S.Amdt. 3870

SA 3870. Mr. KERRY (for himself, Mr. Brown of Massachusetts, and Mr.
Brownback) 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 370, strike line 14 and all that follows through
page 371, line 19, and insert the following:

Subtitle D--Federal Thrift Charter

SEC. 341. FEDERAL SAVINGS ASSOCIATIONS.

Section 5(a) of the Home Owners' Loan Act (12 U.S.C.
1464(a)) is amended to read as follows:
``(a) In General.--In order to provide thrift institutions
for the deposit of funds and for the extension of credit for
homes and other goods and services, the Comptroller of the
Currency is authorized, under such regulations as the
Comptroller of the Currency may prescribe, to provide for the
chartering, examination, operation, and regulation of
associations to be known as `Federal savings associations'
(including Federal savings banks), giving primary
consideration to the best practices of thrift institutions in
the United States. The lending and investment powers
conferred by this section are intended to encourage such
institutions to provide credit for housing safely and
soundly.''.
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