,,ii #aacth ,,congress #ast ,session ,s4 #ajj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #bc 7legislative day1 ,january #c71 #bjac ,mr4 ,vitter introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,financial ,stability ,act of #bjaj to repeal certain designation authority of the ,financial ,stability ,oversight ,council1 to repeal the ,payment1 ,clearing1 and ,settlement ,supervision ,act of #bjaj1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,terminating the ,expansion of ,too-,big-,to-,fail ,act of #bjac4 #b4 ,repeal of designation authority under the ,financial ,stability ,act of #bjaj 7a7 ,in general ,the ,dodd ,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 is amended-- 7#a7 in section #ajb 7#ab ,u4,s4,c4 #ecaa7-- 7,a7 in subsection 7a7-- 7i7 by striking paragraph 7#d72 and 7ii7 by amending paragraph 7#g7 to read as follows3 7#g7 ,significant bank holding company ,the term significant bank holding company has the meanings given to it by rule of the ,board of ,governors4 2 and 7,b7 by striking subsection 7c72 7#b7 in section #aab 7#ab ,u4,s4,c4 #ecbb7-- 7,a7 in subsection 7a7-- 7i7 in paragraph 7#a77;,a71 by striking or nonbank financial companies2 and 7ii7 in paragraph 7#b7-- 7,i7 in subparagraph 7,a71 by striking and nonbank financial companies2 7,,ii7 by striking subparagraphs 7,h7 and 7,j72 7,,iii7 by redesignating subparagraphs 7,i71 7,k71 7,l71 7,m71 and 7,n7 as subparagraphs 7,h71 7,i71 7,j71 7,k71 and 7,l71 respectively2 7,,iv7 in subparagraph 7,h71 as so redesignated1 by striking nonbank financial companies and2 7,v7 in subparagraph 7,i71 as so redesignated1 by striking 1 nonbank financial companies12 and 7,,vi7 in subparagraph 7,l71 as so redesignated-- 7aa7 by striking clause 7iv72 and 7bb7 by redesignating clauses 7v7 and 7vi7 as clauses 7iv7 and 7v71 respectively2 and 7,b7 in subsection 7d7-- 7i7 in paragraph 7#c7-- 7,i7 in subparagraph 7,a71 by striking nonbank financial company or each place such term appears2 7,,ii7 in subparagraph 7,b71 by striking nonbank financial company or2 and 7,,iii7 in subparagraph 7,c71 by striking foreign nonbank financial company or2 and 7ii7 by striking paragraph 7#d72 7#c7 by striking sections #aac 7#ab ,u4,s4,c4 #ecbc71 #aad 7#ab ,u4,s4,c4 #ecbd71 #afa 7#ab ,u4,s4,c4 #ecfa71 #afb 7#ab ,u4,s4,c4 #ecfb71 #afd 7#ab ,u4,s4,c4 #ecfd71 #afg 7#ab ,u4,s4,c4 #ecfg71 #agj 7#ab ,u4,s4,c4 #ecgj71 #baf 7#abd ,stat4 #aeai71 and #bag 7#abd ,stat4 #aeai72 7#d7 in section #aae 7#ab ,u4,s4,c4 #ecbe7-- 7,a7 in the heading for such section1 by striking nonbank financial companies supervised by the ,board of ,governors and2 7,b7 in subsection 7a77#a7-- 7i7 by striking nonbank financial companies supervised by the ,board of ,governors and2 and 7ii7 in subparagraph 7,a71 by striking nonbank financial companies and2 7,c7 in subsection 7b7-- 7i7 in paragraph 7#b7-- 7,i7 in the heading for such paragraph1 by striking financial companies and inserting bank holding companies2 7,,ii7 by striking foreign nonbank financial companies supervised by the ,board of ,governors or2 and 7,,iii7 in subparagraph 7,b71 by striking foreign nonbank financial company or2 and 7ii7 in paragraph 7#c7-- 7,i7 in subparagraph 7,a7-- 7aa7 by striking nonbank financial companies supervised by the ,board of ,governors and2 and 7bb7 in clause 7i71 by inserting before the semicolon the following3 7as in effect on the day before the date of the enactment of the ,terminating the ,expansion of ,too-,big-,to-,fail ,act of #bjac72 and 7,,ii7 in subparagraph 7,b71 by inserting after section #aac the following3 7as in effect on the day before the date of the enactment of the ,terminating the ,expansion of ,too-,big-,to-,fail ,act of #bjab72 7,d7 in