Issue Position: Financial Services

Issue Position

Recent economic times have brought uncertainty and instability for many American families and to the business community. As our nation continues on the track to recover, we must continue to implement measures that will ensure that this does not happen again in the near future.

Carolyn has cosponsored the following bills:

Encouraging banks and mortgage servicers to work with families affected by contaminated drywall and to consider adjustments to payment schedules on their mortgages to take into account the financial burdens of responding to the presence of such drywall, H. Con. Res. 197

Encourages banks and mortgage servicers to work with families affected by contaminated drywall by considering adjustments to mortgage payment schedules that take these financial burdens into account.

Supporting the goals and ideals of Financial Literacy Month 2009, H. Res. 357

Supports the goals and ideals of Financial Literacy Month, including raising public awareness about financial education. Recognizes the importance of managing personal finances, increasing personal savings, and reducing personal debt in the United States. Passed in the House.

Requires the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities, H.R. 302

Directs the Securities and Exchange Commission (SEC) to: (1) reinstate rule 10a-1 (the uptick rule) governing short sales of securities; (2) rescind the prohibition against applying certain price tests to short sales; and (3) reinstate price test restrictions that applied to short sales of securities prior to SEC action in a specified proceeding on June 28, 2007.

Limit Executive Compensation Abuse Act, H.R. 857

Limits the annual compensation of any employee of a financial institution or other entity that receives funds under the Troubled Asset Relief Program (TARP) established under the Emergency Economic Stabilization Act of 2008 to the amount of compensation paid to the President of the United States.

Payday Loan Reform Act of 2009, H.R. 1214

Amends the Truth in Lending Act to require a creditor to make specified disclosures when making a payday loan to a consumer. Prohibits a creditor from making a payday loan to any consumer unless: (1) specified notices are posted conspicuously in English and Spanish in the creditor's public lending area, or, if the loan is made using the Internet, fax or other means, posted conspicuously on the creditor's public internet site relating to any such payday loan; and (2) the creditor offers the consumer an extended repayment plan that meets specified requirements.

Bailout Bonus Tax Bracket Act of 2009, H.R. 1518

Amends the Internal Revenue Code to impose an additional income tax on bonuses paid to employees of entities that received financial assistance under the Troubled Assets Relief Program (TARP).

Young Adults Financial Literacy Act, H.R. 3147

Authorizes the Secretary of the Treasury to make competitive grants to, and enter contracts with, eligible institutions to establish centers of excellence to support research, development and planning, implementation, and evaluation of effective programs in financial literacy education for young adults and families ages 15-24 years old. Defines "eligible institution" as any partnership consisting of an institution of higher education and any of the following: (1) one or more local educational agencies; (2) a nonprofit agency, organization, or association; (3) a community-based organization; or (4) a financial institution.

Derivative Trading Accountability and Disclosure Act, H.R. 3300

Establishes within the Department of the Treasury the Office of Derivatives Supervision (Office) to: (1) implement this Act and oversee the registration of derivatives traders; (2) coordinate with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in developing comprehensive, standardized regulations for derivatives transactions; and (3) facilitate information exchange among specified agencies regarding the development of derivatives regulations. Makes it unlawful for any unregistered derivatives trader to make use of the mails or any means or instrumentality of interstate commerce to effect any transactions in, or to induce or attempt to induce the purchase or sale of any type of derivative. Prescribes registration requirements for derivatives traders.

National September 11 Memorial & Museum Commemorative Coin Act of 2009, H.R. 3549

Directs the Secretary of the Treasury, in commemoration of the 10th anniversary of the September 11, 2001, terrorist attacks on the United States and the establishment of the National September 11 Memorial & Museum at the World Trade Center, to mint and issue up to two million $1 coins emblematic of the courage, sacrifice, and strength of those who perished and who risked their lives to save others during such attacks. All surcharges received from the sale of coins will be paid to support the operations and maintenance of the National September 11 Memorial & Museum at the World Trade Center.

Ponzi Scheme Investor Protection Act of 2010, HR 5032

Amend the Securities Investor Protection Act of 1970 to provide insurance coverage for certain indirect investors caught in Ponzi schemes, and for other purposes.

