S.Amdt. 4000

SA 4000. Mr. KAUFMAN (for himself, Mr. Grassley, and Mr. Brown of Ohio) submitted an amendment intended to be proposed by him 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 728, between lines 3 and 4, insert the following:

SEC. 760. IMPROVED TRANSPARENCY.

(a) Securities.--Section 11A(a)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78k-1(a)(1)) is amended by adding at the end the following:

“(E) Promoting transparency of all markets for securities through dissemination of quotations and orders to all brokers, dealers, and investors, and minimizing, to the extent consistent with other purposes of this Act, conditions under which quotations and orders are hidden or selectively disseminated, will--

“(i) foster efficiency;

“(ii) enhance competition;

“(iii) increase the information available to brokers, dealers, and investors;

“(iv) facilitate the offsetting of investors' orders; and

“(v) contribute to best execution of such orders.”.

(b) Commodities.--Section 3(b) of the Commodity Exchange Act (7 U.S.C. 5(b)) is amended--

(1) by striking “and” following “customer assets;”;

(2) by striking the period at the end of the second sentence; and

(3) by adding at the end the following: “; to promote transparency of all markets through dissemination of quotations and orders to all market participants and market professionals; and to minimize, to the extent consistent with other purposes of this Act, conditions under which quotations and orders are hidden or selectively disseminated. Furthering the purposes of this Act will foster efficiency, enhance competition, increase the information available to market participants, facilitate the offsetting of market participants' orders, and contribute to best execution of such orders.”.