[Congressional Record (Bound Edition), Volume 156 (2010), Part 5]
[Senate]
[Pages 6972-6983]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3762. Mr. LEAHY submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end of the bill, add the following:

 TITLE XIII--COMMISSION ON FREEDOM OF INFORMATION ACT PROCESSING DELAYS

     SEC. 1301. COMMISSION ON FREEDOM OF INFORMATION ACT 
                   PROCESSING DELAYS.

       (a) Short Title.--This section may be cited as the ``Faster 
     FOIA Act of 2010''.
       (b) Establishment.--There is established the Commission on 
     Freedom of Information

[[Page 6973]]

     Act Processing Delays (in this section referred to as the 
     ``Commission'' for the purpose of conducting a study relating 
     to methods to help reduce delays in processing requests 
     submitted to Federal agencies under section 552 of title 5, 
     United States Code (commonly referred to as the ``Freedom of 
     Information Act'').
       (c) Membership.--
       (1) In general.--The Commission shall be composed of 16 
     members of whom--
       (A) 3 shall be appointed by the chairman of the Committee 
     on the Judiciary of the Senate;
       (B) 3 shall be appointed by the ranking member of the 
     Committee on the Judiciary of the Senate;
       (C) 3 shall be appointed by the chairman of the Committee 
     on Government Reform of the House of Representatives;
       (D) 3 shall be appointed by the ranking member of the 
     Committee on Government Reform of the House of 
     Representatives;
       (E) 1 shall be appointed by the Attorney General of the 
     United States;
       (F) 1 shall be appointed by the Director of the Office of 
     Management and Budget;
       (G) 1 shall be appointed by the Archivist of the United 
     States; and
       (H) 1 shall be appointed by the Comptroller General of the 
     United States.
       (2) Qualifications of congressional appointees.--Of the 3 
     appointees under each of subparagraphs (A), (B), (C), and (D) 
     of paragraph (1) at least 2 shall have experience in academic 
     research in the fields of library science, information 
     management, or public access to Government information.
       (3) Timeliness of appointments.--Appointments to the 
     Commission shall be made as expeditiously as possible, but 
     not later than 60 days after the date of enactment of this 
     Act.
       (d) Study.--The Commission shall conduct a study to--
       (1) identify methods that--
       (A) will help reduce delays in the processing of requests 
     submitted to Federal agencies under section 552 of title 5, 
     United States Code; and
       (B) ensure the efficient and equitable administration of 
     that section throughout the Federal Government;
       (2) examine whether the system for charging fees and 
     granting waivers of fees under section 552 of title 5, United 
     States Code, needs to be reformed in order to reduce delays 
     in processing requests; and
       (3) examine and determine--
       (A) why the Federal Government's use of the exemptions 
     under section 552(b) of title 5, United States Code, 
     increased during fiscal year 2009;
       (B) the reasons for any increase, including whether the 
     increase was warranted and whether the increase contributed 
     to FOIA processing delays;
       (C) what efforts were made by Federal agencies to comply 
     with President Obama's January 21, 2009 Presidential 
     Memorandum on Freedom of Information Act Requests and whether 
     those efforts were successful; and
       (D) make recommendations on how the use of exemptions under 
     section 552(b) of title 5, United States Code, may be 
     limited.
       (e) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Commission shall submit a report 
     to Congress and the President containing the results of the 
     study under this section, which shall include--
       (1) a description of the methods identified by the study;
       (2) the conclusions and recommendations of the Commission 
     regarding--
       (A) each method identified; and
       (B) the charging of fees and granting of waivers of fees; 
     and
       (3) recommendations for legislative or administrative 
     actions to implement the conclusions of the Commission.
       (f) Staff and Administrative Support Services.--The 
     Archivist of the United States shall provide to the 
     Commission such staff and administrative support services, 
     including research assistance at the request of the 
     Commission, as necessary for the Commission to perform its 
     functions efficiently and in accordance with this section.
       (g) Information.--To the extent permitted by law, the heads 
     of executive agencies, the Government Accountability Office, 
     and the Congressional Research Service shall provide to the 
     Commission such information as the Commission may require to 
     carry out its functions.
       (h) Compensation of Members.--Members of the Commission 
     shall serve without compensation for services performed for 
     the Commission.
       (i) Travel Expenses.--The members of the Commission shall 
     be allowed travel expenses, including per diem in lieu of 
     subsistence, at rates authorized for employees of agencies 
     under subchapter I of chapter 57 of title 5, United States 
     Code, while away from their homes or regular places of 
     business in the performance of services for the Commission.
       (j) Applicability of Federal Advisory Committee Act.--The 
     Federal Advisory Committee Act (5 U.S.C. App.) shall apply to 
     the Commission.
       (k) Termination.--The Commission shall terminate 30 days 
     after the submission of the report under subsection (e).
                                 ______
                                 
  SA 3763. Mr. PRYOR submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 1013, line 18, strike ``and'' and all that follows 
     through line 20 and insert the following:
       ``(ii) a description of any internal review of rating 
     procedures and methodologies conducted by the nationally 
     recognized statistical rating organization;
       ``(iii) an evaluation of how well the nationally recognized 
     statistical rating organization adheres to the rating 
     procedures and methodologies of the nationally recognized 
     statistical rating organization;
       ``(iv) a narrative response agreeing or disagreeing with 
     the results of the most recent annual examination of the 
     nationally recognized statistical rating organization carried 
     out by the Commission under subsection (p)(3); and
       ``(v) a certification that the report is accurate and 
     complete.
       On page 1016, line 18, strike ``and'' and all that follows 
     through line 23 and insert the following:
       ``(viii) the policies of the nationally recognized 
     statistical rating organization governing the post-employment 
     activities of former staff of the nationally recognized 
     statistical rating organization;
       ``(ix) whether the nationally recognized statistical rating 
     organization sufficiently discloses the rating procedures and 
     methodologies of the nationally recognized statistical rating 
     organization; and
       ``(x) whether the rating procedures and methodologies of 
     the nationally recognized statistical rating organization are 
     sound.
                                 ______
                                 
  SA 3764. Mr. VITTER submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail,'' to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 1090, between lines 18 and 19, insert the 
     following:

     SEC. 974. EXEMPTION FOR NON-ACCELERATED FILERS.

       (a) In General.--Section 404 of the Sarbanes-Oxley Act of 
     2002 (15 U.S.C. 7262) is amended by adding at the end the 
     following:
       ``(c) Exemption for Smaller Issuers.--Subsection (b) shall 
     not apply with respect to any audit report prepared for an 
     issuer that is not an accelerated filer, with the meaning of 
     Rule 12b-2 of the Commission, as in effect on the date of 
     enactment of this subsection, or any successor thereto.''.
       (b) Study.--The Commission and the Comptroller General of 
     the United States shall jointly conduct a study to 
     determine--
       (1) how the Commission could reduce the burden of complying 
     with section 404(b) of the Sarbanes-Oxley Act of 2002 for 
     companies whose market capitalization is between $75,000,000 
     and $250,000,000 for the relevant reporting period, while 
     maintaining investor protections for such companies; and
       (2) whether any such methods of reducing the compliance 
     burden or a complete exemption for such companies from 
     compliance with such section 404(b) would encourage companies 
     to list on exchanges in the United States in the initial 
     public offerings of the companies.
       (c) Report to Congress.--Not later than 180 days after the 
     date of enactment of this Act, the Commission and the 
     Comptroller General shall submit to Congress a report of the 
     findings under the study required by subsection (b).
                                 ______
                                 
  SA 3765. Mr. FRANKEN (for himself, Mr. Durbin, and Mr. Whitehouse) 
submitted an amendment intended to be proposed to amendment SA 3739 
proposed by Mr. Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to 
the bill S. 3217, to promote the financial stability of the United 
States by improving accountability and transparency in the financial 
system, to end ``too big to fail'', to protect the American taxpayer by 
ending bailouts, to protect consumers from abusive financial services 
practices, and for other purposes; which was ordered to lie on the 
table; as follows:


[[Page 6974]]

       At the end of title II, add the following:

     SEC. 212. EXCEPTIONS TO DISCHARGE IN BANKRUPTCY.

       Section 523(a)(8) of title 11, United States Code, is 
     amended by striking ``dependents, for'' and all that follows 
     through the end of subparagraph (B) and inserting 
     ``dependents, for an educational benefit overpayment or loan 
     made, insured, or guaranteed by a governmental unit or made 
     under any program funded in whole or in part by a 
     governmental unit or an obligation to repay funds received 
     from a governmental unit as an educational benefit, 
     scholarship, or stipend;''.
                                 ______
                                 
  SA 3766. Mr. DURBIN submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail'', to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 1258, line 8, strike ``or''.
       On page 1258, line 11, strike the period and insert ``; 
     or''.
       On page 1258, between lines 11 and 12, insert the 
     following:
       (C) an insured depository institution or an insured credit 
     union with total assets of more than $1,000,000,000 and less 
     than $10,000,000,000, and any affiliate thereof--
       (i) which depository institution, credit union, or 
     affiliate, considered singly or collectively, extends, 
     services, or acquires a substantial amount of credit that is 
     extended to a consumer expressly, in whole or in part, for 
     postsecondary educational expenses, regardless of whether 
     such credit is provided by the educational institution that 
     the student attends; and
       (ii) only with respect to such activities relating to the 
     credit described in clause (i).
                                 ______
                                 
  SA 3767. Mr. DURBIN submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail'', to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 1289, strike lines 9 through 13.
       On page 1289, line 14, strike ``(p)'' and insert ``(o)''.
       On page 1289, line 18, strike ``(q)'' and insert ``(p)''.
       On page 1289, line 24, strike ``(r)'' and insert ``(q)''.
                                 ______
                                 
  SA 3768. Mr. DURBIN (for himself and Mr. Reed) submitted an amendment 
intended to be proposed to amendment SA 3739 proposed by Mr. Reid (for 
Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217, to 
promote the financial stability of the United States by improving 
accountability and transparency in the financial system, to end ``too 
big to fail'', to protect the American taxpayer by ending bailouts, to 
protect consumers from abusive financial services practices, and for 
other purposes; which was ordered to lie on the table; as follows:

       On page 1206, strike lines 14 through 21 and insert the 
     following:

            Subtitle A--Consumer Financial Protection Agency

     SEC. 1011. ESTABLISHMENT OF THE CONSUMER FINANCIAL PROTECTION 
                   AGENCY.

       (a) Establishment.--There is established the Consumer 
     Financial Protection Agency, which shall be an independent 
     establishment, as defined under section 104 of title 5, 
     United States Code, and shall regulate the provision of 
     consumer financial products or services under this title, the 
     enumerated consumer laws, and the authorities transferred 
     under subtitles F and H.
       On page 1210, strike line 1 and all that follows through 
     page 1211, line 19.
       On page 1235, line 24, strike ``, except that nothing'' and 
     all that follows through page 1236, line 3, and insert a 
     period.
       On page 1243, strike line 15 and all that follows through 
     page 1248, line 18.
       On page 1456, strike line 6 and all that follows through 
     page 1457, line 4, and insert the following:

     Inspector General Act of 1978 (5 U.S.C. App.) is amended in 
     section 8G(a)(2), by inserting ``the Consumer Financial 
     Protection Agency,'' before ``and the United States Postal 
     Service''.
       Strike ``Bureau of Consumer Financial Protection'' each 
     place that term appears and insert ``Consumer Financial 
     Protection Agency''.
       Strike ``Bureau'' each place that term appears and insert 
     ``Agency''.
                                 ______
                                 
  SA 3769. Mr. DURBIN submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail'', to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end of subtitle G of title X, add the following:

     SEC. 1077. REASONABLE FEES FOR ELECTRONIC DEBIT TRANSACTIONS.

