H.Amdt.539 - Amendment in the nature of a substitute, as modified, sought to provide an alternative bill that establishes a new chapter of the bankruptcy code to resolve certain non-bank financial institutions; creates a consumer protection council comprised of existing Federal regulators to revise and promulgate model regulations to enhance consumer protection and improve disclosure; strengthens anti-fraud provisions; regulates over-the-counter derivatives markets; addresses executive compensation; removes statutory reliance on credit ratings; reforms the Government Sponsored Enterprises (Fannie Mae and Freddie Mac); and creates a Federal Insurance Office.