March 22, 2010
THE UNITED STATES SENATE
Committee on Banking, Housing, and Urban Affairs
111th Congress, 2nd Session
Amendments for an original bill entitled,
"Restoring American Financial Stability Act of 2010"
March 22, 2010
To repeal a provision of the Federal Deposit Insurance Act relating to
determinations by the Secretary ofsystemic risk
To remove the ability of the systemic risk council to pre-designate firms as 'too
big to fail' and arbitrarily regulate non financial companies.
To require that the Director of the Federal Housing Finance Agency maintain a
fiduciary duty to the taxpayer.
To require the President to submit a report to Congress on legislative changes to
reform government sponsored enterprises
To require Fannie Mae and Freddie Mac to improve the reporting of their
activities, operations, and holdings.
To establish a term certain for the conservatorships ofFannie Mae and Freddie
Mac, to provide conditions for continued operation ofsuch enterprises, and to
provide for the wind down of such operations and the dissolution of such
To strike the authority granted to the FDIC to manage TARP style bailouts.
To end the FDIC's authority to create a bailout slushfund and designate certain
firms as too big to fail.
To strike title II (relating to bailout authority).
To prohibit the creation ofa prefunded resolution regime.
To limit the use of certain emergency assistance under the Federal Reserve Act to
institutions that have been placed in receivership, and the circumstances and
limitations on such use, and for other purposes.
Delays implementation by 12 days
Delays implementation by 13 days
Delays implementation by 14 days
Delays implementation by 15 days.
Delays implementation by 16 days
Delays implementation by 17 days.