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SENATE AGREES TO FINANCIAL REFORM
CONFERENCE REPORT
TheWeekInCongress.com- July 15, 2010
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The Senate agreed to the conference report for
HR 4173, waive budget
act restrictions and final passage of the bill.
The bill passed
60 to 39.
The Senate action cleared the
bill for the President's signature.
HOUSE AGREES TO FINANCIAL REFORM
CONFERENCE REPORT
TheWeekInCongress.com- June 30, 2010
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The House agreed
237 to 192 to the
House / Senate Conference Report for
HR 4173 as amended by the
Senate. The bill was amended by the Senate by striking all after the
enacting clause of HR 4173
and replacing that bill text with text from
S 3217 amended.
SENATE DEBATE ON S 3217
Bill Passed as Amended, Next to House
TheWeekInCongress.com-May 20, 2010 -
After two efforts to invoke cloture on S 3217
the Senate voted 59 to 39 to pass the bill as amended.
The text of the Senate bill will be substituted
for the text of
HR 4173, the House bill of the same
subject. HR 4173 was passed by the House on December 11, 2009 by a narrow
vote of
223 to 202.
If the House does not agree to the Senate
changes the two bodies will meet to iron out differences
Prior to the final vote Senators agreed
60 to 39 to waive all
applicable budgetary discipline RE: Dodd Amdt. No. 3739
The Senate will convene at 9:30 AM on Thursday,
May 20 and will resume consideration of S. 3217. At 2:30 PM, the Senate
will vote on the Motion to Invoke Cloture on Dodd amend #3739 (In the
nature of a substitute).
Dodd amend #3739 (In the nature of a
substitute). For the purposes of this bill, the amendment will be
considered as original text.
Merkley 2nd degree amend #4115 (Prohibit certain forms of proprietary
trading) to Brownback amend #3789 (To provide for an exclusion from the
authority of the Bureau of Consumer Financial Protection for certain
automobile manufacturers, and for other purposes. Laid aside.
Harkin unanimous consent request that his
amendment #3920 (To clarify the exemption for certain annuity contracts
and insurance policies from Federal regulation under the Securities Act of
1933) be called up and that the yeas and nays be ordered. Akaka objected.
Dodd amend #3739 (In the nature of a substitute). For the purposes of this
bill, the amendment will be considered as original text. Motion to
reconsider the previous vote on the Motion to invoke cloture on the
amendment was agreed to. The Motion to Invoke Cloture on the amendment was
agreed to by a vote of
60-40.
TheWeekInCongress.com-May 19, 2010 -
The Senate will resume consideration
of S. 3217 and will vote on the Motion to Invoke Cloture on the bill at
2:00 PM.
Dodd amend #3739 (In the nature of a
substitute). For the purposes of this bill, the amendment will be
considered as original text.
Brownback amend #3789 (To provide for an exclusion from the authority of
the Bureau of Consumer Financial Protection for certain automobile
manufacturers, and for other purposes). Laid aside.
Dodd amend #3739 (In the nature of a substitute). Motion to Invoke
Cloture. The Motion was not agreed to by a vote of
57-42.
Snowe amend #3883 (To ensure small business
fairness and regulatory transparency). Agreed to by voice vote.
Merkley 2nd degree amend #4115 (Prohibit certain
forms of proprietary trading) to Brownback amend #3789 (To provide for an
exclusion from the authority of the Bureau of Consumer Financial
Protection for certain automobile manufacturers, and for other purposes).
Laid aside.
Dodd unanimous consent request that the Cantwell amend #4086 (To improve
Title VII) be called up. Shelby objected.
Whitehouse amend #3746 (To restore to the States the right to protect
consumers from usurious lenders) as modified. The amendment was not agreed
to by a vote of 35-60.
Under a previous unanimous consent agreement requiring an affirmative
60-vote threshold to pass, the amendment is withdrawn.
Ensign amend #4146 (To amend the definition of credit to exclude no
interest credit instruments) as modified. Agreed to by voice vote.
Vitter amend #4003 (Protect manufacturers from unintended regulation) as
modified. Agreed to by voice vote.
Dodd filed cloture on Dodd amend #3739 (In the nature of a substitute).
