,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #eahj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bc1 #bjad ,mr4 
,ross 7= himself1 ,mr4 ,delaney1 ,mr4   
,ba*us1 ,mr4 ,murphy ( ,florida1 ,ms4   
,s9ema1 & ,mr4 ,luetkemey]7 introduc$ ! 
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,f9ancial ,/ability  
,act ( #bjaj to improve ! transp>5cy ( !
 ,f9ancial ,/ability ,ov]sight ,c\ncil1 
to improve ! ,,sifi designation process1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,f9ancial         
,/ability ,ov]sight ,c\ncil ,improvem5t 
,act ( #bjad4  #b4 ,transp>5cy &        
acc\ntability  ,section #aaa ( !        
,f9ancial ,/ability ,act ( #bjaj 7#ab   
,u4,s4,c4 #ecba7 is am5d$ by add+ at !  
end ! foll[+3  7k7 ,application ( !     
,adm9i/rative ,proc$ure ,act  7#a7 ,9   
g5]al ,! ,c\ncil %all be an ag5cy =     
purposes ( sub*apt] ,,ii ( *apt] #e &   
*apt] #g ( title #e1 ,unit$ ,/ates ,code
 7commonly ref]r$ to z ! ,adm9i/rative  

,proc$ure ,act74  7#b7 ,notice ( meet+s 
by ,*airp]son ,! ,*airp]son %all be     
responsible = ! public ann\ncem5ts      
requir$ "u section #eeb;b7e7 ( title #e1
 ,unit$ ,/ates ,code4  7#c7 ,clos$ meet+
 votes ,a det]m9ation made by ! ,c\ncil 
"u section #eeb;b7c7 ( title #e1 ,unit$ 
,/ates ,code1 may only be made by a     
majority vote ( ! vot+ memb]s ( !       
,c\ncil !n s]v+4  7#d7 ,treatm5t z      
regulators ( f9ancial in/itutions ,!    
,c\ncil & ! ,(fice ( ,f9ancial ,rese>*  
%all ea* be an ag5cy responsible = !    
regulation or sup]vision ( f9ancial     
in/itutions = purposes ( section        
#eeb7;b77#h7 ( title #e1 ,unit$ ,/ates  
,code4  7l7 ,publication ( reports &    
analyses  7#a7 ,9 g5]al ,) respect to   
any f9al report1 /udy1 or analysis      
prep>$ by ! ,c\ncil1 ! ,c\ncil %all     
promptly make available to ! public1    
aft] di/ribution = review or use--  7,a7
 any data1 analysis1 & reports--  7i7   
produc$ by ! ,c\ncil2 &  7ii7 produc$ by
 memb] ag5cies or ! ,(fice ( ,f9ancial  

,rese>* to support ! "w ( ! ,c\ncil2 &  
7,b7 ) respect to any f9d+s 9 su*       
report1 /udy1 or analysis1 an           
explanation = su* f9d+s & any data us$  
to sub/antiate su* f9d+s4  7#b7         
,r$action ( exempt in=mation ,p>agraph  
7#a7 %all n apply to any in=mation t is 
exempt f disclosure "u section #eeb7;b7 
( title #e1 ,unit$ ,/ates ,code4  7m7   
,revisions to analytic framework =      
det]m9ations ,! ,c\ncil %all make no    
revisions to any f9al publi%$ analytic  
framework = det]m9ations "u ?is section 
or adopt or apply any new simil>        
framework )\t provid+ prior public      
notice & an opportunity = comm5t1       
consi/5t ) section #eec ( title #e1     
,unit$ ,/ates ,code4  4  #c4 ,,sifi     
designation process ,section #aac ( !   
,f9ancial ,/ability ,act ( #bjaj 7#ab   
,u4,s4,c4 #ecbc7 is am5d$--  7#a7 9     
subsection 7a77#b7--  7,a7 9 subp>agraph
 7,j71 by /rik+ & at ! end2  7,b7 by    
r$esignat+ subp>agraph 7,k7 z           
subp>agraph 7,l72 &  7,c7 by ins]t+ aft]

