GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Systemic Risk Mitigation Act - Establishes a framework for a market-based trigger to monitor and regulate the adequacy of bank capital of those bank holding companies whose total consolidated assets are $50 billion or more.
Directs the Board of Governors of the Federal Reserve System to notify a bank holding company whose average daily closing price exceeds either 50 basis points, or 75 basis points, that it must raise additional tier 1 capital in order to reduce such thresholds.
Requires the Board to place into receivership a bank holding company whose average daily closing price exceeds 100 basis points, in accordance with the orderly liquidation authority provided under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Subjects to receivership a bank holding company that, after notification by the Board, fails to submit an action plan required under this Act. Sets forth a limitation upon claims of holders of the long-term subordinated debt of a bank holding company that has been placed into receivership.
Directs the Board to require each bank holding company to issue and maintain long-term subordinated debt of at least 15% of its total consolidated assets.
Amends the Bank Holding Company Act of 1956 to repeal prohibitions against proprietary trading and certain relationships with hedge funds and private equity funds.
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal requirements for enhanced supervision and prudential standards for Board-supervised nonbank financial companies and certain bank holding companies.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.