US Codex
Bill
Notes

Terminating the Expansion of Too-Big-To-Fail Act of 2015

S. 107 · 114th Congress · Jan 7, 2015 · Lineage

A BILL

To amend the Financial Stability Act of 2010 to repeal certain designation authority of the Financial Stability Oversight Council, to repeal the Payment, Clearing, and Settlement Supervision Act of 2010, and for other purposes.

Section 1 Short title

This Act may be cited as the “Terminating the Expansion of Too-Big-To-Fail Act of 2015”.

Sec. 2 Repeal of designation authority under the Financial Stability Act of 2010 and the Dodd-Frank Wall Street Reform and Consumer Protection Act

(a)
Financial Stability Act of 2010— The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended—
(1)
in section 102 (12 U.S.C. 5311)—
(A)
in subsection (a)—
(i)
by striking paragraph (4);
(ii)
by redesignating paragraphs (5) through (7) as paragraphs (4) through (6), respectively; and
(iii)
by striking paragraph (6) (as redesignated) and inserting the following:

“(6) Significant bank holding company—The term significant bank holding company has the meanings given to it by rule of the Board of Governors.”

(B)
by striking subsection (c);
(2)
in section 112 (12 U.S.C. 5322)—
(A)
in subsection (a)—
(i)
in paragraph (1)(A), by striking “or nonbank financial companies”; and
(ii)
in paragraph (2)—
(I)
in subparagraph (A), by striking “and nonbank financial companies”;
(II)
by striking subparagraphs (H) and (J);
(III)
by redesignating subparagraphs (I), (K), (L), (M), and (N) as subparagraphs (H), (I), (J), (K), and (L), respectively;
(IV)
in subparagraph (H) (as redesignated), by striking “nonbank financial companies and”;
(V)
in subparagraph (I), as so redesignated, by striking “, nonbank financial companies,”; and
(VI)
in subparagraph (L), as so redesignated—
(aa)
by striking clause (iv); and
(bb)
by redesignating clauses (v) and (vi) as clauses (iv) and (v), respectively; and
(B)
in subsection (d)—
(i)
in paragraph (3)—
(I)
in subparagraph (A), by striking “nonbank financial company or” each place the term appears;
(II)
in subparagraph (B), by striking “nonbank financial company or”; and
(III)
in subparagraph (C), by striking “foreign nonbank financial company or”;
(ii)
by striking paragraph (4); and
(iii)
by redesignating paragraph (5) as paragraph (4);
(3)
by striking sections 113 (12 U.S.C. 5323), 114 (12 U.S.C. 5324), 161 (12 U.S.C. 5361), 162 (12 U.S.C. 5362), 164 (12 U.S.C. 5364), 167 (12 U.S.C. 5367), and 170 (12 U.S.C. 5370);
(4)
in section 115 (12 U.S.C. 5325)—
(A)
in the section heading, by striking “nonbank financial companies supervised by the Board of Governors and”;
(B)
in subsection (a)(1)—
(i)
by striking “nonbank financial companies supervised by the Board of Governors and”; and
(ii)
in subparagraph (A), by striking “nonbank financial companies and”;
(C)
in subsection (b)—
(i)
in paragraph (2)—
(I)
in the paragraph heading, by striking “financial companies” and inserting “bank holding companies”;
(II)
by striking “foreign nonbank financial companies supervised by the Board of Governors or”; and
(III)
in subparagraph (B), by striking “foreign nonbank financial company or”; and
(ii)
in paragraph (3)—
(I)
in subparagraph (A)—
(aa)
by striking “nonbank financial companies supervised by the Board of Governors and”; and
(bb)