TheWeekInCongress.com-May 18, 2010 -
Senate will vote on Gregg amend #4051 (To
prohibit taxpayer bailouts of fiscally irresponsible State and local
governments), which will be subject to an affirmative 60-vote threshold or
the amendment will be withdrawn. Amendment rejected
47 to 50.
Dodd amend #3739 (In the nature of a
substitute). For the purposes of this bill, the amendment will be
considered as original text.
Brownback amend #3997 (Congo commodities). Agreed to by voice vote.
Corker amend #4034 (To address the applicability of certain State
authorities with respect to National banks). The amendment was not
agreed to by a vote of
43-55.
Carper amend #4071 (To address the applicability and preservation of
certain State authorities). The amendment was agreed to by a vote of
80-18.
Grassley amend #4072 (Provide for the independence of Inspectors General
of certain designated Federal entities). Laid aside.
Bingaman amend #3892 (Preserve the authority of the Federal Energy
Regulatory Commission to ensure just and reasonable electric and natural
gas rates and to protect the public interest). Agreed to by voice vote, as
modified.
Dorgan 2nd degree amend #4114 (Regarding banning the use of naked credit
default swaps) to Grassley amend #4072 (Provide for the independence of
Inspectors General of certain designated Federal entities). Motion to
table the amendment was agreed to by a vote of
56-38.
Grassley amend #4072 (Provide for the independence of Inspectors General
of certain designated Federal entities). Yeas and nays ordered. The
amendment was agreed to by a vote of
75-21.
TheWeekInCongress.com-May 17, 2010-
The Senate will resume consideration of S. 3217
Dodd amend #3739 (In Nature of a Substitute).
For the purposes of this bill, the amendment will be considered as
original text).
Cornyn amend #3986 (Protect U. S. taxpayers from paying for the bailouts
of foreign governments). Laid aside.
Crapo amend #4020 (Include Limit further bailouts of Fannie Mae and
Freddie Mac, to enhance the regulation and oversight of such enterprises).
Laid aside.
Rockefeller amend #3758 (Preserve the Federal Trade Commission's
rulemaking authority). Agreed to by Voice Vote.
Whitehouse amend #3746 (To restore to the States the right to protect
consumers from usurious lenders). Laid aside.
Cantwell amend #3884 (Impose appropriate limitations on affiliations with
certain member banks). Laid aside.
Crapo amend #4020 (Include Limit further bailouts of Fannie Mae and
Freddie Mac, to enhance the regulation and oversight of such enterprises).
Dodd Point of Order that the amendment violates Section 306 of the
Congressional Budget Act. Crapo Motion to Waive the applicable sections of
the Act. Yeas and nays ordered. The Motion to Waive was not agreed to by a
vote of 47-46. The Point of Order is sustained and the amendment falls.
Cornyn amend #3986 (Protect U. S. taxpayers from paying for the bailouts
of foreign governments). Yeas and nays ordered. The amendment is agreed to
by a vote of 94-0.
Udall (CO) amend #4016 (Improve consumer notification of credit scores),
as modified. Agreed to by Voice Vote.
Reid Motion to Invoke Cloture on Dodd amend #3739 (In Nature of a
Substitute). For the purposes of this bill, the amendment will be
considered as original text).
Reid Motion to Invoke Cloture on S. 3217 (Restoring American Financial
Stability Act of 2010).
Bond amend #4056 (Angel Investors). Laid aside.
Brownback amend #3789 (To provide for an exclusion from the authority of
the Bureau of Consumer Financial Protection for certain automobile
manufacturers), as modified. Laid aside.
Cardin amend #4050 (To require the disclosure of payments by resource
extraction issuers). Laid aside.
Bond amend #4056 (Angel Investors). Agreed to by Voice Vote.
TheWeekInCongress.com-May 14, 2010-
Senators continue to debate amendments to S
3217. No Roll Call votes are scheduled until Monday, May 17th after 5:30
p.m.
Dodd amend #3739 (In Nature of a Substitute).
For the purposes of this bill, the amendment will be considered as
original text).
Udall (CO) amend #4016 (Improve consumer notification of credit scores) as
modified.
TheWeekInCongress.com-May 13, 2010 -
The Senate will convene at 9:30 AM and
will resume consideration of S. 3217.
Dodd amend #3739 (In Nature of a Substitute).
