,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #feja  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #ad1 #bjbj,mr4 
,g>ca ( ,ill9ois 7= himself1 ,ms4       
,port]1 ,mr4 ,grijalva1 ,ms4 ,s*ak[sky1 
,mr4 ,mc,govern1 ,ms4 ,norton1 & ,mr4   
,danny ,k4 ,davis ( ,ill9ois7 introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to /r5g!n ! ,f9ancial ,/ability
 ,ov]sight ,c\ncil1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,sy/emic ,risk ,mitigation ,act (     
#bjbj4  #b4 ,memb] ag5cy f9ancial       
/ability m&ate  7a7 ,9 g5]al ,subtitle  
,a ( ! ,f9ancial ,/ability ,act ( #bjaj 
7#ab ,u4,s4,c4 #ecba et seq47 is am5d$  
by add+ at ! end ! foll[+3  #abd4 ,memb]
 ag5cy f9ancial /ability m&ate ,ea*     
memb] ag5cy %all h1 z "p ( ! ag5cy's    
mission1 a m&ate to ensure ! f9ancial   
/ability ( ! ,unit$ ,/ates4  4  7b7     
,cl]ical am5dm5t ,! table ( cont5ts = ! 
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act is am5d$ by   

ins]t+ aft] ! item relat+ to section    
#abc ! foll[+3  ,sec4 #abd4 ,memb] ag5cy
 f9ancial /ability m&ate4  4  #c4       
,automatic designation ( c]ta9 l>ge     
nonbank f9ancial companies  7a7 ,9 g5]al
 ,! ,f9ancial ,/ability ,act ( #bjaj    
7#ab ,u4,s4,c4 #ecaa et seq47 is am5d$  
by ins]t+ aft] section #aac ! foll[+3   
#aac;,a4 ,automatic designation ( c]ta9 
l>ge nonbank f9ancial companies  7a7    
,notice ( automatic designation ,if a   
nonbank f9ancial company meets ! crit]ia
 describ$ 9 subsection 7b71 ! ,c\ncil   
%all notify su* nonbank f9ancial company
 t if1 on ! date t is #i mon?s aft] !   
date on :i* ! notice is s5t1 su* nonbank
 f9ancial company meets ! crit]ia       
describ$ 9 subsection 7b71 su* nonbank  
f9ancial company %all be deem$ to be    
designat$ z sy/emically important4  7b7 
,crit]ia  7#a7 ,9 g5]al ,a nonbank      
f9ancial company meets ! crit]ia        
describ$ 9 ?is subsection if su* nonbank
 f9ancial company satisfies-- 7,a7 !    
asset crit]ia 9 p>agraph 7#b7 & ! o!r   

crit]ia 9 p>agraph 7#c72 or  7,b7 !     
crit]ia = an inve/m5t advis] t is       
regi/]$ ) ! ,commission "u ! ,inve/m5t  
,advis]s ,act ( #aidj 9 p>agraph 7#d74  
7#b7 ,asset crit]ia ,a nonbank f9ancial 
company satisfies ! asset crit]ia 9 ?is 
p>agraph if su* nonbank f9ancial company
 has-- 7,a7 9 ! case ( a company t w\ld 
be an inve/m5t company 7z def9$ 9 !     
,inve/m5t ,company ,act ( #aidj7 b =    
section #c7;c77#a7 or #c7;c77#g7 ( t    
,act1 #djj1jjj1jjj1jjj or m 9 gross     
notional exposure 7z def9$ 9 ,=m ,,pf7  
individually or 9 comb9ation ) any fe$] 
funds1 p>allel funds1 or dep5d5t p>allel
 manag$ acc\nts ( ! company2 or  7,b7 9 
! case ( any nonbank f9ancial company n 
describ$ "u subp>agraph 7,a7 or p>agraph
 7#d71 #ej1jjj1jjj1jjj or m 9           
consolidat$ assets4  7#c7 ,o!r crit]ia  
,a nonbank f9ancial company satisfies ! 
crit]ia 9 ?is p>agraph if su* nonbank   
f9ancial company has-- 7,a7             
#cj1jjj1jjj1jjj or m 9 gross notional   
cr$it default swaps out/&+ = :i* !      

