[Congressional Record (Bound Edition), Volume 156 (2010), Part 6]
[Senate]
[Pages 8861-8872]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 4148. Mr. DODD submitted an amendment intended to be proposed to 
amendment SA 4081 submitted by Mr. Hatch and intended to be proposed to 
the 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:

       In lieu of the matter proposed to be inserted, insert the 
     following: ``and, when promulgating a final rule, shall set 
     forth in the adopting release such consideration of the 
     potential benefits and costs of the rule''.
                                 ______
                                 
  SA 4149. Mr. LUGAR submitted an amendment intended to be proposed to 
amendment SA 4050 submitted by Mr. Cardin (for himself, Mr. Lugar, Mr. 
Durbin, Mr. Schumer, Mr. Feingold, Mr. Merkley, Mr. Johnson, and Mr. 
Whitehouse) to the 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:

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

     SEC. 995. ENERGY AND ENVIRONMENTAL MARKETS ADVISORY 
                   COMMITTEE.

       (a) Repeal.--Notwithstanding any other provision of this 
     Act, section 911 of this Act is repealed, effective on the 
     date of enactment of this Act, and shall have no force or 
     effect on or after that date of enactment.
       (b) Investor Advisory Committee Established.--Title I of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
     is amended by adding at the end the following:

     ``SEC. 39. INVESTOR ADVISORY COMMITTEE.

       ``(a) Establishment and Purpose.--
       ``(1) Establishment.--There is established within the 
     Commission the Investor Advisory Committee (referred to in 
     this section as the `Committee').
       ``(2) Purpose.--The Committee shall--
       ``(A) advise and consult with the Commission on--
       ``(i) regulatory priorities of the Commission;
       ``(ii) issues relating to the regulation of securities 
     products, trading strategies, and fee structures, and the 
     effectiveness of disclosure;
       ``(iii) initiatives to protect investor interests, 
     including initiatives to protect investors against the 
     material risks to investors associated with companies in the 
     extractive industries sector, including--

       ``(I) unique tax, regulatory, and reputational risks, in 
     the form of country-specific considerations;
       ``(II) the substantial capital employed in the extractive 
     industries, and the often opaque and unaccountable management 
     of natural resource revenues by foreign governments; and
       ``(III) the potential for unstable and high-cost operating 
     environments for multinational companies operating in foreign 
     countries; and

       ``(iv) initiatives to promote investor confidence and the 
     integrity of the securities marketplace;
       ``(B) submit to the Commission such findings and 
     recommendations as the Committee determines are appropriate, 
     including recommendations for proposed legislative changes; 
     and
       ``(C) submit to the Commission and to Congress an annual 
     report on significant investor exposure to risk, potential 
     for market disruption, or other information, as the Committee 
     determines is necessary to ensure investor protection, 
     including information reported to the Commission under 
     subsection (k).
       ``(b) Membership.--
       ``(1) In general.--The members of the Committee shall be--
       ``(A) the Investor Advocate;
       ``(B) a representative of State securities commissions;
       ``(C) a representative of the interests of senior citizens; 
     and
       ``(D) not fewer than 10, and not more than 20, members 
     appointed by the Commission, from among individuals who--
       ``(i) represent the interests of individual equity and debt 
     investors, including investors in mutual funds;
       ``(ii) represent the interests of institutional investors, 
     including the interests of pension funds and registered 
     investment companies;
       ``(iii) are knowledgeable about investment issues and 
     decisions; and
       ``(iv) have reputations of integrity.
       ``(2) Term.--Each member of the Committee appointed under 
     paragraph (1)(B) shall serve for a term of 4 years.
       ``(3) Members not commission employees.--Members appointed 
     under paragraph (1)(B) shall not be deemed to be employees or 
     agents of the Commission solely because of membership on the 
     Committee.
       ``(c) Chairman; Vice Chairman; Secretary; Assistant 
     Secretary.--
       ``(1) In general.--The members of the Committee shall 
     elect, from among the members of the Committee--
       ``(A) a chairman, who may not be employed by an issuer;
       ``(B) a vice chairman, who may not be employed by an 
     issuer;
       ``(C) a secretary; and
       ``(D) an assistant secretary.
       ``(2) Term.--Each member elected under paragraph (1) shall 
     serve for a term of 3 years in the capacity for which the 
     member was elected under paragraph (1).
       ``(d) Meetings.--
       ``(1) Frequency of meetings.--The Committee shall meet--
       ``(A) not less frequently than twice annually, at the call 
     of the chairman of the Committee; and
       ``(B) from time to time, at the call of the Commission.
       ``(2) Notice.--The chairman of the Committee shall give the 
     members of the Committee written notice of each meeting, not 
     later than 2 weeks before the date of the meeting.
       ``(e) Compensation and Travel Expenses.--Each member of the 
     Committee who is not a full-time employee of the United 
     States shall--
       ``(1) be compensated at a rate not to exceed the daily 
     equivalent of the annual rate of basic pay in effect for a 
     position at level V of the Executive Schedule under section 
     5316 of title 5, United States Code, for each day during 
     which the member is engaged in the actual performance of the 
     duties of the Committee; and
       ``(2) while away from the home or regular place of business 
     of the member in the performance of services for the 
     Committee, be allowed travel expenses, including per diem in 
     lieu of subsistence, in the same manner as persons employed 
     intermittently in the Government service are allowed expenses 
     under section 5703(b) of title 5, United States Code.

