S.Amdt. 3915

SA 3915. Mr. CHAMBLISS 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:

Beginning on page 555, strike line 16 and all that follows
through page 557, line 2, and insert the following:
``(49) Swap dealer.--
``(A) In general.--The term `swap dealer' means any person
who--
``(i) holds itself out as a dealer in swaps;
``(ii) makes a market in swaps;
``(iii) regularly engages in the purchase and sale of swaps
to customers as its ordinary course of business; and
``(iv) engages in any activity causing the person to be
commonly known in the trade as a dealer or market maker in
swaps.
``(B) Inclusion.--A person may be designated as a swap
dealer for a single type or single class or category of swap
or activities and considered not to be a swap dealer for
other types, classes, or categories of swaps or activities.
``(C) Capital.--In setting capital requirements for a
person that is designated as a swap dealer for a single type
or single class or category of swap or activities, the
prudential regulator and the Commission shall take into
account the risks associated with other types of swaps or
classes of swaps or categories of swaps engaged in by virtue
of the status of the person as a swap dealer.
``(D) Exception.--The term `swap dealer' does not include a
person that buys or sells swaps for such person's own
account, either individually or in a fiduciary capacity, or
on behalf of any affiliates of such person, unless it does so
as a market maker and as a part of a regular business.
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