The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“TEXT OF AMENDMENTS” mentioning the U.S. Dept. of Commerce was published in the Senate section on pages S2765-S2767 on April 28, 2010.
The publication is reproduced in full below:
TEXT OF AMENDMENTS
SA 3731. Mr. WYDEN 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 subtitle A of title I, add the following:
SEC. 122. DISCLOSURE OF FINANCIAL INTERESTS IN THE DECLINE IN
VALUE OF FINANCIAL PRODUCTS.
(a) Recommendations by Council.--Not later than 180 days after the date of enactment of this Act, the Council shall make recommendations to the primary financial regulatory agencies to require any seller of a financial product or instrument to disclose to the purchaser or prospective purchaser of that product, whether the seller has any direct financial interest in the decline in value of the product.
(b) Procedures and Implementation.--The procedural and implementation provisions of subsections (b) and (c) of section 120 shall apply to recommendations of the Council under this section.
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SA 3732. Mr. CARDIN (for himself, Mr. Lugar, Mr. Durbin, Mr. Schumer, Mr. Feingold, Mr. Merkley, and Mr. Johnson) 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 taxpayers 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 1030, between lines 9 and 10, insert the following:
Subtitle K--Resource Extraction Issuers
SEC. 995. DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION
ISSUERS.
Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m), as amended by this Act, is amended by adding at the end the following:
``(o) Disclosure of Payments by Resource Extraction Issuers.--
``(1) Definitions.--In this subsection--
``(A) the term `commercial development of oil, natural gas, or minerals' includes the acquisition of a license, exploration, extraction, processing, export, and other significant actions relating to oil, natural gas, or minerals, as determined by the Commission;
``(B) the term `foreign government' means a foreign government, an officer or employee of a foreign government, an agent of a foreign government, a company owned by a foreign government, or a person who will provide a personal benefit to an officer of a government if that person receives a payment, 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, licenses, production entitlements, bonuses, and other material benefits, as determined by the Commission;
``(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;
``(E) the term `interactive data format' means an electronic data format in which pieces of information are identified using an interactive data standard; and
``(F) the term `interactive data standard' means standardized list of electronic tags that mark information included in the annual report of a resource extraction issuer.
``(2) Disclosure.--
``(A) Information required.--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 the 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) Interactive data format.--The rules issued under subparagraph (A) shall require that the information included in the annual report of a resource extraction issuer be submitted in an interactive data format.
``(C) Interactive data standard.--
``(i) In general.--The rules issued under subparagraph (A) shall establish an interactive data standard for the information included in the annual report of a resource extraction issuer.
``(ii) Electronic tags.--The interactive data standard shall include electronic tags that identify, for each payment made by a resource extraction issuer to a foreign government or the Federal Government--
``(I) the amount of the payment;
``(II) the currency used to make the payment;
``(III) the financial period in which the payment was made;
``(IV) the business segment of the resource extraction issuer that made the payment;
``(V) the government that received the payment, and the country in which the government is located;
``(VI) the project of the resource extraction issuer to which the payment relates; and
``(VII) such other information as the Commission may determine is necessary or appropriate in the public interest or for the protection of investors.
``(D) International transparency efforts.--To the extent practicable, the rules issued under subparagraph (A) shall support the commitment of the Federal Government to international transparency promotion efforts relating to the commercial development of oil, natural gas, or minerals.
``(E) 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) Public availability of information.--
``(A) In general.--To the extent practicable, the Commission shall make available online, to the public, a compilation of the information required to be submitted under the rules issued under paragraph (2)(A).
``(B) Other information.--Nothing in this paragraph shall require the Commission to make available online information other than the information required to be submitted under the rules issued under paragraph (2)(A).
``(4) Authorization of appropriations.--There are authorized to be appropriated to the Commission such sums as may be necessary to carry out this subsection.''.
SEC. 996. SENSE OF CONGRESS.
It is the sense of Congress that--
(1) the President should work with foreign governments, including members of the Group of 8 and the Group of 20, to establish domestic requirements that companies under the jurisdiction of each government publicly disclose any payments made to a government relating to the commercial development of oil, natural gas, and minerals; and
(2) the President should commit the United States to become a Candidate Country of the Extractive Industries Transparency Initiative.
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SA 3733. Mr. BROWN of Ohio (for himself, Mr. Kaufman, Mr. Casey, Mr. Whitehouse, Mr. Merkley, Mr. Harkin, Mr. Sanders, and Mr. Burris) submitted an amendment intended to be proposed by him to the bill S. 3217, to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ``too big to fail'', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes; which was ordered to lie on the table; as follows:
On page 92, strike lines 8 through 12 and insert the following:
(ii) liquidity requirements;
(iii) resolution plan and credit exposure report requirements; and
(iv) concentration limits.
