,,ii #aadth ,,congress #b;d ,session ,h4 ,r4 #fcib ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #e1 #bjaf,received ,,an ,,act ,to amend the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act to specify when bank holding companies may be subject to certain enhanced supervision1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,systemic ,risk ,designation ,improvement ,act of #bjaf4 #b4 ,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 #c4 ,revisions to council authority 7a7 ,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 7b7 ,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 ,determination ,the ,council1 on a nondelegable basis and by a vote of not fewer than #bc of the voting members then serving1 including an affirmative vote by the ,chairperson1 may determine that a bank holding company shall be subject to enhanced supervision and prudential standards by the ,board of ,governors1 in accordance with section #afe1 if the ,council determines1 based on the considerations in paragraph 7#b71 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 paragraph 7#a71 the ,council shall use the indicator-based measurement approach established by the ,basel ,committee on ,banking ,supervision to determine systemic importance1 which considers-- 7,a7 the size of the bank holding company2 7,b7 the interconnectedness of the bank holding company2 7,c7 the extent of readily available substitutes or financial institution infrastructure for the services of the bank holding company2 7,d7 the global cross-jurisdictional activity of the bank holding company2 and 7,e7 the complexity of the bank holding company4 7#c7 ,g,s,i,bs designated by operation of law ,notwithstanding any other provision of this subsection1 a bank holding company that is designated1 as of the date of enactment of this subsection1 as a ,global ,systemically ,important ,bank by the ,financial ,stability ,board shall be deemed to have been the subject of a final determination under paragraph 7#a74 2 7#d7 in subsection 7d71 as so redesignated-- 7,a7 in paragraph 7#a77;,a71 by striking subsection 7a77#b7 or 7b77#b7 and inserting subsection 7a77#b71 7b77#b71 or 7c77#b72 and 7,b7 in paragraph 7#d71 by striking ,subsections 7d7 through 7h7 and inserting ,subsections 7e7 through 7i72 7#e7 in subsections 7e71 7f71 7g71 7h71 7i71 and 7j7-- 7,a7 by striking subsections 7a7 and 7b7 each place such term appears and inserting subsections 7a71 7b71 and 7c72 and 7,b7 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 7c7 ,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-- 7,a7 in subparagraph 7,a71 by striking 2 or at the end and inserting a period2 7,b7 by striking the ,council may and all that follows through differentiate and inserting the ,council may differentiate2 and 7,c7 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 7d7 ,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 7e7 ,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 7f7 ,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 #d4 ,revisions to ,board authority 7a7 ,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 7b7 ,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 7c7 ,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-- 7,a7 by striking 7,a7 ,in general4--2 and 7,b7 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 ,conforming ,amendment ,the second subsection 7s7 7relating to ,assessments1 ,fees1 and ,other ,charges for ,certain ,companies7 of section #aa of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bdh7 is amended-- 7#a7 by redesignating such subsection as subsection 7t72 and 7#b7 in paragraph 7#b7-- 7,a7 in subparagraph 7,a71 by striking having total consolidated assets of #ej1jjj1jjj1jjj or more2 and inserting which have been the subject of a final determination under section #aac of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act2 and2 7,b7 by striking subparagraph 7,b72 and 7,c7 by redesignating subparagraph 7,c7 as subparagraph 7,b74 #e4 ,effective date2 rule of application 7a7 ,effective date ,the ,financial ,stability ,oversight ,council may begin proceedings with respect to a bank holding company under section #aac7;c77#a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 as added by this ,act1 on the date of the enactment of this ,act1 but may not make a final determination under such section #aac7;c77#a7 with respect to a bank holding company before the end of the #a-year period beginning on the date of the enactment of this ,act4 7b7 ,immediate application to large bank holding companies ,during the #a-year period described under subsection 7a71 a bank holding company with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj shall be deemed to have been the subject of a final determination under section #aac7;c77#a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act4 #f4 ,existing assessment termination schedule 7a7 ,temporary extension of existing assessment 7#a7 ,in general ,each bank holding company with total consolidated assets equal to or greater than #ej1jjj1jjj1jjj and which has not been the subject of a final determination under section #aac of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecbc7 shall be subject to assessments by the ,secretary of the ,treasury to the same extent as a bank holding company that has been subject to such a final determination4 7#b7 ,limitation on amount of assessments ,the aggregate amount collected pursuant to paragraph 7#a7 from all bank holding companies assessed under such paragraph shall be #aae1jjj1jjj4 7#c7 ,expedited assessments ,if necessary1 the ,secretary of the ,treasury shall expedite assessments made pursuant to paragraph 7#a7 to ensure that all #aae1jjj1jjj of assessments permitted by paragraph 7#b7 is collected before fiscal year #bjah4 7#d7 ,payment period options ,the ,secretary of the ,treasury shall offer the option of payments spread out before the end of fiscal year #bjah1 or shorter periods including the option of a one-time payment1 at the discretion of each bank holding company paying assessments pursuant to paragraph 7#a74 7#e7 ,assessments to be made in addition to any other assessments ,the assessments collected pursuant to paragraph 7#a7 shall be in addition to1 and not as a replacement of1 any assessments required under any other law4 7b7 ,use of assessments ,of the total amount collected pursuant to subsection 7a7-- 7#a7 #fj1jjj1jjj shall be transferred to the ,financial ,stability ,oversight ,council to pay for any administrative costs resulting from this ,act and the amendments made by this ,act1 of which the ,financial ,stability ,oversight ,council shall distribute #bj1jjj1jjj to the ,board of ,governors of the ,federal ,reserve ,system1 #bj1jjj1jjj to the ,federal ,deposit ,insurance ,corporation1 and #bj1jjj1jjj to the general fund of the ,treasury2 and 7#b7 #ee1jjj1jjj shall be transferred to the ,federal ,deposit ,insurance ,corporation to pay for any resolution costs resulting from this ,act and the amendments made by this ,act4 7c7 ,treatment upon determination ,a bank holding company assessed under this section shall no longer be subject to such assessments in the event it is subject to a final determination under section #aac of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecbc74 ,any prior payments made by such a banking holding company pursuant to an assessment under this section shall be nonrefundable4 7d7 ,rule of construction ,a bank holding company deemed to have been the subject of a final determination under section #aac of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecbc7 under section #e7;b7 shall not be subject to assessments under subsection 7a7 solely by operation of section #e7;b74 #g4 ,rule of construction ,nothing in this ,act or the amendments made by this ,act may be construed as broadly applying international standards except as specifically provided under paragraphs 7#b7 and 7#c7 of section #aac7;c7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 as added by section #c4 ,passed the ,house of ,representatives ,december #a1 #bjaf4,karen ,l4 ,haas1,clerk