Systemic Risk Designation Improvement Act of 2015

3.0.0 6392 2023-01-11T13:33:57Z 2023-01-11T13:33:57Z House HR 2016-11-22 114 [Congressional Record Volume 162, Number 167 (Tuesday, November 22, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LUETKEMEYER:H.R. 6392.Congress has the power to enact this legislation pursuantto the following:The constitutional authority on which this bill rests liesin Article 1, Section 7, Clause 2 of the Constitution, whichallows for every bill passed by the House of Representativesand the Senate and signed by the President to be codifiedinto law; and therefore implicitly allows Congress to repealany bill that has been passed by both chambers and signedinto law by the President.Additionally, the Constitution grants to Congress theexplicit power to regulate commerce in and among the states,as enumerate in Article 1, Section 8, Clause 3, the CommerceClause.[Page H6312]]]> hsba00 Financial Services Committee House Standing Referred to 2016-11-22T19:30:18Z Systemic Risk Designation Improvement Act of 2015 114 1309 HR 2016-09-19 Placed on the Union Calendar, Calendar No. 584. Related bill CRS Related bill House Systemic Risk Designation Improvement Act of 2016 114 6390 HR 2016-11-18 Referred to the House Committee on Financial Services. Related bill CRS Systemic Risk Designation Improvement Act of 2016 114 6391 HR 2016-11-18 Referred to the House Committee on Financial Services. Related bill CRS Providing for consideration of the Senate amendment to the bill (H.R. 34) to authorize and strengthen the tsunami detection, forecast, warning, research, and mitigation program of the National Oceanic and Atmospheric Administration, and for other purposes, and providing for consideration of the bill (H.R. 6392) to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to specify when bank holding companies may be subject to certain enhanced supervision, and for other purposes. 114 934 HRES 2016-11-30 Motion to reconsider laid on the table Agreed to without objection. 13:34:21 Procedurally-related House 2016-12-05 Senate Received in the Senate. IntroReferral 2016-12-01 18:15:49 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2016-12-01 18:15:48 On passage Passed by the Yeas and Nays: 254 - 161 (Roll no. 599). (text: CR H7074-7075) Floor H37100 2 House floor actions 599 https://clerk.house.gov/evs/2016/roll599.xml House 114 2016-12-01T23:15:48Z 2 2016-12-01 18:15:48 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 254 - 161 (Roll no. 599).(text: CR H7074-7075) Floor 8000 9 Library of Congress 599 https://clerk.house.gov/evs/2016/roll599.xml House 114 2016-12-01T23:15:48Z 2 2016-12-01 18:06:27 On motion to recommit with instructions Failed by the Yeas and Nays: 178 - 236 (Roll no. 598). Floor H36110 2 House floor actions hsba00 Financial Services Committee 598 https://clerk.house.gov/evs/2016/roll598.xml House 114 2016-12-01T23:06:27Z 2 2016-12-01 17:58:27 Considered as unfinished business. (consideration: CR H7098-7100) Floor H30000 2 House floor actions 2016-12-01 14:39:21 POSTPONED PROCEEDINGS - At the conclusion of debate on the motion to recommit with instructions, the Chair put the question on adopting the motion and by voice vote, announced that the ayes had prevailed. Ms. Waters (CA) demanded the yeas and nays, and pursuant to a previous order of the House, the Chair postponed further proceedings on the motion to recommit with instructions until a time to be announced. Floor H8D000 2 House floor actions 2016-12-01 14:38:54 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H7086) Floor H8A000 2 House floor actions 2016-12-01 14:27:23 DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add an exemption to the underlying bill for any bank holding company over $50 billion that has any pending litigation or enforcement matters with an agency of the U.S. government, pending the reservation of a point of order. Subsequently, the point of order was withdrawn. Floor H8D000 2 House floor actions 2016-12-01 14:27:12 Ms. Waters, Maxine moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H7084; text: CR H7084) Floor H36100 2 House floor actions hsba00 Financial Services Committee 2016-12-01 14:19:10 DEBATE - Pursuant to the provisions of H.Res. 934, the House proceeded with 10 minutes of debate on the Davidson amendment. Floor H8D000 2 House floor actions 2016-12-01 13:05:01 DEBATE - The House proceeded with one hour of debate on H.R. 6392. Floor H8D000 2 House floor actions 2016-12-01 13:04:05 Rule provides for consideration of H.R. 34 and H.R. 6392. Providing for consideration for the Senate amendment to H.R. 34 and for consideration of H.R. 6392. Floor H8D000 2 House floor actions 2016-12-01 13:03:40 Considered under the provisions of rule H. Res. 934. (consideration: CR H7074-7086) Floor H30000 2 House floor actions 2016-12-01 13:03:35 ORDER OF PROCEDURE - Mr. Hensarling asked unanimous consent that the question of adopting a motion to recommit on H.R. 6392 be subject to postponement as though under Clause 8 of Rule 20. Agreed to without objection. Floor H8D000 2 House floor actions 2016-11-30 13:34:20 Rule H. Res. 934 passed House. Floor H1L220 2 House floor actions 2016-11-29 19:28:13 Rules Committee Resolution H. Res. 934 Reported to House. Rule provides for consideration of H.R. 34 and H.R. 6392. Providing for consideration for the Senate amendment to H.R. 34 and for consideration of H.R. 6392. Floor H1L210 2 House floor actions 2016-11-22 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-11-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-11-22 Introduced in House IntroReferral 1000 9 Library of Congress L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 N M001191 Rep. Murphy, Patrick [D-FL-18] Patrick Murphy D FL 18 2016-11-29 False S001191 Rep. Sinema, Kyrsten [D-AZ-9] Kyrsten Sinema D AZ 9 2016-11-29 False S001185 Rep. Sewell, Terri A. [D-AL-7] Terri Sewell D AL A. 7 2016-11-29 False S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2016-11-29 False W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 2016-11-29 False S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2016-11-29 False H001072 Rep. Hill, J. French [R-AR-2] J. Hill R AR French 2 2016-11-29 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2016-11-29 False L000584 Rep. Love, Mia B. [R-UT-4] Mia Love R UT B. 4 2016-11-29 False Finance and Financial Sector Finance and Financial Sector

