S.Amdt. 3846

SA 3846. Mrs. McCASKILL 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:

At the end of subtitle C of title III, add the following:

SEC. 333. DEPOSIT RESTRICTED QUALIFIED TUITION PROGRAMS.

(a) In General.--Section 18 of the Federal Deposit
Insurance Act (12 U.S.C. 1828) is amended by adding at the
end the following new subsection:
``(y) Deposit Restricted Qualified Tuition Programs.--
``(1) Definitions.--For purposes of this subsection, the
following definitions shall apply:
``(A) Deposit restricted qualified tuition program.--The
term `deposit restricted qualified tuition program' means a
qualified tuition program in which--
``(i) the cash provided by a contributor to such a
qualified tuition program may be invested only in deposits
insured by the Corporation;
``(ii) the contributor may become a participant in the
program by depositing funds through the program into an
account at a depository institution participating in the
program; and
``(iii) the program may include multiple depository
institutions, subject to the requirements of section 529 of
the Internal Revenue Code of 1986, as amended.
``(B) Qualified tuition program.--The term `qualified
tuition program' has the same meaning as in section 529 of
the Internal Revenue Code of 1986, as amended.
``(2) Treatment.--Notwithstanding any other provision of
the law, the following provisions shall apply with respect to
any deposit restricted qualified tuition program:
``(A) A deposit restricted qualified tuition program shall
be deemed to be an `identified banking product' (as defined
in Section 206 of the Gramm-Leach-Bliley Act of 1999) for
purposes of the Securities Exchange Act of 1934.
``(B) None of the following shall be treated as a security,
as defined in section 2(a)(1) the Securities Act of 1933,
section 3(a)(10) of the Securities Exchange Act of 1934, or
section 2(a)(36) of the Investment Company Act of 1940:
``(i) The deposits of cash at an insured depository
institution relating to a deposit restricted tuition program.
``(ii) Any certificate of deposit or other instrument of an
insured depository institution evidencing any such deposit.
``(iii) The rights and obligations of participants in a
deposit restricted qualified tuition program arising from
section 529 of the Internal Revenue Code, as amended.
``(C) In no event shall a deposit restricted qualified
tuition program, the State entity designated by statute to
oversee such program, the administrator appointed to operate
the program on behalf of the State or a participating
depository institution, be deemed to be an issuer of a
security or to be an investment company (as defined in
section 3(a) of the Investment Company Act of 1940).''.
(b) Budget Compliance.--The budgetary effects of this
section, for the purpose of complying with the Statutory Pay-
As-You-Go Act of 2010, shall be determined by reference to
the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the
Congressional Record by the Chairman of the Committee on the
Budget of the House of Representatives, provided that such
statement has been submitted prior to the vote on passage.
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