On page 105, between lines 1 and 2, insert the following:
(i) Leverage Ratio for Bank Holding Companies and Financial Companies.--
(1) Amendment.--The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended by adding at the end the following:
``SEC. 13. LIMITS ON LEVERAGE.
``(a) Definitions.--In this section, the following definitions shall apply:
``(1) Financial company.--The term `financial company' means any nonbank financial company, as that term is defined in section 102 of the Restoring American Financial Stability Act of 2010, that is supervised by the Board.
``(2) Incorporated terms.--The terms `average total consolidated assets' and `tier 1 capital' have the meanings given those terms in part 225 of title 12, Code of Federal Regulations, or any successor thereto.
``(b) Leverage Ratio Requirements for Bank Holding Companies and Financial Companies.--
``(1) Leverage ratio.--A bank holding company or financial company may not maintain tier 1 capital in an amount that is less than 6 percent of the average total consolidated assets of the bank holding company or financial holding company.
``(2) Balance sheet leverage ratio.--A bank holding company or financial company may not maintain less than 6 percent of tier 1 capital for all outstanding balance sheet liabilities, as required to be recorded under section 13(p) of the Securities Exchange Act of 1934.
``(c) Exemptions.--
``(1) In general.--The Board may adjust the leverage ratio requirements under subsection (b) for any class of institutions, based upon the size or activity of such class of institutions. No adjustment made under this paragraph may allow an institution to carry less capital than is required under subsection (b).
``(2) International agreements.--Consistent with this subsection, the Board may adjust the leverage ratio requirements under subsection (b), as necessary to harmonize such ratios with official international agreements regarding capital standards, if the Board determines that the capital standards under such international agreements are commensurate with the credit, market, operational, or other risks posed by the bank holding companies or financial companies to which such international agreements apply.
``(3) Temporary emergency exemption.--
``(A) In general.--The appropriate Federal banking agency may, in a manner consistent with this subsection, grant any bank holding company a temporary emergency exemption from the leverage ratio requirements under subsection (b), if the appropriate Federal banking agency determines such an exemption is necessary to prevent an imminent threat to the financial stability of the United States.
``(B) Publication.--
``(i) Publication required.--The appropriate Federal banking agency shall publish a notice of any exemption granted under this paragraph in the Federal Register within a reasonable period after granting the exemption, and in no case later than 90 days after the date on which the exemption is granted.
``(ii) Contents.--The notice under clause (i) shall include--
``(I) the name of the bank holding company or financial company that is granted an exemption;
``(II) the reason for the exemption; and
``(III) a plan detailing the manner by which the bank holding company will be brought into compliance with subsection (b).
``(d) Leverage Ratio Requirements for Operating Subsidiaries of Bank Holding Companies and Financial Companies.--Notwithstanding any other provision of law applicable to insured depository institutions, not later than 1 year after the date of enactment of the Restoring American Financial Stability Act of 2010, the Board shall promulgate regulations establishing leverage ratio requirements under subsection (b) for the operating subsidiaries of bank holding companies and financial companies.
``(e) Prompt Corrective Action.--
``(1) Authorities.--The Board shall require a bank holding company or financial company that violates subsection (b) to comply with the leverage ratio requirements under subsection
(b) by--
``(A) selling or otherwise transferring assets or off-balance sheet items to unaffiliated firms;
``(B) terminating 1 or more activities of the bank holding company or financial company; or
``(C) imposing conditions on the manner in which the bank holding company or financial company conducts an activity of the bank holding company or financial company.
``(2) Corrective action plan.--Not later than 60 days after the Board determines that a bank holding company or financial holding company has violated subsection (b), the Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a plan detailing the manner by which the bank holding company or financial company will be brought into compliance with subsection (b).
``(3) Reports to congress.--
``(A) Written reports.--At the end of each 60-day period following the date on which the Board submits a plan under paragraph (2) during which a bank holding company or financial company remains in violation of subsection (b), the Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the compliance of the bank holding company or financial holding company with the plan.
``(B) Testimony.--At the end of each 120-day period following the date on which the Board submits a plan under paragraph (2) during which a bank holding company or financial company remains in violation of subsection (b), the Board shall testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives with respect to the compliance of the bank holding company or financial holding company with the plan.''.
(2) Effective date.--The amendment made by this subsection shall take effect 1 year after the date of enactment of this Act.
On page 497, strike line 9 and all that follows through page 501, line 15, and insert the following:
SEC. 620. CONCENTRATION LIMITS FOR BANK HOLDING COMPANIES AND
FINANCIAL COMPANIES.
