S.Amdt. 3957

SA 3957. 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 62, strike lines 8 through 10 and insert the
following:
(2) the term ``financial company'' has the same meaning as
in title II, and includes--
(A) an insured depository institution, an insurance
company, and a nonbank financial company, and any subsidiary
thereof; and
(B) any other entity (and any subsidiary thereof)--
(i) as determined by the Director, based on the size,
scale, scope, concentration, activities, interconnectedness,
or management of critical data, such that the entity could
individually or as a group threaten the stability of the
United States financial system; and
(ii) that is not excluded from such definition by a 2/3
vote of the Council;

On page 62, line 16, strike ``(5) the'' and insert the
following:
(5) the term ``financial transaction'' means the explicit
or implicit creation of a financial contract, where at least
one of the counterparties is required to report to the
Office;
(6) the
On page 62, line 21, strike ``(6)'' and insert ``(7)''.
On page 63, line 8, strike ``(7)'' and insert ``(8)''.
On page 63, line 13, strike ``(8)'' and insert ``(9)''.
On page 69, beginning on line 7, strike ``and member
agencies'' and insert ``, member agencies, and the Bureau of
Economic Analysis''.
On page 70, between lines 12 and 13, insert the following:
(3) Regulation of financial companies not under council
member agency jurisdiction.--The regulations of the Office
shall apply directly to reporting financial companies that
are not otherwise under the jurisdiction of a Council member
agency.
On page 73, between lines 20 and 21, insert the following:
(iii) Collection of financial transaction and position
data.--The Office shall collect, on a schedule determined by
the Director, in consultation with the Council, comprehensive
financial transaction data and position data from financial
companies.
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