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(2010) S Amdt 3746 Allowing States to Limit Credit Card Interest Rates
Outcome: Amendment Rejected (35/60)
Summary: |
Byrd's Vote
- |
(2010) S Amdt 4034 Federal Preemption Over State Consumer Financial Laws
Outcome: Amendment Rejected (43/55)
Summary: -Repeals a requirement that the courts or the Comptroller of the Currency, before prescribing a regulation or order that federal law preempts a state consumer financial law, consult with the Director of the Bureau of Consumer Financial Protection and determine that federal law provides a "substantial standard" which regulates the particular conduct, activity, or authority of a national bank that is subject to state consumer financial law (Sec. 1044). |
Byrd's Vote
Y |
(2010) S Amdt 4071 Amending State Authority to Enforce Consumer Financial Regulations
Outcome: Amendment Adopted (80/18)
Summary: -Authorizes state attorney generals, or the equivalent thereof, to bring civil action against national banks or federal savings associations to enforce regulations established by the Bureau of Consumer Financial Protection, provided that a copy of the complaint has been "timely" submitted to the Bureau and prudential regulator, if any, or the designee thereof (Sec. 1042).
-Prohibits state attorney generals, or the equivalent thereof, from bringing civil action against a national bank or federal savings association for any act or omission that would be a violation of Title X of this Act (Consumer Financial Protection Act of 2010) (Sec. 1042). |
Byrd's Vote
Y |
(2010) S Amdt 4114 Credit Default Swap Regulations
Outcome: Amendment Tabled (57/38)
Summary: -Prohibits issuers, underwriters, placement agents, sponsors, and initial purchasers from offering, selling, or transferring a synthetic asset-backed security that has no purpose apart from speculation on a possible future gain or loss associated with the value or condition of the referenced assets.
-Defines "synthetic asset-backed security" as an asset-backed security that is designed so that the self-liquidating financial assets referenced in the synthetic securitization do not provide any direct payment or cash flow to the holders of the security.
-Prohibits entering into a credit default swap, unless the swap is submitted for clearing to a registered derivatives clearing organization (or one that is exempt from registration), and specifies that if no derivatives clearing organization will accept the credit default swap for clearing then it shall be unlawful to enter into that swap.
-Prohibits protection buyers from entering into credit default swaps that establish a short position in a reference entity's credit instrument, unless the protection buyer can demonstrate the following:-The action is being taken to establish a "legitimate short position" in credit default swaps; or
-That such buyer is regulated by the Commission as a swap dealer in credit default swaps and is acting as a market-maker or is otherwise engaged in a financial transaction on behalf of a customer. -Specifies that a "legitimate short position" in credit default swaps for a protection buyer must meet the following conditions:-The value of the buyer's holdings in valid credit instruments must be equal to or greater than the absolute notional value of the buyer's credit default swaps; and
-The reference entity or entities for the buyer's credit default swaps must be the same as the borrower(s) or issuer(s) of the valid credit instrument(s) the buyer owns. -Requires any swap dealer or security-based swap dealer seeking to establish, possess, or otherwise obtain a short position as the protection buyer of any credit default swap for more than 60 consecutive calendar days or for more than two-thirds of the days in any calendar quarter to demonstrate that:-The value of the dealer's holdings in valid credit instruments must be equal to or greater than the absolute notional value of the dealer's position in credit default swaps; and
-The reference entity or entities for the dealer's credit default swaps must be the same as the borrower(s) or issuer(s) of the valid credit instrument(s) the dealer owns. |
Byrd's Vote
- |
(2010) S Amdt 4072 Inspector General Appointment Modification
Outcome: Amendment Adopted (75/21)
Summary: -Repeals an expansion of presidential authority to appoint and terminate inspectors general of the following offices (Sec. 989B):-Board of Governors of the Federal Reserve System;
-Commodity Futures Trading Commission;
-National Credit Union Administration;
-Pension Benefit Guaranty Corporation; and
-Securities and Exchange Commission. -Requires the approval of 2/3 of the board or commission serving as the head of any entity of an Office of Inspector General to remove an inspector general (Sec. 989D).
-Expands oversight of inspectors general to include the board or commission of the entity, whereas existing law requires inspectors general to only report to the head of the entity (Sec. 989B).