[[Page 8862]]

       ``(f) Staff.--The Commission shall make available to the 
     Committee such staff as the chairman of the Committee 
     determines are necessary to carry out this section.
       ``(g) Review by Commission.--The Commission shall--
       ``(1) review the findings and recommendations of the 
     Committee;
       ``(2) make recommendations to the Commission on the 
     advisability of making public the information required to be 
     disclosed under subsection (k); and
       ``(3) each time the Committee submits a finding or 
     recommendation to the Commission under paragraph (1), issue a 
     public statement--
       ``(A) assessing the finding or recommendation of the 
     Committee; and
       ``(B) disclosing the action, if any, the Commission intends 
     to take with respect to the finding or recommendation.
       ``(h) Committee Findings.--Nothing in this section shall 
     require the Commission to agree to or act upon any finding or 
     recommendation of the Committee.
       ``(i) Federal Advisory Committee Act.--The Federal Advisory 
     Committee Act (5 U.S.C. App.) shall not apply with respect to 
     the Committee and its activities.
       ``(j) Authorization of Appropriations.--There is authorized 
     to be appropriated to the Commission such sums as are 
     necessary to carry out this section.
       ``(k) Disclosure of Payments by Resource Extraction 
     Issuers.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `commercial development of oil, natural gas, 
     or minerals' includes exploration, extraction, processing, 
     export, and other significant actions relating to oil, 
     natural gas, or minerals, or the acquisition of a license for 
     any such activity, as determined by the Commission;
       ``(B) the term `foreign government' means a foreign 
     government, a department, agency, or instrumentality of a 
     foreign government, or a company owned by a foreign 
     government, as determined by the Commission;
       ``(C) the term `payment'--
       ``(i) means a payment that is--

       ``(I) made to further the commercial development of oil, 
     natural gas, or minerals; and
       ``(II) not de minimis; and

       ``(ii) includes taxes, royalties, fees (including license 
     fees), production entitlements, bonuses, and other material 
     benefits, that the Commission, consistent with the guidelines 
     of the Extractive Industries Transparency Initiative (to the 
     extent practicable), determines are part of the commonly 
     recognized revenue stream for the commercial development of 
     oil, natural gas, or minerals; and
       ``(D) the term `resource extraction issuer' means an issuer 
     that--
       ``(i) is required to file an annual report with the 
     Commission; and
       ``(ii) engages in the commercial development of oil, 
     natural gas, or minerals.
       ``(2) Disclosure.--
       ``(A) Information required.--In order to assist the 
     Committee in carrying out the duties of the Committee under 
     subsection (a)(2), not later than 270 days after the date of 
     enactment of the Restoring American Financial Stability Act 
     of 2010, the Commission shall issue final rules that require 
     each resource extraction issuer to include in an annual 
     report of the resource extraction issuer information relating 
     to any payment made by the resource extraction issuer, a 
     subsidiary of the resource extraction issuer, or an entity 
     under the control of the resource extraction issuer to a 
     foreign government or the Federal Government for the purpose 
     of the commercial development of oil, natural gas, or 
     minerals, including--
       ``(i) the type and total amount of such payments made for 
     each project of the resource extraction issuer relating to 
     the commercial development of oil, natural gas, or minerals; 
     and
       ``(ii) the type and total amount of such payments made to 
     each government.
       ``(B) Consultation in rulemaking.--In issuing rules under 
     subparagraph (A), the Commission may consult with any agency 
     or entity that the Commission determines is relevant.
       ``(C) Effective date.--With respect to each resource 
     extraction issuer, the final rules issued under subparagraph 
     (A) shall take effect on the date on which the resource 
     extraction issuer is required to submit an annual report 
     relating to the fiscal year of the resource extraction issuer 
     that ends not earlier than 1 year after the date on which the 
     Commission issues final rules under subparagraph (A).
       ``(3) Availability of information.--The Commission shall 
     make available to the Committee a compilation of the 
     information required to be submitted under the rules issued 
     under paragraph (2)(A).''.
                                 ______
                                 
