In the nature of a substitute.

This amendment's own text couldn't be picked out of its Congressional Record passage, so the passage is shown in full.

SA 3434. Mr. REID (for Mr. Vitter (for himself and Mr. Brown of
Ohio)) proposed an amendment to the bill S. 3709, to require a
Government Accountability Office examination of transactions between
large financial institutions and the Federal Government, and for other
purposes.

       Strike all after the enacting clause and insert the
     following:

     SECTION 1. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF
                   TRANSACTIONS BETWEEN LARGE FINANCIAL COMPANIES
                   AND THE FEDERAL GOVERNMENT.

       (a) Definitions.--For purposes of this Act--
       (1) the term ``covered institution'' means any bank holding
     company having more than $500,000,000,000 in consolidated
     assets; and
       (2) the term ``economic benefit'' means the difference
     between actual loans terms offered, debt or equity prices, or
     asset values and a reasonable estimate of what such terms,
     prices, or values might have been, as determined by examining
     actual values of comparable transaction in the private
     markets or by estimating the values of comparable
     transactions priced to properly reflect associated risk.
       (b) GAO Study.--The Comptroller General of the United
     States (in this section referred to as the ``Comptroller'')
     shall conduct a study of covered institutions, such as--
       (1) the favorable pricing of the debt of such institutions,
     relative to their risk profile resulting from the perception
     that such institutions will receive Government support in the
     event of any financial stress;
       (2) any favorable funding or economic treatment resulting
     from an increase in the credit rating for covered
     institutions, as a result of express, implied, or perceived
     Government support;
       (3) any economic benefit to covered institutions resulting
     from the ownership of, or affiliation with, an insured
     depository institution;
       (4) any economic benefit resulting from the status of
     covered institutions as a bank holding company, including
     access to Federal deposit insurance and the discount window
     of the Board of Governors of the Federal Reserve System
     before the date of enactment of this Act;
       (5) any economic benefit received through extraordinary
     Government actions taken, such as--
       (A) actions by the Department of the Treasury--
       (i) under the Emergency Economic Stabilization Act, such
     as--

       (I) asset purchases by the United States Government;
       (II) capital injections from the United States Government;
     or
       (III) housing programs; or

       (ii) by the purchase of the mortgage backed securities of
     the Federal National Mortgage Association and the Federal
     Home Loan Mortgage Corporation (in this Act referred to as
     ``government-sponsored enterprises''), in order to lower
     interest rates, and the value of such securities in the
     absence of such purchases;
       (B) actions by the Board of Governors of the Federal
     Reserve System prior to the date of enactment of this Act,
     such as--
       (i) providing loans to financial institutions through the
     Term Auction Facility; and
       (ii) assistance through programs under section 13(3) of the
     Federal Reserve Act prior to the date of enactment of this
     Act, such as--

       (I) lending through the Commercial Paper Funding Facility;
       (II) securities lending to primary dealers through the
     Primary Dealer Credit Facility and the Term Securities
     Lending Facility;
       (III) lending to institutions through the Term Asset-Backed
     Securities Loan Facility; or
       (IV) purchasing assets through the Maiden Lane facility;
     and

       (C) actions by the Federal Deposit Insurance Corporation,
     such as--
       (i) guaranteeing debt or deposits through the Temporary
     Liquidity Guarantee Program; or
       (ii) pricing of assessments related to any such guarantees;
     and
       (6) any extraordinary assistance provided to American
     Insurance Group, but ultimately received by one of the
     covered institutions; and
       (7) any Government actions that resulted in the payment or
     nonpayment of credit default swap contracts entered into by a
     covered institution.

     SEC. 2. REPORT TO CONGRESS.

       Not later than 1 year after the date of enactment of this
     Act, the Comptroller shall submit a report to Congress
     detailing the findings of the Comptroller in the study
     conducted under this Act. Such report shall be made
     electronically available to the public, except that any
     proprietary, sensitive, or confidential information shall be
     redacted in any release to the public.

     SEC. 3. RULE OF CONSTRUCTION.

       Nothing in this Act may be construed to provide authority
     inconsistent with, or to otherwise affect, section 714 of
     title 31 United States Code.

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