S 3217 in Congressional Session 111

Official Summary

 

Bill Number : S 3217

 

Title : Restoring American Financial Stability Act of 2010

 

SUMMARY AS OF:
4/15/2010--Introduced. Restoring American Financial Stability Act of 2010 - Financial Stability Act of 2010 - Establishes the Financial Stability Oversight Council to: (1) identify risks to the financial stability of the United States; (2) promote market discipline; and (3) respond to emerging threats to the stability of the United States financial markets. Establishes within the Department of the Treasury: (1) the Office of Financial Research (Office) to support the Financial Stability Oversight Council; and (2) the Financial Research Fund to fund the Office. Grants the Board of Governors of the Federal Reserve System (Board) additional authority to require reports and conduct examinations of certain nonbank financial companies and bank holding companies. Revises supervision and prudential standards for nonbank financial companies supervised by the Board and for certain bank holding companies. Establishes in the U.S. Bankruptcy Court for the District of Delaware an Orderly Liquidation Authority Panel to authorize the Secretary of the Treasury (Secretary), under specified circumstances, to appoint the Federal Deposit Insurance Corporation (FDIC) as receiver of a financial company in default or in danger of default whose failure would have serious adverse effects on financial stability in the United States. Enhancing Financial Institution Safety and Soundness Act of 2010 - Transfers all functions of the Office of Thrift Supervision (OTS) and the OTS Director to the Board, to the Office of the Comptroller of the Currency, and to the FDIC. Abolishes OTS. Prohibits the issuance of charters for federal savings associations. Private Fund Investment Advisers Registration Act of 2010 - Amends the Investment Advisers Act of 1940 with respect to: (1) the regulation of advisers to hedge funds; (2) collection of systemic risk data; and (3) the asset threshold for federal registration of investment advisers. Office of National Insurance Act of 2010 - Establishes within the Department of the Treasury the Office of National Insurance to monitor all aspects of the insurance industry, including identification of issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system. Nonadmitted and Reinsurance Reform Act of 2010 - Sets forth procedures for: (1) reporting, payment, and allocation of nonadmitted insurance premium taxes; and (2) regulation of credit for reinsurance and reinsurance agreements. Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010 - Imposes a moratorium upon FDIC provision of federal deposit insurance for credit card banks, industrial loan companies, and certain other companies under the Bank Holding Company Act of 1956. Amends the Bank Holding Company Act of 1956 to revise requirements for reports, examinations, and regulation of functionally regulated subsidiaries, including concentration limits on large financial institutions. Over-the-Counter Derivatives Markets Act of 2010 - Amends the Commodity Exchange Act to: (1) extend joint rulemaking and regulatory authority of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to over-the-counter derivatives markets; and (2) require large swap trader reporting. Amends the Gramm-Leach-Bliley Act to repeal the prohibition against the regulation of security-based swaps. Amends the Securities Exchange Act of 1934 to set forth: (1) clearing requirements for security-based swaps; (2) registration and regulation procedures governing security-based swap dealers and major security-based swap participants; and (3) position limits and position accountability for security-based swaps. Directs the SEC, the CFTC, the Financial Stability Oversight Council, and the Treasury Department, individually and collectively, to consult and coordinate with foreign regulatory authorities on the establishment of consistent international standards with respect to the regulation of certain SWAPS. Payment, Clearing, and Settlement Supervision Act of 2010 - Directs the Financial Stability Oversight Council to designate those financial market utilities or payment, clearing, or settlement activities which it determines are, or are likely to become, systemically important. Sets forth procedures governing examination of and enforcement actions against financial institutions subject to standards for designated activities, including: (1) financial and operational risks such activities may pose to other financial institutions, critical markets, or the broader financial system; and (2) information to assess systemic importance of financial institutions engaged in payment, clearing, or settlement activities. Amends the Securities Exchange Act of 1934 to: (1) establish the Investor Advisory Committee and the Office of the Investor Advocate; (2) authorize the SEC to restrict mandatory predispute arbitration; (3) prescribe securities whistleblower incentives and protection; and (4) revise regulation, accountability, and transparency of nationally recognized statistical rating organizations (NRSROs). Amends the Securities Investor Protection Act of 1970 to increase the borrowing limit on Treasury loans. Amends the Securities Exchange Act of 1934 to: (1) direct the federal banking agencies and the SEC to prescribe joint regulations to require any securitizer to retain an economic interest in a portion of the credit risk for any asset that the securitizer, through the issuance of an asset-backed security, transfers, sells, or conveys to a third party; (2) require procedures for annual shareholder approval of executive compensation; and (3) require disclosures regarding employee and director hedging. Requires the SEC to report to certain congressional committees regarding: (1) its conduct of examinations of registered entities, enforcement investigations, and review of corporate financial securities filings; and (2) its oversight of national securities associations. Prescribes standards for: (1) corporate governance; and (2) regulation of municipal securities and changes to the Municipal Securities Rulemaking Board. Establishes in the SEC the Office of Municipal Securities. Amends the Sarbanes-Oxley Act of 2002 to authorize the Public Company Accounting Oversight Board to share certain information with foreign authorities. Amends the FDIA to direct the Inspector General of each federal banking agency to report to Congress semiannually on certain losses to the Deposit Insurance Fund. Instructs the Comptroller General to study and report to Congress on the risks and conflicts associated with proprietary trading by and within specified entities. Directs the Office of Financial Literacy of the Bureau to establish a program to make grants to states for enhanced protection of seniors from being misled by false designations. Consumer Financial Protection Act of 2010 - Establishes: (1) in the Federal Reserve System the Bureau of Consumer Financial Protection (Bureau) to regulate the offering and provision of consumer financial products or services under the federal consumer financial laws; (2) the Office of Fair Lending and Equal Opportunity; (3) the Office of Financial Literacy; and (4) the Consumer Advisory Board. Grants the Bureau supervisory powers and enforcement authority over certain large-sized insured depository institutions and insured credit unions. Excludes from Bureau oversight certain merchants, retailers and other sellers of nonfinancial goods or services. Grants the Bureau specific authorities, including prohibiting unfair, deceptive, or abusive acts or practices. Transfers to the Bureau specified consumer financial protection functions. Prescribes requirements for collection of deposit account data. Amends the Equal Credit Opportunity Act regarding small business loan data collection. Amends the Truth in Lending Act to prohibit certain prepayment penalties. Amends the Federal Reserve Act with respect to emergency lending authority. Authorizes the Comptroller General, under specified circumstances, to conduct reviews of the Federal Reserve Board, a federal reserve bank, or a credit facility. Improving Access to Mainstream Financial Institutions Act of 2010 - Authorizes the Secretary to establish a multiyear program of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings to promote initiatives to enable low- and moderate-income individuals to: (1) to establish one or more accounts in a federally insured depository institution that are appropriate to meet their financial needs; and (2) gain improved access to the provision of accounts on reasonable terms.

