[Congressional Record Volume 155, Number 60 (Thursday, April 23, 2009)]
[Senate]
[Pages S4700-S4704]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1003. Mr. ENSIGN submitted an amendment intended to be proposed to 
amendment SA 1000 submitted by Mrs. Boxer (for herself, Ms. Snowe, Mr. 
Corker, and Mr. Merkley) to the bill S. 386, to improve enforcement of 
mortgage fraud, securities fraud, financial institution fraud, and 
other frauds related to federal assistance and relief programs, for the 
recovery of funds lost to these frauds, and for other purposes; as 
follows:

       After page 2, line 20, add the following:
       (f) Public-Private Investment Program.--
       (1) In general.--Any program established by the Secretary 
     of the Treasury or the Board of Directors of the Federal 
     Deposit Insurance Corporation that does any of the following 
     shall meet the requirements of paragraph (2):
       (A) Creates a public-private investment fund.
       (B) Makes available any funds from the Troubled Asset 
     Relief Program established under title I of the Emergency 
     Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) 
     or the Federal Deposit Insurance Corporation for--
       (i) a public-private investment fund; or
       (ii) a loan to a private investor to fund the purchase of a 
     mortgage-backed security or an asset-backed security.
       (C) Employs or contracts with a private sector partner to 
     manage assets for a public-private investment program.
       (D) Guarantees any debt or asset for purposes of a public-
     private investment program.
       (2) Requirements.--Any program described in paragraph (1) 
     shall--
       (A) impose strict conflict of interest rules on managers of 
     public-private investment funds that--
       (i) specifically describe the extent, if any, to which such 
     managers may--

       (I) invest the assets of a public-private investment fund 
     in assets that are held or managed by such managers or the 
     clients of such managers; and
       (II) conduct transactions involving a public-private 
     investment fund and an entity in which such manager or a 
     client of such manager has invested;

       (ii) take into consideration that there is a trade off 
     between hiring a manager with significant experience as an 
     asset manager that has complex conflicts of interest, and 
     hiring a manager with less expertise that has no conflicts of 
     interest; and
       (iii) acknowledge that the types of entities that are 
     permitted to make investment decisions for a public-private 
     investment fund may need to be limited to mitigate conflicts 
     of interest;
       (B) require the disclosure of information regarding 
     participation in and management of public-private investment 
     funds, including any transaction undertaken in a public-
     private investment fund;
       (C) require each public-private investment fund to make a 
     certified report to the Secretary of the Treasury that 
     describes each transaction of such fund and the current value 
     of any assets held by such fund, which report shall be 
     publicly disclosed by the Secretary of the Treasury
       (D) require each manager of a public-private investment 
     fund to report to the Secretary of the Treasury any holding 
     or transaction by such manager or a client of such manager in 
     the same type of asset that is held by the public-private 
     investment fund;
       (E) allow the Special Inspector General of the Troubled 
     Asset Relief Program, access to all books and records of a 
     public-private investment fund;
       (F) require each manager of a public-private investment 
     fund to retain all books, documents, and records relating to 
     such public-private investment fund, including electronic 
     messages;
       (G) allow the Special Inspector General of the Troubled 
     Asset Relief Program, the Secretary of the Treasury, and any 
     other Federal agency with oversight responsibilities access 
     to--
       (i) the books, documents, records, and employees of each 
     manager of a public-private investment fund; and
       (ii) the books, documents, and records of each private 
     investor in a public-private investment fund that relate to 
     the public-private investment fund;
       (H) require each manager of a public-private investment 
     fund to give such public-private investment fund terms that 
     are at least as favorable as those given to any other person 
     for whom such manager manages a fund;
       (I) require each manager of a public-private investment 
     fund to acknowledge a fiduciary duty to the public and 
     private investors in such fund;
       (J) require each manager of a public-private investment 
     fund to develop a robust ethics policy that includes methods 
     to ensure compliance with such policy;
       (K) require stringent investor screening procedures for 
     public-private investment funds that include know your 
     customer requirements at least as rigorous as those of a 
     commercial bank or retail brokerage operation;
       (L) require each manager of a public-private investment 
     fund to identify for the Secretary of the Treasury each 
     beneficial owner of a private interest in such fund; and
       (M) require the Secretary of the Treasury to ensure that 
     all investors in a public-private investment fund are 
     legitimate.
       (3) Report.--Not later than 45 days after the date of the 
     establishment of a program described in paragraph (1), the 
     Special Inspector General of the Troubled Asset Relief 
     Program shall submit to Congress a report on the 
     implementation of this section.
       (4) Definition.--In this subsection, the term ``public-
     private investment fund'' means a financial vehicle that is--
       (A) established by the Federal Government to purchase pools 
     of loans, securities, or assets from a financial institution 
     described in section 101(a)(1) of the Emergency Economic 
     Stabilization Act of 2008 (12 U.S.C. 5211(a)(1)); and
       (B) funded by a combination of cash or equity from private 
     investors and funds provided by the Secretary of the 
     Treasury, the Federal Deposit Insurance Corporation, or the 
     Board of Governors of the Federal Reserve System.
                                 ______
                                 
