Amending Wall Street

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:

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Amendments approved

-- Sen. Barbara BoxerBarbara Levy BoxerThe Hill's Morning Report - Presented by Facebook - Biden, Harris launch Trump offensive in first joint appearance Bottom line Polls show big bounce to Biden ahead of Super Tuesday 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

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-- Sens. Jon TesterJonathan (Jon) TesterPence seeks to boost Daines in critical Montana Senate race This World Suicide Prevention Day, let's recommit to protecting the lives of our veterans Filibuster fight looms if Democrats retake Senate 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


PENDING AMENDMENTS

-- Democratic Sens. Robert MenendezRobert (Bob) MenendezKasie Hunt to host lead-in show for MSNBC's 'Morning Joe' Senators ask for removal of tariffs on EU food, wine, spirits: report VOA visa decision could hobble Venezuela coverage 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 MerkleyJeffrey (Jeff) Alan MerkleyThe Hill's Morning Report - Sponsored by The Air Line Pilots Association - Trump, Biden renew push for Latino support Sunday shows - Trump team defends coronavirus response Oregon senator says Trump's blame on 'forest management' for wildfires is 'just a big and devastating lie' MORE (Ore.) and Carl LevinCarl Milton LevinMichigan to pay 0M to victims of Flint water crisis Unintended consequences of killing the filibuster Inspector general independence must be a bipartisan priority in 2020 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 Campbell BrownEmboldened Democrats haggle over 2021 agenda Hillicon Valley: Russia 'amplifying' concerns around mail-in voting to undermine election | Facebook and Twitter take steps to limit Trump remarks on voting | Facebook to block political ads ahead of election Top Democrats press Trump to sanction Russian individuals over 2020 election interference efforts 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 CaseyRobert (Bob) Patrick CaseySecond GOP senator to quarantine after exposure to coronavirus GAO report finds brokers offered false info on coverage for pre-existing conditions Catholic group launches .7M campaign against Biden targeting swing-state voters MORE (D-Pa.), Sheldon WhitehouseSheldon WhitehouseLWCF modernization: Restoring the promise Restaurant owner defends calamari as 'bipartisan' after Democratic convention appearance Warren calls on McConnell to bring Senate back to address Postal Service MORE (D-R.I.), Jeff Merkley (D-Ore.), Tom HarkinThomas (Tom) Richard HarkinThe Memo: Trump attacks on Harris risk backfiring Ernst challenges Greenfield to six debates in Iowa Senate race Biden unveils disability rights plan: 'Your voices must be heard' MORE (D-I.A.), Bernie SandersBernie SandersMcConnell accuses Democrats of sowing division by 'downplaying progress' on election security The Hill's Campaign Report: Arizona shifts towards Biden | Biden prepares for drive-in town hall | New Biden ad targets Latino voters Why Democrats must confront extreme left wing incitement to violence 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 Hussein ObamaThe Hill's 12:30 Report - Presented by Facebook - Don't expect a government check anytime soon Trump appointees stymie recommendations to boost minority voting: report Obama's first presidential memoir, 'A Promised Land,' set for November release MORE, the Treasury Department and Defense Department have all said they will fight efforts to exempt auto dealers.

-- Sens. Maria CantwellMaria Elaine CantwellHillicon Valley: Zuckerberg acknowledges failure to take down Kenosha military group despite warnings | Election officials push back against concerns over mail-in voting, drop boxes Bipartisan senators call for investigation of popular fertility app The Hill's Coronavirus Report: Mike Roman says 3M on track to deliver 2 billion respirators globally and 1 billion in US by end of year; US, Pfizer agree to 100M doses of COVID-19 vaccine that will be free to Americans MORE (D-Wash.) and John McCainJohn Sidney McCainThe electoral reality that the media ignores Kelly's lead widens to 10 points in Arizona Senate race: poll COVID response shows a way forward on private gun sale checks MORE (R-Ariz.) have an amendment to include provisions similar to the 1933 Glass-Steagall Act that separated commercial and investment banking.

-- Sen. Ron WydenRonald (Ron) Lee WydenGOP senator blocks Schumer resolution aimed at Biden probe as tensions run high Republican Senators raise concerns over Oracle-TikTok deal Hillicon Valley: TikTok, Oracle seek Trump's approval as clock winds down | Hackers arrested for allegedly defacing U.S. websites after death of Iranian general | 400K people register to vote on Snapchat 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 CardinBenjamin (Ben) Louis CardinPPP application window closes after coronavirus talks deadlock  Congress eyes tighter restrictions on next round of small business help Senate passes extension of application deadline for PPP small-business loans 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 DurbinRichard (Dick) Joseph DurbinMcConnell focuses on confirming judicial nominees with COVID-19 talks stalled Senate Republicans signal openness to working with Biden Top GOP senator calls for Biden to release list of possible Supreme Court picks MORE (D-Ill.), Charles SchumerChuck SchumerMcConnell accuses Democrats of sowing division by 'downplaying progress' on election security Warren, Schumer introduce plan for next president to cancel ,000 in student debt Schumer lashes out at Trump over 'blue states' remark: 'What a disgrace' MORE (D-N.Y.), Russ Feingold (D-Wisc.), Jeff Merkley (D-Ore.) and Tim JohnsonTimothy (Tim) Peter JohnsonCornell to launch new bipartisan publication led by former Rep. Steve Israel Trump faces tough path to Fannie Mae, Freddie Mac overhaul Several hurt when truck runs into minimum wage protesters in Michigan 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.

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-- Sen. Bob CorkerRobert (Bob) Phillips CorkerHas Congress captured Russia policy? Tennessee primary battle turns nasty for Republicans Cheney clashes with Trump MORE (R-Tenn.) wants to require an independent trust to manage assets under the $700 billion bailout program.

