S.Amdt. 4010

SA 4010. Mr. SHELBY 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 1223, strike line 9 and all that follows through
page 1225, line 3 and insert the following:
(a) Annual Assessments.--
(1) In general.--The Bureau shall establish, by rule, a
system of assessments to fund the operations of the Bureau.
Such rules shall apply only to those covered persons having
total consolidated assets of more than $50,000,000,000, and
shall require annual assessments from each such covered
person.
(2) Funding cap.--Notwithstanding paragraph (1), and in
accordance with this paragraph, the amount that shall be
collected by the Bureau through assessments in each fiscal
year shall not exceed a fixed percentage of the total
operating expenses of the Federal Reserve System, as reported
in the Annual Report, 2006, of the Board of Governors, equal
to--
(A) 10 percent of such expenses in fiscal year 2011;
(B) 11 percent of such expenses in fiscal year 2012; and
(C) 12 percent of such expenses in fiscal year 2013, and in
each fiscal year thereafter.
(3) Transition period.--Beginning on the date of enactment
of this Act and until the designated transfer date, the Board
of Governors shall transfer to the Bureau the amount
estimated by the Secretary needed to carry out the
authorities granted to the Bureau under Federal consumer
financial law, from the date of enactment of this Act until
the designated transfer date, which amount may not exceed 8
percent of the total operating expenses of the Federal
Reserve System, as reported in the Annual Report, 2006, of
the Board of Governors.
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