[Congressional Record Volume 164, Number 43 (Monday, March 12, 2018)]
[Senate]
[Pages S1635-S1642]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2192. Mr. MENENDEZ (for himself and Mr. Brown) submitted an 
amendment intended to be proposed to amendment SA 2151 proposed by Mr. 
McConnell (for Mr. Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. 
Tester, and Mr. Warner)) to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       Beginning on page 105, strike line 25 and all that follows 
     through page 106, line 7, and insert the following:
       ``(B) what constitutes appropriate proof.''.
                                 ______
                                 
  SA 2193. Mr. CORKER submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       Strike section 402.
                                 ______
                                 
  SA 2194. Mr. WICKER (for himself and Ms. Duckworth) submitted an 
amendment intended to be proposed by him to the bill S. 2155, to 
promote economic growth, provide tailored regulatory relief, and 
enhance consumer protections, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. TREATMENT OF CERTAIN NONSIGNIFICANT INVESTMENTS IN 
                   THE CAPITAL OF UNCONSOLIDATED FINANCIAL 
                   INSTITUTIONS.

       (a) In General.--Section 18 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1828), as amended by section 403(a), 
     is amended by adding at the end the following:
       ``(bb) Treatment of Nonsignificant Investments in the 
     Capital of Unconsolidated Financial Institutions.--For 
     purposes of the final rules titled `Regulatory Capital Rules: 
     Regulatory Capital, Implementation of Basel III, Capital 
     Adequacy, Transition Provisions, Prompt Corrective Action, 
     Standardized Approach for Risk-weighted Assets, Market 
     Discipline and Disclosure Requirements, Advanced Approaches 
     Risk-Based Capital Rule, and Market Risk Capital Rule' (78 
     Fed. Reg. 62018; published Oct. 11, 2013 and 79 Fed. Reg. 
     20754; published April 14, 2014) and any other regulation 
     which incorporates a definition of the term `nonsignificant 
     investments in the capital of unconsolidated financial 
     institutions', the appropriate Federal banking agencies shall 
     provide that investments in trust preferred securities 
     (pooled and individual instruments) by a depository 
     institution with assets of less than $15,000,000,000 as of 
     July 21, 2010, or a depository institution holding company 
     with assets of less than $15,000,000,000 as of July 21, 2010, 
     shall not be subject to deduction from the regulatory capital 
     of such depository institution or depository institution 
     holding company or any depository institution holding company 
     of such an institution, provided such investments were held 
     prior to July 21, 2010.''.
       (b) Amendment to Basel III Capital Regulations.--Not later 
     than the end of the 3-month period beginning on the date of 
     the enactment of this Act, the Federal Deposit Insurance 
     Corporation, the Board of Governors of the Federal Reserve 
     System, and the Comptroller of the Currency shall amend the 
     final rules titled ``Regulatory Capital Rules: Regulatory 
     Capital, Implementation of Basel III, Capital Adequacy, 
     Transition Provisions, Prompt Corrective Action, Standardized 
     Approach for Risk-weighted Assets, Market Discipline and 
     Disclosure Requirements, Advanced Approaches Risk-Based 
     Capital Rule, and Market Risk Capital Rule'' (78 Fed. Reg. 
     62018; published Oct. 11, 2013 and 79 Fed. Reg. 20754; 
     published April 14, 2014) to implement the amendments made by 
     this Act.
                                 ______
                                 
  SA 2195. Mr. CASSIDY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. RESTORING MAIN STREET INVESTOR PROTECTION AND 
                   CONFIDENCE.

       (a) Securities Investor Protection Act of 1970 
     Amendments.--
       (1) Appointment of trustees.--
       (A) In general.--Section 5(b)(3) of the Securities Investor 
     Protection Act of 1970 (15 U.S.C. 78eee(b)(3)) is amended to 
     read as follows:
       ``(3) Appointment of trustee and attorney.--
       ``(A) In general.--If the court issues a protective decree 
     under paragraph (1), such court shall forthwith appoint, as 
     trustee for the liquidation of the business of the debtor and 
     as attorney for the trustee, such persons as the court 
     determines best fit to serve as trustee and as attorney from 
     among the persons selected by the Commission pursuant to 
     subparagraph (B). The persons appointed as trustee and as 
     attorney for the trustee may be associated with the same 
     firm.
       ``(B) Commission candidates.--The Commission shall maintain 
     a list of candidates for the position of trustee and attorney 
     for the trustee for a debtor in a liquidation proceedings, 
     and shall periodically update the list, as appropriate. With 
     respect to a debtor and upon the court issuing a protective 
     decree under paragraph (1), the Commission shall forthwith 
     provide the court with such list.
       ``(C) Disinterest requirement.--No person may be appointed 
     to serve as trustee or attorney for the trustee if such 
     person is not disinterested within the meaning of paragraph 
     (6), except that for any specified purpose other than to 
     represent a trustee in conducting a liquidation proceeding, 
     the trustee may, with the approval of SIPC and the court, 
     employ an attorney who is not disinterested.
       ``(D) Qualification.--A trustee appointed under this 
     paragraph shall qualify by filing a bond in the manner 
     prescribed by section 322 of title 11, United States Code, 
     except that neither SIPC nor any employee of SIPC shall be 
     required to file a bond when appointed as trustee.
       ``(E) Prohibition on trustee serving in multiple 
     liquidations.--A trustee may not be appointed under this 
     paragraph if the trustee is currently serving as trustee for 
     the liquidation of the business of another debtor under this 
     Act.''.
       (B) Compensation for trustee and attorney.--Section 5(b)(5) 
     of the Securities Investor Protection Act of 1970 (15 U.S.C. 
     78eee(b)(5)) is amended--
       (i) in subparagraph (A), by adding at the end the 
     following: ``The court shall publicly disclose all such 
     allowances that are granted.'';
       (ii) by amending subparagraph (C) to read as follows:
       ``(C) Awarding of allowances.--Whenever an application for 
     allowances is filed pursuant to subparagraph (B), the court 
     shall determine the amount of allowances, giving due 
     consideration to the nature, extent, and value of the 
     services rendered.''; and
       (iii) by adding at the end the following:
       ``(F) SIPC disclosures.--SIPC shall issue quarterly public 
     reports on--
       ``(i) all payments made by SIPC to the trustee;
       ``(ii) all other costs in connection with the liquidation 
     proceeding, including legal and accounting costs; and
       ``(iii) all additional expenses incurred by SIPC, and the 
     nature of such expenses.''.
       (C) Application.--The amendments made by this paragraph 
     shall apply with respect to trustees and attorneys appointed 
     after the date of enactment of this Act.
       (2) Definition of customer status.--Section 16(2)(B) of the 
     Securities Investor Protection Act of 1970 (15 U.S.C. 
     78lll(2)(B)) is amended--
       (A) in clause (ii), by striking ``; and'' and inserting a 
     semicolon;
       (B) in clause (iii), by striking the period at the end and 
     inserting a semicolon; and
       (C) by adding at the end the following:
       ``(iv) any person that had cash or securities that were 
     converted or otherwise misappropriated by the debtor (or any 
     person that controls, is controlled by, or is under common 
     control with the debtor, if such person was operating through 
     the debtor), irrespective of whether the debtor held or 
     otherwise had custody, possession, or control of such cash or 
     securities; and
       ``(v) any other person that the Commission, in its 
     discretion and without any need for court approval, deems a 
     customer of the debtor.''.
       (3) Commission authority to require sipc action.--Section 
     11(b) of the Securities Investor Protection Act of 1970 (15 
     U.S.C. 78ggg(b)) is amended to read as follows:
       ``(b) Commission Authority To Require SIPC Action.--In the 
     event of the refusal of SIPC to commit its funds or otherwise 
     to act for the protection of customers of any member of SIPC, 
     the Commission may require SIPC to discharge its obligations 
     under this Act without court approval.''.
       (b) Application.--Except as provided under subsection 
     (a)(1)(C), the amendments made by subsection (a) shall apply 
     with respect to a liquidation proceeding under the Securities 
     Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) 
     that--
       (1) was in progress on the date of enactment of this Act; 
     or
       (2) is initiated after the date of enactment of this Act.
                                 ______
                                 
