S.Amdt. 3773

SA 3773. Mr. WHITEHOUSE 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 1059, strike line 22 and all that follows through
page 1061, line 7, and insert the following:
``(b) Independence Standards for Compensation Consultants
and Other Compensation Committee Advisers.--
``(1) In general.--Any compensation consultant, legal
counsel, or other adviser to the compensation committee of an
issuer shall be independent.
``(2) Rules.--The Commission shall, by rule, define the
term `independent' for purposes of this subsection.
______