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.
“WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2009” mentioning the Federal Reserve System was published in the House of Representatives section on pages H14729-H14738 on Dec. 10, 2009.
The publication is reproduced in full below:
WALL STREET REFORM AND CONSUMER PROTECTION ACT OF 2009
The SPEAKER pro tempore. Pursuant to House Resolution 964 and rule XVIII, the Chair declares the House in the Committee of the Whole House on the state of the Union for the further consideration of the bill, H.R. 4173.
{time} 2052
In the Committee of the Whole
Accordingly, the House resolved itself into the Committee of the Whole House on the State of the Union for the further consideration of the bill (H.R. 4173) to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes, with Ms. Edwards of Maryland (Acting Chair) in the chair.
The Clerk read the title of the bill.
The Acting CHAIR. When the Committee of the Whole rose earlier today, a request for a recorded vote on amendment No. 14 printed in House Report 111-370 by the gentleman from California (Mr. McCarthy) had been postponed.
Announcement by the Acting Chair
The Acting CHAIR. Pursuant to clause 6 of rule XVIII, proceedings will now resume on those amendments printed in House Report 111-370 on which further proceedings were postponed, in the following order:
Amendment No. 1, as modified, by Mr. Frank of Massachusetts.
Amendment No. 2 by Mr. Sessions of Texas.
Amendment No. 5 by Mr. Lynch of Massachusetts.
Amendment No. 6 by Mr. Murphy of New York.
Amendment No. 7 by Mr. Frank of Massachusetts.
Amendment No. 8 by Mr. Stupak of Michigan.
Amendment No. 9 by Mr. Stupak of Michigan.
The Chair will reduce to 5 minutes the time for any electronic vote after the first vote in this series.
Amendment No. 1, as Modified, Offered by Mr. Frank of Massachusetts
The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from Massachusetts (Mr. Frank) on which further proceedings were postponed and on which the ayes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.
Recorded Vote
The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The vote was taken by electronic device, and there were--ayes 240, noes 182, not voting 18, as follows:
AYES--240
AbercrombieAckermanAltmireAndrewsArcuriBacaBairdBarrowBeanBecerraBerkleyBermanBishop (GA)Bishop (NY)Bishop (UT)BlumenauerBoccieriBoswellBoucherBoydBrady (PA)Braley (IA)Brown, CorrineButterfieldCappsCapuanoCardozaCarnahanCarneyCarson (IN)Castor (FL)ChandlerChildersChristensenChuClayCleaverClyburnCohenConnolly (VA)ConyersCooperCostaCostelloCourtneyCrowleyCuellarCummingsDahlkemperDavis (AL)Davis (CA)Davis (IL)Davis (TN)DeGetteDelahuntDeLauroDicksDingellDoggettDonnelly (IN)DoyleDriehausEdwards (MD)Edwards (TX)EllisonEllsworthEngelEshooEtheridgeFaleomavaegaFarrFattahFilnerFosterFrank (MA)FudgeGaramendiGiffordsGonzalezGordon (TN)GraysonGreen, AlGreen, GeneGrijalvaGutierrezHall (NY)HareHarmanHastings (FL)HeinrichHerseth SandlinHigginsHillHimesHincheyHinojosaHironoHoldenHoltHondaInsleeIsraelJackson (IL)Jackson-Lee (TX)Johnson, E. B.KagenKanjorskiKennedyKildeeKilpatrick (MI)KilroyKindKirkpatrick (AZ)KissellKlein (FL)KosmasKratovilKucinichLangevinLarsen (WA)Larson (CT)Lee (CA)LevinLewis (GA)LipinskiLoebsackLoweyLujanLynchMaffeiMaloneyMarkey (CO)Markey (MA)MarshallMathesonMatsuiMcCarthy (NY)McCollumMcDermottMcGovernMcIntyreMcMahonMcNerneyMeeks (NY)MelanconMichaudMiller (NC)Miller, GeorgeMinnickMitchellMollohanMoore (KS)Moore (WI)Murphy (CT)Murphy (NY)Murphy, PatrickNadler (NY)NapolitanoNeal (MA)NortonNyeOberstarObeyOlverOrtizOwensPallonePascrellPastor (AZ)PaynePerlmutterPerrielloPetersPetersonPierluisiPingree (ME)Polis (CO)PomeroyPrice (NC)QuigleyRahallRangelReyesRodriguezRossRothman (NJ)RuppersbergerRushRyan (OH)SablanSalazarSanchez, Linda T.Sanchez, LorettaSarbanesSchakowskySchiffSchraderSchwartzScott (VA)SerranoSestakShea-PorterShermanShulerSiresSkeltonSmith (WA)SnyderSpaceSpeierSprattStarkStupakSuttonTannerTaylorTeagueThompson (CA)Thompson (MS)TierneyTitusTonkoTownsTsongasVan HollenVelazquezViscloskyWalzWasserman SchultzWatersWatsonWattWaxmanWeinerWelchWexlerWilson (OH)WoolseyWuYarmuth
NOES--182
AderholtAdler (NJ)AkinAlexanderAustriaBachmannBachusBartlettBarton (TX)BerryBiggertBilbrayBilirakisBlackburnBluntBoehnerBonnerBono MackBoozmanBorenBoustanyBrady (TX)BrightBroun (GA)Brown (SC)Brown-Waite, GinnyBuchananBurgessBurton (IN)BuyerCalvertCampCampbellCantorCaoCapitoCarterCassidyCastleChaffetzCobleCoffman (CO)ColeConawayCrenshawCulbersonDavis (KY)DentDiaz-Balart, L.Diaz-Balart, M.DreierDuncanEhlersEmersonFallinFlakeFlemingForbesFortenberryFoxxFranks (AZ)FrelinghuysenGalleglyGarrett (NJ)GerlachGingrey (GA)GohmertGoodlatteGrangerGravesGriffithGuthrieHall (TX)HalvorsonHarperHastings (WA)HellerHensarlingHergerHodesHoekstraHunterInglisIssaJenkinsJohnson (IL)Johnson, SamJonesJordan (OH)KapturKing (IA)King (NY)KingstonKirkKline (MN)LambornLanceLathamLaTouretteLattaLee (NY)Lewis (CA)LinderLoBiondoLucasLuetkemeyerLummisLungren, Daniel E.MackManzulloMarchantMassaMcCarthy (CA)McCaulMcClintockMcCotterMcKeonMcMorris RodgersMeek (FL)MicaMiller (FL)Miller (MI)Miller, GaryMoran (KS)Murphy, TimMyrickNeugebauerNunesOlsonPaulPaulsenPencePetriPittsPlattsPoe (TX)PoseyPrice (GA)PutnamRehbergReichertRoe (TN)Rogers (AL)Rogers (KY)Rogers (MI)RohrabacherRooneyRos-LehtinenRoskamRoyceRyan (WI)ScaliseSchmidtSchockSensenbrennerSessionsShadeggShimkusShusterSimpsonSmith (NE)Smith (NJ)Smith (TX)SouderStearnsSullivanTerryThompson (PA)ThornberryTiahrtTiberiTurnerUptonWaldenWampWestmorelandWhitfieldWilson (SC)WittmanWolfYoung (AK)Young (FL)
NOT VOTING--18
BaldwinBarrett (SC)BordalloClarkeDeal (GA)DeFazioHoyerJohnson (GA)Lofgren, ZoeMcHenryMoran (VA)MurthaRadanovichRichardsonRoybal-AllardSchauerScott (GA)Slaughter
{time} 2118
Messrs. CAMPBELL and SHUSTER changed their vote from ``aye'' to
``no.''
Mr. VISCLOSKY changed his vote from ``no'' to ``aye.''
So the amendment was agreed to.
The result of the vote was announced as above recorded.
Stated for:
Ms. CLARKE. Madam Chair, on rollcall No. 953 for the Frank of Massachusetts Amendment as modified, had I been present, I would have voted ``aye.''
Mr. SCOTT of Georgia. Madam Chair, on rollcall No. 953, the Frank of Massachusetts Amendment as modified, I was unable to vote. Had I been present, I would have voted ``aye.''
Amendment No. 2 Offered by Mr. Sessions
The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from Texas (Mr. Sessions) on which further proceedings were postponed and on which the noes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.