To amend the effective date of the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009, HR 5502

Amends the Credit Card Accountability Responsibility and Disclosure Act of 2009 to state that, in the case of a gift certificate, store gift card, or general-use prepaid card produced before April 1, 2010, the effective date of certain disclosure requirements under the Electronic Funds Transfer Act pertaining to fees shall be delayed until January 31, 2011.

Requires the issuer of such a certificate or card, as a condition of such delayed effective date, to: (1) comply with a specified prohibition against and certain requirements for the imposition of any dormancy, inactivity, or service fees; (2) consider any such certificate or card for which funds expire to have no expiration date with respect to the underlying funds; (3) replace, at consumer request, any such certificate or card that has funds remaining at no cost to the consumer; and (4) comply with certain consumer rights disclosure requirements. Became Public Law No: 111-209 on July 27, 2010

Currency Reform for Fair Trade Act, HR 2378

Amends the Tariff Act of 1930 to require the administering authority to: (1) determine, based on certain requirements, whether the exchange rate of the currency of an exporting country is fundamentally and actionably undervalued or overvalued (misaligned) against the U.S. dollar for an 18-month period; and (2) take certain actions under a countervailing duty or antidumping duty proceeding to offset such misalignment in cases of an affirmative determination.

Carolyn has supported the following legislation that has been voted on in the House:

The TARP Accountability and Reform Act, H.R. 384

Amends the Emergency Economic and Stabilization Act of 2008 to improve accountability and transparency of the TARP program. Passed in the House.

The Credit Cardholders Bill of Rights Act of 2009, H.R. 627

The bill prohibits certain unfair and deceptive credit card practices and provides consumers with tools to manage their credit card debt responsibly. The bill prohibits retroactive rate increases on existing balances except under limited circumstances, including where the consumer is over 30 days late in making payment, and requires creditors to provide consumers with a reasonable time to pay off the balance. It requires creditors to provide a written notice of any rate increase at least 45 days before the increase takes effect, and to send periodic statements to consumers no less than 21 days before the due date. The bill prohibits double cycle billing and requires creditors to allocate payments in excess of the minimum to either the highest rate balance first or in a proportional manner. The bill limits over limit fees and bans fees on interest-only balances. Became Public Law No: 111-24

Expedited CARD Reform for Consumers Act, H.R. 3639

The bill accelerates the implementation dates of the Credit Card Accountability Responsibility and Disclosure Act (The CARD Act), which was signed into law on May 22, 2009. The Expedited CARD Reform for Consumers Act, H.R. 3639, will move the nine-month (February 20, 2010) and 15-month (August 22, 2010) implementation dates up to December 1, 2009. Passed by House.

Wall Street Reform and Consumer Protection Act , H.R. 4173

Consisted of eight bills that were combined to form the overall package. Those included derivatives reform, executive compensation, investor protections, Consumer Financial Protection Agency, Financial Stability, and Federal Office of Insurance. Passed by the House.

Supporting the goals and ideals of Financial Literacy Month 2010, H. Res 1257

Supports the goals and ideals of Financial Literacy Month, including raising public awareness about financial education. Recognizes the importance of managing personal finances, increasing personal savings, and reducing indebtedness in the United States. Passed by the House.

Small Business Jobs and Credit Act of 2010

Authorizes $30 billion for a new fund through which the Treasury Department could make investments in certain financial institutions, such as community banks, to encourage those institutions to make credit available for small businesses. The measure creates a separate State Small Business Credit Initiative, for which $2 billion would be authorized, that would assist state and municipal programs that aim to increase access to capital for small businesses, and it authorizes $1 billion for a Small Business Administration program to make investments in "early stage" small businesses in certain targeted industries. Passed by the House.

Dodd-Frank Wall Street Reform and Consumer Protection Act, H.R. 4173

The bill creates sweeping reforms of the financial services regulatory system--including the creation of an executive agency with authority over consumer financial issues. Public Law No: 111-203

Improper Payments Elimination and Recovery Act of 2010, S. 1508

The bill makes a number of adjustments to transparency and compliance rules related to improper payments in the interest of saving or recovering taxpayer funds. Improper payments occur when a federal agency pays too much for a product or service pays an ineligible recipient, or when a payment is made for a good or service that is not received. Public Law No: 111-204

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