  SA 1004. Mr. ENSIGN submitted an amendment to be proposed by him to 
the bill S. 386, to improve enforcement of mortgage fraud, securities 
fraud, financial institution fraud, and other frauds related to federal 
assistance and relief programs, for the recovery of funds lost to these 
frauds, and for other purposes; as follows:

       At the end of the bill, add the following:

     SEC. 5. PUBLIC-PRIVATE INVESTMENT PROGRAM.

       (a) In General.--Any program established by the Secretary 
     of the Treasury or the Board of Directors of the Federal 
     Deposit Insurance Corporation that does any of the following 
     shall meet the requirements of subsection (b):
       (1) Creates a public-private investment fund.
       (2) Makes available any funds from the Troubled Asset 
     Relief Program established under title I of the Emergency 
     Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) 
     or the Federal Deposit Insurance Corporation for--
       (A) a public-private investment fund; or
       (B) a loan to a private investor to fund the purchase of a 
     mortgage-backed security or an asset-backed security.
       (3) Employs or contracts with a private sector partner to 
     manage assets for a public-private investment program.
       (4) Guarantees any debt or asset for purposes of a public-
     private investment program.
       (b) Requirements.--Any program described in subsection (a) 
     shall--
       (1) impose strict conflict of interest rules on managers of 
     public-private investment funds that--
       (A) specifically describe the extent, if any, to which such 
     managers may--
       (i) invest the assets of a public-private investment fund 
     in assets that are held or managed by such managers or the 
     clients of such managers; and
       (ii) conduct transactions involving a public-private 
     investment fund and an entity in which such manager or a 
     client of such manager has invested;
       (B) take into consideration that there is a trade off 
     between hiring a manager with significant experience as an 
     asset manager that has complex conflicts of interest, and 
     hiring a manager with less expertise that has no conflicts of 
     interest; and
       (C) acknowledge that the types of entities that are 
     permitted to make investment decisions for a public-private 
     investment fund may need to be limited to mitigate conflicts 
     of interest;
       (2) require the disclosure of information regarding 
     participation in and management of public-private investment 
     funds, including any transaction undertaken in a public-
     private investment fund;
       (3) require each public-private investment fund to make a 
     certified report to the Secretary of the Treasury that 
     describes each transaction of such fund and the current value 
     of any assets held by such fund, which report shall be 
     publicly disclosed by the Secretary of the Treasury;
       (4) require each manager of a public-private investment 
     fund to report to the Secretary of the Treasury any holding 
     or transaction by such manager or a client of such manager in 
     the same type of asset that is held by the public-private 
     investment fund;
       (5) allow the Special Inspector General of the Troubled 
     Asset Relief Program, access to all books and records of a 
     public-private investment fund;
       (6) require each manager of a public-private investment 
     fund to retain all books, documents, and records relating to 
     such public-private investment fund, including electronic 
     messages;

[[Page S4701]]

