By Silla Brush - 05/07/10 03:04 AM EDT
The Senate will soon consider possibly hundreds of amendments to a sweeping bill designed to crack down on Wall Street.
More than a year after the financial crisis drove the U.S. economy into a deep recession, the Senate will weigh major and minor changes to the nation's sprawling financial regulatory system.
Here's a list of the initial amendments headed for the floor. The Hill's On the Money blog will update this list frequently:
-- Sen. Barbara BoxerBarbara BoxerReid faces Sanders supporters' fury at DNC Calif. Dem touts her 'badass' sister's Senate run The Trail 2016: One large crack in the glass ceiling MORE (D-Calif.) has a two-page amendment that says no taxpayer funds will be used in liquidating failing firms. Roll Call vote, 96-1
-- Sens. Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.) reached an agreement on 'too big to fail provisions' that nix a $50 billion fund to cover costs of a financial collapse. It gives the Federal Deposit Insurance Corporation the ability to liquidate large firms with a line of credit from the Treasury Department. The FDIC would recoup losses by selling off assets of failed firms. Creditors would be required to pay back any money received above what they would've gotten through bankruptcy. The amendment limits the authority of regulators to help financial firms and would require Congressional approval of debt guarantees, such as what the FDIC did during the 2008 financial crisis. The Federal Reserve also could use emergency lending powers to assist solvent firms. Roll Call vote, 93-5
-- Sen. Olympia Snowe (R-Maine) proposed two amendments considered together in the Senate. The first would strike language requiring banks to make disclosures such as the number and dollar amount of deposit accounts of customers, and geo-coding, by census tract, of residence or business location of each customer to the Consumer Financial Protection Bureau. The bill's provisions would have imposed regulatory costs on banks and possibly violated privacy rights. Voice vote
The second amendment preserves the ability for small business owners to use their homes as collateral to access credit. Voice vote
-- Sens. Jon TesterJon TesterSenate Dems push Obama for more Iran transparency Bayh jumps into Indiana Senate race Six senators call on housing regulator to let Congress finish housing finance reform MORE (D-Mont.) and Kay Bailey Hutchison (R-Texas) have an amendment to redefine the Federal Deposit Insurance Corporation's (FDIC) assessment base that aims to shift the burden to big banks and away from small, community banks. The amendment was strongly supported by consumer banks. Roll Call vote, 98-0.
-- Democratic Sens. Robert MenendezRobert MenendezTim Kaine backs call to boost funding for Israeli missile defense GMO labeling bill advances in the Senate over Dem objections Overnight Finance: Trump threatens NAFTA withdrawal | Senate poised for crucial Puerto Rico vote | Ryan calls for UK trade deal | Senate Dems block Zika funding deal MORE (N.J.) and Daniel Akaka (Hawaii) will seek to toughen up a fiduciary standard as it applies to brokers. They argue the fraud case against Goldman Sachs underscores the need for a tougher standard for broker dealers when they give investment advice.
-- Sens. Jeff MerkleyJeff MerkleyKaine as Clinton's VP pick sells out progressive wing of party Unions want one thing from Hillary tonight: A stake in TPP’s heart Only senator to back Bernie: Dems must unite MORE (Ore.) and Carl LevinCarl LevinAs other regulators move past implementing Dodd-Frank, the SEC falls further behind Will partisan politics infect the Supreme Court? Fight for taxpayers draws fire MORE (Mich.) want to ban proprietary trading at banks.
-- Sen. Byron Dorgan (D-N.D.) said he intended to introduce an amendment banning "naked" credit default swaps, one form of derivatives.
