[Congressional Record Volume 155, Number 186 (Friday, December 11, 2009)]
[Daily Digest]
[Pages D1451-D1452]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                        House of Representatives


Chamber Action
Public Bills and Resolutions Introduced: 18 public bills, H.R. 4283-
4300; and 6 resolutions, H.J. Res. 62; H. Con. Res. 221; and H. Res. 
965-968 were introduced.                                
  Pages H14826-27
Additional Cosponsors:                                      
  Page H14827
Reports Filed: There were no reports filed today.
Speaker: Read a letter from the Speaker wherein she appointed 
Representative Edwards (MD) to act as Speaker Pro Tempore for today. 
                                                            Page H14745
Journal: The House agreed to the Speaker's approval of the Journal by 
voice vote.                                             
  Pages H14745-46
Wall Street Reform and Consumer Protection Act of 2009: The House 
passed H.R. 4173, to provide for financial regulatory reform, to 
protect consumers and investors, to enhance Federal understanding of 
insurance issues, and to regulate the over-the-counter derivatives 
markets, by a recorded vote of 223 ayes to 202 noes, Roll No. 968. 
                                                    Pages H14747-H14804
  Rejected the Dent motion to recommit the bill to the Committee on 
Financial Services, and in addition to the Committees on Agriculture, 
Energy and Commerce, the Judiciary, Rules, the Budget, Oversight and 
Government Reform, and Ways and Means, with instructions to report the 
same back to the House forthwith with an amendment, by a recorded vote 
of 190 ayes to 232 noes, Roll No. 967.                  
Pages H14800-04
Agreed to:
  Cohen amendment (No. 15 printed in H. Rept. 111-370) that strikes 
language that would permit FINRA to regulate investment advisers that 
are associated with broker dealers;                     
Pages H14747-48
  Garrett (NJ) amendment (No. 26 printed in H. Rept. 111-370) that 
allows rating agency firms to deregister as Nationally Recognized 
Statistical Rating Organizations (NRSRO), provided such NRSRO certifies 
that it received less than $250 million during its last full fiscal 
year in compensation for providing credit ratings on securities and 
money market instruments issued in the U.S.;            
Pages H14757-58
  Kilroy amendment (No. 33 printed in H. Rept. 111-370) that makes 
explicit that financing for the Systemic Dissolution Fund would come 
exclusively from assessments on industry, without recourse to the 
American taxpayer;                                      
Pages H14760-61
  Peters amendment (No. 16 printed in H. Rept. 111-370) that authorizes 
the FDIC to make assessments for the Systemic Dissolution Fund used to 
repay any shortfalls in Troubled Asset Relief Program (TARP) to ensure 
that such shortfalls do not add to the deficit or national debt (by a 
recorded vote of 228 ayes to 198 noes, Roll No. 962); and 
                                             Pages H14748-50, H14763-64
  Schakowsky amendment (No. 32 printed in H. Rept. 111-370) that 
provides the Director of the Consumer Financial Protection Agency with 
authority to issue regulations for reverse mortgage transactions within 
one year of enactment. It clarifies the Directors authority to consider 
additional consumer protections under both consumer protection statutes 
and HUD regulations (by a recorded vote of 277 ayes to 149 noes, Roll 
No. 964).                                    
Pages H14758-60, H14798-99
Rejected:
  Kanjorski amendment (No. 18 printed in H. Rept. 111-370) that sought 
to aim to stem the unintended consequences resulting from the 
definitional change of NRSRO from ``Nationally Recognized Statistical 
Rating Organization'' to ``Nationally Registered Statistical Rating 
Organization.'' Section 6005 creates inconsistencies in the securities 
laws as it amends the definition only in the 1933 and 1934 Acts and it 
has potential impact on state rules and regulations requiring a change 
of state level statute;                                 
Pages H14751-52
  Kanjorski amendment (No. 12 printed in H. Rept. 111-370) that was 
debated on December 10th that sought to strike the provisions exempting 
public companies with less than $75 million in market capitalization 
from the requirements of the Sarbanes-Oxley Act related to the external 
audit of internal controls (by a recorded vote of 153 ayes to 271 noes, 
Roll No. 960);                                              
Page H14762
  McCarthy (CA) amendment (No. 14 printed in H. Rept. 111-370) that was 
debated on December 10th that sought to strike section 6012 (relating 
to ``Effect of Rule 436(G)''). The amendment would strike increased 
liability language that would be a barrier to entry, inhibiting 
increased competition in the rating agency market (by a recorded vote 
of 166 ayes to 259 noes, Roll No. 961);                 
Pages H14762-63
  Marshall amendment (No. 19 printed in H. Rept. 111-370) that sought 
to allow bankruptcy courts to extend repayment periods, reduce 
excessive interest rates and fees, and adjust the principal balance of 
the mortgage to a home's fair market value as necessary to prevent 
foreclosure and revised to allow the VA, FHA, and RHS to take steps to 
facilitate mortgage modifications. The amendment is substantively 
identical to title I, subtitle A and sections 121-123 of subtitle B of 
H.R. 1106 (Helping Families Save