(a) Deposit Concentration Limit.--
(1) Amendment.--Section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842) is amended by striking subsection
(f) and inserting the following:
``(f) Nationwide Concentration Limits.--
``(1) Concentration limit established.--No single bank holding company may control more than 10 percent of the total amount of deposits of all insured depository institutions in the United States.
``(2) Sale or transfer required.--The Board shall require any bank holding company that the Board determines is in violation of paragraph (1) to sell or otherwise transfer assets to an unaffiliated company, to the extent that the Board determines is necessary to bring the company into compliance with paragraph (1).''.
(2) Effective date.--The amendment made by this subsection shall take effect 1 year after the date of enactment of this Act.
(b) Size Requirements for Bank Holding Companies and Financial Companies.--
(1) Amendment.--The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.), as amended by this Act, is amended by adding at the end the following:
``SEC. 14. LIMITS ON NON-DEPOSIT LIABILITIES FOR BANK HOLDING
COMPANIES AND FINANCIAL COMPANIES.
``(a) Definitions.--In this section, the following definitions shall apply:
``(1) FDIC-assessed deposits.--The term `FDIC-assessed deposits' means the assessment base of a bank holding company, as calculated under part 327 of title 12 Code of Federal Regulations, or any successor thereto.
``(2) Financial company.--The term `financial company' means any nonbank financial company supervised by the Board.
``(3) Nonbank financial company.--The term `nonbank financial company' has the same meaning as in section 102 of the Restoring American Financial Stability Act of 2010.
``(4) Non-deposit liabilities.--The term `non-deposit liabilities' means--
``(A) with respect to a bank holding company--
``(i) the total assets of the banking holding company; minus
``(ii) the sum of--
``(I) the tier 1 capital of the bank holding company, taking into account any off-balance-sheet liabilities; and
``(II) the FDIC-assessed deposits of the bank holding company; and
``(B) with respect to a financial company--
``(i) the total assets of the financial company; minus
``(ii) the tier 1 capital of the financial company, taking into account any off-balance-sheet liabilities.
``(5) Tier 1 capital.--The term `tier 1 capital' has the meaning given that term in part 225 of title 12, Code of Federal Regulations, or any successor thereto.
``(b) Limit on Non-Deposit Liabilities for Bank Holding Companies.--
``(1) Limits for bank holding companies.--No bank holding company may control non-deposit liabilities that exceed 2 percent of the annual gross domestic product of the United States.
``(2) Limits for financial companies.--No financial company may control non-deposit liabilities that exceed 3 percent of the annual gross domestic product of the United States.
``(3) Determination of gross domestic product.--For purposes of this subsection, the annual gross domestic product of the United States shall be determined using the average of the annual gross domestic product of the United States, as calculated by the Bureau of Economic Analysis of the Department of Commerce, during the 16 calendar quarters most recently completed at the time of the determination under paragraph (1) or (2).
``(4) Treatment of insurance companies.--
``(A) In general.--Notwithstanding the limits under paragraphs (1) and (2), the Board may establish a separate liability limit for a bank holding company or financial company that the Board determines is primarily engaged in the business of insurance, if the Board determines that such a limit is necessary in order to provide for consistent and equitable treatment of the bank holding company or financial company.
``(B) Consultation.--In establishing a liability limit under subparagraph (A), the Board shall consult with the State insurance regulator for any bank holding company or financial company described in subparagraph (A) having a subsidiary that is regulated by a State insurance regulator.
``(5) Treatment of foreign deposits.--The Board may exclude from the calculation of non-deposit liabilities under this subsection any foreign or other deposits that are not FDIC-assessed deposits, if the Board determines that such action is necessary to ensure the consistent and equitable treatment of institutions with international operations.
``(c) Prompt Corrective Action.--
``(1) Authorities.--The Board shall require a bank holding company or financial company that violates subsection (a) to comply with the limit under subsection (a) by--
``(A) selling or otherwise transferring assets or off-balance-sheet items to unaffiliated firms;
``(B) terminating 1 or more activities of the bank holding company or financial company; or
``(C) imposing conditions on the manner in which the bank holding company or financial company conducts an activity of the bank holding company or financial company.
``(2) Corrective action plan.--Not later than 60 days after the Board determines that a bank holding company or financial holding company has violated subsection (a), the Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a plan detailing the manner by which the bank holding company or financial company will be brought into compliance with subsection (a).
``(3) Reports to congress.--
``(A) Written reports.--At the end of each 60-day period following the date on which the Board submits a plan under paragraph (1) during which a bank holding company or financial company remains in violation of subsection (a), the Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the compliance of the bank holding company or financial holding company with the plan.