  SA 2196. Mr. WYDEN submitted an amendment intended to be proposed to 
amendment SA 2151 proposed by Mr. McConnell (for Mr. Crapo (for 
himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr. Warner)) to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for

[[Page S1636]]

other purposes; which was ordered to lie on the table; as follows:

       On page 73, line 20, strike ``subcontractor'' and insert 
     ``contractor''.
       On page 73, line 23, strike ``The'' and insert ``In 
     accordance with section 1106 of the Social Security Act (42 
     U.S.C. 1306), the''.
       On page 75, line 23, insert ``and any additional privacy 
     and data security requirements that the Commissioner may 
     require,'' before ``with respect to''.
       On page 76, between lines 3 and 4, insert the following:
       (5) Any other declaration, as determined necessary by the 
     Commissioner.
       On page 76, beginning on line 21, strike ``in section 106'' 
     and all that follows through line 23 and insert the 
     following: ``for purposes of section 3504 of title 44, United 
     States Code, and must comply with any other requirements for 
     obtaining the electronic consent of the individual that the 
     Commissioner may require.''.
       On page 77, line 11, insert ``electronic signature 
     processes and'' before ``the database''.
       On page 78, line 5, insert ``, and the Commissioner may (in 
     addition to any action taken by such agencies) suspend or 
     terminate the provision of fraud protection data under this 
     section to any permitted entity that violates this section or 
     its certification under this section'' before the period.
       On page 78, lines 7 and 8, by striking ``, pursuant to an 
     audit described in paragraph (1),''.
                                 ______
                                 
  SA 2197. Mr. BROWN submitted an amendment intended to be proposed to 
amendment SA 2151 proposed by Mr. McConnell (for Mr. Crapo (for 
himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr. Warner)) to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       In section 401(f), in the matter preceding paragraph (1), 
     insert after ``Regulations,'' the following: ``or any 
     intermediate holding company that meets the requirements 
     under section 252.153 of title 12, Code of Federal 
     Regulations, as in effect on the date of enactment of this 
     Act, with respect to a foreign banking organization (as 
     defined in section 211.21 of title 12, Code of Federal 
     Regulations) that has been identified as a global 
     systemically important bank by the Financial Stability 
     Board,''.
       Strike section 401(g).
                                 ______
                                 
  SA 2198. Mr. CRUZ (for himself, Mr. Lee, Mr. Rubio, Mr. Inhofe, Mr. 
Sasse, and Mr. Paul) submitted an amendment intended to be proposed to 
amendment SA 2151 proposed by Mr. McConnell (for Mr. Crapo (for 
himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr. Warner)) to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REPEAL.

       The Consumer Financial Protection Act of 2010 (12 U.S.C. 
     5481 et seq.) is repealed, and the provisions of law amended 
     or repealed by that Act are restored or revived as if the Act 
     had not been enacted.
                                 ______
                                 
  SA 2199. Mr. CRUZ (for himself and Mr. Lee) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. FINANCIAL INSTITUTION CUSTOMER PROTECTION.

       (a) Requirements for Deposit Account Termination Requests 
     and Orders.--
       (1) Definitions.--In this section:
       (A) Appropriate federal banking agency.--The term 
     ``appropriate Federal banking agency''--
       (i) has the meaning given the term in section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813); and
       (ii) means the National Credit Union Administration, in the 
     case of an insured credit union.
       (B) Depository institution.--The term ``depository 
     institution''--
       (i) has the meaning given the term in section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813); and
       (ii) includes an insured credit union.
       (C) Insured credit union.--The term ``insured credit 
     union'' has the meaning given the term in section 101 of the 
     Federal Credit Union Act (12 U.S.C. 1752).
       (2) Termination requests or orders must be valid.--
       (A) In general.--An appropriate Federal banking agency may 
     not formally or informally request or order a depository 
     institution to terminate a specific customer account, or a 
     group of customer accounts, or to otherwise restrict or 
     discourage a depository institution from entering into or 
     maintaining a banking relationship with a specific customer, 
     or a group of customers, unless--
       (i) the agency has a valid reason for the request or order; 
     and
       (ii) the reason described in clause (i) is not based solely 
     on reputation risk to the depository institution.
       (B) Treatment of national security threats.--
       (i) In general.--If an appropriate Federal banking agency 
     has a belief described in clause (ii) of this subparagraph, 
     that belief shall be deemed to satisfy the requirement under 
     clauses (i) and (ii) of subparagraph (A) with respect to a 
     request or order described in that subparagraph.
       (ii) Belief of national security threat.--A belief 
     described in this clause is a belief by an appropriate 
     Federal banking agency that a specific customer, or a group 
     of customers, is, or is acting as a conduit for, an entity 
     that--

       (I) poses a threat to national security;
       (II) is involved in terrorist financing;
       (III) is an agency of the Government of Iran, North Korea, 
     Syria, or any country listed from time to time on the state 
     sponsor of terrorism list;
       (IV) is located in, or is subject to the jurisdiction of, 
     any country described in subclause (III); or
       (V) does business with any entity described in subclause 
     (III) or (IV), unless the appropriate Federal banking agency 
     determines that the customer, or group of customers, has 
     exercised due diligence to avoid doing business with any such 
     entity.

       (3) Notice requirement.--
       (A) In general.--If an appropriate Federal banking agency 
     formally or informally requests or orders that a depository 
     institution terminate a specific customer account, or a group 
     of customer accounts, the appropriate Federal banking agency 
     shall provide--
       (i) the request or order to the depository institution in 
     writing; and
       (ii) along with the request or order provided under clause 
     (i), a written justification for why the termination is 
     needed, including any specific law or regulation that the 
     appropriate Federal banking agency believes the customer, or 
     group of customers, is violating, if any.
       (B) Justification requirement.--A justification provided 
     under subparagraph (A)(ii) may not be based solely on the 
     reputation risk to the depository institution to which the 
     justification is provided.
       (4) Customer notice.--
       (A) Notice required.--Except as provided in subparagraph 
     (B), or as otherwise prohibited from being disclosed by law, 
     if an appropriate Federal banking agency orders a depository 
     institution to terminate a specific customer account, or a 
     group of customer accounts, the depository institution shall 
     inform the specific customer, or group of customers, of the 
     justification for the termination provided by the appropriate 
     Federal banking agency under paragraph (3)(A)(ii).
       (B) Notice prohibited.--
       (i) Notice prohibited in cases of national security.--If an 
     appropriate Federal banking agency requests or orders a 
     depository institution to terminate a specific customer 
     account, or a group of customer accounts, based on a belief 
     that the customer, or group of customers, poses a threat to 
     national security, or is otherwise described in paragraph 
     (2)(B)(ii), neither the depository institution nor the 
     appropriate Federal banking agency may inform the customer, 
     or group of customers, of the justification for the 
     termination of the account or accounts, as applicable.
       (ii) Notice prohibited in other cases.--If an appropriate 
     Federal banking agency determines that the notice required 
     under subparagraph (A) may interfere with an authorized 
     criminal investigation, neither the depository institution 
     that is required to provide the notice nor the appropriate 
     Federal banking agency may inform the specific customer, or 
     group of customers, of the justification for the termination 
     of the account or accounts, as applicable.
       (5) Reporting requirement.--Each appropriate Federal 
     banking agency shall submit to Congress an annual report that 
     contains--
       (A) the aggregate number of specific customer accounts that 
     the agency requested or ordered that a depository institution 
     terminate during the year covered by the report;
       (B) the legal authority on which the agency relied in 
     making the requests and orders described in subparagraph (A); 
     and
       (C) the frequency with which the agency relied on each 
     legal authority described in subparagraph (B).
                                 ______
                                 
  SA 2200. Mr. CRUZ (for himself and Mr. Lee) submitted an amendment 
intended to be proposed to amendment SA 2151 proposed by Mr. McConnell 
(for Mr. Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, 
and Mr. Warner)) to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. FINANCIAL INSTITUTION CUSTOMER PROTECTION.

