,,ii #aah? ,,congress #a/ ,session ,s4 #aaha ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #ah1 #bjbc,mr4 ,re$ 7= himself & ,mr4 ,grassley7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,f$]al ,deposit ,insurance ,act to improve f9ancial /ability1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,bank ,managem5t ,acc\ntability ,act4 #b4 ,sy/emic risk det]m9ation 7a7 ,9 g5]al ,section #ac7;c77#d77;,g7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbc7;c77#d77;,g77 is am5d$ by add+ at ! end ! foll[+3 7vi7 ,rec\pm5t ( comp5sation f s5ior executives & directors 7,i7 ,9 g5]al ,! ,corporation1 z receiv] or cons]vator ( an insur$ depository in/itution "u clause 7i71 may recov] f any curr5t or =m] s5ior executive or director ( ! insur$ depository in/itution1 or ( a cov]$ affiliate ) respect to ! insur$ depository in/itution1 :o is sub/antially responsible = ! fail$ condition ( ! insur$ depository in/itution1 any comp5sation receiv$ dur+ ! #b-ye> p]iod prec$+ ! date on :i* ! ,corporation 0 appo9t$ z ! receiv] or cons]vator ( ! insur$ depository in/itution1 except t1 9 ! case ( fraud1 no "t limit %all apply4 7,,ii7 ,co/ consid]ations ,9 seek+ to recov] any comp5sation "u subclause 7,i71 ! ,corporation %all weigh ! f9ancial & det]r5t b5efits ( t recov]y aga9/ ! co/ ( execut+ ! recov]y4 7,,iii7 ,p]sonal liability ,any liability insurance policy = a s5ior executive or director describ$ 9 subclause 7,i7 %all exclude f cov]age any liability "u ?is clause4 7vii7 ,prohibition au?ority 7,i7 ,9 g5]al ,! ,corporation may take any action au?oriz$ by subclause 7,,ii71 if ! ,corporation det]m9es t-- 7aa7 a s5ior executive or a director ( an insur$ depository in/itution ) respect to :i* ! ,corporation has tak5 action or provid$ assi/ance "u clause 7i71 or ( a cov]$ affiliate ) respect to su* an insur$ depository in/itution1 be=e ! appo9tm5t ( ! ,corporation z receiv] or cons]vator1 has1 directly or indirectly-- 7,,aa7 violat$ any law or regulation2 7,,bb7 violat$ any cease-&-desi/ ord] t has become f9al2 7,,cc7 violat$ any condition impos$ 9 writ+ by a ,f$]al ag5cy 9 connection ) any action on any application1 notice1 or reque/ by ! insur$ depository in/itution or cov]$ affiliate 7z applicable7 or ! s5ior executive or director 7z applicable72 7,,dd7 violat$ any writt5 agreem5t betwe5 ! insur$ depository in/itution or cov]$ affiliate 7z applicable7 & ! ,f$]al ag5cy describ$ 9 subitem 7,,cc72 7,,ee7 engag$ or p>ticipat$ 9 any unsafe or uns\nd practice2 or 7,,ff7 committ$ or engag$ 9 any act1 omission1 or practice t con/itutes a brea* ( ! fiduci>y duty ( t s5ior executive or director2 & 7bb7 by reason ( ! violation1 practice1 or brea* describ$ 9 any subitem ( item 7aa71 t s5ior executive or director has receiv$ f9ancial ga9 or o!r b5efit1 & t violation1 practice1 or brea* contribut$ to ! failure ( ! insur$ depository in/itution4 7,,ii7 ,au?oriz$ actions ,! ,corporation may s]ve ^u a s5ior executive or director ) respect to :om ! ,corporation has made a det]m9ation "u subclause 7,i7 a writt5 notice ( ! int5tion ( ! ,corporation to prohibit any fur!r p>ticipation by t individual1 9 any mann]1 9 ! conduct ( ! affairs ( any f9ancial company = a p]iod ( "t det]m9$ by ! ,corporation to be comm5surate ) t violation1 practice1 or brea*1 except t