Recorded Vote
The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The Acting CHAIR. This will be a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 172, noes 257, not voting 11, as follows:
AYES--172
AderholtAkinAlexanderAustriaBachmannBachusBartlettBarton (TX)BiggertBilbrayBilirakisBishop (UT)BlackburnBluntBoehnerBonnerBono MackBoozmanBoustanyBrady (TX)Broun (GA)Brown (SC)Brown-Waite, GinnyBuchananBurgessBurton (IN)BuyerCalvertCampCampbellCantorCaoCapitoCarterCassidyCastleChaffetzCobleCoffman (CO)ColeConawayCrenshawCulbersonDavis (KY)DentDreierDuncanEhlersEmersonFallinFlakeFlemingForbesFortenberryFoxxFranks (AZ)FrelinghuysenGalleglyGarrett (NJ)GerlachGingrey (GA)GoodlatteGrangerGravesGuthrieHall (TX)HarperHastings (WA)HellerHensarlingHergerHoekstraHunterInglisIssaJenkinsJohnson, SamJonesJordan (OH)King (IA)King (NY)KingstonKirkKline (MN)LambornLanceLathamLaTouretteLattaLee (NY)Lewis (CA)LinderLoBiondoLucasLuetkemeyerLummisLungren, Daniel E.MackManzulloMarchantMcCarthy (CA)McClintockMcCotterMcHenryMcKeonMcMahonMcMorris RodgersMicaMiller (FL)Miller (MI)Miller, GaryMoran (KS)Murphy, TimMyrickNeugebauerNunesNyeOlsonPaulPaulsenPencePetriPittsPlattsPoe (TX)PoseyPrice (GA)PutnamRehbergReichertRoe (TN)Rogers (AL)Rogers (KY)Rogers (MI)RooneyRos-LehtinenRoskamRoyceRyan (WI)ScaliseSchmidtSchockSchraderSensenbrennerSessionsShadeggShimkusShusterSimpsonSmith (NE)Smith (NJ)Smith (TX)SouderStearnsSullivanTeagueTerryThompson (PA)ThornberryTiahrtTiberiTurnerUptonWaldenWampWestmorelandWhitfieldWilson (SC)WittmanWolfYoung (AK)Young (FL)
NOES--257
AbercrombieAckermanAdler (NJ)AltmireAndrewsArcuriBacaBairdBarrowBeanBecerraBerkleyBermanBerryBishop (GA)Bishop (NY)BlumenauerBoccieriBorenBoswellBoucherBoydBrady (PA)Braley (IA)BrightBrown, CorrineButterfieldCappsCapuanoCardozaCarnahanCarneyCarson (IN)Castor (FL)ChandlerChildersChristensenChuClarkeClayCleaverClyburnCohenConnolly (VA)ConyersCooperCostaCostelloCourtneyCrowleyCuellarCummingsDahlkemperDavis (AL)Davis (CA)Davis (IL)Davis (TN)DeFazioDeGetteDelahuntDeLauroDiaz-Balart, L.Diaz-Balart, M.DicksDingellDoggettDonnelly (IN)DoyleDriehausEdwards (MD)Edwards (TX)EllisonEllsworthEngelEshooEtheridgeFaleomavaegaFarrFattahFilnerFosterFrank (MA)FudgeGaramendiGiffordsGohmertGonzalezGordon (TN)GraysonGreen, AlGreen, GeneGriffithGrijalvaGutierrezHall (NY)HalvorsonHareHarmanHastings (FL)HeinrichHerseth SandlinHigginsHillHimesHincheyHinojosaHironoHodesHoldenHoltHondaHoyerInsleeIsraelJackson (IL)Jackson-Lee (TX)Johnson (GA)Johnson (IL)Johnson, E. B.KagenKanjorskiKapturKennedyKildeeKilpatrick (MI)KilroyKindKirkpatrick (AZ)KissellKlein (FL)KosmasKratovilKucinichLangevinLarsen (WA)Larson (CT)Lee (CA)LevinLewis (GA)LipinskiLoebsackLoweyLujanLynchMaffeiMaloneyMarkey (CO)Markey (MA)MarshallMassaMathesonMatsuiMcCarthy (NY)McCollumMcDermottMcGovernMcIntyreMcNerneyMeek (FL)Meeks (NY)MelanconMichaudMiller (NC)Miller, GeorgeMinnickMitchellMollohanMoore (KS)Moore (WI)Murphy (CT)Murphy (NY)Murphy, PatrickNadler (NY)NapolitanoNeal (MA)NortonOberstarObeyOlverOrtizOwensPallonePascrellPastor (AZ)PaynePerlmutterPerrielloPetersPetersonPierluisiPingree (ME)Polis (CO)PomeroyPrice (NC)QuigleyRahallRangelReyesRodriguezRohrabacherRossRothman (NJ)Roybal-AllardRuppersbergerRushRyan (OH)SablanSalazarSanchez, Linda T.Sanchez, LorettaSarbanesSchakowskySchauerSchiffSchwartzScott (GA)Scott (VA)SerranoSestakShea-PorterShermanShulerSiresSkeltonSmith (WA)SnyderSpaceSpeierSprattStarkStupakSuttonTannerTaylorThompson (CA)Thompson (MS)TierneyTitusTonkoTownsTsongasVan HollenVelazquezViscloskyWalzWasserman SchultzWatersWatsonWattWaxmanWeinerWelchWexlerWilson (OH)WoolseyWuYarmuth
NOT VOTING--11
BaldwinBarrett (SC)BordalloDeal (GA)Lofgren, ZoeMcCaulMoran (VA)MurthaRadanovichRichardsonSlaughter
Announcement by the Acting Chair
The Acting CHAIR (during the vote). There are 2 minutes remaining.
{time} 2125
So the amendment was rejected.
The result of the vote was announced as above recorded.
Amendment No. 5 Offered by Mr. Lynch
The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from Massachusetts (Mr. Lynch) on which further proceedings were postponed and on which the ayes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.
Recorded Vote
The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The Acting CHAIR. This will be a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 228, noes 202, not voting 10, as follows:
AYES--228
AbercrombieAckermanAndrewsArcuriBacaBairdBarrowBarton (TX)BecerraBerkleyBermanBerryBilbrayBilirakisBishop (GA)Bishop (NY)BlumenauerBoccieriBorenBoswellBoucherBrady (PA)Braley (IA)Brown, CorrineButterfieldCapitoCappsCapuanoCarnahanCarneyCarson (IN)CastleCastor (FL)ChandlerChildersChristensenChuClarkeClayCleaverClyburnCohenConyersCostelloCourtneyCuellarCummingsDahlkemperDavis (AL)Davis (CA)Davis (IL)DeFazioDeGetteDelahuntDeLauroDentDicksDingellDoggettDonnelly (IN)DoyleDriehausDuncanEdwards (MD)Edwards (TX)EllisonEllsworthEmersonEngelEshooFaleomavaegaFarrFattahFilnerFortenberryFrank (MA)FudgeGaramendiGerlachGiffordsGohmertGonzalezGraysonGreen, AlGreen, GeneGrijalvaHall (NY)HareHarmanHarperHastings (FL)HeinrichHerseth SandlinHigginsHincheyHinojosaHironoHodesHoldenHoltHondaHoyerInglisInsleeIsraelJackson (IL)Jackson-Lee (TX)Johnson (GA)Johnson, E. B.JonesKagenKanjorskiKapturKennedyKildeeKilpatrick (MI)KilroyKissellKucinichLangevinLarson (CT)Lee (CA)LevinLewis (GA)LipinskiLoebsackLoweyLujanLynchMarkey (CO)Markey (MA)MarshallMassaMatsuiMcCollumMcCotterMcDermottMcGovernMcIntyreMcNerneyMeeks (NY)MelanconMichaudMiller (NC)Miller, GeorgeMinnickMollohanMoore (WI)Murphy (CT)Murphy, PatrickNadler (NY)NapolitanoNeal (MA)NortonOberstarObeyOlverOrtizOwensPallonePascrellPastor (AZ)PaynePerrielloPetersonPierluisiPingree (ME)PlattsPomeroyPrice (NC)QuigleyRahallRangelReyesRossRothman (NJ)Roybal-AllardRuppersbergerRushRyan (OH)SablanSalazarSanchez, Linda T.Sanchez, LorettaSarbanesSchakowskySchauerSchiffSchwartzScott (GA)Scott (VA)SerranoSestakShea-PorterShermanShulerSiresSkeltonSpaceSpeierSprattStarkStearnsStupakSuttonTaylorThompson (CA)Thompson (MS)TierneyTonkoTownsTsongasUptonVan HollenVelazquezViscloskyWalzWasserman SchultzWatersWatsonWattWaxman WelchWexlerWilson (OH)WoolseyWuYarmuth
NOES--202
AderholtAdler (NJ)AkinAlexanderAltmireAustriaBachmannBachusBartlettBeanBiggertBishop (UT)BlackburnBluntBoehnerBonnerBono MackBoozmanBoustanyBoydBrady (TX)BrightBroun (GA)Brown (SC)Brown-Waite, GinnyBuchananBurgessBurton (IN)BuyerCalvertCampCampbellCantorCaoCardozaCarterCassidyChaffetzCobleCoffman (CO)ColeConawayConnolly (VA)CooperCostaCrenshawCrowleyCulbersonDavis (KY)Davis (TN)Diaz-Balart, L.Diaz-Balart, M.DreierEhlersEtheridgeFallinFlakeFlemingForbesFosterFoxxFranks (AZ)FrelinghuysenGalleglyGarrett (NJ)Gingrey (GA)GoodlatteGordon (TN)GrangerGravesGriffithGuthrieGutierrezHall (TX)HalvorsonHastings (WA)HellerHensarlingHergerHillHimesHoekstraHunterIssaJenkinsJohnson (IL)Johnson, SamJordan (OH)KindKing (IA)King (NY)KingstonKirkKirkpatrick (AZ)Klein (FL)Kline (MN)KosmasKratovilLambornLanceLarsen (WA)LathamLaTouretteLattaLee (NY)Lewis (CA)LinderLoBiondoLucasLuetkemeyerLummisLungren, Daniel E.MackMaffeiMaloneyManzulloMarchantMathesonMcCarthy (CA)McCarthy (NY)McCaulMcClintockMcHenryMcKeonMcMahonMcMorris RodgersMeek (FL)MicaMiller (FL)Miller (MI)Miller, GaryMitchellMoore (KS)Moran (KS)Murphy (NY)Murphy, TimMyrickNeugebauerNunesNyeOlsonPaulPaulsenPencePerlmutterPetersPetriPittsPoe (TX)Polis (CO)PoseyPrice (GA)PutnamRehbergReichertRodriguezRoe (TN)Rogers (AL)Rogers (KY)Rogers (MI)RohrabacherRooneyRos-LehtinenRoskamRoyceRyan (WI)ScaliseSchmidtSchockSchraderSensenbrennerSessionsShadeggShimkusShusterSimpsonSmith (NE)Smith (NJ)Smith (TX)Smith (WA)SnyderSouderSullivanTannerTeagueTerryThompson (PA)ThornberryTiahrtTiberiTitusTurnerWaldenWampWeinerWestmorelandWhitfieldWilson (SC)WittmanWolfYoung (AK)Young (FL)
NOT VOTING--10
BaldwinBarrett (SC)BordalloDeal (GA)Lofgren, ZoeMoran (VA)MurthaRadanovichRichardsonSlaughter
Announcement by the Acting Chair
The Acting CHAIR (during the vote). There are 2 minutes remaining in this vote.
