[Page S3049]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3783. Mr. CORKER (for himself, Mr. Enzi, Mr. Isakson, Mr. 
Chambliss, and Mr. Barrasso) submitted an amendment intended to be 
proposed by him to the bill S. 3217, to promote the financial stability 
of the United States by improving accountability and transparency in 
the financial system, to end ``too big to fail'', to protect the 
American taxpayer by ending bailouts, to protect consumers from abusive 
financial services practices, and for other purposes; which was ordered 
to lie on the table; as follows:

       On page 61, after line 24, insert the following:

     SEC. 122. ASSET BUBBLE STUDY.

       (a) Feasability Study.--
       (1) In general.--The Board of Governors, the Office of the 
     Comptroller Currency, the Corporation, and the Department of 
     Housing and Urban Development, in consultation with the 
     Council, shall conduct a study on the feasibility and 
     advisability of establishing quantitative criteria for 
     identifying housing bubbles.
       (2) Required inclusions.--The study required under 
     paragraph (1) shall examine whether or not the quantitative 
     criteria that may be established should include following 
     information:
       (A) Consumer confidence.
       (B) Inventory data.
       (C) Housing appreciation.
       (D) Housing supply.
       (E) Foreclosure statistics.
       (F) Any other factor or information deemed relevant by the 
     Board of Governors, the Office of the Comptroller Currency, 
     the Corporation, and the Department of Housing and Urban 
     Development, in consultation with the Council.
       (3) Additional examinations.--In conducting the study 
     required under this subsection, the Board of Governors, the 
     Office of the Comptroller Currency, the Corporation, and the 
     Department of Housing and Urban Development, in consultation 
     with the Council, shall also examine the advisability of 
     using such quantitative criteria as a trigger for increased 
     down payment requirements on home mortgage loans for lending 
     institutions.
       (4) Considerations.--In conducting the study required under 
     this subsection, the Board of Governors, the Office of the 
     Comptroller Currency, the Corporation, and the Department of 
     Housing and Urban Development, in consultation with the 
     Council, shall consider the mortgage finance systems in other 
     countries, including the legal and regulatory regimes present 
     and in effect in such countries, the experience of such 
     countries with housing bubbles and housing crises, and the 
     relevance, if any, of the down payment requirements in effect 
     in such countries to the occurrence or onset of such bubbles 
     or crises.
       (b) Report to Congress.--Not later than 1 year after the 
     date of enactment of this Act, the Board of Governors, the 
     Office of the Comptroller Currency, the Corporation, and the 
     Department of Housing and Urban Development, in consultation 
     with the Council, shall submit to the Committee on Banking, 
     Housing, and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a joint 
     report summarizing the results of the study required under 
     subsection (a).
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