,,ib  ,union ,cal5d> ,no4 #dej  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #djfa
  ,report ,no4 #aae-eib  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,octob] #ab1 #bjag
 ,mr4 ,ross 7= himself1 ,mr4 ,delaney1  
,mr4 ,luetkemey]1 ,ms4 ,s9ema1 ,mr4     
,mc,henry1 ,mr4 ,meeks1 ,mr4 ,huiz5ga1  
,mr4 ,david ,scott ( ,georgia1 ,mr4     
,duffy1 ,mr4 ,fo/]1 ,mr4 ,b>r1 ,mr4     
,%]man1 ,mrs4 ,wagn]1 ,mr4 ,p]lmutt]1   
,mr4 ,royce ( ,cali=nia1 ,mr4 ,himes1   
,mr4 ,lucas1 ,mr4 ,got!im]1 ,mr4 ,/iv]s1
 ,mr4 ,kihu51 ,mr4 ,pitt5g]1 ,mrs4      
,beatty1 ,mr4 ,mess]1 ,ms4 ,sewell (    
,alabama1 ,mr4 ,tipton1 ,mr4 ,kilm]1    
,mr4 ,williams1 ,mr4 ,pet]s1 ,mr4       
,poliqu91 ,mr4 ,k9d1 ,mrs4 ,love1 ,ms4  
,del,bene1 ,mr4 ,hill1 ,mr4 ,crd5as1    
,mr4 ,emm]1 ,mr4 ,quigley1 ,mr4 ,mooney 
( ,we/ ,virg9ia1 ,mr4 ,co/a1 ,mr4       
,mac,arthur1 ,mr4 ,br5dan ,f4 ,boyle (  
,p5nsylvania1 ,mr4 ,co/ello (           
,p5nsylvania1 ,mr4 ,?ompson ( ,cali=nia1
 ,mr4 ,r5acci1 ,miss ,rice ( ,new ,york1
 ,mr4 ,s*weik]t1 ,mr4 ,m\lton1 ,mr4     

,sessions1 ,mr4 ,norcross1 ,mr4 ,tib]i1 
& ,ms4 ,ku/] ( ,new ,hamp%ire7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,f9ancial ,s]vices  ,m>*  
#i1 #bjah;,additional sponsors3 ,mr4    
,aguil>1 ,mr4 ,hultgr51 ,mr4 ,connolly1 
,mr4 ,holl+swor?1 ,mr4 ,budd1 ,mr4      
,l\d]milk1 ,ms4 ,blunt ,ro*e/]1 & ,mr4  
,gonzalez ( ,texas  ,m>* #i1 #bjah      
,committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union & ord]$ to  
be pr9t$  ,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 (    
#bjag4  #b4 ,,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#c7 by am5d+ subsection 7d7 to
 read z foll[s3  7d7 ,reevaluation &    
,rescission  7#a7 ,annual reevaluation  
,n less frequ5tly ?an annually1 !       
,c\ncil %all reevaluate ea* det]m9ation 
made "u subsections 7a7 & 7b7 ) respect 
to a nonbank f9ancial company sup]vis$  
by ! ,bo>d ( ,gov]nors & %all--  7,a7   
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  7,b7 provide an opportunity = !
 nonbank f9ancial company to meet ) !   
,c\ncil to pres5t ! in=mation describ$ 9
 subp>agraph 7,a72 &  7,c7 if ! ,c\ncil 
does n resc9d ! det]m9ation1 provide    
notice to ! nonbank f9ancial company1   
its prim>y f9ancial regulatory ag5cy & !
 prim>y f9ancial regulatory ag5cy ( any 
( ! company's significant subsidi>ies ( 
! reasons = ! ,c\ncil's decision1 :i*   
notice %all address ) specificity h[ !  
,c\ncil assess$ ! mat]ial factors       
pres5t$ by ! company "u subp>agraphs    
7,a7 & 7,b74  7#b7 ,p]iodic reevaluation
  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 ,^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 &  7ii7 provide   
oral te/imony & oral argum5t be=e !     
memb]s ( ! ,c\ncil4  7,c7 ,treatm5t (   
plan ,if ! company submits a plan 9     
accordance ) subp>agraph 7,b77i71 !     
,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,d7 ,explanation = c]ta9     
companies ,) respect to a reevaluation  
"u ?is p>agraph :]e ! det]m9ation be+   
reevaluat$ 0 made be=e ! date ( enactm5t
 ( ?is p>agraph1 ! nonbank f9ancial     
company may require ! ,c\ncil1 z "p (   
su* reevaluation1 to expla9 )           
specificity ! basis = su* det]m9ation4  
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  2  7#d7 by am5d+ 
subsection 7e7 to read z foll[s3  7e7   
,requirem5ts = propos$ 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+ ! company1 a copy ( :i* %all be
 provid$ to ! company's prim>y f9ancial 
regulatory ag5cy2  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 ( ! company2  7,c7 an       
opportunity to meet ) ! ,c\ncil to      
discuss ! ,c\ncil's analysis2 &  7,d7 a 
li/ ( ! public s\rces ( in=mation be+   
consid]$ by ! ,c\ncil z "p ( su*        
analysis4  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 provide
 a writt5 response to ! ,c\ncil t       
includes its assessm5t ( ! risks        
id5tifi$ & ! degree to :i* !y are or    
c\ld be address$ by exi/+ regulation &1 
z appropriate1 issue propos$ regulations
 or und]take o!r regulatory action to   
mitigate ! id5tifi$ risks2  7,c7 provide
 ! nonbank f9ancial company ) writt5    
notice t ! ,c\ncil-- 7i7 is consid]+    
:e!r to make a propos$ det]m9ation )    
respect to ! nonbank f9ancial company "u
 subsection 7a7 or 7b71 z applicable1   
:i* notice expla9s ) specificity ! basis
 = ! ,c\ncil's consid]ation1 includ+ any
 aspects ( ! company's op]ations or     
activities t are a prim>y focus = !     
,c\ncil2 or  7ii7 has det]m9$ n to      
subject ! company to fur!r review1 :i*  

