[Congressional Record Volume 155, Number 74 (Thursday, May 14, 2009)]
[Senate]
[Pages S5531-S5537]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1111. Mr. VITTER submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill H.R. 627, to amend the Truth in Lending Act to establish fair 
and transparent practices relating to the extension of credit under an 
open end consumer credit plan, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. RESPA AND TILA DISCLOSURE IMPROVEMENT.

       (a) Compatible Disclosures.--Not later than 6 months after 
     the date of enactment of this Act, the Secretary of Housing 
     and Urban Development (in this section referred to as the 
     ``Secretary'') and the Board shall jointly issue for public 
     comment proposed regulations providing for compatible 
     disclosures to be made to borrowers to at the time of a 
     mortgage application and at the time of closing of a 
     mortgage.
       (b) Requirements.--Such disclosures shall--
       (1) provide clear and concise information to borrowers on 
     the terms and costs of residential mortgage transactions and 
     mortgage transactions covered by the Truth in Lending Act (12 
     U.S.C. 1601 et seq.) and the Real Estate Settlement 
     Procedures Act of 1974 (12 U.S.C. 2601 et seq.);
       (2) satisfy the requirements of section 128 of the Truth in 
     Lending Act (12 U.S.C. 1638) and sections 4 and 5 of the Real 
     Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603 and 
     2604);
       (3) include early disclosures under the Truth in Lending 
     Act, the good faith estimate disclosures under the Real 
     Estate Settlement Procedures Act of 1974, and final 
     disclosures under the Truth in Lending Act and the uniform 
     settlement statement disclosures under the Real Estate 
     Settlement Procedures Act of 1974, and provide for 
     standardization to the greatest extent possible among such 
     disclosures, from mortgage origination through the mortgage 
     settlement; and
       (4) include, with respect to a residential home mortgage 
     loan, a written statement of--
       (A) the principal amount of the loan;
       (B) the term of the loan;
       (C) whether the loan has a fixed rate of interest or an 
     adjustable rate of interest;
       (D) the annual percentage rate of interest under the loan 
     as of the time of the disclosure;
       (E) if the rate of interest under the loan can adjust after 
     the disclosure, for each such possible adjustment--
       (i) when such adjustment will or may occur; and
       (ii) the maximum annual percentage rate of interest to 
     which it can be adjusted;
       (F) the total monthly payment under the loan (including 
     loan principal and interest, property taxes, and insurance) 
     at the time of the disclosure;
       (G) the maximum total estimated monthly maximum payment 
     pursuant to each possible adjustment described in 
     subparagraph (E);
       (H) the total settlement charges in connection with the 
     loan and the amount of any down payment or cash required at 
     settlement; and
       (I) whether the loan has a prepayment penalty or balloon 
     payment and the terms, timing, and amount of any such penalty 
     or payment.
       (c) Suspension of 2008 RESPA Rule.--
       (1) Requirement.--The Secretary shall, during the period 
     beginning on the date of enactment of this Act and ending on 
     the date on which proposed regulations are issued pursuant to 
     subsection (a), suspend implementation of any provision of 
     the final rule referred to in paragraph (2) that would 
     establish and implement a new standardized good faith 
     estimate and a new standardized uniform settlement statement. 
     Any such provision shall be replaced by the regulations 
     issued pursuant to subsections (a) and (b) on the date on 
     which such regulations are issued.
       (2) 2008 rule.--The final rule referred to in this 
     paragraph is the rule of the Department of Housing and Urban 
     Development published on November 17, 2008, on pages 68204-
     68288 of Volume 73 of the Federal Register (Docket No. FR-
     5180-F-03; relating to ``Real Estate Settlement Procedures 
     Act (RESPA): Rule to Simplify and Improve the Process of 
     Obtaining Mortgages and Reduce Consumer Settlement Costs'').
       (d) Implementation.--The regulations required under 
     subsection (a) shall take effect, and shall provide an 
     implementation date for the new disclosures required under 
     such regulations, not later than 12 months after the date of 
     enactment of this Act.
       (e) Failure to Issue Compatible Disclosures.--
       (1) Report to congress.--If the Secretary and the Board 
     cannot agree on compatible disclosures pursuant to 
     subsections (a) and (b), the Secretary and the Board shall 
     submit a report to the Congress, after the 6-month period 
     referred to in subsection (a), explaining the reasons for 
     such disagreement.
       (2) Separate proposed regulations.--
       (A) Issuance of proposed regulations.--After the 15-day 
     period beginning on the date of submission of a report under 
     paragraph (1), the Secretary and the Board may separately 
     issue for public comment regulations, as required by this 
     section, providing for disclosures under the Real Estate 
     Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) 
     and the Truth in Lending Act (12 U.S.C. 1601 et seq.), 
     respectively.
       (B) Effective date of final regulatiosn.--Any final 
     disclosures as a result of such regulations issued by the 
     Secretary and the Board shall take effect on the same date, 
     and in no case shall such regulations take effect later than 
     12 months after the date of enactment of this Act.
       (C) Failure to act.--If either the Secretary or the Board 
     fails to act as required by this paragraph during such 12-
     month period, the other agency may act independently to 
     implement final regulations.
       (f) Standardized Disclosure Forms.--
       (1) In general.--Any regulation proposed or issued pursuant 
     to the requirements of this section shall include model 
     disclosure forms.
       (2) Option for mandatory use.--In issuing proposed 
     regulations under subsection (a), the Secretary and the Board 
     shall include regulations for the mandatory use of 
     standardized disclosure forms if the Secretary and the Board 
     jointly determine that such forms would substantially benefit 
     consumers.
                                 ______
                                 
  SA 1112. Mr. VITTER submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill H.R. 627, to amend the Truth in Lending Act to establish fair 
and transparent practices relating to the extension of credit under an 
open end consumer credit plan, and for other purposes; which was 
ordered to lie on the table; as follows:

       On page 47, strike lines 10 and 11 and insert the 
     following:
       ``(6) the use of risk-based pricing;
       ``(7) credit card product innovation;
       ``(8) higher annual percentage rates of interest, on 
     average, for users than the average of such rates of interest 
     in effect before the effective date of this Act and the 
     amendments made by this Act;
       ``(9) the imposition of annual fees or other fees--
       ``(A) that did not exist before such effective date;
       ``(B) at a higher average rate of applicability than 
     existed before such effective date; or

[[Page S5532]]

       ``(C) with higher average costs to the consumer than were 
     in effect before such effective date;
       ``(10) any increase in the rate of denial of--
       ``(A) new credit accounts for consumers; or
       ``(B) new extensions of credit or additional lines of 
     credit for credit accounts established before such effective 
     date; and
       ``(11) any other adverse or negative condition or effect on 
     consumers.''.
                                 ______
                                 