 subp>agraph 7,j7 ! foll[+3  7,k7 !     
appropriat5ess ( ! imposition (         
prud5tial /&>ds z oppos$ to o!r =ms (   
regulation to mitigate ! id5tifi$ risks2
 &  2  7#b7 9 subsection 7b77#b7--  7,a7
 9 subp>agraph 7,j71 by /rik+ & at !    
end2  7,b7 by r$esignat+ subp>agraph    
7,k7 z subp>agraph 7,l72  7,c7 by ins]t+
 aft] subp>agraph 7,j7 ! foll[+3  7,k7 !
 appropriat5ess ( ! imposition (        
prud5tial /&>ds z oppos$ to o!r =ms (   
regulation to mitigate ! id5tifi$ risks2
 &  2 &  7,d7 9 subsection 7d7--  7i7 9 
p>agraph 7#a71 by /rik+ & at ! end2     
7ii7 by r$esignat+ p>agraph 7#b7 z      
p>agraph 7#c72 &  7iii7 by ins]t+ aft]  
p>agraph 7#a7 ! foll[+3  7#b7 provide   
writt5 notice to ! nonbank f9ancial     
company be+ reevaluat$ & af=d su*       
company an opportunity to submit writt5 
mat]ials1 )9 su* "t z ! ,c\ncil det]m9es
 to be appropriate 7b :i* %all be n less
 ?an #cj days aft] ! date ( receipt by !
 company ( su* notice71 to conte/ !     
det]m9ation1 includ+ mat]ials conc]n+   

:e!r1 9 ! company's view1 mat]ial       
f9ancial di/ress at ! company1 or !     
nature1 scope1 size1 scale1             
conc5tration1 int]connect$ness1 or mix (
 ! activities ( ! company c\ld pose a   
?reat to ! f9ancial /ability ( ! ,unit$ 
,/ates2 &  2  7#c7 by am5d+ subsection  
7e7 to read z foll[s3  7e7 ,requirem5ts 
prior to a f9al det]m9ation1 notice &   
opportunity = he>+1 & f9al det]m9ation  
7#a7 ,notice ( id5tification = initial  
evaluation & opportunity = volunt>y     
submission ,^u id5tify+ a nonbank       
f9ancial company = compreh5sive analysis
 ( ! pot5tial = ! nonbank company to    
pose a ?reat to ! f9ancial /ability ( ! 
,unit$ ,/ates1 ! ,c\ncil %all provide ! 
nonbank f9ancial company )--  7,a7      
writt5 notice t expla9s ) specificity ! 
basis = s id5tify+ ! company2 &  7,b7 an
 opportunity to submit writt5 mat]ials =
 consid]ation by ! ,c\ncil z "p ( !     
,c\ncil's initial evaluation ( ! risk   
pr(ile & *>act]i/ics ( ! company4  7#b7 
,requirem5ts be=e mak+ a propos$        

det]m9ation ,be=e mak+ a propos$        
det]m9ation ) respect to a nonbank      
f9ancial company "u p>agraph 7#c71 !    
,c\ncil %all--  7,a7 by a vote ( n few] 
?an #b_/c ( ! vot+ memb]s !n s]v+1      
includ+ an affirmative vote by !        
,*airp]son1 approve a resolution t      
id5tifies ) specificity any risks to !  
f9ancial /ability ( ! ,unit$ ,/ates !   
,c\ncil has id5tifi$ relat+ to ! nonbank
 f9ancial company2  7,b7 ) respect to   
nonbank f9ancial company ) a prim>y     
f9ancial regulatory ag5cy1 provide a    
copy ( ! resolution describ$ "u         
subp>agraph 7,a7 to ! prim>y f9ancial   
regulatory ag5cy & provide su* ag5cy )  
at lea/ #ahj days f ! receipt ( !       
resolution to--  7i7 consid] ! risks    
id5tifi$ 9 ! resolution2 &  7ii7 issue  
propos$ regulations or und]take o!r     
regulatory action to mitigate or prev5t 
! id5tifi$ risks2 &  7,c7 provide !     
nonbank f9ancial company )--  7i7 writt5
 notice t ! ,c\ncil is consid]+ :e!r to 
make a propos$ det]m9ation ) respect to 

