,i #aacth ,,congress #b;d ,session ,h4 ,r4 #decb ,,in ,,the ,,house ,,of ,,representatives ,april #cj1 #bjad ,mrs4 ,beatty 7for herself and ,mr4 ,stivers7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act to specify when bank holding companies may be subject to certain enhanced supervision4 #a4 ,enhanced supervision of certain bank holding companies 7a7 ,table of contents ,the table of contents for the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended by striking the item relating to section #aac and inserting the following3 ,sec4 #aac4 ,authority to require enhanced supervision and regulation of certain nonbank financial companies and certain bank holding companies4 4 7b7 ,revisions to ,council authority 7#a7 ,purposes and duties ,section #aab of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecbb7 is amended in subsection 7a77#b77;,i7 by inserting before the semicolon 1 which have been the subject of a final determination under section #aac4 7#b7 ,bank holding company designation ,section #aac of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecbc7 is amended-- 7,a7 by amending the heading for such section to read as follows3 ,authority to require enhanced supervision and regulation of certain nonbank financial companies and certain bank holding companies2 7,b7 by redesignating subsections 7c71 7d71 7e71 7f71 7g71 7h71 and 7i7 as subsections 7d71 7e71 7f71 7g71 7h71 7i71 and 7j71 respectively2 7,c7 by inserting after subsection 7b7 the following3 7c7 ,bank holding companies subject to enhanced supervision and prudential standards under section #afe 7#a7 ,in general ,there is a determination that bank holding companies with total consolidated assets equal to or greater than #bej1jjj1jjj1jjj shall be subject to enhanced supervision and prudential standards by the ,board of ,governors1 in accordance with section #afe4 7#b7 ,enhanced supervision for certain bank holding companies 7,a7 ,determination ,the ,council shall review each bank holding company with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj but less than #bej1jjj1jjj1jjj to determine whether such company shall be subject to enhanced supervision and prudential standards by the ,board of ,governors1 in accordance with section #afe4 ,such determination shall be made if the ,council1 on a non-delegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 determines that material financial distress at the bank holding company1 or the nature1 scope1 size1 scale1 concentration1 interconnectedness1 or mix of the activities of the bank holding company1 could pose a threat to the financial stability of the ,united ,states4 7,b7 ,considerations ,in making a determination under subparagraph 7,a71 the ,council shall consider the following3 7i7 the size of the bank holding company2 7ii7 the interconnectedness of the bank holding company2 7iii7 the extent of readily available substitutes or financial institution infrastructure for the services of the bank holding company2 7iv7 the global cross-jurisdictional activity of the bank holding company2 and 7v7 the complexity of the bank holding company4 7,c7 ,review of determination ,with respect to a bank holding company described under subparagraph 7,a7 that is not subject to enhanced supervision and prudential standards1 the ,council shall perform an additional review under subparagraph 7,a7 of such company if-- 7i7 the ,council finds that the nature1 scope1 size1 scale1 concentration1 interconnectedness1 or mix of the activities of the bank holding company have significantly changed and the company should be reviewed again to determine if it may pose a threat to the financial stability of the ,united ,states2 or 7ii7 a period of #cf months has passed since the bank holding company was last reviewed under subparagraph 7,a74 7,d7 ,notification of review ,if1 after a review under this paragraph1 the ,council determines that a bank holding company described under subparagraph 7,a7 shall be subject to enhanced supervision and prudential standards1 the ,council shall provide the bank holding company with written notice of such determination and an explanation of the ,council's reasoning for such determination4 7,e7 ,termination of enhanced supervision and prudential standards ,if1 with respect to a bank holding company described under subparagraph 7,a7 that is subject to enhanced supervision and prudential standards1 the ,council finds1 on a non-delegable basis and by a vote of not fewer than #b_/c of the voting members then serving1 including an affirmative vote by the ,chairperson1 that material financial distress at the bank holding company1 or the nature1 scope1 size1 scale1 concentration1 interconnectedness1 or mix of the activities of the bank holding company1 do not pose a threat to the financial stability of the ,united ,states1 such company shall no longer be subject to enhanced supervision and prudential standards4 2 7,d7 in subsection 7d71 as so redesignated-- 7i7 in paragraph 7#a77;,a71 by striking subsection 7a77#b7 or 7b77#b7 and inserting subsection 7a77#b71 7b77#b71 or 7c77#b72 and 7ii7 in paragraph 7#d71 by striking ,subsections 7d7 through 7h7 and inserting ,subsections 7e7 through 7i72 