  SA 1113. Mr. THUNE (for himself and Mr. Johnson) submitted an 
amendment intended to be proposed to amendment SA 1058 proposed by Mr. 
Dodd (for himself and Mr. Shelby) to the bill H.R. 627, to amend the 
Truth in Lending Act to establish fair and transparent practices 
relating to the extension of credit under an open end consumer credit 
plan, and for other purposes; which was ordered to lie on the table; as 
follows:

       On page 19, line 10, strike ``Section 127'' and insert the 
     following:
       ``(a) Report on Impact; Effective Date.--
       ``(1) Report by the board.--Not later than December 1, 
     2009, the Board shall provide an economic report to Congress 
     detailing the impact of section 127(n) of the Truth in 
     Lending Act, as added by this section, on consumer access to 
     credit.
       ``(2) Effective date.--Notwithstanding section 3 or any 
     other provision of this Act, unless the Board certifies in 
     writing to Congress that the economic report required by this 
     subsection shows no potential for a material reduction in 
     consumer access to credit, or if the Board fails to timely 
     issue the economic report required by this subsection, 
     section 127(n) of the Truth in Lending Act, as added by this 
     section, shall become effective 2 years after the date of 
     enactment of this Act. The effective date provided in section 
     3 shall apply to such section 127(n) if the Board certifies 
     that the report shows no potential reduction in consumer 
     access to credit.
       ``(b) Amendment to TILA.--Section 127''.
                                 ______
                                 
  SA 1114. Mr. MARTINEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill H.R. 627, to amend the Truth in Lending Act to establish 
fair and transparent practices relating to the extension of credit 
under an open end consumer credit plan, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. ADDITIONAL MONITORING AND ACCOUNTABILITY FOR THE 
                   TROUBLED ASSET RELIEF PROGRAM.

       (a) In General.--Section 113 of the Emergency Economic 
     Stabilization Act of 2008 (12 U.S.C. 5223) is amended by 
     adding at the end the following new subsection:
       ``(e) Additional Monitoring and Accountability.--
       ``(1) In general.--The Secretary shall--
       ``(A) provide to the Special Inspector General appointed 
     under section 121, the Comptroller General of the United 
     States, and the Congressional Oversight Panel established 
     under section 125 ongoing, continuous, and close to real-time 
     updates of the status of the use of funds distributed under 
     this title, including with respect to procurement contracts, 
     through a standardized electronic database that combines all 
     of the necessary information from existing public and private 
     sources;
       ``(B) compare the data in such database with any other data 
     that the Secretary chooses to review for any activities that 
     are inconsistent with the purposes of this Act;
       ``(C) collect from all Federal agencies any regulatory 
     filings, data generated by the use of internal models, 
     financial models, and analytics associated with the financial 
     assistance received under this title on no less than a daily 
     basis to help enable the Secretary to determine the 
     effectiveness of the Troubled Asset Relief Program in 
     stimulating prudent lending and strengthening bank capital;
       ``(D) if the Secretary determines that the goals of this 
     title are not being met, work with the Federal agencies 
     supplying the information to have them provide the recipients 
     with recommendations for better meeting the goals of this 
     title; and
       ``(E) if the Secretary determines that the goals of this 
     title are not met following such recommendations, adjust the 
     future uses of assistance available under this title.
       ``(2) Database as repository.--To the extent practicable, 
     all information that is required to be reported under this 
     title by institutions receiving financial assistance or 
     procurement contracts under this title shall be included by 
     the Secretary in the database established pursuant to 
     paragraph (1)(A).
       ``(3) Procedures and regulations.--The Secretary shall, in 
     consultation with the appropriate Federal banking agencies, 
     define and manage the procedures and regulations needed for 
     carrying out this subsection.''.
       (b) Effective Date.--The amendment made by this section 
     shall take effect 60 days after the date of enactment of this 
     Act.
                                 ______
                                 
  SA 1115. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill H.R. 627, to amend the Truth in Lending Act to establish 
fair and transparent practices relating to the extension of credit 
under an open end consumer credit plan, and for other purposes; which 
was ordered to lie on the table; as follows:

       Beginning on page 34, line 12, strike all through page 35, 
     line 24, and insert the following:

     SEC. 301. EXTENSIONS OF CREDIT TO CONSUMERS.

       Section 127(c) of the Truth in Lending Act (15 U.S.C. 
     1637(c)) is amended by adding at the end the following:
       ``(8) Verification of ability to pay.--
       ``(A) Prohibition on issuance.--No credit card may be 
     issued to, or open end consumer credit plan established by or 
     on behalf of, a consumer, unless the consumer has submitted a 
     written application to the card issuer that meets the 
     requirements of subparagraph (B).
       ``(B) Application requirements.--An application to open a 
     credit card account by a consumer shall require--
       ``(i) the signature of a cosigner having a means to repay 
     debts incurred by the consumer in connection with the 
     account, indicating joint liability for debts incurred by the 
     consumer in connection with the account; or
       ``(ii) submission by the consumer of financial information, 
     including through an application, indicating an independent 
     means of repaying any obligation arising from the proposed 
     extension of credit in connection with the account.
       ``(C) Safe harbor.--The Board shall promulgate regulations 
     providing standards that, if met, would satisfy the 
     requirements of subparagraph (B)(ii).''.
                                 ______
                                 
  SA 1116. Mr. MENENDEZ submitted an amendment intended to be proposed 
to amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) 
to the bill H.R. 627, to amend the Truth in Lending Act to establish 
fair and transparent practices relating to the extension of credit 
under an open end consumer credit plan, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of title I, add the following:

     SEC. 109. FIRM OFFER OF CREDIT.