-Establishes a Council of Inspectors Generals on Financial Oversight, chaired by the Inspector General of the Department of the Treasury, consisting of the inspectors general of the following (Sec. 989E):-Board of Governors of the Federal Reserve System;
-Commodity Futures Trading Commission;
-Department of Housing and Urban Development;
-Department of the Treasury;
-Federal Deposit Insurance Corporation;
-Federal Housing Finance Agency;
-National Credit Union Administration;
-Securities and Exchange Commission; and
-Troubled Asset Relief Program. -Requires the Council of Inspectors General to meet at least once each quarter to facilitate the sharing of information among inspectors general and to discuss the ongoing work of each inspector general, with a focus on the broader financial sector and ways to improve financial oversight (Sec. 989E).
-Requires the Council of Inspectors General to submit an annual report to Congress that includes, but is not limited to, the following (Sec. 989E):-A section within exclusive editorial control for each inspector general that is a member of the Council that highlights the concerns and recommendations of such inspector general, with a focus on the broader financial sector; and
-A summary of the general observations of the Council based on the aforementioned editorials submitted by each inspector general, with a focus on measures to improve financial oversight. |
Byrd's Vote
- |
(2010) S Amdt 3991 Credit Rating Agency Board
Outcome: Amendment Adopted (64/35)
Summary: -Requires the Board evaluate multiple selection methods, including a lottery or rotating assignment system, to reduce the potential for a conflict of interest (Sec. 939D).
-Prohibits issuers seeking an initial credit rating from requesting a rating from a specific credit rating organization (Sec. 939D).
-Prohibits the Board from utilizing a selection method that would allow for the solicitation or consideration of the credit rating organization that is preferred by the financial institution (Sec. 939D).
-Requires credit rating organizations to charge issuers a "reasonable fee" for an initial credit rating, and authorizes the Board to establish rules on fees (Sec. 939D).
-Requires the Board annually evaluate each credit rating organization, and specifies that such evaluation shall consider the following (Sec. 939D):-Result of the annual examination by the Office of Credit Ratings, as required by this Act;
-Surveillance of credit ratings conducted by the credit rating organization after the ratings are issued;
-How the rated instruments performed;
-Accuracy of the ratings provided by the credit rating organization as compared to other organizations;
-Effectiveness of methodologies used by credit rating organizations; and
-Any additional factors the Board determines to be relevant. -Requires the Board initially be composed of an odd number of members, selected by the Commission, from related industries as follows (Sec. 393D):-Not less than a majority of members from the investor industry, provided they do not represent issuers;
-Not less than 1 member of the issuer industry;
-Not less than 1 member of the credit rating agency industry; and
-Not less than 1 independent member. -Establishes 4 year terms for Board members, and requires the Commission to to establish "fair procedures" for nominating and electing future Board members (Sec. 393D).
-Authorizes the Commission to increase the size of the Board to a larger odd number and adjust the term length, but prohibits the Commission from amending the composition of members (Sec. 393D). |
Byrd's Vote
- |
(2010) S Amdt 3832 Establishing Bankruptcy Process for Non-bank Financial Institutions
Outcome: Amendment Rejected (42/58)
Summary: -Deletes provisions that provide guidelines and authorization for the Federal Deposit Insurance Corporation to take failing financial companies into receivership (Title II).
-Specifies that Subchapters I-III (with the exception of Secs. 1104(d), 1109, 1112(a), 1115, and 1116) of Chapter 11 (Reorganization) of U.S. Code Title 11 (Bankruptcy) shall apply to cases under the new addition to Title 11 that is created by this amendment in Chapter 14 (Adjustment to the Debts of a Non-Bank Financial Institution) (Sec. 203).
-Prohibits a non-bank financial institution from becoming a debtor under Chapter 14 unless, at least 10 days prior to the filing of the petition, it has taken part in a prepetition consultation (Sec. 203)
-Prohibits a creditor from commencing an involuntary case under Chapter 14 unless, at least 10 days prior to the filing of the petition, it has notified the non-bank financial institution, the functional regulator, and the Financial Stability Oversight Council of its intent to file the petition and has requested a prepetition consultation (Sec. 203).