       (7) allow the Special Inspector General of the Troubled 
     Asset Relief Program, the Secretary of the Treasury, and any 
     other Federal agency with oversight responsibilities access 
     to--
       (A) the books, documents, records, and employees of each 
     manager of a public-private investment fund; and
       (B) the books, documents, and records of each private 
     investor in a public-private investment fund that relate to 
     the public-private investment fund;
       (8) require each manager of a public-private investment 
     fund to give such public-private investment fund terms that 
     are at least as favorable as those given to any other person 
     for whom such manager manages a fund;
       (9) require each manager of a public-private investment 
     fund to acknowledge a fiduciary duty to the public and 
     private investors in such fund;
       (10) require each manager of a public-private investment 
     fund to develop a robust ethics policy that includes methods 
     to ensure compliance with such policy;
       (11) require stringent investor screening procedures for 
     public-private investment funds that include know your 
     customer requirements at least as rigorous as those of a 
     commercial bank or retail brokerage operation;
       (12) require each manager of a public-private investment 
     fund to identify for the Secretary of the Treasury each 
     beneficial owner of a private interest in such fund; and
       (13) require the Secretary of the Treasury to ensure that 
     all investors in a public-private investment fund are 
     legitimate.
       (c) Report.--Not later than 45 days after the date of the 
     establishment of a program described in subsection (a), the 
     Special Inspector General of the Troubled Asset Relief 
     Program shall submit to Congress a report on the 
     implementation of this section.
       (d) Definition.--In this section, the term ``public-private 
     investment fund'' means a financial vehicle that is--
       (1) established by the Federal Government to purchase pools 
     of loans, securities, or assets from a financial institution 
     described in section 101(a)(1) of the Emergency Economic 
     Stabilization Act of 2008 (12 U.S.C. 5211(a)(1)); and
       (2) funded by a combination of cash or equity from private 
     investors and funds provided by the Secretary of the 
     Treasury, the Federal Deposit Insurance Corporation, or the 
     Board of Governors of the Federal Reserve System.
                                 ______
                                 
  SA 1005. Mr. KOHL (for himself and Mrs. Lincoln) submitted an 
amendment intended to be proposed by him to the bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the end of the bill, add the following:

     SEC. 5. WARNINGS TO HOMEOWNERS OF FINANCIAL SCAMS.

       (a) In General.--If a loan servicer finds that a homeowner 
     has failed to make 2 consecutive payments on a residential 
     mortgage loan and such loan is at risk of being foreclosed 
     upon, the loan servicer shall notify such homeowner of the 
     dangers of fraudulent activities associated with foreclosure.
       (b) Notice Requirements.--Each notice provided under 
     subsection (a) shall--
       (1) be in writing;
       (2) be included with a mailing of account information;
       (3) have the heading ``Notice Required by Federal Law'' in 
     a 14-point boldface type in English and Spanish at the top of 
     such notice; and
       (4) contain the following statement in English and Spanish: 
     ``Mortgage foreclosure is a complex process. Some people may 
     approach you about saving your home. You should be careful 
     about any such promises. There are government and nonprofit 
     agencies you may contact for helpful information about the 
     foreclosure process. Contact your lender immediately at 
     [____], call the Department of Housing and Urban Development 
     Housing Counseling Line at (800) 569-4287 to find a housing 
     counseling agency certified by the Department to assist you 
     in avoiding foreclosure, or visit the Department's Tips for 
     Avoiding Foreclosure website at http://www.hud.gov/
 foreclosure for additional assistance.'' (the blank space to 
     be filled in by the loan servicer and successor telephone 
     numbers and Uniform Resource Locators (URLs) for the 
     Department of Housing and Urban Development Housing 
     Counseling Line and Tips for Avoiding Foreclosure website, 
     respectively.).
       (c) Loan Servicer.--As used in this section, the term 
     ``loan servicer'' has the same meaning as the term 
     ``servicer'' in section 6(i)(2) of the Real Estate Settlement 
     Procedures Act of 1974 (12 U.S.C. 2605(i)(2)).
       (d) Enforcement by Federal Trade Commission.--
       (1) Unfair or deceptive act or practice.--A failure to 
     comply with any provision of this section shall be treated as 
     a violation of a rule defining an unfair or deceptive act or 
     practice promulgated under section 18(a)(1)(B) of the Federal 
     Trade Commission Act (15 U.S.C. 57a(a)(1)(B)).
       (2) Actions by the federal trade commission.--The Federal 
     Trade Commission shall enforce the provisions of this section 
     in the same manner, by the same means, and with the same 
     jurisdiction, powers, and duties as though all applicable 
     terms and provisions of the Federal Trade Commission Act (15 
     U.S.C. 41 et seq.) were incorporated into and made part of 
     this section.
                                 ______
                                 
  SA 1006. Mr. SCHUMER (for himself, Mr. Shelby, Mr. Dodd, Mrs. 
Feinstein, Mr. Graham, and Mr. Reed) proposed an amendment to the bill 
S. 386, to improve enforcement of mortgage fraud, securities fraud, 
financial institution fraud, and other frauds related to federal 
assistance and relief programs, for the recovery of funds lost to these 
frauds, and for other purposes; as follows:
       At the appropriate place in section 3, insert the 
     following:
       (_) Additional Appropriations for the Securities and 
     Exchange Commission.--
       (1) In general.--There is authorized to be appropriated to 
     the Securities and Exchange Commission, $20,000,000 for each 
     of the fiscal years 2010 and 2011 for investigations and 
     enforcement proceedings involving financial institutions, 
     including financial institutions to which this Act and 
     amendments made by this Act apply.
       (2) Inspector general.--There is authorized to be 
     appropriated to the Securities and Exchange Commission, 
     $1,000,000 for each of the fiscal years 2010 and 2011 for the 
     salaries and expenses of the Office of the Inspector General 
     of the Securities and Exchange Commission.
                                 ______
                                 