       Section 603(l) of the Fair Credit Reporting Act (15 U.S.C. 
     1681a(l)) is amended to read as follows:
       ``(l) Firm Offer of Credit.--
       ``(1) Definition.--The term `firm offer of credit' means 
     any offer of credit to a consumer that specifies all material 
     terms, and will be honored if the consumer is determined to 
     meet the specific criteria used to select the consumer for 
     the offer, based on information in a consumer report on the 
     consumer.
       ``(2) Required disclosures in offers of credit.--In the 
     case of a firm offer of credit, the offer shall set forth the 
     specific annual percentage rate, fees, and amount of credit 
     or credit limit applicable to the offer.
       ``(3) Acceptable conditions.--A firm offer of credit to a 
     consumer may be further conditioned on--
       ``(A) verification that the consumer continues to meet the 
     specific criteria used to select the consumer for the offer, 
     by using information in a consumer report on the consumer, 
     information in the application of the consumer for the 
     credit, or other information bearing on the credit worthiness 
     of the consumer;
       ``(B) the consumer furnishing any collateral that is a 
     requirement for the extension of the credit that was--
       ``(i) established before selection of the consumer for the 
     offer of credit; and
       ``(ii) disclosed to the consumer in the offer of credit; or
       ``(C) any combination of the criteria in subparagraphs (A) 
     and (B).''.
                                 ______
                                 
  SA 1117. Mr. LEVIN (for himself and Mrs. McCaskill) submitted an 
amendment intended to be proposed to amendment SA 1058 proposed by Mr. 
Dodd (for himself and Mr. Shelby) to the bill H.R. 627, to amend the 
Truth in Lending Act to establish fair and transparent practices 
relating to the extension of credit under an open end consumer credit 
plan, and for other purposes; which was ordered to lie on the table; as 
follows:

       On page 15, strike lines 5 through 12, and insert the 
     following:
       ``(a) In General.--
       ``(1) The amount of any penalty fee or charge that a card 
     issuer may impose with respect to a credit card account under 
     an open end consumer credit plan in connection with any 
     omission with respect to, or violation of, the cardholder 
     agreement, including any late payment fee, over the limit 
     fee, or any other penalty fee or charge, shall be reasonable 
     and proportional to such omission or violation.
       ``(2) A fee amount shall not be treated as reasonable and 
     proportional under paragraph (1) if such card issuer 
     increases such fee amount by charging interest with respect 
     to such fee amount.''.
                                 ______
                                 
  SA 1118. Mr. LEVIN submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to

[[Page S5533]]

the bill H.R. 627, to amend the Truth in Lending Act to establish fair 
and transparent practices relating to the extension of credit under an 
open end consumer credit plan, and for other purposes; which was 
ordered to lie on the table; as follows:

       On page 15, strike lines 5 through 12, and insert the 
     following:
       ``(a) In General.--
       ``(1) The amount of any penalty fee or charge that a card 
     issuer may impose with respect to a credit card account under 
     an open end consumer credit plan in connection with any 
     omission with respect to, or violation of, the cardholder 
     agreement, including any late payment fee, over-the-limit 
     fee, or any other penalty fee or charge, shall be reasonable 
     and proportional to such omission or violation.
       ``(2) An over-the-limit fee amount may be treated as 
     reasonable and proportional under paragraph (1) only if the 
     over-the-limit fee is imposed only once during a billing 
     cycle when, on the last day of such billing cycle, the credit 
     limit on the account is exceeded, and only if the over-the-
     limit fee, with respect to such excess credit, may be imposed 
     only once in each of the 2 subsequent billing cycles unless 
     the consumer has obtained an additional extension of credit 
     in excess of such credit limit during any such subsequent 
     cycle or the consumer reduces the outstanding balance below 
     the credit limit as of the end of such billing cycle.''.
                                 ______
                                 
  SA 1119. Mr. LEVIN (for himself, Mrs. McCaskill, and Ms. Collins) 
submitted an amendment intended to be proposed to amendment SA 1058 
proposed by Mr. Dodd (for himself and Mr. Shelby) to the bill H.R. 627, 
to amend the Truth in Lending Act to establish fair and transparent 
practices relating to the extension of credit under an open end 
consumer credit plan, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 46, line 18, through page 47, line 11, strike the 
     text and insert the following--
       ``(a) Required Review.--
       ``(1) In general.--Not later than 2 years after the 
     effective date of this Act and every 2 years thereafter, 
     except as provided in subsection (c)(2), the Board shall 
     conduct a review of the consumer credit card market, 
     including--
       ``(A) the terms of credit card agreements and the practices 
     of credit card issuers;
       ``(B) the effectiveness of disclosures of terms, fees, and 
     other expenses of credit card plans;
       ``(C) the adequacy of protections against unfair or 
     deceptive acts or practices relating to credit card plans;
       ``(D) the cost and availability of credit, particularly 
     with respect to non-prime borrowers;
       ``(E) the safety and soundness of credit card issuers;
       ``(F) the use of risk-based pricing; and
       ``(G) credit card product innovation; and
       ``(2) Credit card data.--In conducting the review under 
     paragraph (1), the Board shall consider information collected 
     under section 136 of the Truth in Lending Act (15 U.S.C. 
     1646); and to ensure an adequate review of the matters in 
     subparagraphs (1)(A), (C), (D), (F), and (G), and to carry 
     out section 149 of the Truth in Lending Act on the 
     reasonableness and proportionality of credit card fees and 
     charges, as amended by this Act, the Board shall require that 
     the information collected under section 136(b) of the Truth 
     in Lending Act (15 U.S.C. 1646(b)) shall include the 
     following--
       ``(A) a list of each type of transaction or event during 
     the relevant semiannual period for which one or more card 
     issuer has imposed a separate interest rate upon a 
     cardholder, including purchases, cash advances, and balance 
     transfers;
       ``(B) for each type of transaction or event identified 
     under subparagraph (A)--
       ``(i) each distinct interest rate charged by the card 
     issuer to a cardholder during the semiannual period; and
       ``(ii) the number of cardholders to whom each such interest 
     rate was applied during the last calendar month of the 
     semiannual period, and the total amount of interest charged 
     to such cardholders at each such rate during such month;
       ``(C) a list of each type of fee that one or more card 
     issuer has imposed upon a cardholder during the relevant 
     semiannual period, including any fee imposed for obtaining a 
     cash advance, making a late payment, exceeding the credit 
     limit on an account, making a balance transfer, or exchanging 
     United States dollars for foreign currency;
       ``(D) for each type of fee identified under clause (C), the 
     number of cardholders upon whom the fee was imposed during 
     each calendar month of the relevant semiannual period, and 
     the total amount of fees imposed upon cardholders during such 
     month;
       ``(E) the total number of cardholders that incurred any 
     interest charge or any fee during the relevant semiannual 
     period; and
       ``(F) any other information related to interest rates, 
     fees, or other charges that the Board deems of interest to 
     conduct the review under this section or carry out section 
     149 of the Truth in Lending Act, as amended by this Act.
       ``(3) Income analysis.--To ensure an adequate review of the 
     matters in subparagraphs (1)(A), (C), (D), (E), (F) and (G), 
     the Board shall, on an annual basis, transmit to Congress and 
     make public a report containing an assessment by the Board of 
     the approximate, relative percentage of income derived by 
     credit card operations of depository institutions from--
       ``(A) the imposition of interest rates on cardholders, 
     including separate estimates for--
       ``(i) interest with an annual percentage rate of less than 
     25 percent, and
       ``(ii) interest with an annual percentage rate equal to or 
     greater than 25 percent;
       ``(B) the imposition of fees on cardholders;
       ``(C) the imposition of fees on merchants; and
       ``(D) any other material source of income, while specifying 
     the nature of that income.''.
                                 ______
                                 
  SA 1120. Mrs. BOXER submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill H.R. 627, to amend the Truth in Lending Act to establish fair 
and transparent practices relating to the extension of credit under an 
open end consumer credit plan, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. REPORTS ON ISSUER PRACTICES DURING THE INTERIM 
                   PERIOD BETWEEN THE DATE OF ENACTMENT AND THE 
                   EFFECTIVE DATE.

