S.Amdt. 3993

SA 3993. Ms. STABENOW (for herself and Mr. Brown of Ohio) 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 580, line 20, insert ``and involved in hedging
activities related to'' after ``engaged in''.
On page 580, lines 24 and 25, strike ``only if the
affiliate'' and insert ``as can affiliates''.
On page 581, line 1, strike ``uses'' and insert ``using''.
On page 582, between lines 6 and 7, insert the following:
``(iii) Transition rule.--

``(I) In general.--An affiliate or a wholly owned entity of
a commercial end user that is predominantly engaged in
providing financing for the purchase of merchandise or
manufactured goods of the commercial end user affiliate shall
be exempt from the margin requirement described in section
4s(e) and the clearing requirement described in paragraph (1)
with regard to swaps entered into to mitigate the risk of the
financing activities for not less than a 3-year period
beginning on the date of enactment of this clause.
``(II) Authority of commission.--On the date on which the
3-year period described in subclause (I) ends, the Commission
may extend the exemption described in that subclause for an
additional 1-year period if the Commission determines the
extension to be in the public interest and publishes in the
Federal Register the order granting the extension (including
each reason for the extension).''.

On page 653, line 22, strike ``and such counterparty'' and
insert ``except if such counterparty''.

[[Page S3655]]

On page 653, line 23, strike ``and'' and insert ``and is''.
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