-Specifies that a prepetition consultation shall include the non-bank financial institution, the functional regulator, the Financial Stability Oversight Council, and any agency charged with administering a nonbankruptcy insolvency regime for any component of the debtor, and that the aim of the consultation shall be to attempt to avoid the need for the institution's liquidation or reorganization in bankruptcy, to make any liquidation or reorganization more orderly, or to aid in the nonbankruptcy resolution of any of the institution's components under its nonbankruptcy insolvency regime (Sec. 203). |
Byrd's Vote
N |
(2010) S Amdt 3989 Debit Card Fee Regulations
Outcome: Amendment Adopted (64/33)
Summary: -Requires the amount of any electronic debit transaction fee that an issuer may charge to be "reasonable and proportional" to the actual cost incurred by the issuer or payment card network with respect to the transaction (Sec. 1077).
-Exempts issuers that, together with affiliates, have assets of less than $10 billion (Sec. 1077).
-Prohibits payment card networks from inhibiting the ability of any individual to do the following (Sec. 1077):-Provide a discount or in-kind incentive for payment through use of a card or device of another payment card network;
-Provide a discount or in-kind incentive for payment by the use of cash, check, debit card, or credit card; or
-Establish a minimum or maximum dollar value for any form of payment. |
Byrd's Vote
- |
(2010) S Amdt 3987 Bureau of Consumer Financial Protection Termination
Outcome: Amendment Rejected (40/55)
Summary: |
Byrd's Vote
- |
(2010) S Amdt 3816 Derivatives Regulation Modifications
Outcome: Amendment Rejected (39/59)
Summary: -Requires any person that effects a transaction in a non-security based swap to report the transaction through a derivatives clearing organization or through a non-security-based swap data repository registered with the Commodity Futures Trading Commission, and provides that if no registered repository accepts the swap, the person must report the transaction directly through the Commission (Sec. 726).
-Requires each transaction report to disclose whether the transaction is a 'bona fide hedging swap transaction' (Sec. 726).
-Allows the Commodity Futures Trading Commission to require that particular non-security-based swaps (or groups/types of swaps) must be cleared if (Sec. 723):-Both counterparties are swap participants;
-The transaction was entered into after the establishment of applicable swap clearing rules or the effective date of the requirement, whichever is later; and
-One counterparty directly or indirectly controls, is controlled by, or is under common control with the other counterparty. -Requires each swap participant to register with the Commodity Futures Trading Commission, unless it is exempt pursuant to a rule or order that exempts swap participants that engage primarily in security-based swap transactions and are registered with the Securities and Exchange Commission or all of its outstanding swaps transactions are cleared swaps, in which cases it must file a notice registration (Sec. 729).
-Defines a 'swap participant' as a person who engages in the business of purchasing or selling swaps for such persons account or for others, a person who is making a market in swaps, or a person who engages in transactions in swaps (Sec. 721).
-Exempts swap end users from the definition of 'swap participants,' thus exempting them from requirements that apply specifically to swap participants (Sec. 721).
-Defines a 'swap end user' as a person with swaps of a gross aggregate notional value that includes the following (Sec. 721):-5 percent or less of outstanding swaps that do not qualify as 'bona fide hedging swap transactions'; or
-7 percent or less of outstanding swaps and security-based swaps that do not qualify as 'bona fide hedging swap transactions', provided that the aggregate notional value of such swaps that do not qualify as 'bona fide hedging transactions' and were executed in connection with the person's commercial transactions is 2 percent or more of the gross notional value of outstanding swaps. -Specifies that the term 'swap end user' shall include investment companies registered under 15 U.S.C. 80a-1 et. Seq. and employee benefit plans as defined in 29 U.S.C. 1002 (3), and specifies that the term shall not include entities defined in 12 U.S.C. 4502 (20) or investment funds that would be investment companies (in accordance with 15 U.S.C. 80a-3) but for paragraph (1) or (7) of 15 U.S.C. 80a-3(c) and are not partnerships, entities, or subsidiaries that are primarily invested in physical assets directly or through interests in partnerships or limited liability companies (Sec. 721).