  SA 1007. Mr. HATCH (for himself, Mr. Cornyn, Mr. Enzi, Mr. Roberts, 
and Mr. Bennett) proposed an amendment to the bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; as follows:

       At the end, insert the following:

     SEC. __. TRANSPARENCY IN ANNUAL FINANCIAL REPORTS.

       (a) Findings.--Congress finds the following:
       (1) The American workers who contribute union dues deserve 
     to have transparency and accountability in the management of 
     their unions.
       (2) Since 2001, investigations of union fraud have resulted 
     in more than 1,000 indictments, 929 convictions, and 
     restitution in excess of $93,000,000.
       (3) A new rule (referred to in this subsection as the 
     ``transparency rule'') to require union management to 
     disclose more information about sales and purchases of 
     assets, and disbursements to officers and employees, among 
     other things, was set to take effect on April 21, 2009, after 
     a previous delay affording reporting entities more time to 
     prepare to comply.
       (4) The Obama Administration has set a goal for itself to 
     be the most open and transparent administration in the 
     history of the Nation.
       (5) On April 21, 2009, the Department of Labor issued--
       (A) a final rule providing for a further delay of the 
     transparency rule; and
       (B) a proposed rule to withdraw the transparency rule.
       (6) The transparency rule would have been a key tool in the 
     battle against fraud, discouraging embezzlement of the money 
     of union members and making money harder to hide, and would 
     have provided great sunlight and transparency to allow 
     members to know how their dues were being spent.
       (7) The Department of Labor's actions are in direct 
     contradiction to everything the Obama Administration purports 
     to stand for.
       (b) Prohibition.--The Secretary of Labor may not expend 
     Federal funds to withdraw the rule issued by the Secretary of 
     Labor entitled ``Labor Organization Annual Financial 
     Reports'', 74 Fed. Reg. 3678 (January 21, 2009).
                                 ______
                                 
  SA 1008. Ms. SNOWE submitted an amendment to be proposed by her to 
the bill S. 386, to improve enforcement of mortgage fraud, securities 
fraud, financial institution fraud, and other frauds related to federal 
assistance and relief programs, for the recovery of funds lost to these 
frauds, and for other purposes; which was ordered to lie on the table; 
as follows:

       On page 26, after line 22, add the following:

     SEC. 5. EFFICIENT INVESTIGATION OF FINANCIAL CRIMES.

       Not later than 60 days after the date of enactment of this 
     Act, the Attorney General of the United States shall submit 
     to the Committee on the Judiciary of the Senate and the 
     Committee on the Judiciary of the House of Representatives a 
     report regarding the activities of the Department of Justice 
     to work with other Federal departments and agencies and State 
     and local governments to ensure that financial crimes 
     (including fraud, misrepresentation, malfeasance, or related 
     crimes with respect to development, advertising, brokerage, 
     or sale of financial products including derivatives, 
     mortgage-backed securities, credit default swaps, and 
     subprime loans, or related services) are investigated and 
     prosecuted in the most efficient way possible and without 
     duplication of effort.

[[Page S4702]]

                                 ______
                                 
  SA 1009. Mr. PRYOR (for himself and Mr. Corker) submitted an 
amendment intended to be proposed by him to bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. ENHANCED REPORTING ON USE OF TARP FUNDS.