  SA 4150. Mr. DODD submitted an amendment intended to be proposed to 
amendment SA 4073 submitted by Mr. Enzi (for himself, Mr. Shelby, and 
Mr. Grassley) and intended to be proposed to the 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 1, strike lines 3 through 6 and insert the 
     following:
       (s) Consumer Privacy.--
       (1) In general.--Notwithstanding any other provision of 
     this title, the Bureau may not obtain from a covered person 
     any personally identifiable financial information about a 
     consumer from the financial records of the covered person, 
     except--
       (A) if the financial records are reasonably described in a 
     request by the Bureau and the consumer provides written 
     permission for the disclosure of such information by the 
     covered person to the Bureau; or
       (B) as may be specifically permitted or required under 
     other provisions of law, and in accordance with the Right to 
     Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.).
       (2) Treatment of covered person.--With respect to the 
     application of any provision of the Right to Financial 
     Privacy Act of 1978 to a disclosure by a covered person 
     subject to section 1022(c), the covered person shall be 
     treated as if it were a ``financial institution'', as that 
     term is defined in section 1101 of that Act (12 U.S.C. 3401).
                                 ______
                                 
  SA 4151. Ms. CANTWELL submitted an amendment intended to be proposed 
to amendment SA 3789 proposed by Mr. Brownback (for himself, Mr. Bond, 
and Mr. Inhofe) to the 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 appropriate place, insert the following:

     SEC. ___. CONTRACT ENFORCEMENT BETWEEN ELIGIBLE 
                   COUNTERPARTIES.

       Notwithstanding any other provision of this Act, section 
     22(a) of the Commodity Exchange Act (7 U.S.C. 25(a)) is 
     amended by striking paragraph (4) and inserting the 
     following:
       ``(4) Contract enforcement between eligible 
     counterparties.--
       ``(A) In general.--No hybrid instrument sold to any 
     investor shall be void, voidable, or unenforceable, and no 
     party to a hybrid instrument shall be entitled to rescind, or 
     recover any payment made with respect to, the hybrid 
     instrument under this section or any other provision of 
     Federal or State law, based solely on the failure of the 
     hybrid instrument to comply with the terms or conditions of 
     section 2(f) or regulations of the Commission, unless there 
     is a knowing failure by a party to comply with the terms and 
     conditions of section 2(f) or regulations of the Commission.
       ``(B) Swaps.--Unless there is a knowing failure by a party 
     to comply with the mandatory clearing requirement for swaps 
     under section 2(h), no agreement, contract, or transaction 
     between eligible contract participants or persons reasonably 
     believed to be eligible contract participants shall be void, 
     voidable, or unenforceable, and no party to an agreement, 
     contract, or transaction shall be entitled to rescind, or 
     recover any payment made with respect to, the agreement, 
     contract, or transaction under this section or any other 
     provision of Federal or State law, based solely on the 
     failure of the agreement, contract, or transaction--
       ``(i) to meet the definition of a swap under section 1a; or
       ``(ii) to be cleared in accordance with section 2(h)(1).''.
                                 ______
                                 
  SA 4152. Mr. CORNYN submitted an amendment intended to be proposed to 
amendment SA 3776 proposed by 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) to the 
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:

       Strike all after the word ``sec.'' and insert the 
     following:

[[Page 8863]]



     929D. AUTHORITY TO IMPOSE CIVIL PENALTIES IN CEASE-AND-DESIST 
                   PROCEEDINGS.