       The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) 
     is amended--
       (1) by redesignating sections 920 and 921 as sections 921 
     and 922, respectively; and
       (2) by inserting after section 919 the following:

     ``SEC. 920. REASONABLE INTERCHANGE TRANSACTION FEES FOR 
                   ELECTRONIC DEBIT TRANSACTIONS.

       ``(a) Regulatory Authority.--The Board shall have authority 
     to establish rules, pursuant to section 553 of title 5, 
     United States Code, regarding any interchange transaction fee 
     that is charged with respect to an electronic debit 
     transaction.
       ``(b) Reasonable Fees.--The amount of any interchange 
     transaction fee that an issuer or payment card network may 
     charge with respect to an electronic debit transaction shall 
     be reasonable and proportional to the actual cost incurred by 
     the issuer or payment card network with respect to the 
     transaction.
       ``(c) Rulemaking Required.--The Board shall issue final 
     rules, not later than 9 months after the date of enactment of 
     the Consumer Financial Protection Act of 2010, to establish 
     standards for assessing whether the amount of any interchange 
     transaction fee described in subsection (b) is reasonable and 
     proportional to the actual cost incurred by the issuer or 
     payment card network with respect to the transaction.
       ``(d) Considerations.--In issuing rules required by this 
     section, the Board shall--
       ``(1) consider the functional similarity between--
       ``(A) electronic debit transactions; and
       ``(B) checking transactions that are required within the 
     Federal Reserve bank system to clear at par;
       ``(2) distinguish between--
       ``(A) the actual incremental cost incurred by an issuer or 
     payment card network for the role of the issuer or the 
     payment card network in the authorization, clearance, or 
     settlement of a particular electronic debit transaction, 
     which cost shall be considered under subsection (b); and
       ``(B) other costs incurred by an issuer or payment card 
     network which are not specific to a particular electronic 
     debit transaction, which costs shall not be considered under 
     subsection (b); and
       ``(3) consult with the Comptroller of the Currency, the 
     Board of Directors of the Federal Deposit Insurance 
     Corporation, the Director of the Office of Thrift 
     Supervision, the National Credit Union Administration Board, 
     the Administrator of the Small Business Administration, and 
     the Director of the Bureau of Consumer Financial Protection.
       ``(e) Exemption for Small Issuers.--This subsection shall 
     not apply to issuers that, together with affiliates, have 
     assets of less than $1,000,000,000, and the Board shall 
     exempt such issuers from rules issued under subsection (c).
       ``(f) Effective Date.--Subsection (b) shall become 
     effective 12 months after the date of enactment of the 
     Consumer Financial Protection Act of 2010.
       ``(g) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       ``(1) Debit card.--The term `debit card' means any card or 
     device issued or approved for use through a payment card 
     network to debit an asset account for the purpose of 
     transferring money between accounts or obtaining goods or 
     services, whether authorization is based on signature, PIN, 
     or other means.
       ``(2) Electronic debit transaction.--The term `electronic 
     debit transaction' means a transaction in which a person uses 
     a debit card or other similar device that has been approved 
     for use in a payment card network to debit an asset account 
     for the purpose of transferring money between accounts or 
     obtaining goods or services.
       ``(3) Interchange transaction fee.--The term `interchange 
     transaction fee' means any fee established by a payment card 
     network that has been established for the purpose of 
     compensating an issuer or payment card network for its 
     involvement in an electronic debit transaction.
       ``(4) Issuer.--The term `issuer' means a financial 
     institution that issues debit cards,

[[Page 6975]]

     stored-value cards, credit cards, or other similar devices 
     that have been approved for use in a payment card network.
       ``(5) Payment card network.--The term `payment card 
     network' means an entity that directly, or through licensed 
     members, processors, or agents, provides the proprietary 
     services, infrastructure, and software that route information 
     and data to conduct transaction authorization, clearance, and 
     settlement, and that a person is required to access in order 
     to accept as a form of payment a specific brand of accepted 
     card, or other means of access, including a debit card, 
     stored-value card, credit card, or other device that may be 
     used to carry out debit, prepaid, or credit transactions.
       ``(6) Stored-value card.--The term `stored-value card' 
     means any card or device issued or approved for use through a 
     payment card network that stores funds or monetary value in 
     any electronic format, whether or not specially encrypted, 
     that is capable of being retrieved and transferred 
     electronically. A stored-value card includes a prepaid debit 
     card or any other similar device, regardless of whether the 
     amount of the funds or monetary value may be increased or 
     reloaded.''.
                                 ______
                                 
  SA 3770. Mr. DURBIN submitted an amendment intended to be proposed to 
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and 
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail'', to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end of title X, add the following:

                   Subtitle I--Fair Credit Card Fees

     SEC. 1121. SHORT TITLE.

       This subtitle may be cited as the ``Fair Credit Card Fees 
     for Taxpayer Dollars Act of 2010''.

     SEC. 1122. DEFINITIONS.

       (a) Payment Card Network.--For purposes of this subtitle, 
     the term ``payment card network'' means an entity that 
     directly, or through licensed members, processors, or agents, 
     provides the proprietary services, infrastructure, and 
     software that route information and data to conduct 
     transaction authorization, clearance, and settlement, and 
     that a person is required to access in order to accept as a 
     form of payment a specific brand of accepted card, or other 
     means of access, including a debit card, credit card, or 
     other device that may be used to carry out debit or credit 
     transactions.
       (b) Federal Entity.--For purposes of this subtitle, the 
     term ``Federal entity'' means any Federal agency, department, 
     bureau, government corporation, or designated Federal entity, 
     as that term is defined in section 8G of the Inspector 
     General Act (5 U.S.C. App.).

     SEC. 1123. FAIR FEES FOR FEDERAL GOVERNMENT ACCEPTANCE OF 
                   PAYMENT CARDS.

       In any transaction in which a Federal entity accepts, as 
     payment for the sale of goods or services or for revenue 
     collection, a particular credit card, debit card, or similar 
     payment device bearing the logo of a payment card network, 
     the payment card network shall not establish rates for 
     interchange fees or other fees involved in the transaction 
     that are higher than the lowest fee rates established by that 
     payment card network for any other transaction involving that 
     same credit card, debit card, or similar payment device.

     SEC. 1124. REPORTING REQUIREMENT.

       If a credit card, debit card, or similar payment device 
     bearing the logo of a payment card network is accepted by any 
     Federal entity as payment for the sale of goods or services 
     or for revenue collection, the payment card network shall 
     provide information on at least an annual basis to the 
     Secretary demonstrating that the rates for the interchange 
     fees and other fees established by the payment card network 
     for transactions involving Federal entities are no higher 
     than the lowest rates established by that payment card 
     network for any other transaction involving that same credit 
     card, debit card, or similar payment device.

     SEC. 1125. ENFORCEMENT.

       (a) Unfair or Deceptive Act or Practice.--Any failure to 
     comply with the provisions of this subtitle shall be treated 
     as a violation of a rule defining an unfair or deceptive act 
     or practice described under section 18(a)(1)(B) of the 
     Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)).
       (b) Actions by the Federal Trade Commission.--The Federal 
     Trade Commission shall enforce the provisions of this 
     subtitle 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 subtitle.
                                 ______
                                 
  SA 3771. Mr. DURBIN (for himself, Mr. Leahy, and Ms. Landrieu) 
submitted an amendment intended to be proposed to amendment SA 3739 
proposed by Mr. Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to 
the bill S. 3217, to promote the financial stability of the United 
States by improving accountability and transparency in the financial 
system, to end ``too big to fail'', to protect the American taxpayer by 
ending bailouts, to protect consumers from abusive financial services 
practices, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of subtitle G of title X, add the following:

     SEC. 1077. LIMITATION ON ANTI-COMPETITIVE PAYMENT CARD 
                   NETWORK RESTRICTIONS.

       The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) 
     is amended--
       (1) by redesignating sections 920 and 921 as sections 921 
     and 922, respectively; and
       (2) by inserting after section 919 the following:

     ``SEC. 120. LIMITATION ON ANTI-COMPETITIVE PAYMENT CARD 
                   NETWORK RESTRICTIONS.

       ``(a) No Restrictions on Offering Discounts for Use of a 
     Competing Payment Card Network.--A payment card network shall 
     not, directly or through any agent, processor, or licensed 
     member of the network, by contract, requirement, condition, 
     penalty, or otherwise, inhibit the ability of any person to 
     provide a discount or in-kind incentive for payment through 
     the use of a card or device of another payment card network.
       ``(b) No Restrictions on Offering Discounts for Use of a 
     Form of Payment.--A payment card network shall not, directly 
     or through any agent, processor, or licensed member of the 
     network, by contract, requirement, condition, penalty, or 
     otherwise, inhibit the ability of any person to provide a 
     discount or in-kind incentive for payment by the use of cash, 
     check, debit card, stored-value card or credit card.
       ``(c) No Restrictions on Setting Transaction Minimums or 
     Maximums.--A payment card network shall not, directly or 
     through any agent, processor, or licensed member of the 
     network, by contract, requirement, condition, penalty, or 
     otherwise, inhibit the ability of any person to set a minimum 
     or maximum dollar value for the acceptance by that person of 
     any form of payment.
       ``(d) Definitions.--As used in this subsection, the 
     following definitions shall apply:
       ``(1) Debit card.--The term `debit card'--
       ``(A) means any card or device issued or approved for use 
     through a payment card network to debit an asset account for 
     the purpose of transferring money between accounts or 
     obtaining goods or services, whether authorization is based 
     on signature, PIN, or other means; and
       ``(B) includes a stored-value card linked to any asset 
     account.
       ``(2) Discount.--The term `discount'--
       ``(A) means a reduction made from the price that customers 
     are informed is the regular price; and
       ``(B) does not include any means of increasing the price 
     that customers are informed is the regular price.
       ``(3) Payment card network.--The term `payment card 
     network' means an entity that directly, or through licensed 
     members, processors, or agents, provides the proprietary 
     services, infrastructure, and software that route information 
     and data to conduct transaction authorization, clearance, and 
     settlement, and that a person is required to access in order 
     to accept as a form of payment a specific brand of accepted 
     card, or other means of access, including a debit card, 
     stored-value card, credit card, or other device that may be 
     used to carry out debit, stored-value, or credit 
     transactions.
       ``(4) Stored-value card.--The term `stored-value card' 
     means any card or device issued or approved for use through a 
     payment card network that stores funds or monetary value in 
     any electronic format, whether or not specially encrypted, 
     that is capable of being retrieved and transferred 
     electronically. A stored-value card includes a prepaid debit 
     card or any other similar device, regardless of whether the 
     amount of the funds or monetary value may be increased or 
     reloaded.''.
                                 ______
                                 
  SA 3772. Mr. SCHUMER submitted an amendment intended to be proposed 
by him to the bill S. 3217, to promote the financial stability of the 
United States by improving accountability and transparency in the 
financial system, to end ``too big to fail'', to protect the American 
taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes, which was ordered 
to lie on the table; as follows:

       At the end of title X, add the following:

              Subtitle I--Financial Consumers Association

     SEC. 1121. SHORT TITLE.

