S.Amdt. 3838

SA 3838. Mr. BROWN of Massachusetts (for himself, Mrs. Shaheen, and
Mr. Gregg) 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 295, between lines 19 and 20, insert the following:
(s) Treatment of Certain Nonbank Financial Companies Not
Subject to Orderly Liquidation.--
(1) In general.--Subsections (n) and (o) shall not apply to
any nonbank financial company that is subject to liquidation
or rehabilitation under State law, unless such company--
(A) is determined to be a nonbank financial company
supervised by the Board of Governors pursuant to section 113;
or
(B) is determined by the Corporation to have benefitted
financially from the orderly liquidation of a covered
financial company and the use of the Fund under this title by
receiving payments or credit pursuant to subsection (b)(4),
(d)(4), or (h)(5)(E).
(2) Exclusion of assets.--Any assets of a nonbank financial
company described in paragraph (1) shall be excluded for
purposes of calculating a financial company's total
consolidated assets under subsection (o).
______