For the purposes of this bill, the amendment will be considered as
original text).
Franken amend #3991 (To instruct the Securities and Exchange Commission to
establish a self-regulatory organization to assign credit rating agencies
to provide initial credit ratings). The amendment was agreed to by a
vote of 64-35.
LeMieux amend #3774 (To remove statutory references to credit rating
agencies), as modified. The amendment was agreed to by a vote of
61-38.
Sessions amend #3832 (To provide an orderly and
transparent bankruptcy process for non-bank financial institutions and
prohibit bailout authority). The amendment was not agreed to by a vote of
42-58.
Wyden amend
#4019 (Establish as a standing order of the Senate that a Senator publicly
disclose a notice of intent to objecting to any measure or matter). Laid
aside.
Thune amend #3987 (Provide for increased Congressional oversight created
under title X related to the creation of the Bureau of Consumer Financial
Protection). Laid aside.
DeMint 2nd degree amend #3852 (Require the completion of the 700 mile
southwest border fence not later than 1 year after the date of the
enactment of this Act) to Wyden amend #4019 (Establish as a standing order
of the Senate that a Senator publicly disclose a notice of intent to
objecting to any measure or matter).
TheWeekInCongress.com-May 12, 2010 -
Dodd amend #3739 (In Nature of a Substitute).
For the purposes of this bill, the amendment will be considered as
original text).
Merkley-Klobuchar amend #3962 (Require verification by lenders of the
ability of consumers to repay loans). The amendment was agreed to by
a vote of 63-36.
Corker amend #3955 (Study of residential mortgage underwriting standards).
The amendment was not agreed to by a vote of
42-57.
Hutchison amend #3759 (Maintain role of Board of Governors as the
supervisor of holding companies) as modified. The amendment was
agreed to by a vote of
91-8.
Landrieu amend #3956 (To exempt qualified residential mortgages from
credit risk retention requirements). Laid aside.
Snowe amend #3918 (To improve Title X). Laid aside.
Crapo amend #3992 (Improve the credit risk retention provisions). Laid
aside.
Snowe amend #3918 (To improve Title X). Agreed to by voice vote.
Chambliss amend #3816 (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).
The amendment was not agreed to by a vote of
39-59.
Reed amend #3943 (To establish a specific consumer protection liaison for
service members and their families). The amendment is agreed to by a vote
of 98-1.
Collins amend #3879 (To mandate minimum leverage and risk-based capital
requirements for insured depository institutions, depository institution
holding companies, and nonbank financial companies that the Counsel
identifies for Board of Governors supervision and as subject to prudential
standards). Laid aside.
Brownback amend #3789 (To provide for an exclusion from the authority of
the Bureau of Consumer Financial Protection for certain automobile
manufacturers), as modified. Laid aside.
Snowe amend #3883 (To ensure small business fairness and regulatory
transparency). Laid aside.
Specter amend #3776 (To amend section 20 of the Securities Exchange Act of
1934 to allow for a private civil action against a person that provides
substantial assistance in violation of such Act), as modified. Laid aside.
The following amendments were considered en bloc:
Leahy amend #3823 (To restore the application of the Federal antitrust
laws to the business of health insurance to protect competition and
consumers).
Durbin amend #3932 (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 anticompetitive restrictions on small businesses).
Franken amend #3808 (To instruct the Securities and Exchange Commission to
establish a self-regulatory organization to assign credit rating agencies
to provide initial credit ratings).
Laid aside en bloc.
Sessions amend #3832 (To provide an orderly and transparent bankruptcy
process for non-bank financial institutions and prohibit bailout
authority). Laid aside.
Durbin amend #3932 (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 anticompetitive restrictions on small businesses). Withdrawn
by Unanimous Consent.
Franken amend #3808 (To instruct the Securities and Exchange Commission to
establish a self-regulatory organization to assign credit rating agencies
to provide initial credit ratings). Withdrawn by Unanimous Consent.
Durbin amend #3989 (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 anticompetitive restrictions on small businesses). Laid
aside.
Franken amend #3991 (To instruct the Securities and Exchange Commission to
establish a self-regulatory organization to assign credit rating agencies
to provide initial credit ratings). Laid aside.
Landrieu amend #3956 (To exempt qualified residential mortgages from
credit risk retention requirements). Agreed to by Unanimous Consent.