       This subtitle may be cited as the ``Financial Consumers 
     Association Act of 2010''.

[[Page 6976]]



     SEC. 1122. FINDINGS AND PURPOSES.

       (a) Findings.--Congress finds that--
       (1) financial services consumers and depositors are an 
     integral part of the financial system and are affected by the 
     safety and soundness of the financial industry;
       (2) deceptive, illegal, and speculative financial practices 
     have harmed public confidence in the integrity and fairness 
     of many United States financial institutions, and threaten 
     the basic strengths of the United States economic system;
       (3) contributing to the loss of public confidence are 
     perceptions of inadequate oversight and insufficient 
     independence between financial institutions and their 
     regulators;
       (4) major factors contributing to the recent financial 
     crisis include regulatory failures to adequately police the 
     financial services markets for crime, unfair or deceptive 
     practices, fraud, lack of transparency, and mismanagement;
       (5) the financial industry has enjoyed virtually unlimited 
     access to represent its interest before Congress, the courts, 
     and State and Federal regulators, while financial services 
     consumers have had limited representation before Congress and 
     financial regulatory entities;
       (6) the resources available for organized representation of 
     consumers in the financial industry need to be expanded so 
     citizens can better monitor the performance of State and 
     Federal agencies that regulate their financial institutions 
     and participate in public policy debates regarding the 
     oversight of these financial institutions;
       (7) the creation of a public purpose, democratically 
     controlled, self-funded, nationwide membership association of 
     financial services consumers is an effective way to enhance 
     the representation of consumers in the financial services 
     industry and to meet the expanding information needs of 
     consumers in the financial services market;
       (8) the requirement that informational and statutory 
     inserts be included in the paper mailings and email 
     correspondence, digital or other electronic means, of covered 
     persons is essential to the creation, maintenance, and 
     funding of such an association;
       (9) the Federal Government has a substantial interest in 
     the creation of a public purpose, democratically controlled, 
     self-funded, nationwide membership association of financial 
     services consumers to enhance their representation and to 
     effectively combat unsound financial practices;
       (10) the creation of such an Association is not meant to 
     substitute for, but augment, the activities of existing or 
     future regulatory bodies whose sole or partial focus is the 
     protection of financial services consumers; and
       (11) consumers have more complex financial choices today 
     than ever before, but not enough information with which to 
     make those choices.
       (b) Purposes.--The purposes of this subtitle are--
       (1) to establish a public purpose, nonprofit, 
     democratically controlled, membership association of 
     financial services consumers;
       (2) to give the Association a mandate to inform and 
     represent financial services consumers, and to further the 
     effective and vigorous oversight of covered persons;
       (3) to establish democratic rules of governance for the 
     Association; and
       (4) to require any covered person to periodically include 
     inserts concerning the Association within their statements 
     and billing statements to financial services consumers.

     SEC. 1123. DEFINITIONS.

       For purposes of this subtitle, the following definitions 
     shall apply:
       (1) Association.--The term ``Association'' means the 
     Financial Consumers Association established in accordance 
     with this subtitle.
       (2) Association director.--The terms ``Association 
     director'' and ``director'' mean any person duly elected or 
     appointed to the Association board of directors pursuant to 
     this subtitle, except as the context otherwise requires.
       (3) Insert carrier.--The term ``insert carrier'' includes 
     any email, digital, or other electronic notice or paper 
     deposit account statement which--
       (A) indicates the balance on a deposit account; or
       (B) involves an outstanding deposit account contract or 
     agreement between an insured depository institution and a 
     customer of such institution.
       (4) Member.--The term ``member'' means any person who meets 
     the requirements for membership in the Association, as set 
     forth in this subtitle.
       (5) Regulatory agency.--The term ``regulatory agency'' 
     means any governmental office, agency, department, or 
     commission of the Federal Government, that regulates, 
     monitors, directs, or governs publicly traded corporations, 
     financial services, or consumer transactions.
       (6) Regulatory proceeding.--The term ``regulatory 
     proceeding'' means any rulemaking, adjudication, or ancillary 
     proceeding conducted by any governmental office, agency, 
     department, or commission at the Federal, State, or local 
     level, that affects any covered person.
       (7) Statutory insert.--The term ``statutory insert'' means 
     any digital or printed statement, card, or envelope and 
     statement combination, or a statement, application, and pre-
     addressed business reply envelope used by the Association to 
     solicit information and contributions or membership fees from 
     consumers, financial services customers, and to explain the 
     purpose, history, nature, activities, achievements, and 
     membership criteria of the Association.
       (8) Appropriate committees of congress.--The term 
     ``appropriate committees of Congress'' means the Committee on 
     Banking, Housing, and Urban Affairs and the Subcommittee on 
     Financial Services and General Government of the Committee on 
     Appropriations of the Senate, and the Committee on Financial 
     Services and the Subcommittee on Financial Services and 
     General Government of the Committee on Appropriations of the 
     House of Representatives, and any successor committees, as 
     may be constituted.
       (9) Campaign contribution.--The term ``campaign 
     contribution'' means any money, good, service, credit, or 
     other benefit provided or promised for the purpose of 
     electing an Association Director.
       (10) Campaign expenditure.--The term ``campaign 
     expenditure'' means any payment, use, distribution, or gift 
     of money or anything of value made or promised for the 
     purpose of electing an Association Director.
       (11) Immediate family.--The term ``immediate family'' means 
     a person's spouse and legal dependents.

     SEC. 1124. ESTABLISHMENT OF THE ASSOCIATION.

       (a) Charter.--There is authorized to be established a 
     nonprofit corporation by the interim board of directors to be 
     known as the ``Financial Consumers Association''. The 
     Association shall be subject to the provisions of this Act, 
     and, to the extent consistent with this Act, to the District 
     of Columbia Nonprofit Corporations Act. The main office of 
     the Association shall be located in Washington, DC.
       (b) Nongovernmental Status.--The Association shall be a 
     private corporation and shall not, for any purpose, be 
     considered to be a department, agency, or instrumentality of 
     the United States Government. An officer or employee of the 
     corporation shall not, for any purpose, be considered to be 
     an officer or employee of the Federal Government.
       (c) Regional and Local Offices.--The Association may 
     establish regional offices as needed, in any of the several 
     States.
       (d) Bylaws.--Except as provided in this Act and in the 
     District of Columbia Nonprofit Corporations Act, the affairs 
     of the Association shall be regulated as determined in the 
     bylaws of the Association.
       (e) Nonprofit, Nonstock Status.--The Association chartered 
     under this section--
       (1) shall be a nonprofit corporation; and
       (2) may not issue any shares of stock or other securities 
     or pay any dividends.
       (f) Membership.--The membership of the Association shall 
     consist solely of individuals who--
       (1) are 16 years of age or older; and
       (2) have contributed the required annual membership fee to 
     the Association.
       (g) Membership Fee.--
       (1) Initial fee.--Until the end of the 180-day period 
     beginning on the date of the first election of directors, the 
     annual membership fee of the Association shall be $10.
       (2) Permanent membership fees determined by board of 
     directors.--After the end of the 180-day period referred to 
     in this subsection, the Association may, by vote of the board 
     of directors, alter the annual membership fee. The board of 
     directors shall adopt a reduced fee structure, offering 
     reduced-cost membership fees for low-income populations and 
     senior citizens.
       (h) Political Contributions Prohibited.--The Association 
     shall not make any contributions to any political candidate 
     or party, or to any national or State political committee, as 
     defined in the Federal Election Campaign Act of 1971, or 
     participate in or intervene in any political campaign on 
     behalf of, or in opposition to, any candidate for public 
     office.

     SEC. 1125. AUTHORIZATION OF APPROPRIATIONS AND ALLOTMENTS OF 
                   GRANTS.

       There is authorized to be appropriated to the Bureau, for 
     the purpose of establishing the Association, $5,000,000 for 
     the fiscal year ending 1 year after the date of enactment of 
     this Act.

     SEC. 1126. MISSION, DUTIES, AND POWERS OF THE ASSOCIATION.

       (a) Mission.--The Association shall advance the rights and 
     remedies available to consumers with respect to financial 
     services, by developing initiatives to reduce the use of 
     dangerous features in financial products and services, and to 
     improve the flow of accurate information from covered persons 
     to consumers.
       (b) Duties.--The duties of the Association shall be--
       (1) to inform, educate, and advise consumers about the 
     actions of covered persons;
       (2) to represent and promote the interests of consumers in 
     financial services, collectively, and, when necessary, to 
     negotiate on behalf of financial services consumers, 
     individually, with respect to covered persons;
       (3) to take affirmative measures to encourage membership by 
     low- and moderate-income and minority consumers, and to 
     disseminate information and advice to consumers;

[[Page 6977]]

       (4) to inform, insofar as possible, consumers about the 
     mission of the Association, including the procedures for 
     obtaining membership in the Association;
       (5) to provide consumers with information about how 
     initiatives of covered person will affect consumers;
       (6) to monitor the availability and quality of financial 
     services to low- and moderate-income constituencies and the 
     elderly; and
       (7) to develop data to assist financial services consumers 
     in making informed decisions in the marketplace.
       (c) Powers.--In addition to the rights and powers provided 
     by other provisions of this Act, the Association shall--
       (1) represent the interests of consumers in general before 
     Federal regulatory agencies, legislative bodies, the courts, 
     and in other public forums;
       (2) initiate, intervene as a party, or otherwise 
     participate on behalf of consumers in any regulatory 
     proceeding that the Association reasonably determines may 
     affect the interests of consumers;
       (3) conduct, support, and assist research, surveys, and 
     investigations in financial services consumer matters;
       (4) maintain up-to-date membership rolls, and to keep them 
     in confidence to the extent required by the provisions of 
     this Act;
       (5) contract for services which cannot reasonably be 
     performed by its employees; and
       (6) solicit and accept gifts, loans, grants, or other aid 
     in order to support activities concerning the interests of 
     financial services consumers, except that the Association may 
     not accept gifts, loans, or other aid from any financial 
     services providers or from any director, employee, agent, or 
     member of the immediate family of a director, employee, or 
     agent of any covered person.

     SEC. 1127. INSERT AND NOTICE PROVISIONS.

