H.R. 6317 (112th): Terminating the Expansion of Too-Big-To-Fail Act of 2012

Introduced:
Aug 02, 2012 (112th Congress, 2011–2013)
Sponsor:
Rep. Scott Garrett [R-NJ5]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on August 2, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 02, 2012
Referred to Committee Aug 02, 2012
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Financial Stability Act of 2010 to repeal certain designation authority of the Financial Stability Oversight Council, to repeal the Payment, Clearing, and Settlement Supervision Act of 2010, and for other purposes.

Summary

No summaries available.

Text

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Last updated Aug 02, 2012.
24 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/2/2012--Introduced.
Terminating the Expansion of Too-Big-To-Fail Act of 2012 - Amends the Financial Stability Act of 2010, title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the Federal Deposit Insurance Act, and the Federal Reserve Act to eliminate all supervision by the Board of Governors of the Federal Reserve System (Board) of domestic and foreign nonbank financial companies, including new or heightened standards and safeguards and minimum leverage capital requirements.
Eliminates the duty of the Financial Stability Oversight Council to identify systemically important financial market utilities and payment, clearing, and settlement activities.
Repeals the authority of the Council, acting through the Office of Financial Research, to:
(1) require the submission of periodic and other reports from any domestic or foreign nonbank financial company, or
(2) request the Board to examine a U.S. nonbank financial company for the sole purpose of determining whether it should be Board-supervised. Repeals specified additional Board authority to supervise certain nonbank financial companies, including the prohibition against management interlocks between such companies and certain other financial companies.
Repeals the requirement that the Board study and report to Congress on:
(1) specified issues with respect to the resolution of financial companies under chapter 7 (Liquidation) or 11 (Reorganization) of the Bankruptcy Code, and
(2) international coordination relating to the resolution of systemic financial companies under the U.S. Bankruptcy Code and applicable foreign law.
Repeals the authority of the Council to recommend to the Board:
(1) prudential standards and reporting and disclosure requirements for Board-supervised nonbank financial companies, and
(2) any requirement that each nonbank financial company report periodically the company's credit exposure as well as its plan for rapid and orderly resolution in the event of material financial distress or failure.
Repeals the requirement that the Council study the feasibility, benefits, costs, and structure of a contingent capital requirement for Board-supervised nonbank financial companies.
Eliminates reporting requirements for such companies.
Repeals the Payment, Clearing, and Settlement Supervision Act of 2010 (title VIII of Dodd-Frank).

House Republican Conference Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

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United States Code

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Statutes at Large

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  • 124 Stat. 1519