Votes

Title : Restoring American Financial Stability Act of 2010
Votes in the US Senate
Roll NumberVote DateQuestionDescriptionVote Result
1262010-04-27On Cloture on the Motion to ProceedUpon Reconsideration Motion to Invoke Cloture on the Motion to Proceed to S. 3217; An original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.R
1252010-04-26On the MotionMotion to Instruct the Sergeant at Arms; An original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.A
1242010-04-26On the Cloture MotionMotion to Invoke Cloture on the Motion to Proceed to Consider S. 3217; An original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.R
1612010-05-20On the Motion S.Amdt. 3739Motion to Waive All Applicable Budgetary Discipline RE: Dodd Amdt. No. 3739; In the nature of a substitute.A
1602010-05-20On the Cloture Motion S.Amdt. 3739Upon Reconsideration Motion to Invoke Cloture on Amdt. No. 3739; In the nature of a substitute.A
1592010-05-19On the Amendment S.Amdt. 3746Whitehouse Amdt. No. 3746 As Modified Further; To restore to the States the right to protect consumers from usurious lenders.R
1582010-05-19On the Cloture Motion S.Amdt. 3739Motion to Invoke Cloture On Dodd Amdt. No. 3739; In the nature of a substitute.R
1572010-05-18On the Amendment S.Amdt. 4072Grassley Amdt. No. 4072; To provide for the independence of Inspectors General of certain designated Federal entities, and for other purposes.A
1562010-05-18On the Motion to Table S.Amdt. 4114Motion to Table Dorgan Amdt. No. 4114; To ban naked credit default swaps and for other purposes.A
1552010-05-18On the Amendment S.Amdt. 4071Carper Amdt. No. 4071; To address the applicability and preservation of certain State authorities, and for other purposes.A
1542010-05-18On the Amendment S.Amdt. 4034Corker Amdt. No. 4034; To address the applicability of certain State authorities with respect to national banks, and for other purposes.R
1532010-05-18On the Amendment S.Amdt. 4051Gregg Amdt. No. 4051 As Modified; To prohibit taxpayer bailouts of fiscally irresponsible State and local governments.R
1522010-05-17On the Amendment S.Amdt. 3986Cornyn Amdt. No. 3986; To protect United States taxpayers from paying for the bailouts of foreign governments.A
1512010-05-17On the Motion S.Amdt. 4020Motion to Waive All Applicable Budgetary Discipline RE: Crapo Amdt. No. 4020; To limit further bailouts of Fannie Mae and Freddie Mac, to enhance the regulation and oversight of such enterprises, and for other purposes.R
1502010-05-13On the Amendment S.Amdt. 3987Thune Amdt. No. 3987; To provide for increased Congressional oversight through a sunset of the authority created under title X related to the creation of the Bureau of Consumer Financial Protection.R
1492010-05-13On the Amendment S.Amdt. 3989Durbin Amdt. No. 3989 as Modified; To ensure that the fees that small businesses and other entities are charged for accepting debit cards are reasonable and proportional to the costs incurred, and to limit payment card networks from imposing anti-competitive restrictions on small businesses and other entities that accept payment cards.A
1482010-05-13On the Amendment S.Amdt. 3832Sessions Amdt. No. 3832; To provide an orderly and transparent bankruptcy process for non-bank financial institutions and prohibit bailout authority.R
1472010-05-13On the Amendment S.Amdt. 3774LeMieux Amdt. No. 3774 as Modified; To remove statutory references to credit rating agencies.A
1462010-05-13On the Amendment S.Amdt. 3991Franken Amdt. No. 3991; To instruct the Securities and Exchange Commission to establish a self-regulatory organization to assign credit rating agencies to provide initial credit ratings.A