       (a) Inclusion in Statements of Covered Persons.--
       (1) In general.--Each covered person shall include, or 
     cause its agent to prominently include, a statutory insert or 
     an Association insert in quarterly mailings to its customers 
     each year.
       (2) Statutory insert.--The Association shall have the right 
     to have statutory inserts prominently included in the paper 
     mailings to the customers of each covered person once each 
     calendar quarter. The Association shall also have the right 
     to have covered persons send the information contained in the 
     statutory insert to financial services consumers once each 
     calendar quarter via email, digital or other electronic 
     means. The Association shall only pay the reasonable 
     incremental costs of the email, digital, or electronic 
     distribution of such information.
       (3) Association inserts.--
       (A) In general.--In addition, the Association shall have 
     the right to include in the mailings and via email, digital 
     or other electronic means, referred to in paragraph (2) once 
     each calendar quarter, an insert that it prepares and 
     furnishes to any institution required to carry a statutory 
     insert.
       (B) Limitation.--An insert furnished by the Association 
     shall be limited to--
       (i) soliciting information and contributions or membership 
     fees from financial services consumers; and
       (ii) explaining--

       (I) the purpose, history, nature, activities, and 
     achievements of the Association;
       (II) that the Association membership is open to any 
     resident of the United States who is 16 years of age or 
     older;
       (III) that the Association is not connected to any covered 
     person;
       (IV) that the Association is a nonprofit association 
     directed by its financial services consumer members;
       (V) the procedure for contributing to or becoming a member 
     of the Association; and
       (VI) the yearly membership fee.

       (b) Federal Trade Commission Oversight.--Any covered person 
     may, if it believes that the contents of an insert are false 
     or misleading, submit the insert to the Federal Trade 
     Commission for review. The Federal Trade Commission shall 
     review the insert and make a determination promptly, but in 
     no event later than 21 calendar days after receipt of the 
     insert. The Federal Trade Commission may disapprove the 
     insert for mailing if it finds that the insert is false or 
     misleading, or contains information not permitted by this 
     section.
       (c) Content of Statutory Inserts.--Each statutory insert 
     required by this Act shall contain--
       (1) a written statement of the following information:
       ``(A) The Financial Consumers Association is a financial 
     services consumer membership organization established under 
     Federal law to inform and represent financial services 
     consumers.
       ``(B) The Association will work on behalf of financial 
     services consumers to prevent corporate fraud, deceptive and 
     criminal business practices, and to ensure the protection of 
     retirement funds and investments.
       ``(C) The Association provides financial services consumers 
     with information and advice on a range of consumer issues.
       ``(D) The Association also represents financial services 
     consumers before regulatory agencies and legislative bodies.
       ``(E) The Association is a democratically controlled 
     consumer membership organization.
       ``(F) Although the Association has been established under 
     Federal law, as a consumer membership organization, the 
     Association is primarily supported by membership fees, not 
     public funds. Thus the Financial Consumers Association 
     depends on its membership base for funding to undertake its 
     information and representation activities.
       ``(G) Anyone who is 16 years of age or older may become a 
     member of the Association by paying the annual membership 
     fee. The amount of the annual membership fee shall be 
     determined annually by the Association.
       ``(H) You may become a member simply by filling out the 
     attached application and mailing it and the membership fee to 
     the Financial Consumers Association in the attached pre-
     addressed envelope;'';
       (2) an application for Association membership, which 
     requests the name and address of the applicant, and indicates 
     the annual membership fee; and
       (3) a pre-addressed business reply envelope for mailing the 
     application and membership fee to the Association.
       (d) Other Requirements Applicable to Statutory Inserts.--
     With respect to a statutory insert required by this Act--
       (1) the statement, application, and pre-addressed business 
     reply envelope specified in this Act shall be presented to 
     the customer as a single document (except that the document 
     may be separable into different parts by tearing along 
     perforated lines);
       (2) the statement and application shall be printed in at 
     least 10-point type; and
       (3) the Association shall pay the cost of printing and 
     placement of the statutory insert in all appropriate 
     mailings, but shall not pay any postage costs if the insert 
     weighs less than 0.35 ounces.

     SEC. 1128. INTERIM BOARD.

       (a) Establishment of Interim Board.--Members of the interim 
     board of directors of the Association shall be appointed not 
     later than 6 months after the date of enactment of this Act, 
     as follows:
       (1) 3 members shall be appointed by the President of the 
     United States.
       (2) 3 members shall be appointed by the Speaker of the 
     House of Representatives.
       (3) 3 members shall be appointed by the President Pro 
     Tempore of the Senate.
       (4) 1 member shall be appointed by the Minority Leader of 
     the House of Representatives.
       (5) 1 member shall be appointed by the Minority Leader of 
     the Senate.
       (b) Member Criteria.--Individuals considered for 
     appointment to the interim board shall, to the extent 
     possible, represent different regions of the United States, 
     and represent categories of citizens' organizations 
     including--
       (1) consumer groups;
       (2) organizations representing low-income persons;
       (3) labor unions;
       (4) civil rights groups;
       (5) neighborhood groups; and
       (6) elderly groups.
       (c) Eligibility.--To qualify for nomination or appointment 
     as an interim director of the Association representing a 
     designated category of citizens' organizations, an individual 
     shall be an active officer, employee, or member of a 
     citizens' organization within such category or previously 
     have been an officer or employee of 1 or more such citizens' 
     organizations within such category for a cumulative period of 
     at least 2 years.
       (d) Duties of Interim Board.--The interim board of 
     directors of the Association shall--
       (1) not later than 60 days after the date of appointment of 
     all members, incorporate the Association under the laws of 
     the District of Columbia, subject to the provisions and 
     limitations of this Act;
       (2) manage the affairs of the Association until the first 
     elected board of directors takes office;
       (3) inform the public of the existence, nature, and purpose 
     of the Association, and encourage such persons to join the 
     Association, participate in its activities, and contribute to 
     the Association;
       (4) adopt procedures and standards, consistent with the 
     requirements of this Act, for the nomination and election of 
     the first elected board of directors of the Association;
       (5) make all necessary preparations for the first election 
     of the board of directors of the Association, oversee the 
     election campaign, and tally the votes;
       (6) conduct meetings of the interim board of directors at 
     least once every 3 months;
       (7) keep minutes, financial books, and records which shall 
     reflect the acts and transactions of the interim board of 
     directors; and
       (8) employ such interim staff as the interim board of 
     directors deem necessary to carry out their responsibilities 
     under this Act.
       (e) Applicability of Certain Other Provisions of This 
     Act.--Members of the interim board of directors shall be 
     subject to the requirements of the applicable provisions of 
     this Act.
       (f) Limitation on Authority to Appear Before Other 
     Bodies.--The interim board of directors shall not engage in 
     representation or intervention on behalf of financial 
     services consumers, except to the extent necessary to 
     maintain or exercise the powers

[[Page 6978]]

     granted and the duties imposed upon interim directors by this 
     Act.
       (g) Conduct First General Election.--
       (1) In general.--Once the membership of the Association 
     reaches 50,000, or within 18 months of the date of the 
     appointment of the last interim director, whichever occurs 
     first, the interim board of directors shall set a date for 
     the first general election of the board of directors, and 
     shall promptly notify each member of the Association.
       (2) Timely election requirement.--The date set for the 
     election shall be not more than 90 days after notification as 
     provided in this Act.
       (3) Exception.--Notwithstanding the provisions of this Act, 
     no election shall be held in an election district unless 
     there are at least 500 residents of any such district who are 
     Association members.

     SEC. 1129. DELEGATES.

       (a) In General.--Members of the Association shall have duly 
     elected representatives who shall be elected in accordance 
     with the provisions of this Act.
       (b) One Delegate To Be Elected From Each District.--1 
     delegate shall be elected by the Association members from 
     each Association election district, except that an election 
     shall not take place in an election district if there is no 
     candidate who has satisfied the qualification requirements of 
     this Act.
       (c) Election Districts.--
       (1) In general.--Each State of the United States shall be 
     considered an Association election district. The District of 
     Columbia shall also be considered an Association election 
     district.

     SEC. 1130. ELECTIONS OF DELEGATES.

