S.Amdt. 3756

SA 3756. Ms. SNOWE submitted an amendment intended to be proposed to
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability
of the United States by improving accountability and transparency in
the financial system, to end ``too big to fail,'' to protect the
American taxpayer by ending bailouts, to protect consumers from abusive
financial services practices, and for other purposes; which was ordered
to lie on the table; as follows:

On page 1273, beginning on line 24, strike ``that is not
engaged significantly in offering or providing consumer
financial products or services.'' and insert the following:
``that does not derive more than 50 percent of its revenues
from the sale of nonfinancial goods and services on credit,
as determined by reference to the gross receipts in the prior
calendar year of that merchant, retailer, or seller. For the
first year in which a business is in operation, the Bureau
shall determine which business types are likely to derive 50
percent or less of their revenue from the sale of goods and
services on credit, and presumptively exempt them from
regulation.''.
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