S.Amdt. 3836

SA 3836. Mr. CORKER 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 61, after line 24, add the following:

SEC. 122. COUNCIL REVIEW OF MEMBER AGENCY RULES.

(a) In General.--The Council shall conduct a review of each
rule or regulation that a member agency intends to propose
relating to capital, liquidity, or leverage requirements for,
or restrictions on the activities of, an entity regulated by
the member agency. The Council shall consider international
regulatory rules in conducting a review under this
subsection.

[[Page S3264]]

(b) Process.--
(1) In general.--Each member agency shall submit to the
Council for a binding decision an advanced notice of proposed
rulemaking and any other proposed or final rule or regulation
that proposes changes to capital, liquidity, or leverage
requirements or activity restrictions for a financial company
that is subject to regulation by the member agency.
(2) Standard for review.--In making a determination under
this subsection, the members of the Council shall consider
the safety and soundness of financial institutions and the
stability of the financial system of the United States.
(c) Timing.--Not later than 60 days after the date on which
the Council receives a notice under subsection (b), the
Council shall make a determination of whether to approve the
issuance of the proposed rule or regulation that is the
subject of the notice.
(d) Approval Required.--No rule or regulation described in
subsection (b) may become effective or enforceable, unless
approved by the Council under this section.
(e) Public Notice.--The Council shall make public any
notice of proposed rulemaking or other notice of a rule or
regulation submitted by a member agency under this section.
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