-Defines 'bona fide hedging swap transaction' as a purchase or sale of a 'bona fide' swap that is 'economically appropriate' to the reduction or offsetting of risks arising from one of the following (Sec. 721):-The potential change in the value of assets that the person owns, produces, manufactures, processes, or merchandises (or anticipates doing any of the aforementioned things);
-The potential change in the cost or value of liabilities that the person owns or anticipates incurring; or
-The potential change in the cost or value of goods or services that the person provides, purchases, or anticipates providing or purchasing. -Removes a provision that allows a commercial end user (a person who as its primary business activity owns, uses, produces, processes, manufactures, distributes, merchandises, or markets goods, services, or commodities individually or in a fiduciary capacity, and excluding specified financial entities) to elect not to clear a swap or to choose which derivatives clearing organization shall clear a swap, if the swap is being used to hedge commercial risk (and replaces this provision with new provisions on this subject which are discussed in previous highlights) (Sec. 723).
-Removes a provision that provides incentives for 'whistleblowers' who voluntarily provide information to the Commodity Futures Trading Commission that leads to the 'successful enforcement' of an action relating to a violation of this Act that results in monetary sanctions of more than $1 million, and specifies that the aggregate amount of the incentives shall be no less than 10 percent and no more than 30 percent of what has been collected of the monetary sanctions (Sec. 748).
-Removes provisions which require the following entities to designate individuals to serve as chief compliance officers (Secs. 725, 728, 731, 732, 733, 763, and 764):-swap data repositories;
-swap dealers and major swap participants;
-futures commission merchants;
-swap execution facilities;
-derivatives clearing organizations;
-security-based swap dealers;
-registered clearing agencies;
-security-based swap execution facilities; and
-security-based swap data repositories. |
Byrd's Vote
- |
(2010) S Amdt 3962 Home Loan Regulation Modifications
Outcome: Amendment Adopted (63/36)
Summary: -Prohibits creditors from issuing mortgage loans unless a determination can be made that the borrower has a "reasonable ability" to repay the loan and all applicable taxes, insurance, and assessments, and specifies that such determination shall consider the following (Sec. 1075):-Credit history;
-Current income;
-Expected income;
-Current obligations;
-Debt-to-income ratio, or the residual income the consumer will have after paying non-mortgage debt and mortgage-related obligations;
-Employment status; and
-Other financial resources other than equity in the dwelling or property that secures repayment of the loan. -Requires creditors to verify the aforementioned information by reviewing the following (Sec. 1075):-W-2 forms;
-Tax returns;
-Payroll receipts;
-Financial institution records; or
-Other third-party documents that provide "reasonably reliable" evidence of the consumer's income or assets. -Specifies that creditors are presumed to be in compliance with the "reasonable ability to repay" requirement if the aforementioned requirements have been met and the creditor has determined the borrower's ability to repay using the maximum rate permitted under the loan during the first 5 years following consummation and the establishment of a payment schedule (Sec. 1075).
-Specifies that the aforementioned presumption of compliance shall not be applied to a loan for which the any of the following criteria are met (Sec. 1075):-The regular periodic payments for the loan may result in an increase of the principle balance or allow the consumer to defer repayment of principal;
-The terms result in a scheduled payment that is more than twice as large as the average of earlier scheduled payments ("balloon payments"); or
-The points and fees (15 USC 1602(aa)(4)) exceed 3 percent of the total loan amount, unless, for the purposes of calculating such points and fees, the totals attributable to any premium for mortgage guarantee insurance provided by a Federal or state agency shall exclude any amount of points and fees greater than 1 percent of the total loan amount. -Exempts the following from all of the above requirements (Sec. 1074):-Temporary loans ("bridge loans") with terms of 12 months or less; and
-Reverse mortgages. -Prohibits compensating a loan originator for any mortgage loan if the compensation varies based on the terms of the loan, other than the amount of the principal (Sec. 1074). |
Byrd's Vote
- |
(2010) S Amdt 3955 Establishing New Mortgage Underwriting Requirements and Eliminating a Risk Retention Requirement
Outcome: Amendment Rejected (42/57)
Summary: -Repeals a requirement that, no later than 270 days after the date of enactment, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Security and Exchange Commission establish the regulations on mortgage securitizers that do all of the following (Sec. 941):-Establish asset classes with separate rules for securitizers of different classes of assets;
-Establish underwriting standards for each asset class;