! nonbank f9ancial company "u subsection
 7a7 or 7b71 z applicable2  7ii7 an     
opportunity to submit writt5 mat]ials1  
)9 su* "t z ! ,c\ncil deems appropriate 
7b n less ?an #cj days aft] ! date (    
receipt by ! company ( ! notice describ$
 "u clause 7i771 to ! ,c\ncil to in=m ! 
,c\ncil's consid]ation ( ! nonbank      
f9ancial company = a propos$            
det]m9ation1 includ+ mat]ials conc]n+ ! 
company's views z to :e!r x satisfies ! 
/&>d = det]m9ation set =? 9 subsection  
7a7 or 7b71 z applicable2 &  7iii7      
writt5 notice :5 ! ,c\ncil deems its    
evid5ti>y record reg>d+ su* nonbank     
f9ancial company to be complete4  7#c7  
,propos$ det]m9ation  7,a7 ,vot+ ,!     
,c\ncil may1 by a vote ( n few] ?an     
#b_/c ( ! vot+ memb]s !n s]v+1 includ+  
an affirmative vote by ! ,*airp]son1    
propose to make a det]m9ation 9         
accordance ) ! provisions ( subsection  
7a7 or 7b71 z applicable1 ) respect to a
 nonbank f9ancial company4  7,b7        
,deadl9e = mak+ a propos$ det]m9ation ,)

 respect to a nonbank f9ancial company  
provid$ ) a writt5 notice "u p>agraph   
7#b77;,c77i71 if ! ,c\ncil does n       
provide ! company ) ! writt5 notice ( a 
propos$ det]m9ation describ$ "u p>agraph
 7#d7 )9 ! #ahj-;day p]iod foll[+ ! date
 on :i* ! ,c\ncil notifies ! company "u 
p>agraph 7#b77;,c7 t ! evid5ti>y record 
is complete1 ! ,c\ncil may n make su* a 
propos$ det]m9ation ) respect to su*    
company unless ! ,c\ncil repeats !      
proc$ures describ$ "u p>agraph 7#b74    
7,c7 ,review ( actions ( prim>y f9ancial
 regulatory ag5cy ,) respect to a       
nonbank f9ancial company ) a prim>y     
f9ancial regulatory ag5cy1 ! ,c\ncil may
 n vote "u subp>agraph 7,a7 to make a   
propos$ det]m9ation unless--  7i7 !     
,c\ncil det]m9es t any propos$          
regulations or o!r regulatory actions   
tak5 by ! prim>y f9ancial regulatory    
ag5cy aft] receipt ( ! resolution       
describ$ "u p>agraph 7#b77;,a7 are      
insuffici5t to mitigate or prev5t !     
risks id5tifi$ 9 ! resolution2  7ii7 !  

prim>y f9ancial regulatory ag5cy has    
notifi$ ! ,c\ncil t ! ag5cy has no      
propos$ regulations or o!r regulatory   
actions to mitigate or prev5t ! risks   
id5tifi$ 9 ! resolution2 or  7iii7 !    
p]iod all[$ by ! ,c\ncil "u p>agraph    
7#b77;,b7 has elaps$ & ! prim>y f9ancial
 regulatory ag5cy has tak5 no action 9  
response to ! resolution4  7#d7 ,notice 
( propos$ det]m9ation ,! ,c\ncil %all   
provide to a nonbank f9ancial company   
writt5 notice ( a propos$ det]m9ation ( 
! ,c\ncil1 includ+ an explanation ( !   
basis ( ! propos$ det]m9ation ( !       
,c\ncil1 t a nonbank f9ancial company   
%all be sup]vis$ by ! ,bo>d ( ,gov]nors 
& %all be subject to prud5tial /&>ds 9  
accordance ) ?is title1 an explanation (
 ! specific risks to ! f9ancial /ability
 ( ! ,unit$ ,/ates pres5t$ by ! nonbank 
f9ancial company1 & a detail$           
explanation ( :y o!r regulatory action  
by ! company's prim>y f9ancial          
regulatory ag5cy1 if any1 is insuffici5t
 to mitigate or prev5t su* risk4  7#e7  

