U.S. Congress - H.R.3310 Consumer Protection and Regulatory Enhancement Act
H.R.3310 - Consumer Protection and Regulatory Enhancement Act
To reform the financial regulatory system of the United States, and for other purposes. view all titles (3)
All Bill Titles
- Official: To reform the financial regulatory system of the United States, and for other purposes. as introduced.
- Short: Consumer Protection and Regulatory Enhancement Act as introduced.
- Short: Government-Sponsored Enterprises Free Market Reform Act of 2009 as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 2
- Past Seven Days: 18
- All-Time: 3,260
|
|
|
|
|
|
|
|
Official Summary
7/23/2009--Introduced.Consumer Protection and Regulatory Enhancement Act - Amends the Judicial Code to prescribe the venue for cases involving non-bank financial institutions. Amends federal bankruptcy law to prescribe procedures for the adjustment of the debts of a non-bank financial instOfficial Summary
7/23/2009--Introduced.Consumer Protection and Regulatory Enhancement Act - Amends the Judicial Code to prescribe the venue for cases involving non-bank financial institutions. Amends federal bankruptcy law to prescribe procedures for the adjustment of the debts of a non-bank financial institution. Establishes the Market Stability and Capital Adequacy Board (Board) to:(1) monitor the interactions of various sectors of the financial system; and
(2) identify risks that could endanger the stability and soundness of the system. Establishes in the executive branch the Financial Institutions Regulator (FIR), comprising a Federal Banking Division and a State Banking Division, to exercise all powers, duties, and authorities formerly vested in the Comptroller of the Currency. Transfers to FIR all regulatory functions of:
(1) the Board of Governors of the Federal Reserve System (the Federal Reserve Board);
(2) the Director of the Office of Thrift Supervision (OTS); and
(3) the Federal Deposit Insurance Corporation (FDIC) regarding state non-member banks. Abolishes the OTS and the Office (and position) of Comptroller of the Currency. Moves the National Credit Union Administration (NCUA) within the FIR. Establishes within the FIR an Office of Consumer Protection (OCP). Directs the Comptroller General to complete and report to Congress on the audit of the Federal Reserve Board and the federal reserve banks. Amends the Federal Reserve Act to instruct the Federal Reserve Board and the Federal Open Market Committee (FOMC) to:
(1) establish and implement an explicit numerical definition of the term "price stability"; and
(2) maintain a monetary policy that effectively promotes long-term price stability. Revises requirements with respect to the emergency powers of the Federal Reserve Board. Government-Sponsored Enterprises Free Market Reform Act of 2009 - Requires the Director of the Federal Housing Finance Agency (FHFA) to terminate the conservatorship of the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), also known as government-sponsored enterprises (GSEs), if at the end of a specified period the GSE is financially viable. Requires the Director, if a GSE is not financially viable, to appoint the FHFA as receiver for it. Amends the Housing and Community Development Act of 1992 to restrict the mortgage assets of a GSE upon its emergence from conservatorship. Requires the FHFA Director to revise minimum capital levels for the GSEs. Amends the Economic Stimulus Act of 2008 and the American Recovery and Reinvestment Act of 2009 to repeal temporary increases to conforming loan limits for the GSEs. Establishes new conforming loan limits for the year in which the conservatorships expire. Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to subject the GSEs to state and local taxes. Directs the FHFA Director to establish and collect assessments from each GSE to recoup the costs for the federal guarantee. Requires:
(1) periodic renewals of GSE charters; and
(2) wind down and dissolution in the event of non-renewal. Repeals security credit rating requirements in designated federal laws and federal regulations, including:
(1) the Securities Exchange Act of 1934;
(2) the Investment Advisers Act of 1940; and
(3) the Higher Education Act of 1965. Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940 to:
(1) authorize the Securities and Exchange Commission (SEC) to impose civil penalties in cease and desist proceedings; and
(2) provide for nationwide service of subpoenas. Authorizes appropriations for the Financial Crimes Enforcement Network (FinCEN). Amends the Sarbanes-Oxley Act of 2002 to revise conditions under which a civil penalty obtained for violations of securities laws shall become part of a disgorgement fund for the benefit of the victims of such violation. Amends the Securities Exchange Act of 1934 to authorize the SEC to contract for the collection of delinquent judgments and orders.
...Read the Rest
Recent News Coverage
Hmmmm, no news coverage found for this bill at this time. This means that this this bill has not yet been mentioned on a publicly-searchable news website by either its official number (for example, "H.R. 3200") or title (for example, "America's Affordable Health Choices Act of 2009"). As soon as that changes, our daily automated search across the Web will catch it and include it here. If this bill is of interest to you, you can write a letter to the editor referring to this bill by name, and if your letter is published on the Web, a link back your letter will appear here within about one day. Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build public knowledge about Congress.
Recent Blog Coverage
View All (127)
|
View Top Rated
FOOL ME ONCE, SHAME ON YOU; FOOL ME TWICE, SHAME ON ME
The Ranking Member of the Financial Services Committee, Congressman Spencer Bachus (R-AL), introduced financial regulatory reform legislation entitled HR 3310, the Consumer Protection and Regulatory Enhancement Act of 2009, on July 23, ...
FOOL ME ONCE, SHAME ON YOU; FOOL ME TWICE, SHAME ON ME
The Ranking Member of the Financial Services Committee, Congressman Spencer Bachus (R-AL), introduced financial regulatory reform legislation entitled HR 3310, the Consumer Protection and Regulatory Enhancement Act of 2009, on July 23, ...
Omnibus Spending Bill Gridlocked in Senate | girls
H.R. 3310 also creates a Market Stability and Capital Adequacy Board in order to monitor the financial sector and identify risks, and taxpayer subsidies of Fannie Mae and Freddie Mac would also end…” – unfortunatly America now has HR ...
Users tracking H.R.3310 (5) are also tracking:
| Bills | People |
|---|---|
Users supporting H.R.3310 (2) are also:
| Supporting Bill | Supporting Senator | Supporting Representative |
|---|---|---|
| Opposing Bill | Opposing Senator | Opposing Representative |
|---|---|---|
Vote on This Bill
-
Share This Bill
More Share via Email