00 2016-11-22 Introduced in House 2016-12-05T19:46:17Z Systemic Risk Designation Improvement Act of 2016

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council (FSOC) to subject a bank holding company to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System if FSOC makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States. This FSOC determination procedure replaces the current process under which bank holding companies with total consolidated assets of $50 billion or more are automatically subject to such enhanced supervision and prudential standards.

FSOC's determination must be based upon specified factors, using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance.

A bank holding company designated as a Global Systemically Important Bank by the Financial Stability Board, as of this bill's enactment, shall be deemed to have been the subject of a final determination that it could pose a threat to U.S. financial stability for any of those reasons.

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36 2016-12-01 Passed House amended 2016-12-05T20:17:39Z Systemic Risk Designation Improvement Act of 2016

(Sec. 3) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council (FSOC) to subject a bank holding company to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System if FSOC makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States. This FSOC determination procedure replaces the current process under which bank holding companies with total consolidated assets of $50 billion or more are automatically subject to such enhanced supervision and prudential standards.

FSOC must make these final determinations using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance, which considers each bank holding company's size, interconnectedness, available substitutes, global cross-jurisdictional activity, and complexity.

A bank holding company designated, as of this bill's enactment, as a Global Systemically Important Bank (GSIB) by the Financial Stability Board (FSB) shall be deemed to have been the subject of a final determination that it could pose a threat to U.S. financial stability, thereby making these GSIBs subject to enhanced supervision.