subsection 7c7-- 7i7 in paragraph 7#a71 by striking nonbank financial companies supervised by the ,board of ,governors and2 and 7ii7 in paragraph 7#c7-- 7,i7 in subparagraph 7,a71 by striking any nonbank financial company supervised by the ,board of ,governors and2 and 7,,ii7 in subparagraph 7,b77iii71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7,e7 in subsection 7d7-- 7i7 in paragraph 7#a71 by striking each nonbank financial company supervised by the ,board of ,governors and2 and 7ii7 in paragraph 7#b7-- 7,i7 by striking nonbank financial company supervised by the ,board of ,governors and2 and 7,,ii7 by striking significant nonbank financial companies and each place such term appears2 7,f7 in subsection 7e71 by striking nonbank financial companies supervised by the ,board of ,governors or2 7,g7 in subsection 7f71 by striking and by nonbank financial companies supervised by the ,board of ,governors2 and 7,h7 in subsection 7g71 by striking 1 nonbank financial companies supervised by the ,board of ,governors12 7#e7 in section #aaf 7#ab ,u4,s4,c4 #ecbf7-- 7,a7 in subsection 7a71 by striking or a nonbank financial company supervised by the ,board of ,governors2 and 7,b7 in subsection 7b7-- 7i7 in paragraph 7#a77;,a71 by striking 1 nonbank financial company supervised by the ,board of ,governors12 and 7ii7 in paragraph 7#b71 by striking and nonbank financial company supervised by the ,board of ,governors2 7#f7 in section #aag 7#ab ,u4,s4,c4 #ecbg7-- 7,a7 in subsection 7b71 by striking such entity shall be treated as a nonbank financial company supervised by the ,board of ,governors1 as if the ,council had made a determination under section #aac with respect to that entity and inserting for purposes of this title1 such entity shall be treated as a bank holding company with total consolidated assets of #ej1jjj1jjj1jjj2 and 7,b7 in subsection 7c7-- 7i7 in paragraph 7#a71 by striking a nonbank financial company supervised by the ,board of ,governors and inserting a bank holding company with total consolidated assets of #ej1jjj1jjj1jjj2 and 7ii7 in paragraph 7#b71 by striking subparagraph 7,c72 7#g7 in section #aai7;a7 7#ab ,u4,s4,c4 #ecbi7;a771 by striking 1 nonbank financial company12 7#h7 in section #abj 7#ab ,u4,s4,c4 #eccj7-- 7,a7 in subsection 7a7-- 7i7 by striking or nonbank financial companies2 and 7ii7 by striking and nonbank financial companies2 and 7,b7 in subsection 7d7-- 7i7 in paragraph 7#a71 by adding and at the end2 7ii7 in paragraph 7#b71 by striking 2 and and inserting a period2 and 7iii7 by striking paragraph 7#c72 7#i7 in section #aba 7#ab ,u4,s4,c4 #ecca7-- 7,a7 in subsection 7a71 by striking 1 or a nonbank financial company supervised by the ,board of ,governors12 7,b7 in subsection 7c71 by inserting after section #aac the following3 7as in effect on the day before the date of the enactment of the ,terminating the ,expansion of ,too-,big-,to-,fail ,act of #bjab72 and 7,c7 in subsection 7d7-- 7i7 in the heading for such subsection1 by striking ,foreign financial companies and inserting ,foreign-,based bank holding companies2 7ii7 by striking foreign nonbank financial companies supervised by the ,board of ,governors and2 and 7iii7 by amending paragraph 7#b7 to read as follows3 7#b7 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 ,states4 2 7#aj7 in the heading for subtitle ,c1 by striking ,certain nonbank financial companies and2 7#aa7 in section #aee7;d7 7#ab ,u4,s4,c4 #ecde7;d771 by striking and nonbank financial companies supervised by the ,board of ,governors2 7#ab7 in section #afc 7#ab ,u4,s4,c4 #ecfc7-- 7,a7 by striking subsection 7a71 7,b7 by redesignating subsection 7b7 as subsection 7a72 and 7,c7 in subsection 7a71 as so redesignated1 