       (a) Under the Securities Act of 1933.--Section 8A of the 
     Securities Act of 1933 (15 U.S.C. 77h-1) is amended by adding 
     at the end the following:
       ``(g) Authority To Impose Money Penalties.--
       ``(1) Grounds.--In any cease-and-desist proceeding under 
     subsection (a), the Commission may impose a civil penalty on 
     a person, if the Commission finds, on the record, after 
     notice and opportunity for hearing, that--
       ``(A) the person--
       ``(i) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or
       ``(ii) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation thereunder; and
       ``(B) the imposition of the penalty is in the public 
     interest.
       ``(2) Maximum amount of penalty.--
       ``(A) First tier.--The maximum amount of a penalty for each 
     act or omission described in paragraph (1) shall be $7,500 
     for a natural person or $75,000 for any other person.
       ``(B) Second tier.--Notwithstanding subparagraph (A), if 
     the act or omission described in paragraph (1) involved 
     fraud, deceit, manipulation, or deliberate or reckless 
     disregard of a regulatory requirement, the maximum amount of 
     penalty for each act or omission shall be $75,000 for a 
     natural person or $375,000 for any other person.
       ``(C) Third tier.--Notwithstanding subparagraphs (A) and 
     (B), the maximum amount of penalty for each act or omission 
     described in paragraph (1) shall be $150,000 for a natural 
     person or $725,000 for any other person, if--
       ``(i) the act or omission involved fraud, deceit, 
     manipulation, or deliberate or reckless disregard of a 
     regulatory requirement; and
       ``(ii) the act or omission directly or indirectly resulted 
     in--

       ``(I) substantial losses or created a significant risk of 
     substantial losses to other persons; or
       ``(II) substantial pecuniary gain to the person who 
     committed the act or omission.

       ``(3) Evidence concerning ability to pay.--In any 
     proceeding in which the Commission may impose a penalty under 
     this section, a respondent may present evidence of the 
     ability of the respondent to pay such penalty. The Commission 
     may, in its discretion, consider such evidence in determining 
     whether such penalty is in the public interest. Such evidence 
     may relate to the extent of the ability of the respondent to 
     continue in business and the collectability of a penalty, 
     taking into account any other claims of the United States or 
     third parties upon the assets of the respondent and the 
     amount of the assets of the respondent.''.
       (b) Under the Securities Exchange Act of 1934.--Section 
     21B(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78u-
     2(a)) is amended--
       (1) by striking the undesignated matter immediately 
     following paragraph (4);
       (2) in the matter preceding paragraph (1), by inserting 
     after ``opportunity for hearing,'' the following: ``that such 
     penalty is in the public interest and'';
       (3) by redesignating paragraphs (1) through (4) as 
     subparagraphs (A) through (D), respectively, and adjusting 
     the subparagraph margins accordingly;
       (4) by striking ``In any proceeding'' and inserting the 
     following:
       ``(1) In general.--In any proceeding''; and
       (5) by adding at the end the following:
       ``(2) Cease-and-desist proceedings.--In any proceeding 
     instituted under section 21C against any person, the 
     Commission may impose a civil penalty, if the Commission 
     finds, on the record after notice and opportunity for 
     hearing, that such person--
       ``(A) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or
       ``(B) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation issued under this 
     title.''.
       (c) Under the Investment Company Act of 1940.--Section 
     9(d)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-
     9(d)(1)) is amended--
       (1) by striking the matter immediately following 
     subparagraph (C);
       (2) in the matter preceding subparagraph (A), by inserting 
     after ``opportunity for hearing,'' the following: ``that such 
     penalty is in the public interest, and'';
       (3) by redesignating subparagraphs (A) through (C) as 
     clauses (i) through (iii), respectively, and adjusting the 
     clause margins accordingly;
       (4) by striking ``In any proceeding'' and inserting the 
     following:
       ``(A) In general.--In any proceeding''; and
       (5) by adding at the end the following:
       ``(B) Cease-and-desist proceedings.--In any proceeding 
     instituted pursuant to subsection (f) against any person, the 
     Commission may impose a civil penalty if the Commission 
     finds, on the record, after notice and opportunity for 
     hearing, that such person--
       ``(i) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or
       ``(ii) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation issued under this 
     title.''.
       (d) Under the Investment Advisers Act of 1940.--Section 
     203(i)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 
     80b-3(i)(1)) is amended--
       (1) by striking the undesignated matter immediately 
     following subparagraph (D);
       (2) in the matter preceding subparagraph (A), by inserting 
     after ``opportunity for hearing,'' the following: ``that such 
     penalty is in the public interest and'';
       (3) by redesignating subparagraphs (A) through (D) as 
     clauses (i) through (iv), respectively, and adjusting the 
     clause margins accordingly;
       (4) by striking ``In any proceeding'' and inserting the 
     following:
       ``(A) In general.--In any proceeding''; and
       (5) by adding at the end the following:
       ``(B) Cease-and-desist proceedings.--In any proceeding 
     instituted pursuant to subsection (k) against any person, the 
     Commission may impose a civil penalty if the Commission 
     finds, on the record, after notice and opportunity for 
     hearing, that such person--
       ``(i) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or
       ``(ii) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation issued under this 
     title.''.
                                 ______
                                 
