3.0.0 3241 2023-01-11T13:15:58Z 2023-01-11T13:15:58Z Senate S S 2010-04-21 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2010-04-21T21:54:01Z Safe, Accountable, Fair, and Efficient Banking Act of 2010 111 5159 HR 2010-04-28 Referred to the House Committee on Financial Services. Identical bill CRS 2010-04-21 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2010-04-21 Sponsor introductory remarks on measure. (CR S2519, S2520, S2521) IntroReferral B00100 9 Library of Congress 2010-04-21 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N K000373 Sen. Kaufman, Edward E. [D-DE] Edward Kaufman D DE E. 2010-04-21 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2010-04-21 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2010-04-21 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2010-04-21 True H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2010-04-21 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2010-04-26 False P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2010-08-02 False Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Department of the Treasury Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Financial services and investments Foreign and international banking Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2010-04-21 Introduced in Senate 2010-06-01T19:35:21Z Safe, Accountable, Fair, and Efficient Banking Act of 2010 or the SAFE Banking Act of 2010 - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from holding more than 10% of the total amount of deposits of insured depository institutions in the United States.

Directs the Board of Governors of the Federal Reserve System to require any bank holding company having a deposit concentration in violation of this Act to sell or transfer assets to unaffiliated firms to bring the company into compliance with this Act.

Prescribes minimum leverage ratios (6% of average total consolidated assets) and balance sheet leverage ratios (6% of tier 1 capital for all outstanding balance sheet liabilities) for tier 1 capital maintained by a bank holding company or financial company.

Authorizes the Board and other federal regulators to grant an emergency temporary exemption from such ratio requirements where necessary to prevent an imminent threat to the financial stability of the United States.

Directs the Board to: (1) establish a leverage ratio and a balance sheet leverage ratio for all operating subsidiaries of bank holding companies and financial companies; and (2) require a noncompliant bank holding company or financial company to raise capital, sell, or otherwise transfer assets or off-balance sheet items to unaffiliated firms (prompt corrective action).

Prohibits a bank holding company from possessing nondeposit liabilities exceeding 2% percent of the annual gross domestic product (GDP) of the United States.

Authorizes the Board to: (1) set a separate liability limit for certain bank holding companies primarily engaged in the business of insurance; and (2) exclude specified deposits from its calculation of nondeposit liabilities if necessary to ensure consistent and equitable treatment of institutions with international operations.

Prohibits a financial company from possessing nondeposit liabilities exceeding 3% of the U.S. annual GDP.

Requires the Board to conduct, and report to Congress on, an annual capital assessment to estimate losses, revenues, and reserve needs for bank holding companies and financial companies.

Amends the Securities Exchange Act of 1934 to instruct the Securities and Exchange Commission (SEC) to issue a rule requiring certain issuers of securities to record all assets and liabilities on their balance sheets and all financings of assets for which the issuer has more than minimal economic risks or rewards.

]]> SAFE Banking Act of 2010 Display Title SAFE Banking Act of 2010 Official Title as Introduced A bill to provide for a safe, accountable, fair, and efficient banking system, and for other purposes. Introduced in Senate IS Short Titles as Introduced SAFE Banking Act of 2010 Short Titles as Introduced Safe, Accountable, Fair, and Efficient Banking Act of 2010 Introduced in Senate 2010-04-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3241is/xml/BILLS-111s3241is.xml 2010-04-21 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.