7,e7 in subsections 7f71 7g71 7h71 7i71 and 7j71 as so redesignated-- 7i7 by striking subsections 7a7 and 7b7 each place such term appears and inserting subsections 7a71 7b71 and 7c72 and 7ii7 by striking nonbank financial company each place such term appears and inserting bank holding company for which there has been a determination under subsection 7c7 or nonbank financial company2 7,f7 in subsection 7g71 as so redesignated1 by striking subsection 7e7 and inserting subsection 7f72 7,g7 in subsection 7h71 as so redesignated1 by striking subsection 7a71 7b71 or 7c7 and inserting subsection 7a71 7b71 7c71 or 7d72 and 7,h7 in subsection 7i71 as so redesignated1 by striking subsection 7d77#b71 7e77#c71 or 7f77#e7 and inserting subsection 7e77#b71 7f77#c71 or 7g77#e74 7#c7 ,enhanced supervision ,section #aae of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecbe7 is amended-- 7,a7 in subsection 7a77#a71 by striking large1 interconnected bank holding companies and inserting bank holding companies which have been the subject of a final determination under section #aac2 7,b7 in subsection 7a77#b7-- 7i7 in subparagraph 7,a71 by striking or at the end2 7ii7 by striking the ,council may and all that follows through differentiate and inserting the ,council may differentiate2 and 7iii7 by striking subparagraph 7,b72 and 7,c7 in subsection 7b77#c71 by striking subsections 7a7 and 7b7 of section #aac each place such term appears and inserting subsections 7a71 7b71 and 7c7 of section #aac4 7#d7 ,reports ,section #aaf7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecbf7;a77 is amended by striking with total consolidated assets of #ej1jjj1jjj1jjj or greater and inserting which has been the subject of a final determination under section #aac4 7#e7 ,mitigation ,section #aba of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecca7 is amended-- 7,a7 in subsection 7a71 by striking with total consolidated assets of #ej1jjj1jjj1jjj or more and inserting which has been the subject of a final determination under section #aac2 and 7,b7 in subsection 7c71 by striking subsection 7a7 or 7b7 of section #aac and inserting subsection 7a71 7b71 or 7c7 of section #aac4 7#f7 ,office of ,financial ,research ,section #aee of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecde7 is amended in subsection 7d7 by striking with total consolidated assets of #ej1jjj1jjj1jjj or greater and inserting which have been the subject of a final determination under section #aac4 7c7 ,revisions to ,board authority 7#a7 ,acquisitions ,section #afc of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfc7 is amended by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj each place such term appears and inserting which has been the subject of a final determination under section #aac4 7#b7 ,management interlocks ,section #afd of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfd7 is amended by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj and inserting which has been the subject of a final determination under section #aac4 7#c7 ,enhanced supervision and prudential standards ,section #afe of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecfe7 is amended-- 7,a7 in subsection 7a71 by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj and inserting which have been the subject of a final determination under section #aac2 7,b7 in subsection 7a77#b7-- 7i7 by striking 7,a7 ,in general4--2 and 7ii7 by striking subparagraph 7,b72 7,c7 by striking subsections 7a7 and 7b7 of section #aac each place such term appears and inserting subsections 7a71 7b71 and 7c7 of section #aac2 and 7,d7 in subsection 7j71 by striking with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj and inserting which has been the subject of a final determination under section #aac4 7d7 ,effective date2 expedited rulemaking authority 7#a7 ,effective date ,the amendments made by this section shall take effect on the earlier of the following3 7,a7 the date on which the ,financial ,stability ,oversight ,council issues final regulations to carry out the amendment made by this section2 or 7,b7 the end of the #ah-month period beginning on the date of the enactment of this ,act4 7#b7 ,expedited ,rulemaking ,authority ,the ,financial ,stability ,oversight ,counsel and the ,board of ,governors of the ,federal ,reserve ,system shall-- 7,a7 issue regulations to carry out the amendments made by this section-- 7i7 in proposed form1 not later than the end of the #ij-;day period beginning on the date of the enactment of this ,act2 and 7ii7 in final form1 not later than the end of the #ahj-;day period beginning on the date of the enactment of this ,act2 and 7,b7 such final regulations shall take effect not later than the end of the #a-year period beginning on the date of the enactment of this ,act4 #b4 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 consolidated asset size remains a factor1 but only one of many factors1 that should be considered in determining systemic risk2 and 7#b7 the more objective and complete processes identified in section #aab of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 as modified by this ,act1 represent a more accurate indicator of systemic risk4