S.Amdt. 3820

SA 3820. Mr. BROWN of Ohio 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 235, between lines 13 and 14, insert the following
new subparagraph after subparagraph (C) and redesignate the
subsequent subparagraph:
(D) Services performed under a collective bargain agreement
after appointment and prior to repudiation.--If, in the case
of any collective bargaining agreement between a labor
organization and a covered financial company, the Corporation
as receiver accepts performance of services subject to such
agreement before making any determination to exercise the
right of repudiation of such collective bargaining agreement
under this section--
(i) the persons covered by such collective bargaining
agreement shall be paid under the terms of such agreement for
the services performed; and
(ii) the amount of such payment shall be treated as an
administrative expense of the receivership.
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