1452010-05-12On the Amendment S.Amdt. 3943Reed Amdt. No. 3943; To establish a specific consumer protection liaison for service members and their families, and for other purposes.A
1442010-05-12On the Amendment S.Amdt. 3816Chambliss Amdt. No. 3816; To implement regulatory oversight of the swap markets, to improve regulator's access to information about all swaps, to encourage clearing while preventing concentration of inadequately hedged risks in central clearinghouses and ensuring that corporate end users can continue to hedge their unique business risks, and to improve market transparency.R
1432010-05-12On the Amendment S.Amdt. 3759Hutchison Amdt. No. 3759 as Modified; To maintain the role of the Board of Governors as the supervisor of holding companies and State member banks.A
1422010-05-12On the Amendment S.Amdt. 3955Corker Amdt. No. 3955; To provide for a study of the asset-backed securitization process and for residential mortgage underwriting standards.R
1412010-05-12On the Amendment S.Amdt. 3962Merkley Amdt. No. 3962; To prohibit certain payments to loan originators and to require verification by lenders of the ability of consumers to repay loans.A
1402010-05-11On the Amendment S.Amdt. 3839McCain Amdt. No. 3839; To provide for enhanced regulation of, and to establish a term certain for the conservatorships of Fannie Mae and Freddie Mac, to provide conditions for continued operation of such enterprises, to provide for the wind down of such operations and the dissolution of such enterprises, and to address budgetary treatment of such enterprises.R
1392010-05-11On the Amendment S.Amdt. 3938Dodd Amdt. No. 3938; To require the Secretary of the Treasury to conduct a study on ending the conservatorship of Fannie Mae and Freddie Mac, and reforming the housing finance system.A
1382010-05-11On the Amendment S.Amdt. 3760Vitter Amdt. No. 3760; To address availability of information concerning the meetings of the Federal Open Market Committee, and for other purposes.R
1372010-05-11On the Amendment S.Amdt. 3738Sanders Amdt. No. 3738 as Modified; To require the non-partisan Government Accountability Office to conduct an independent audit of the Board of Governors of the Federal Reserve System that does not interfere with monetary policy, to let the American people know the names of the recipients of over $2,000,000,000,000 in taxpayer assistance from the Federal Reserve System, and for other purposes.A
1362010-05-06On the Amendment S.Amdt. 3733Brown (OH) Amdt. No. 3733; To impose leverage and liability limits on bank holding companies and financial companies.R
1352010-05-06On the Amendment S.Amdt. 3898Ensign Amdt. No. 3898; To amend the definition of the term "financial company" for purposes of limits on nondesposit liabilities.R
1342010-05-06On the MotionMotion to Instruct the Sgt. At Arms; An original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.A
1332010-05-06On the Amendment S.Amdt. 3826Shelby Amdt. No. 3826; To establish a Division of Consumer Financial Protection within the Federal Deposit Insurance Corporation, and for other purposes.R
1322010-05-06On the Amendment S.Amdt. 3749Tester Amdt. No. 3749; To require the Corporation to amend the definition of the term "assessment base".A
1312010-05-05On the Amendment S.Amdt. 3827Shelby-Dodd Amdt. No. 3827; To improve the bill.A
1302010-05-05On the Amendment S.Amdt. 3737Boxer Amdt. No. 3737; To prohibit taxpayers from ever having to bail out the financial sector.A
1272010-04-28On Cloture on the Motion to ProceedSecond Motion to Invoke Cloture on the Motion to Proceed to Consider S. 3217; An original bill to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.R
Votes in the US House
This Bill was not Voted in the US House