  SA 4153. Mr. McCONNELL 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 the amendment add the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms

[[Page 8864]]

     are defined in sections 571.3 and 575.103 (d) of title 49, 
     Code of Federal Regulations, or any successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 1 day after the date of 
     enactment.
                                 ______
                                 
  SA 4154. Mr. McCONNELL 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 the amendment add the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 2 days after the date of 
     enactment.
                                 ______
                                 
  SA 4155. Mr. McCONNELL 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 the amendment, add the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 3 days after the date of 
     enactment.
                                 ______
                                 
  SA 4156. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments

[[Page 8865]]

     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 1 day after the date of 
     enactment.
                                 ______
                                 
  SA 4157. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103(d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 2 days after the date of 
     enactment.
                                 ______
                                 
  SA 4158. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle

[[Page 8866]]

     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103(d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 5 days after the date of 
     enactment.
                                 ______
                                 
  SA 4159. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 6 days after the date of 
     enactment.
                                 ______
                                 
  SA 4160. Mr. McDONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--

[[Page 8867]]

       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 7 days after the date of 
     enactment.
                                 ______
                                 
  SA 4161. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103(d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 8 days after the date of 
     enactment.
                                 ______
                                 
  SA 4162. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103(d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 9 days after the date of 
     enactment.
                                 ______
                                 
  SA 4163. Mr. McCONNELL 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

[[Page 8868]]

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

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 10 days after the date of 
     enactment.
                                 ______
                                 
  SA 4164. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     SEC. 1030. EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 11 days after the date of 
     enactment.
                                 ______
                                 
  SA 4165. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts,

[[Page 8869]]

     or any related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 3 days after the date of 
     enactment.
                                 ______
                                 
  SA 4166. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 4 days after the date of 
     enactment.
                                 ______
                                 
  SA 4167. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.

[[Page 8870]]

       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 12 days after the date of 
     enactment.
                                 ______
                                 
  SA 4168. Mr. McCONNELL 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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 13 days after the date of 
     enactment.
                                 ______
                                 
  SA 4169. Mr. McCONNELL 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:

       Strike all after (a) and insert the following.

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 14 days after the date of 
     enactment.
                                 ______
                                 
  SA 4170. Mr. McCONNELL 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

[[Page 8871]]

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:

       Strike all after (a) and insert the following:

     EXCLUSION FOR AUTO DEALERS.

