To address nonbank financial company definitions and to provide for anti-evasion authority.

SA 4003. Mr. VITTER 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 19, strike line 16 and all that follows through
page 21, line 22 and insert the following:
(4) Nonbank financial company definitions.--
(A) Foreign nonbank financial company.--The term ``foreign
nonbank financial company'' means a company (other than a
company that is, or is treated in the United States as, a
bank holding company or a subsidiary thereof), that is--
(i) incorporated or organized in a country other than the
United States; and
(ii) the consolidated revenues of which from activities
that are financial in nature (as defined in section 4(k) of
the Bank Holding Company Act of 1956) constitute 85 percent
or more of the total consolidated revenues of such company.
(B) U.S. nonbank financial company.--The term ``U.S.
nonbank financial company'' means a company (other than a
bank holding company or a subsidiary thereof, or a Farm
Credit System institution chartered and subject to the
provisions of the Farm Credit Act of 1971 (12 U.S.C. 2001 et.
seq.)), that is--
(i) incorporated or organized under the laws of the United
States or any State; and
(ii) the consolidated revenues of which from activities
that are financial in nature (as defined in section 4(k) of
the Bank Holding Company Act of 1956) constitute 85 percent
or more of the total consolidated revenues of such company.
(C) Inclusion of depository institution revenues.--In
determining whether a company is a financial company for
purposes of this title, the consolidated revenues derived
from the ownership or control of a depository institution
shall be included.
(5) Office of financial research.--The term ``Office of
Financial Research'' means the office established under
section 152.
(6) Significant institutions.--The terms ``significant
nonbank financial company'' and ``significant bank holding
company'' have the meanings given those terms by rule of the
Board of Governors.
(b) Definitional Criteria.--The Board of Governors shall
establish, by regulation, the criteria to determine,
consistent with the requirements of subsection (a)(4),
whether a company is substantially engaged in activities in
the United States that are financial in nature (as defined in
section 4(k) of the Bank Holding Company Act of 1956) for
purposes of the definitions of the terms ``U.S. nonbank
financial company'' and `` `foreign nonbank financial
company'' under subsection (a)(4).
______