S.Amdt. 4053

SA 4053. Ms. STABENOW (for herself and Mr. Brown of Ohio) 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:

[[Page S3838]]

On page 540, line 16, strike ``purchase'' and insert
``purchase or lease''.
On page 580, line 20, insert ``and involved in hedging
activities related to'' after ``engaged in''.
On page 580, line 21, strike ``purchase'' and insert
``purchase or lease''.
On page 580, line 23, strike ``user'' and insert ``user
(including any subsidiary of the commercial end user)''.
On page 580, lines 24 and 25, strike ``only if the
affiliate'' and insert ``as can affiliates''.
On page 581, line 1, strike ``uses'' and insert ``using''.
On page 582, between lines 6 and 7, insert the following:
``(iii) Transition rule.--An affiliate or a wholly owned
entity of a commercial end user that is predominantly engaged
in providing financing for the purchase or lease of
merchandise or manufactured goods of the commercial end user
affiliate (including any subsidiary of the commercial end
user) shall be exempt from the margin requirement described
in section 4s(e) and the clearing requirement described in
paragraph (1) with regard to swaps entered into to mitigate
the risk of the financing activities for not less than a 3-
year period beginning on the date of enactment of this
clause.
``(iv) Authority of commission.--On or prior to the date on
which the 3-year period described in clause (iii) ends, the
Commission may extend the exemption described in that clause
for an additional 1-year period if the Commission--

``(I) determines the extension to be in the public
interest; and
``(II) publishes in the Federal Register the order granting
the extension (including the reasons for the extension).

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