{time} 2133
So the amendment was agreed to.
The result of the vote was announced as above recorded.
Amendment No. 6 Offered by Mr. Murphy of New York
The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from New York
(Mr. Murphy) on which further proceedings were postponed and on which the noes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.
Recorded Vote
The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The Acting CHAIR. This will be a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 304, noes 124, not voting 12, as follows:
AYES--304
AderholtAdler (NJ)AkinAlexanderAltmireArcuriAustriaBacaBachmannBachusBairdBarrowBartlettBarton (TX)BeanBerkleyBerryBiggertBilbrayBilirakisBishop (GA)Bishop (UT)BlackburnBlumenauerBluntBoccieriBoehnerBonnerBono MackBoozmanBorenBoswellBoucherBoustanyBoydBrady (TX)BrightBroun (GA)Brown (SC)Brown, CorrineBrown-Waite, GinnyBuchananBurgessBurton (IN)ButterfieldBuyerCalvertCampCampbellCantorCaoCapitoCardozaCarnahanCarneyCarterCassidyCastleChaffetzChandlerChildersChristensenCobleCoffman (CO)ColeConawayConnolly (VA)CooperCostaCrenshawCrowleyCuellarCulbersonCummingsDavis (AL)Davis (CA)Davis (IL)Davis (KY)Davis (TN)DeFazioDentDiaz-Balart, L.Diaz-Balart, M.DicksDonnelly (IN)DreierDriehausDuncanEdwards (TX)EhlersEllisonEmersonEngelEtheridgeFallinFlakeFlemingForbesFortenberryFosterFoxxFranks (AZ)FrelinghuysenGalleglyGarrett (NJ)GerlachGiffordsGingrey (GA)GohmertGonzalezGoodlatteGordon (TN)GrangerGravesGreen, GeneGriffithGuthrieHall (NY)Hall (TX)HalvorsonHarmanHarperHastings (WA)HeinrichHellerHensarlingHergerHerseth SandlinHigginsHillHimesHodesHoekstraHoldenHoyerHunterInglisInsleeIssaJenkinsJohnson (IL)Johnson, SamJonesJordan (OH)KagenKindKing (IA)King (NY)KingstonKirkKirkpatrick (AZ)KissellKlein (FL)Kline (MN)KosmasKratovilLambornLanceLarsen (WA)LathamLaTouretteLattaLee (NY)LevinLewis (CA)Lewis (GA)LinderLipinskiLoBiondoLucasLuetkemeyerLujanLummisLungren, Daniel E.MackMaffeiMaloneyManzulloMarchantMarkey (CO)MarshallMassaMathesonMatsuiMcCarthy (CA)McCarthy (NY)McCaulMcClintockMcCotterMcHenryMcIntyreMcKeonMcMahonMcMorris RodgersMcNerneyMeek (FL)Meeks (NY)MelanconMicaMichaudMiller (FL)Miller (MI)Miller, GaryMinnickMitchellMollohanMoore (KS)Moran (KS)Murphy (CT)Murphy (NY)Murphy, PatrickMurphy, TimMyrickNeal (MA)NeugebauerNunesNyeOlsonOrtizOwensPaulPaulsenPencePerlmutterPetersPetriPittsPlattsPoe (TX)Polis (CO)PomeroyPoseyPrice (GA)PutnamRahallRangelRehbergReichertRodriguezRoe (TN)Rogers (AL)Rogers (KY)Rogers (MI)RohrabacherRooneyRos-LehtinenRoskamRossRoyceRuppersbergerRushRyan (WI)SalazarScaliseSchauerSchmidtSchockSchraderSchwartzScott (GA)SensenbrennerSessionsShadeggShea-PorterShimkusShulerShusterSimpsonSkeltonSmith (NE)Smith (NJ)Smith (TX)Smith (WA)SnyderSouderSpaceSprattStearnsTannerTaylorTeagueTerryThompson (CA)Thompson (MS)Thompson (PA)ThornberryTiahrtTiberiTownsTurnerUptonWaldenWalzWampWasserman SchultzWestmorelandWhitfieldWilson (OH)Wilson (SC)WittmanWolfYarmuthYoung (AK)Young (FL)
NOES--124
AbercrombieAckermanAndrewsBecerraBermanBishop (NY)Brady (PA)Braley (IA)CappsCapuanoCarson (IN)Castor (FL)ChuClarkeClayCleaverClyburnCohenConyersCourtneyDahlkemperDeGetteDelahuntDeLauroDingellDoggettDoyleEdwards (MD)EllsworthEshooFaleomavaegaFarrFattahFilnerFrank (MA)FudgeGaramendiGraysonGreen, AlGrijalvaGutierrezHareHastings (FL)HincheyHinojosaHironoHoltHondaIsraelJackson (IL)Jackson-Lee (TX)Johnson (GA)Johnson, E. B.KanjorskiKapturKennedyKildeeKilpatrick (MI)KilroyKucinichLangevinLarson (CT)Lee (CA)LoebsackLoweyLynchMarkey (MA)McCollumMcDermottMcGovernMiller (NC)Miller, GeorgeMoore (WI)Nadler (NY)NapolitanoNortonOberstarObeyOlverPallonePascrellPastor (AZ)PaynePerrielloPetersonPierluisiPingree (ME)Price (NC)QuigleyReyesRothman (NJ)Roybal-AllardRyan (OH)SablanSanchez, Linda T.Sanchez, LorettaSarbanesSchakowskySchiffScott (VA)SerranoSestakShermanSiresSpeierStarkStupakSuttonTierneyTitusTonkoTsongasVan HollenVelazquezViscloskyWatersWatsonWattWaxmanWeinerWelchWexlerWoolseyWu
NOT VOTING--12
BaldwinBarrett (SC)BordalloCostelloDeal (GA)Lofgren, ZoeMoran (VA)MurthaRadanovichRichardsonSlaughterSullivan
Announcement by the Acting Chair
The Acting CHAIR (during the vote). There are 2 minutes remaining in this vote.
{time} 2139
Mr. SPRATT changed his vote from ``no'' to ``aye.''
So the amendment was agreed to.
The result of the vote was announced as above recorded.
Amendment No. 7 Offered by Mr. Frank of Massachusetts
The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from Massachusetts (Mr. Frank) on which further proceedings were postponed and on which the ayes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.
