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Senate Financial Reform S3217

Senate Financial Reform S3217

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Published by Milton Recht
S3217 Senate Financial Reform:
Restoring American Financial Stability Act of 2010
S3217 Senate Financial Reform:
Restoring American Financial Stability Act of 2010

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Published by: Milton Recht on Apr 23, 2010
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04/23/2010

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II
Calendar No.
349
111
TH
CONGRESS2
D
S
ESSION
 
S. 3217
To promote the financial stability of the United States by improving account-ability and transparency in the financial system, to end ‘‘too big tofail’’, to protect the American taxpayer by ending bailouts, to protectconsumers from abusive financial services practices, and for other pur-poses.
IN THE SENATE OF THE UNITED STATES
 A 
PRIL
15, 2010Mr. D
ODD
, from the Committee on Banking, Housing, and Urban Affairs, re-ported the following original bill; which was read twice and placed on thecalendar
A BILL
To promote the financial stability of the United States by improving accountability and transparency in the finan-cial system, to end ‘‘too big to fail’’, to protect the American taxpayer by ending bailouts, to protect con-sumers from abusive financial services practices, and forother purposes.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
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S 3217 PCS
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
1
(a) S
HORT
T
ITLE
.—This Act may be cited as the
2
‘‘Restoring American Financial Stability Act of 2010’’.
3
(b) T
 ABLE OF
C
ONTENTS
.—The table of contents for
4
this Act is as follows:
5
Sec.1.Short title; table of contents.Sec.2.Definitions.Sec.3.Severability.Sec.4.Effective date.TITLE I—FINANCIAL STABILITYSec.101.Short title.Sec.102.Definitions.Subtitle A—Financial Stability Oversight CouncilSec.111.Financial Stability Oversight Council established.Sec.112.Council authority.Sec.113.Authority to require supervision and regulation of certain nonbank fi-nancial companies.Sec.114.Registration of nonbank financial companies supervised by the Boardof Governors.Sec.115.Enhanced supervision and prudential standards for nonbank financialcompanies supervised by the Board of Governors and certain bank holding companies.Sec.116.Reports.Sec.117.Treatment of certain companies that cease to be bank holding compa-nies.Sec.118.Council funding.Sec.119.Resolution of supervisory jurisdictional disputes among member agen-cies.Sec.120.Additional standards applicable to activities or practices for financialstability purposes.Sec.121.Mitigation of risks to financial stability.Subtitle B—Office of Financial ResearchSec.151.Definitions.Sec.152.Office of Financial Research established.Sec.153.Purpose and duties of the Office.Sec.154.Organizational structure; responsibilities of primary programmatic units.Sec.155.Funding.Sec.156.Transition oversight.Subtitle C—Additional Board of Governors Authority for Certain NonbankFinancial Companies and Bank Holding CompaniesSec.161.Reports by and examinations of nonbank financial companies super- vised by the Board of Governors.
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S 3217 PCS
Sec.162.Enforcement.Sec.163.Acquisitions.Sec.164.Prohibition against management interlocks between certain financialcompanies.Sec.165.Enhanced supervision and prudential standards for nonbank financialcompanies supervised by the Board of Governors and certain bank holding companies.Sec.166.Early remediation requirements.Sec.167.Affiliations.Sec.168.Regulations.Sec.169.Avoiding duplication.Sec.170.Safe harbor.TITLE II—ORDERLY LIQUIDATION AUTHORITYSec.201.Definitions.Sec.202.Orderly Liquidation Authority Panel.Sec.203.Systemic risk determination.Sec.204.Orderly liquidation.Sec.205.Orderly liquidation of covered brokers and dealers.Sec.206.Mandatory terms and conditions for all orderly liquidation actions.Sec.207.Directors not liable for acquiescing in appointment of receiver.Sec.208.Dismissal and exclusion of other actions.Sec.209.Rulemaking; non-conflicting law.Sec.210.Powers and duties of the corporation.Sec.211.Miscellaneous provisions.TITLE III—TRANSFER OF POWERS TO THE COMPTROLLER OFTHE CURRENCY, THE CORPORATION, AND THE BOARD OF GOV-ERNORSSec.300.Short title.Sec.301.Purposes.Sec.302.Definition.Subtitle A—Transfer of Powers and DutiesSec.311.Transfer date.Sec.312.Powers and duties transferred.Sec.313.Abolishment.Sec.314.Amendments to the Revised Statutes.Sec.315.Federal information policy.Sec.316.Savings provisions.Sec.317.References in Federal law to Federal banking agencies.Sec.318.Funding.Sec.319.Contracting and leasing authority.Subtitle B—Transitional ProvisionsSec.321.Interim use of funds, personnel, and property.Sec.322.Transfer of employees.Sec.323.Property transferred.Sec.324.Funds transferred.Sec.325.Disposition of affairs.Sec.326.Continuation of services.Subtitle C—Federal Deposit Insurance Corporation
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