,he>+  7,a7 ,9 g5]al ,n lat] ?an #cj    
days aft] ! date ( receipt ( any notice 
( a propos$ det]m9ation "u p>agraph     
7#d71 ! nonbank f9ancial company may    
reque/1 9 writ+1 an opportunity = a     
writt5 or oral he>+ be=e ! ,c\ncil to   
conte/ ! propos$ det]m9ation1 includ+ ! 
opportunity to pres5t a plan to modify !
 company's bus9ess1 /ructure1 or        
op]ations 9 ord] to mitigate ! risks    
id5tifi$ 9 ! notice1 & :i* plan %all    
also include any /eps ! company expects 
to take dur+ ! implem5tation p]iod to   
mitigate su* risks4  7,b7 ,grant ( he>+ 
,^u receipt ( a timely reque/1 ! ,c\ncil
 %all fix a "t 7n e>li] ?an #cj days    
aft] ! date ( receipt ( ! reque/7 &     
place at :i* su* company may appe>1     
p]sonally or ?r\gh c\nsel1 to--  7i7    
submit writt5 mat]ials 7:i* may include 
a plan to modify ! company's bus9ess1   
/ructure1 or op]ations72 or  7ii7       
provide oral te/imony & oral argum5t4   
7#f7 ,c\ncil consid]ation ( company plan
  7,a7 ,9 g5]al ,if a nonbank f9ancial  

company submits a plan 9 accordance )   
p>agraph 7#e71 ! ,c\ncil %all1 prior to 
mak+ a f9al det]m9ation--  7i7 consid]  
:e!r ! plan1 if implem5t$1 w\ld mitigate
 ! risks id5tifi$ 9 ! notice "u p>agraph
 7#d72 &  7ii7 provide ! nonbank        
f9ancial company an opportunity to      
revise ! plan aft] consultation ) !     
,c\ncil4  7,b7 ,vot+ ,approval by !     
,c\ncil ( a plan submitt$ "u p>agraph   
7#e7 or revis$ "u subp>agraph 7,a77ii7  
%all require a vote ( n few] ?an #b_/c (
 ! vot+ memb]s !n s]v+1 includ+ an      
affirmative vote by ! ,*airp]son4  7,c7 
,implem5tation ( approv$ plan ,) respect
 to a nonbank f9ancial company's plan   
approv$ by ! ,c\ncil "u subp>agraph     
7,b71 ! company %all h "o ye> to        
implem5t ! plan1 except t ! ,c\ncil1 9  
its sole discretion & ^u reque/ f !     
nonbank f9ancial company1 may grant "o  
or m ext5sions ( ! implem5tation p]iod4 
7,d7 ,ov]sight ( implem5tation  7i7     
,p]iodic reports ,! ,c\ncil1 act+ ?r\gh 
! ,(fice ( ,f9ancial ,rese>*1 may       

require ! submission ( p]iodic reports f
 a nonbank f9ancial company = ! purpose 
( evaluat+ ! company's progress 9       
implem5t+ a plan approv$ by ! ,c\ncil "u
 subp>agraph 7,b74  7ii7 ,inspections ,!
 ,c\ncil may direct ! prim>y f9ancial   
regulatory ag5cy ( a nonbank f9ancial   
company 7or1 if none1 ! ,bo>d (         
,gov]nors7 to inspect ! company = !     
purpose ( evaluat+ ! company's progress 
9 implem5t+ ! company's plan4  7,e7     
,au?ority to resc9d approval  7i7 ,9    
g5]al ,dur+ ! implem5tation p]iod       
describ$ "u subp>agraph 7,c71 includ+   
any ext5sions grant$ by ! ,c\ncil1 !    
,c\ncil %all reta9 ! au?ority to resc9d 
its approval ( ! plan if ! ,c\ncil f9ds1
 by a vote ( n few] ?an #b_/c ( ! vot+  
memb]s !n s]v+1 includ+ an affirmative  
vote by ! ,*airp]son1 t ! company's     
implem5tation ( ! plan is no long]      
suffici5t to mitigate or prev5t ! risks 
id5tifi$ 9 ! resolution describ$ "u     
p>agraph 7#b77;,a74  7ii7 ,f9al         
det]m9ation vote ,! ,c\ncil may proce$  