[[Page D1452]]

Their Homes Act of 2009), which passed the House on March 5, 2009 (by a 
recorded vote of 188 ayes to 241 noes, Roll No. 963); 
                                             Pages H14752-57, H14797-98
  Minnick amendment (No. 35 printed in H. Rept. 111-370) that sought to 
create a Consumer Financial Protection Council (CFPC) of regulators 
with rule-writing authority in safety and soundness of institutions and 
consumer protections regarding all financial products. The CFPC is 
comprised of 12 members including the Secretary of Treasury, Secretary 
of Housing and Urban Development, the Chairman of the Federal Reserve, 
the chairman of the CFTC and SEC, among other federal and state 
regulators (by a recorded vote of 208 ayes to 223 noes, Roll No. 965); 
and                                             
Pages H14764-76, H14799
  Bachus amendment in the nature of a substitute (No. 36 printed in H. 
Rept. 111-370), as modified, that sought to provide an alternative bill 
that establishes a new chapter of the bankruptcy code to resolve 
certain non-bank financial institutions; create a consumer protection 
council comprised of existing Federal regulators to revise and 
promulgate model regulations to enhance consumer protection and improve 
disclosure; strengthen anti-fraud provisions; regulate over-the-counter 
derivatives markets; address executive compensation; remove statutory 
reliance on credit ratings; reform the Government Sponsored Enterprises 
(Fannie Mae and Freddie Mac); and create a Federal Insurance Office (by 
a recorded vote of 175 ayes to 251 noes, Roll No. 966). 
                                         Pages H14776-97, H14799-H14800
Withdrawn:
  Watt amendment (No. 17 printed in H. Rept. 111-370) that was offered 
and subsequently withdrawn that would have revised the exclusion for 
auto dealers under the Consumer Financial Protection Agency Act by 
clarifying what auto dealer activities are excepted.    
Pages H14750-51
  H. Res. 964, the rule providing for further consideration of the 
bill, was agreed to on Thursday, December 10th.
Appointing the day for the convening of the second session of the One 
Hundredth Eleventh Congress: The House agreed to H.J. Res. 62, 
appointing the day for the convening of the second session of the One 
Hundred Eleventh Congress.                                  
  Page H14805
Meeting Hour: Agreed that when the House adjourns today, it adjourn to 
meet at 12:30 p.m. on Monday, December 14th for morning hour debate. 
                                                            Page H14808
Senate Message: Message received from the Senate today appears on page 
H14761.
Quorum Calls--Votes: Nine recorded votes developed during the 
proceedings of today and appear on pages H14762, H14762-63, H14763-64, 
H14797-98, H14798-99, H14799, H14800, H14803-04 and H14804. There were 
no quorum calls.
Adjournment: The House met at 9 a.m. and adjourned at 5:38 p.m.