S.Amdt. 3799

SA 3799. Mrs. HAGAN (for herself, Mrs. Hutchison, Mr. Carper, Mr.
Cornyn, and Mr. Brown of Massachusetts) 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 485, line 14, strike ``and'' and all that follows
through line 25 and insert the following:
(B) subject to such restrictions as the Federal banking
agencies may determine, does not include purchasing or
selling, or otherwise acquiring or disposing of, stocks,
bonds, options, commodities, derivatives, or other financial
instruments on behalf of a customer, as part of market making
activities, or otherwise in connection with or in
facilitation of customer relationships, including risk-
mitigating hedging activities related to such a purchase,
sale, acquisition, or disposal; and
(C) does not include the investments of a regulated
insurance company, or a regulated insurance affiliate or
regulated insurance subsidiary thereof, if--
(i) such investments are in compliance with, and subject
to, the insurance company investment laws, regulations, and
written guidance of the State or jurisdiction in which each
such insurance company is domiciled; and
(ii) the Federal banking agencies, after consultation with
the Council and the relevant insurance commissioners of the
States and territories of the United States, have not jointly
determined, after notice and comment, that a law, a
regulation, or written guidance described in clause (i) is
insufficient to accomplish the purposes of this section; and
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