Crapo amend #3992 (Improve the credit risk retention provisions), as
modified. Agreed to by Unanimous Consent.
TheWeekInCongress.com-May 11, 2010 -
The Senate continued action on amendments to S
3217.
Sanders amend #3738 (Require the GAO to conduct
an audit of the Federal Reserve System that does not interfere with
monetary policy, to let the American people know the names of the
recipients of taxpayer assistance from the Federal Reserve System). The
amendment was agreed to by a vote of
96-0.
Vitter amend #3760 (Address availability of
information concerning the meetings of the Federal Open Market Committee).
The amendment was not agreed to by a vote of
37-62.
Dodd amend #3739 (In Nature of a Substitute).
For the purposes of this bill, the amendment will be considered as
original text).
Dodd amend #3938 (Require the Secretary of the
Treasury to conduct a study on ending the conservatorship of Fannie Mae
and Freddie Mac). The amendment was agreed to by a vote of
63-36.
McCain amend #3839 (To establish a term certain for the conservatorship of
Fannie Mae and Freddie Mac). Yeas and nays ordered. The amendment was not
agreed to by a vote of
43-56.
TheWeekInCongress.com-May 7, 2010 -
No Senate Floor action on S 3217 today.
The Senate will take up the legislation on Monday, May 10th.
TheWeekInCongress.com-May 6, 2010 -
The Senate continued debate and votes on
amendments to S 3217.
Tester amend #3749 (Require the Corporation to
amend the definition of the term "assessment base"). The amendment was
agreed to by a vote of 98-0. The amendment imposes a formula that would
increase the amount large banks pay in premiums to the FDIC for deposit
insurance.
Shelby amend #3826 (Establish a Division of
Consumer Financial Protection within the Federal Deposit Insurance
Corporation). The amendment was not agreed to by a vote of
38-61.
Sanders amend #3738 (Require the GAO to conduct an independent audit of
the Board of Governors of the Federal Reserve that does not interfere with
monetary policy, to let the American people know the names of recipients
of taxpayer assistance from the Federal Reserve).
TheWeekInCongress.com-May 5, 2010 -
The Senate began voting on
amendments to S 3217 including the Dodd / Shelby Manger's amendment (S
3827) that removed the Orderly Liquidation Fund from the bill and replaced
it with more authority at FDIC to dissolve failing institutions. The cost
of the dissolution would be paid for by a line of credit from the Treasury
Department that would be paid back with the sell of assets of the failed
institution.
The amendments are as follows:
Boxer amend #3737 (To prohibit taxpayers from
having to bail out the financial sector). The amendment was agreed
to by a vote of
96-1.
Shelby-Dodd amend #3827 (To improve the bill).
The amendment was agreed to by a vote of
93-5
Snowe amend #3755 (To strike section 1071).
Agreed to by voice vote.
Snowe amend #3757 (To provide for consideration of seasonal income in
mortgage loans). Agreed to by voice vote.
Shelby amend #3826 (Establish a Division of
Consumer Financial Protection within the Federal Deposit Insurance
Corporation) Laid aside.
Tester amend #3749 (Require the Corporation to amend the definition of the
term “assessment base”). Laid aside.
TheWeekInCongress.com-May 4, 2010
-
The Senate will continue debate on S 3217.
Amendment votes are expected but not scheduled.
Snowe amend #3755 (To strike section 1071). Laid
aside.
Snow amend #3757 (To provide for consideration of seasonal income in
mortgage loans). Laid aside.
TheWeekInCongress.com-April 29, 2010
- The
Senate has agreed to cloture on S 3217 beginning thirty hours of debate
and amendment votes. Some post-cloture time could be accounted for thereby
limiting the debate, but other procedural delays could extend the actual
time the matter is on the Senate floor beyond 30 hours.
The Senate is expected to debate the bill during
the week ending April 30th and begin voting on amendments on Monday, May
3rd.
Currently, the Dodd / Lincoln amendment, SA 3739,
is proposed as substitute text. The text of the amendment will be
available on April 30th and will be published
here.
Also proposed is the Boxer amendment, SA 3737,
that prohibits taxpayers from having to bail out the financial sector.
TheWeekInCongress.com - DATE 2010 - T
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