       (a) Voting Standard.--Each member of the Association shall 
     be entitled to cast 1 vote for a candidate for a delegate to 
     represent such member's district. Voting shall be by secret 
     mail ballot.
       (b) Eligibility Standards for Nomination as a Delegate.--To 
     qualify for nomination as a candidate for election as a 
     delegate of the Association, an individual shall--
       (1) be a member of the Association and a resident of the 
     election district that such individual seeks to represent;
       (2) submit to the Association, not less than 60 days and 
     not more than 120 days before the election, a nomination 
     petition signed by at least 25 Association members from the 
     election district that such individual seeks to represent;
       (3) submit to the Association the statements required by 
     this Act; and
       (4) satisfy all other requirements of this Act and any 
     applicable bylaws of the Association.
       (c) Distribution of Election Material.--
       (1) In general.--The Association shall mail to each member 
     the following documents concerning duly nominated candidates 
     for election as a delegate:
       (A) An official ballot listing all such candidates from the 
     member's election district.
       (B) The candidate's statement required by this Act for each 
     such candidate from the member's election district.
       (2) Summary and costs.--The delegate summaries shall have a 
     uniform format and shall provide information on the same 
     characteristics for each candidate. The costs for all 
     mailings described in this Act shall be borne by the 
     Association.
       (d) Limitation on Campaign Expenditures.--No candidate for 
     election as a delegate or director shall incur campaign 
     expenditures for any such election in an amount greater than 
     the amount determined by multiplying the number of members in 
     the candidate's election district by 150 percent of the cost 
     of postage for a 1-ounce 1st class mailing.
       (e) Limitation on Use of Campaign Contributions.--No 
     candidate for election as a delegate or to the board of 
     directors may use any campaign contribution for any purpose 
     other than campaign expenditures. Any unused contributions 
     shall be donated to the Association not later than 60 days 
     after the election.
       (f) Limitation on Amount of Campaign Contributions.--No 
     candidate for election as a delegate shall accept more than 
     $250 in campaign contributions from any one contributor in 
     any election.
       (g) Prohibition on Acceptance of Certain Contributions.--A 
     candidate for election as a delegate may not accept political 
     action committee contributions or other campaign 
     contributions the board of directors determines to be 
     unacceptable.
       (h) Duties and Powers of Delegates.--Each delegate shall 
     have the following duties and powers:
       (1) Annual survey.--To survey Association members in the 
     delegate's election district at least 1 time each year to 
     ascertain members' concerns using written surveys provided by 
     the Association up to 50 percent of the survey questions in 
     which may be provided by the delegate.
       (2) Liaison.--To act as a liaison between the board of 
     directors and the members in the delegate's election 
     district, including transmitting any comments, writings, and 
     suggestions concerning the Association from members in the 
     delegate's election district to the board of directors and 
     informing such members of the board's response to their 
     statements.
       (3) Office planning.--To develop plans for the organization 
     of regional and local offices.
       (4) Voting on changes in articles of incorporation, bylaws, 
     and major policies.--To vote at the annual meeting of 
     delegates and at special meetings of delegates called by the 
     board of directors on amendments to the bylaws or the 
     articles of incorporation or on matters involving changes in 
     major policies or operations of the Association.
       (5) Approval of rules.--To approve rules proposed by the 
     board of directors for the nomination and election of the 
     directors.
       (6) Voting at annual and special meetings.--To vote on 
     other items submitted to delegates by the board of directors 
     at annual and special meetings.
       (7) Other duties and powers.--To carry out all other duties 
     and exercise all other powers accorded to delegates under 
     this Act.
       (i) Annual Meetings.--
       (1) Time and place.--An annual meeting of delegates shall 
     be held in the month of July on a date and in a manner 
     determined by the board of directors at least 6 months in 
     advance of the meeting.
       (2) Procedures.--
       (A) Voting.--All delegates shall be eligible to attend, 
     participate in, and vote in the annual meeting of delegates.
       (B) Quorum.--A majority of the delegates shall constitute a 
     quorum.
       (C) One person; one vote.--Each delegate shall have 1 vote 
     at such meetings.
       (D) Majority vote.--A majority vote of the delegates shall 
     indicate approval by the delegates of any items submitted for 
     the consideration of the delegates.
       (E) Absentee voting.--The first elected board of directors 
     shall establish procedures for absentee voting.
       (3) Agenda.--Items may be placed on the meeting's agenda by 
     any of the following methods:
       (A) By request of any director or delegate not less than 5 
     days and not more than 4 months in advance of the date of 
     such meeting.
       (B) By petition which--
       (i) contains the valid signatures of at least 5 percent of 
     the members in any delegate's election district or at least 1 
     percent of the total membership; and
       (ii) was filed with the board of directors not less than 5 
     days and not more than 4 months in advance of the date of 
     such meeting.
       (4) Form of meeting.--The form of the annual meeting of 
     delegates shall be as provided in the laws of the District of 
     Columbia regarding nonprofit corporations.
       (5) Open meetings.--
       (A) Meetings open to public.--The annual meeting of 
     delegates shall be open to the public.
       (B) Members opportunity to be heard.--Members shall be 
     given a reasonable opportunity at any annual meeting to 
     present any comment, criticism, or suggestion concerning the 
     Association, but members may not vote at such meetings.
       (6) Minutes.--Complete minutes of each annual meeting shall 
     be kept and shall be distributed to 1 Federal depository 
     library in each election district.
       (j) Terms and Conditions of Office.--
       (1) In general.--The term of office for any delegate shall 
     be 3 years.
       (2) Maximum number of terms.--No delegate shall serve more 
     than 2 terms.
       (3) Service without pay other than reimbursement for 
     expenses.--Delegates of the Association shall serve without 
     compensation, except that delegates may be reimbursed for 
     actual expenses incurred by them in the performance of their 
     duties.
       (k) Vacancy.--
       (1) In general.--If a vacancy occurs in any position of 
     delegate, the board of directors shall appoint, as the 
     successor for the balance of the term, the person who--
       (A) meets the requirements specified in this Act; and
       (B) had the highest vote total in the most recent delegate 
     election from the district in which such vacancy occurred of 
     all candidates (who meet the requirements specified in this 
     Act) other than the candidate whose failure to continue to 
     serve as delegate created the vacancy.
       (2) Alternative method of appointment.--If any vacancy 
     referred to in paragraph (1) cannot be filled in the manner 
     described in such paragraph, the board of directors, by vote 
     of not less than \2/3\ of all directors, shall appoint within 
     60 days of the occurrence of the vacancy a successor from the 
     same election district for the remainder of the current term. 
     The person appointed by the board of directors shall meet the 
     qualifications for delegate.
       (l) Recall.--Any delegate shall be removed from office by 
     the board of directors if not less than 40 percent of the 
     members from the delegate's election district who voted in 
     the last election have signed a petition for recall.

     SEC. 1131. BOARD OF DIRECTORS.

       (a) Management of Association.--The affairs of the 
     Association shall be managed by a board of directors, which 
     shall be elected by the delegates of the Association in 
     accordance with the provisions of this Act. The board of 
     directors shall consist of 17 members. Twelve directors shall 
     constitute a quorum.

[[Page 6979]]

       (b) One Person; One Vote.--Each director shall have one 
     vote on the board of directors.
       (c) Terms of Office.--The term of office for a director 
     shall be 3 years, except as provided otherwise in this Act, 
     and no director shall serve more than 2 consecutive terms.
       (d) Powers and Duties of Board.--The board of directors, 
     shall, in addition to its other responsibilities under this 
     Act--
       (1) conduct meetings of the board of directors at least 
     once every 6 months, which shall be open to the public, 
     unless the board of directors by a majority votes to adjourn 
     into executive session;
       (2) conduct an annual delegate meeting;
       (3) limit matters discussed in executive session only to 
     personnel actions, potential or pending civil or criminal 
     proceedings involving the Association, and material which 
     would result in an unwarranted invasion of personal privacy 
     if discussed in open sessions;
       (4) keep minutes, financial records, and other records 
     which shall reflect the acts and transactions of the board of 
     directors;
       (5) cause the financial books of the Association to be 
     audited by a qualified certified public accountant at least 
     once each fiscal year;
       (6) prepare quarterly statements and an annual report 
     indicating the substantive activities and financial 
     operations of the Association;
       (7) approve the bylaws of the Association, consistent with 
     the requirements of this Act;
       (8) make available to the public and include on the 
     Association's web page, documents prepared by or filed with 
     the Association within the preceding 5 years, including--
       (A) minutes of the board of directors meeting;
       (B) director's or executive director's financial 
     statements;
       (C) candidates' financial statements; and
       (D) candidates' personal statements; and
       (9) conduct 4 mailings each year to the membership of the 
     Association, to inform the membership about the work of the 
     Association and to conduct the business of the Association.
       (e) Election of Officers.--At the first regular meeting of 
     the board of directors at which a majority of its members are 
     present, subsequent to the installation of new directors 
     following each annual election, the board shall elect by 
     majority vote of directors present and voting, and from among 
     the directors, a president, a vice president, a secretary, 
     and a treasurer. The board may also elect a comptroller and 
     such other officers as it deems necessary.
       (f) Executive Director of Association.--
       (1) In general.--The board of directors shall hire and 
     supervise an executive director for the Association.
       (2) Duties of executive director.--The executive director 
     shall implement the policies established by the board of 
     directors, employ and discharge Association employees, and 
     manage the offices, facilities, and employees of the 
     Association.
       (3) Eligibility standards.--Any applicant for the position 
     of executive director, and each executive director, shall 
     satisfy the requirements for director eligibility established 
     by this Act.
       (4) Term limit.--The executive director shall only be 
     eligible to serve as an employee of the Association for 6 
     consecutive years. After such 6-year term, the executive 
     director shall be prohibited from serving as an agent, 
     consultant, attorney, accountant, or subcontractor for the 
     Association, and shall be ineligible to receive any monetary 
     compensation from the Association.
       (g) No Compensation for Association Directors.--A member of 
     the board of directors of the Association may not receive any 
     compensation for his or her services as a director, but shall 
     be reimbursed for wages actually lost in an amount not to 
     exceed $160 per day, and for necessary expenses including 
     travel expenses incurred in the discharge of Association 
     duties.
       (h) Bonding Requirement for Staff.--Any director or staff 
     of the Association eligible to receive, handle, or disburse 
     funds on behalf of the Association shall be bonded. The cost 
     of such bonds shall be paid for by the Association.
       (i) Annual Financial Statements of Directors.--Each 
     director and the executive director of the Association shall 
     file annually with the board of directors a director's 
     financial statement, which shall include the same information 
     required by this Act for members seeking election as 
     delegates or directors of the Association.
       (j) Annual Meetings.--
       (1) In general.--An annual meeting of members of the 
     Association shall be held in the month of July, on a date and 
     at a place within the United States to be determined by the 
     board of directors at least 6 months in advance of the 
     meeting.
       (2) Agenda.--Items may be placed on the annual meeting 
     agenda--
       (A) by request of any director, not less than 10 days and 
     not more than 4 months in advance of the date of such 
     meeting; and
       (B) by petition containing the valid signatures of at least 
     500 members of the Association, which petition shall be filed 
     with the board of directors not less than 10 days and not 
     more than 4 months in advance of the date of such meeting.
       (3) Notice of agenda.--The executive director shall present 
     proposed agenda items to the membership through its regular 
     mailings.
       (4) Public meetings.--The annual meeting of Association 
     members shall be open to the public, except that seating 
     preference shall be given to Association members. Association 
     members shall be given a reasonable opportunity at such 
     meetings to present comments, criticisms, and suggestions 
     concerning the Association.
       (5) Minutes.--Complete minutes of the annual meetings shall 
     be kept and distributed to all depository libraries in the 
     United States and placed on the Association's webpage.
       (k) Vacancy.--In the event that a board member position 
     becomes vacant, the board of directors shall install the 
     person having the highest vote total in the last election who 
     was not elected to the board. If this is impossible, the 
     board of directors, by vote of not less than \2/3\ of all 
     directors, shall appoint a successor within 60 days for the 
     remainder of the current term. The person appointed by the 
     board of directors shall meet all qualifications for board 
     members.
       (l) Recall.--
       (1) In general.--Any director shall be removed from the 
     board of directors by the board of directors if not fewer 
     than 40 percent of the delegates or members of a director's 
     election district who voted in the last election have signed 
     a petition for recall.
       (2) Limitations.--No petition to recall a director under 
     paragraph (1) may be filed within 6 months of his or her 
     election. An election pursuant to the filing of a recall 
     petition shall be conducted in accordance with the provisions 
     of this Act. A director recalled may become a candidate in 
     the election triggered by the filing of the recall petition. 
     The director recalled shall continue to serve until the 
     installment in office of his or her successor, or until his 
     or her reelection. The election triggered by the filing of a 
     recall petition shall be conducted via one of the 
     Association's quarterly mailings.

     SEC. 1132. ELECTION OF DIRECTORS.

       (a) Election of the Board of Directors.--
       (1) Regular election procedures.--
       (A) One delegate; one vote.--Each delegate shall cast 1 
     vote for 1 candidate for the board of directors.
       (B) Top 17 candidates become directors.--The 17 candidates 
     receiving the largest number of votes shall become the 
     directors.
       (2) Runoff election.--
       (A) In general.--In the event of a tie involving the 17th 
     position on the board of directors, a runoff election shall 
     be conducted.
       (B) Voting and candidate eligibility.--Any delegate may 
     vote for 1 candidate in the runoff election, and only those 
     nominees involved in the tie that included the 17th position 
     shall be eligible for the runoff election.
       (3) Applicability to all board elections.--The requirements 
     of this section shall apply to the first election of 
     directors conducted by the interim board of directors 
     pursuant to this Act, as well as to all subsequent elections.

     SEC. 1133. QUALIFICATIONS.