       (a) Reports to Agencies Required.--
       (1) In general.--Not later than 45 days after the date of 
     enactment of this Act, and every 45 days thereafter, each 
     card issuer shall submit to the appropriate enforcement 
     agency a report containing data on any increase in consumer 
     interest rates by the card issuer made on or after May 1, 
     2009 that would be prohibited if such increase took place 
     after the effective date of this Act.
       (2) Contents of reports.--The reports required under 
     paragraph (1)--
       (A) shall include--
       (i) the number of cardholders affected by each such 
     increase;
       (ii) the categories of cardholders affected by each such 
     increase;
       (iii) the size of each such increase;
       (iv) the reason for each such increase; and
       (v) a summary of the volume and nature of any complaints 
     received from cardholders concerning interest rate increases 
     that would be prohibited if such increases took place after 
     the effective date of this Act; and
       (B) need not include information on individually negotiated 
     changes to contractual terms, such as individually modified 
     workouts or renegotiations of amounts owed by a consumer 
     under an open end consumer credit plan.
       (b) Summary of Data on Complaints.--Each appropriate 
     enforcement agency shall--
       (1) summarize information on the volume and nature of any 
     complaints received by such agency from a consumer concerning 
     interest rate increases that would be prohibited if such 
     increases took place after the effective date of this Act; 
     and
       (2) provide such summary to the Board for purposes of 
     subsection (d).
       (c) Reports and Data Available to Public.--Each appropriate 
     enforcement agency shall make the reports and data required 
     under subsections (a) and (b) available to the public.
       (d) Reports to Congress.--
       (1) Reports required.--The Board shall submit to Congress 
     periodic reports on practices of creditors that contain a 
     compilation of the reports and data required under 
     subsections (a) and (b).
       (2) Agency cooperation.--Each appropriate enforcement 
     agency shall provide compilations of any reports it receives 
     under this section to the Board for purposes of this 
     subsection.
       (3) Timing of reports.--The Board shall submit the reports 
     required under paragraph (1) not later than 90 days after the 
     date of enactment of this Act, and every 90 days thereafter.
       (e) Effective Date.--Notwithstanding section 3 of this Act, 
     this section shall be effective during the period beginning 
     on the date of enactment of this Act and ending on the 
     effective date of this Act under section 3.
       (f) Definitions.--In this section--
       (1) the term ``appropriate enforcement agency'' means, with 
     respect to a card issuer, the agency responsible for 
     administrative enforcement relating to such card issuer under 
     section 108 of the Truth in Lending Act (15 U.S.C. 1607); and
       (2) the terms ``cardholder'', ``card issuer'', 
     ``consumer'', and ``open end credit plan'' have the same 
     meanings as section 103 of the Truth in Lending Act (15 
     U.S.C. 1602).
                                 ______
                                 
  SA 1121. Mr. DURBIN (for himself and Mr. Bond) submitted an amendment 
intended to be proposed to amendment SA 1058 proposed by Mr. Dodd (for 
himself and Mr. Shelby) to the bill H.R. 627, to amend the Truth in 
Lending Act to establish fair and transparent practices relating to the 
extension of credit under an open end consumer credit plan, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of title I, add the following:

[[Page S5534]]

     SEC. 109. CONSUMER DISCOUNTS; TRANSPARENCY IN MERCHANT FEE 
                   INFORMATION.

       (a) In General.--Section 167 of the Truth in Lending Act 
     (15 U.S.C. 1666f) is amended to read as follows:

     ``SEC. 167. INDUCEMENTS TO CARD HOLDERS BY SELLERS OF 
                   DISCOUNTS FOR PAYMENTS BY CASH, CHECK, OR DEBIT 
                   CARDS; FINANCE CHARGE FOR SALES TRANSACTIONS 
                   INVOLVING DISCOUNTS.

       ``(a) Cash, Check, and Debit Discounts.--With respect to a 
     credit card which may be used for extensions of credit in 
     sales transactions in which the seller is a person other than 
     the card issuer, the card issuer and any other covered person 
     may not, by contract, rule, or otherwise, prohibit any such 
     seller from offering a discount to a cardholder to induce the 
     cardholder to pay by cash, check, debit card, or similar 
     payment device, rather than by use of a credit card.
       ``(b) Finance Charge.--With respect to any sales 
     transaction, any discount from the regular price offered by 
     the seller for the purpose of inducing payment by a means not 
     involving the use of an open end credit plan or credit card 
     shall not constitute a finance charge, as determined under 
     section 106, if the seller--
       ``(1) offers the discount to all prospective buyers; and
       ``(2) discloses the availability of the discount to 
     consumers clearly and conspicuously.
       ``(c) Discount Display Restrictions.--With respect to a 
     credit card which may be used for extensions of credit in 
     sales transactions in which the seller is a person other than 
     the card issuer, the card issuer or any other covered person 
     may not, by contract, rule, or otherwise, restrict the 
     discretion of the seller as to how to display or advertise 
     the discounts offered by the seller.
       ``(d) Definitions.--For purposes of this section--
       ``(1) the term `covered person' means--
       ``(A) an electronic payment system network;
       ``(B) a licensed member of an electronic payment system 
     network; and
       ``(C) any other person that sets or implements the rules 
     for the use of an electronic payment system network.''.
       (b) Definitions.--Section 103 of the Truth in Lending Act 
     (15 U.S.C. 1602) is amended--
       (1) in subsection (x), by striking ``or similar means'' and 
     inserting ``debit card or similar payment device''; and
       (2) by adding at the end the following:
       ``(cc) Debit Card.--The term `debit card' means any 
     general-purpose card or other device issued or approved for 
     use by a financial institution (as that term is defined in 
     section 903 of the Electronic Fund Transfer Act (15 U.S.C. 
     1693a)) for use in debiting an account for the purpose of the 
     cardholder obtaining goods or services, whether authorization 
     is signature-based, PIN-based, or otherwise.
       ``(dd) Electronic Payment System Network.--The term 
     `electronic payment system network' means a network that 
     provides, through licensed members, processors, or agents--
       ``(1) for the issuance of credit cards, debit cards, or 
     other payment cards or similar devices bearing any logo of 
     the network;
       ``(2) the proprietary services and infrastructure that 
     route information and data to facilitate transaction 
     authorization, clearance, and settlement that merchants must 
     access in order to accept credit cards, debit cards, or other 
     payment cards or similar devices bearing any logo of the 
     network as payment for goods and services; and
       ``(3) for the screening and acceptance of merchants into 
     the network in order to allow such merchants to accept credit 
     cards, debit cards, or other payment cards or similar devices 
     bearing any logo of the network as payment for goods and 
     services.
       ``(ee) Licensed Member.--The term `licensed member', in 
     connection with any electronic payment system network, 
     includes--
       ``(1) any creditor or credit card issuer that is authorized 
     to issue credit cards or charge cards bearing any logo of the 
     network;
       ``(2) any financial institution (as that term is defined in 
     section 903 of the Electronic Fund Transfer Act (15 U.S.C. 
     1693a)) that is authorized to issue debit cards to consumers 
     who maintain accounts at such financial institution; and
       ``(3) any person, including any financial institution, that 
     is authorized--
       ``(A) to screen and accept merchants into any program under 
     which any credit card, debit card, or other payment card or 
     similar device bearing any logo of such network may be 
     accepted by the merchant for payment for goods or services;
       ``(B) to process transactions on behalf of any such 
     merchant for payment; and
       ``(C) to complete financial settlement of any such 
     transaction on behalf of such merchant.''.
                                 ______
                                 