       (a) Requirements for Deposit Account Termination Requests 
     and Orders.--
       (1) Definitions.--In this section:

[[Page S1637]]

       (A) Appropriate federal banking agency.--The term 
     ``appropriate Federal banking agency''--
       (i) has the meaning given the term in section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813); and
       (ii) means the National Credit Union Administration, in the 
     case of an insured credit union.
       (B) Depository institution.--The term ``depository 
     institution''--
       (i) has the meaning given the term in section 3 of the 
     Federal Deposit Insurance Act (12 U.S.C. 1813); and
       (ii) includes an insured credit union.
       (C) Insured credit union.--The term ``insured credit 
     union'' has the meaning given the term in section 101 of the 
     Federal Credit Union Act (12 U.S.C. 1752).
       (2) Termination requests or orders must be valid.--
       (A) In general.--An appropriate Federal banking agency may 
     not formally or informally request or order a depository 
     institution to terminate a specific customer account, or a 
     group of customer accounts, or to otherwise restrict or 
     discourage a depository institution from entering into or 
     maintaining a banking relationship with a specific customer, 
     or a group of customers, unless--
       (i) the agency has a valid reason for the request or order; 
     and
       (ii) the reason described in clause (i) is not based solely 
     on reputation risk to the depository institution.
       (B) Treatment of national security threats.--
       (i) In general.--If an appropriate Federal banking agency 
     has a belief described in clause (ii) of this subparagraph, 
     that belief shall be deemed to satisfy the requirement under 
     clauses (i) and (ii) of subparagraph (A) with respect to a 
     request or order described in that subparagraph.
       (ii) Belief of national security threat.--A belief 
     described in this clause is a belief by an appropriate 
     Federal banking agency that a specific customer, or a group 
     of customers, is, or is acting as a conduit for, an entity 
     that--

       (I) poses a threat to national security;
       (II) is involved in terrorist financing;
       (III) is an agency of the Government of Iran, North Korea, 
     Syria, or any country listed from time to time on the state 
     sponsor of terrorism list;
       (IV) is located in, or is subject to the jurisdiction of, 
     any country described in subclause (III); or
       (V) does business with any entity described in subclause 
     (III) or (IV), unless the appropriate Federal banking agency 
     determines that the customer, or group of customers, has 
     exercised due diligence to avoid doing business with any such 
     entity.

       (3) Notice requirement.--
       (A) In general.--If an appropriate Federal banking agency 
     formally or informally requests or orders that a depository 
     institution terminate a specific customer account, or a group 
     of customer accounts, the appropriate Federal banking agency 
     shall provide--
       (i) the request or order to the depository institution in 
     writing; and
       (ii) along with the request or order provided under clause 
     (i), a written justification for why the termination is 
     needed, including any specific law or regulation that the 
     appropriate Federal banking agency believes the customer, or 
     group of customers, is violating, if any.
       (B) Justification requirement.--A justification provided 
     under subparagraph (A)(ii) may not be based solely on the 
     reputation risk to the depository institution to which the 
     justification is provided.
       (4) Customer notice.--
       (A) Notice required.--Except as provided in subparagraph 
     (B), or as otherwise prohibited from being disclosed by law, 
     if an appropriate Federal banking agency orders a depository 
     institution to terminate a specific customer account, or a 
     group of customer accounts, the depository institution shall 
     inform the specific customer, or group of customers, of the 
     justification for the termination provided by the appropriate 
     Federal banking agency under paragraph (3)(A)(ii).
       (B) Notice prohibited.--
       (i) Notice prohibited in cases of national security.--If an 
     appropriate Federal banking agency requests or orders a 
     depository institution to terminate a specific customer 
     account, or a group of customer accounts, based on a belief 
     that the customer, or group of customers, poses a threat to 
     national security, or is otherwise described in paragraph 
     (2)(B)(ii), neither the depository institution nor the 
     appropriate Federal banking agency may inform the customer, 
     or group of customers, of the justification for the 
     termination of the account or accounts, as applicable.
       (ii) Notice prohibited in other cases.--If an appropriate 
     Federal banking agency determines that the notice required 
     under subparagraph (A) may interfere with an authorized 
     criminal investigation, neither the depository institution 
     that is required to provide the notice nor the appropriate 
     Federal banking agency may inform the specific customer, or 
     group of customers, of the justification for the termination 
     of the account or accounts, as applicable.
       (5) Reporting requirement.--Each appropriate Federal 
     banking agency shall submit to Congress an annual report that 
     contains--
       (A) the aggregate number of specific customer accounts that 
     the agency requested or ordered that a depository institution 
     terminate during the year covered by the report;
       (B) the legal authority on which the agency relied in 
     making the requests and orders described in subparagraph (A); 
     and
       (C) the frequency with which the agency relied on each 
     legal authority described in subparagraph (B).
                                 ______
                                 
  SA 2201. Mr. LEE (for himself and Mr. Rubio) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REGULATIONS FROM THE EXECUTIVE IN NEED OF SCRUTINY.

       (a) Short Title.--This section may be cited as the 
     ``Regulations from the Executive in Need of Scrutiny Act of 
     2018''.
       (b) Purpose.--The purpose of this section is to increase 
     accountability for and transparency in the Federal regulatory 
     process. Section 1 of article I of the United States 
     Constitution grants all legislative powers to Congress. Over 
     time, Congress has excessively delegated its constitutional 
     charge while failing to conduct appropriate oversight and 
     retain accountability for the content of the laws it passes. 
     By requiring a vote in Congress, the REINS Act will result in 
     more carefully drafted and detailed legislation, an improved 
     regulatory process, and a legislative branch that is truly 
     accountable to the American people for the laws imposed upon 
     them.
       (c) Congressional Review of Agency Rulemaking.--Chapter 8 
     of title 5, United States Code, is amended to read as 
     follows:

         ``CHAPTER 8--CONGRESSIONAL REVIEW OF AGENCY RULEMAKING

``Sec.
``801. Congressional review.
``802. Congressional approval procedure for major rules.
``803. Congressional disapproval procedure for nonmajor rules.
``804. Definitions.
``805. Judicial review.
``806. Exemption for monetary policy.
``807. Effective date of certain rules.

     ``Sec. 801. Congressional review

       ``(a)(1)(A) Before a rule may take effect, the Federal 
     agency promulgating such rule shall publish in the Federal 
     Register a list of information on which the rule is based, 
     including data, scientific and economic studies, and cost-
     benefit analyses, and identify how the public can access such 
     information online, and shall submit to each House of the 
     Congress and to the Comptroller General a report containing--
       ``(i) a copy of the rule;
       ``(ii) a concise general statement relating to the rule;
       ``(iii) a classification of the rule as a major or nonmajor 
     rule, including an explanation of the classification 
     specifically addressing each criteria for a major rule 
     contained within subparagraphs (A) through (C) of section 
     804(2);
       ``(iv) a list of any other related regulatory actions 
     intended to implement the same statutory provision or 
     regulatory objective as well as the individual and aggregate 
     economic effects of those actions; and
       ``(v) the proposed effective date of the rule.
       ``(B) On the date of the submission of the report under 
     subparagraph (A), the Federal agency promulgating the rule 
     shall submit to the Comptroller General and make available to 
     each House of Congress--
       ``(i) a complete copy of the cost-benefit analysis of the 
     rule, if any, including an analysis of any jobs added or 
     lost, differentiating between public and private sector jobs;
       ``(ii) the agency's actions pursuant to sections 603, 604, 
     605, 607, and 609 of this title;
       ``(iii) the agency's actions pursuant to sections 202, 203, 
     204, and 205 of the Unfunded Mandates Reform Act of 1995; and
       ``(iv) any other relevant information or requirements under 
     any other Act and any relevant Executive orders.
       ``(C) Upon receipt of a report submitted under subparagraph 
     (A), each House shall provide copies of the report to the 
     chairman and ranking member of each standing committee with 
     jurisdiction under the rules of the House of Representatives 
     or the Senate to report a bill to amend the provision of law 
     under which the rule is issued.
       ``(2)(A) The Comptroller General shall provide a report on 
     each major rule to the committees of jurisdiction by the end 
     of 15 calendar days after the submission or publication date. 
     The report of the Comptroller General shall include an 
     assessment of the agency's compliance with procedural steps 
     required by paragraph (1)(B) and an assessment of whether the 
     major rule imposes any new limits or mandates on private-
     sector activity.
       ``(B) Federal agencies shall cooperate with the Comptroller 
     General by providing information relevant to the Comptroller 
     General's report under subparagraph (A).
       ``(3) A major rule relating to a report submitted under 
     paragraph (1) shall take effect upon enactment of a joint 
     resolution of approval described in section 802 or as 
     provided for in the rule following enactment of a joint 
     resolution of approval described in section 802, whichever is 
     later.
       ``(4) A nonmajor rule shall take effect as provided by 
     section 803 after submission to Congress under paragraph (1).