       Section 105 of the Emergency Economic Stabilization Act of 
     2008 (12 U.S.C. 5215(a)) is amended--
       (1) in subsection (a)--
       (A) in paragraph (2), by striking ``and'' at the end;
       (B) in paragraph (3), by striking the period at the end and 
     inserting ``; and''; and
       (C) by adding at the end the following:
       ``(4) a detailed report on the use of capital investments 
     by each financial institution, including--
       ``(A) a narrative response, in a form and on a date to be 
     established by the Secretary, specifically outlining, with 
     respect to the financial institution--
       ``(i) the original intended use of the TARP funds;
       ``(ii) whether the TARP funds are segregated from other 
     institutional funds;
       ``(iii) the actual use of the TARP funds to date;
       ``(iv) the amount of TARP funds retained for the purpose of 
     recapitalization; and
       ``(v) the expected use of the remainder of the TARP funds;
       ``(B) information compiled by the Secretary under 
     subsection (b); and
       ``(C) a report, in a form and on a date to be established 
     by the Secretary, on the compliance by the financial 
     institution with the restrictions on dividends, stock 
     repurchases, and executive compensation under the Security 
     Purchase Agreement and executive compensation guidelines of 
     the Department of Treasury.'';
       (2) by redesignating subsections (b) through (e) as 
     subsections (c) through (f), respectively; and
       (3) by inserting after subsection (a) the following:
       ``(b) Information Provided by Financial Institutions.--
       ``(1) In general.--For purposes of the report of the 
     Secretary required by subsection (a)(4), financial 
     institutions assisted under this title shall provide to the 
     Secretary the information required by paragraph (2), at such 
     times and in such manner as the Secretary shall establish.
       ``(2) Information required.--Information required by this 
     paragraph is--
       ``(A) for those financial institutions receiving 
     $1,000,000,000 or more from the Capital Purchase Program 
     established by the Secretary (or any successor thereto), a 
     monthly lending and intermediation snapshot, as of a date to 
     be established by the Secretary, which shall include--
       ``(i) quantitative information, as well as commentary, to 
     explain changes in lending levels for each category on 
     consumer lending, including first mortgages, home equity 
     lines of credit, open end credit plans (as that term is 
     defined in section 103 of the Truth in Lending Act (15 U.S.C. 
     1602)), and other consumer lending;
       ``(ii) quantitative information, as well as commentary, to 
     explain changes in lending levels for each category on 
     commercial lending, including commercial and industrial (C&I) 
     lending and real estate;
       ``(iii) quantitative information, as well as commentary, to 
     explain changes in lending levels for each category on other 
     lending activities, including mortgage-backed securities, 
     asset-backed securities, and other secured lending; and
       ``(iv) a narrative report of the intermediation activity 
     during the reporting period, including a general commentary 
     on the lending environment, loan demand, any changes in 
     lending standards and terms, and any other intermediation 
     activity; and
       ``(B) for those financial institutions receiving less than 
     $1,000,000,000 from the Capital Purchase Program established 
     by the Secretary (or any successor thereto), a lending and 
     intermediation snapshot, as of a date to be established by 
     the Secretary, but not more frequently than once every 90 
     days, including the information described in clauses (i) 
     through (iv) of subparagraph (A).
       ``(3) Certification required.--The information submitted to 
     the Secretary under this subsection shall be signed by a duly 
     authorized senior executive officer of the financial 
     institution, including a statement certifying the accuracy of 
     all statements, representations, and supporting information 
     provided, and such certifications shall be included in the 
     reports submitted by the Secretary under subsection 
     (a)(4).''.
                                 ______
                                 
  SA 1010. Mrs. McCASKILL submitted an amendment to be proposed by her 
to the bill S. 386, to improve enforcement of mortgage fraud, 
securities fraud, financial institution fraud, and other frauds related 
to federal assistance and relief programs, for the recovery of funds 
lost to these frauds, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of the bill, add the following:

          TITLE II--HECM FRAUD PREVENTION AND ENFORCEMENT ACT

     SEC. 21. SHORT TITLE.

       This title may be cited as the ``Home Equity Conversion 
     Mortgage Fraud Prevention and Enforcement Act of 2009''.

     SEC. 22. PURPOSE.

       The purpose of this title is to provide additional fraud 
     prevention, detection, and enforcement provisions with 
     respect to federally-insured home equity conversion 
     mortgages.

     SEC. 23. FEDERALLY-INSURED HOME EQUITY CONVERSION MORTGAGES.