  SA 1122. Mr. CRAPO submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill H.R. 627, to amend the Truth in Lending Act to establish fair 
and transparent practices relating to the extension of credit under an 
open end consumer credit plan, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. FEDERAL TRADE COMMISSION RULEMAKING ON MORTGAGE 
                   LENDING.

       (a) In General.--Section 626 of division D of the Omnibus 
     Appropriations Act, 2009 (Public Law 111-8) is amended--
       (1) in subsection (a)--
       (A) by striking ``Within'' and inserting ``(1) Within''; 
     and
       (B) by adding at the end the following:
       ``(2) Paragraph (1) shall not be construed to authorize the 
     Federal Trade Commission to promulgate a rule with respect to 
     an entity that is not subject to enforcement of the Federal 
     Trade Commission Act (15 U.S.C. 41 et seq.) by the 
     Commission.
       ``(3) The Federal Trade Commission shall enforce the rules 
     promulgated pursuant to paragraph (1) 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.
       ``(4) An entity owned and controlled by a depository 
     institution and regulated by the Federal Deposit Insurance 
     Corporation, the Comptroller of the Currency, the Board of 
     Governors of the Federal Reserve System, the Office of Thrift 
     Supervision, or the National Credit Union Administration 
     shall not be subject to any rule prescribed under paragraph 
     (1) if the entity is subject to a rule on the same subject 
     matter prescribed by the Board of Governors of the Federal 
     Reserve System pursuant to section 105 or 129(l) of the Truth 
     in Lending Act (15 U.S.C. 1604 and 1639(l)).'';
       (2) by striking so much of subsection (b) as precedes 
     paragraph (2) and inserting the following:
       ``(b)(1) Except as provided in paragraph (6), in any case 
     in which the attorney general of a State has reason to 
     believe that an interest of the residents of that State has 
     been or is threatened or adversely affected by the engagement 
     of any person subject to a rule prescribed under subsection 
     (a) in a practice that violates such rule, the State, as 
     parens patriae, may bring a civil action on behalf of the 
     residents of the State in an appropriate district court of 
     the United States or other court of competent jurisdiction--
       ``(A) to enjoin that practice;
       ``(B) to enforce compliance with the rule;
       ``(C) to obtain damages, restitution, or other compensation 
     on behalf of residents of the State; or
       ``(D) to obtain penalties and relief provided by the 
     Federal Trade Commission Act or the rule and such other 
     relief as the court considers appropriate.''; and
       (3) by adding at the end of subsection (b) the following:
       ``(8) Paragraph (1) shall not be construed to authorize the 
     attorney general of a State to bring an action under this 
     subsection against an entity subject to enforcement by the 
     Federal Deposit Insurance Corporation, the Comptroller of the 
     Currency, the Board of Governors of the Federal Reserve 
     System, the Office of Thrift Supervision, or the National 
     Credit Union Administration under section 108(a) of the Truth 
     in Lending Act (15 U.S.C. 1607(a)), including an entity 
     described in subsection (a)(4) of this section.''.
       (b) Effective Date.--The amendments made by subsection (a) 
     shall take effect on March 12, 2009.
                                 ______
                                 
  SA 1123. Mr. BURR submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill H.R. 627, to amend the Truth in Lending Act to establish fair 
and transparent practices relating to the extension of credit under an 
open end consumer credit plan, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the end of title V, add the following:

     SEC. 503. DEFERRAL OF PAYMENTS AND INTEREST ON OBLIGATIONS 
                   INCURRED BY SERVICEMEMBERS BEFORE SERVICE IN A 
                   COMBAT ZONE.

       (a) In General.--Title II of the Servicemembers Civil 
     Relief Act (50 U.S.C. App. 521 et seq.) is amended by adding 
     at the end the following new section:

     ``SEC. 208. DEFERRAL OF PAYMENTS AND INTEREST ON OBLIGATIONS 
                   INCURRED BY SERVICEMEMBERS BEFORE SERVICE IN A 
                   COMBAT ZONE.

       ``(a) In General.--Payment on any obligation or liability 
     that is incurred by a servicemember, or the servicemember and 
     the servicemember's spouse jointly, before the servicemember 
     is ordered or assigned to military service in a combat zone 
     shall, upon request of the servicemember in accordance with 
     subsection (b), be deferred and shall not accrue interest 
     during the period the servicemember performs such military 
     service in such combat zone, plus--
       ``(1) in the case of a servicemember who is retired for 
     disability incurred during such military service, until one 
     year from the date of such retirement; or
       ``(2) in the case of any other servicemember, 90 days.
       ``(b) Written Notice to Creditor.--In order for an 
     obligation or liability of a servicemember to be deferred in 
     accordance with subsection (a), the servicemember shall 
     provide the creditor written notice and a copy of the 
     military orders ordering or assigning the servicemember to 
     military service in a combat zone not later than 30 days 
     after the