[[Page S1638]]

       ``(5) If a joint resolution of approval relating to a major 
     rule is not enacted within the period provided in subsection 
     (b)(2), then a joint resolution of approval relating to the 
     same rule may not be considered under this chapter in the 
     same Congress by either the House of Representatives or the 
     Senate.
       ``(b)(1) A major rule shall not take effect unless the 
     Congress enacts a joint resolution of approval described 
     under section 802.
       ``(2) If a joint resolution described in subsection (a) is 
     not enacted into law by the end of 70 session days or 
     legislative days, as applicable, beginning on the date on 
     which the report referred to in section 801(a)(1)(A) is 
     received by Congress (excluding days either House of Congress 
     is adjourned for more than 3 days during a session of 
     Congress), then the rule described in that resolution shall 
     be deemed not to be approved and such rule shall not take 
     effect.
       ``(c)(1) Notwithstanding any other provision of this 
     section (except subject to paragraph (3)), a major rule may 
     take effect for one 90-calendar-day period if the President 
     makes a determination under paragraph (2) and submits written 
     notice of such determination to the Congress.
       ``(2) Paragraph (1) applies to a determination made by the 
     President by Executive order that the major rule should take 
     effect because such rule is--
       ``(A) necessary because of an imminent threat to health or 
     safety or other emergency;
       ``(B) necessary for the enforcement of criminal laws;
       ``(C) necessary for national security; or
       ``(D) issued pursuant to any statute implementing an 
     international trade agreement.
       ``(3) An exercise by the President of the authority under 
     this subsection shall have no effect on the procedures under 
     section 802.
       ``(d)(1) In addition to the opportunity for review 
     otherwise provided under this chapter, in the case of any 
     rule for which a report was submitted in accordance with 
     subsection (a)(1)(A) during the period beginning on the date 
     occurring--
       ``(A) in the case of the Senate, 60 session days; or
       ``(B) in the case of the House of Representatives, 60 
     legislative days,

     before the date the Congress is scheduled to adjourn a 
     session of Congress through the date on which the same or 
     succeeding Congress first convenes its next session, sections 
     802 and 803 shall apply to such rule in the succeeding 
     session of Congress.
       ``(2)(A) In applying sections 802 and 803 for purposes of 
     such additional review, a rule described under paragraph (1) 
     shall be treated as though--
       ``(i) such rule were published in the Federal Register on--
       ``(I) in the case of the Senate, the 15th session day; or
       ``(II) in the case of the House of Representatives, the 
     15th legislative day,

     after the succeeding session of Congress first convenes; and
       ``(ii) a report on such rule were submitted to Congress 
     under subsection (a)(1) on such date.
       ``(B) Nothing in this paragraph shall be construed to 
     affect the requirement under subsection (a)(1) that a report 
     shall be submitted to Congress before a rule can take effect.
       ``(3) A rule described under paragraph (1) shall take 
     effect as otherwise provided by law (including other 
     subsections of this section).

     ``Sec. 802. Congressional approval procedure for major rules

       ``(a)(1) For purposes of this section, the term `joint 
     resolution' means only a joint resolution addressing a report 
     classifying a rule as major pursuant to section 
     801(a)(1)(A)(iii) that--
       ``(A) bears no preamble;
       ``(B) bears the following title (with blanks filled as 
     appropriate): `Approving the rule submitted by ___ relating 
     to ___.';
       ``(C) includes after its resolving clause only the 
     following (with blanks filled as appropriate): `That Congress 
     approves the rule submitted by ___ relating to ___.'; and
       ``(D) is introduced pursuant to paragraph (2).
       ``(2) After a House of Congress receives a report 
     classifying a rule as major pursuant to section 
     801(a)(1)(A)(iii), the majority leader of that House (or his 
     or her respective designee) shall introduce (by request, if 
     appropriate) a joint resolution described in paragraph (1)--
       ``(A) in the case of the House of Representatives, within 3 
     legislative days; and
       ``(B) in the case of the Senate, within 3 session days.
       ``(3) A joint resolution described in paragraph (1) shall 
     not be subject to amendment at any stage of proceeding.
       ``(b) A joint resolution described in subsection (a) shall 
     be referred in each House of Congress to the committees 
     having jurisdiction over the provision of law under which the 
     rule is issued.
       ``(c) In the Senate, if the committee or committees to 
     which a joint resolution described in subsection (a) has been 
     referred have not reported it at the end of 15 session days 
     after its introduction, such committee or committees shall be 
     automatically discharged from further consideration of the 
     resolution and it shall be placed on the calendar. A vote on 
     final passage of the resolution shall be taken on or before 
     the close of the 15th session day after the resolution is 
     reported by the committee or committees to which it was 
     referred, or after such committee or committees have been 
     discharged from further consideration of the resolution.
       ``(d)(1) In the Senate, when the committee or committees to 
     which a joint resolution is referred have reported, or when a 
     committee or committees are discharged (under subsection (c)) 
     from further consideration of a joint resolution described in 
     subsection (a), it is at any time thereafter in order (even 
     though a previous motion to the same effect has been 
     disagreed to) for a motion to proceed to the consideration of 
     the joint resolution, and all points of order against the 
     joint resolution (and against consideration of the joint 
     resolution) are waived. The motion is not subject to 
     amendment, or to a motion to postpone, or to a motion to 
     proceed to the consideration of other business. A motion to 
     reconsider the vote by which the motion is agreed to or 
     disagreed to shall not be in order. If a motion to proceed to 
     the consideration of the joint resolution is agreed to, the 
     joint resolution shall remain the unfinished business of the 
     Senate until disposed of.
       ``(2) In the Senate, debate on the joint resolution, and on 
     all debatable motions and appeals in connection therewith, 
     shall be limited to not more than 2 hours, which shall be 
     divided equally between those favoring and those opposing the 
     joint resolution. A motion to further limit debate is in 
     order and not debatable. An amendment to, or a motion to 
     postpone, or a motion to proceed to the consideration of 
     other business, or a motion to recommit the joint resolution 
     is not in order.
       ``(3) In the Senate, immediately following the conclusion 
     of the debate on a joint resolution described in subsection 
     (a), and a single quorum call at the conclusion of the debate 
     if requested in accordance with the rules of the Senate, the 
     vote on final passage of the joint resolution shall occur.
       ``(4) Appeals from the decisions of the Chair relating to 
     the application of the rules of the Senate to the procedure 
     relating to a joint resolution described in subsection (a) 
     shall be decided without debate.
       ``(e) In the House of Representatives, if any committee to 
     which a joint resolution described in subsection (a) has been 
     referred has not reported it to the House at the end of 15 
     legislative days after its introduction, such committee shall 
     be discharged from further consideration of the joint 
     resolution, and it shall be placed on the appropriate 
     calendar. On the second and fourth Thursdays of each month it 
     shall be in order at any time for the Speaker to recognize a 
     Member who favors passage of a joint resolution that has 
     appeared on the calendar for at least 5 legislative days to 
     call up that joint resolution for immediate consideration in 
     the House without intervention of any point of order. When so 
     called up a joint resolution shall be considered as read and 
     shall be debatable for 1 hour equally divided and controlled 
     by the proponent and an opponent, and the previous question 
     shall be considered as ordered to its passage without 
     intervening motion. It shall not be in order to reconsider 
     the vote on passage. If a vote on final passage of the joint 
     resolution has not been taken by the third Thursday on which 
     the Speaker may recognize a Member under this subsection, 
     such vote shall be taken on that day.
       ``(f)(1) If, before passing a joint resolution described in 
     subsection (a), one House receives from the other a joint 
     resolution having the same text, then--
       ``(A) the joint resolution of the other House shall not be 
     referred to a committee; and
       ``(B) the procedure in the receiving House shall be the 
     same as if no joint resolution had been received from the 
     other House until the vote on passage, when the joint 
     resolution received from the other House shall supplant the 
     joint resolution of the receiving House.
       ``(2) This subsection shall not apply to the House of 
     Representatives if the joint resolution received from the 
     Senate is a revenue measure.
       ``(g) If either House has not taken a vote on final passage 
     of the joint resolution by the last day of the period 
     described in section 801(b)(2), then such vote shall be taken 
     on that day.
       ``(h) This section and section 803 are enacted by 
     Congress--
       ``(1) as an exercise of the rulemaking power of the Senate 
     and House of Representatives, respectively, and as such is 
     deemed to be part of the rules of each House, respectively, 
     but applicable only with respect to the procedure to be 
     followed in that House in the case of a joint resolution 
     described in subsection (a) and superseding other rules only 
     where explicitly so; and
       ``(2) with full recognition of the constitutional right of 
     either House to change the rules (so far as they relate to 
     the procedure of that House) at any time, in the same manner 
     and to the same extent as in the case of any other rule of 
     that House.