       (a) Candidate's Statement.--Any person seeking nomination 
     as a candidate for election to the board of directors of the 
     Association shall file a candidate statement with the 
     Association, not less than 60 days and not more than 120 days 
     prior to the election. The contents of a candidate statement 
     may not contain false statements, and the Association may, by 
     bylaw or interim board of directors' procedure, impose a 
     uniform limitation on the length of all candidate statements.
       (b) Financial Statement.--Any person seeking nomination as 
     a candidate for election to the board of directors shall file 
     with the Association, not less than 60 days and not more than 
     120 days prior to the election. Each candidate's financial 
     statement shall include the following information for the 
     candidate and the immediate family of the candidate:
       (1) Preceding 5 years' business and financial 
     relationships.--A detailed list of any business or financial 
     relationships during the preceding 5 years with any covered 
     person or organization of covered persons, including any 
     attorney, legislative agent, officer, or director 
     relationship.
       (2) Current and preceding 5 years' corporate positions.--A 
     list of all corporate and organizational directorships or 
     other offices and all fiduciary relationships currently held 
     or held at any time during the preceding 5 years.
       (3) Investments of $1,000 or more in any financial services 
     corporation.--A list of all financial services corporations 
     in which the candidate holds securities worth $1,000 or more 
     at current market value and the dollar value of each such 
     holding.
       (4) Other information.--Such other information as the board 
     of directors may require by bylaw.
       (c) Affirmation of Truth of Statements.--Each candidate for 
     election as a delegate or director shall affirm in writing, 
     that the information in such candidate's financial statement 
     is true and complete and that the candidate has complied with 
     all the campaign contribution and campaign expenditure 
     requirements of this Act and any such

[[Page 6980]]

     bylaws of the Association. Each candidate shall furnish the 
     board of directors with such information regarding campaign 
     contributions and expenditures as the board may request.
       (d) Ineligibility of Interim Directors and Staff During 
     First Election.--No interim director shall be eligible for 
     election as a delegate or director during the first election. 
     The executive director and other Association staff persons, 
     including interim staff persons, shall not be eligible for 
     election as a delegate or director while serving as executive 
     director or staff person, or for 1 year after such service is 
     terminated.
       (e) Ineligibility of Delegates and Directors to Hold Other 
     Public Office.--No delegate or director shall hold any 
     elective Federal, State, or local office or be a candidate 
     for such office, or be appointed to hold such office, unless 
     such appointee receives no compensation other than 
     reimbursement of expenses.
       (f) Ineligibility of Officers, Directors, Employees, and 
     Shareholders of Covered Persons.--Any director, officer, or 
     employee of a covered person, any person who owns common 
     stock or other securities of covered persons in an aggregate 
     amount in excess of $10,000, any agent, consultant, attorney, 
     or accountant for a covered person, and any member of the 
     immediate family of any such person shall be ineligible to be 
     a delegate or a director.
       (g) Ineligibility of Officers and Employees of Federal or 
     State Depository Institution Regulatory Agencies.--No officer 
     or employee of any State or Federal agency that regulates 
     depository institutions or any member of the immediate family 
     of any such officer or employee shall be eligible to be a 
     delegate or a director.
       (h) Ineligibility of Officers and Employees of Agencies.--
     No officer or employee of any Federal, State, or local agency 
     that regulates any covered person shall be eligible to be a 
     director of the Association.

     SEC. 1134. BALLOT ISSUES.

       (a) Procedure for Obtaining Membership Vote on Issues.--
     Issues may be placed on a ballot for vote by the general 
     membership if--
       (1) a majority of the board of directors votes to place an 
     issue before the membership for vote;
       (2) a petition is received by the board of directors 
     which--
       (A) contains the valid signatures of at least 1,000 members 
     in any district or at least 1 percent of the total 
     membership; and
       (B) requests that an issue be placed on a ballot is 
     received by the board of directors; or
       (3) a majority of the delegates vote to place an issue 
     before the membership for a vote.
       (b) Procedures for Conducting Vote on Issues.--
       (1) Time for election.--Upon certification of a vote of the 
     directors or delegates which meets the requirements of 
     paragraph (1) or (3) of subsection (a) or the receipt of a 
     petition which meets the requirement of subsection (a)(2), 
     the board of directors shall place the issue on a special 
     ballot and schedule a date for a vote on the issue to be held 
     within 2 months after receipt of the certification or 
     petition.
       (2) Mail ballot.--The board of directors shall send or have 
     sent by mail to each member, not later than 30 days after 
     receipt of a petition or certification pursuant to this 
     section, an official ballot containing the issue for 
     membership vote.
       (3) Vote cast by return mail.--Each member may cast a vote 
     regarding the ballot issue by returning the ballot, properly 
     marked, to the head office of the Association by the date and 
     time fixed for the balloting pursuant to this subsection.
       (4) Secret ballot.--Voting shall be by secret ballot.
       (5) Vote tally.--The board of directors shall tally votes 
     with all reasonable speed and inform the membership and 
     delegates promptly of the outcome of the vote.

     SEC. 1135. ACCESS TO MEMBER MAILINGS.

       No person may use any list of members of the Association, 
     or any part of such list, for purposes other than the conduct 
     of the business of the Association, as prescribed in this 
     Act. The board of directors shall, however, develop criteria 
     for providing Association member access through Association 
     mailings to the Association's membership for Association 
     purposes only. No person shall disclose any such list or part 
     thereof to another person, unless there is substantial reason 
     to believe that such list or part thereof is intended to be 
     used for the lawful purposes described in this Act.

     SEC. 1136. PROHIBITED ACTS.

       (a) Covered Persons.--No covered person or officer, 
     employee, or agent of any covered person may interfere or 
     threaten to interfere with or cause any interference with the 
     provision of financial services of, or penalize or threaten 
     to penalize or cause to be penalized, any person who 
     contributes to the Association or participates in any of its 
     activities, in retribution for such contribution or 
     participation.
       (b) General Prohibition.--No person may act with intent to 
     prevent, interfere with, or hinder the activities permitted 
     under this subtitle.

     SEC. 1137. PENALTIES.

       A violation of any provision of this subtitle by a covered 
     person or officer, employee, or agent thereof or of the 
     Association shall be subject to a civil penalty of not more 
     than $10,000 for each violation, to be levied by the Federal 
     Trade Commission.

     SEC. 1138. ADMINISTRATIVE ENFORCEMENT.

       Compliance with the provisions of this subtitle shall be 
     enforced by the Federal Trade Commission in the same manner 
     and with the same power and authority as the Federal Trade 
     Commission has under the Federal Trade Commission Act (15 
     U.S.C. 41 et seq.).

     SEC. 1139. DISSOLUTION OF THE ASSOCIATION.

       If, after the end of the 3-year period beginning on the 
     date on which the Association is incorporated, the 
     Association's membership remains below 25,000 members during 
     any 1-year period, the board of directors of the Association 
     shall dissolve the Association. Upon the termination, 
     dissolution, or winding up of the Association in any manner 
     or for any reason, voluntary or involuntary, its assets, if 
     any, remaining after the payment or provision for payment of 
     all liabilities of the Association shall be distributed to, 
     and only to, 1 or more charitable organizations. No part of 
     the income or assets of the Association shall inure to any of 
     its members, directors, or officers, or be distributed to any 
     such person during the life of the Association or upon its 
     dissolution, except in payment of a legal obligation owed to 
     such person. At the time of dissolution, any unexpended funds 
     appropriated by Congress for the establishment of the 
     Association shall be returned to the United States Treasury.

     SEC. 1140. REPORTS.

       (a) Report to the President and Congress.--
       (1) In general.--The Association shall prepare and submit 
     to the President and the appropriate committees of Congress, 
     at the beginning of each regular session of Congress, a 
     report on the Association's activities for the preceding 
     fiscal year.
       (2) Report content.--The reports required by this 
     subsection shall include--
       (A) an appraisal of the performance of Federal financial 
     regulatory agencies, including reports on the compliance of 
     Federal financial regulatory agencies with their legal 
     missions and mandates;
       (B) the extent to which regulatory agencies should 
     disseminate specified information to the research and 
     consumer communities and consumer information to the public;
       (C) an appraisal of significant actions of State and local 
     governments relating to the protection of financial 
     consumers;
       (D) recommendations for financial consumer protection 
     legislation; and
       (E) an overview of covered persons' compliance with the 
     law.

     SEC. 1141. RELATIONSHIP TO EXISTING LAW.

       Nothing in this Act shall be construed to limit the right 
     of any individual or group of individuals to initiate, 
     intervene in, or otherwise participate in any proceeding 
     before a regulatory agency or court, nor to relieve any 
     regulatory agency, court, or other public body of any 
     obligation, or affect its discretion to permit intervention 
     or participation by a consumer or group or class of consumers 
     or citizens in any proceeding or activity.

     SEC. 1142. CONSTRUCTION.

       The provisions of this Act shall be construed in such a 
     manner as best to enable the Association to effectively 
     represent and protect the interests of financial services 
     consumers.

     SEC. 1143. SEVERABILITY.

       If any provision of this Act shall be declared invalid, the 
     other provisions of this Act shall remain in effect.
                                 ______
                                 
  SA 3773. Mr. WHITEHOUSE submitted an amendment intended to be 
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for 
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the 
financial stability of the United States by improving accountability 
and transparency in the financial system, to end ``too big to fail'', 
to protect the American taxpayer by ending bailouts, to protect 
consumers from abusive financial services practices, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 1059, strike line 22 and all that follows through 
     page 1061, line 7, and insert the following:
       ``(b) Independence Standards for Compensation Consultants 
     and Other Compensation Committee Advisers.--
       ``(1) In general.--Any compensation consultant, legal 
     counsel, or other adviser to the compensation committee of an 
     issuer shall be independent.
       ``(2) Rules.--The Commission shall, by rule, define the 
     term `independent' for purposes of this subsection.
                                 ______
                                 
  SA 3774. Mr. LeMIEUX submitted an amendment intended to be proposed 
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself 
and

[[Page 6981]]

Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail'', to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 1036, strike line 14 and all that follows through 
     page 1041, line 3, and insert the following:

     SEC. 939. REMOVAL OF STATUTORY REFERENCES TO CREDIT RATINGS.