in clause (i), by inserting “(as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2015)” before the semicolon; and
(II)
in subparagraph (B), by inserting “(as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2015)” after “section 113”;
(D)
in subsection (c)—
(i)
in paragraph (1), by striking “nonbank financial companies supervised by the Board of Governors and”; and
(ii)
in paragraph (3)—
(I)
in subparagraph (A), by striking “any nonbank financial company supervised by the Board of Governors and”; and
(II)
in subparagraph (B)(iii), by striking “a nonbank financial company supervised by the Board of Governors or”;
(E)
in subsection (d)—
(i)
in paragraph (1), by striking “each nonbank financial company supervised by the Board of Governors and”; and
(ii)
in paragraph (2)—
(I)
by striking “nonbank financial company supervised by the Board of Governors and”; and
(II)
by striking “significant nonbank financial companies and” each place the term appears;
(F)
in subsection (e), by striking “nonbank financial companies supervised by the Board of Governors or”;
(G)
in subsection (f), by striking “and by nonbank financial companies supervised by the Board of Governors”; and
(H)
in subsection (g), by striking “, nonbank financial companies supervised by the Board of Governors,”;
(5)
in section 116 (12 U.S.C. 5326)—
(A)
in subsection (a), by striking “or a nonbank financial company supervised by the Board of Governors”; and
(B)
in subsection (b)—
(i)
in paragraph (1)(A), by striking “, nonbank financial company supervised by the Board of Governors,”; and
(ii)
in paragraph (2), by striking “and nonbank financial company supervised by the Board of Governors”;
(6)
in section 117 (12 U.S.C. 5327)—
(A)
in subsection (b), by striking “such entity shall be treated as a nonbank financial company supervised by the Board of Governors, as if the Council had made a determination under section 113 with respect to that entity” and inserting “for purposes of this title, such entity shall be treated as a bank holding company with total consolidated assets of $50,000,000,000”; and
(B)
in subsection (c)—
(i)
in paragraph (1), by striking “a nonbank financial company supervised by the Board of Governors” and inserting “a bank holding company with total consolidated assets of $50,000,000,000”; and
(ii)
in paragraph (2), by striking subparagraph (C);
(7)
in section 119(a)(1) (12 U.S.C. 5329(a)(1)), by striking “, nonbank financial company,”;
(8)
in section 120 (12 U.S.C. 5330)—
(A)
in subsection (a)—
(i)
by striking “or nonbank financial companies”; and
(ii)
by striking “and nonbank financial companies”; and
(B)
in subsection (d)—
(i)
in paragraph (1), by adding “and” at the end;
(ii)
in paragraph (2), by striking “; and” and inserting a period; and
(iii)
by striking paragraph (3);
(9)
in section 121 (12 U.S.C. 5331)—
(A)
in subsection (a), by striking “, or a nonbank financial company supervised by the Board of Governors,”;
(B)
in subsection (c), by inserting “(as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2015)” after “section 113”; and
(C)
in subsection (d)—
(i)
in the heading, by striking “Foreign financial companies” and inserting “Foreign-Based bank holding companies”;
(ii)
in the matter preceding paragraph (1), by striking “foreign nonbank financial companies supervised by the Board of Governors and”; and
(iii)
by striking paragraph (2) and inserting the following:

