A bill to require a Government Accountability Office examination of transactions between large financial institutions and the Federal Government, and for other purposes.
Latest action · Dec 27, 2012 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 21, 2012
- Passed SenateDec 21, 2012
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(Sec. 1) Directs the Comptroller General to study any bank holding company having more than $500 billion in consolidated assets (covered institution) with respect to:
- favorable pricing of its debt relative to its risk profile resulting from the perception it will receive federal support in the event of any financial stress;
- any favorable funding or economic treatment resulting from an increase in its credit rating as a result of express, implied, or perceived federal support;
- any economic benefit resulting from the ownership of, or affiliation with, an insured depository institution;
- any economic benefit resulting from its status as a bank holding company, including access to federal deposit insurance and the discount window of the Board of Governors of the Federal Reserve System (Federal Reserve Board) before enactment of this Act;
- any economic benefit received through extraordinary federal actions taken, such as specified actions by the Department of the Treasury, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC);
- any extraordinary assistance provided to American Insurance Group (AIG), but ultimately received by one of the covered institutions; and
- any government actions that resulted in the payment or nonpayment of credit default swap contracts entered into by a covered institution.
Defines "economic benefit" as the difference between actual loan terms offered, debt or equity prices, or asset values and a reasonable estimate of what such terms, prices, or values might have been as determined by examining actual values of comparable transactions in the private markets or by estimating the values of comparable transactions priced to properly reflect associated risk.
(Sec. 2) Requires the resulting report to Congress to redact any proprietary, sensitive, or confidential information in any release subsequently made electronically available to the public.
Cosponsors 1
Members who signed on, in the order they did. All signed on Dec 21, 2012.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OH | Sherrod Brown | Original | Dec 21, 2012 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Dec 27, 2012 |
Actions 7
Everything that happened, newest first.
- Dec 27, 2012Message on Senate action sent to the House.
- Dec 27, 2012Received in the House.
- Dec 27, 2012Referred to the House Committee on Financial Services.
- Dec 21, 2012Introduced in Senate
- Dec 21, 2012Introduced in the Senate, read twice.
- Dec 21, 2012Measure laid before Senate by unanimous consent. (consideration: CR S8378-8379)
- Dec 21, 2012Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S8378Text printed S8378Amendments S8374, S8378 | David Vitter R-LA (amendment), Harry Reid D-NV, Sherrod Brown D-OH (amendment) | Dec 21, 2012 |
| Senate | Debate and remarks S8265 | David Vitter R-LA | Dec 20, 2012 |
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| SA 3434 | In the nature of a substitute. | David Vitter R-LA | Amendment SA 3434 agreed to in Senate by Unanimous Consent. |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to require a Government Accountability Office examination of transactions between large financial institutions and the Federal Government, and for other purposes.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Dec 27, 2012Referred in House
- Dec 21, 2012Engrossed in Senate
- Dec 21, 2012Introduced in Senate
- Dec 21, 2012Considered and Passed Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