     ``Sec. 803. Congressional disapproval procedure for nonmajor 
       rules

       ``(a) For purposes of this section, the term `joint 
     resolution' means only a joint resolution introduced in the 
     period beginning on the date on which the report referred to 
     in section 801(a)(1)(A) is received by Congress and ending 60 
     days thereafter (excluding days either House of Congress is 
     adjourned for more than 3 days during a session of Congress), 
     the matter after the resolving clause of which is as follows: 
     `That Congress disapproves the nonmajor rule submitted by the

[[Page S1639]]

     ___ relating to ___, and such rule shall have no force or 
     effect.' (The blank spaces being appropriately filled in).
       ``(b) A joint resolution described in subsection (a) shall 
     be referred to the committees in each House of Congress with 
     jurisdiction.
       ``(c) In the Senate, if the committee to which is referred 
     a joint resolution described in subsection (a) has not 
     reported such joint resolution (or an identical joint 
     resolution) at the end of 15 session days after the date of 
     introduction of the joint resolution, such committee may be 
     discharged from further consideration of such joint 
     resolution upon a petition supported in writing by 30 Members 
     of the Senate, and such joint resolution shall be placed on 
     the calendar.
       ``(d)(1) In the Senate, when the committee to which a joint 
     resolution is referred has reported, or when a committee is 
     discharged (under subsection (c)) from further consideration 
     of a joint resolution described in subsection (a), it is at 
     any time thereafter in order (even though a previous motion 
     to the same effect has been disagreed to) for a motion to 
     proceed to the consideration of the joint resolution, and all 
     points of order against the joint resolution (and against 
     consideration of the joint resolution) are waived. The motion 
     is not subject to amendment, or to a motion to postpone, or 
     to a motion to proceed to the consideration of other 
     business. A motion to reconsider the vote by which the motion 
     is agreed to or disagreed to shall not be in order. If a 
     motion to proceed to the consideration of the joint 
     resolution is agreed to, the joint resolution shall remain 
     the unfinished business of the Senate until disposed of.
       ``(2) In the Senate, debate on the joint resolution, and on 
     all debatable motions and appeals in connection therewith, 
     shall be limited to not more than 10 hours, which shall be 
     divided equally between those favoring and those opposing the 
     joint resolution. A motion to further limit debate is in 
     order and not debatable. An amendment to, or a motion to 
     postpone, or a motion to proceed to the consideration of 
     other business, or a motion to recommit the joint resolution 
     is not in order.
       ``(3) In the Senate, immediately following the conclusion 
     of the debate on a joint resolution described in subsection 
     (a), and a single quorum call at the conclusion of the debate 
     if requested in accordance with the rules of the Senate, the 
     vote on final passage of the joint resolution shall occur.
       ``(4) Appeals from the decisions of the Chair relating to 
     the application of the rules of the Senate to the procedure 
     relating to a joint resolution described in subsection (a) 
     shall be decided without debate.
       ``(e) In the Senate, the procedure specified in subsection 
     (c) or (d) shall not apply to the consideration of a joint 
     resolution respecting a nonmajor rule--
       ``(1) after the expiration of the 60 session days beginning 
     with the applicable submission or publication date; or
       ``(2) if the report under section 801(a)(1)(A) was 
     submitted during the period referred to in section 801(d)(1), 
     after the expiration of the 60 session days beginning on the 
     15th session day after the succeeding session of Congress 
     first convenes.
       ``(f) If, before the passage by one House of a joint 
     resolution of that House described in subsection (a), that 
     House receives from the other House a joint resolution 
     described in subsection (a), then the following procedures 
     shall apply:
       ``(1) The joint resolution of the other House shall not be 
     referred to a committee.
       ``(2) With respect to a joint resolution described in 
     subsection (a) of the House receiving the joint resolution--
       ``(A) the procedure in that House shall be the same as if 
     no joint resolution had been received from the other House; 
     but
       ``(B) the vote on final passage shall be on the joint 
     resolution of the other House.

     ``Sec. 804. Definitions

       ``For purposes of this chapter:
       ``(1) The term `Federal agency' means--
       ``(A) the Board of Governors of the Federal Reserve System;
       ``(B) the Office of the Comptroller of the Currency;
       ``(C) the Federal Deposit Insurance Corporation;
       ``(D) the National Credit Union Administration;
       ``(E) the Securities and Exchange Commission;
       ``(F) the Commodity Futures Trading Commission;
       ``(G) the Federal Housing Finance Agency;
       ``(H) the Farm Credit Administration; and
       ``(I) the Bureau of Consumer Financial Protection.
       ``(2) The term `major rule' means any rule, including an 
     interim final rule, that the Administrator of the Office of 
     Information and Regulatory Affairs of the Office of 
     Management and Budget finds has resulted in or is likely to 
     result in--
       ``(A) an annual effect on the economy of $100 million or 
     more;
       ``(B) a major increase in costs or prices for consumers, 
     individual industries, Federal, State, or local government 
     agencies, or geographic regions; or
       ``(C) significant adverse effects on competition, 
     employment, investment, productivity, innovation, or on the 
     ability of United States-based enterprises to compete with 
     foreign-based enterprises in domestic and export markets.
       ``(3) The term `nonmajor rule' means any rule that is not a 
     major rule.
       ``(4) The term `rule' has the meaning given such term in 
     section 551, except that such term does not include--
       ``(A) any rule of particular applicability, including a 
     rule that approves or prescribes for the future rates, wages, 
     prices, services, or allowances therefore, corporate or 
     financial structures, reorganizations, mergers, or 
     acquisitions thereof, or accounting practices or disclosures 
     bearing on any of the foregoing;
       ``(B) any rule relating to agency management or personnel; 
     or
       ``(C) any rule of agency organization, procedure, or 
     practice that does not substantially affect the rights or 
     obligations of non-agency parties.
       ``(5) The term `submission or publication date', except as 
     otherwise provided in this chapter, means--
       ``(A) in the case of a major rule, the date on which the 
     Congress receives the report submitted under section 
     801(a)(1); and
       ``(B) in the case of a nonmajor rule, the later of--
       ``(i) the date on which the Congress receives the report 
     submitted under section 801(a)(1); and
       ``(ii) the date on which the nonmajor rule is published in 
     the Federal Register, if so published.

