[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 685 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 685

 To address the concept of ``Too Big To Fail'' with respect to certain 
                          financial entities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 9, 2013

  Mr. Sanders introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To address the concept of ``Too Big To Fail'' with respect to certain 
                          financial entities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Too Big to Fail, Too Big to Exist 
Act''.

SEC. 2. REPORT TO CONGRESS ON INSTITUTIONS THAT ARE TOO BIG TO FAIL.

    Notwithstanding any other provision of law, not later than 90 days 
after the date of enactment of this Act, the Secretary of the Treasury 
shall submit to Congress a list of all commercial banks, investment 
banks, hedge funds, and insurance companies that the Secretary believes 
are too big to fail, which shall include, but is not limited to, any 
United States bank holding companies that have been identified as 
systemically important banks by the Financial Stability Board (in this 
Act referred to as the ``Too Big to Fail List'').

SEC. 3. BREAKING-UP TOO BIG TO FAIL INSTITUTIONS.

    Notwithstanding any other provision of law, beginning 1 year after 
the date of enactment of this Act, the Secretary of the Treasury shall 
break up entities included on the Too Big To Fail List, so that their 
failure would no longer cause a catastrophic effect on the United 
States or global economy without a taxpayer bailout.

SEC. 4. DEFINITION.

    For purposes of this Act, the term ``Too Big to Fail'' means any 
entity that has grown so large that its failure would have a 
catastrophic effect on the stability of either the financial system or 
the United States economy without substantial Government assistance.
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