-Requires securitizers to retain not less than 5 percent of the credit risk for any asset that is transferred, sold, or conveyed through the issuance of an asset-backed security, or less than 5 percent if the securitizer meets the aforementioned underwriting standards;
-Prohibits securitizers from directly or indirectly hedging or otherwise transferring the credit risk that securitizers are required to retain;
-Specifies the permissible forms of risk retention;
-Specifies the minimum required duration of risk retention;
-Establishes a total or partial exemption of any securitization, as may be "appropriate in the public interest and for the protection of investors";
-Establishes the allocation of risk retention obligations between securitizers and an originator in the case of securitizers that purchases assets from an originator. -Requires federal banking agencies, in consultation with the Federal Housing Finance Agency and the Department of Housing and Urban Development, to establish minimum standards for mortgage underwriting that do all of the following (Sec. 942):-Require the borrower verify and document the income and assets relied upon to qualify for the loan, including previous employment and credit history;
-Require the down payment be equal to at least 5 percent of the purchase price of the property;
-For first lien residential mortgage loans with an initial loan to value ratio that is more than 80 percent and not more than 95 percent, require the down payment include a requirement for credit enhancements until the loan value ratio of the residential mortgage loan amortizes to a value that is less than 80 percent of the purchase price;
-Establish a method for determining the ability of the borrower to repay the mortgage based on the following factors:
-All terms of the residential mortgage, including principal payments that fully amortize the balance of the mortgage over the term of the mortgage; and
-The debt to income ratio of the borrower;
-Include any other specific standards the federal banking agencies jointly determine are appropriate to ensure "prudent underwriting" of mortgages. -Requires federal banking agencies, in consultation with the Federal Housing Finance Agency and the Department of Housing and Urban Development, to review the aforementioned standards for mortgage underwriting ever 5 years, and authorizes the agencies to revise such standards (Sec. 942).
-Authorizes federal banking agencies, in consultation with the Federal Housing Finance Agency and the Department of Housing and Urban Development, no later than 180 days after the date of enactment, to establish exemptions from the underwriting standards for mortgage loan originators that are exempt from federal taxes, provided that the following criteria are met (Sec. 942):-The lending activities of the mortgage loan originator do not "threaten the safety and soundness of the banking system";
-The mortgage loan originator is not compensated based on the number or value of residential mortgage loan applications accepted, offered, negotiated;
-The mortgage loan originator does not offer residential mortgage loans that have an interest rate greater than 0 percent;
-The mortgage loan originator does not gain monetary profit from any residential mortgage product or service provided;
-The mortgage loan originator has the primary purpose of serving low income housing needs;
-The mortgage loan originator has not been prohibited, by statute, from receiving federal funding; and
-The mortgage loan originator meets any other requirement that the federal banking agencies determine are appropriate for the "safety and soundness of the banking system." -Requires federal banking agencies, in consultation with the Secretary of Housing and Urban Development and Secretary of the Treasure, to review the aforementioned exemptions to standards for mortgage underwriting ever 2 years, and authorizes the agencies to revise such standards (Sec. 942). |
Byrd's Vote
- |
(2010) S Amdt 3839 Termination of Fannie Mae and Freddie Mac Conservatorships
Outcome: Amendment Rejected (43/56)
Summary: -Requires the Director of the Federal Housing Finance Agency to determine if Fannie Mae and Freddie Mac are financially viable 24 months after the date of enactment (Sec. 1313).
-Requires the Director, upon determining that Fannie Mae or Freddie Mac are financially viable after 24 months, to take "all actions necessary" to terminate the conservatorship for such enterprise (Sec. 1313).
-Requires the Director, upon determining that Fannie Mae or Freddie Mac are not financially viable after 24 months, to appoint the Federal Housing Finance Agency as receiver and carry out such receivership (Sec. 1313).
-Authorizes the Director to postpone the aforementioned 24 month deadline to 30 months if the Director determines that financial markets would be adversely affected without the extension (Sec. 1313).
-Requires the receipts and disbursements, including administrative expenses, of Fannie Mae and Freddie Mac be counted as new budget authority, outlays, receipts, deficit, or surplus for the purposes of the following (Sec. 1341):-Budget of the U.S. Government, as submitted by the President;
-Congressional budget;
-Statutory Pay-As-You-Go Act of 2010; and
-Balanced Budget and Emergency Deficit Control Act of 1985. -Requires the face value of obligations issued by Fannie Mae and Freddie Mac be treated as issued by the U.S. Government, thereby subjecting both entities to the public debt limit (Sec. 1343).