by striking or a nonbank financial company supervised by the ,board of ,governors each place such term appears2 7#ac7 in section #afe 7#ab ,u4,s4,c4 #ecfe7-- 7,a7 in the heading for such section1 by striking nonbank financial companies supervised by the ,board of ,governors and2 7,b7 in subsection 7a77#a7-- 7i7 by striking nonbank financial companies supervised by the ,board of ,governors and2 and 7ii7 in subparagraph 7,a71 by striking nonbank financial companies and2 7,c7 in subsection 7b7-- 7i7 in paragraph 7#a71 by striking nonbank financial companies supervised by the ,board of ,governors and each place such term appears2 7ii7 in paragraph 7#b7-- 7,i7 in the heading for such paragraph1 by striking foreign financial companies and inserting foreign-based bank holding companies2 7,,ii7 by striking foreign nonbank financial company supervised by the ,board of ,governors or2 and 7,,iii7 in subparagraph 7,b7-- 7aa7 by striking foreign financial company and inserting foreign-based bank holding company2 and 7bb7 by striking financial companies and inserting bank holding companies2 7iii7 in paragraph 7#c7-- 7,i7 by inserting after section #aac each place such term appears the following3 7as in effect on the day before the date of the enactment of the ,terminating the ,expansion of ,too-,big-,to-,fail ,act of #bjab72 and 7,,ii7 in subparagraph 7,a71 by striking nonbank financial companies supervised by the ,board of ,governors and2 and 7iv7 in paragraph 7#d71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7,d7 in subsection 7c7-- 7i7 in paragraph 7#a7-- 7,i7 by striking nonbank financial company supervised by the ,board of ,governors and2 and 7,,ii7 by striking bank holding companies and inserting bank holding company2 and 7ii7 in paragraph 7#b77;,d71 by striking nonbank financial company supervised by the ,board of ,governors or a2 7,e7 in subsection 7d7-- 7i7 by striking nonbank financial company supervised by the ,board of ,governors and each place such term appears2 7ii7 in paragraph 7#a71 by striking bank holding companies and inserting bank holding company2 7iii7 in paragraph 7#b7-- 7,i7 by striking significant nonbank financial companies and each place such term appears2 and 7,,ii7 by striking bank holding companies and inserting bank holding company2 7iv7 in paragraph 7#d71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7v7 in paragraph 7#e71 by striking a nonbank financial company supervised by the ,board of ,governors or each place such term appears2 and 7vi7 in paragraph 7#f71 by striking the nonbank financial company supervised by the ,board1 any bank holding company1 or any subsidiary or affiliate of the foregoing and inserting any bank holding company or any subsidiary or affiliate of the bank holding company2 7,f7 in subsection 7e7-- 7i7 in paragraph 7#a71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7ii7 in paragraph 7#b71 by striking nonbank financial company supervised by the ,board of ,governors and2 7iii7 in paragraph 7#c71 by striking the nonbank financial company supervised by the ,board of ,governors or each place such term appears2 and 7iv7 in paragraph 7#d71 by striking a nonbank financial company supervised by the ,board of ,governors or2 7,g7 in subsection 7f71 by striking nonbank financial companies supervised by the ,board of ,governors and2 7,h7 in subsection 7g77#a71 by striking and any nonbank financial company supervised by the ,board of ,governors2 7,i7 in subsection 7h7-- 7i7 by striking paragraph 7#a72 7ii7 by redesignating paragraphs 7#b7 and 7#c7 as paragraphs 7#a7 and 7#b71 respectively2 7iii7 in paragraph 7#a71 as so redesignated1 by striking paragraph 7#c7 each place such term appears and inserting paragraph 7#b72 