H.R.4173The Wall Street Reform and Consumer Protection Act of 2009 (Introduced in House)HR 4173 IH 111th CONGRESS 1st Session H. R. 4173To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes. IN THE HOUSE OF REPRESENTATIVESDecember 2, 2009Mr. FRANK of Massachusetts introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Energy and Commerce, the Judiciary, Rules, the Budget, Oversight and Government Reform, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILLTo provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,SECTION 1. SHORT TITLE.This Act may be cited as the The Wall Street Reform and Consumer Protection Act of 2009.SEC. 2. TABLE OF CONTENTS.The table of contents for this Act is as follows: Sec. 1. Short title. Sec. 2. Table of contents.TITLE I-FINANCIAL STABILITY IMPROVEMENT ACTSec. 1000. Short title; definitions. Sec. 1000A. Restrictions on the Federal Reserve System pending audit report.Subtitle A-The Financial Services Oversight CouncilSec. 1001. Financial Services Oversight Council established. Sec. 1002. Resolution of disputes among Federal financial regulatory agencies. Sec. 1003. Technical and professional advisory committees. Sec. 1004. Financial Services Oversight Council meetings and council governance. Sec. 1005. Council staff and funding. Sec. 1006. Reports to the Congress. Sec. 1007. Applicability of certain Federal laws. Sec. 1008. Oversight by GAO.Subtitle B-Prudential Regulation of Companies and Activities for Financial Stability PurposesSec. 1101. Council and Board authority to obtain information. Sec. 1102. Council prudential regulation recommendations to Federal financial regulatory agencies. Sec. 1103. Subjecting financial companies to stricter prudential standards for financial stability purposes.Sec. 1104. Stricter prudential standards for certain financial holding companies for financial stability purposes. Sec. 1105. Mitigation of systemic risk. Sec. 1106. Subjecting activities or practices to stricter prudential standards for financial stability purposes. Sec. 1107. Stricter regulation of activities and practices for financial stability purposes. Sec. 1108. Effect of rescission of identification. Sec. 1109. Emergency financial stabilization. Sec. 1110. Corporation must receive warrants when paying or risking taxpayer funds. Sec. 1111. Examinations and enforcement actions for insurance and resolutions purposes. Sec. 1112. Study of the effects of size and complexity of financial institutions on capital market efficiency and economic growth. Sec. 1113. Exercise of Federal Reserve authority. Sec. 1114. Stress tests. Sec. 1115. Contingent Capital. Sec. 1116. Restriction on proprietary trading by designated financial holding companies. Sec. 1117. Rule of construction.Subtitle C-Improvements to Supervision and Regulation of Federal Depository InstitutionsSec. 1201. Definitions. Sec. 1202. Amendments to the Home Owners Loan Act relating to transfer of functions. Sec. 1203. Amendments to the revised statutes. Sec. 1204. Power and duties transferred. Sec. 1205. Transfer date. Sec. 1206. Expiration of term of comptroller. Sec. 1207. Office of Thrift Supervision abolished. Sec. 1208. Savings provisions. Sec. 1209. Regulations and orders. Sec. 1210. Coordination of transition activities. Sec. 1211. Interim responsibilities of office of the comptroller of the currency and office of thrift supervision. Sec. 1212. Employees transferred. Sec. 1213. Property transferred. Sec. 1214. Funds transferred. Sec. 1215. Disposition of affairs.Sec. 1216. Continuation of services. Sec. 1217. Contracting and leasing authority. Sec. 1218. Treatment of savings and loan holding companies. Sec. 1219. Practices of certain mutual thrift holding companies preserved. Sec. 1220. Implementation plan and reports. Sec. 1221. Composition of board of directors of the Federal Deposit Insurance Corporation. Sec. 1222. Amendments to section 3. Sec. 1223. Amendments to section 7. Sec. 1224. Amendments to section 8. Sec. 1225. Amendments to section 11. Sec. 1226. Amendments to section 13. Sec. 1227. Amendments to section 18. Sec. 1228. Amendments to section 28. Sec. 1229. Amendments to the Alternative Mortgage Transaction Parity Act of 1982. Sec. 1230. Amendments to the Bank Holding Company Act of 1956. Sec. 1231. Amendments to the Bank Protect