S.Amdt. 3856

SA 3856. Mr. REED 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 1055, after line 22, add the following:
(c) Authority to Impose Conditions on the Availability of
Certain Exemptions.--
(1) Authority established.--Section 4 of the Securities Act
of 1933 (15 U.S.C. 77d) is amended--
(A) by striking ``The provisions of section 5'' and
inserting the following:
``(a) In General.--The provisions of section 5''; and
(B) by adding at the end the following:
``(b) Authority to Impose Conditions.--The Commission may,
by rules and regulations, condition the availability of any
of the exemptions under subsection (a) on such disclosure,
filing, or other requirements as the Commission may prescribe
as necessary or appropriate in the public interest or for the
protection of investors.''.
(2) Conforming amendments.--
(A) Securities act of 1933.--The Securities Act of 1933 (15
U.S.C. 77a et seq.) is amended--
(i) in section 16(a)(3) (15 U.S.C. 77p(a)(3)) is amended by
striking ``section 4(2)'' and inserting ``section 4(a)(2)'';
and
(ii) in section 18(b)(4) (15 U.S.C. 77r(b)(4))--

(I) in subparagraph (A), by striking ``section 4'' and
inserting ``section 4(a)'';
(II) in subparagraph (B), by striking ``section 4(4)'' and
inserting ``section 4(a)(4)''; and
(III) in subparagraph (D), by striking ``section 4(2)''
each place that term appears and inserting ``section
4(a)(2)''.

(B) Securities exchange act of 1934.--The Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended--
(i) in section 15A(j) (15 U.S.C. 78o-3(j)), by striking
``4(2), or 4(6)'' and inserting ``4(a)(2), or 4(a)(6)''; and
(ii) in section 28(f)(5)(E) (15 U.S.C. 778bb(f)) by
striking ``section 4(2)'' and inserting ``section 4(a)(2)''.
(C) Revised statutes.--Section 5136 of the Revised Statutes
(12 U.S.C. 24) is amended, in the seventh paragraph, by
striking ``section 4(5) of the Securities Act of 1933 (15
U.S.C. 77d(5))'' and inserting ``section 4(a)(5) of the
Securities Act of 1933''.
(D) Home owners' loan act.--Section 5(c)(1)(R)(i) of the
Home Owners' Loan Act (12 U.S.C. 1464(c)(1)(R)(i)) by
striking ``section 4(5)'' and inserting ``section 4(a)(5)''.
(E) Federal credit union act.--Section 107(15)(A) of the
Federal Credit Union Act (12 U.S.C. 1757(15)(A)) is amended
by striking ``section 4(5) of the Securities Act of 1933 (15
U.S.C. 77d(5))'' and inserting ``section 4(a)(5) of the
Securities Act of 1933''.
(F) Secondary mortgage market enhancement act of 1984.--
Section 106(a)(1) of the Secondary Mortgage Market
Enhancement Act of 1984 (15 U.S.C. 77r-1(a)(1)) is amended by
striking ``section 4(5)'' each place that term appears and
inserting ``section 4(a)(5)''.
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