S.Amdt. 4057

SA 4057. Mr. ENZI (for himself and Mr. Corker) 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 956, strike line 10 and all that follows through
page 957, line 11, and insert the following:

SEC. 978. FUNDING FOR GOVERNMENTAL ACCOUNTING STANDARDS
BOARD.

(a) Amendment to Securities Act of 1933.--Section 19 of the
Securities Act of 1933 (15 U.S.C. 77s), as amended by section
912, is further amended by adding at the end the following:
``(g)(1) The Commission may, subject to the limitations
imposed by section 15B of the Securities Exchange Act (15
U.S.C. 78o-4) require a national securities association
registered under the Securities Exchange Act of 1934 to
establish--
``(A) a reasonable annual accounting support fee to
adequately fund the annual budget of the Governmental
Accounting Standards Board (hereafter referred to in this
subsection as the `GASB'); and
``(B) rules and procedures, in consultation with the
principal organizations representing State governors,
legislators, local elected officials, and State and local
finance officers, to provide for the equitable allocation,
assessment, and collection of the accounting support fee
established under subparagraph (A) from the members of the
association, and the remittance of all such accounting
support fees to the Financial Accounting Foundation.
``(2) Annual budget.--For purpose of this subsection, the
annual budget of the GASB is the annual budget reviewed and
approved according to the FAF's internal procedures.
``(3) Use of funds.--Any funds collected under this
subsection shall be used to support the efforts of the GASB
to establish standards of financial accounting and reporting
recognized as generally accepted accounting principles
applicable to State and local governments of the United
States.
``(4) Limitation on fee.--The annual accounting support
fees collected under this subsection for a fiscal year shall
not exceed the recoverable annual budgeted expenses of the
GASB (which may include operating expenses, capital, and
accrued items).
``(5) Rules of construction.--
``(A) Fees not public monies.--Accounting support fees
collected pursuant to this subsection and other receipts of
the GASB shall not be considered public monies of the United
States.
``(B) Limitation on authority of the commission.--Nothing
in this subsection shall be construed to--
``(i) provide the Commission or any national securities
association direct or indirect oversight of GASB's budget or
technical agenda; or
``(ii) affect the GASB's setting of generally accepted
accounting principles.
``(C) Noninterference with states.--Nothing in this
subsection shall be construed to impair or limit the
authority of a State or local government to establish
accounting and financial reporting standards.''.
(b) Study of Funding for Governmental Accounting Standards
Board.--
(1) Study.--The Comptroller General of the United States
shall conduct a study that evaluates--
(A) the role and importance of the Governmental Accounting
Standards Board in the municipal securities markets;
(B) the manner and the level at which the Governmental
Accounting Standards Board has been funded;
(2) Consultation.--In conducting the study required under
paragraph (1), the Comptroller General shall consult with the
principal organizations representing State governors,
legislators, and local elected officials and State and local
finance officers.
(3) Report.--Not later than 180 days after the date of
enactment of this Act, the Comptroller General shall submit
to the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of the
House of Representatives a report on the study required under
paragraph (1).
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