-Requires the public debt limit be increased by the face value of obligations issued by Fannie Mae and Freddie Mac on April 15, 2010, and requires such increase be repealed once Fannie Mae and Freddie Mac no longer have an agreement with the Secretary of the Treasury for the purchase of obligations and securities (Sec. 1343).
-Prohibits Fannie Mae and Freddie Mac from purchasing any mortgage asset, unless the mortgagor has paid not less than the following (Sec. 1314):-For mortgages purchased during the 12 month period following the 24 or 30 month period in which the Director must determine if the Fannie Mae and Freddie Mac are financially viable, 5 percent of the appraised value of the property;
-For mortgages purchased during the 12 month period following the aforementioned 12 month period, 7.5 percent of the appraised value of the property;
-For mortgages purchased during the 12 month period following the aforementioned 12 month period,
10 percent of the appraised value of the property. -Prohibits Fannie Mae and Freddie Mac from purchasing any mortgage asset for a property having a principle obligation that exceeds the median home price, for property of the same size, for the area in which such property is subject to the mortgage is located (Sec. 1314).
-Establishes the Office of Special Inspector General for the Conservatorship of Regulated Entities within the General Accountability Office, and establishes the position of Special Inspector General, appointed by the President and confirmed by the Senate, to oversee the Office (Sec. 1321).
-Requires the Special Inspector General to conduct, supervise, and coordinate audits and investigations of the purchase, management, and sale of assets by Fannie Mae and Freddie Mac, including by collecting and summarizing the following (Sec. 1321):-Description of the categories of mortgage assets purchased or otherwise procured, and an explanation of the reasons why the Director of the Federal Housing Finance Agency deemed it necessary to purchase each mortgage asset;
-Listing of each institution from which mortgage assets were purchased;
-Current estimate of the total amount of mortgage assets purchased since the date of appointment of the Federal Housing Finance Agency as conservator and the profit and loss of each mortgage asset;
-Description of the categories of mortgage loans modified by Fannie Mae and Freddie Mac, and an explanation of the reasons why the Director deemed it necessary to modify such mortgage loans;
-Explanation of the risk analysis procedures in place within Fannie Mae and Freddie Mac with respect to the modification process;
-Explanation of the effect of continuing the affordable housing goals of Fannie Mae and Freddie Mac;
-Impact on any funding requested and accepted as part of the Amended and Restated Senior Preferred Stock Purchased Agreement;
-Assessment of whether the budgetary treatment of the assets and liabilities of Fannie Mae and Freddie Mac is correct;
-Explanation of the trouble assets owned by the regulated entities and acquited prior to the conservatorship; and
-Description of any changes to the structure of Fannie Mae and Freddie Mac made by the Director and an explanation of how the changes will better enable Fannie Mae and Freddie Mac to be successful during and post conservatorship. |
Byrd's Vote
- |
(2010) S Amdt 3938 Study on Ending the Conservatorships of Fannie Mae and Freddie Mac
Outcome: Amendment Adopted (63/36)
Summary: -Requires the study to include an analysis of the following (Sec. 1077):-The role of the federal government in supporting a sustainable housing finance system;
-To what extent the federal government, if any, should bear risks in meeting federal housing finance objectives;
-How the current structure of the housing finance system can be improved;
-How the housing finance system should support the continued availability of mortgage credit to all segments of the market;
-How the housing finance system should be structured to ensure that consumers continue to have access to 30-year, fixed rate, pre-payable mortgages and other mortgage products that have simple terms that can be easily understood;
-The role of the Federal Housing Administration and the Department of Veterans Affairs in a future housing system;
-The impact of amendments to the housing finance system on the financing of rental housing;
-The impact of amendments to the housing finance system on the secondary market liquidity;
-The role of standardization in the housing finance system;
-How the housing finance system in other countries offers insight that can assist the U.S. in amending it's housing finance system; and
-The options for transition to an amended housing finance system. -Specifies that the recommendations may include, but are not limited to, the following options (Sec. 1077):-Gradual reduction and liquidation of Fannie Mae and Freddie Mac;
-Privatization of Fannie Mae and Freddie Mac;
-Incorporation of the functions of Fannie Mae and Freddie Mac into a federal agency;
-Dissolution of Fannie Mae and Freddie Mac into smaller companies; and
-Any other measure that the Secretary of the Treasury deems appropriate. -Requires the Secretary of the Treasury to submit the report and recommendations no later than January 31, 2011 to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services (Sec. 1077). |
Byrd's Vote
- |
(2010) S Amdt 3760 Federal Reserve Audit
Outcome: Amendment Rejected (37/62)
Summary: -Repeals a provision of existing law that prohibits audits of the Federal Reserve Board and federal reserve banks from including the following (Sec. 1159):-Transactions for or with a foreign central bank, government of a foreign country, or non-private international financing organization;
-Deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
-Transactions made under the direction of the Federal Open Market Committee; and
-Any part of a discussion between Board of Governors members and officers and employees of the Federal Reserve System relating to the 3 aforementioned sub-highlights. -Specifies that the mandatory audit shall not be construed to limit the ability of the Government Accountability Office to complete additional audits of the Board of Governors of the Federal Reserve System or federal reserve banks (Sec. 1159).