nonbank f9ancial company is ! ref]5ce   
entity2  7,b7 #c1ejj1jjj1jjj or m (     
d]ivatives liabilities2  7,c7           
#bj1jjj1jjj1jjj or m 9 total debt       
out/&+2  7,d7 a #ae-a1 or high]1 lev]age
 ratio2 or  7,e7 a #aj p]c5t1 or high]1 
%ort-t]m debt ratio4  7#d7 ,inve/m5t    
advis] crit]ia ,) respect to an inve/m5t
 advis] t is regi/]$ ) ! ,commission "u 
! ,inve/m5t ,advis]s ,act ( #aidj1 !    
crit]ia 9 ?is p>agraph is t ! inve/m5t  
advis] has m ?an #a1ejj1jjj1jjj1jjj 9   
assets "u managem5t4  7c7 ,rescission ( 
designation  7#a7 ,9 g5]al ,) respect to
 a nonbank f9ancial company designat$ z 
sy/emically important "u subsection 7a71
 if ! ,c\ncil det]m9es t nei!r mat]ial  
f9ancial di/ress at ! nonbank f9ancial  
company1 nor ! nature1 scope1 size1     
scale1 conc5tration1 int]connect$ness1  
or mix ( ! activities ( ! nonbank       
f9ancial company1 c\ld pose a ?reat to !
 f9ancial /ability ( ! ,unit$ ,/ates1 ! 
,c\ncil may resc9d su* designation 79   
?is subsection ref]r$ to z a rescission 

det]m9ation7 = a p]iod ( #b ye>s4  7#b7 
,au?ority to r5ew rescission ,! ,c\ncil 
may r5ew a rescission det]m9ation made  
"u p>agraph 7#a7 = an unlimit$ numb] (  
additional #b-ye> p]iods1 if ! ,c\ncil  
makes a new det]m9ation t ! nonbank     
f9ancial company meets ! crit]ia        
describ$ "u p>agraph 7#a7 at ! beg9n+ ( 
ea* su* r5ewal4  7#c7 ,au?ority to      
review rescission ,! ,*airp]son may     
review ! /atus ( a nonbank f9ancial     
company ) respect to a rescission       
det]m9ation be=e ! end ( a #b-ye> p]iod 
describ$ "u p>agraph 7#a7 or 7#b7 = any 
reason4 ,! ,*airp]son %all notify !     
memb]s ( ! ,c\ncil ( su* review & %all  
call a vote to r5ew ! rescission        
det]m9ation )9 #g days ( su*            
notification4 ,if ! ,c\ncil fails to    
r5ew ! rescission det]m9ation1 ! nonbank
 f9ancial company %all be deem$ once    
aga9 to be designat$ z sy/emically      
important4  7d7 ,automatic rescission ( 
designation ,if a nonbank f9ancial      
company does n meet ! crit]ia describ$ 9

 subsection 7b7 = #i consecutive mon?s1 
! ,c\ncil %all imm$iately1 &            
automatically resc9d ! designation ( !  
nonbank f9ancial company z sy/emically  
important4  7e7 ,application ,= purposes
 ( ?is section1 ! t]m nonbank f9ancial  
company does n include a                
,gov]nm5t-sponsor$ ent]prise or an      
inve/m5t company regi/]$ ) ! ,commission
 "u ! ,inve/m5t ,company ,act ( #aidj4  
7f7 ,def9ition ,9 ?is section & )       
respect to a nonbank f9ancial company1 !
 t]m designat$ z sy/emically important  
means ! nonbank f9ancial company is     
subject to a det]m9ation "u section #aac
 t ! nonbank f9ancial company %all be   
sup]vis$ by ! ,bo>d ( ,gov]nors & %all  
be subject to prud5tial /&>ds1 9        
accordance ) ?is title4  4  7b7 ,cl]ical
 am5dm5t ,! table ( cont5ts = !         
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act is am5d$ by   
ins]t+ aft] ! item relat+ to section    
#aac ! foll[+3  ,sec4 #aac;,a4          
,automatic designation ( c]ta9 l>ge     