     ``Sec. 805. Judicial review

       ``(a) No determination, finding, action, or omission under 
     this chapter shall be subject to judicial review.
       ``(b) Notwithstanding subsection (a), a court may determine 
     whether a Federal agency has completed the necessary 
     requirements under this chapter for a rule to take effect.
       ``(c) The enactment of a joint resolution of approval under 
     section 802 shall not be interpreted to serve as a grant or 
     modification of statutory authority by Congress for the 
     promulgation of a rule, shall not extinguish or affect any 
     claim, whether substantive or procedural, against any alleged 
     defect in a rule, and shall not form part of the record 
     before the court in any judicial proceeding concerning a rule 
     except for purposes of determining whether or not the rule is 
     in effect.

     ``Sec. 806. Exemption for monetary policy

       ``Nothing in this chapter shall apply to rules that concern 
     monetary policy proposed or implemented by the Board of 
     Governors of the Federal Reserve System or the Federal Open 
     Market Committee.

     ``Sec. 807. Effective date of certain rules

       ``Notwithstanding section 801--
       ``(1) any rule that establishes, modifies, opens, closes, 
     or conducts a regulatory program for a commercial, 
     recreational, or subsistence activity related to hunting, 
     fishing, or camping; or
       ``(2) any rule other than a major rule which an agency for 
     good cause finds (and incorporates the finding and a brief 
     statement of reasons therefore in the rule issued) that 
     notice and public procedure thereon are impracticable, 
     unnecessary, or contrary to the public interest,

     shall take effect at such time as the Federal agency 
     promulgating the rule determines.''.
       (d) Budgetary Effects of Rules Subject to Section 802 of 
     Title 5, United States Code.--Section 257(b)(2) of the 
     Balanced Budget and Emergency Deficit Control Act of 1985 (2 
     U.S.C. 907(b)(2)) is amended by adding at the end the 
     following new subparagraph:
       ``(E) Budgetary effects of rules subject to section 802 of 
     title 5, united states code.--Any rules subject to the 
     congressional approval procedure set forth in section 802 of 
     chapter 8 of title 5, United States Code, affecting budget 
     authority, outlays, or receipts shall be assumed to be 
     effective unless it is not approved in accordance with such 
     section.''.
       (e) Government Accountability Office Study of Rules.--
       (1) In general.--The Comptroller General of the United 
     States shall conduct a study to determine, as of the date of 
     the enactment of this Act--
       (A) how many rules (as such term is defined in section 804 
     of title 5, United States Code) were in effect;
       (B) how many major rules (as such term is defined in 
     section 804 of title 5, United States Code) were in effect; 
     and
       (C) the total estimated economic cost imposed by all such 
     rules.
       (2) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit a report to Congress that contains the 
     findings of the study conducted under paragraph (1).
                                 ______
                                 
  SA 2202. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 2151 proposed by Mr. McConnell (for Mr. Crapo (for 
himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr. Warner)) to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. FAIR ATM FEES.

       (a) Amendment to the Electronic Fund Transfer Act.--Section 
     904(d)(3) of the Electronic Fund Transfer Act (15 U.S.C. 
     1693b(d)(3)) is amended--

[[Page S1640]]

       (1) in subparagraph (A), by striking the subparagraph 
     heading and inserting the following:
       ``(A) Fee disclosure.--'';
       (2) by redesignating subparagraph (D) as subparagraph (E); 
     and
       (3) by inserting after subparagraph (C) the following:
       ``(D) Regulation of fees.--The regulations prescribed under 
     paragraph (1) shall require--
       ``(i) any fee charged by an automated teller machine 
     operator for a transaction conducted at that automated teller 
     machine to bear a reasonable relation to the cost of 
     processing the transaction, and in no case shall any such fee 
     exceed $2.00; and
       ``(ii) any fee charged by a financial institution for a 
     transaction conducted at an automated teller machine to bear 
     a reasonable relation to the cost of processing the 
     transaction by the financial institution, and in no case 
     shall any such fee exceed $2.00.''.
       (b) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 60 days after the date 
     of enactment of this Act.
       (c) Rulemaking.--Not later than 60 days after the date of 
     enactment of this Act, the Bureau of Consumer Financial 
     Protection shall promulgate regulations to carry out this 
     section and the amendments made by this section.
                                 ______
                                 
  SA 2203. Ms. HARRIS submitted an amendment intended to be proposed by 
her to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ____. REPORT ON ERRORS BY CONSUMER REPORTING AGENCIES.

       The Bureau of Consumer Financial Protection shall submit to 
     Congress a report on the errors made by consumer reporting 
     agencies that damage the credit of consumers.
                                 ______
                                 
  SA 2204. Ms. HARRIS submitted an amendment intended to be proposed by 
her to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REQUIREMENT OF BANKS THAT RECEIVE TAXPAYER-FUNDED 
                   BAILOUTS TO DISCHARGE STUDENT LOAN DEBT.

       Notwithstanding any other provision of law, any bank that 
     receives a taxpayer-funded bailout similar to the relief 
     provided under the Troubled Asset Relief Program established 
     under title I of the Emergency Economic Stabilization Act of 
     2008 (12 U.S.C. 5211 et seq.) shall discharge any student 
     loan debt held by the bank.
                                 ______
                                 
  SA 2205. Ms. HARRIS submitted an amendment intended to be proposed by 
her to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. VISITORIAL POWERS.

       (a) In General.--The sixth undesignated paragraph of 
     section 5240 of the Revised Statutes (12 U.S.C. 484) is 
     amended by striking subparagraph (B) and inserting the 
     following:
       ``(B) Notwithstanding subparagraph (A)--
       ``(i) lawfully authorized State auditors and examiners may, 
     at reasonable times and upon reasonable notice to a bank, 
     review its records solely to ensure compliance with 
     applicable State unclaimed property or escheat laws upon 
     reasonable cause to believe that the bank has failed to 
     comply with such laws;
       ``(ii) an attorney general (or other chief law enforcement 
     officer) of a State may issue subpoenas or administer 
     oversight and examination to national banks or officers of 
     national banks based upon reasonable cause to believe that 
     the national bank or an officer of a national bank has failed 
     to comply with applicable State laws; and
       ``(iii) national banks shall submit to an attorney general 
     (or other chief law enforcement officer) of a State aggregate 
     loan data, types of products, any other information that the 
     national bank determines is appropriate for each State.''.
       (b) Report.--The Comptroller General of the United States 
     shall submit to Congress a report on how many enforcement 
     actions could have been initiated after the financial crisis 
     if State attorneys general had visitorial powers.

     SEC. ___. REQUIREMENT OF BANKS THAT RECEIVE TAXPAYER-FUNDED 
                   BAILOUTS TO DISCHARGE STUDENT LOAN DEBT.

       Notwithstanding any other provision of law, any bank that 
     receives a taxpayer-funded bailout similar to the relief 
     provided under the Troubled Asset Relief Program established 
     under title I of the Emergency Economic Stabilization Act of 
     2008 (12 U.S.C. 5211 et seq.) shall discharge any student 
     loan debt held by the bank.
                                 ______
                                 
  SA 2206. Mr. LEE (for himself and Mr. Rubio) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. REPEAL OF FIDUCIARY RULE OF DEPARTMENT OF LABOR.

