S.Amdt. 4035

SA 4035. Mr. LEVIN (for himself and Mr. Kaufman) 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

[[Page S3759]]

from abusive financial services practices, and for other purposes;
which was ordered to lie on the table; as follows:

On page 525, between lines 9 and 10, insert the following:

SEC. 719. PROHIBITION ON REGISTRATION, DESIGNATION, OR
APPROVAL.

(a) Prohibition.--Neither the Commodity Futures Trading
Commission nor the Securities and Exchange Commission may
register, designate, approve, or otherwise permit an entity
to operate within the United States as one or more of the
following, if that entity has been, plans to be, or later is
established outside the United States, in whole or in part,
in a manner which permits that entity to avoid or assist
others to avoid the payment of United States taxes--
(1) a derivatives clearing organization;
(2) a swap execution facility;
(3) a board of trade as a contract market under section 5
of the Commodity Exchange Act (7 U.S.C. 7);
(4) a clearing agency;
(5) a security-based swap execution facility; or
(6) an exchange as a national securities exchange under
section 6 of the Securities Exchange Act of 1934 (15 U.S.C.
78f).
(b) Definitions.--For purposes of this section, the terms
``derivatives clearing organization,'' ``swap execution
facility'' and ``board of trade'' have the meanings given the
terms in Section1a of the Commodity Exchange Act (7 U.S.C.
1a), and the terms ``clearing agency'', ``security-based swap
execution facility'', and ``exchange'' have the meanings
given the terms in section 3(a) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)).
______