su* p]iod %all be n less ?an #b ye>s4 7viii7 ,def9itions ,9 ?is subp>agraph3 7,i7 ,comp5sation ,! t]m comp5sation means any direct or indirect f9ancial remun]ation receiv$ f an insur$ depository in/itution1 or f a cov]$ affiliate ) respect to an insur$ depository in/itution1 includ+ sal>y1 bonuses1 inc5tives1 b5efits1 sev]ance pay1 def]r$ comp5sation1 gold5 p>a*ute b5efits1 b5efits d]iv$ f an employm5t contract or o!r comp5sation or b5efit arrangem5t1 p]quisites1 /ock option plans1 po/-employm5t b5efits1 pr(its realiz$ f a sale ( securities 9 ! insur$ depository in/itution or ! cov]$ affiliate 7z applicable71 or any ca% or nonca% paym5ts or b5efits grant$ to or = ! b5efit ( a s5ior executive or director4 7,,ii7 ,cov]$ affiliate ,! t]m cov]$ affiliate means1 ) respect to an insur$ depository in/itution1 any-- 7aa7 bank hold+ company 7z def9$ 9 section #b7;a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7;a777 t controls ! insur$ depository in/itution2 7bb7 sav+s & loan hold+ company 7z def9$ 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a777 t directly or indirectly controls ! insur$ depository in/itution2 7cc7 subsidi>y ( ! insur$ depository in/itution2 or 7dd7 affiliate 7z def9$ 9 section #b ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda7k777 ( ! insur$ depository in/itution4 7,,iii7 ,director ,! t]m director means a memb] ( ! bo>d ( directors ( a company1 or ( a bo>d or committee p]=m+ a simil> function to a bo>d ( directors1 :o has au?ority to vote on matt]s be=e ! bo>d or committee4 7,,iv7 ,f9ancial company ,! t]m f9ancial company has ! mean+ giv5 ! t]m 9 section #bja7;a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #echa7;a774 7,v7 ,s5ior executive ,! t]m s5ior executive-- 7aa7 means any individual :o p>ticipates or has au?ority to p>ticipate 7o!r ?an 9 ! capacity ( a director7 9 major policymak+ functions ( a company1 reg>dless ( :e!r ! individual has an (ficial title or ! title ( ! individual designates ! individual z an assi/ant2 & 7bb7 includes ! *airman ( ! bo>d1 ! presid5t1 any vice presid5t1 ! secret>y1 ! treasur] or *ief f9ancial (fic]1 ! g5]al p>tn]1 & any manag] ( a company1 unless ! individual-- 7,,aa7 is exclud$1 by resolution ( ! bo>d ( directors1 ! bylaws1 ! op]at+ agreem5t1 or ! p>tn]%ip agreem5t ( ! company1 f p>ticipation 7o!r ?an 9 ! capacity ( a director7 9 major policymak+ functions ( ! company2 & 7,,bb7 does n actually p>ticipate 9 major policymak+ functions ( ! company4 4 7b7 ,regulations ,! ,f$]al ,deposit ,insurance ,corporation %all promulgate regulations to adm9i/] & c>ry out ?is section1 9 a mann] t is n less /r+5t ?an ! mann] set =? 9 section #chj4g ( title #ab1 ,code ( ,f$]al ,regulations 7z 9 effect on ! date ( enactm5t ( ?is ,act74 #c4 ,ord]ly liquidation au?ority ,title ,,ii ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #echa et seq47 is am5d$-- 7#a7 9 section #baj7s7 7#ab ,u4,s4,c4 #ecij7s771 by add+ at ! end ! foll[+3 7#d7 ,p]sonal liability ,any liability insurance policy = a s5ior executive or director describ$ 9 p>agraph 7#a7 %all exclude f cov]age any liability "u ?is subsection4 2 & 7#b7 9 section #bac7;b7 7#ab ,u4,s4,c4 #ecic7;b77-- 7,a7 9 p>agraph 7#a77;,c71 by ins]t+ & at ! end2 7,b7 9 p>agraph 7#b71 by /rik+ 2 & & ins]t+ a p]iod2 & 7,c7 by /rik+ p>agraph 7#c74