“(2) taking into account the extent to which the foreign-based bank holding company is subject on a consolidated basis to home country standards that are comparable to those applied to bank holding companies in the United States.”

(10)
in the heading for subtitle C, by striking “Certain nonbank financial companies and”;
(11)
in section 155(d) (12 U.S.C. 5345(d)), by striking “and nonbank financial companies supervised by the Board of Governors”;
(12)
in section 163 (12 U.S.C. 5363)—
(A)
by striking subsection (a);
(B)
by redesignating subsection (b) as subsection (a); and
(C)
in subsection (a), as so redesignated, by striking “or a nonbank financial company supervised by the Board of Governors” each place the term appears;
(13)
in section 165 (12 U.S.C. 5365)—
(A)
in the section heading, by striking “nonbank financial companies supervised by the Board of Governors and”;
(B)
in subsection (a)(1)—
(i)
by striking “nonbank financial companies supervised by the Board of Governors and”; and
(ii)
in subparagraph (A), by striking “nonbank financial companies and”;
(C)
in subsection (b)—
(i)
in paragraph (1), by striking “nonbank financial companies supervised by the Board of Governors and” each place the term appears;
(ii)
in paragraph (2)—
(I)
in the paragraph heading, by striking “foreign financial companies” and inserting “foreign-based bank holding companies”;
(II)
by striking “foreign nonbank financial company supervised by the Board of Governors or”; and
(III)
in subparagraph (B)—
(aa)
by striking “foreign financial company” and inserting “foreign-based bank holding company”; and
(bb)
by striking “financial companies” and inserting “bank holding companies”;
(iii)
in paragraph (3)—
(I)
by inserting “(as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2015)” after “section 113” each place the term appears; and
(II)
in subparagraph (A), by striking “nonbank financial companies supervised by the Board of Governors and”; and
(iv)
in paragraph (4), by striking “a nonbank financial company supervised by the Board of Governors or”;
(D)
in subsection (c)—
(i)
in paragraph (1)—
(I)
by striking “nonbank financial company supervised by the Board of Governors and”; and
(II)
by striking “bank holding companies” and inserting “bank holding company”; and
(ii)
in paragraph (2)(D), by striking “nonbank financial company supervised by the Board of Governors or a”;
(E)
in subsection (d)—
(i)
by striking “nonbank financial company supervised by the Board of Governors and” each place the term appears;
(ii)
in paragraph (1), by striking “bank holding companies” and inserting “bank holding company”;
(iii)
in paragraph (2)—
(I)
by striking “significant nonbank financial companies and” each place the term appears; and
(II)
by striking “bank holding companies” and inserting “bank holding company”;
(iv)
in paragraph (4), by striking “a nonbank financial company supervised by the Board of Governors or”;
(v)
in paragraph (5), by striking “a nonbank financial company supervised by the Board of Governors or” each place the term appears; and
(vi)
in paragraph (6), by striking “the nonbank financial company supervised by the Board, any bank holding company, or any subsidiary or affiliate of the foregoing” and inserting “any bank holding company or any subsidiary or affiliate of the bank holding company”;
(F)
in subsection (e)—
(i)
in paragraph (1), by striking “a nonbank financial company supervised by the Board of Governors or”;
(ii)
in paragraph (2), by striking “nonbank financial company supervised by the Board of Governors and”;
(iii)
in paragraph (3), by striking “the nonbank financial company supervised by the Board of Governors or” each place the term appears; and
(iv)
in paragraph (4), by striking “a nonbank financial company supervised by the Board of Governors or”;
(G)
in subsection (f), by striking “nonbank financial companies supervised by the Board of Governors and”;
(H)
in subsection (g)(1), by striking “and any nonbank financial company supervised by the Board of Governors”;
(I)
in subsection (h)—
(i)
by striking paragraph (1);
(ii)
by redesignating paragraphs (2) and (3) as paragraphs (1) and (2), respectively;
(iii)
in paragraph (1) (as redesignated), by striking “paragraph (3)” each place the term appears and inserting “paragraph (2)”; and
(iv)
in paragraph (2) (as redesignated), by striking “nonbank financial company supervised by the Board of Governors or” each place the term appears;
(J)
in subsection (i)—
(i)
in paragraph (1)—
(I)
in subparagraph (A), by striking “nonbank financial companies supervised by the Board of Governors and”; and
(II)
in subparagraph (B), by striking “and nonbank financial companies”; and
(ii)
in paragraph (2)(A), by striking “nonbank financial company supervised by the Board of Governors and a”;
(K)
in subsection (j)—
(i)
in paragraph (1), by striking “or a nonbank financial company supervised by the Board of Governors”; and
(ii)
in paragraph (2), by inserting “(as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2015)” after “section 113”; and
(L)
in subsection (k)(1), by striking “or nonbank financial company supervised by the Board of Governors”;
(14)
in section 166 (12 U.S.C. 5366), by striking “a nonbank financial company supervised by the Board of Governors or” each place the term appears;
(15)
in section 169 (12 U.S.C. 5369), by striking “and nonbank financial companies”; and
(16)
in section 171(b) (12 U.S.C. 5371(b))—
(A)
by striking “, depository institution holding companies, and nonbank financial companies supervised by the Board of Governors” each place the term appears and inserting “and depository institution holding companies”;
(B)
in paragraph (3)—
(i)
by striking “or nonbank financial companies supervised by the Board of Governors”; and
(ii)