-- Democratic Sens. Sherrod BrownSherrod BrownThe Trail 2016: Her big night Kaine as Clinton's VP pick sells out progressive wing of party Unions want one thing from Hillary tonight: A stake in TPP’s heart MORE (Ohio) and Ted Kaufman (Del.) are backing an amendment that targets the size, leveraging and capital requirements of big banks. The amendment is cosponsored by Sens. Bob CaseyBob CaseyTim Kaine backs call to boost funding for Israeli missile defense The Trail 2016: The newrevolution begins Liberal group: Kaine could be 'disastrous' VP pick MORE (D-Pa.), Sheldon WhitehouseSheldon WhitehouseThe Hill's 12:30 Report Why Kaine is the right choice for Clinton Report: More, stronger cyber attacks to flood networks MORE (D-R.I.), Jeff Merkley (D-Ore.), Tom HarkinTom HarkinGrassley challenger no stranger to defying odds Clinton ally stands between Sanders and chairmanship dream Do candidates care about our health or just how much it costs? MORE (D-I.A.), Bernie SandersBernie SandersClinton links Trump debt to student loan fight Katy Perry fundraises for Clinton on convention stage FULL SPEECH: Hillary Clinton closes out Democratic convention MORE (I-Vt.) and Roland Burris (D-Ill.). The amendment would impose a 10 percent cap on a firm's share of total bank deposits in the country. It would limit at 2 percent a bank's non-deposit liabilities and at 3 percent those liabilities at a non-bank. The amendment would also set a 6 percent leverage limit for bank holding companies and selected non-bank companies. Roll Call vote, 33-61. Failed
-- Sen. Sam Brownback (R-Kan.) wants to exempt auto dealers from a new consumer financial protection office. The amendment is supported strongly by the National Automobile Dealers Association (NADA). President Barack ObamaBarack ObamaFULL SPEECH: Hillary Clinton closes out Democratic convention Poll: Latinos less enthusiastic to vote in '16 than in '12 Obama Justice Department makes case against single-payer healthcare MORE, the Treasury Department and Defense Department have all said they will fight efforts to exempt auto dealers.
-- Sens. Maria CantwellMaria CantwellTim Kaine backs call to boost funding for Israeli missile defense Remembering small business during the presidential election GOP energy negotiator accuses Senate chairman of 'bizarre' promise MORE (D-Wash.) and John McCainJohn McCainFULL SPEECH: Hillary Clinton closes out Democratic convention Republican foreign policy advisers call on Congress to probe DNC hack Trump’s minimum wage two-step confuses business groups, advisers MORE (R-Ariz.) have an amendment to include provisions similar to the 1933 Glass-Steagall Act that separated commercial and investment banking.
-- Sen. Ron WydenRon WydenThe Hill's 12:30 Report Tim Kaine backs call to boost funding for Israeli missile defense Dems push for US, EU cooperation on China's market status MORE (D-Ore.) wants to require firms to disclose financial interests in the decline in value of financial products.
-- Sens. Jim Webb (D-Va.) and Barbara Boxer (D-Calif.) have an amendment to tax bonuses at firms that received more than $5 billion in bailout money from he $700 billion rescue package. It would be a one-time tax on bonuses in excess of $400,000.
-- Sen. Bernie Sanders (I-Vt.) wants to require the Government Accountability Office (GAO) to audit the Federal Reserve. This amendment was significantly modified on May 6 to restrict its scope to audits of the Fed's activities during the financial crisis and not to apply to monetary policy audits.
-- Sen. Russ Feingold (D-Wisc.) wants to eliminate automatic pay adjustments for members of Congress.
-- Sen. Ben CardinBen CardinTim Kaine backs call to boost funding for Israeli missile defense Democratic National Convention event calendar Bernie’s ‘revolution’ marches to Philly MORE (D-Md.) wants the Securities and Exchange Commission (SEC) to require resource extraction companies to disclose payments to any foreign government or federal government for the extraction of oil, natural gas or minerals. The amendment is cosponsored by Sens. Richard Lugar (R-Ind.), Dick DurbinDick DurbinSyria activists cheer Kaine pick Democratic National Convention event calendar Opioid package clears key Senate hurdle MORE (D-Ill.), Charles SchumerCharles SchumerConvention shows Democrats support fracking, activists on the fringe Dem ad blasts Indiana senate candidate on Social Security The Trail 2016: Unity at last MORE (D-N.Y.), Russ Feingold (D-Wisc.), Jeff Merkley (D-Ore.) and Tim JohnsonTim JohnsonFormer GOP senator endorses Clinton after Orlando shooting Housing groups argue Freddie Mac's loss should spur finance reform On Wall Street, Dem shake-up puts party at crossroads MORE (D-S.D.).
