3.0.0 6317 2019-11-15T20:53:14Z 2019-11-15T20:53:14Z House H HR 2012-08-02 112 [Pages H5709-H5710]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GARRETT:H.R. 6317.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clauses 1 (``The Congress shall havePower To lay and collect Taxes, Duties, Imposts and Excises,to pay the Debts and provide for the common Defense andgeneral Welfare of the United[[Page H5710]]States; but all Duties, Imposts and Excises shall be uniformthroughout the United States''), 3 (``To regulate Commercewith foreign Nations, and among the several States, and withthe Indian Tribes''), and 18 (``To make all Laws which shallbe necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof').]]> hsba00 Financial Services Committee House Standing Referred to 2012-08-02T13:04:45Z Terminating the Expansion of Too-Big-To-Fail Act of 2012 112 3497 S 2012-08-02 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2012-08-02 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-08-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-08-02 Introduced in House IntroReferral 1000 9 Library of Congress G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 N Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Commodities markets Commodity Futures Trading Commission Federal Reserve System Financial services and investments Insurance industry and regulation Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2012-08-02 Introduced in House 2012-11-01T17:25:29Z 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).

]]> Terminating the Expansion of Too-Big-To-Fail Act of 2012 Short Titles as Introduced Terminating the Expansion of Too-Big-To-Fail Act of 2012 Display Title Terminating the Expansion of Too-Big-To-Fail Act of 2012 Official Title as Introduced 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. Introduced in House 2012-08-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr6317ih/xml/BILLS-112hr6317ih.xml 2012-08-02 Referred to the House Committee on Financial Services. 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.