[[Page S5535]]

     date of the servicemember's order or assignment to such 
     military service. In the event the servicemember's military 
     service in a combat zone is extended, the servicemember shall 
     provide the creditor written notice and a copy of the 
     military orders extending such service not later than 30 days 
     after the date of the order extending such military service.
       ``(c) Limitation Effective as of Date of Orders.--Upon 
     receipt of written notice and a copy of orders ordering or 
     assigning a servicemember to military service in a combat 
     zone under subsection (b), the creditor shall treat the 
     obligation or liability in accordance with subsection (a), 
     effective as of the date on which the servicemember is called 
     or assigned to such military service.
       ``(d) Creditor Protection.--A court may grant a creditor 
     relief from the limitations of subsection (a) if, in the 
     opinion of the court, the ability of the servicemember to pay 
     the obligation or liability is not materially affected by 
     reason of the servicemember's military service in a combat 
     zone.
       ``(e) Definitions.--In this section:
       ``(1) The term `interest' includes service charges, renewal 
     charges, fees, or any other charges (other than bona fide 
     insurance) with respect to an obligation or liability.
       ``(2) The term `combat zone' means a combat zone for 
     purposes of section 112 of the Internal Revenue Code of 
     1986.''.
       (b) Clerical Amendment.--The table of contents in section 
     1(b) of such Act is amended by inserting after the item 
     relating to section 207 the following new item:

``Sec. 208. Deferral of payments and interest on obligations incurred 
              by servicemembers before service in a combat zone.''.
                                 ______
                                 
  SA 1124. Mrs. LINCOLN (for herself and Mr. Pryor) submitted an 
amendment intended to be proposed to amendment SA 1058 proposed by Mr. 
Dodd (for himself and Mr. Shelby) to the bill H.R. 627, to amend the 
Truth in Lending Act to establish fair and transparent practices 
relating to the extension of credit under an open end consumer credit 
plan, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the end of title V, add the following:

     SEC. 503. EXTENSION OF LIMITATIONS.

       (a) In General.--Section 44(f)(1) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1831u(f)(1)) is amended--
       (1) in subparagraph (B), by striking the period at the end 
     and inserting ``; and'';
       (2) by redesignating subparagraphs (A) and (B) as clauses 
     (i) and (ii), respectively;
       (3) by striking ``equal to not more than the greater of--'' 
     and inserting the following: ``equal to--
       ``(A) not more than the greater of--''; and
       (4) by adding at the end the following:
       ``(B) the State's maximum lawful annual percentage rate or 
     17 percent, to facilitate the uniform implementation of 
     federally mandated or federally established programs and 
     financings related thereto, including--
       ``(i) uniform accessibility of student loans, including the 
     issuance of qualified student loan bonds as set forth in 
     section 144(b) of the Internal Revenue Code of 1986;
       ``(ii) the uniform accessibility of mortgage loans, 
     including the issuance of qualified mortgage bonds and 
     qualified veterans' mortgage bonds as set forth in section 
     143 of such Code;
       ``(iii) the uniform accessibility of safe and affordable 
     housing programs administered or subject to review by the 
     Department of Housing and Urban Development, including--

       ``(I) the issuance of exempt facility bonds for qualified 
     residential rental property as set forth in section 142(d) of 
     such Code;
       ``(II) the issuance of low income housing tax credits as 
     set forth in section 42 of such Code, to facilitate the 
     uniform accessibility of provisions of the American Recovery 
     and Reinvestment Act of 2009; and
       ``(III) the issuance of bonds and obligations issued under 
     that Act, to facilitate economic development, higher 
     education, and improvements to infrastructure, and the 
     issuance of bonds and obligations issued under any provision 
     of law to further the same; and

       ``(iv) to facilitate interstate commerce generally, 
     including consumer loans, in the case of any person or 
     governmental entity (other than a depository institution 
     subject to subparagraph (A) and paragraph (2)).''.
       (b) Effective Period.--The amendments made by subsection 
     (a) shall apply with respect to contracts consummated during 
     the period beginning on the date of enactment of this Act and 
     ending on December 31, 2010.
                                 ______
                                 
  SA 1125. Mr. DORGAN submitted an amendment intended to be proposed to 
amendment SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to 
the bill H.R. 627, to amend the Truth in Lending Act to establish fair 
and transparent practices relating to the extension of credit under an 
open end consumer credit plan, and for other purposes; which was 
ordered to lie on the table; as follows:

       At the appropriate place, and the following:

     SEC. ------. FEDERAL TRADE COMMISSION RULEMAKING ON MORTGAGE 
                   LENDING.

       (a) In General.--Section 626 of Division D of the Omnibus 
     Appropriations Act, 2009 (Public Law 111-8) is amended--
       (1) by inserting ``(1) in subsection (a) before ``Within'';
       (2) by inserting after paragraph (1) of subsection (a) (as 
     designated by paragraph (1)), the following:
       ``(2) Paragraph (1) shall not be construed to authorize the 
     Federal Trade Commission to promulgate a rule with respect to 
     an entity that is not subject to enforcement of the Federal 
     Trade Commission Act (15 U.S.C.41 et seq.) by the Commission.
       ``(3) 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.'';
       (3) by striking so much of subsection (b) as precedes 
     paragraph (2) and inserting the following:
       ``(b)(1) Except as provided in paragraph (6), in any case 
     in which the attorney general of a State has reason to 
     believe that an interest of the residents of that State has 
     been or is threatened or adversely affected by the engagement 
     of any person subject to a rule prescribed under subsection 
     (a) in a practice that violates such rule, the State, as 
     parens patriae, may bring a civil action on behalf of the 
     residents of the State in an appropriate district court of 
     the United States or other court of competent jurisdiction--
       ``(A) to enjoin that practice;
       ``(B) to enforce compliance with the rule;
       ``(C) to obtain damages, restitution, or other compensation 
     on behalf of residents of the State; or
       ``(D) to obtain penalties and relief provided by the 
     Federal Trade Commission Act or the rule and such other 
     relief as the court considers appropriate.''; and
       (4) by adding at the end of subsection (b) the following:
       ``(8) Paragraph (1) shall not be construed to authorize the 
     attorney general of a State to bring an action under this 
     subsection against an entity subject to supervision or 
     regulation by the Federal Deposit Insurance Corporation, the 
     Comptroller of the Currency, the Federal Reserve Board, the 
     Office of Thrift Supervision, the National Credit Union 
     Administration Board, or any other Federal banking agency.''.
       (b) Effective Date.--The amendments made by subsection (a) 
     shall take effect on March 12, 2009.
                                 ______
                                 
  SA 1126. Mrs. LINCOLN (for herself and Mr. Pryor) submitted an 
amendment intended to be proposed to amendment SA 1107 submitted by Ms. 
Collins (for herself, Mr. Lieberman, and Mr. Burris) to the amendment 
SA 1058 proposed by Mr. Dodd (for himself and Mr. Shelby) to the bill 
H.R. 627, to amend the Truth in Lending Act to establish fair and 
transparent practices relating to the extension of credit under an open 
end consumer credit plan, and for other purposes; as follows:

       At the end of the amendment, add the following:

     SEC. 504. EXTENSION OF LIMITATIONS.

