S. 3691: Financial Regulation Reform Act of 2008

110th Congress · introduced 2008-11-19 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2008-11-19 · official record
Who proposed it: Sen. Collins, Susan M. [R-ME] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Regulation Reform Act of 2008

Plain summary

Financial Regulation Reform Act of 2008 - Amends the Commodity Exchange Act to: (1) subject credit-default swap trading clearinghouses to regulation by the Commodity Futures Trading Commission (CFTC); and (2) direct the CFTC to set reporting and recordkeeping requirements for positions involving credit-default swaps. Grants the Federal Reserve Board authority over investment-bank holding companies. Directs the Securities and Exchange Commission (SEC) to issue final rules to: (1) designate clearinghouses for credit-default swaps; and (2) prohibit fraudulent, deceptive, or manipulative acts or practices in connection with such swaps. Establishes a temporary Commission on Financial Regulatory Reform to review the financial regulatory structure and propose a comprehensive framework for fundamental reform of financial regulation in the United States.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Regulation Reform Act of 2008

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Collins, Susan M. [R-ME] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Collins, Susan M. [R-ME] reported raising $22.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3691.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>

Record fed-us-cong110-s3691 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110