-- Sen. John McCain (R-Ariz.) is proposing to require regulators to come up with a date certain to end the conservatorship of Fannie Mae and Freddie Mac.
-- Sen. Bob CorkerBob CorkerTrump starts considering Cabinet Trump's secret weapon is Ivanka Senate Dems introduce Iran sanctions extension MORE (R-Tenn.) wants to require an independent trust to manage assets under the $700 billion bailout program.
-- Sen. Bill NelsonBill NelsonTim Kaine backs call to boost funding for Israeli missile defense More automakers admit to equipping new cars with defective airbags GOP warming up to Cuba travel MORE (D-Fla.) wants the Securities and Exchange Commission (SEC) to develop rules requiring credit rating agencies to have "current and reliable" ratings.
-- Sens. Sheldon Whitehouse (D-R.I.), Jeff Merkley (D-Ore.), Dick Durbin (D-Ill.), Bernie Sanders (I-Vt.), Carl Levin (D-Mich.) and Roland Burris (D-Ill.) want to prevent consumer credit transactions from having higher rates than the maximum allowed in a given state.
-- Sen. Bernie Sanders (I-Vt.) wants to create a national credit usury rate. Sanders is joined by Sens. Pat Leahy (D-Vt.), Tom Harkin (D-Iowa), Sheldon Whitehouse (D-R.I.) and Mark BegichMark BegichSenate GOP deeply concerned over Trump effect Ex-Sen. Kay Hagan joins lobby firm Unable to ban Internet gambling, lawmakers try for moratorium MORE (D-Alaska). The rate would be set at 15 percent. Credit unions would be exempt.
-- Sen. Kay Bailey Hutchison (R-Texas) wants to preserve the Federal Reserve as the primary regulator of state member banks. Hutchison is joined on the amendment by Sens. Amy KlobucharAmy KlobucharTim Kaine backs call to boost funding for Israeli missile defense Senate Dems push Obama for more Iran transparency Senators launch broadband caucus MORE (D-Minn.), Mike JohannsMike JohannsTo buy a Swiss company, ChemChina must pass through Washington Republican senator vows to block nominees over ObamaCare co-ops Revisiting insurance regulatory reform in a post-crisis world MORE (R-Neb.), Bob Corker (R-Tenn.), David VitterDavid VitterTim Kaine backs call to boost funding for Israeli missile defense David Duke will bank on racial tensions in Louisiana Senate bid Former KKK leader David Duke running for Senate MORE (R-La.), Kit Bond (R-Mo.), Richard Shelby (R-Ala.), Mike CrapoMike CrapoGOP warming up to Cuba travel Ann Coulter: VP pick is Trump's first mistake Overnight Finance: Freedom Caucus moves to impeach IRS chief | Calls for US-UK trade talks | Clinton ally offers trade for Trump tax returns MORE (R-Idaho), Scott Brown (R-Mass.) and Bob Bennett (R-Utah). Major financial trade associations, including the Independent Community Bankers of America (ICBA), American Bankers Association (ABA), Financial Services Forum and Financial Services Roundtable have urged senators to keep the Fed as a regulator over smaller state-member banks.
-- Sen. David Vitter (R-La.) wants to strike a section of the bill aimed at expanding access to financial activities and banks for low and moderate income people. The legislation would encourage regulators to conduct studies and provide incentives away from payday loans.
