S.Amdt. 4066

SA 4066. Mr. FEINGOLD 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 1290, strike line 5 and all that follows through
page 1291, line 9, and insert the following:

SEC. 1028. AUTHORITY TO RESTRICT MANDATORY PRE-DISPUTE
ARBITRATION.

(a) Study and Report.--Not later than 1 year after the
designated transfer date, the Bureau shall conduct a study
and submit a report to Congress concerning the use of
agreements providing for arbitration of any future dispute
between covered persons and consumers in connection with the
offering or providing of consumer financial products or
services.
(b) Further Authority.--The Bureau, by regulation, may
prohibit or impose conditions or limitations on the use of an
agreement between a covered person and a consumer for a
consumer financial product or

[[Page S3915]]

service providing for arbitration of any future dispute
between the parties, if the Bureau determines that such a
prohibition or imposition of conditions or limitations is in
the public interest and for the protection of consumers. The
determination of the Bureau under this subsection shall be
consistent with the study conducted under subsection (a).
(c) Limitation.--The authority described in subsection (b)
may not be construed to prohibit or restrict a consumer from
entering into a voluntary arbitration agreement with a
covered person after a dispute has arisen.
(d) Rule of Construction.--No other provision of Federal
law shall be construed to preempt or otherwise affect the
applicability of any regulation prescribed by the Bureau
under subsection (b).
______