       (a) Federal Deposit Insurance Act.--The Federal Deposit 
     Insurance Act (12 U.S.C. 1811 et seq.) is amended--
       (1) in section 7(b)(1)(E)(i), by striking ``credit rating 
     entities, and other private economic'' and insert ``private 
     economic, credit,'';
       (2) in section 28(d)--
       (A) in the subsection heading, by striking ``Not of 
     Investment Grade'';
       (B) in paragraph (1), by striking ``not of investment 
     grade'' and inserting ``that does not meet standards of 
     credit-worthiness as established by the Corporation'';
       (C) in paragraph (2), by striking ``not of investment 
     grade'';
       (D) by striking paragraph (3);
       (E) by redesignating paragraph (4) as paragraph (3); and
       (F) in paragraph (3), as so redesignated--
       (i) by striking subparagraph (A);
       (ii) by redesignating subparagraphs (B) and (C) as 
     subparagraphs (A) and (B), respectively; and
       (iii) in subparagraph (B), as so redesignated, by striking 
     ``not of investment grade'' and inserting ``that does not 
     meet standards of credit-worthiness as established by the 
     Corporation''; and
       (3) in section 28(e)--
       (A) in the subsection heading, by striking ``Not of 
     Investment Grade'';
       (B) in paragraph (1), by striking ``not of investment 
     grade'' and inserting ``that does not meet standards of 
     credit-worthiness as established by the Corporation''; and
       (C) in paragraphs (2) and (3), by striking ``not of 
     investment grade'' each place that it appears and inserting 
     ``that does not meet standards of credit-worthiness 
     established by the Corporation''.
       (b) Federal Housing Enterprises Financial Safety and 
     Soundness Act of 1992.--Section 1319 of the Federal Housing 
     Enterprises Financial Safety and Soundness Act of 1992 (12 
     U.S.C. 4519) is amended by striking ``that is a nationally 
     registered statistical rating organization, as such term is 
     defined in section 3(a) of the Securities Exchange Act of 
     1934,''.
       (c) Investment Company Act of 1940.--Section 
     6(a)(5)(A)(iv)(I) Investment Company Act of 1940 (15 U.S.C. 
     80a-6(a)(5)(A)(iv)(I)) is amended by striking ``is rated 
     investment grade by not less than 1 nationally registered 
     statistical rating organization'' and inserting ``meets such 
     standards of credit-worthiness as the Commission shall 
     adopt''.
       (d) Revised Statutes.--Section 5136A of title LXII of the 
     Revised Statutes of the United States (12 U.S.C. 24a) is 
     amended--
       (1) in subsection (a)(2)(E), by striking ``any applicable 
     rating'' and inserting ``standards of credit-worthiness 
     established by the Comptroller of the Currency'';
       (2) in the heading for subsection (a)(3) by striking 
     ``Rating or Comparable Requirement'' and inserting 
     ``Requirement'';
       (3) subsection (a)(3), by amending subparagraph (A) to read 
     as follows:
       ``(A) In general.--A national bank meets the requirements 
     of this paragraph if the bank is one of the 100 largest 
     insured banks and has not fewer than 1 issue of outstanding 
     debt that meets standards of credit-worthiness or other 
     criteria as the Secretary of the Treasury and the Board of 
     Governors of the Federal Reserve System may jointly 
     establish.''.
       (4) in the heading for subsection (f), by striking 
     ``Maintain Public Rating or'' and inserting ``Meet Standards 
     of Credit-Worthiness''; and
       (5) in subsection (f)(1), by striking ``any applicable 
     rating'' and inserting ``standards of credit-worthiness 
     established by the Comptroller of the Currency''.
       (e) Securities Exchange Act of 1934.--Section 3(a) 
     Securities Exchange Act of 1934 (15 U.S.C. 78a(3)(a)) is 
     amended--
       (1) in paragraph (41), by striking ``is rated in one of the 
     two highest rating categories by at least one nationally 
     registered statistical rating organization'' and inserting 
     ``meets standards of credit-worthiness as established by the 
     Commission''; and
       (2) in paragraph (53)(A), by striking ``is rated in 1 of 
     the 4 highest rating categories by at least 1 nationally 
     registered statistical rating organization'' and inserting 
     ``meets standards of credit-worthiness as established by the 
     Commission''.
       (f) World Bank Discussions.--Section 3(a)(6) of the 
     amendment in the nature of a substitute to the text of H.R. 
     4645, as ordered reported from the Committee on Banking, 
     Finance and Urban Affairs on September 22, 1988, as enacted 
     into law by section 555 of Public Law 100-461, (22 U.S.C. 
     286hh(a)(6)), is amended by striking ``credit rating'' and 
     inserting ``credit-worthiness''.
       (g) Effective Date.--The amendments made by this section 
     shall take effect 1 year after the date of enactment of this 
     Act.
       (1) In general.--Commission shall undertake a study on the 
     feasability and desirability of--
       (A) standardizing credit ratings terminology, so that all 
     credit rating agencies issue credit ratings using identical 
     terms;
       (B) standardizing the market stress conditions under which 
     ratings are evaluated;
       (C) requiring a quantitative correspondence between credit 
     ratings and a range of default probabilities and loss 
     expectations under standardized conditions of economic 
     stress; and
       (D) standardizing credit rating terminology across asset 
     classes, so that named ratings correspond to a standard range 
     of default probabilities and expected losses independent of 
     asset class and issuing entity.
       (2) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Commission shall submit to 
     Congress a report containing the findings of the study under 
     paragraph (1) and the recommendations, if any, of the 
     Commission with respect to the study.
                                 ______
                                 
  SA 3775. Mr. WYDEN (for himself and Mr. Grassley) submitted an 
amendment intended to be proposed to amendment SA 3739 proposed by Mr. 
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217, 
to promote the financial stability of the United States by improving 
accountability and transparency in the financial system, to end ``too 
big to fail'', to protect the American taxpayer by ending bailouts, to 
protect consumers from abusive financial services practices, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of the amendment, insert the following:

               TITLE ___--ELIMINATING SECRET SENATE HOLDS

     SEC. ___. ELIMINATING SECRET SENATE HOLDS.

       Rule VII of the Standing Rules of the Senate is amended by 
     adding at the end the following:
       ``7. (a) The majority and minority leaders of the Senate or 
     their designees shall recognize a notice of intent of a 
     Senator who is a member of their caucus to object to 
     proceeding to a measure or matter only if the Senator--
       ``(1) submits the notice of intent in writing to the 
     appropriate leader or their designee and grants in the notice 
     permission for the leader or designee to object in the 
     Senator's name; and
       ``(2) not later than 2 session days after the submission 
     under clause (1), submits for inclusion in the Congressional 
     Record and in the applicable calendar section described in 
     subparagraph (b) the following notice:
       ```I, Senator ___, intend to object to proceeding to ___, 
     dated ___.'
       ``(b) The Secretary of the Senate shall maintain for both 
     the Senate Calendar of Business and the Senate Executive 
     Calendar a separate section entitled `Notices of Intent to 
     Object to Proceeding'. Each section shall include the name of 
     each Senator filing a notice under subparagraph (a)(2), the 
     measure or matter covered by the calendar that the Senator 
     objects to, and the date the objection was filed.
       ``(c) A Senator may have an item relating to that Senator 
     removed from a calendar to which it was added under 
     subparagraph (b) by submitting for inclusion in the 
     Congressional Record the following notice:
       ```I, Senator ___, do not object to proceeding to ____, 
     dated ____.'.''.
                                 ______
                                 
  SA 3776. Mr. SPECTER (for himself, Mr. Reed, Mr. Kaufman, Mr. Durbin, 
Mr. Harkin, Mr. Leahy, Mr. Levin, Mr. Menendez, Mr. Whitehouse, Mr. 
Franken, Mr. Feingold, and Mr. Merkley) submitted an amendment intended 
to be proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd 
(for himself and Mrs. Lincoln)) to the bill S. 3217, to promote the 
financial stability of the United States by improving accountability 
and transparency in the financial system, to end ``too big to fail'', 
to protect the American taxpayer by ending bailouts, to protect 
consumers from abusive financial services practices, and for other 
purposes; which was ordered to lie on the table; as follows:

       On page 1004, between lines 11 and 12, insert the 
     following:

     SEC. 929D. PRIVATE CIVIL ACTION FOR AIDING AND ABETTING.

       Section 20(e) of the Securities Exchange Act of 1934 (15 
     U.S.C. 78t(e)) is amended--
       (1) in the subsection heading, by striking ``Prosecution 
     of'' and inserting ``Actions Against'';
       (2) by striking ``For purposes'' and inserting the 
     following:

[[Page 6982]]

       ``(1) Actions brought by commission.--For purposes''; and
       (3) by adding at the end the following:
       ``(2) Private civil actions.--For purposes of any private 
     civil action implied under this title, any person that 
     knowingly provides substantial assistance to another person 
     in violation of this title, or of any rule or regulation 
     issued under this title, shall be deemed to be in violation 
     of this title to the same extent as the person to whom such 
     assistance is provided. For purposes of this paragraph, a 
     person acts knowingly only if the person has actual knowledge 
     of the conduct underlying the violation described in the 
     preceding sentence.''.
                                 ______
                                 
  SA 3777. Mr. SCHUMER submitted an amendment intended to be proposed 
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial 
stability of the United States by improving accountability and 
transparency in the financial system, to end ``too big to fail'', to 
protect the American taxpayer by ending bailouts, to protect consumers 
from abusive financial services practices, and for other purposes; 
which was ordered to lie on the table; as follows:

       On page 1187, between lines 9 and 10, insert the following:

              Subtitle K--Multifamily Mortgage Resolution

     SEC. 992. MULTIFAMILY MORTGAGE RESOLUTION PROGRAM.

       (a) Establishment.--The Secretary of Housing and Urban 
     Development shall establish a program to protect tenants and 
     at-risk multifamily properties, which may include--
       (1) creating sustainable financing of such properties, 
     taking into consideration--
       (A) the rental income generated by such properties; and
       (B) the preservation of adequate operating reserves;
       (2) maintaining the level of Federal, State, and local 
     government subsidies for such properties that exists on the 
     day before the date of enactment of this Act;
       (3) providing funds for rehabilitation of such properties;
       (4) facilitating the transfer of such properties to 
     responsible persons, when appropriate and with the agreement 
     of the owners of the property; and
       (5) ensuring affordability of such properties.
       (b) Coordination.--In carrying out the program established 
     under this section, the Secretary of Housing and Urban 
     Development may coordinate with the Secretary, the 
     Corporation, the Board of Governors, the Federal Housing 
     Finance Agency, and any other agency of the Federal 
     Government that the Secretary of Housing and Urban 
     Development considers appropriate.
       (c) Definition.--For purposes of this section, the term 
     ``multifamily property'' means a residential structure that 
     consists of 5 or more dwelling units.
                                 ______
                                 
  SA 3778. Mr. UDALL of Colorado (for himself, Mr. Lugar, Mr. Bond, Mr. 
Brown of Massachusetts, Mr. Brown of Ohio, Mrs. Hagan, Mr. Levin, Mr. 
Lieberman, Mrs. McCaskill, and Mrs. Shaheen) submitted an amendment 
intended to be proposed to amendment SA 3739 proposed by Mr. Reid (for 
Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217, to 
promote the financial stability of the United States by improving 
accountability and transparency in the financial system, to end ``too 
big to fail'', to protect the American taxpayer by ending bailouts, to 
protect consumers from abusive financial services practices, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle G of title X, add the following:

     SEC. 1078. REPEAL OF CREDIT SCORE DISCLOSURE FEES.

       (a) Repeal of Credit Score Disclosure Fees.--Section 
     609(f)(8) of the Fair Credit Reporting Act (15 U.S.C. 
     1681g(f)(8)) is amended to read as follows:
       ``(8) Free annual credit score.--
       ``(A) In general.--Section 612(a) shall apply to each 
     consumer reporting agency described in subsection (p) of 
     section 603 in making disclosures pursuant to this 
     subsection.
       ``(B) Reasonable fees.--Other than with respect to a free 
     annual disclosure, as provided in subparagraph (A) and 
     section 612(a), a consumer reporting agency may charge a fair 
     and reasonable fee, as determined by the Commission, for 
     providing the information required under this subsection.''.
       (b) Applicability of FCRA.--Section 612(a) of the Fair 
     Credit Reporting Act (15 U.S.C. 1681j(a)) shall apply to each 
     consumer reporting agency described in subsection (p) of 
     section 603 in making disclosures pursuant to this section.
                                 ______
                                 
   SA 3779. Mr. FEINGOLD submitted an amendment intended to be proposed 
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial 
stability of the United States by improving accountability and 
transparency in the financial system, to end ``too big to fail'', to 
protect the American taxpayer by ending bailouts, to protect consumers 
from abusive financial services practices, and for other purposes; 
which was ordered to lie on the table; as follows:

       On page 1290, strike line 5 and all that follows through 
     page 1291, line 9, and insert the following:

     SEC. 1028. AUTHORITY TO RESTRICT MANDATORY PRE-DISPUTE 
                   ARBITRATION.

