S.Amdt. 3961

SA 3961. 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 ``to 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 1258, line 7, insert ``, as such amount is indexed
for inflation,'' before ``and''.
On page 1258, line 10, insert ``, as such amount is indexed
for inflation,'' before ``and''.
On page 1267, line 18, insert before the semicolon ``, as
such amount is indexed for inflation''.
On page 1267, line 20, insert before the period ``, as such
amount is indexed for inflation''.
On page 1267, strike line 21 and all that follows through
page 1270, line 21, and insert the following:
(b) Enforcement.--Notwithstanding any other provision of
this title, the prudential regulator of a person described in
subsection (a) shall have exclusive authority to enforce
compliance with respect to such person.
(c) Rulemaking Authority.--
(1) In general.--Notwithstanding any other provision of
this title, the prudential regulators may exercise concurrent
authority with the Bureau to promulgate regulations under the
federal consumer laws with respect to a person described in
subsection (a).
(2) Preemption.--A regulation promulgated by the prudential
regulators under the enumerated consumer laws shall occupy
the field and preempt any regulation promulgated by the
Bureau.
(d) Clarification of Existing Authority of Prudential
Regulators.--No provision of this title may be construed as
altering, amending, or affecting the authority of the
prudential regulators to exercise supervisory or enforcement
authority, order assessments, or initiate enforcement
proceedings with respect to a person described in subsection
(a).
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