Financial System Stabilization and Reform Act of 2009

[AI summary unavailable — showing source text] 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 reco…