S.Amdt. 3779

SA 3779. Mr. FEINGOLD 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 1290, strike line 5 and all that follows through
page 1291, line 9, and insert the following:

SEC. 1028. AUTHORITY TO RESTRICT MANDATORY PRE-DISPUTE
ARBITRATION.

(a) Study and Report.--Not later than 180 days after the
date of enactment of this Act, the Bureau shall conduct a
study and submit a report to Congress concerning the use of
agreements providing for arbitration of any future dispute
between covered persons and consumers in connection with the
offering or providing of consumer financial products or
services.
(b) Further Authority.--The Bureau, by regulation, may
prohibit or impose conditions or limitations on the use of an
agreement between a covered person and a consumer for a
consumer financial product or service providing for
arbitration of any future dispute between the parties, if the
Bureau determines that such a prohibition or imposition of
conditions or limitations is in the public interest and for
the protection of consumers. The determination of the Bureau
under this subsection shall be consistent with the study
conducted under subsection (a).
(c) Limitation.--The authority described in subsection (b)
may not be construed to prohibit or restrict a consumer from
entering into a voluntary arbitration agreement with a
covered person after a dispute has arisen.
______