Recorded Vote
The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The Acting CHAIR. This will be a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 150, noes 280, not voting 10, as follows:
AYES--150
AbercrombieAckermanAndrewsBecerraBerkleyBermanBishop (NY)BlumenauerBrady (PA)Braley (IA)Brown, CorrineButterfieldCappsCapuanoCarnahanCarson (IN)Castor (FL)ChristensenChuClarkeClayCleaverClyburnCohenConyersCostelloCourtneyCummingsDavis (IL)Davis (KY)DeFazioDeGetteDelahuntDeLauroDicksDingellDoggettDoyleDriehausEdwards (MD)EllisonEngelEshooFaleomavaegaFarrFattahFilnerFrank (MA)FudgeGaramendiGraysonGreen, AlGrijalvaHall (NY)HareHastings (FL)HincheyHinojosaHironoHoltHondaIsraelJackson (IL)Johnson (GA)KanjorskiKapturKennedyKildeeKilpatrick (MI)KilroyKucinichLangevinLarson (CT)Lee (CA)LevinLewis (GA)LoweyLujanLynchMaloneyMarkey (MA)MatsuiMcCollumMcDermottMcGovernMichaudMiller (NC)Miller, GeorgeMoore (KS)Moore (WI)Nadler (NY)NapolitanoNeal (MA)NortonOberstarObeyOlverPallonePascrellPastor (AZ)PaynePerrielloPierluisiPingree (ME)Price (NC)QuigleyRangelReyesRothman (NJ)Roybal-AllardRushRyan (OH)SablanSanchez, Linda T.Sanchez, LorettaSarbanesSchakowskySchiffSchraderScott (VA)SerranoSestakShea-PorterShermanSiresSpeierSprattStarkStupakSuttonThompson (CA)Thompson (MS)TierneyTitusTonkoTsongasVan HollenVelazquezViscloskyWasserman SchultzWatersWatsonWattWaxmanWelchWexlerWilson (OH)WoolseyWuYarmuth
NOES--280
AderholtAdler (NJ)AkinAlexanderAltmireArcuriAustriaBacaBachmannBachusBairdBarrowBartlettBarton (TX)BeanBerryBiggertBilbrayBilirakisBishop (GA)Bishop (UT)BlackburnBluntBoccieriBoehnerBonnerBono MackBoozmanBorenBoswellBoucherBoustanyBoydBrady (TX)BrightBroun (GA)Brown (SC)Brown-Waite, GinnyBuchananBurgessBurton (IN)BuyerCalvertCampCampbellCantorCaoCapitoCardozaCarneyCarterCassidyCastleChaffetzChandlerChildersCobleCoffman (CO)ColeConawayConnolly (VA)CooperCostaCrenshawCrowleyCuellarCulbersonDahlkemperDavis (AL)Davis (CA)Davis (TN)DentDiaz-Balart, L.Diaz-Balart, M.Donnelly (IN)DreierDuncanEdwards (TX)EhlersEllsworthEmersonEtheridgeFallinFlakeFlemingForbesFortenberryFosterFoxxFranks (AZ)FrelinghuysenGalleglyGarrett (NJ)GerlachGiffordsGingrey (GA)GohmertGonzalezGoodlatteGordon (TN)GrangerGravesGreen, GeneGriffithGuthrieGutierrezHall (TX)HalvorsonHarmanHarperHastings (WA)HeinrichHellerHensarlingHergerHerseth SandlinHigginsHillHimesHodesHoekstraHoldenHoyerHunterInglisInsleeIssaJackson-Lee (TX)JenkinsJohnson (IL)Johnson, E. B.Johnson, SamJonesJordan (OH)KagenKindKing (IA)King (NY)KingstonKirkKirkpatrick (AZ)KissellKlein (FL)Kline (MN)KosmasKratovilLambornLanceLarsen (WA)LathamLaTouretteLattaLee (NY)Lewis (CA)LinderLipinskiLoBiondoLoebsackLucasLuetkemeyerLummisLungren, Daniel E.MackMaffeiManzulloMarchantMarkey (CO)MarshallMassaMathesonMcCarthy (CA)McCarthy (NY)McCaulMcClintockMcCotterMcHenryMcIntyreMcKeonMcMahonMcMorris RodgersMcNerneyMeek (FL)Meeks (NY)MelanconMicaMiller (FL)Miller (MI)Miller, GaryMinnickMitchellMollohanMoran (KS)Murphy (CT)Murphy (NY)Murphy, PatrickMurphy, TimMyrickNeugebauerNunesNyeOlsonOrtizOwensPaulPaulsenPencePerlmutterPetersPetersonPetriPittsPlattsPoe (TX)Polis (CO)PomeroyPoseyPrice (GA)PutnamRahallRehbergReichertRodriguezRoe (TN)Rogers (AL)Rogers (KY)Rogers (MI)RohrabacherRooneyRos-LehtinenRoskamRossRoyceRuppersbergerRyan (WI)SalazarScaliseSchauerSchmidtSchockSchwartzScott (GA)SensenbrennerSessionsShadeggShimkusShulerShusterSimpsonSkeltonSmith (NE)Smith (NJ)Smith (TX)Smith (WA)SnyderSouderSpaceStearnsSullivanTannerTaylorTeagueTerryThompson (PA)ThornberryTiahrtTiberiTownsTurnerUptonWaldenWalzWampWeinerWestmorelandWhitfieldWilson (SC)WittmanWolfYoung (AK)Young (FL)
NOT VOTING--10
BaldwinBarrett (SC)BordalloDeal (GA)Lofgren, ZoeMoran (VA)MurthaRadanovichRichardsonSlaughter
Announcement by the Acting Chair
The Acting CHAIR (during the vote). There are 2 minutes remaining in this vote.
{time} 2147
Mr. BACA and Ms. JACKSON-LEE of Texas changed their vote from ``aye'' to ``no.''
So the amendment was rejected.
The result of the vote was announced as above recorded.
Stated against:
Mr. DAVIS of Kentucky. Madam Chair, on rollcall No. 957 I inadvertently voted ``aye'' when I intended to vote ``no.''
Amendment No. 8 Offered by Mr. Stupak
The Acting CHAIR (Mr. Sablan). The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from Michigan (Mr. Stupak) on which further proceedings were postponed and on which the ayes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.
Recorded Vote
The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The Acting CHAIR. This will be a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 98, noes 330, not voting 12, as follows:
AYES--98
AbercrombieAndrewsBarton (TX)BecerraBermanBlumenauerBraley (IA)Brown-Waite, GinnyCappsCastor (FL)ChandlerChristensenChuClarkeClyburnCohenConyersCourtneyCummingsDeFazioDeGetteDeLauroDingellDoggettDonnelly (IN)DoyleEdwards (MD)EllisonEshooFaleomavaegaFarrFilnerGaramendiGraysonGrijalvaHareHeinrichHincheyHironoHondaIsraelKapturKennedyKildeeKucinichLangevinLarson (CT)Lee (CA)LipinskiLoebsackLoweyLujanLynchMarkey (MA)McDermottMcGovernMichaudMiller, GeorgeMurphy (CT)Murphy, PatrickNadler (NY)ObeyOlverPallonePascrellPastor (AZ)PaynePerrielloPierluisiPingree (ME)Rothman (NJ)Roybal-AllardRyan (OH)Sanchez, Linda T.Sanchez, LorettaSarbanesSchakowskySchiffSerranoShea-PorterShermanSiresStarkStearnsStupakSuttonTierneyTitusTonkoTsongasVan HollenViscloskyWatsonWaxmanWelchWoolseyWuYarmuth
NOES--330
AckermanAderholtAdler (NJ)AkinAlexanderAltmireArcuriAustriaBacaBachmannBachusBairdBarrowBartlettBeanBerkleyBerryBiggertBilbrayBilirakisBishop (GA)Bishop (NY)Bishop (UT)BlackburnBluntBoccieriBoehnerBonnerBono MackBoozmanBorenBoswellBoucherBoustanyBoydBrady (PA)Brady (TX)BrightBroun (GA)Brown (SC)Brown, CorrineBuchananBurgessBurton (IN)ButterfieldBuyerCalvertCampCampbellCantorCaoCapitoCapuanoCardozaCarnahanCarneyCarson (IN)CarterCassidyCastleChaffetzChildersClayCleaverCobleCoffman (CO)ColeConawayConnolly (VA)CooperCostaCostelloCrenshawCrowleyCuellarCulbersonDahlkemperDavis (AL)Davis (CA)Davis (IL)Davis (KY)Davis (TN)DelahuntDentDiaz-Balart, L.DicksDreierDriehausDuncanEdwards (TX)EhlersEllsworthEmersonEngelEtheridgeFallinFattahFlakeFleming ForbesFortenberryFosterFoxxFrank (MA)Franks (AZ)FrelinghuysenFudgeGalleglyGarrett (NJ)GerlachGiffordsGingrey (GA)GohmertGonzalezGoodlatteGordon (TN)GrangerGravesGreen, AlGreen, GeneGriffithGuthrieHall (NY)Hall (TX)HalvorsonHarmanHarperHastings (FL)Hastings (WA)HellerHensarlingHergerHerseth SandlinHigginsHillHimesHinojosaHodesHoekstraHoldenHoltHoyerHunterInglisInsleeIssaJackson (IL)Jackson-Lee (TX)JenkinsJohnson (GA)Johnson (IL)Johnson, E. B.Johnson, SamJonesJordan (OH)KagenKanjorskiKilpatrick (MI)KilroyKindKing (IA)King (NY)KingstonKirkKirkpatrick (AZ)KissellKlein (FL)Kline (MN)KosmasKratovilLambornLanceLarsen (WA)LathamLaTouretteLattaLee (NY)LevinLewis (CA)Lewis (GA)LinderLoBiondoLucasLuetkemeyerLummisLungren, Daniel E.MackMaffeiMaloneyManzulloMarchantMarkey (CO)MarshallMassaMathesonMatsuiMcCarthy (CA)McCarthy (NY)McCaulMcClintockMcCollumMcCotterMcHenryMcIntyreMcKeonMcMahonMcMorris RodgersMcNerneyMeek (FL)Meeks (NY)MelanconMicaMiller (FL)Miller (MI)Miller (NC)Miller, GaryMinnickMitchellMollohanMoore (KS)Moore (WI)Moran (KS)Murphy (NY)Murphy, TimMyrickNapolitanoNeal (MA)NeugebauerNortonNunesNyeOberstarOlsonOrtizOwensPaulPaulsenPencePerlmutterPetersPetersonPetriPittsPlattsPoe (TX)Polis (CO)PomeroyPoseyPrice (GA)Price (NC)PutnamQuigleyRahallRangelRehbergReichertReyesRodriguezRoe (TN)Rogers (AL)Rogers (KY)Rogers (MI)RohrabacherRooneyRos-LehtinenRoskamRossRoyceRuppersbergerRushRyan (WI)SablanSalazarScaliseSchauerSchmidtSchockSchraderSchwartzScott (GA)Scott (VA)SensenbrennerSessionsSestakShadeggShimkusShulerShusterSimpsonSkeltonSmith (NE)Smith (NJ)Smith (TX)Smith (WA)SnyderSouderSpaceSpeierSprattSullivanTannerTaylorTeagueTerryThompson (CA)Thompson (MS)Thompson (PA)ThornberryTiahrtTiberiTownsTurnerUptonVelazquezWaldenWalzWampWasserman SchultzWatersWattWeinerWestmorelandWexlerWhitfieldWilson (OH)Wilson (SC)WittmanWolfYoung (AK)Young (FL)
NOT VOTING--12
BaldwinBarrett (SC)BordalloDeal (GA)Diaz-Balart, M.GutierrezLofgren, ZoeMoran (VA)MurthaRadanovichRichardsonSlaughter
Announcement by the Acting Chair
The Acting CHAIR (during the vote). There are 2 minutes remaining on this vote.
