S.Amdt. 3797

SA 3797. Mr. SCHUMER (for himself, Mr. Reed, and Mr. Akaka,)
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 1248, strike line 22 and all that follows through
page 1249, line 10 and insert the following:
(1) Covered persons.--This section shall apply to any
covered person who is not a person described in section
1025(a) or 1026(a).
On page 1255, line 5, strike ``(A) In general.--The
Bureau'' and insert the following:
``(A) Notice.--If the Federal Trade Commission is
authorized to enforce any Federal consumer financial law
described in paragraph (1), either the Bureau or the Federal
Trade Commission shall serve written notice to the other of
the intent to take any enforcement action, prior to
initiating such an enforcement action, except that if the
Bureau or the Federal Trade Commission, in filing the action,
determines that prior notice is not feasible, the Bureau or
the Federal Trade Commission may provide notice immediately
upon initiating such enforcement action.
``(B) Coordination.--The Bureau''.
On page 1255, line 10, strike ``(1)(A)''.
On page 1255, line 19, strike ``(B)'' and insert ``(C)''.
On page 1256, line 15, strike ``(C)'' and insert ``(D)''.
On page 1256, line 19, strike ``(D)'' and insert ``(E)''.
On page 1255, line 10, strike ``(1)(A)''.
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