by striking “or the primary financial regulatory agency in the case of nonbank financial companies supervised by the Board of Governors”; and
(C)
in paragraph (4)—
(i)
by striking “or by nonbank financial companies supervised by the Board of Governors” each place the term appears; and
(ii)
in subparagraph (D), by adding a period at the end.
(b)
Dodd-Frank Wall Street Reform and Consumer Protection Act— Sections 216 and 217 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 1519) are repealed.
(c)
Conforming amendments—
(1)
Bank Holding Company Act of 1956— The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended—
(A)
in section 13 (12 U.S.C. 1851)—
(i)
in subsection (a), by striking paragraph (2);
(ii)
in subsection (b)(2)(B)—
(I)
in clause (i)(II), by striking “, any nonbank financial company supervised by the Board”; and
(II)
in clause (ii), by striking “and nonbank financial companies supervised by the Board”;
(iii)
in subsection (c)(2)—
(I)
by striking “or nonbank financial company supervised by the Board”; and
(II)
by striking “or 2 years after the date on which the entity or company becomes a nonbank financial company supervised by the Board”;
(iv)
in subsection (e)(2), by striking “or nonbank financial company supervised by the Board” each place the term appears;
(v)
in subsection (g), by striking “or nonbank financial company supervised by the Board” each place the term appears; and
(vi)
in subsection (h)—
(I)
by striking paragraph (3);
(II)
by redesignating paragraphs (4) through (7) as paragraphs (3) through (6), respectively; and
(III)
in paragraph (3), as so redesignated, by striking “or nonbank financial company supervised by the Board” each place the term appears; and
(B)
in section 14(a) (12 U.S.C. 1852(a))—
(i)
in paragraph (2)—
(I)
by striking subparagraph (E); and
(II)
by redesignating subparagraph (F) as subparagraph (E); and
(ii)
in paragraph (3)(C), by striking “or other nonbank financial company supervised by the Board”.
(2)
Dodd-Frank Wall Street Reform and Consumer Protection Act— The Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) is amended—
(A)
in the table of contents in section 1(b)—
(i)
by striking the items relating to sections 113, 114, 161, 162, 164, 167, 170, 216, and 217;
(ii)
in the item relating to section 115, by striking “nonbank financial companies supervised by the Board of Governors and”;
(iii)
in the item relating to subtitle C of title I, by striking “certain nonbank financial companies and”; and
(iv)
in the item relating to section 165, by striking “nonbank financial companies supervised by the Board of Governors and”;
(B)
in section 201(a) (12 U.S.C. 5381(a))—
(i)
in paragraph (11)(B)—
(I)
by striking clause (ii); and
(II)
by redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively;
(ii)
by striking paragraphs (14) and (15); and
(iii)
by redesignating paragraph (16) as paragraph (14);
(C)
in section 210(o)(1)(A) (12 U.S.C. 5390(o)(1)(A)), by striking “and any nonbank financial company supervised by the Board of Governors”;
(D)
in section 618(a)(4)(B) (12 U.S.C. 1850a(a)(4)(B))—
(i)
by striking clause (i); and
(ii)
by redesignating clauses (ii) through (vi) as clauses (i) through (v), respectively;
(E)
in section 716(i)(1) (15 U.S.C. 8305(i)(1))—
(i)
by striking subparagraph (B);
(ii)
by redesignating subparagraph (C) as subparagraph (B); and
(iii)
in subparagraph (B), as so redesignated—
(I)
in the heading, by striking “, non-systemically significant institutions not subject to heightened prudential supervision as regulated under section 113” and inserting “swaps entities”; and
(II)
by striking “, non-systemically significant institutions not subject to heightened prudential supervision as regulated under section 113”;
(F)
in section 726(a) (15 U.S.C. 8323(a)), by striking “a nonbank financial company (as defined in section 102) supervised by the Board, an affiliate of such a bank holding company or nonbank financial company,” and inserting “an affiliate of such a bank holding company,”; and
(G)
in section 765(a) (15 U.S.C. 8343(a)), by striking “a nonbank financial company (as defined in section 102) supervised by the Board of Governors of the Federal Reserve System, affiliate of such a bank holding company or nonbank financial company,” and inserting “affiliate of such a bank holding company,”.
(3)
Federal Deposit Insurance Act— Section 10(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1820(b)(3)) is amended—
(A)
in subparagraph (A)—
(i)
by striking “or nonbank financial company supervised by the Board of Governors”; and
(ii)
by striking “or of such nonbank financial company supervised by the Board of Governors”; and
(B)
in subparagraph (B), by striking “a nonbank financial company supervised by the Board of Governors or”.
(4)
Federal Reserve Act— Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended—
(A)
by redesignating the second subsection (s), as added by section 318(c) of the Enhancing Financial Institution Safety and Soundness Act of 2010 (124 Stat. 1527), as subsection (t); and
(B)
in paragraph (2) of subsection (t) (as redesignated)—
(i)
in subparagraph (A), by striking the semicolon and inserting “; and”;
(ii)
in subparagraph (B), by striking “; and” and inserting a period; and
(iii)
by striking subparagraph (C).
(5)
Title 31— Section 313(c)(1) of title 31, United States Code, is amended—
(A)
by striking subparagraph (C); and
(B)
by redesignating subparagraphs (D) through (H) as subparagraphs (C) through (G), respectively.

Sec. 3 Repeal of the Payment, Clearing, and Settlement Supervision Act of 2010

(a)
In general— The Payment, Clearing, and Settlement Supervision Act of 2010 (12 U.S.C. 5461 et seq.) is repealed.
(b)
Technical and conforming amendment— The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) is amended by striking—
(1)
the item relating to title VIII; and
(2)
the items relating to sections 801 through 814.