{time} 2154
Messrs. SABLAN and RUSH changed their vote from ``aye'' to ``no.''
So the amendment was rejected.
The result of the vote was announced as above recorded.
Amendment No. 9 Offered by Mr. Stupak
The Acting CHAIR. The unfinished business is the demand for a recorded vote on the amendment offered by the gentleman from Michigan
(Mr. Stupak) on which further proceedings were postponed and on which the ayes prevailed by voice vote.
The Clerk will redesignate the amendment.
The Clerk redesignated the amendment.
Recorded Vote
The Acting CHAIR. A recorded vote has been demanded.
A recorded vote was ordered.
The Acting CHAIR. This will be a 5-minute vote.
The vote was taken by electronic device, and there were--ayes 150, noes 279, not voting 11, as follows:
AYES--150
AbercrombieAckermanAndrewsBecerraBerkleyBermanBishop (NY)BlumenauerBrady (PA)Braley (IA)ButterfieldCappsCapuanoCarneyCarson (IN)CassidyCastor (FL)ChandlerChristensenChuClarkeClayCleaverClyburnCohenCourtneyDavis (IL)DeFazioDeGetteDelahuntDeLauroDicksDingellDoggettDonnelly (IN)DoyleDriehausEdwards (MD)EllisonEngelEshooFaleomavaegaFarrFattahFilnerFrank (MA)FudgeGaramendiGohmertGraysonGreen, AlGreen, GeneGutierrezHall (TX)HareHastings (FL)HincheyHinojosaHironoHodesHoltHondaInsleeIsraelJackson (IL)Johnson (GA)KanjorskiKapturKennedyKildeeKilpatrick (MI)KilroyKlein (FL)KucinichLangevinLarson (CT)Lee (CA)LevinLewis (GA)LipinskiLoebsackLoweyLujanLynchMarkey (MA)MatsuiMcCollumMcDermottMcGovernMichaudMiller (NC)Miller, GeorgeMoore (WI)Murphy (CT)Murphy, PatrickNadler (NY)NapolitanoNeal (MA)NortonObeyOlverPallonePascrellPastor (AZ)PaynePerlmutterPerrielloPetriPierluisiPingree (ME)Price (NC)RahallRangelReyesRothman (NJ)Roybal-AllardRyan (OH)SablanSanchez, Linda T.SarbanesSchakowskySchiffScott (VA)SensenbrennerSerranoSestakShea-PorterShermanSiresStarkStupakSuttonThompson (CA)TierneyTitusTonkoTsongasVan HollenVelazquezViscloskyWatersWatsonWattWaxmanWeinerWelchWexlerWoolseyWuYarmuth
NOES--279
AderholtAdler (NJ)AkinAlexanderAltmireArcuriAustriaBacaBachmannBachusBairdBarrowBartlettBarton (TX)BeanBerryBiggertBilbrayBilirakisBishop (GA)Bishop (UT)BlackburnBluntBoccieriBoehnerBonnerBono MackBoozmanBorenBoswellBoucherBoustanyBoydBrady (TX)BrightBroun (GA)Brown (SC)Brown, CorrineBrown-Waite, GinnyBuchananBurgessBurton (IN)BuyerCalvertCampCampbellCantorCaoCapitoCardozaCarnahanCarterCastleChaffetzChildersCobleCoffman (CO)ColeConawayConnolly (VA)ConyersCooperCostaCostelloCrenshawCrowleyCuellarCulbersonCummingsDahlkemperDavis (AL)Davis (CA)Davis (KY)Davis (TN)DentDiaz-Balart, L.Diaz-Balart, M.DreierDuncanEdwards (TX)EhlersEllsworthEmersonEtheridgeFallinFlakeFlemingForbesFortenberryFosterFoxxFranks (AZ)FrelinghuysenGalleglyGarrett (NJ)GerlachGiffordsGingrey (GA)GonzalezGoodlatteGordon (TN)GrangerGravesGriffithGuthrieHall (NY)HalvorsonHarmanHarperHastings (WA)HeinrichHellerHensarlingHergerHerseth SandlinHigginsHillHimesHoekstraHoldenHoyerHunterInglisIssaJackson-Lee (TX)JenkinsJohnson (IL)Johnson, E. B.Johnson, SamJonesJordan (OH)KagenKindKing (IA)King (NY)KingstonKirkKirkpatrick (AZ)KissellKline (MN)KosmasKratovilLambornLanceLarsen (WA)LathamLaTouretteLattaLee (NY)Lewis (CA)LinderLoBiondoLucasLuetkemeyerLummisLungren, Daniel E.MackMaffeiMaloneyManzulloMarchantMarkey (CO)MarshallMassaMathesonMcCarthy (CA)McCarthy (NY)McCaulMcClintockMcCotterMcHenryMcIntyreMcKeonMcMahonMcMorris RodgersMcNerneyMeek (FL)Meeks (NY)MelanconMicaMiller (FL)Miller (MI)Miller, GaryMinnickMitchellMollohanMoore (KS)Moran (KS)Murphy (NY)Murphy, TimMyrickNeugebauerNunesNyeOberstarOlsonOrtizOwensPaulPaulsenPencePetersPetersonPittsPlattsPoe (TX)Polis (CO)PomeroyPoseyPrice (GA)PutnamQuigleyRehbergReichertRodriguezRoe (TN)Rogers (AL)Rogers (KY)Rogers (MI)RohrabacherRooneyRos-LehtinenRoskamRossRoyceRuppersbergerRushRyan (WI)SalazarSanchez, LorettaScaliseSchauerSchmidtSchockSchraderSchwartzScott (GA)SessionsShadeggShimkusShulerShusterSimpsonSkeltonSmith (NE)Smith (NJ)Smith (TX)Smith (WA)SnyderSouderSpaceSpeierSprattStearnsSullivanTannerTaylorTeagueTerryThompson (MS)Thompson (PA)ThornberryTiahrtTiberiTownsTurnerUptonWaldenWalzWampWasserman SchultzWestmorelandWhitfieldWilson (OH)Wilson (SC)WittmanWolfYoung (AK)Young (FL)
NOT VOTING--11
BaldwinBarrett (SC)BordalloDeal (GA)GrijalvaLofgren, ZoeMoran (VA)MurthaRadanovichRichardsonSlaughter
Announcement by the Acting Chair
The Acting CHAIR (during the vote). There are 2 minutes remaining in this vote.
{time} 2201
Ms. SPEIER changed her vote from ``aye'' to ``no.''
So the amendment was rejected.
The result of the vote was announced as above recorded.
Amendments En Bloc Offered by Mr. Frank of Massachusetts
Mr. FRANK of Massachusetts. Mr. Chairman, pursuant to the authority granted to me under the rule, I offer amendments en bloc.
The Acting CHAIR. The Clerk will designate the amendments en bloc.
Amendments en bloc offered by Mr. Frank of Massachusetts consisting of amendments numbered 11, 20, 21, 22, 23, 24, 27, 28, 34 and 25 printed in House Report 111-370.
Amendment No. 11 Offered by Mr. Paulsen
The text of the amendment is as follows:
Page 21, line 23, insert ``and shall not be excluded from any of the Council's proceedings, meetings, discussions and deliberations'' after ``advisory capacity'':
Amendment No. 20 Offered by Mr. Burgess
The text of the amendment is as follows:
Page 22, beginning on line 19, strike ``orderliness''.
Amendment No. 21 Offered by Mr. Burgess
The text of the amendment is as follows:
Page 92, line 16, insert the following: ``The aforementioned amounts shall be indexed to inflation.''
Amendment No. 22 Offered by Mr. Burgess
The text of the amendment is as follows:
Page 58, line 4, insert after the period the following new sentence: ``The Board shall define by rule or regulation the term `significantly undercapitalized' at a threshold the Board determines to be prudent for the effective monitoring, management and oversight of the financial system.''.
Amendment No. 23 Offered by Mr. Burgess
The text of the amendment is as follows:
Page 20, line 1, insert after ``possible'' the following:
``, but no later than two (2) years,''.
Amendment No. 24 Offered by Mr. Burgess
The text of the amendment is as follows:
Page 1185, beginning on line 10, strike ``have engaged in information sharing or''.
Amendment No. 27 Offered by Mr. Dent
The text of the amendment is as follows:
At the end of the bill, insert the following new section:
SEC. __. SENSE OF CONGRESS REGARDING SIMPLIFIED MORTGAGE
CONTRACT SUMMARIES.
It is the sense of Congress that mortgage lenders should provide loan applicants with a simplified summary of their loan contracts, including an easy-to-read list of the basic loan terms, payment information, the existence of prepayment penalties or balloon payments, and escrow information.