nonbank f9ancial companies4  4  7c7     
,effective date ,?is section & !        
am5dm5ts made by ?is section %all take  
effect n lat] ?an #i mon?s aft] ! date (
 ! enactm5t ( ?is ,act4  #d4 ,c\ncil    
regulation ( sy/emically risky          
activities  7a7 ,9 g5]al ,subtitle ,a ( 
! ,f9ancial ,/ability ,act ( #bjaj 7#ab 
,u4,s4,c4 #ecba et seq471 z am5d$ by    
section #b1 is fur!r am5d$ by add+ at ! 
end ! foll[+3  #abe4 ,c\ncil regulation 
( sy/emically risky activities  7a7     
,au?ority ( ! ,c\ncil ,subject to       
subsection 7b71 ! ,c\ncil %all issue su*
 rules z may be requir$ to regulate an  
activity or practice if ! ,c\ncil       
det]m9es t ! conduct1 scope1 nature1    
size1 scale1 conc5tration1 or           
int]connect$ness ( su* activity or      
practice c\ld create or increase ! risk 
( significant liquidity1 cr$it1 or o!r  
problems spread+ among bank hold+       
companies & nonbank f9ancial companies1 
f9ancial m>kets ( ! ,unit$ ,/ates1 or   
l[-income1 m9ority1 or "u-s]v$          

communities4  7b7 ,c\ncil delegation to 
! prim>y regulator ,) respect to an     
activity or practice t ! c\ncil det]m9es
 meets ! /&>d outl9$ 9 subsection 7a7-- 
7#a7 ! ,c\ncil %all issue recomm5dations
 to ! prim>y regulator = a rulemak+ to  
address ! risk pos$ by ! activity1 &    
provide ! prim>y regulator ) a #ab-mon? 
p]iod to issue a f9al rule to address   
su* risk2 &  7#b7 if ! prim>y regulator 
does n issue su* a f9al rule )9 ! p]iod 
describ$ "u p>agraph 7#a7 or ! ,c\ncil  
det]m9es t su* f9al rule is insuffici5t 
to address ! risk1 ! ,c\ncil may-- 7,a7 
t]m9ate su* f9al rule1 if applicable2 & 
7,b7 issue a rule to address ! risk4    
7c7 ,backup au?ority ( ! ,c\ncil = memb]
 ag5cy rulemak+s ,) respect to any      
rulemak+ requir$ ( a memb] ag5cy by     
,f$]al /atute1 if ! memb] ag5cy does n  
issue ! rule )9 ! "t frame requir$ by   
su* ,f$]al /atute1 ! ,c\ncil may issue  
su* rule 9 place ( ! memb] ag5cy4  7d7  
,prim>y regulator def9$ ,) respect to an
 activity1 ! t]m prim>y regulator       