``(B) Testimony.--At the end of each 120-day period following the date on which the Board submits a plan under paragraph (1) during which a bank holding company or financial company remains in violation of subsection (a), the Board shall testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives with respect to the compliance of the bank holding company or financial holding company with the plan.
``SEC. 15. CAPITAL ASSESSMENT PROGRAM.
``(a) Annual Capital Assessment Required.--Not later than 1 year after the date of enactment of the Restoring American Financial Stability Act of 2010, and annually thereafter, the Board shall conduct a capital assessment of each bank holding company and financial company, to estimate the losses, revenues, and reserve needs for the bank holding company or financial company.
``(b) Report.--The Board shall submit an annual report on the results of the capital assessments under subsection (a) to the Secretary of the Treasury, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives.''.
(2) Effective date.--The amendment made by this subsection shall take effect 3 years after the date of enactment of this Act.
On page 969, between lines 4 and 5, insert the following:
SEC. 919C. FINANCIAL REPORTING.
Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m), as amended by this Act, is amended by adding at the end the following:
``(p) Standard Balance Sheet Calculation for Reports.--
``(1) Standard established.--Not later than 1 year after the date of enactment of the Restoring American Financial Stability Act of 2010, the Commission, or a standard setter designated by and under the oversight of the Commission, shall establish a standard requiring each that each issuer that is required to submit reports to the Commission under this section record all assets and liabilities of the issuer on the balance sheet of the issuer.
``(2) Contents.--The standard established under paragraph
(1) shall require that--
``(A) the recorded amount of assets and liabilities reflect a reasonable assessment by the issuer of the most likely outcomes with respect to the amount of assets and liabilities, given information available at the time of the report;
``(B) each issuer record any financing of assets for which the issuer has more than minimal economic risks or rewards; and
``(C) if an issuer cannot determine the amount of a particular liability, the issuer may exclude that liability from the balance sheet of the issuer only if the issuer discloses an explanation of--
``(i) the nature of the liability and purpose for incurring the liability;
``(ii) the most likely loss and the maximum loss the issuer may incur from the liability;
``(iii) whether any other person has recourse against the issuer with respect to the liability and, if so, the conditions under which such recourse may occur; and
``(iv) whether the issuer has any continuing involvement with an asset financed by the liability or any beneficial interest in the liability.
``(3) Compliance.--The Commission shall issue rules to ensure compliance with this subsection that allow for enforcement by the Commission and civil liability under this title and the Securities Act of 1933.''.
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SA 3734. Mr. CARDIN submitted an amendment intended to be proposed by him to the bill S. 3217, to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ``too big to fail'', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes; which was ordered to lie on the table; as follows:
On page 837, between lines 2 and 3, insert the following:
(b) Protection for Employees of Nationally Recognized Statistical Rating Organizations.--Section 1514A(a) of title 18, United States Code, is amended--
(1) by inserting ``or nationally recognized statistical rating organization (as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c),'' after
``78o(d)),''; and
(2) by inserting ``or organization'' after ``such company''.
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SA 3735. Mr. CARDIN submitted an amendment intended to be proposed by him to the bill S. 3217, to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ``too big to fail'', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes; which was ordered to lie on the table; as follows:
On page 1014, between lines 5 and 6, insert the following:
SEC. 989C. CIVIL INVESTIGATIVE DEMANDS.
(a) Equal Credit Opportunity Act.--Section 706(h) of the Equal Credit Opportunity Act (15 U.S.C. 1691e(h)) is amended--
(1) by inserting ``(1)'' after ``(h)''; and
(2) by adding at the end the following:
``(2) If the Attorney General has reason to believe that any person may be in possession, custody, or control of any documentary material or information relevant to an investigation under this title, the Attorney General may, before commencing a civil proceeding under this subsection, issue in writing and cause to be served upon the person, a civil investigative demand. The authority to issue and enforce civil investigative demands under this paragraph shall be identical to the authority of the Attorney General under section 3733 of title 31, United States Code, except that the provisions of that section relating to qui tam realtors shall not apply.''.
(b) Fair Housing Act.--Section 814(c) of the Fair Housing Act (42 U.S.C. 3614(c)) is amended--
(1) by striking ``The Attorney General'' and inserting the following:
``(1) In general.--The Attorney General''; and
(2) by adding at the end the following:
``(2) Civil investigative demands.--If the Attorney General has reason to believe that any person may be in possession, custody, or control of any documentary material or information relevant to an investigation under this title, the Attorney General may, before commencing a civil proceeding under this section, issue in writing and cause to be served upon the person, a civil investigative demand. The authority to issue and enforce civil investigative demands under this paragraph shall be identical to the authority of the Attorney General under section 3733 of title 31, United States Code, except that the provisions of that section relating to qui tam realtors shall not apply.''.
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