to a vote on f9al det]m9ation "u        
subsection 7a7 or 7b71 z applicable1 n  
e>li] ?an #aj days aft] provid+ !       
nonbank f9ancial company ) writt5 notice
 t ! ,c\ncil has resc9d$ ! approval ( ! 
company's plan pursuant to clause 7i74  
7,f7 ,actions aft] implem5tation  7i7   
,evaluation ( implem5tation ,aft] ! end 
( ! implem5tation p]iod describ$ "u     
subp>agraph 7,c71 includ+ any ext5sions 
grant$ by ! ,c\ncil1 ! ,c\ncil %all     
consid] :e!r ! plan1 z implem5t$ by !   
nonbank f9ancial company1 adequately    
mitigates or prev5ts ! risks id5tifi$ 9 
! resolution describ$ "u p>agraph       
7#b77;,a74  7ii7 ,vot+ ,if1 aft] p]=m+  
an evaluation "u clause 7i71 n few] ?an 
#b_/c ( ! vot+ memb]s ( ! ,c\ncil !n    
s]v+1 includ+ an affirmative vote by !  
,*airp]son1 det]m9e t ! plan1 z         
implem5t$1 adequately mitigates or      
prev5ts ! id5tifi$ risks1 ! ,c\ncil %all
 n make a f9al det]m9ation "u subsection
 7a7 or 7b71 z applicable1 ) respect to 
! nonbank f9ancial company & %all notify

 ! company ( ! ,c\ncil's decision to    
take no fur!r action4  7#g7 ,f9al c\ncil
 decisions  7,a7 ,9 g5]al ,n lat] ?an   
#ij days aft] ! date ( a he>+ "u        
p>agraph 7#e71 ! ,c\ncil %all notify !  
nonbank f9ancial company (--  7i7 a f9al
 det]m9ation "u subsection 7a7 or 7b71 z
 applicable2  7ii7 ! ,c\ncil's approval 
( a plan submitt$ by ! nonbank f9ancial 
company "u p>agraph 7#e7 or revis$ "u   
p>agraph 7#f72 or  7iii7 ! ,c\ncil's    
decision to take no fur!r action )      
respect to ! nonbank f9ancial company4  
7,b7 ,explanatory /atem5t ,a f9al       
det]m9ation ( ! ,c\ncil1 "u subsection  
7a7 or 7b71 %all conta9 a /atem5t ( !   
basis = ! decision ( ! ,c\ncil1 includ+ 
! reasons :y ! ,c\ncil reject$ any plan 
by ! nonbank f9ancial company submitt$  
"u p>agraph 7#e7 or revis$ "u p>agraph  
7#f74  2 &  7#d7 by add+ at ! end !     
foll[+3  7j7 ,p]iodic review (          
individual det]m9ation  7#a7 ,review ,e 
#e ye>s aft] ! date ( a f9al det]m9ation
 ) respect to a nonbank f9ancial company

 "u subsection 7a7 or 7b71 z applicable1
 ! nonbank f9ancial company may submit a
 writt5 reque/ to ! ,c\ncil = a         
reevaluation ( su* det]m9ation4 ,^u     
receipt ( su* a reque/1 ! ,c\ncil %all  
conduct a reevaluation ( su* det]m9ation
 & hold a vote on :e!r to resc9d su*    
det]m9ation4  7#b7 ,proc$ures  7,a7 ,9  
g5]al ,^u receipt ( a writt5 reque/ "u  
p>agraph 7#a71 ! ,c\ncil %all fix a "t  
7n e>li] ?an #cj days aft] ! date (     
receipt ( ! reque/7 & place at :i* su*  
company may appe>1 p]sonally or ?r\gh   
c\nsel1 to--  7i7 submit writt5 mat]ials
 7:i* may include a plan to modify !    
company's bus9ess1 /ructure1 or         
op]ations1 :i* %all specify ! l5g? ( !  
implem5tation p]iod72 or  7ii7 provide  
oral te/imony & oral argum5t be=e !     
memb]s ( ! ,c\ncil4  7,b7 ,treatm5t (   
plan ,if ! company submits a plan 9     
accordance ) subp>agraph 7,a77i71 !     
,c\ncil %all consid] :e!r ! plan1 if    
implem5t$1 w\ld cause ! company to no   
long] meet ! /&>ds = a f9al det]m9ation 