Sponsors

 
Congressional Sponsors of S 3217
 
Bill Number : S 3217
Title : Restoring American Financial Stability Act of 2010
Sponsor: Sen Dodd, Christopher J. [CT] (introduced 4/15/2010)      
COSPONSOR(S): ****NONE****

Other Info

Bill Number : S 3217
Title : Restoring American Financial Stability Act of 2010
 
MAJOR ACTIONS:
 
4/15/2010 Introduced in Senate
 
4/15/2010 Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. Without written report.
 
4/30/2010 By Senator Dodd from Committee on Banking, Housing, and Urban Affairs filed written report. Report No. 111-176. Minority views filed.
 
5/25/2010 Senate floor actions: Returned to the Calendar. Calendar No. 349.
 
ALL ACTIONS:
 
4/15/2010:Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Dodd. Without written report.
 
4/15/2010:Placed on Senate Legislative Calendar under General Orders. Calendar No. 349.
 
4/22/2010:Motion to proceed to consideration of measure made in Senate. (consideration: CR S2553-2566)
 
4/22/2010:Cloture motion on the motion to proceed to the bill presented in Senate. (consideration: CR S2553; text: CR S2553)
 
4/26/2010:Motion to proceed to measure considered in Senate. (consideration: CR S2611-2637)
 
4/26/2010:Cloture on the motion to proceed to the bill not invoked in Senate by Yea-Nay Vote. 57 - 41. Record Vote Number: 124. (consideration: CR S2622; text: CR S2622)
 
4/26/2010:Motion by Senator Reid to reconsider a vote on which the cloture motion was not invoked on the motion to proceed to the bill entered in Senate. (consideration: CR S2622-2626)
 
4/26/2010:Second cloture motion on the motion to proceed to the bill presented in Senate. (consideration: CR S2629; text: CR S2629)
 
4/27/2010:Motion to proceed to measure considered in Senate. (consideration: CR S2680-2682, S2682-2707)
 
4/27/2010:Motion by Senator Reid to reconsider a vote on which the cloture motion was not invoked on the motion to proceed to the bill agreed to in Senate. (consideration: CR S2697-2698)
 
4/27/2010:Upon reconsideration, cloture not invoked in Senate by Yea-Nay Vote. 57 - 41. Record Vote Number: 126.
 
