S.Amdt. 3911

SA 3911. Mr. CASEY 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 40, between lines 12 and 13, insert the following:
(5) Disclosure of reasons for determination.--
(A) Statement.--Following an affirmative determination by
the Council with respect to any nonbank financial company
that is registered pursuant to the Investment Company Act of
1940, the primary financial regulatory agency may request the
Council to provide a detailed statement of--
(i) reasons for the determination by the Council that
material financial distress at that particular company would
pose a threat to the financial stability of the United
States; and
(ii) why prudential regulation by the primary financial
regulatory agency would be inadequate to prevent such a
threat.
(B) Requests for reconsideration.--If the primary financial
regulatory agency disagrees with the detailed statement of
reasons provided under subparagraph (A), the agency may
request the Council to reconsider its determination, or may
propose its own prudential standards to address the concerns
identified in the statement of reasons in lieu of prudential
standards imposed by the Board of Governors, which prudential
standards the Council shall accept, unless it determines, by
a vote of not fewer than 2/3 of the members then serving,
including an affirmative vote by the Chairperson, that such
prudential standards would be inadequate to prevent such a
threat.
On page 40, line 23, insert after ``company,'' the
following: ``including all procedures under subsection
(e)(5),''.
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