action %all n preclude ! ,c\ncil f issu+
 a notice to ! company "u subp>agraph   
7#a77;,a7 at a future "t2 &  7,d7 9 !   
case ( a notice to ! nonbank f9ancial   
company "u subp>agraph 7,c77i71 provide 
! company )--  7i7 an opportunity to    
meet ) ! ,c\ncil to discuss ! ,c\ncil's 
analysis2  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 an explanation ( h[ any reque/ by 
! ,c\ncil = in=mation f ! nonbank       
f9ancial company relates to pot5tial    
risks to ! f9ancial /ability ( ! ,unit$ 
,/ates & ! ,c\ncil's analysis ( !       
company2  7iv7 writt5 notice :5 !       
,c\ncil deems its evid5ti>y record      

reg>d+ su* nonbank f9ancial company to  
be complete2 &  7v7 an opportunity to   
meet ) ! memb]s ( ! ,c\ncil4  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 fir/ 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 ! 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 !    
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-- 
7,a7 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   
exi/+ regulations or o!r regulatory     
action by ! company's prim>y f9ancial   
regulatory ag5cy1 if any1 is insuffici5t
 to mitigate su* risk2 &  7,b7 provide !
 prim>y f9ancial regulatory ag5cy ( !   
nonbank f9ancial company a copy ( !     
nonpublic writt5 explanation ( !        
,c\ncil's propos$ det]m9ation4  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 argum5t to 
! memb]s ( ! ,c\ncil4  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 or   
its subsidi>ies 7or1 if none1 ! ,bo>d ( 

,gov]nors7 to inspect ! company or its  
subsidi>ies = ! purpose ( evaluat+ !    
implem5tation ( ! 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  7,c7 ,notice to prim>y f9ancial  
regulatory ag5cy ,9 ! case ( a f9al     
det]m9ation "u subsection 7a7 or 7b71 ! 
,c\ncil %all provide ! prim>y f9ancial  
regulatory ag5cy ( ! nonbank f9ancial   
company a copy ( ! nonpublic writt5     
explanation ( ! ,c\ncil's f9al          
det]m9ation4  2  7#e7 9 subsection 7g71 
/rike be=e ! ,c\ncil makes any f9al     
det]m9ation & ins]t f ! outset ( !      
,c\ncil's consid]ation ( ! company1     
includ+ be=e ! ,c\ncil makes any propos$
 or f9al det]m9ation2 &  7#f7 by add+ at

 ! end ! foll[+3  7j7 ,public disclosure
 requirem5t ,! ,c\ncil %all--  7#a7 9   
ea* case :]e a nonbank f9ancial company 
has be5 notifi$ t x is subject to !     
,c\ncil's review & ! company has        
publicly disclos$ su* fact1 confirm t ! 
nonbank f9ancial company is subject to !
 ,c\ncil's review1 9 response to a      
reque/ f a ?ird p>ty2  7#b7 ^u mak+ a   
f9al det]m9ation1 publicly provide a    
writt5 explanation ( ! basis = its      
decision ) suffici5t detail to provide !
 public ) an und]/&+ ( ! specific bases 
( ! ,c\ncil's det]m9ation1 includ+ any  
assumptions relat$ !re(1 subject to !   
requirem5ts ( section #aab7;d77#e72     
7#c7 include1 9 ! annual report requir$ 
by section #aab1 ! numb] ( nonbank      
f9ancial companies f ! previ\s ye>      
subject to prelim9>y analysis1 fur!r    
review1 & subject to a propos$ or f9al  
det]m9ation2 &  7#d7 )9 #ij days aft] ! 
enactm5t ( ?is subsection1 publi%       
in=mation reg>d+ its me?odology =       
calculat+ any quantitative ?re%olds or  

o!r metrics us$ to id5tify nonbank      
f9ancial companies = analysis by !      
,c\ncil4  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$4  4  #c4    
,rule ( con/ruction ,none ( ! am5dm5ts  
made by ?is ,act may be con/ru$ z limit+
 ! ,f9ancial ,/ability ,ov]sight        
,c\ncil's em]g5cy p[]s "u section       
#aac7;f7 ( ! ,f9ancial ,/ability ,act ( 
#bjaj 7#ab ,u4,s4,c4 #ecbc7;f774  ,m>*  
#i1 #bjah ,committ$ to ! ,committee ( ! 
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$