S. 664: Financial System Stabilization and Reform Act of 2009

111th Congress · introduced 2009-03-23 · 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 2009-03-23 · 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 System Stabilization and Reform Act of 2009

Plain summary

Financial System Stabilization and Reform Act of 2009 - Establishes an independent Financial Stability Council to: (1) review, and approve or prohibit issuance of, or require modification of, any rule or regulation issued by any federal financial regulator; (2) require each federal financial regulator to issue or revise its rules and regulations in conformance with the Council's determination; (3) review new financial products and services and recommend regulations for them to the appropriate federal financial regulator; and (4) direct each federal financial regulator to impose appropriate solvency requirements, including capital requirements and long-term debt ratios on any financial institution within its jurisdiction, as the Council deems necessary to prevent systemic risk to the financial system of the United States. Subjects violations of this Act to civil penalties. Grants Council actions precedence in any conflict with any regulatory action of a federal financial regulator. Amends the Commodity Exchange Act to subject each credit-default swap trading clearinghouse to regulation by the Commodity Futures Trading Commission (CFTC). Sets forth capitalization, reporting, and recordkeeping for positions involving credit-default swaps. Requires the Board of Governors of the Federal Reserve System (Board) to promulgate rules: (1) for the examination of the safety and soundness of, and the extent of systemic risk to the financial system of the United States posed by, any investment bank holding company organized in or doing business in the United States; and (2) for reasonable reporting of information by each investment bank holding company, to the extent necessary to implement this Act. Directs the Securities and Exchange Commission (SEC) to issue final rules that: (1) designate clearinghouses for credit-default swaps; and (2) prohibit fraudulent, deceptive, or manipulative acts or practices in connection with such swaps. Requires such rules to require that clearinghouses: (1) are capitalized by participants to a level adequate to guarantee payments; and (2) are authorized to assess members for a default fund. Requires any person that engages in a credit-default swap transaction to utilize an SEC-designated clearinghouse for such purpose. Abolishes the Office of Thrift Supervision and transfers its authorities, functions, personnel, and property to the Comptroller of the Currency. Prohibits the Secretary of the Treasury from delaying or preventing the issuance or promulgation of any rule or regulation by the Comptroller.

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 System Stabilization and Reform Act of 2009

Source: Congressional Research Service summary (Introduced in Senate)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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

Officials and money

Sponsor: Sen. Collins, Susan M. [R-ME] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

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 (5)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Jurisdiction: The area or the matters a government or court has authority over.
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-111s664.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s664 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111