means-- 7#a7 "o or m memb] ag5cies t !  
,c\ncil det]m9es are prim>ily           
responsible = regulat+ ! activity2 or   
7#b7 if ! ,c\ncil _c make a det]m9ation 
"u p>agraph 7#a71 ! memb] ag5cy t !     
,c\ncil det]m9es is ! be/ *oice to s]ve 
z ! prim>y regulator ) respect to su*   
activity4  4  7b7 ,cl]ical am5dm5t ,!   
table ( cont5ts = ! ,dodd-,frank ,wall  
,/reet ,re=m & ,consum] ,protection     
,act1 z am5d$ by section #b1 is fur!r   
am5d$ by ins]t+ aft] ! item relat+ to   
section #abd ! foll[+3  ,sec4 #abe4     
,c\ncil regulation ( sy/emically risky  
activities4  4  #e4 ,m9imum /aff+ &     
fund+ levels = ! ,c\ncil & ! ,(fice (   
,f9ancial ,rese>*  7a7 ,9 g5]al ,!      
,f9ancial ,/ability ,act ( #bjaj 7#ab   
,u4,s4,c4 #ecaa et seq47 is am5d$-- 7#a7
 9 section #aah-- 7,a7 9 ! section      
head+1 by add+ ,,& ,,/aff+ at ! end2    
7,b7 by /rik+ ,any exp5ses & ins]t+ !   
foll[+3  7a7 ,exp5ses ,any exp5ses  2   
7,c7 by ins]t+ aft] ,(fice ( ,f9ancial  
,rese>*4 ! foll[+3 ,! ,(fice ( ,f9ancial

 ,rese>* %all transf] a m9imum (        
#ah1jjj1jjj to ! ,c\ncil ea* ye> 7adju/$
 = inflation7 to pay = ! co/s ( !       
,c\ncil 9 c>ry+ out ! duties &          
responsibilities ( ! ,c\ncil42 &  7,d7  
by add+ at ! end ! foll[+3  7b7 ,m9imum 
/aff+ levels ,! ,c\ncil %all ma9ta9 a   
m9imum /aff ( #ge employees4  2  7#b7 9 
section #aeb-- 7,a7 9 subsection 7c71 by
 /rik+ 1 9 consultation ) ! ,*airp]son12
 &  7,b7 9 subsection 7d77#a7-- 7i7 by  
/rik+ 1 9 consultation ) ! ,*airp]son12 
&  7ii7 by ins]t+ be=e ! p]iod at ! end 
! foll[+3 1 except t ! ,(fice %all      
ma9ta9 a m9imum /aff ( #cjj employees2  
7#c7 9 section #aec7;b7-- 7,a7 9        
p>agraph 7#b71 by /rik+ & at ! end2     
7,b7 9 p>agraph 7#c71 by /rik+ ! p]iod  
on ! end & ins]t+ 2 &2 &  7,c7 by add+  
at ! end ! foll[+3  7#d7 require any    
memb] ag5cy to produce su* data & o!r   
in=mation z ! ,director may det]m9e     
necess>y to c>ry out ! duties ( !       
,(fice4  2 &  7#d7 9 section #aee7;d7-- 
7,a7 by /rik+ ! ,secret>y & ins]t+ !    

,(fice2 &  7,b7 by add+ at ! end !      
foll[+3 ,! aggregate am\nt ( assessm5ts 
"u ?is subsection ) respect to a cal5d> 
ye> %all n be less ?an #afh1jjj1jjj     
7adju/$ = inflation744  7b7 ,cl]ical    
am5dm5t ,! table ( cont5ts = !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act is am5d$ 9 !  
item relat+ to section #aah by add+ at !
 end ! foll[+3 & /aff+4  #f4 ,transp>5cy
 9 op]ations ( ! ,f9ancial ,/ability    
,ov]sight ,c\ncil  7a7 ,meet+s ,section 
#aaa7;e7 ( ! ,f9ancial ,/ability ,act ( 
#bjaj 7#ab ,u4,s4,c4 #ecba7;e77 is      
am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ n
 less frequ5tly ?an qu>t]ly4 & ins]t+ n 
less frequ5tly ?an twice ea* qu>t]4 ,at 
lea/ #a ( su* qu>t]ly meet+s %all be op5
 to ! public42 &  7#b7 by add+ at ! end 
! foll[+3  7#c7 ,transcripts ,! ,c\ncil 
%all publicly release transcripts (     
meet+s held pursuant to p>agraph 7#a7 n 
lat] ?an #e ye>s aft] ! date ( su*      
meet+4  4  7b7 ,te/imony ,section       
#aab7;c7 ( ! ,f9ancial ,/ability ,act ( 