(Sec. 4) The bill revises the Federal Reserve Board's authority over bank holding company acquisition restrictions, prohibitions on interlocks between management of different financial companies, and enhanced supervision and prudential standards to make these requirements subject to FSOC's determination instead of operating automatically when a bank meets a $50 billion threshold.

(Sec. 5) FSOC is prohibited from making a final determination concerning a bank holding company under this bill before one year after its enactment. A bank holding company shall be deemed to have been the subject of such a final determination during this one-year period, however, if its total consolidated assets are $50 billion or more.

(Sec. 6) Bank holding companies with total consolidated assets of $50 billion or more that have not been the subject of a final determination for enhanced supervision and prudential standards remain subject to assessments by the Department of the Treasury for a temporary period to the same extent as a bank holding company that has been subject to a final determination. But the aggregate amount collected from all bank holding companies so assessed is limited to a specified amount to be transferred to: (1) FSOC to distribute to the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the general fund of the Treasury for administrative costs resulting from this bill; and (2) the FDIC for resolution costs resulting from this bill. A bank holding company so assessed shall no longer be subject to such assessments in the event it is subject to a final determination.

Assessments collected shall be in addition to, and not as a replacement of, any other assessments required by law.

(Sec. 7) Nothing in this bill may be construed as broadly applying international standards except as specifically provided for FSOC's use of Basel Committee determination factors and the oversight of FSB-designated GSIBs.

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Systemic Risk Designation Improvement Act of 2016 Display Title Systemic Risk Designation Improvement Act of 2016 Official Title as Introduced To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to specify when bank holding companies may be subject to certain enhanced supervision, and for other purposes. Introduced in House IH Short Titles as Introduced Systemic Risk Designation Improvement Act of 2016 Short Titles as Passed House Systemic Risk Designation Improvement Act of 2016 H House 1485 114 HAMDT An amendment printed in Part B of House Report 114-839 to prohibit the use of international standards not specifically provided in the bill. Amendment prevents the Federal Reserve and the Treasury from implementing new regulations proposed by an international entity, whether coming from the Basel Commission or from the Financial Stability Board. 2020-12-15T18:08:06Z 2016-12-01 On agreeing to the Davidson amendment (A001) Agreed to by voice vote. 14:25:57 D000626 Rep. Davidson, Warren [R-OH-8] Warren Davidson R OH 8 2016-12-01T05:00:00Z House of Representatives 114 HR House H 6392 Systemic Risk Designation Improvement Act of 2016 2023-01-11T13:33:57Z 8 2016-12-01 14:25:57 On agreeing to the Davidson amendment (A001) Agreed to by voice vote. Floor H34111 2 House floor actions 2016-12-01 14:25:39 The previous question was ordered on the amendment (A001) pursuant to the rule. (consideration: CR H7084) Floor H34180 2 House floor actions 2016-12-01 14:19:07 Amendment (A001) offered by Mr. Davidson. (consideration: CR H7083; text: CR H7083) Floor H3A100 2 House floor actions 2016-12-01 14:19:07 House amendment offered/reported by : Amendment (A001) offered by Mr. Davidson.(consideration: CR H7083; text: CR H7083) NotUsed 71500 9 Library of Congress 2016-12-01 14:25:57 House amendment agreed to: On agreeing to the Davidson amendment (A001) Agreed to by voice vote. Floor 72000 9 Library of Congress 2016-12-01 14:25:57 Amendment agreed to by House: On agreeing to the Davidson amendment (A001) Agreed to by voice vote. NotUsed 79000 9 Library of Congress 2016-12-01 House amendment offered Floor 71000 9 Library of Congress Received in Senate 2016-12-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6392rds/xml/BILLS-114hr6392rds.xml Engrossed in House 2016-12-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6392eh/xml/BILLS-114hr6392eh.xml Introduced in House 2016-11-22T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6392ih/xml/BILLS-114hr6392ih.xml 2016-12-05 Received in the Senate. 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.