"u subsection 7a7 or 7b71 z applicable4 
,! ,c\ncil %all provide ! nonbank       
f9ancial company an opportunity to      
revise ! plan aft] consultation ) !     
,c\ncil4  7#c7 ,rescission ( det]m9ation
  7,a7 ,9 g5]al ,if ! ,c\ncil1 by a vote
 ( n few] ?an #b_/c ( ! vot+ memb]s !n  
s]v+1 includ+ an affirmative vote by !  
,*airp]son1 det]m9es "u ?is subsection t
 a nonbank f9ancial company no long]    
meets ! /&>ds = a f9al det]m9ation "u   
subsection 7a7 or 7b71 z applicable1 !  
,c\ncil %all resc9d su* det]m9ation4    
7,b7 ,approval ( company plan ,approval 
by ! ,c\ncil ( a plan submitt$ or revis$
 9 accordance ) p>agraph 7#b7 %all      
require a vote ( n few] ?an #b_/c ( !   
vot+ memb]s !n s]v+1 includ+ an         
affirmative vote by ! ,*airp]son4 ,if   
su* plan is approv$ by ! ,c\ncil1 !     
company %all implem5t ! plan dur+ !     
p]iod id5tifi$ 9 ! plan1 except t !     
,c\ncil1 9 its sole discretion & ^u     
reque/ f ! company1 may grant "o or m   
ext5sions ( ! implem5tation p]iod4 ,aft]

 ! end ( ! implem5tation p]iod1 includ+ 
any ext5sions grant$ by ! ,c\ncil1 !    
,c\ncil %all proce$ to a vote z describ$
 "u subp>agraph 7,a74  7k7 ,p]iodic     
assessm5t ( ! impact ( designations     
7#a7 ,assessm5t ,e five ye>s aft] ! date
 ( enactm5t ( ?is section1 ! ,c\ncil    
%all--  7,a7 conduct a /udy ( !         
,c\ncil's det]m9ations t nonbank        
f9ancial companies %all be sup]vis$ by !
 ,bo>d ( ,gov]nors & %all be subject to 
prud5tial /&>ds2 &  7,b7 compreh5sively 
assess ! impact ( su* det]m9ations on ! 
companies = :i* su* det]m9ations 7 made 
& ! wid] economy1 includ+ :e!r su*      
det]m9ations are hav+ ! int5d$ result ( 
improv+ ! f9ancial /ability ( ! ,unit$  
,/ates4  7#b7 ,report ,n lat] ?an #ij   
days aft] complet+ a /udy requir$ "u    
p>agraph 7#a71 ! ,c\ncil %all issue a   
report to ! ,congress t--  7,a7         
describes all f9d+s & conclusions made  
by ! ,c\ncil 9 c>ry+ out su* /udy2 &    
7,b7 id5tifies :e!r any ( ! ,c\ncil's   
det]m9ations %\ld be resc9d$ or :e!r    

relat$ regulations or regulatory        
guidance %\ld be modifi$1 /reaml9$1     
exp&$1 or repeal$4  4  #d4 ,rule (      
con/ruction ,none ( ! am5dm5ts made by  
?is ,act may be con/ru$ z limit+ !      
,f9ancial ,/ability ,ov]sight ,c\nsel's 
em]g5cy p[]s "u section #aac7;f7 ( !    
,f9ancial ,/ability ,act ( #bjaj 7#ab   
,u4,s4,c4 #ecbc7;f774