-- Sen. Bill NelsonClarence (Bill) William NelsonDemocrats sound alarm on possible election chaos Trump, facing trouble in Florida, goes all in NASA names DC headquarters after agency's first Black female engineer Mary W. Jackson 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 Peter BegichAlaska group backing independent candidate appears linked to Democrats Sullivan wins Alaska Senate GOP primary Alaska political mess has legislators divided over meeting place 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 KlobucharEPA delivers win for ethanol industry angered by waivers to refiners It's time for newspapers to stop endorsing presidential candidates Biden marks anniversary of the Violence Against Women Act, knocks Trump and McConnell MORE (D-Minn.), Mike JohannsMichael (Mike) Owen JohannsMeet the Democratic sleeper candidate gunning for Senate in Nebraska Farmers, tax incentives can ease the pain of a smaller farm bill Lobbying World MORE (R-Neb.), Bob Corker (R-Tenn.), David VitterDavid Bruce VitterLysol, Charmin keep new consumer brand group lobbyist busy during pandemic Bottom line Bottom line MORE (R-La.), Kit Bond (R-Mo.), Richard Shelby (R-Ala.), Mike CrapoMichael (Mike) Dean CrapoBottom line Davis: The Hall of Shame for GOP senators who remain silent on Donald Trump Top GOP senator urges agencies to protect renters, banks amid coronavirus aid negotiations 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.

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-- 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 Ruthven HaganThe Hill's Campaign Report: Democratic Unity Taskforce unveils party platform recommendations Democrats awash with cash in battle for Senate The Hill's Campaign Report: Trump's job approval erodes among groups that powered his 2016 victory 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 EnziMichael (Mike) Bradley EnziCynthia Lummis wins GOP Senate primary in Wyoming The Hill's Convention Report: Democrats gear up for Day Two of convention Davis: The Hall of Shame for GOP senators who remain silent on Donald Trump 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 Grant HatchBottom line Bottom line Senate GOP divided over whether they'd fill Supreme Court vacancy  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 ReedJohn (Jack) Francis ReedWhen 'Buy American' and common sense collide Hillicon Valley: Russia 'amplifying' concerns around mail-in voting to undermine election | Facebook and Twitter take steps to limit Trump remarks on voting | Facebook to block political ads ahead of election Top Democrats press Trump to sanction Russian individuals over 2020 election interference efforts 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 GrassleyCharles (Chuck) Ernest GrassleySenate Republicans signal openness to working with Biden Senators offer disaster tax relief bill Trump spikes political football with return of Big Ten season 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 Lunsford PryorCoronavirus poses risks for Trump in 2020 Tom Cotton's only Democratic rival quits race in Arkansas Medicaid rollback looms for GOP senators in 2020 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 Emery UdallThe 10 Senate seats most likely to flip Democratic presidential race comes into sharp focus Democrats will win back the Senate majority in 2020, all thanks to President Trump 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 Conner McCaskillDemocratic-linked group runs ads in Kansas GOP Senate primary Trump mocked for low attendance at rally Missouri county issues travel advisory for Lake of the Ozarks after Memorial Day parties MORE (D-Mo.) and Jeanne ShaheenCynthia (Jeanne) Jeanne ShaheenSenate Democrats introduce bill to sanction Russians over Taliban bounties Trump-backed candidate wins NH GOP Senate primary to take on Shaheen Democratic senator urges Trump to respond to Russian aggression 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 IsaksonBottom line New poll shows tight presidential race in Georgia Matt Lieberman faces calls to drop out of Georgia Senate race over 'racist and discriminatory' tropes in 2018 book MORE (R-Ga.), Saxby ChamblissClarence (Saxby) Saxby ChamblissLobbying world GOP lobbyist tapped for White House legislative affairs The Hill's Morning Report - Gillibrand drops out as number of debaters shrinks MORE (R-Ga.) and John BarrassoJohn Anthony BarrassoOVERNIGHT ENERGY: Democrats push resolution to battle climate change, sluggish economy and racial injustice | Senators reach compromise on greenhouse gas amendment stalling energy bill | Trump courts Florida voters with offshore drilling moratorium Senators reach compromise on greenhouse gas amendment stalling bipartisan energy bill The Hill's Morning Report - Sponsored by National Industries for the Blind - Trump, Biden battle over vaccine, economy; Congress returns MORE (R-Wyo.).

-- Sen. Patty MurrayPatricia (Patty) Lynn MurrayTrump health officials grilled over reports of politics in COVID-19 response CDC director pushes back on Caputo claim of 'resistance unit' at agency The Hill's Morning Report - Sponsored by The Air Line Pilots Association - Pence lauds Harris as 'experienced debater'; Trump, Biden diverge over debate prep 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 FrankenAlan (Al) Stuart FrankenPeterson faces fight of his career in deep-red Minnesota district Getting tight — the psychology of cancel culture Tina Smith wins Democratic Senate primary in Minnesota 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 Ann MurkowskiGOP ramps up attacks on Democrats over talk of nixing filibuster OVERNIGHT ENERGY: House Democrats tee up vote on climate-focused energy bill next week | EPA reappoints controversial leader to air quality advisory committee | Coronavirus creates delay in Pentagon research for alternative to 'forever chemicals' House Democrats tee up vote on climate-focused energy bill next week 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 Margaret CollinsThe Hill's Campaign Report: Biden asks if public can trust vaccine from Trump ahead of Election Day | Oklahoma health officials raised red flags before Trump rally Gideon leads Collins by 12 points in Maine Senate race: poll Senate leaders quash talk of rank-and-file COVID-19 deal 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.