4/27/2010:Third cloture motion on the motion to proceed to the bill presented in Senate. (consideration: CR S2707; text: CR S2707)
 
4/28/2010:Motion to proceed to measure considered in Senate. (consideration: CR S2726-2750)
 
4/28/2010:Second cloture on the motion to proceed to the bill not invoked in Senate by Yea-Nay Vote. 56 - 42. Record Vote Number: 127. (consideration: CR S2729; text: CR S2729)
 
4/28/2010:Motion by Senator Reid to reconsider the vote by which the second cloture was not invoked on the motion to proceed to the bill (Record vote no. 127) entered in Senate. (consideration: CR S2729)
 
4/28/2010:Motion to proceed to consideration of measure agreed to in Senate. (consideration: CR S2750)
 
4/28/2010:Measure laid before Senate by unanimous consent. (consideration: CR S2750)
 
4/28/2010:Motion by Senator Reid to reconsider the vote by which the second cloture was not invoked on the motion to proceed to the bill (Record vote no. 127) withdrawn in Senate.
 
4/28/2010:Third cloture motion on the motion to proceed to the bill rendered moot in Senate.
 
4/29/2010:Considered by Senate. (consideration: CR S2772-2784)
 
4/30/2010:Considered by Senate. (consideration: CR S2988-3004)
 
4/30/2010:By Senator Dodd from Committee on Banking, Housing, and Urban Affairs filed written report. Report No. 111-176. Minority views filed.
 
5/3/2010:Considered by Senate. (consideration: CR S3016-3029)
 
5/4/2010:Considered by Senate. (consideration: CR S3061-3065, S3065-3088)
 
5/5/2010:Considered by Senate. (consideration: CR S3121-3144, S3147-3157)
 
5/6/2010:Considered by Senate. (consideration: CR S3296-3303, S3303-3353)
 
5/7/2010:Considered by Senate. (consideration: CR S3385-3404)
 
5/10/2010:Considered by Senate. (consideration: CR S3457-3466, S3466-3470)
 
5/11/2010:Considered by Senate. (consideration: CR S3488-3496, S3496-3509, S3510-3532)
 
5/12/2010:Considered by Senate. (consideration: CR S3569-3570, S3572-3579, S3580-3581, S3582-3613, S3616-3627)
 
5/13/2010:Considered by Senate. (consideration: CR S3664-3666, S3666-3682, S3682-3683, S3686-3691, S3692-3700, S3701-3711)
 
5/14/2010:Considered by Senate. (consideration: CR S3769, S3772-3778)
 
5/17/2010:Considered by Senate. (consideration: CR S3801-3819)
 
5/17/2010:Cloture motion on the bill presented in Senate. (consideration: CR S3811; text: CR S3811)
 
5/18/2010:Considered by Senate. (consideration: CR S3856-3864, S3864-3899)
 
5/19/2010:Considered by Senate. (consideration: CR S3961-3963, S3963-3965, S3965-3980)
 
5/19/2010:Cloture motion on the bill withdrawn by unanimous consent in Senate. (consideration: CR S3964)
 
5/19/2010:Second cloture motion on the bill presented in Senate. (consideration: CR S3974; text: CR S3974)
 
5/20/2010:Considered by Senate. (consideration: CR S4027-4034, S4034-4078)
 
5/20/2010:Second cloture motion on the bill rendered moot in Senate. (consideration: CR S4076-4077)
 
5/20/2010:The bill was read the third time.
 
5/20/2010:Senate incorporated this measure in H.R. 4173 as an amendment. (consideration: CR S4078)
 
5/20/2010:Senate passed companion measure H.R. 4173 in lieu of this measure. (consideration: CR S4077)
 
5/20/2010:See also H.R. 4173.
 
5/25/2010:Returned to the Calendar. Calendar No. 349.