, and increasing consumer protections in financial regulation to prevent predatory lending practices; (3)to ensure credit-card accountability, responsibility and disclosure; and (4)to stabilize credit markets for small-business lenders to enhance their ability to make loans to small firms, and stimulate the small-business loan markets by temporarily streamlining and investing in the loan programs of the Small Business Administration.

January 7, 2009 Read the second time and placed on the calendar