and 7iv7 in paragraph 7#b71 as so redesignated1 by striking nonbank financial company supervised by the ,board of ,governors or each place such term appears2 7,j7 in subsection 7i7-- 7i7 in paragraph 7#a7-- 7,i7 in subparagraph 7,a71 by striking nonbank financial companies supervised by the ,board of ,governors and2 and 7,,ii7 in subparagraph 7,b71 by striking and nonbank financial companies2 and 7ii7 in paragraph 7#b77;,a71 by striking nonbank financial company supervised by the ,board of ,governors and a2 7,k7 in subsection 7j7-- 7i7 in paragraph 7#a71 by striking or a nonbank financial company supervised by the ,board of ,governors2 and 7ii7 in paragraph 7#b71 by inserting after section #aac the following3 7as in effect on the day before the date of the enactment of the ,terminating the ,expansion of ,too-,big-,to-,fail ,act of #bjab72 and 7,l7 in subsection 7k77#a71 by striking or nonbank financial company supervised by the ,board of ,governors2 7#ad7 in section #aff 7#ab ,u4,s4,c4 #ecff71 by striking a nonbank financial company supervised by the ,board of ,governors or each place such term appears2 7#ae7 in section #afi 7#ab ,u4,s4,c4 #ecfi71 by striking and nonbank financial companies2 and 7#af7 in section #aga7;b7 7#ab ,u4,s4,c4 #ecga7;b77-- 7,a7 by striking 1 depository institution holding companies1 and nonbank financial companies supervised by the ,board of ,governors each place such term appears and inserting and depository institution holding companies2 7,b7 in paragraph 7#c7-- 7i7 by striking or nonbank financial companies supervised by the ,board of ,governors2 and 7ii7 by striking or the primary financial regulatory agency in the case of nonbank financial companies supervised by the ,board of ,governors2 and 7,c7 in paragraph 7#d7-- 7i7 by striking or by nonbank financial companies supervised by the ,board of ,governors each place such term appears2 and 7ii7 by adding a period at the end4 7b7 ,conforming amendments 7#a7 ,bank ,holding ,company ,act of #aief ,the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda et seq47 is amended-- 7,a7 in section #ac 7#ab ,u4,s4,c4 #ahea7-- 7i7 in subsection 7a71 by striking paragraph 7#b72 7ii7 in subsection 7b77#b77;,b7-- 7,i7 in clause 7i77,,ii71 by striking 1 any nonbank financial company supervised by the ,board2 and 7,,ii7 in clause 7ii71 by striking and nonbank financial companies supervised by the ,board2 7iii7 in subsection 7c77#b7-- 7,i7 by striking or nonbank financial company supervised by the ,board2 and 7,,ii7 by striking or #b years after the date on which the entity or company becomes a nonbank financial company supervised by the ,board2 7iv7 in subsection 7e77#b71 by striking or nonbank financial company supervised by the ,board each place such term appears2 7v7 in subsection 7g71 by striking or nonbank financial company supervised by the ,board each place such term appears2 and 7vi7 in subsection 7h7-- 7,i7 by striking paragraph 7#c72 7,,ii7 by redesignating paragraphs 7#d71 7#e71 7#f71 and 7#g7 as paragraphs 7#c71 7#d71 7#e71 and 7#f71 respectively2 and 7,,iii7 in paragraph 7#c71 as so redesignated1 by striking or nonbank financial company supervised by the ,board each place such term appears2 7,b7 in section #ad7;a7 7#ab ,u4,s4,c4 #aheb7;a77-- 7i7 in paragraph 7#b7-- 7,i7 by striking subparagraph 7,e72 and 7,,ii7 by redesignating subparagraph 7,f7 as subparagraph 7,e72 and 7ii7 in paragraph 7#c77;,c71 by striking or other nonbank financial company supervised by the ,board4 7#b7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 is amended-- 7,a7 in the table of contents for such ,act under section #a7;b7-- 7i7 by striking the items relating to sections #aac1 #aad1 #afa1 #afb1 #afd1 #afg1 #agj1 #baf1 and #bag2 7ii7 in the item relating to section #aae1 by striking nonbank financial companies supervised by the ,board of ,governors and2 7iii7 in the item relating to subtitle ,c of title ,,ii1 by striking certain nonbank financial companies and2 and 7iv7 in the item relating to section #afe1 by striking nonbank financial companies supervised by the ,board of ,governors and2 7,b7 in section #bja7;a7 7#ab ,u4,s4,c4 #echa7;a77-- 7i7 in paragraph 7#aa77;,b7-- 7,i7 by striking clause 7ii72 and 7,,ii7 by redesignating clauses 7iii7 and 7iv7 as clauses 7ii7 and 7iii71 respectively2 7ii7 by striking paragraphs 7#ad7 and 7#ae72 and 7iii7 by redesignating paragraph 7#af7 as paragraph 7#ad72 7,c7 in section #baj7o77#a77;,a7 7#ab ,u4,s4,c4 #ecij7o77#a77;,a771 by striking and any nonbank financial company supervised by the ,board of ,governors2 7,d7 in section #fah7;a77#d77;,b7 7#ab ,u4,s4,c4 #ahej;a7a77#d77;,b77-- 7i7 by striking clause 7i72 and 7ii7 by redesignating clauses 7ii71 7iii71 7iv71 7v71 and 7vi7 as clauses 7i71 7ii71 7iii71 7iv71 and 7v71 respectively2 7,e7 in section #gaf7;i77#a7 7#ae ,u4,s4,c4 #hcje7;i77#a77-- 7i7 by striking subparagraph 7,b72 7ii7 by redesignating subparagraph 7,c7 as subparagraph 7,b72 and 7iii7 in subparagraph 7,b71 as so redesignated-- 7,i7 in the heading for such subparagraph1 by striking 1 non-systemically significant institutions not subject to heightened prudential supervision as regulated under section #aac and inserting swaps entities2 and 7,,ii7 by striking 1 non-systemically significant institutions not subject to heightened prudential supervision as regulated under section #aac2 and 7,f7 in section #gbf7;a7 7#ae ,u4,s4,c4 #hcbc7;i771 by striking a nonbank financial company 7as defined in section #ajb7 supervised by the ,board1 an affiliate of such a bank holding company or nonbank financial company1 and inserting an affiliate of such a bank holding company12 and 7,g7 in section #gfe7;a7 7#ae ,u4,s4,c4 #hcdc7;a771 by striking a nonbank financial company 7as defined in section #ajb7 supervised by the ,board of ,governors of the ,federal ,reserve ,system1 affiliate of such a bank holding company or nonbank financial company1 and inserting affiliate of such a bank holding company14 7#c7 ,federal ,deposit ,insurance ,act ,section #aj7;b77#c7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;b77#c77 is amended-- 7,a7 in subparagraph 7,a7-- 7i7 by striking or nonbank financial company supervised by the ,board of ,governors2 and 7ii7 by striking or of such nonbank financial company supervised by the ,board of ,governors2 and 7,b7 in subparagraph 7,b71 by striking a nonbank financial company supervised by the ,board of ,governors or4 7#d7 ,federal ,reserve ,act ,section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7,a7 by redesignating the second subsection 7s71 as added by section #cah7;c7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 as subsection 7t72 and 7,b7 in paragraph 7#b7 of subsection 7t71 as so redesignated-- 7i7 in subparagraph 7,a71 by adding and at the end2 7ii7 in subparagraph 7,b71 by striking 2 and and inserting a period2 and 7iii7 by striking subparagraph 7,c72 7#e7 ,title #ca ,section #cac7;c77#a7 of title #ca1 ,united ,states ,code1 is amended-- 7,a7 by striking subparagraph 7,c72 and 7,b7 by redesignating subparagraphs 7,d71 7,e71 7,f71 7,g71 and 7,h7 as subparagraphs 7,c71 7,d71 7,e71 7,f71 and 7,g71 respectively4 #c4 ,repeal of the ,payment1 ,clearing1 and ,settlement ,supervision ,act of #bjaj ,title ,,viii of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edfa et seq471 and the item relating to that title in the table of contents in section #a7;b7 of such ,act1 are hereby repealed4