       (a) Study and Report.--Not later than 180 days after the 
     date of enactment of this Act, the Bureau shall conduct a 
     study and submit a report to Congress concerning the use of 
     agreements providing for arbitration of any future dispute 
     between covered persons and consumers in connection with the 
     offering or providing of consumer financial products or 
     services.
       (b) Further Authority.--The Bureau, by regulation, may 
     prohibit or impose conditions or limitations on the use of an 
     agreement between a covered person and a consumer for a 
     consumer financial product or service providing for 
     arbitration of any future dispute between the parties, if the 
     Bureau determines that such a prohibition or imposition of 
     conditions or limitations is in the public interest and for 
     the protection of consumers. The determination of the Bureau 
     under this subsection shall be consistent with the study 
     conducted under subsection (a).
       (c) Limitation.--The authority described in subsection (b) 
     may not be construed to prohibit or restrict a consumer from 
     entering into a voluntary arbitration agreement with a 
     covered person after a dispute has arisen.
                                 ______
                                 
   SA 3780. Mr. FEINGOLD submitted an amendment intended to be proposed 
to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself 
and Mrs. Lincoln)) to the bill S. 3217, to promote the financial 
stability of the United States by improving accountability and 
transparency in the financial system, to end ``too big to fail'', to 
protect the American taxpayer by ending bailouts, to protect consumers 
from abusive financial services practices, and for other purposes; 
which was ordered to lie on the table; as follows:

       On page 1455, after line 25, insert the following:

     SEC. 1077. MANDATORY PREDISPUTE ARBITRATION RULEMAKING.

       (a) Section 921.--Section 921 of this Act is amended to 
     read as follows:

     ``SEC. 921. AUTHORITY TO ISSUE RULES RELATED TO MANDATORY 
                   PREDISPUTE ARBITRATION.

       ``(a) Amendment to Securities Exchange Act of 1934.--
     Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 
     78o), as amended by section 918, is amended by adding at the 
     end the following:
       ```(i) Authority to Restrict Mandatory Predispute 
     Arbitration.--The Commission shall--
       ```(1) conduct a rulemaking on the use of agreements that 
     require customers or clients of any broker, dealer, or 
     municipal securities dealer to arbitrate any dispute between 
     such customers or clients and such broker, dealer, or 
     municipal securities dealer that arises under the securities 
     laws or the rules of a self-regulatory organization; and
       ```(2) if the Commission finds that prohibition of, or 
     imposition of conditions or limitations on, the use of 
     agreements described in paragraph (1) is in the public 
     interest and for the protection of investors, promulgate 
     rules or regulations to establish such prohibitions, 
     conditions, or limitations.'.
       ``(b) Amendment to the Investment Advisers Act of 1940.--
     Section 205 of the Investment Advisers Act of 1940 (15 U.S.C. 
     80b-5) is amended by adding at the end the following:
       ```(f) Authority to Issue Rules Related to Mandatory 
     Predispute Arbitration.--The Commission shall--
       ```(1) conduct a rulemaking on the use of agreements that 
     require customers or clients of any investment adviser to 
     arbitrate any dispute between such customers or clients and 
     such investment adviser that arises under the securities 
     laws, as defined in section 3 of the Securities Exchange Act 
     of 1934 (15 U.S.C. 78c), or the rules of a self-regulatory 
     organization; and
       ```(2) if the Commission finds that prohibition of, or 
     imposition of conditions or limitations on, the use of 
     agreements described in paragraph (1) is in the public 
     interest and for the protection of investors, promulgate 
     rules or regulations to establish such prohibitions, 
     conditions, or limitations.'.''
       (b) Section 1028.--Section 1028 of this Act is amended to 
     read as follows:

     ``SEC. 1028. AUTHORITY TO RESTRICT MANDATORY PREDISPUTE 
                   ARBITRATION.

       ``(a) Authority.--The Bureau, by regulation, shall prohibit 
     or impose conditions or

[[Page 6983]]

     limitations on the use of an agreement between a covered 
     person and a consumer for a consumer financial product or 
     service providing for arbitration of any future dispute 
     between the parties, if the Bureau finds that such 
     prohibition or imposition of conditions or limitations is in 
     the public interest and for the protection of consumers.
       ``(b) Limitation.--The authority described in subsection 
     (a) may not be construed to prohibit or restrict a consumer 
     from entering into a voluntary arbitration agreement with a 
     covered person after a dispute has arisen.''.
                                 ______
                                 
  SA 3781. Ms. COLLINS submitted an amendment intended to be proposed 
by her to the bill S. 3217, to promote the financial stability of the 
United States by improving accountability and transparency in the 
financial system, to end ``too big to fail'', to protect the American 
taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the end of the amendment, insert the following:

           TITLE XII--PROHIBITION ON TAXPAYER FUNDED BAILOUTS

     SEC. 1301. PROHIBITION ON TAXPAYER FUNDED BAILOUTS.

       No taxpayer funds shall be provided under this or any other 
     Act to provide pecuniary or monetary assistance to any 
     company for the purpose of minimizing losses or otherwise 
     mitigating the financial distress of such company.
                                 ______
                                 
  SA 3782. Mr. CORKER (for himself, Mr. Enzi, and Mrs. Hutchison) 
submitted an amendment intended to be proposed by him to the bill S. 
3217, to promote the financial stability of the United States by 
improving accountability and transparency in the financial system, to 
end ``too big to fail'', to protect the American taxpayer by ending 
bailouts, to protect consumers from abusive financial services 
practices, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 1045, strike line 12 and all that follows through 
     page 1052, line 2 and insert the following:
       ``(b) Study on Risk Retention.--
       ``(1) Study.--
       ``(A) In general.--The Federal Reserve Board, in 
     coordination and consultation with the Comptroller of the 
     Currency, the Federal Deposit Insurance Corporation, the 
     Federal Housing Finance Agency, and the Securities and 
     Exchange Commission, shall conduct a study of the asset-
     backed securitization process.
       ``(B) Issues to be studied.--In conducting the study under 
     subparagraph (A), the Board shall evaluate--
       ``(i) the separate and combined impact of--

       ``(I) requiring loan originators or securitizers to retain 
     an economic interest in a portion of the credit risk for any 
     asset that the securitizer, through the issuance of an asset-
     backed security, transfers, sells, or conveys to a third 
     party; including--

       ``(aa) whether existing risk retention requirements such as 
     contractual representations and warranties, and statutory and 
     regulatory underwriting and consumer protection requirements 
     are sufficient to ensure the long-term accountability of 
     originators for loans they originate; and
       ``(bb) methodologies for establishing additional statutory 
     credit risk retention requirements;

       ``(II) the Financial Accounting Statements 166 and 167 
     issued by the Financial Accounting Standards Board, as well 
     as any other statements issued before or after the date of 
     enactment of this section the Federal banking agencies 
     determine to be relevant;

       ``(ii) the impact of the factors described under subsection 
     (i) of this section on--

       ``(I) different classes of assets, such as residential 
     mortgages, commercial mortgages, commercial loans, auto 
     loans, and other classes of assets;
       ``(II) loan originators;
       ``(III) securitizers;
       ``(IV) access of consumers and businesses to credit on 
     reasonable terms.

       ``(2) Report.--Not later than 18 months after the date of 
     enactment of this section, the Board shall submit to Congress 
     a report on the study conducted under paragraph (1). Such 
     report shall include statutory and regulatory recommendations 
     for eliminating any negative impacts on the continued 
     viability of the asset-backed securitization markets and on 
     the availability of credit for new lending identified by the 
     study conducted under paragraph (1).''.
                                 ______
                                 
  SA 3783. Mr. CORKER (for himself, Mr. Enzi, Mr. Isakson, Mr. 
Chambliss, and Mr. Barrasso) submitted an amendment intended to be 
proposed by him to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail'', to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 61, after line 24, insert the following:

     SEC. 122. ASSET BUBBLE STUDY.

       (a) Feasability Study.--
       (1) In general.--The Board of Governors, the Office of the 
     Comptroller Currency, the Corporation, and the Department of 
     Housing and Urban Development, in consultation with the 
     Council, shall conduct a study on the feasibility and 
     advisability of establishing quantitative criteria for 
     identifying housing bubbles.
       (2) Required inclusions.--The study required under 
     paragraph (1) shall examine whether or not the quantitative 
     criteria that may be established should include following 
     information:
       (A) Consumer confidence.
       (B) Inventory data.
       (C) Housing appreciation.
       (D) Housing supply.
       (E) Foreclosure statistics.
       (F) Any other factor or information deemed relevant by the 
     Board of Governors, the Office of the Comptroller Currency, 
     the Corporation, and the Department of Housing and Urban 
     Development, in consultation with the Council.
       (3) Additional examinations.--In conducting the study 
     required under this subsection, the Board of Governors, the 
     Office of the Comptroller Currency, the Corporation, and the 
     Department of Housing and Urban Development, in consultation 
     with the Council, shall also examine the advisability of 
     using such quantitative criteria as a trigger for increased 
     down payment requirements on home mortgage loans for lending 
     institutions.
       (4) Considerations.--In conducting the study required under 
     this subsection, the Board of Governors, the Office of the 
     Comptroller Currency, the Corporation, and the Department of 
     Housing and Urban Development, in consultation with the 
     Council, shall consider the mortgage finance systems in other 
     countries, including the legal and regulatory regimes present 
     and in effect in such countries, the experience of such 
     countries with housing bubbles and housing crises, and the 
     relevance, if any, of the down payment requirements in effect 
     in such countries to the occurrence or onset of such bubbles 
     or crises.
       (b) Report to Congress.--Not later than 1 year after the 
     date of enactment of this Act, the Board of Governors, the 
     Office of the Comptroller Currency, the Corporation, and the 
     Department of Housing and Urban Development, in consultation 
     with the Council, shall submit to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a joint 
     report summarizing the results of the study required under 
     subsection (a).
                                 ______
                                 
  SA 3784. Mr. CORKER (for himself, Mr. Chambliss, Mr. Isakson, and Mr. 
Gregg) submitted an amendment intended to be proposed by him to the 
bill S. 3217, to promote the financial stability of the United States 
by improving accountability and transparency in the financial system, 
to end ``too big to fail'', to protect the American taxpayer by ending 
bailouts, to protect consumers from abusive financial services 
practices, and for other purposes; which was ordered to lie on the 
table; as follows:

       On page 30, between lines 11 and 12, insert the following:
       (N) review and submit comments to the Commission and any 
     standards setting body with respect to an accounting 
     principle, standard, or procedure in effect on the date of 
     enactment of this Act or that is proposed; and

                          ____________________