       (a) In General.--The Director and the Bureau may not 
     exercise any rulemaking, supervisory, enforcement, or any 
     other authority, including authority to order assessments 
     over a motor vehicle dealer that is predominantly engaged in 
     the sale and servicing of motor vehicles, the leasing and 
     servicing of motor vehicles, or both.
       (b) Certain Functions Excepted.--The provisions of 
     subsection (a) shall not apply to any person, to the extent 
     that such person--
       (1) provides consumers with any services related to 
     residential or commercial mortgages and self-financing 
     transactions involving real property;
       (2) operates a line of business that involves the extension 
     of retail credit or retail leases involving motor vehicles, 
     and in which--
       (A) the extension of retail credit or retail leases are 
     provided directly to consumers; and
       (B) the contract governing such extension of retail credit 
     or retail leases is not predominantly assigned to a third-
     party finance or leasing source; or
       (3) offers or provides a consumer financial product or 
     service not involving or related to the sale, financing, 
     leasing, rental, repair, refurbishment, maintenance, or other 
     servicing of motor vehicles, motor vehicle parts, or any 
     related or ancillary product or service.
       (c) No Impact on Prior Authority.--Nothing in this section 
     shall be construed to modify, limit, or supersede the 
     rulemaking or enforcement authority over motor vehicle 
     dealers that could be exercised by any Federal department or 
     agency on the day before the date of enactment of this Act.
       (d) No Transfer of Certain Authority.--Notwithstanding any 
     other provision of this Act, the consumer financial 
     protection functions of the Board of Governors and the 
     Federal Trade Commission shall not be transferred to the 
     Director or the Bureau to the extent such functions are with 
     respect to a person described under subsection (a).
       (e) Coordination With Office of Service Member Affairs.--
     The Board of Governors and the Federal Trade Commission shall 
     coordinate with the Office of Service Member Affairs, to 
     ensure that--
       (1) service members and their families are educated and 
     empowered to make better informed decisions regarding 
     consumer financial products and services offered by motor 
     vehicle dealers, with a focus on motor vehicle dealers in the 
     proximity of military installations; and
       (2) complaints by service members and their families 
     concerning such motor vehicle dealers are effectively 
     monitored and responded to, and where appropriate, 
     enforcement action is pursued by the authorized agencies.
       (f) Definitions.--For purposes of this section, the 
     following definitions shall apply:
       (1) Motor vehicle.--The term ``motor vehicle'' means--
       (A) any self-propelled vehicle designed for transporting 
     persons or property on a street, highway, or other road;
       (B) recreational boats and marine equipment;
       (C) motorcycles;
       (D) motor homes, recreational vehicle trailers, and slide-
     in campers, as those terms are defined in sections 571.3 and 
     575.103 (d) of title 49, Code of Federal Regulations, or any 
     successor thereto; and
       (E) other vehicles that are titled and sold through 
     dealers.
       (2) Motor vehicle dealer.--The term ``motor vehicle 
     dealer'' means any person or resident in the United States, 
     or any territory of the United States, who is licensed by a 
     State, a territory of the United States, or the District of 
     Columbia to engage in the sale of motor vehicles.
       This section shall take effect 15 days after the date of 
     enactment.
                                 ______
                                 
  SA 4171. Mr. McCONNELL submitted an amendment intended to be proposed 
to amendment SA 3776 proposed by 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) 
to the 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 1, line 3, of the amendment, strike ``929D'' and 
     all that follows through the end of the amendment, and insert 
     the following:

     929D. AUTHORITY TO IMPOSE CIVIL PENALTIES IN CEASE-AND-DESIST 
                   PROCEEDINGS.

       (a) Under the Securities Act of 1933.--Section 8A of the 
     Securities Act of 1933 (15 U.S.C. 77h-1) is amended by adding 
     at the end the following:
       ``(g) Authority to Impose Money Penalties.--
       ``(1) Grounds.--In any cease-and-desist proceeding under 
     subsection (a), the Commission may impose a civil penalty on 
     a person, if the Commission finds, on the record, after 
     notice and opportunity for hearing, that--
       ``(A) the person--
       ``(i) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or
       ``(ii) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation thereunder; and
       ``(B) the imposition of the penalty is in the public 
     interest.
       ``(2) Maximum amount of penalty.--
       ``(A) First tier.--The maximum amount of a penalty for each 
     act or omission described in paragraph (1) shall be $7,500 
     for a natural person or $75,000 for any other person.
       ``(B) Second tier.--Notwithstanding subparagraph (A), if 
     the act or omission described in paragraph (1) involved 
     fraud, deceit, manipulation, or deliberate or reckless 
     disregard of a regulatory requirement, the maximum amount of 
     penalty for each act or omission shall be $75,000 for a 
     natural person or $375,000 for any other person.
       ``(C) Third tier.--Notwithstanding subparagraphs (A) and 
     (B), the maximum amount of penalty for each act or omission 
     described in paragraph (1) shall be $150,000 for a natural 
     person or $725,000 for any other person, if--
       ``(i) the act or omission involved fraud, deceit, 
     manipulation, or deliberate or reckless disregard of a 
     regulatory requirement; and
       ``(ii) the act or omission directly or indirectly resulted 
     in--

       ``(I) substantial losses or created a significant risk of 
     substantial losses to other persons; or
       ``(II) substantial pecuniary gain to the person who 
     committed the act or omission.