Amendment No. 28 Offered by Mr. Moore of Kansas
The text of the amendment is as follows:
Add at the end the following new title (and update the table of contents accordingly):
TITLE VIII--NONADMITTED AND REINSURANCE REFORM ACT
SECTION 10001. SHORT TITLE.
This title may be cited as the ``Nonadmitted and Reinsurance Reform Act of 2009''.
SEC. 10002. EFFECTIVE DATE.
Except as otherwise specifically provided in this title, this title shall take effect upon the expiration of the 12-month period beginning on the date of the enactment of this Act.
Subtitle A--Nonadmitted Insurance
SEC. 10101. REPORTING, PAYMENT, AND ALLOCATION OF PREMIUM
TAXES.
(a) Home State's Exclusive Authority.-- No State other than the home State of an insured may require any premium tax payment for nonadmitted insurance.
(b) Allocation of Nonadmitted Premium Taxes.--
(1) In general.--The States may enter into a compact or otherwise establish procedures to allocate among the States the premium taxes paid to an insured's home State described in subsection (a).
(2) Effective date.--Except as expressly otherwise provided in such compact or other procedures, any such compact or other procedures--
(A) if adopted on or before the expiration of the 330-day period that begins on the date of the enactment of this Act, shall apply to any premium taxes that, on or after such date of enactment, are required to be paid to any State that is subject to such compact or procedures; and
(B) if adopted after the expiration of such 330-day period, shall apply to any premium taxes that, on or after January 1 of the first calendar year that begins after the expiration of such 330-day period, are required to be paid to any State that is subject to such compact or procedures.
(3) Report.--Upon the expiration of the 330-day period referred to in paragraph (2), the NAIC may submit a report to the Committee on Financial Services and Committee on the Judiciary of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate identifying and describing any compact or other procedures for allocation among the States of premium taxes that have been adopted during such period by any States.
(4) Nationwide system.--The Congress intends that each State adopt nationwide uniform requirements, forms, and procedures, such as an interstate compact, that provides for the reporting, payment, collection, and allocation of premium taxes for nonadmitted insurance consistent with this section.
(c) Allocation Based on Tax Allocation Report.--To facilitate the payment of premium taxes among the States, an insured's home State may require surplus lines brokers and insureds who have independently procured insurance to annually file tax allocation reports with the insured's home State detailing the portion of the nonadmitted insurance policy premium or premiums attributable to properties, risks or exposures located in each State. The filing of a nonadmitted insurance tax allocation report and the payment of tax may be made by a person authorized by the insured to act as its agent.
SEC. 10102. REGULATION OF NONADMITTED INSURANCE BY INSURED'S
HOME STATE.
(a) Home State Authority.--Except as otherwise provided in this section, the placement of nonadmitted insurance shall be subject to the statutory and regulatory requirements solely of the insured's home State.
(b) Broker Licensing.--No State other than an insured's home State may require a surplus lines broker to be licensed in order to sell, solicit, or negotiate nonadmitted insurance with respect to such insured.
(c) Enforcement Provision.--With respect to section 10101 and subsections (a) and (b) of this section, any law, regulation, provision, or action of any State that applies or purports to apply to nonadmitted insurance sold to, solicited by, or negotiated with an insured whose home State is another State shall be preempted with respect to such application.
(d) Workers' Compensation Exception.--This section may not be construed to preempt any State law, rule, or regulation that restricts the placement of workers' compensation insurance or excess insurance for self-funded workers' compensation plans with a nonadmitted insurer.
SEC. 10103. PARTICIPATION IN NATIONAL PRODUCER DATABASE.
After the expiration of the 2-year period beginning on the date of the enactment of this Act, a State may not collect any fees relating to licensing of an individual or entity as a surplus lines broker in the State unless the State has in effect at such time laws or regulations that provide for participation by the State in the national insurance producer database of the NAIC, or any other equivalent uniform national database, for the licensure of surplus lines brokers and the renewal of such licenses.
SEC. 10104. UNIFORM STANDARDS FOR SURPLUS LINES ELIGIBILITY.
A State may not--
(1) impose eligibility requirements on, or otherwise establish eligibility criteria for, nonadmitted insurers domiciled in a United States jurisdiction, except in conformance with such requirements and criteria in sections 5A(2) and 5C(2)(a) of the Non-Admitted Insurance Model Act, unless the State has adopted nationwide uniform requirements, forms, and procedures developed in accordance with section 10101(b) of this title that include alternative nationwide uniform eligibility requirements; and
(2) prohibit a surplus lines broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States that is listed on the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the NAIC.
SEC. 10105. STREAMLINED APPLICATION FOR COMMERCIAL
PURCHASERS.
A surplus lines broker seeking to procure or place nonadmitted insurance in a State for an exempt commercial purchaser shall not be required to satisfy any State requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers if--
(1) the broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and
(2) the exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance from a nonadmitted insurer.
SEC. 10106. GAO STUDY OF NONADMITTED INSURANCE MARKET.
(a) In General.--The Comptroller General of the United States shall conduct a study of the nonadmitted insurance market to determine the effect of the enactment of this subtitle on the size and market share of the nonadmitted insurance market for providing coverage typically provided by the admitted insurance market.
(b) Contents.--The study shall determine and analyze--
(1) the change in the size and market share of the nonadmitted insurance market and in the number of insurance companies and insurance holding companies providing such business in the 18-month period that begins upon the effective date of this Act;
(2) the extent to which insurance coverage typically provided by the admitted insurance market has shifted to the nonadmitted insurance market;
(3) the consequences of any change in the size and market share of the nonadmitted insurance market, including differences in the price and availability of coverage available in both the admitted and nonadmitted insurance markets;
(4) the extent to which insurance companies and insurance holding companies that provide both admitted and nonadmitted insurance have experienced shifts in the volume of business between admitted and nonadmitted insurance; and
(5) the extent to which there has been a change in the number of individuals who have nonadmitted insurance policies, the type of coverage provided under such policies, and whether such coverage is available in the admitted insurance market.
(c) Consultation With NAIC.--In conducting the study under this section, the Comptroller General shall consult with the NAIC.
(d) Report.--The Comptroller General shall complete the study under this section and submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding the findings of the study not later than 30 months after the effective date of this Act.
SEC. 10107. DEFINITIONS.
For purposes of this subtitle, the following definitions shall apply:
(1) Admitted insurer.--The term ``admitted insurer'' means, with respect to a State, an insurer licensed to engage in the business of insurance in such State.
(2) Affiliate.--The term ``affiliate'' means, with respect to an insured, any entity that controls, is controlled by, or is under common control with the insured.
(3) Affiliated group.--The term ``affiliated group'' means any group of entities that are all affiliated.
(4) Control.--An entity has ``control'' over another entity if--
(A) the entity directly or indirectly or acting through one or more other persons owns, controls or has the power to vote 25 percent or more of any class of voting securities of the other entity; or
(B) the entity controls in any manner the election of a majority of the directors or trustees of the other entity.
(5) Exempt commercial purchaser.--The term ``exempt commercial purchaser'' means any person purchasing commercial insurance that, at the time of placement, meets the following requirements:
(A) The person employs or retains a qualified risk manager to negotiate insurance coverage.
(B) The person has paid aggregate nationwide commercial property and casualty insurance premiums in excess of
$100,000 in the immediately preceding 12 months.
(C)(i) The person meets at least one of the following criteria:
(I) The person possesses a net worth in excess of
$20,000,000, as such amount is adjusted pursuant to clause
(ii).
(II) The person generates annual revenues in excess of
$50,000,000, as such amount is adjusted pursuant to clause
(ii).
(III) The person employs more than 500 full time or full time equivalent employees per individual insured or is a member of an affiliated group employing more than 1,000 employees in the aggregate.
(IV) The person is a not-for-profit organization or public entity generating annual budgeted expenditures of at least
$30,000,000, as such amount is adjusted pursuant to clause
(ii).
(V) The person is a municipality with a population in excess of 50,000 persons.
(ii) Effective on the fifth January 1 occurring after the date of the enactment of this Act and each fifth January 1 occurring thereafter, the amounts in subclauses (I), (II), and (IV) of clause (i) shall be adjusted to reflect the percentage change for such five-year period in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.
(6) Home state.--
(A) In general.--Except as provided in subparagraph (B), the term ``home State'' means, with respect to an insured--
(i) the State in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or
(ii) if 100 percent of the insured risk is located out of the State referred to in subparagraph (A), the State to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated.
(B) Affiliated groups.--If more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the term ``home State'' means the home State, as determined pursuant to subparagraph (A), of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract.
(7) Independently procured insurance.--The term
``independently procured insurance'' means insurance procured directly by an insured from a nonadmitted insurer.
(8) NAIC.--The term ``NAIC'' means the National Association of Insurance Commissioners or any successor entity.
(9) Nonadmitted insurance.--The term ``nonadmitted insurance'' means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a nonadmitted insurer eligible to accept such insurance.
(10) Non-admitted insurance model act.--The term ``Non-Admitted Insurance Model Act'' means the provisions of the Non-Admitted Insurance Model Act, as adopted by the NAIC on August 3, 1994, and amended on September 30, 1996, December 6, 1997, October 2, 1999, and June 8, 2002.