       The final rule of the Department of Labor entitled 
     ``Definition of the Term `Fiduciary'; Conflict of Interest 
     Rule--Retirement Investment Advice'', published April 8, 2016 
     (81 Fed. Reg. 20946), shall have no force or effect.
                                 ______
                                 
  SA 2207. Mr. UDALL submitted an amendment intended to be proposed to 
amendment SA 2151 proposed by Mr. McConnell (for Mr. Crapo (for 
himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr. Warner)) to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 106, strike lines 1 through 7.
                                 ______
                                 
  SA 2208. Mr. KENNEDY (for himself and Mr. Schatz) submitted an 
amendment intended to be proposed to amendment SA 2152 proposed by Mr. 
Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr. 
Warner) to the amendment SA 2151 proposed by Mr. McConnell (for Mr. 
Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr. 
Warner)) to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. FAIR AND ACCURATE INFORMATION REPORTING FOR 
                   CONSUMERS.

       (a) Free and Easy Access to Personal Data.--Section 
     612(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 
     1681j(a)(1)) is amended by adding at the end the following:
       ``(D) Online consumer portal.--
       ``(i) In general.--Not later than 180 days after the date 
     of enactment of this subparagraph, each consumer reporting 
     agency described in section 603(p) shall develop an online 
     consumer portal that gives each consumer--

       ``(I) unlimited free access to--

       ``(aa) the consumer report of the consumer;
       ``(bb) the means by which the consumer may exercise the 
     rights of the consumer under subparagraph (E) and section 
     604(e)(2)(B);
       ``(cc) the ability to initiate a dispute with the consumer 
     reporting agency regarding the accuracy or completeness of 
     any information in a report in accordance with section 
     623(a)(3);
       ``(dd) the ability to freeze a consumer report for free;
       ``(ee) if the consumer reporting agency offers a product to 
     consumers to prevent access to the consumer report of the 
     consumer for the purpose of preventing identity theft, a 
     disclosure to the consumer regarding the differences between 
     that product and a credit freeze; and
       ``(ff) information on who has accessed the consumer report 
     of the consumer and for what permissible purpose the consumer 
     report was furnished in accordance with section 604 and 
     section 609; and

       ``(II) access to a free, annual credit score of the 
     consumer in accordance with section 609(f)(7)(A).

       ``(ii) No waiver.--A consumer reporting agency described in 
     section 603(p) may not require a consumer to waive any legal 
     or privacy rights to access--

       ``(I) a portal established under this subparagraph; or
       ``(II) any of the services described in subclauses (I) or 
     (II) of clause (i) that are provided through a portal 
     established under this subparagraph.

       ``(iii) No advertising or solicitations.--A portal 
     established under this subparagraph may not contain any 
     advertising, marketing offers, or other solicitations.
       ``(E) Opt-out options.--
       ``(i) In general.--If a consumer reporting agency sells or 
     shares consumer information in a manner that is not a 
     consumer report, the consumer reporting agency shall provide 
     each consumer with a clear, free method, through a website, 
     by phone, or in writing, by which the consumer may elect not 
     to have the information of the consumer so sold or shared.
       ``(ii) No expiration.--An election made by a consumer under 
     regulations promulgated under clause (i) shall expire on the 
     date on which the consumer expressly revokes the election 
     through a website, by phone, or in writing.''.
       (b) Accuracy in Credit Reports.--Section 607 of the Fair 
     Credit Reporting Act (15

[[Page S1641]]

     U.S.C. 1681e) is amended by striking subsection (b) and 
     inserting the following:
       ``(b) Ensuring Accuracy.--
       ``(1) In general.--Whenever a consumer reporting agency 
     prepares a consumer report it shall follow reasonable 
     procedures to assure maximum possible accuracy of the 
     information concerning the individual about whom the report 
     relates.
       ``(2) Matching.--In assuring the maximum possible accuracy 
     under paragraph (1), each consumer reporting agency described 
     in section 603(p) shall ensure that, when including 
     information in the file of a consumer, the consumer reporting 
     agency matches all 9 digits of the social security number of 
     the consumer with the information that the consumer reporting 
     agency is including in the file.
       ``(3) Periodic audits.--Each consumer reporting agency 
     shall perform periodic audits on a representative sample of 
     consumer reports to check for accuracy.''.
       (c) Improved Dispute Process for Consumer Reporting 
     Agencies.--
       (1) Responsibilities of furnishers of information to 
     consumer reporting agencies.--Section 623(a)(8)(F)(i)(II) of 
     the Fair Credit Reporting Act (15 U.S.C. 1681s-
     2(a)(8)(F)(i)(II)) is amended by inserting ``, and does not 
     include any new or additional information that would be 
     relevant to a reinvestigation'' before the period at the end.
       (2) FTC obmudsperson.--Section 611(a) of the Fair Credit 
     Reporting Act (15 U.S.C. 1681i(a)) is amended by adding at 
     the end the following:
       ``(9) FTC ombudsperson.--
       ``(A) In general.--Not later than 180 days after the date 
     of enactment of this paragraph, the Federal Trade Commission 
     shall create the position of ombudsperson for the purpose of 
     resolving persistent errors that are not resolved in a timely 
     manner by a consumer reporting agency or addressing 
     violations of paragraph (5).
       ``(B) Civil fines.--The ombudsperson described in 
     subparagraph (A) may levy a civil fine of not more than 
     $3,500 per violation on a consumer reporting agency if the 
     consumer reporting agency repeatedly fails to resolve 
     disputes in a timely manner or to comply with paragraph 
     (5).''.
       (3) Provision and consideration of documentation provided 
     by consumers.--The Fair Credit Reporting Act (15 U.S.C. 1681 
     et seq.) is amended--
       (A) in section 611 (15 U.S.C. 1681i)--
       (i) in subsection (a)--

       (I) in paragraph (1), by adding at the end the following:

       ``(D) Obligations of consumer reporting agencies relating 
     to reinvestigations.--Commensurate with the volume and 
     complexity of disputes about which a consumer reporting 
     agency receives notice, or reasonably anticipates to receive 
     notice, under this paragraph, each consumer reporting agency 
     shall--
       ``(i) maintain sufficient personnel to conduct 
     reinvestigations of those disputes; and
       ``(ii) provide training with respect to the personnel 
     described in clause (i).'';

       (II) in paragraph (2)--

       (aa) in subparagraph (A), in the second sentence, by 
     inserting ``, including all documentation provided by the 
     consumer'' after ``received from the consumer or reseller''; 
     and
       (bb) in subparagraph (B), by inserting ``, including all 
     documentation provided by the consumer,'' after ``from the 
     consumer or the reseller'';

       (III) in paragraph (4), by inserting ``, including all 
     documentation,'' after ``relevant information''; and
       (IV) in paragraph (6)(B)--

       (aa) by striking clause (iii) and inserting the following:
       ``(iii) a description of the actions taken by the consumer 
     reporting agency regarding the dispute;
       ``(iv) if applicable, contact information for any furnisher 
     involved in responding to the dispute and a description of 
     the role played by the furnisher in the reinvestigation 
     process;
       ``(v) a description of the results of the dispute, 
     including if applicable the specific modification or deletion 
     of information that was made to the file of the consumer 
     following the reinvestigation; and
       ``(vi) the options available to the consumer if the 
     consumer is dissatisfied with the result, including--

       ``(I) submitting documents in support of the dispute;
       ``(II) adding a consumer statement to the file;
       ``(III) filing a dispute with the furnisher; and
       ``(IV) submitting a complaint against the consumer 
     reporting agency or furnishers through the consumer complaint 
     database of the Bureau, the ombudsperson of the Federal Trade 
     Commission, or the State attorney general for the State in 
     which the consumer resides.'';

