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S.3217 Restoring American Financial Stability Act of 2010, 111th Congress

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Official Bill Info

  • Latest Action: May 25, 2010 Returned to the Calendar. Calendar No. 349.

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    I know the most recent action for this bill is as follows: "Returned to the Calendar. Calendar No. 349." on May 25, 2010
  • Committee Assignment: Senate Committee on Banking, Housing, and Urban Affairs

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    This bill has been assigned to the Senate Committee on Banking, Housing, and Urban Affairs committee.
  • This bill's most-recent vote occurred on May 20, 2010, with a roll call of 60 ayes, 39 nays, and 1 not voting.

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    This bill's most-recent vote occurred on May 20, 2010, with a roll call of 60 ayes, 39 nays, and 1 not voting.

Bill Statistics on OpenCongress

  • 69% of users oppose S.3217

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    69% of users on OpenCongress.org, a free, non-partisan resource, oppose S.3217.
  • S.3217 has been viewed 175,767 times

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    S.3217 has been viewed 175,767 times on OpenCongress.org, a free, non-partisan resource.
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    OpenCongress Bill Summary

    • This is the Democrats' financial regulatory reform bill. It seeks to address the regulatory lapses that lead to the crisis of 2008 and fix the problem of "too big to fail" that necessitated the bailouts. It would create a process for the government to seize and break up failing financial firms, create a new consumer protection agency specifically for financial products, reform the derivatives market, and more. An 11-page summary from the Banking Committee can be found online here.

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      Here's a summary from OpenCongress.org: This is the Democrats' financial regulatory reform bill. It seeks to address the regulatory lapses that lead to the crisis of 2008 and fix the problem of "too big to fail" that necessitated the bailouts. It would create a process for the government to seize and break up failing financial firms, create a new consumer protection agency specifically for financial products, reform the derivatives market, and more. An 11-page summary from the Banking Committee can be found online here.

    Supporting Organizations

    • AFL-CIO

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      I know that the organization AFL-CIO supports S.3217
    • American Federation of State, County and Municipal Employees

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      I know that the organization American Federation of State, County and Municipal Employees supports S.3217
    • Consumer Federation of America

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      I know that the organization Consumer Federation of America supports S.3217
    • National Council of La Raza

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      I know that the organization National Council of La Raza supports S.3217
    • Center for Responsible Lending

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      I know that the organization Center for Responsible Lending supports S.3217
    • Americans for Financial Reform

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      I know that the organization Americans for Financial Reform supports S.3217
    • Public Interest Research Group

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      I know that the organization Public Interest Research Group supports S.3217

    Opposing Organizations

    • Independent Community Bankers of America

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      I know that the organization Independent Community Bankers of America opposes S.3217
    • National Association of Home Builders

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      I know that the organization National Association of Home Builders opposes S.3217
    • American Bankers Association

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      I know that the organization American Bankers Association opposes S.3217
    • American Council of Life Insurers

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      I know that the organization American Council of Life Insurers opposes S.3217
    • Financial Services Forum

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      I know that the organization Financial Services Forum opposes S.3217
    • US Chamber of Commerce

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      I know that the organization US Chamber of Commerce opposes S.3217
    • National Auto Dealers Association

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      I know that the organization National Auto Dealers Association opposes S.3217
    • The Financial Services Roundtable

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      I know that the organization The Financial Services Roundtable opposes S.3217
    • J.P. Morgan

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      I know that the organization J.P. Morgan opposes S.3217

    Most-commented sections of the bill text

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      specifically, this section of the legislation: "",
    • (2 comments, Link )

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    Highest Rated User Comments

    • On April 17, 2010, by KathChalmers - Is this a bad bill overall? I don't know, but sections 412 and 926 will dramatically reduce angel investing in an already very difficult funding environment. For a good analysis see Startups Get Hit By Shrapnel In The Banking Bill by Fred Wilson at http://www.avc.com/a_vc/2010/03/startups-get-hit-by-shrapnel-in-the-banking-bill.html

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      As noted by KathChalmers, a user on OpenCongress.org, on April 17, 2010, "Is this a bad bill overall? I don't know, but sections 412 and 926 will dramatically reduce angel investing in an already very difficult funding environment. For a good analysis see Startups Get Hit By Shrapnel In The Banking Bill by Fred Wilson at http://www.avc.com/a_vc/2010/03/startups-get-hit-by-shrapnel-in-the-banking-bill.html"
    • On April 22, 2010, by catelong - Learn more about the issues in financial reform at Riski, the open source platform for financial market reform: Break up banks -- http://freerisk.org/wiki/index.php/Break_up_banks Resolution authority -- http://freerisk.org/wiki/index.php/Resolution_authority Derivatives -- http://freerisk.org/wiki/index.php/Derivatives Credit rating agencies -- http://freerisk.org/wiki/index.php/Credit_rating_agencies

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      As noted by catelong, a user on OpenCongress.org, on April 22, 2010, "Learn more about the issues in financial reform at Riski, the open source platform for financial market reform: Break up banks -- http://freerisk.org/wiki/index.php/Break_up_banks Resolution authority -- http://freerisk.org/wiki/index.php/Resolution_authority Derivatives -- http://freerisk.org/wiki/index.php/Derivatives Credit rating agencies -- http://freerisk.org/wiki/index.php/Credit_rating_agencies"
    • On April 23, 2010, by justamick - The "Volcker Rule," as drafted in Section 619 gives regulators the discretion to limit & prohibit some investment activities of financial services companies. In particular, this bill directs regulators to prohibit government insured depository institutions from engaging in "proprietary trading," whereby a company trades for its own account. However, the reach of the bill extends beyond the bounds of a depository institution to its affiliates & subsidiaries. For insurers that own banks or thrifts, this could mean that all of the investment activity essential to the running of the insurance operations would be significantly limited to investment in only government securities, despite these operations already being heavily regulated by state insurance regulators. The result would be that products that require more robust investments to support them would be limited to government securities, which do not earn enough to keep the cost of such products affordable.