       ``(3) Evidence concerning ability to pay.--In any 
     proceeding in which the Commission may impose a penalty under 
     this section, a respondent may present evidence of the 
     ability of the respondent to pay such penalty. The Commission 
     may, in its discretion, consider such evidence in determining 
     whether such penalty is in the public interest. Such evidence 
     may relate to the extent of the ability of the respondent to 
     continue in business and the collectability of a penalty, 
     taking into account any other claims of the United States or 
     third parties upon the assets of the respondent and the 
     amount of the assets of the respondent.''.
       (b) Under the Securities Exchange Act of 1934.--Section 
     21B(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78u-
     2(a)) is amended--
       (1) by striking the undesignated matter immediately 
     following paragraph (4);
       (2) in the matter preceding paragraph (1), by inserting 
     after ``opportunity for hearing,'' the following: ``that such 
     penalty is in the public interest and'';
       (3) by redesignating paragraphs (1) through (4) as 
     subparagraphs (A) through (D), respectively, and adjusting 
     the subparagraph margins accordingly;
       (4) by striking ``In any proceeding'' and inserting the 
     following:
       ``(1) In general.--In any proceeding''; and
       (5) by adding at the end the following:
       ``(2) Cease-and-desist proceedings.--In any proceeding 
     instituted under section 21C against any person, the 
     Commission may impose a civil penalty, if the Commission 
     finds, on the record after notice and opportunity for 
     hearing, that such person--
       ``(A) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or
       ``(B) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation issued under this 
     title.''.
       (c) Under the Investment Company Act of 1940.--Section 
     9(d)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-
     9(d)(1)) is amended--
       (1) by striking the matter immediately following 
     subparagraph (C);
       (2) in the matter preceding subparagraph (A), by inserting 
     after ``opportunity for hearing,'' the following: ``that such 
     penalty is in the public interest, and'';
       (3) by redesignating subparagraphs (A) through (C) as 
     clauses (i) through (iii), respectively, and adjusting the 
     clause margins accordingly;
       (4) by striking ``In any proceeding'' and inserting the 
     following:
       ``(A) In general.--In any proceeding''; and
       (5) by adding at the end the following:
       ``(B) Cease-and-desist proceedings.--In any proceeding 
     instituted pursuant to subsection (f) against any person, the 
     Commission may impose a civil penalty if the Commission 
     finds, on the record, after notice and opportunity for 
     hearing, that such person--
       ``(i) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or

[[Page 8872]]

       ``(ii) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation issued under this 
     title.''.
       (d) Under the Investment Advisers Act of 1940.--Section 
     203(i)(1) of the Investment Advisers Act of 1940 (15 U.S.C. 
     80b-3(i)(1)) is amended--
       (1) by striking the undesignated matter immediately 
     following subparagraph (D);
       (2) in the matter preceding subparagraph (A), by inserting 
     after ``opportunity for hearing,'' the following: ``that such 
     penalty is in the public interest and'';
       (3) by redesignating subparagraphs (A) through (D) as 
     clauses (i) through (iv), respectively, and adjusting the 
     clause margins accordingly;
       (4) by striking ``In any proceeding'' and inserting the 
     following:
       ``(A) In general.--In any proceeding''; and
       (5) by adding at the end the following:
       ``(B) Cease-and-desist proceedings.--In any proceeding 
     instituted pursuant to subsection (k) against any person, the 
     Commission may impose a civil penalty if the Commission 
     finds, on the record, after notice and opportunity for 
     hearing, that such person--
       ``(i) is violating or has violated any provision of this 
     title, or any rule or regulation issued under this title; or
       ``(ii) is or was a cause of the violation of any provision 
     of this title, or any rule or regulation issued under this 
     title.''.
       (e) Trebled Penalties in SEC Actions Against Aiders and 
     Abettors.--Section 20(e) of the Securities Exchange Act of 
     1934 (15 U.S.C. 78t(e)) is amended by adding at the end the 
     following: ``The maximum monetary sanction that otherwise 
     would be permissible in an action brought pursuant to the 
     Commission's authority under this subsection shall be trebled 
     if the Commission finds on the record that the party on which 
     the penalty is to be imposed is not subject to any private 
     action under the securities laws for the conduct that is the 
     subject of the action.''.
                                 ______
                                 
  SA 4172. Mr. DODD proposed an amendment to the bill H.R. 4173, 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; as follows:

       Amend the title so as to read:
       ``A bill 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.''

                          ____________________