-- Sen. Kay HaganKay HaganDemocratic National Convention event calendar 10 Senate seats most likely to flip in 2016 Senate Republicans are feeling the 'Trump effect' MORE (D-N.C.) is joined by Sens. Charles Schumer (D-N.Y.) and Dick Durbin (D-Ill.) on an amendment reining in the payday loan industry. The amendment would cap at six the number of short-term loans a borrower may have in a given year.
-- Sen. Jeff Merkley (D-Ore.) plans to introduce an amendment ensuring state insurance regulators retain strong powers under a new Office of National Insurance. Merkley is concerned the office would preempt state insurance rules.
-- Sen. Bill Nelson (D-Fla.) wants to repeal "safe harbor" provisions for financial derivatives when a company goes into bankruptcy.
-- Sen. Bob Corker (R-Tenn.) wants to strike legislation requiring lenders keep 5 percent of the risk. Corker is joined by Sens. Mike EnziMike EnziSanford-Enzi 'Penny Plan' gets nation to a balanced budget Majority of GOP senators to attend Trump convention Judd Gregg: The silver lining MORE (R-Wyo.) and Kay Bailey Hutchsion (R-Texas) on the amendment. The senators want to require a sudy of the asset-backed securitization process.
-- Sen. Orrin HatchOrrin HatchTim Kaine backs call to boost funding for Israeli missile defense Froman: Too early to start trade talks with the UK Bacteria found ahead of Olympics underscores need for congressional action for new antibiotics MORE (R-Utah) has an amendment to require the Treasury Department to report to Congress within six months with a plan to reform Fannie Mae and Freddie Mac. The amendment is also backed by Sens. Scott Brown (R-Mass.) and Mike Enzi (R-Wyo.)
-- Sen. Jack ReedJack ReedDems to GOP: Admit Trump is 'unfit' to be president Armed Services leaders encouraged after first conference meeting US urges China to be calm in wake of South China Sea ruling MORE (D-R.I.) is planning to introduce an amendment that would require Securities and Exchange Commission (SEC) registration for hedge funds and other funds with at least $30 million in assets under management.
-- Sen. Byron Dorgan (D-N.D.) said Tuesday he would introduce an amendment to give a council of regulators greater power to break up firms that it deems are "too big to fail."
-- Sen. Dick Durbin (D-Ill.) has an amendment to give the consumer protection office power over private student loans.
-- Sen. Dick Durbin (D-Ill.) has three amendments aimed at restricting "interchange fees" between credit card issuers and merchants, retailers and others. The three amendments apply to debit cards, interchange fees charged to the government and anti-competitive practices.
-- Sens. Ron Wyden (D-Ore.) and Charles GrassleyChuck GrassleyDems urge Obama to release info on Russian links to DNC hack Top senators want details on probe of DNC breach Top Dem Senate hopefuls to skip convention MORE (R-Iowa) want to end the practice of senators placing secret holds. The amendment would require written notice and publication of a hold.
-- Sen. Tom Harkin (D-Iowa) introduced an amendment to require the new consumer financial regulator to ensure that ATM fees, "bear a reasonable relation to the cost of processing the transaction." Harkin is joined by Sens. Charles Schumer (D-N.Y.) and Bernie Sanders (I-Vt.) on the amendment.
-- Sen. Pat Leahy (D-Vt.) submitted an amendment to include a new title to the bill, called the "Faster FOIA Act of 2010." The legislation would require a commission to study ways to improve the speed of freedom of information act requests. The commission would have congressional and executive branch appointees.
-- Sen. Mark PryorMark PryorCotton pitches anti-Democrat message to SC delegation Ex-Sen. Kay Hagan joins lobby firm Top Democrats are no advocates for DC statehood MORE (D-Ark.) submitted an amendment giving the Securities and Exchange Commission greater power to look at credit rating agencies.
-- Sen. Charles Schumer (D-N.Y.) wants to require the Department of Housing and Urban Development to establish a program to protect tenants and at-risk multifamily properties.
