S.Amdt. 3848

SA 3848. Mr. WYDEN submitted an amendment intended to be proposed by him 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 A of title I, add the following:

SEC. 122. CERTIFICATIONS BY THE SECRETARY.

(a) In General.--The Secretary shall, not later than February 28, 2011, and annually thereafter, certify in writing to Congress that the risks to the financial stability of the United States that could arise from the material financial distress or failure of a financial company are sufficiently mitigated by actions authorized to be taken by the Council or the individual members of the Council, in order to ensure than no such financial company will be considered “too big to fail”.

(b) Inability To Certify.--If the Secretary is unable to make a certification to Congress as required under subsection (a), the Secretary shall--

(1) inform Congress of the reasons for such inability; and

(2) make recommendations to Congress, to the members of the Council, and to the President that would, if implemented, enable the Secretary to provide such certification.