[Page S3411]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3911. Mr. CASEY 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 40, between lines 12 and 13, insert the following:
       (5) Disclosure of reasons for determination.--
       (A) Statement.--Following an affirmative determination by 
     the Council with respect to any nonbank financial company 
     that is registered pursuant to the Investment Company Act of 
     1940, the primary financial regulatory agency may request the 
     Council to provide a detailed statement of--
       (i) reasons for the determination by the Council that 
     material financial distress at that particular company would 
     pose a threat to the financial stability of the United 
     States; and
       (ii) why prudential regulation by the primary financial 
     regulatory agency would be inadequate to prevent such a 
     threat.
       (B) Requests for reconsideration.--If the primary financial 
     regulatory agency disagrees with the detailed statement of 
     reasons provided under subparagraph (A), the agency may 
     request the Council to reconsider its determination, or may 
     propose its own prudential standards to address the concerns 
     identified in the statement of reasons in lieu of prudential 
     standards imposed by the Board of Governors, which prudential 
     standards the Council shall accept, unless it determines, by 
     a vote of not fewer than 2/3 of the members then serving, 
     including an affirmative vote by the Chairperson, that such 
     prudential standards would be inadequate to prevent such a 
     threat.
       On page 40, line 23, insert after ``company,'' the 
     following: ``including all procedures under subsection 
     (e)(5),''.
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