,,ii #aae? ,,congress #b;d ,session ,s4 #cedb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,octob] #c 7legislative day1 ,septemb] #bh71 #bjah,mr4 ,s&]s introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to break up l>ge f9ancial entities4 #a4 ,too big to fail1 too big to exi/ 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m cov]$ entity-- 7,a7 means a f9ancial in/itution1 z def9$ 9 section #hjc ( ! ,paym5t1 ,cle>+1 & ,settlem5t ,sup]vision ,act ( #bjaj 7#ab ,u4,s4,c4 #edfb72 & 7,b7 does n include-- 7i7 a ,f>m ,cr$it ,sy/em in/itution *>t]$ "u & subject to ! provisions ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bjja et seq472 7ii7 a gov]nm5tal entity2 or 7iii7 a regulat$ entity1 z def9$ 9 section #acjc ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #dejb72 & 7#b7 ! t]m gross dome/ic product means gross dome/ic product z calculat$ by ! ,bureau ( ,economic ,analysis ( ! ,dep>tm5t ( ,comm]ce4 7b7 ,total exposure 7#a7 ,total exposure 7,a7 ,9 g5]al ,on ,febru>y #a1 ,may #a1 ,augu/ #a1 & ,novemb] #a ( ea* ye>1 no cov]$ entity may h a total exposure1 z report$ by ! cov]$ entity on ! ,f$]al ,res]ve =m requir$ to monitor ! sy/emic risk pr(ile ( f9ancial in/itutions = ! previ\s report+ p]iod1 equal to or great] ?an #c p]c5t ( ! mo/ rec5t e/imate = annual gross dome/ic product ( ! ,unit$ ,/ates 79 curr5t doll>s7 = ! previ\s cal5d> ye>4 7,b7 ,o!r report+ ,if a cov]$ entity is n requir$ to complete a ,f$]al ,res]ve =m requir$ to monitor ! sy/emic risk pr(ile ( f9ancial in/itutions1 ! ,f9ancial ,/ability ,ov]sight ,c\ncil %all design & assign a qu>t]ly report+ =m z appropriate = ea* cov]$ entity ) total assets great] ?an #ej1jjj1jjj1jjj t reflects ! total risk exposures ( ! f9ancial in/itution1 includ+ (f-balance %eet exposures & d]ivatives exposure )9 #ah mon?s ( ! date ( enactm5t ( ?is ,act4 ,once designat$ a report+ =m1 on ,febru>y #a1 ,may #a1 ,augu/ #a1 & ,novemb] #a no cov]$ entity may h a total exposure1 z report$ by ! cov]$ entity = ! previ\s report+ p]iod1 equal to or great] ?an #c p]c5t ( ! mo/ rec5t e/imate = annual gross dome/ic product ( ! ,unit$ ,/ates 79 curr5t doll>s7 = ! previ\s cal5d> ye>4 7#b7 ,re/ructur+ 7,a7 ,9 g5]al 7i7 ,designation ,any cov]$ entity t violates p>agraph 7#a7 %all imm$iately be designat$ z a ,too ,big to ,exi/ ,in/itution by ! ,f9ancial ,/ability ,ov]sight ,c\ncil4 7ii7 ,sup]vision ,! ,vice ,*air = ,sup]vision ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 or dur+ any p]iod 9 :i* t position is vacant1 ! ,*air ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 %all require & sup]vise a ,too ,big to ,exi/ ,in/itution to re/ructure to comply ) p>agraph 7#a7 n lat] ?an #b ye>s aft] ! date on :i* ! fir/ violation arises4 7,b7 ,subsequ5t requirem5ts ,aft] ! date on :i* a cov]$ entity is requir$ to re/ructure "u subp>agraph 7,a71 ! ,vice ,*air = ,sup]vision ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em or1 dur+ any p]iod 9 :i* t position is vacant1 ! ,*air ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 %all require & sup]vise any 8,too ,big to ,exi/ ,in/itution0 to re/ructure to comply ) p>agraph 7#a7 n lat] ?an #a ye> aft] ! in/itution is aga9 f\nd to be 9 excess ( ! ?re%old specifi$ 9 p>agraph 7#a74 7c7 ,prohibition aga9/ use ( f$]al res]ve f9anc+ ,not)/&+ any o!r provision ( law 7includ+ regulations71 any ,too ,big to ,exi/ ,in/itution may n use or o!rwise h access to advances f any ,f$]al ,res]ve cr$it facility1 ! ,f$]al ,res]ve disc\nt w9d[1 or any o!r program or facility made available "u ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bba et seq471 includ+ any asset pur*ases1 tempor>y or bridge loans1 gov]nm5t inve/m5ts 9 debt or equity1 or capital injections f any ,f$]al in/itution4 7d7 ,prohibition on use ( insur$ deposits 7#a7 ,9 g5]al ,any ,too ,big to ,exi/ ,in/itution t is an insur$ depository in/itution1 or owns su* an in/itution1 may n use any insur$ deposit am\nts to fund-- 7,a7 any activity relat+ to h$g+ t is n directly relat$ to comm]cial bank+ activity at ! insur$ bank2 7,b7 any creation or use ( d]ivatives = speculative purposes2 7,c7 any activity relat$ to ! deal+ ( d]ivatives2 7,d7 any creation (1 or l5d+ aga9/1 new or exi/+ =ms ( /ructur$ or /ructur$ d]ivatives products1 includ+ collateraliz$ debt obligations1 collateraliz$ loan obligations1 & syn!tic d]ivatives ( collateraliz$ debt obligations & collateraliz$ loan obligations2 or 7,e7 any o!r =m ( speculative activity t regulators specify4 7#b7 ,risk ( loss ,a ,too ,big to ,exi/ ,in/itution may n conduct any activity li/$ 9 p>agraph 7#a7 9 su* a mann] t-- 7,a7 puts insur$ deposits at risk2 or 7,b7 creates a risk ( loss to ! ,deposit ,insurance ,fund4 7e7 ,report2 te/imony ,! ,vice ,*air = ,sup]vision ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 or dur+ any p]iod 9 :i* t position is vacant1 ! ,*air ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,*air ( ! ,f9ancial ,/ability ,ov]sight ,c\ncil %all annually te/ify be=e ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & submit to ^? committees an annual report ! re/ructur+ & designation "u subsection 7b77#b74 7f7 ,effective date ,subsections 7c7 & 7d7 %all apply to a cov]$ entity #ij days aft] ! date on :i* a cov]$ entity is designat$ z a ,too ,big to ,exi/ ,in/itution4