#bjaj 7#ab ,u4,s4,c4 #ecbb7;c77 is      
am5d$-- 7#a7 9 ! subsection head+1 by   
/rik+ by ! ,*airp]son2 &  7#b7 by ins]t+
 & ea* vot+ memb] ( ! ,c\ncil aft] ,!   
,*airp]son4  7c7 ,memb] ag5cy /atem5ts  
,section #aab ( ! ,f9ancial ,/ability   
,act ( #bjaj 7#ab ,u4,s4,c4 #ecbb7 is   
am5d$ by add+ at ! end ! foll[+3  7e7   
,memb] ag5cy /atem5ts ,aft] provid+     
te/imony pursuant to subsection 7c71 !  
head ( ea* memb] ag5cy %all submit to   
,congress a sign$ /atem5t-- 7#a7 affirm+
 t ! memb] ag5cy is tak+ all reasonable 
/eps to ensure f9ancial /ability & to   
mitigate sy/emic risk t w\ld negatively 
affect ! economy2 or  7#b7 detail+      
additional /eps t ! memb] ag5cy %\ld    
take to ensure f9ancial /ability & to   
mitigate sy/emic risk t w\ld negatively 
affect ! economy4  4  #g4 ,climate *ange
 subcommittee  7a7 ,9 g5]al ,subtitle ,a
 ( ! ,f9ancial ,/ability ,act ( #bjaj   
7#ab ,u4,s4,c4 #ecba et seq471 z am5d$  
by section #d1 is fur!r am5d$ by add+ at
 ! end ! foll[+3  #abf4 ,climate *ange  

subcommittee  7a7 ,9 g5]al ,! ,c\ncil   
%all e/abli% a subcommittee ( ! ,c\ncil 
t %all support ! ,c\ncil 9 id5tify+     
risks to1 & 9 respond+ to em]g+ ?reats  
to1 ! /ability ( ! ,unit$ ,/ates        
f9ancial sy/em z a result ( climate     
*ange4  7b7 ,responsibilities  7#a7     
,subcommittee ,! subcommittee e/abli%$  
"u subsection 7a7 %all1 n lat] ?an #a   
ye> aft] ! date ( enactm5t ( ?is        
section1 & 9 consultation ) ! ,(fice (  
,f9ancial ,rese>*1 submit to ,congress  
an assessm5t ( ! risk pos$ by climate   
*ange to ! effici5cy1 competitiv5ess1 & 
/ability ( ! ,unit$ ,/ates f9ancial     
sy/em z a :ole4  7#b7 ,c\ncil ,= ea* ye>
 aft] ! ye> 9 :i* ! assessm5t requir$ "u
 p>agraph 7#a7 is submitt$1 ! ,f9ancial 
,/ability ,ov]sight ,c\ncil %all include
 9 ! annual report requir$ "u section   
#aab7;a77#b77,n7 an update to t         
assessm5t4  7c7 ,composition ,!         
subcommittee e/abli%$ "u subsection 7a7 
%all be compos$ (-- 7#a7 ! ,*airman ( ! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    

,sy/em2  7#b7 ! ,secret>y ( ! ,treasury2
  7#c7 ! ,comptroll] ( ! ,curr5cy2  7#d7
 ! ,*airp]son ( ! ,bo>d ( ,directors ( !
 ,f$]al ,deposit ,insurance             
,corporation2  7#e7 ! ,*airman ( !      
,securities & ,ex*ange ,commission2     
7#f7 ! ,*airp]son ( ! ,commodity        
,futures ,trad+ ,commission2 &  7#g7 any
 o!r vot+ or nonvot+ memb]s t ! ,c\ncil 
det]m9es to be appropriate4  4  7b7     
,cl]ical am5dm5t ,! table ( cont5ts = ! 
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act1 z am5d$ by   
section #d1 is fur!r am5d$ by ins]t+    
aft] ! item relat+ to section #abe !    
foll[+3  ,sec4 #abf4 ,climate *ange     
subcommittee4  4