-Prohibits audits of the Federal Reserve Board and federal reserve banks from including unreleased transcripts or minutes of meetings of the Board of Governors or of the Federal Open Market Committee (Sec. 1159). |
Byrd's Vote
- |
(2010) S Amdt 3826 Consumer Financial Protection Division Within The FDIC
Outcome: Amendment Rejected (38/61)
Summary: -Repeals Title X of S Amdt 3739, which establishes a Bureau of Consumer Financial Protection within the Federal Reserve System, and replaces it with the provisions of this amendment.
-Establishes the objectives of the Division as ensuring that, with respect to consumer financial products and services (Sec. 1021):-Consumers are provided with information to make decisions regarding financial transactions;
-Consumers are protected from deception;
-"Burdensome" regulations are identified and addressed to reduce "unwarranted regulatory burdens"; and
-Enumerated consumer protection statutes are enforced consistently to ensure uniform consumer protection. -Establishes the primary functions of the Division as (Sec. 1021):-Implementing the enumerated consumer protection statutes;
-Collecting, investigating, and responding to consumer complaints;
-Identifying risks to consumers by studying and publishing information relevant to the functioning of markets;
-Supervising nondepository covered persons (certain mortgage loan originators and persons that exhibit a "pattern" of violations of consumer protection statutes) for compliance with the enumerated consumer protection statutes; and
-Conducting financial education programs. -Prohibits rules or regulations of the Division of Consumer Financial Protection from taking effect without approval by a majority vote of the Board of Directors of the Federal Deposit Insurance Corporation (Sec. 1022).
-Transfers all of the consumer financial protection functions of the Board of Governors of the Federal Reserve System and the Federal Trade Commission to the Division of Consumer Financial Protection (Sec. 1041). |
Byrd's Vote
N |
(2010) HR 4851 Unemployment Benefits Extension
Outcome: Bill Passed (59/38)
Summary: -Extends unemployment insurance provisions in the following Acts by approximately 2 months (Sec. 2):-The "Supplemental Appropriations Act, 2008;"
-The "Assistance for Unemployed Workers and Struggling Families Act;" and
-The "Unemployment Compensation Extension Act of 2008." -Extends the expiration date of the eligibility period for COBRA benefits from March 31, 2010 to May 31, 2010 (Sec. 3).
-Increases the Medicare physician payment update by extending the date through which the update to the single conversion factor shall be 0 percent from March 31, 2010 to May 31, 2010 (Sec. 4).
-Prohibits the Secretary of Health and Human Services from publishing updated poverty guidelines for 2010 before May 31, 2010, and specifies that the 2009 guidelines shall be in effect until updated guidelines are published (Sec. 6).
-Appropriates $80 million to the Business Loans Program Account of the Small Business Administration for fee reductions and eliminations and loan guarantees (Sec. 10).
-Designates this Act (with the exception of Section 4) an emergency with regard to the Statutory Pay-As-You-Go Act of 2010 (Sec. 12). |
Byrd's Vote
Y |
(2010) S Amdt 3301 Ending the Troubled Asset Relief Program
Outcome: Amendment Rejected (53/45)
Summary: -Specifies that the national debt limit shall be lowered to correspond with TARP repayments. |
Byrd's Vote
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