(11) Nonadmitted insurer.--The term ``nonadmitted insurer'' means, with respect to a State, an insurer not licensed to engage in the business of insurance in such State.
(12) Qualified risk manager.--The term ``qualified risk manager'' means, with respect to a policyholder of commercial insurance, a person who meets all of the following requirements:
(A) The person is an employee of, or third party consultant retained by, the commercial policyholder.
(B) The person provides skilled services in loss prevention, loss reduction, or risk and insurance coverage analysis, and purchase of insurance.
(C) The person--
(i)(I) has a bachelor's degree or higher from an accredited college or university in risk management, business administration, finance, economics, or any other field determined by a State insurance commissioner or other State regulatory official or entity to demonstrate minimum competence in risk management; and
(II)(aa) has three years of experience in risk financing, claims administration, loss prevention, risk and insurance analysis, or purchasing commercial lines of insurance; or
(bb) has one of the following designations:
(AA) a designation as a Chartered Property and Casualty Underwriter (in this subparagraph referred to as ``CPCU'') issued by the American Institute for CPCU/Insurance Institute of America;
(BB) a designation as an Associate in Risk Management (ARM) issued by the American Institute for CPCU/Insurance Institute of America;
(CC) a designation as Certified Risk Manager (CRM) issued by the National Alliance for Insurance Education & Research;
(DD) a designation as a RIMS Fellow (RF) issued by the Global Risk Management Institute; or
(EE) any other designation, certification, or license determined by a State insurance commissioner or other State insurance regulatory official or entity to demonstrate minimum competency in risk management;
(ii)(I) has at least seven years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing commercial lines of insurance; and
(II) has any one of the designations specified in subitems
(AA) through (EE) of clause (i)(II)(bb);
(iii) has at least 10 years of experience in risk financing, claims administration, loss prevention, risk and insurance coverage analysis, or purchasing commercial lines of insurance; or
(iv) has a graduate degree from an accredited college or university in risk management, business administration, finance, economics, or any other field determined by a State insurance commissioner or other State regulatory official or entity to demonstrate minimum competence in risk management.
(13) Premium tax.--The term ``premium tax'' means, with respect to surplus lines or independently procured insurance coverage, any tax, fee, assessment, or other charge imposed by a government entity directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, registration fees, and any other compensation given in consideration for a contract of insurance.
(14) Surplus lines broker.--The term ``surplus lines broker'' means an individual, firm, or corporation which is licensed in a State to sell, solicit, or negotiate insurance on properties, risks, or exposures located or to be performed in a State with nonadmitted insurers.
(15) State.--The term ``State'' includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
Subtitle B--Reinsurance
SEC. 10201. REGULATION OF CREDIT FOR REINSURANCE AND
REINSURANCE AGREEMENTS.
(a) Credit for Reinsurance.--If the State of domicile of a ceding insurer is an NAIC-accredited State, or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, and recognizes credit for reinsurance for the insurer's ceded risk, then no other State may deny such credit for reinsurance.
(b) Additional Preemption of Extraterritorial Application of State Law.--In addition to the application of subsection
(a), all laws, regulations, provisions, or other actions of a State that is not the domiciliary State of the ceding insurer, except those with respect to taxes and assessments on insurance companies or insurance income, are preempted to the extent that they--
(1) restrict or eliminate the rights of the ceding insurer or the assuming insurer to resolve disputes pursuant to contractual arbitration to the extent such contractual provision is not inconsistent with the provisions of title 9, United States Code;
(2) require that a certain State's law shall govern the reinsurance contract, disputes arising from the reinsurance contract, or requirements of the reinsurance contract;
(3) attempt to enforce a reinsurance contract on terms different than those set forth in the reinsurance contract, to the extent that the terms are not inconsistent with this subtitle; or
(4) otherwise apply the laws of the State to reinsurance agreements of ceding insurers not domiciled in that State.
SEC. 10202. REGULATION OF REINSURER SOLVENCY.
(a) Domiciliary State Regulation.--If the State of domicile of a reinsurer is an NAIC-accredited State or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, such State shall be solely responsible for regulating the financial solvency of the reinsurer.
(b) Nondomiciliary States.--
(1) Limitation on financial information requirements.--If the State of domicile of a reinsurer is an NAIC-accredited State or has financial solvency requirements substantially similar to the requirements necessary for NAIC accreditation, no other State may require the reinsurer to provide any additional financial information other than the information the reinsurer is required to file with its domiciliary State.
(2) Receipt of information.--No provision of this section shall be construed as preventing or prohibiting a State that is not the State of domicile of a reinsurer from receiving a copy of any financial statement filed with its domiciliary State.
SEC. 10203. DEFINITIONS.
For purposes of this subtitle, the following definitions shall apply:
(1) Ceding insurer.--The term ``ceding insurer'' means an insurer that purchases reinsurance.
(2) Domiciliary state.--The terms ``State of domicile'' and
``domiciliary State'' means, with respect to an insurer or reinsurer, the State in which the insurer or reinsurer is incorporated or entered through, and licensed.
(3) Reinsurance.--The term ``reinsurance'' means the assumption by an insurer of all or part of a risk undertaken originally by another insurer.
(4) Reinsurer.--
(A) In general.--The term ``reinsurer'' means an insurer to the extent that the insurer--
(i) is principally engaged in the business of reinsurance;
(ii) does not conduct significant amounts of direct insurance as a percentage of its net premiums; and
(iii) is not engaged in an ongoing basis in the business of soliciting direct insurance.
(B) Determination.--A determination of whether an insurer is a reinsurer shall be made under the laws of the State of domicile in accordance with this paragraph.
(5) State.--The term ``State'' includes any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa.
Subtitle C--Rule of Construction
SEC. 10301. RULE OF CONSTRUCTION.
Nothing in this title or amendments to this title shall be construed to modify, impair, or supersede the application of the antitrust laws. Any implied or actual conflict between this title and any amendments to this title and the antitrust laws shall be resolved in favor of the operation of the antitrust laws.
SEC. 10302. SEVERABILITY.
If any section or subsection of this title, or any application of such provision to any person or circumstance, is held to be unconstitutional, the remainder of this title, and the application of the provision to any other person or circumstance, shall not be affected.
Amendment No. 34 Offered by Mr. Murphy of New York
The text of the amendment is as follows:
Page 176, strike lines 12 through 14 (and redesignate remaining paragraphs accordingly).
Add at the end of the bill the following:
TITLE VII--INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED
SEC. 9001. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED.
(a) Repeal of Prohibition on Payment of Interest on Demand Deposits.--
(1) Federal reserve act.--Section 19(i) of the Federal Reserve Act (12 U.S.C. 371a) is amended to read as follows:
``(i) [Repealed]''.
(2) Home owners' loan act.--The first sentence of section 5(b)(1)(B) of the Home Owners' Loan Act (12 U.S.C. 1464(b)(1)(B)) is amended by striking ``savings association may not--'' and all that follows through ``(ii) permit any'' and inserting ``savings association may not permit any''.
(3) Federal deposit insurance act.--Section 18(g) of the Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended to read as follows:
``(g) [Repealed]''.
(b) Effective Date.--The amendments made by subsection (a) shall take effect at the end of the 1-year period beginning on the date of the enactment of this Act.
Amendment No. 25 Offered by Ms. Herseth Sandlin
The text of the amendment is as follows:
Page 1022, line 20, strike ``Section'' and insert the following:
(a) Exemption.--Section
Page 1024, line 3, strike the period at the end and insert
``; and''.
Page 1024, after line 3, insert the following:
(b) Consideration of Risk.--Section 203(c) of the Investment Advisers Act of 1940 (15 U.S.C. 80b--3(c)) is amended by adding at the end the following:
``(3) The Commission shall take into account the relative risk profile of different classes of private funds as it establishes, by rule or regulation, the registration requirements for private funds.''.
The Acting CHAIR. Pursuant to House Resolution 964, the gentleman from Massachusetts and a Member opposed each will control 10 minutes.
The Chair recognizes the gentleman from Massachusetts.
Mr. FRANK of Massachusetts. Mr. Chairman, these are 10 amendments that raise in merit from wonderful to at least acceptable, and I will be reserving the balance of my time; and I will yield time, or they can get their own time, to any one of the offerers who wishes to explain his or her amendment.
I reserve the balance of my time.
Mr. BURGESS. I will claim the time in opposition, even though I am not opposed.
The Acting CHAIR. Without objection, the gentleman from Texas is recognized for 10 minutes.
There was no objection.
Mr. BURGESS. Mr. Speaker, I yield myself such time as I may consume to speak on the five amendments that I offered in the Rules Committee that were made in order under the rule.
The first, Burgess amendment No. 20, to strike the word
``orderliness'' on the list of descriptors of title I's definitions of the duties of the Council. In the language of the underlying bill, there is no explanation for what ``orderliness'' means in financial parlance. Without that word, this section still has power, and what this amendment would do is remove a word that seems nebulous without a common understanding.
The second amendment, No. 21, index Systemic Dissolution Fund amounts to inflation. In the language of the underlying bill, the section creating the Systemic Dissolution Fund indexes the amount to inflation whereas any mitigatory action imposed by the Council involving the sale, divestiture or transfer of more than $10 billion in total assets by a financial holding company subject to a stricter set of standards does not. This amendment would index those amounts.
