S.Amdt. 4025

SA 4025. Mr. GREGG 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 567, line 24, after ``shall'' insert ``, by rule
pursuant to the notice and comment provisions of section 553
of title 5, United States Code,''.
On page 568, line 6, after ``5b(c)(2)'' insert ``, taking
into account the factors described in

[[Page S3736]]

clauses (I) through (vii) of subparagraph (4)(A)''.
On page 571, between lines 21 and 22, insert the following:
``(vi) The effect on the mitigation of systemic risk,
taking into account the size of the market for the group,
category, type, or class of swaps, the resources of
derivatives clearing organizations available to clear the
group, category, type, or class of swaps, and the existence
of reasonable legal certainty in the event of the insolvency
of any such derivatives clearing organization or 1 or more of
its clearing members with regard to the treatment of customer
and swap counterparty positions, funds, and property.''.
On page 571, line 22, strike ``(vi)'' and insert ``(vii)''.
On page 572, line 1, after ``may'' insert ``, by rule
pursuant to the notice and comment provisions of section 553
of title 5, United States Code,''.
On page 572, line 6, strike ``(vi)'' and insert ``(vii)''.
On page 577, line 8, after ``(1)'' insert ``and designated
by the Commission pursuant to subparagraph (C)''.
On page 577, line 10, after ``on'' insert ``, through or
subject to the rules of''.
On page 577, line 13, after ``on'' insert ``, through or
subject to the rules of''.
On page 577, after line 24, insert the following:
``(C) Commission designations.--The Commission may, by rule
pursuant to the notice and comment provisions of section 553
of title 5, United States Code, separately designate a
particular swap or class of swaps that is subject to the
clearing requirement of paragraph (1) as subject to the
execution requirement of subparagraph (A) if the Commission
determines that effective pre-trade price transparency does
not already exist in the market, and taking into account the
potential impact of such requirement on price discovery,
competition, market liquidity, and costs of execution.''.
On page 783, line 22, after ``shall'' insert ``, by rule
pursuant to the notice and comment provisions of section 553
of title 5, United States Code,''.
On page 784, line 3, after ``17A'' insert ``, taking into
account the factors described in clauses (i) through (vii) of
subparagraph (4)(A)''.
On page 788, before line 1, insert the following:
``(vi) The effect on the mitigation of systemic risk,
taking into account the size of the market for the group,
category, type, or class of security-based swaps, the
resources of clearing agencies available to clear the group,
category, type, or class of security-based swaps, and the
existence of reasonable legal certainty in the event of the
insolvency of any such clearing agency or 1 or more of its
clearing members with regard to the treatment of customer and
security-based swap counterparty positions, funds, and
property.''.
On page 788, line 1, strike ``(vi)'' and insert ``(vii)''.
On page 788, line 5, after ``may'' insert ``, by rule
pursuant to the notice and comment provisions of section 553
of title 5, United States Code,''.
On page 788, line 10, strike ``(vi)'' and insert ``(vii)''.
On page 793, line 8, after ``(1)'' insert ``and designated
by the Commission pursuant to subparagraph (C)''.
On page 793, line 10, after ``on'' insert ``, through or
subject to the rules of''.
On page 793, line 13, after ``on'' insert ``, through or
subject to the rules of''.
On page 794, between lines 3 and 4, insert the following:
``(C) Commission designations.--The Commission may, by rule
pursuant to the notice and comment provisions of section 553
of title 5, United States Code, separately designate a
particular security-based swap or class of security-based
swaps that is subject to the clearing requirement of
paragraph (1) as subject to the execution requirement of
subparagraph (A) if the Commission determines that effective
pre-trade price transparency does not already exist in the
market, and taking into account the potential impact of such
requirement on price discovery, competition, market
liquidity, and costs of execution.''.
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