H. R. 4566
IN THE SENATE OF THE UNITED STATES
March 21, 2018
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide relief to nonbanks from certain stress test requirements under such Act.
This Act may be cited as the
Alleviating Stress Test Burdens to Help Investors Act.
Stress test relief for nonbanks
Section 165(i) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5365(i)) is amended—
in paragraph (1)(B)—
by redesignating clauses (ii) through (v) as clauses (iii) through (vi), respectively;
by inserting after clause (i) the following:
may conduct the evaluation required by this subsection utilizing alternatives to the capital adequacy test described in subparagraph (A), as the Board may determine appropriate;
in clause (iii), as so redesignated, by inserting before the semicolon the following:
, provided that such tests of any nonbank financial company—
are requested by a majority vote of the Council;
are conducted in accordance with the company’s business model, including by utilizing alternatives to the capital adequacy test described in subparagraph (A), as the Board may determine appropriate; and
are not already required by the company’s Federal primary financial regulatory agency
in clause (vi), as so redesignated, by striking
clause (ii) and inserting
clause (iii); and
in paragraph (2)—
in subparagraph (A), by striking
are regulated by a primary Federal financial regulatory agency and inserting:
whose primary financial regulatory agency is a Federal banking agency or the Federal Housing Finance Agency;
in subparagraph (C), by striking
Each Federal primary financial regulatory agency and inserting
Each Federal banking agency and the Federal Housing Finance Agency; and
by adding at the end the following:
SEC and CFTC
The Securities and Exchange Commission and the Commodity Futures Trading Commission may each issue regulations requiring financial companies with respect to which they are the primary financial regulatory agency to conduct periodic analyses of the financial condition, including available liquidity, of such companies under adverse economic conditions.
Rule of construction
Nothing in this Act shall be construed to limit the authority of the Financial Stability Oversight Council under section 120 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5330).
Passed the House of Representatives March 20, 2018.
Karen L. Haas,