Burgess Amendment No. 22. The metrics of what determines
``significantly undercapitalized'' will be determined by rule or regulation. In the language of the underlying bill, title I portends to elaborate on what ``significantly undercapitalized'' means, but in its definition, it neither gives a fixed dollar amount, a ratio or even a formula. Without a specific metric, this definition is left too much to individual interpretation, just like on page 494 of the bill where
``substantial net position'' requires a specific definition by rulemaking, ``significantly undercapitalized'' should be defined in rule or regulation.
I would further point out that the very next section of the bill gives the term ``significantly critically undercapitalized,'' and under
``critically undercapitalized,'' there is, in fact, reference to at least a ratio at another part of the bill. ``Significantly undercapitalized'' is never adequately defined, and I am concerned about the effect of unintended consequences if we do not provide that definition.
Burgess No. 23, the outer limit of 2 years on the amount of time the Federal Reserve has to do their audit. During the Financial Services markup, Representative Paul offered an amendment which was accepted 43-
26. This amendment is generally reflected in title I, section 1000A, which allows for the auditing of the Federal Reserve, and it shall be completed as expeditiously as possible. My amendment seeks to put an outer time limit on the amount of time which can pass or otherwise be defined as ``expeditiously as possible.'' An audit by the IRS for an individual usually does not take very long. In fact, the IRS has 3 years to audit an individual if there is not a substantial omission or if there is no tax fraud. In those cases, it would take 6 years, but the IRS is given so much time to do an audit because there are 143 million individual returns to examine.
The Federal Reserve is different. Presumably, as a government agency, while they wouldn't be as easy to audit as an individual, because the government is supposed to have greater transparency, checking the Federal Reserve balance sheet of over $70 billion of assets should not take more than 2 years, simply for two reasons: we know who to audit and we know what to audit.
While I note the historic nature of even getting an audit of the Federal Reserve is in place, we cannot let the audit go on interminably, especially in times of financial crisis. We need to know what they have and where they have it. I applaud Representative Paul for his laser-like dedicated focus to this issue, but this amendment would add an outer limit of 2 years on the amount of time that the Federal Reserve has to obtain that audit.
Finally, Burgess No. 24 strikes the phrase ``have engaged in information sharing or'' from the SEC ``revolving door'' study. In the language of the underlying bill, the definition of what or what is not information is not sufficiently evidenced so that if an employee of the SEC shares information as basic as the date of a meeting on a calendar, they would be considered a part of the SEC ``revolving door.''
This amendment proposes to get to the heart of the issue, which is to find those who have circumvented Federal rules and regulations without bringing in those who have basic and nonessential information. I liken this to the innocent spouse provision in the IRS statutes. If someone just simply shares a page from an Outlook calendar, that does not make them or should not make them part of the ``revolving door'' which we attempt to contain and restrain with the underlying language of the bill.
With that, Mr. Chairman, I will reserve the balance of my time.
Mr. FRANK of Massachusetts. I yield 2 minutes to the gentleman from New York (Mr. Murphy), the author of one of the amendments.
Mr. MURPHY of New York. My amendment very simply gets rid of an anachronistic law from 1933. Right now, it's illegal for banks to pay interest to business checking accounts. This adversely affects our small businesses and keeps them from building their business.
Now, as we are fixing some of the issues we have with our regulatory system, is the right time to get rid of that. So my amendment would make it legal for banks to pay interest to business checking accounts. It wouldn't require it, but it would make it legal. This is the kind of commonsense approach that's going to move us forward and help our small businesses get this economy going again.
Mr. FRANK of Massachusetts. I reserve the balance of my time.
Mr. BURGESS. Mr. Chairman, I have no further requests for time, and I yield back the balance of my time.
Mr. FRANK of Massachusetts. Mr. Chairman, I would just take this opportunity to announce if there are any Members here who think we are going to do any further business, that we're not. We will resume tomorrow morning. I will inform the Members as a result of what we have been able to do with some of the manager's amendments and this en blocing, and I appreciate the cooperation of the gentleman from Texas and others, we have, I believe, 11 amendments left to be offered tomorrow.
{time} 2210
Two of them will take a longer time, one on the CFPA, the Consumer Financial Protection Agency; one on the Republican substitute; and then there will be a recommit. So we should be, obviously, finishing this bill sometime early tomorrow afternoon. We will come back in tomorrow and resume the debate, and I wanted Members to know that.
Mr. PAULSEN. Mr. Chair, the bill before us establishes a Financial Stability Oversight Council that includes the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, and Federal banking and securities regulators.
The bill also includes non-voting members, a State insurance commissioner, a State Securities commissioner, the head of the new Federal Insurance Office and a State banking supervisor, who would serve on the Council in an advisory capacity.
My amendment ensures that the non-voting regulators are not excluded from any proceedings, meetings, discussions, and deliberations.
I believe that is important to ensure that the Federal insurance office and other state regulators will have a seat at the table for any deliberations that impact the consumers they protect and institutions they regulate.
If these institutions are going to be responsible for paying into the bailout fund, it is only fair that their concerns are represented.
I urge adoption of my amendment.
Mr. DENT. Mr. Chair, my amendment is simple--It expresses the sense of Congress that mortgage lending institutions should provide loan applicants with a simplified summary of their loan contracts, including an easy to read list of the basic loan terms, payment information, the existence of prepayment penalties or balloon payments, and escrow information.
I ask that a sample template of this one page summary document be inserted into the Congressional Record.
H.R. 4173 is a 1,200 plus page bill that purports to protect consumers from abusive financial products by creating a new government bureaucracy--the Consumer Finance Protection Agency.
We see in the complicated mortgage contract process that more bureaucracy and more requirements doesn't guarantee more protection. How many homebuyers understand the voluminous and complex documents they shuffle through when closing on a new home? The process is no less cumbersome for the lender. Less can be more.
Having gone through this process as a homebuyer and after speaking to numerous bankers and lenders, I believe we must work to simplify the process, while ensuring borrowers are protected from abusive contractual agreements and providing lenders with the tools to safely and soundly alleviate some of the administrative costs--costs ultimately passed along to the consumer.
Several months ago I learned that Mr. David Lobach and Mr. Elmer Gates of Embassy Bank--a community bank in the 15th District of Pennsylvania--developed a simplified mortgage contract summary for borrowers who take out a mortage with their institution. Embassy is bolstering consumer protection for their customers by ensuring that he or she knows exactly what they are agreeing to upon their signature--
not only providing greater transparency for the borrower but also promoting efficiency for the mortgagee.
The statutes in place today, including the Truth in Lending Act and the Real Estate Settlement Procedures Act, intended to protect borrowers and lenders alike, have created this complex closing process that leaves some homebuyers confused and uninformed.
I believe that Congress should review and revisit the current statutes and consider meaningful reforms that make the mortgage process more understandable for borrowers and more efficient for lenders. The adoption of this amendment is an important first step in encouraging financial institutions engaged in mortgage lending to provide their borrowers with a simplified summary of the loan terms so that every new homeowner will walk away from the table understanding their obligations--in simple terms and in fewer pages.
I've held a number of mortgage foreclosure seminars across my district--the 15th District of Pennsylvania. After listening to the experiences of my constituents, I truly believe some of the foreclosures our country has seen in the past 2 years would not have taken place if homeowners had been aware of the actual terms and conditions of their loan.
My amendment is a common-sense approach to promote consumer protection by ensuring families in pursuit of the American dream fulfill that dream under terms they completely and fully understand.
Borrower: Mary Borrower, 10 Test Avenue, Test City, PA 18000.
Lender: Any Bank, PO Box 2020, Any Town, PA 11111.
Basic Loan Terms
The amount you borrowed: $100,000
Your interest rate: 4.99%
Can your interest rate change? [ ] [X] No
The collateral for your loan: Borrower is giving a security interest in 10 Test Avenue, Test City, PA 18000. In addition, Lender has also reserved a contractual right of setoff in Borrower's deposit accounts.
Payment Information
Your payment amount: $790.28
How often you will make payments: Monthly
Your loan term: 180 payments
When your payments are due: Monthly, beginning November 15, 2009
How late payment charges are calculated: 5.00% of the regularly scheduled payment or $5.00, whichever is greater.
Payments & Balloons
Does your loan have a prepayment penalty? [ ] [X] No
Does your loan have a balloon payment? [ ] [X] No
Loan maturity date: October 15, 2024
Escrow
Do we require you to have an escrow account for your loan?
[ ] [X] No
Important Note: In the event of default on this loan, we will exercise all legal means to recover our money. This document is intended for informational purposes only and does not constitute your contract with Any Bank. Please refer to the complete set of loan documents for exact details regarding your loan terms and conditions.
Mr. FRANK of Massachusetts. Mr. Chairman, I yield back the balance of my time.
The Acting CHAIR. The question is on the amendments en bloc offered by the gentleman from Massachusetts (Mr. Frank).
The amendments en bloc were agreed to.
Mr. FRANK of Massachusetts. Mr. Chairman, I move that the Committee do now rise.
The motion was agreed to.
Accordingly, the Committee rose; and the Speaker pro tempore (Ms. Kilroy) having assumed the chair, Mr. Sablan, Acting Chair of the Committee of the Whole House on the State of the Union, reported that that Committee, having had under consideration the bill (H.R. 4173) to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes, had come to no resolution thereon.
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