       (a) Certification of Residence.--Section 255(d)(2) of the 
     National Housing Act (12 U.S.C. 1715z-20(d)(2)) is amended--
       (1) in subparagraph (C), by striking ``and'' at the end;
       (2) by redesignating subparagraph (D) as subparagraph (E); 
     and
       (3) by inserting after subparagraph (C) the following:
       ``(D) submits a certification to the Secretary and the 
     mortgagee that the mortgagor occupies the dwelling that 
     secures the mortgage; and''.
       (b) Purchase of Dwelling.--Section 255(d)(3) of the 
     National Housing Act (12 U.S.C. 1715z-20(d)(3)) is amended by 
     striking ``that is'' and all that follows through ``unit'' 
     and inserting ``that--''
       ``(A) is designed principally for a 1- to 4-family 
     residence in which the mortgagor occupies 1 of the units; and
       ``(B) in the case of a dwelling that is purchased with the 
     proceeds of a home equity conversion mortgage, was owned and 
     occupied during the 180-day period ending on the date of the 
     sale of the dwelling''.
       (c) Appraisals.--Section 255(d) of the National Housing Act 
     (12 U.S.C. 1715z-20(d)) is amended--
       (1) in paragraph (10), by striking ``and'' at the end;
       (2) in paragraph (11), by striking the period at the end 
     and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(12) be secured by a dwelling that has been properly 
     appraised by a person that--
       ``(A) the Secretary determines is qualified to perform such 
     appraisals;
       ``(B) has verified the purchase price of the dwelling to 
     ensure that the appraised value of the property is not 
     inflated; and
       ``(C) has obtained any documentation necessary to support 
     an appraised value that is high in relation to those of 
     comparable dwellings.''.
       (d) Information Services for Mortgagors.--Section 255(f) of 
     the National Housing Act (12 U.S.C. 1715z-20(f)) is amended--
       (1) by redesignating paragraphs (1) through (4) as 
     subparagraphs (A) through (D), respectively, and adjusting 
     the margins accordingly;
       (2) by striking paragraph (5);
       (3) in the matter preceding subparagraph (A), as 
     redesignated by this subsection, by striking ``The 
     Secretary'' and all that follows through ``which shall 
     include--'' and inserting the following:
       ``(1) In general.--The Secretary shall provide or cause to 
     be provided to entities other than the lender the information 
     required under subsection (d)(2)(B). Such information shall 
     be discussed with the mortgagor and shall include--'';
       (4) in the matter following subparagraph (D), as 
     redesignated, by striking ``The Secretary shall'' and 
     inserting the following:
       ``(4) Alternative approaches.--The Secretary shall'';
       (5) in subparagraph (D), as redesignated by this 
     subsection, by striking ``and'' at the end; and
       (6) by inserting after subparagraph (D), as redesignated by 
     this subsection, the following:
       ``(E) information about how to report mortgage-related 
     fraud or consumer abuses, including information about how to 
     contact the Office of the Inspector General of the Department 
     of Housing and Urban Development;
       ``(F) in the case of a home equity conversion mortgage in 
     which a person was removed from the title to the dwelling, 
     information about--
       ``(i) the consequences of being removed from such title; 
     and
       ``(ii) the consequences upon the death of the mortgagor or 
     a divorce settlement.
       ``(2) Fraud reporting.--A person or entity that counsels a 
     mortgagor under this subsection shall report to the Inspector 
     General of the Department of Housing and Urban Development 
     any suspected mortgage-related fraud against a mortgagor.
       ``(3) Certification.--Before making a home equity 
     conversion mortgage, a mortgagee shall obtain from each 
     mortgagor a certification that such mortgagor has received 
     counseling under this subsection.''.
       (e) Additional Protections.--Section 255 of the National 
     Housing Act (12 U.S.C. 1715z-20) is amended by inserting 
     after subsection (p) the following:
       ``(q) Powers of HUD Inspector General.--The Inspector 
     General of the Department of Housing and Urban Development 
     may--
       ``(1) conduct independent audits and inspections of 
     mortgagees to ensure that such mortgagees comply with the 
     requirements under this section; and
       ``(2) compare the records of mortgagors under mortgages 
     insured under this section with the Death Master File of the 
     Social Security Administration.

[[Page S4703]]

       ``(r) Privacy Protections.--A mortgagee may not sell or 
     disclose any personally identifiable information about a 
     mortgagor under a home equity conversion mortgage for 
     marketing purposes unless such disclosure is at the request 
     of the mortgagor.
       ``(s) Compliance System.--Each mortgagee shall create and 
     maintain a system to ensure compliance with this section that 
     includes--
       ``(1) written procedures; and
       ``(2) a periodic review of records to detect and prevent 
     violations of this section.
       ``(t) Advertising.--
       ``(1) In general.--A mortgagee may not advertise a home 
     equity conversion mortgage in a manner that--
       ``(A) is false or misleading;
       ``(B) fails to present a fair balance between the risks and 
     benefits of a home equity conversion mortgage; or
       ``(C) fails to reveal--
       ``(i) facts that are material to a representation made in 
     such advertisement; or
       ``(ii) the consequences of obtaining a home equity 
     conversion mortgage.
       ``(2) Request to withdraw or revise advertisement.--The 
     Secretary or the Commissioner of the Federal Trade Commission 
     may request that a mortgagee withdraw or modify an 
     advertisement that does not meet the requirements established 
     under paragraph (1).''.

