Key Votes
S Amdt 3826 - Consumer Financial Protection Division Within The FDIC - Key Vote
National Key Votes
Saxby Chambliss voted Yea (Amendment Vote) on this legislation.
Read recent statements Saxby Chambliss made in this general time period.
Stages
Family
- S Amdt 3826 - Consumer Financial Protection Division Within The FDIC
- S Amdt 3839 - Termination of Fannie Mae and Freddie Mac Conservatorships
- S Amdt 3938 - Study on Ending the Conservatorships of Fannie Mae and Freddie Mac
- S Amdt 3760 - Federal Reserve Audit
- S Amdt 3816 - Derivatives Regulation Modifications
- S Amdt 3962 - Home Loan Regulation Modifications
- S Amdt 3955 - Establishing New Mortgage Underwriting Requirements and Eliminating a Risk Retention Requirement
- S Amdt 3991 - Credit Rating Agency Board
- S Amdt 3832 - Establishing Bankruptcy Process for Non-bank Financial Institutions
- S Amdt 3989 - Debit Card Fee Regulations
- S Amdt 3987 - Bureau of Consumer Financial Protection Termination
- S Amdt 4051 - Prohibiting Funding of State and Local Governments to Prevent Defaulting on Debt
- S Amdt 4034 - Federal Preemption Over State Consumer Financial Laws
- S Amdt 4071 - Amending State Authority to Enforce Consumer Financial Regulations
- S Amdt 4114 - Credit Default Swap Regulations
- S Amdt 4072 - Inspector General Appointment Modification
- S Amdt 3746 - Allowing States to Limit Credit Card Interest Rates
Issues
Stage Details
Amendment - Amendment Rejected (Senate) (38-61) - May 6, 2010 (Key vote)
Title: Consumer Financial Protection Division Within The FDIC
Vote to adopt an amendment to S Amdt 3739 to S 3217 that establishes the Division for Consumer Financial Protection within the Federal Deposit Insurance Corporation to regulate consumer financial products and services and enforce consumer protection statutes.
- Repeals Title X of S Amdt 3739, which establishes a Bureau of Consumer Financial Protection within the Federal Reserve System, and replaces it with the provisions of this amendment.
- Establishes the objectives of the Division as ensuring that, with respect to consumer financial products and services (Sec. 1021):
- Consumers are provided with information to make decisions regarding financial transactions;
- Consumers are protected from deception;
- "Burdensome" regulations are identified and addressed to reduce "unwarranted regulatory burdens"; and
- Enumerated consumer protection statutes are enforced consistently to ensure uniform consumer protection.
- Establishes the primary functions of the Division as (Sec. 1021):
- Implementing the enumerated consumer protection statutes;
- Collecting, investigating, and responding to consumer complaints;
- Identifying risks to consumers by studying and publishing information relevant to the functioning of markets;
- Supervising nondepository covered persons (certain mortgage loan originators and persons that exhibit a "pattern" of violations of consumer protection statutes) for compliance with the enumerated consumer protection statutes; and
- Conducting financial education programs.
- Prohibits rules or regulations of the Division of Consumer Financial Protection from taking effect without approval by a majority vote of the Board of Directors of the Federal Deposit Insurance Corporation (Sec. 1022).
- Transfers all of the consumer financial protection functions of the Board of Governors of the Federal Reserve System and the Federal Trade Commission to the Division of Consumer Financial Protection (Sec. 1041).
Amendment - Introduced (Senate) - May 5, 2010
Title: Consumer Financial Protection Division Within The FDIC
Sponsors
Co-sponsors
- Lamar Alexander (TN - R)
- Michael Farrand Bennet (CO - D)
- Christopher S. 'Kit' Bond (MO - R) (Out Of Office)
- Jim Bunning (KY - R) (Out Of Office)
- Clarence Saxby Chambliss (GA - R)
- Robert 'Bob' Corker (TN - R)
- John Cornyn (TX - R)
- Michael D. 'Mike' Crapo (ID - R)
- Michael B. 'Mike' Enzi (WY - R)
- Kay Bailey Hutchison (TX - R) (Out Of Office)
- Mike O. Johanns (NE - R)
- Mitch McConnell (KY - R)
- David B. Vitter (LA - R)