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      As noted by justamick, a user on OpenCongress.org, on April 23, 2010, "The "Volcker Rule," as drafted in Section 619 gives regulators the discretion to limit & prohibit some investment activities of financial services companies. In particular, this bill directs regulators to prohibit government insured depository institutions from engaging in "proprietary trading," whereby a company trades for its own account. However, the reach of the bill extends beyond the bounds of a depository institution to its affiliates & subsidiaries. For insurers that own banks or thrifts, this could mean that all of the investment activity essential to the running of the insurance operations would be significantly limited to investment in only government securities, despite these operations already being heavily regulated by state insurance regulators. The result would be that products that require more robust investments to support them would be limited to government securities, which do not earn enough to keep the cost of such products affordable."

    Highly Rated Blog Articles

    • Tackling Unfunded Pensions; Raising Taxes And Watching The Economy ... - January 01, 2011 by Logistics Monster - 3739 of Bill S. 3217) that was passed and found the pertinent information starting on page 62, with the investment and non-governmental monies section on page 78. It's still in there. At this point, the underground economy is about to ...

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      As noted by Logistics Monster on January 01, 2011, "3739 of Bill S. 3217) that was passed and found the pertinent information starting on page 62, with the investment and non-governmental monies section on page 78. It's still in there. At this point, the underground economy is about to ..." (http://logisticsmonster.com/2011/01/02/tackling-unfunded-pensions-raising-taxes-and-watching-the-economy-shrink/)
    • Gerald Celente, 12.29.2010; The Fed's $20 Trillion Bailout/Payoff ... - December 28, 2010 by Logistics Monster - 3739 of Bill S. 3217) that was passed and found the pertinent information starting on page 62, with the investment and non-governmental monies section on page 78. It's still in there. At this point, the underground economy is about to ...

      Clicking this will add the following text:

      As noted by Logistics Monster on December 28, 2010, "3739 of Bill S. 3217) that was passed and found the pertinent information starting on page 62, with the investment and non-governmental monies section on page 78. It's still in there. At this point, the underground economy is about to ..." (http://logisticsmonster.com/2011/01/01/gerald-celente-12-29-2010-the-feds-20-trillion-bailoutpayoff/)
    • Sales Portal » Blog Archive » Are Third Party Membership Clubs a ... - December 28, 2010 by Sales Portal - ... “club” programs and introduce new proposed legislation that would allow “overreach expansion of FTC powers”, e.g., current consumer legislation that has been passed in regard to data pass and the proposed amendment of S. 3217, etc. ...

      Clicking this will add the following text:

      As noted by Sales Portal on December 28, 2010, "... “club” programs and introduce new proposed legislation that would allow “overreach expansion of FTC powers”, e.g., current consumer legislation that has been passed in regard to data pass and the proposed amendment of S. 3217, etc. ..." (http://www.salesportal.com/blog/?p=48)

    Highly Rated News Articles

    • Senate Passes Financial Reform Bill - December 12, 2010 by Accounting Today - ...between investment banking and commercial banking. Treasury Secretary Timothy Geithner praised the passage of the bill, S.3217, the Restoring American Financial Stability Act of 2010. Today we stand closer than ever to enacting meaningful financial refo

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      As noted by Accounting Today on December 12, 2010, "...between investment banking and commercial banking. Treasury Secretary Timothy Geithner praised the passage of the bill, S.3217, the Restoring American Financial Stability Act of 2010. Today we stand closer than ever to enacting meaningful financial refo" (http://www.accountingtoday.com/news/Senate-Passes-Financial-Reform-Bill-54305-1.html?CMP=OTC-RSS)
    • Financial Reform Alert - October 19, 2010 by JD Supra (press release) - The Senate Bill S. 3217 was passed by the Senate on May 20, 2010. While there are significant differences between the bills, it appears that there is a ...

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      As noted by JD Supra (press release) on October 19, 2010, " The Senate Bill S. 3217 was passed by the Senate on May 20, 2010. While there are significant differences between the bills, it appears that there is a ... " (http://www.jdsupra.com/post/documentViewer.aspx?fid=59305403-39af-403a-a761-53a73d7841ed)
    • Content of Specific Issue field - September 26, 2010 by Center for Responsive Politics - ... HR3126 - Consumer Financial Protection Agency Act of 2009; HR4173 - Wall Street Reform and Consumer Protection Act of 2009; S.3217 - Restoring American ...

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      As noted by Center for Responsive Politics on September 26, 2010, " ... HR3126 - Consumer Financial Protection Agency Act of 2009; HR4173 - Wall Street Reform and Consumer Protection Act of 2009; S.3217 - Restoring American ... " (http://www.opensecrets.org/lobby/specissue.php?id=109473&bname=H.R.3126&name=Capital%20One%20Financial&year=2010)
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