-- Sen. Mark UdallMark UdallColorado GOP Senate race to unseat Dem incumbent is wide open Energy issues roil race for Senate Unable to ban Internet gambling, lawmakers try for moratorium MORE (D-Colo.) has an amendment to require free credit scores. The amendment is cosponsored by Sens. Richard Lugar (R-Ind.), Kit Bond (R-Mo.), Scott Brown (R-Mass.), Sherrod Brown (D-Ohio), Kay Hagan (D-N.C.), Carl Levin (D-Mich.), Joe Lieberman (I-Conn.), Claire McCaskillClaire McCaskillDems begin ‘treason’ talk against Trump The Republicans' hypocrisy on minimum wage Watchdog faults Energy Department over whistleblower retaliation MORE (D-Mo.) and Jeanne Shaheen Jeanne ShaheenDemocrats ‘freaked out’ about polls in meeting with Clinton GMO labeling bill advances in the Senate over Dem objections Overnight Defense: US blames ISIS for Turkey attack | Afghan visas in spending bill | Army rolls up its sleeves MORE (D-N.H.).
-- Sen. Bob Corker (R-Tenn.) submitted an amendment requiring an, "Asset Bubble Study." Corker wants federal regulators and agencies to study the, "feasability and advisability of establishing quantitative criteria for identifying housing bubbles." The amendment is backed by Sens. Mike Enzi (R-Wyo.), Johnny IsaksonJohnny IsaksonTim Kaine backs call to boost funding for Israeli missile defense Clinton set to break ceiling GOP senators to donors: Stick with us regardless of Trump MORE (R-Ga.), Saxby ChamblissSaxby ChamblissWyden hammers CIA chief over Senate spying Cruz is a liability Inside Paul Ryan’s brain trust MORE (R-Ga.) and John BarrassoJohn BarrassoMcAuliffe: I wouldn't want a 'caretaker' in Kaine's Senate seat Goonies, Pokemon and ‘transsexual shake’ speak to raucous scene at convention GOP passes rules vote over outcry from Trump opponents MORE (R-Wyo.).
-- Sen. Patty MurrayPatty MurrayOur children, our future – bridging the partisan divide Overnight Energy: Officials close in on new global emissions deal NBA pulls All-Star Game from NC over bathroom law MORE (D-Wash.) introduced an amendment requiring a state securities regulator to be represented on a new financial stability oversight council of regulators designed to look for broad systemic risks. The amendment is supported by the North American Securities Administrators Association.
-- Sen. Al FrankenAl FrankenParty unity overcomes chaos...and the Bernie-or-Bust crowd The Hill's 12:30 Report Podesta: 'We need to move on and consolidate around Hillary' MORE (D-Minn.) has an amendment prevent conflicts of interest in the credit rating agency industry. Currently issuers pay ratings firms to grade their offerings. Franken wants to create a Credit Rating Agency Board to task a ratings firm to grade each offering. Franken is joined by Sens. Charles Schumer (D-N.Y.) and Bill Nelson (D-Fla.) on the amendment.
-- Sen. Claire McCaskill (D-Mo.) filed an amendment to create a council of inspectors general on financial oversight.
-- Sen. Lisa MurkowskiLisa MurkowskiMcAuliffe: I wouldn't want a 'caretaker' in Kaine's Senate seat Big Oil makes a push for risky and reckless Arctic drilling GOP divided over 0M for climate fund MORE (R-Alaska) wants to exempt banks and credit unions with $5 billion or less in assets from the rules, examinations and enforcement powers of a new consumer financial protection regulator.
-- Sen. Susan CollinsSusan CollinsTim Kaine backs call to boost funding for Israeli missile defense The Trail 2016: Words matter Lobbyists bolting Trump convention early MORE (R-Maine) wants to add the National Credit Union Administration (NCUA) to a financial stability council of regulators designed to oversee the financial system for broad risks.