       (a) In General.--Section 44(f)(1) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1831u(f)(1)) is amended--
       (1) in subparagraph (B), by striking the period at the end 
     and inserting ``; and'';
       (2) by redesignating subparagraphs (A) and (B) as clauses 
     (i) and (ii), respectively;
       (3) by striking ``equal to not more than the greater of--'' 
     and inserting the following: ``equal to--
       ``(A) not more than the greater of--''; and
       (4) by adding at the end the following:
       ``(B) the State's maximum lawful annual percentage rate or 
     17 percent, to facilitate the uniform implementation of 
     federally mandated or federally established programs and 
     financings related thereto, including--
       ``(i) uniform accessibility of student loans, including the 
     issuance of qualified student loan bonds as set forth in 
     section 144(b) of the Internal Revenue Code of 1986;
       ``(ii) the uniform accessibility of mortgage loans, 
     including the issuance of qualified mortgage bonds and 
     qualified veterans' mortgage bonds as set forth in section 
     143 of such Code;
       ``(iii) the uniform accessibility of safe and affordable 
     housing programs administered or subject to review by the 
     Department of Housing and Urban Development, including--

       ``(I) the issuance of exempt facility bonds for qualified 
     residential rental property as set forth in section 142(d) of 
     such Code;
       ``(II) the issuance of low income housing tax credits as 
     set forth in section 42 of such Code, to facilitate the 
     uniform accessibility of provisions of the American Recovery 
     and Reinvestment Act of 2009; and
       ``(III) the issuance of bonds and obligations issued under 
     that Act, to facilitate economic development, higher 
     education, and improvements to infrastructure, and the 
     issuance of bonds and obligations issued under any provision 
     of law to further the same; and

       ``(iv) to facilitate interstate commerce generally, 
     including consumer loans, in the case of any person or 
     governmental entity (other than a depository institution 
     subject to subparagraph (A) and paragraph (2)).''.
       (b) Effective Period.--The amendments made by subsection 
     (a) shall apply with respect to contracts consummated during 
     the period beginning on the date of enactment of this Act and 
     ending on December 31, 2010.

[[Page S5536]]

                                 ______
                                 
  SA 1127. Ms. SNOWE (for herself and Ms. Landrieu) submitted an 
amendment intended to be proposed by her to the bill H.R. 627, to amend 
the Truth in Lending Act to establish fair and transparent practices 
relating to the extension of credit under an open end consumer credit 
plan, and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. SMALL BUSINESS INFORMATION SECURITY TASK FORCE.

       (a) Definitions.--In this section--
       (1) the terms ``Administration'' and ``Administrator'' mean 
     the Small Business Administration and the Administrator 
     thereof, respectively;
       (2) the term ``small business concern'' has the same 
     meaning as in section 3 of the Small Business Act (15 U.S.C. 
     632); and
       (3) the term ``task force'' means the task force 
     established under subsection (b).
       (b) Establishment.--The Administrator shall, in conjunction 
     with the Department of Homeland Security, establish a task 
     force, to be known as the Small Business Information Security 
     Task Force, to address the information technology security 
     needs of small business concerns and to help small business 
     concerns prevent the loss of credit card data.
       (c) Duties.--The task force shall--
       (1) identify--
       (A) the information technology security needs of small 
     business concerns; and
       (B) the programs and services provided by the Federal 
     Government, State Governments, and nongovernment 
     organizations that serve those needs;
       (2) assess the extent to which the programs and services 
     identified under paragraph (1)(B) serve the needs identified 
     under paragraph (1)(A);
       (3) make recommendations to the Administrator on how to 
     more effectively serve the needs identified under paragraph 
     (1)(A) through--
       (A) programs and services identified under paragraph 
     (1)(B); and
       (B) new programs and services promoted by the task force;
       (4) make recommendations on how the Administrator may 
     promote--
       (A) new programs and services that the task force 
     recommends under paragraph (3)(B); and
       (B) programs and services identified under paragraph 
     (1)(B);
       (5) make recommendations on how the Administrator may 
     inform and educate with respect to--
       (A) the needs identified under paragraph (1)(A);
       (B) new programs and services that the task force 
     recommends under paragraph (3)(B); and
       (C) programs and services identified under paragraph 
     (1)(B);
       (6) make recommendations on how the Administrator may more 
     effectively work with public and private interests to address 
     the information technology security needs of small business 
     concerns; and
       (7) make recommendations on the creation of a permanent 
     advisory board that would make recommendations to the 
     Administrator on how to address the information technology 
     security needs of small business concerns.
       (d) Internet Website Recommendations.--The task force shall 
     make recommendations to the Administrator relating to the 
     establishment of an Internet website to be used by the 
     Administration to receive and dispense information and 
     resources with respect to the needs identified under 
     subsection (c)(1)(A) and the programs and services identified 
     under subsection (c)(1)(B). As part of the recommendations, 
     the task force shall identify the Internet sites of 
     appropriate programs, services, and organizations, both 
     public and private, to which the Internet website should 
     link.
       (e) Education Programs.--The task force shall make 
     recommendations to the Administrator relating to developing 
     additional education materials and programs with respect to 
     the needs identified under subsection (c)(1)(A).
       (f) Existing Materials.--The task force shall organize and 
     distribute existing materials that inform and educate with 
     respect to the needs identified under subsection (c)(1)(A) 
     and the programs and services identified under subsection 
     (c)(1)(B).
       (g) Coordination With Public and Private Sector.--In 
     carrying out its responsibilities under this section, the 
     task force shall coordinate with, and may accept materials 
     and assistance as it determines appropriate from, public and 
     private entities, including--
       (1) any subordinate officer of the Administrator;
       (2) any organization authorized by the Small Business Act 
     to provide assistance and advice to small business concerns;
       (3) other Federal agencies, their officers, or employees; 
     and
       (4) any other organization, entity, or person not described 
     in paragraph (1), (2), or (3).
       (h) Appointment of Members.--
       (1) Chairperson and vice-chairperson.--The task force shall 
     have--
       (A) a Chairperson, appointed by the Administrator; and
       (B) a Vice-Chairperson, appointed by the Administrator, in 
     consultation with appropriate nongovernmental organizations, 
     entities, or persons.
       (2) Members.--
       (A) Chairperson and vice-chairperson.--The Chairperson and 
     the Vice-Chairperson shall serve as members of the task 
     force.
       (B) Additional members.--
       (i) In general.--The task force shall have additional 
     members, each of whom shall be appointed by the Chairperson, 
     with the approval of the Administrator.
       (ii) Number of members.--The number of additional members 
     shall be determined by the Chairperson, in consultation with 
     the Administrator, except that--

       (I) the additional members shall include, for each of the 
     groups specified in paragraph (3), at least 1 member 
     appointed from within that group; and
       (II) the number of additional members shall not exceed 13.