       (ii) in subsection (e), by adding at the end the following:
       ``(6) Notification of deletion of information.--A consumer 
     reporting agency described in section 603(p) shall 
     communicate with other consumer reporting agencies described 
     in section 603(p) to ensure that a dispute initiated with one 
     consumer reporting agency is reflected in a file maintained 
     by the other consumer reporting agencies described in section 
     603(p).'';
       (iii) in subsection (f)(2)(B)(ii), by inserting ``, 
     including all documentation,'' after ``relevant 
     information''; and
       (B) in section 623 (15 U.S.C. 1681s-2)--
       (i) in subsection (a)(8)(E), by striking clause (ii) and 
     inserting the following:
       ``(ii) review and consider all relevant information, 
     including all documentation, provided by the consumer with 
     the notice;''; and
       (ii) in subsection (b)(1), by striking subparagraph (B) and 
     inserting the following:
       ``(B) review and consider all relevant information, 
     including all documentation, provided by the consumer 
     reporting agency under section 611(a)(2);''.
       (4) Injunctive relief.--The Fair Credit Reporting Act (15 
     U.S.C. 1681 et seq.) is amended--
       (A) in section 616 (15 U.S.C. 1681n)--
       (i) in subsection (a), in the subsection heading, by 
     striking ``(a) In General.--'' and inserting ``(a) Damages.--
     '';
       (ii) by redesignating subsections (c) and (d) as 
     subsections (d) and (e), respectively; and
       (iii) by inserting after subsection (b) the following:
       ``(c) Injunctive Relief.--
       ``(1) In general.--In addition to any other remedy under 
     this section, a court may award injunctive relief to require 
     compliance with the requirements imposed under this title 
     with respect to any consumer.
       ``(2) Costs and attorney's fees.--In the event of any 
     successful action for injunctive relief under this 
     subsection, a court may award to the prevailing party costs 
     and reasonable attorney's fees (as determined by the court) 
     incurred by the prevailing party during the action.''; and
       (B) in section 617 (15 U.S.C. 1681o)--
       (i) in subsection (a), in the subsection heading, by 
     striking ``(a) In General.--'' and inserting ``(a) Damages.--
     '';
       (ii) by redesignating subsection (b) as subsection (c); and
       (iii) by inserting after subsection (a) the following:
       ``(b) Injunctive Relief.--
       ``(1) In general.--In addition to any other remedy under 
     this section, a court may award injunctive relief to require 
     compliance with the requirements imposed under this title 
     with respect to any consumer.
       ``(2) Costs and attorney's fees.--In the event of any 
     successful action for injunctive relief under this 
     subsection, a court may award to the prevailing party costs 
     and reasonable attorney's fees (as determined by the court) 
     incurred by the prevailing party during the action.''.
       (5) Enforcement.--Section 615(h)(8) of the Fair Credit 
     Reporting Act (15 U.S.C. 1681m(h)(8)) is amended--
       (A) in subparagraph (A), by striking ``section'' and 
     inserting ``subsection''; and
       (B) in subparagraph (B), by striking ``This section'' and 
     inserting ``This subsection''.
       (d) Increased Transparency.--
       (1) Disclosures to consumers.--Section 609 of the Fair 
     Credit Reporting Act (15 U.S.C. 1681g) is amended--
       (A) in subsection (a)(3)(B)--
       (i) in clause (i), by striking ``and'' at the end; and
       (ii) by striking clause (ii) and inserting the following:
       ``(ii) the address and telephone number of the person; and
       ``(iii) the permissible purpose of the person for obtaining 
     the consumer report, including the specific type of credit 
     product that is extended, reviewed, or collected, as 
     described in section 604(a)(3)(A).'';
       (B) in subsection (f)--
       (i) by amending paragraph (7)(A) to read as follows:
       ``(A) supply the consumer with a credit score through the 
     portal established under section 612(a)(1)(D) or as requested 
     by the consumer, as applicable, that--
       ``(i) is derived from a credit scoring model that is widely 
     distributed to users by the consumer reporting agency for the 
     purpose of any extension of credit or other transaction 
     designated by the consumer who is requesting the credit 
     score; or
       ``(ii) is widely distributed to lenders of common consumer 
     loan products and predicts the future credit behavior of the 
     consumer; and''; and
       (ii) in paragraph (8), by inserting ``, except that a 
     credit score shall be provided free of charge to the consumer 
     if requested in connection with a free annual consumer report 
     described in section 612(a)'' before the period at the end; 
     and
       (C) in subsection (g)(1)--
       (i) in subparagraph (A)(ii), by striking ``subparagraph 
     (D)'' and inserting ``subparagraph (C)'';
       (ii) in subparagraph (B)(ii), by striking ``consistent with 
     subparagraph (C)'';
       (iii) by striking subparagraph (C); and
       (iv) by redesignating subparagraphs (D) through (G) as 
     subparagraphs (C) through (F), respectively.
       (2) Notification requirements.--
       (A) Adverse information notification.--The Fair Credit 
     Reporting Act (15 U.S.C. 1681 et seq.) is amended--
       (i) in section 612 (15 U.S.C. 1681j), by striking 
     subsection (b) and inserting the following:
       ``(b) Free Disclosure After Notice of Adverse Action or 
     Offer of Credit on Materially Less Favorable Terms.--Not 
     later than 14 days after the date on which a consumer 
     reporting agency receives a notification under subsection 
     (a)(2) or (h)(6) of section 615, or from a debt collection 
     agency affiliated with the consumer reporting agency, the 
     consumer reporting agency shall make,

[[Page S1642]]

     without charge to the consumer, all disclosures required in 
     accordance with the rules prescribed by the Bureau.''; and
       (ii) in section 615(a) (15 U.S.C. 1681m(a))--

       (I) by redesignating paragraphs (2), (3), and (4) as 
     paragraphs (3), (4), and (5), respectively;
       (II) by inserting after paragraph (1) the following:

       ``(2) direct the consumer reporting agency that provided 
     the consumer report that was used in the decision to take the 
     adverse action to provide the consumer with the disclosures 
     described in section 612(b);''; and

       (III) in paragraph (5), as so redesignated--

       (aa) in the matter preceding subparagraph (A), by striking 
     ``of the consumer's right'';
       (bb) by striking subparagraph (A) and inserting the 
     following:
       ``(A) that the consumer shall receive a copy of the 
     consumer report with respect to the consumer, free of charge, 
     from the consumer reporting agency that furnished the 
     consumer report; and''; and
       (cc) in subparagraph (B), by inserting ``of the right of 
     the consumer'' before ``to dispute''.
       (B) Notification in cases of less favorable terms.--Section 
     615(h) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h)) 
     is amended--
       (i) in paragraph (1), by striking ``paragraph (6)'' and 
     inserting ``paragraph (7)'';
       (ii) in paragraph (2), by striking ``paragraph (6)'' and 
     inserting ``paragraph (7)'';
       (iii) in paragraph (5)(C), by striking ``may obtain'' and 
     inserting ``shall receive'';
       (iv) by redesignating paragraphs (6), (7), and (8) as 
     paragraphs (7), (8), and (9), respectively; and
       (v) by inserting after paragraph (5) the following:
       ``(6) Reports provided to consumers.--A person who uses a 
     consumer report as described in paragraph (1) shall notify 
     and direct the consumer reporting agency that provided the 
     consumer report to provide the consumer with the disclosures 
     described in section 612(b).''.
       (C) Notification of subsequent submissions of negative 
     information.--Section 623(a)(7)(A)(ii) of the Fair Credit 
     Reporting Act (15 U.S.C. 1681s-2(a)(7)(A)(ii)) is amended by 
     striking ``account, or customer'' and inserting ``or 
     account''.
       (3) Regulatory reform.--Section 621 of the Federal Credit 
     Reporting Act (15 U.S.C. 1681s) is amended by adding at the 
     end the following:
       ``(h) Consumer Reporting Agency Registry.--
       ``(1) Establishment of registry.--Not later than 180 days 
     after the date of enactment of this subsection, the Federal 
     Trade Commission shall establish a publicly available 
     registry of consumer reporting agencies that includes--
       ``(A) each consumer reporting agency that compiles and 
     maintains files on consumers on a nationwide basis;
       ``(B) each nationwide specialty consumer reporting agency;
       ``(C) all other consumer reporting agencies that are not 
     included under section 603(p) or 603(x); and
       ``(D) links to any relevant websites.
       ``(2) Registration requirement.--Each consumer reporting 
     agency shall register with a registry established by the 
     Federal Trade Commission under this subsection in a timeframe 
     established by the Commission.''.

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