     SEC. 24. CRIMINAL PENALTIES.

       (a) Department of Housing and Urban Development 
     Transactions.--Section 1012 of title 18, United States Code, 
     is amended by striking ``one year'' and inserting ``2 
     years''.
       (b) Equity Skimming.--Section 912 of the Housing and Urban 
     Development Act of 1970 (12 U.S.C. 1709-2) is amended--
       (1) in paragraph (1), by striking ``a mortgage or deed of 
     trust insured or held by the Secretary'' and inserting ``a 
     home equity conversion mortgage, a mortgage, or deed of trust 
     insured or held by the Secretary''; and
       (2) in the matter following paragraph (3), by adding at the 
     end the following: ``Notwithstanding any other provision of 
     law, and for purposes of any violation of this section 
     relating to a home equity conversion mortgage, the statute of 
     limitations for the commencement of a criminal action under 
     this section shall not begin and shall be considered tolled 
     until the fraud constituting the action is discovered.''.
                                 ______
                                 
  SA 1011. Mr. COBURN submitted an amendment intended to be proposed to 
amendment SA 990 proposed by Mr. Kohl to the bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. PROTECTING AMERICANS FROM VIOLENT CRIME.

       (a) Congressional Findings.--Congress finds the following:
       (1) The Second Amendment to the Constitution provides that 
     ``the right of the people to keep and bear Arms, shall not be 
     infringed''.
       (2) Section 2.4(a)(1) of title 36, Code of Federal 
     Regulations (as in effect before January 9, 2009), provided 
     that ``except as otherwise provided in this section and parts 
     7 (special regulations) and 13 (Alaska regulations), the 
     following are prohibited: (i) Possessing a weapon, trap or 
     net (ii) Carrying a weapon, trap or net (iii) Using a weapon, 
     trap or net''.
       (3) Section 27.42 of title 50, Code of Federal Regulations 
     (as in effect before January 9, 2009), provided that, except 
     in special circumstances, citizens of the United States may 
     not ``possess, use, or transport firearms on national 
     wildlife refuges'' of the United States Fish and Wildlife 
     Service.
       (4) The regulations described in paragraphs (2) and (3) (as 
     in effect before January 9, 2009) prevented individuals 
     complying with Federal and State laws from exercising the 
     second amendment rights of the individuals while at units 
     of--
       (A) the National Park System; and
       (B) the National Wildlife Refuge System.
       (5) The existence of different laws relating to the 
     transportation and possession of firearms at different units 
     of the National Park System and the National Wildlife Refuge 
     System entrapped law-abiding gun owners while at units of the 
     National Park System and the National Wildlife Refuge System.
       (6) Although the Bush administration issued new regulations 
     relating to the Second Amendment rights of law-abiding 
     citizens in units of the National Park System and National 
     Wildlife Refuge System that went into effect on January 9, 
     2009--
       (A) on March 19, 2009, the United States District Court for 
     the District of Columbia granted a preliminary injunction 
     with respect to the implementation and enforcement of the new 
     regulations; and
       (B) the new regulations--
       (i) are under review by the administration; and
       (ii) may be altered.
       (7) Congress needs to weigh in on the new regulations to 
     ensure that unelected bureaucrats cannot again override the 
     Second Amendment rights of law-abiding citizens on 83,600,000 
     acres of National Park System land and 90,790,000 acres of 
     land under the jurisdiction of the United States Fish and 
     Wildlife Service.
       (8) The Federal laws should make it clear that the second 
     amendment rights of an individual at a unit of the National 
     Park System or the National Wildlife Refuge System should not 
     be infringed.
       (b) Protecting the Right of Individuals to Bear arms in 
     Units of the National Park System and the National Wildlife 
     Refuge System.--The Secretary of the Interior shall not 
     promulgate or enforce any regulation that prohibits an 
     individual from possessing a firearm including an assembled 
     or functional firearm in any unit of the National Park System 
     or the National Wildlife Refuge System if--
       (1) the individual is not otherwise prohibited by law from 
     possessing the firearm; and
       (2) the possession of the firearm is in compliance with the 
     law of the State in which the unit of the National Park 
     System or the National Wildlife Refuge System is located.
                                 ______
                                 
  SA 1012. Mr. COBURN submitted an amendment intended to be proposed to 
amendment SA 990 proposed by Mr. Kohl to the bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike all after line 1, and insert the following:

     SEC. __. PROTECTING AMERICANS FROM VIOLENT CRIME.