       (3) Groups represented.--The groups specified in this 
     paragraph are--
       (A) subject matter experts;
       (B) users of information technologies within small business 
     concerns;
       (C) vendors of information technologies to small business 
     concerns;
       (D) academics with expertise in the use of information 
     technologies to support business;
       (E) small business trade associations;
       (F) Federal, State, or local agencies, including the 
     Department of Homeland Security, engaged in securing 
     cyberspace; and
       (G) information technology training providers with 
     expertise in the use of information technologies to support 
     business.
       (4) Political affiliation.--The appointments under this 
     subsection shall be made without regard to political 
     affiliation.
       (i) Meetings.--
       (1) Frequency.--The task force shall meet at least 2 times 
     per year, and more frequently if necessary to perform its 
     duties.
       (2) Quorum.--A majority of the members of the task force 
     shall constitute a quorum.
       (3) Location.--The Administrator shall designate, and make 
     available to the task force, a location at a facility under 
     the control of the Administrator for use by the task force 
     for its meetings.
       (4) Minutes.--
       (A) In general.--Not later than 30 days after the date of 
     each meeting, the task force shall publish the minutes of the 
     meeting in the Federal Register and shall submit to 
     Administrator any findings or recommendations approved at the 
     meeting.
       (B) Submission to congress.--Not later than 60 days after 
     the date that the Administrator receives minutes under 
     subparagraph (A), the Administrator shall submit to the 
     Committee on Small Business and Entrepreneurship of the 
     Senate and the Committee on Small Business of the House of 
     Representatives such minutes, together with any comments the 
     Administrator considers appropriate.
       (5) Findings.--
       (A) In general.--Not later than the date on which the task 
     force terminates under subsection (m), the task force shall 
     submit to the Administrator a final report on any findings 
     and recommendations of the task force approved at a meeting 
     of the task force.
       (B) Submission to congress.--Not later than 90 days after 
     the date on which the Administrator receives the report under 
     subparagraph (A), the Administrator shall submit to the 
     Committee on Small Business and Entrepreneurship of the 
     Senate and the Committee on Small Business of the House of 
     Representatives the full text of the report submitted under 
     subparagraph (A), together with any comments the 
     Administrator considers appropriate.
       (j) Personnel Matters.--
       (1) Compensation of members.--Each member of the task force 
     shall serve without pay for their service on the task force.
       (2) Travel expenses.--Each member of the task force shall 
     receive travel expenses, including per diem in lieu of 
     subsistence, in accordance with applicable provisions under 
     subchapter I of chapter 57 of title 5, United States Code.
       (3) Detail of sba employees.--The Administrator may detail, 
     without reimbursement, any of the personnel of the 
     Administration to the task force to assist it in carrying out 
     the duties of the task force. Such a detail shall be without 
     interruption or loss of civil status or privilege.
       (4) SBA support of the task force.--Upon the request of the 
     task force, the Administrator shall provide to the task force 
     the administrative support services that the Administrator 
     and the Chairperson jointly determine to be necessary for the 
     task force to carry out its duties.
       (k) Not Subject to Federal Advisory Committee Act.--The 
     Federal Advisory Committee Act (5 U.S.C. App.) shall not 
     apply to the task force.
       (l) Startup Deadlines.--The initial appointment of the 
     members of the task force shall be completed not later than 
     90 days after the date of enactment of this Act, and the 
     first meeting of the task force shall be not later than 180 
     days after the date of enactment of this Act.
       (m) Termination.--
       (1) In general.--Except as provided in paragraph (2), the 
     task force shall terminate at the end of fiscal year 2013.
       (2) Exception.--If, as of the termination date under 
     paragraph (1), the task force has not complied with 
     subsection (i)(4) with respect to 1 or more meetings, then 
     the task force shall continue after the termination date for 
     the sole purpose of achieving compliance with subsection 
     (i)(4) with respect to those meetings.

[[Page S5537]]

       (n) Authorization of Appropriations.--There is authorized 
     to be appropriated to carry out this section $300,000 for 
     each of fiscal years 2010 through 2013.
                                 ______
                                 
  SA 1128. Mr. McCONNELL (for himself and Mr. Reid) proposed an 
amendment to the bill S. 386, to improve enforcement of mortgage fraud, 
securities and commodities 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:

       On 31, line 13, after ``the Commission'' insert ``, 
     including an affirmative vote of at least one member 
     appointed under subparagraph (C) or (D) of subsection 
     (b)(1)''.
                                 ______
                                 
  SA 1129. Mrs. MURRAY submitted an amendment intended to be proposed 
to amendment SA 1106 submitted by Mrs. Murray and intended to be 
proposed to the amendment SA 1058 proposed by Mr. Dodd (for himself and 
Mr. Shelby) to the bill H.R. 627, to amend the Truth in Lending Act to 
establish fair and transparent practices relating to the extension of 
credit under an open end consumer credit plan, and for other purposes; 
which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:

     SEC. 503. FINANCIAL AND ECONOMIC LITERACY.

       (a) In General.--Not later than 180 days after the date of 
     enactment of this Act, the Financial Literacy and Education 
     Commission shall--
       (1) evaluate and compile a comprehensive summary of all 
     existing Federal financial and economic literacy education 
     programs, as of the time of the report; and
       (2) prepare and submit a report to Congress that includes--
       (A) the findings of the evaluations and the effectiveness 
     of Federal financial and economic literacy education 
     programs, including programs included in the Commission's 
     2006 National Strategy for Financial Literacy report;
       (B) recommendations for improvements to Federal financial 
     and economic literacy education programs;
       (C) specific Federal policies that should be implemented, 
     updated, or changed to improve financial and economic 
     literacy education;
       (D) a description of any gaps that exist in research on 
     financial and economic literacy education, and 
     recommendations on research that would fill those gaps;
       (E) specific recommendations on sources of revenue to 
     support financial and economic literacy education activities, 
     with a specific analysis of the potential use of credit card 
     transaction fees; and
       (F) recommendations for ways to increase the awareness of 
     elementary and secondary schools, postsecondary educational 
     institutions, and the general public of the Commission's 
     website, www.MyMoney.gov, or any successor to such website.
       (b) Effective Date.--Notwithstanding section 3, this 
     section shall become effective on the date of enactment of 
     this Act.

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