       (a) Congressional Findings.--Congress finds the following:
       (1) The Second Amendment to the Constitution provides that 
     ``the right of the people to keep and bear Arms, shall not be 
     infringed''.
       (2) Section 2.4(a)(1) of title 36, Code of Federal 
     Regulations (as in effect before January 9, 2009), provided 
     that ``except as otherwise provided in this section and parts 
     7 (special regulations) and 13 (Alaska regulations), the 
     following are prohibited: (i) Possessing a weapon, trap or 
     net (ii) Carrying a weapon, trap or net (iii) Using a weapon, 
     trap or net''.
       (3) Section 27.42 of title 50, Code of Federal Regulations 
     (as in effect before January 9, 2009), provided that, except 
     in special circumstances, citizens of the United States may 
     not ``possess, use, or transport firearms on national 
     wildlife refuges'' of the United States Fish and Wildlife 
     Service.
       (4) The regulations described in paragraphs (2) and (3) (as 
     in effect before January 9, 2009) prevented individuals 
     complying with Federal and State laws from exercising the 
     second amendment rights of the individuals while at units 
     of--
       (A) the National Park System; and
       (B) the National Wildlife Refuge System.
       (5) The existence of different laws relating to the 
     transportation and possession of firearms at different units 
     of the National Park System and the National Wildlife Refuge 
     System entrapped law-abiding gun owners while at units of the 
     National Park System and the National Wildlife Refuge System.
       (6) Although the Bush administration issued new regulations 
     relating to the Second Amendment rights of law-abiding 
     citizens in units of the National Park System and National 
     Wildlife Refuge System that went into effect on January 9, 
     2009--
       (A) on March 19, 2009, the United States District Court for 
     the District of Columbia granted a preliminary injunction 
     with respect to the implementation and enforcement of the new 
     regulations; and
       (B) the new regulations--
       (i) are under review by the administration; and
       (ii) may be altered.
       (7) Congress needs to weigh in on the new regulations to 
     ensure that unelected bureaucrats cannot again override the 
     Second Amendment rights of law-abiding citizens on 83,600,000 
     acres of National Park System land and 90,790,000 acres of 
     land under the jurisdiction of the United States Fish and 
     Wildlife Service.
       (8) The Federal laws should make it clear that the second 
     amendment rights of an individual at a unit of the National 
     Park System or the National Wildlife Refuge System should not 
     be infringed.
       (b) Protecting the Right of Individuals to Bear arms in 
     Units of the National Park System and the National Wildlife 
     Refuge System.--The Secretary of the Interior shall not 
     promulgate or enforce any regulation that prohibits an 
     individual from possessing a firearm including an assembled 
     or functional firearm in any unit of the National Park System 
     or the National Wildlife Refuge System if--
       (1) the individual is not otherwise prohibited by law from 
     possessing the firearm; and
       (2) the possession of the firearm is in compliance with the 
     law of the State in which the unit of the National Park 
     System or the National Wildlife Refuge System is located.
                                 ______
                                 
  SA 1013. Mr. SCHUMER (for himself, Mr. Kennedy) submitted an 
amendment intended to be proposed by him to the bill S. 386, to improve 
enforcement of mortgage fraud, securities fraud, financial institution 
fraud, and other frauds related to federal assistance and relief 
programs, for the recovery of funds lost to these frauds, and for other 
purposes; which was ordered to lie on the table; as follows:


[[Page S4704]]


       At the appropriate place, add the following:

     SEC. __. DECLARATION OF ENGLISH AS LANGUAGE.

       (a) In General.--English is the common language of the 
     United States.
       (b) Preserving and Enhancing the Role of the English 
     Language.--The Government of the United States shall preserve 
     and enhance the role of English as the language of the United 
     States. Nothing in this Act shall diminish or expand any 
     existing rights under the laws of the United States relative 
     to services or materials provided by the Government of the 
     United States in any language other than English.
       (c) Definition.--For purposes of this section, the term 
     ``laws of the United States'' includes the Constitution of 
     the United States, any provision of Federal statute, any rule 
     or regulation issued under such statute, any judicial 
     decisions interpreting such statute, or any Executive Order 
     of the President.

                          ____________________