[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 107 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 107

    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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 7, 2015

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

_______________________________________________________________________

                                 A BILL


 
    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.

    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 ``Terminating the Expansion of Too-
Big-To-Fail Act of 2015''.

SEC. 2. REPEAL OF DESIGNATION AUTHORITY UNDER THE FINANCIAL STABILITY 
              ACT OF 2010 AND THE DODD-FRANK WALL STREET REFORM AND 
              CONSUMER PROTECTION ACT.

    (a) Financial Stability Act of 2010.--The Financial Stability Act 
of 2010 (12 U.S.C. 5311 et seq.) is amended--
            (1) in section 102 (12 U.S.C. 5311)--
                    (A) in subsection (a)--
                            (i) by striking paragraph (4);
                            (ii) by redesignating paragraphs (5) 
                        through (7) as paragraphs (4) through (6), 
                        respectively; and
                            (iii) by striking paragraph (6) (as 
                        redesignated) and inserting the following:
            ``(6) Significant bank holding company.--The term 
        `significant bank holding company' has the meanings given to it 
        by rule of the Board of Governors.'';
                and
                    (B) by striking subsection (c);
            (2) in section 112 (12 U.S.C. 5322)--
                    (A) in subsection (a)--
                            (i) in paragraph (1)(A), by striking ``or 
                        nonbank financial companies''; and
                            (ii) in paragraph (2)--
                                    (I) in subparagraph (A), by 
                                striking ``and nonbank financial 
                                companies'';
                                    (II) by striking subparagraphs (H) 
                                and (J);
                                    (III) by redesignating 
                                subparagraphs (I), (K), (L), (M), and 
                                (N) as subparagraphs (H), (I), (J), 
                                (K), and (L), respectively;
                                    (IV) in subparagraph (H) (as 
                                redesignated), by striking ``nonbank 
                                financial companies and'';
                                    (V) in subparagraph (I), as so 
                                redesignated, by striking ``, nonbank 
                                financial companies,''; and
                                    (VI) in subparagraph (L), as so 
                                redesignated--
                                            (aa) by striking clause 
                                        (iv); and
                                            (bb) by redesignating 
                                        clauses (v) and (vi) as clauses 
                                        (iv) and (v), respectively; and
                    (B) in subsection (d)--
                            (i) in paragraph (3)--
                                    (I) in subparagraph (A), by 
                                striking ``nonbank financial company 
                                or'' each place the term appears;
                                    (II) in subparagraph (B), by 
                                striking ``nonbank financial company 
                                or''; and
                                    (III) in subparagraph (C), by 
                                striking ``foreign nonbank financial 
                                company or'';
                            (ii) by striking paragraph (4); and
                            (iii) by redesignating paragraph (5) as 
                        paragraph (4);
            (3) by striking sections 113 (12 U.S.C. 5323), 114 (12 
        U.S.C. 5324), 161 (12 U.S.C. 5361), 162 (12 U.S.C. 5362), 164 
        (12 U.S.C. 5364), 167 (12 U.S.C. 5367), and 170 (12 U.S.C. 
        5370);
            (4) in section 115 (12 U.S.C. 5325)--
                    (A) in the section heading, by striking ``nonbank 
                financial companies supervised by the board of 
                governors and'';
                    (B) in subsection (a)(1)--
                            (i) by striking ``nonbank financial 
                        companies supervised by the Board of Governors 
                        and''; and
                            (ii) in subparagraph (A), by striking 
                        ``nonbank financial companies and'';
                    (C) in subsection (b)--
                            (i) in paragraph (2)--
                                    (I) in the paragraph heading, by 
                                striking ``financial companies'' and 
                                inserting ``bank holding companies'';
                                    (II) by striking ``foreign nonbank 
                                financial companies supervised by the 
                                Board of Governors or''; and
                                    (III) in subparagraph (B), by 
                                striking ``foreign nonbank financial 
                                company or''; and
                            (ii) in paragraph (3)--
                                    (I) in subparagraph (A)--
                                            (aa) by striking ``nonbank 
                                        financial companies supervised 
                                        by the Board of Governors 
                                        and''; and
                                            (bb) in clause (i), by 
                                        inserting ``(as in effect on 
                                        the day before the date of the 
                                        enactment of the Terminating 
                                        the Expansion of Too-Big-To-
                                        Fail Act of 2015)'' before the 
                                        semicolon; and
                                    (II) in subparagraph (B), by 
                                inserting ``(as in effect on the day 
                                before the date of the enactment of the 
                                Terminating the Expansion of Too-Big-
                                To-Fail Act of 2015)'' after ``section 
                                113'';
                    (D) in subsection (c)--
                            (i) in paragraph (1), by striking ``nonbank 
                        financial companies supervised by the Board of 
                        Governors and''; and
                            (ii) in paragraph (3)--
                                    (I) in subparagraph (A), by 
                                striking ``any nonbank financial 
                                company supervised by the Board of 
                                Governors and''; and
                                    (II) in subparagraph (B)(iii), by 
                                striking ``a nonbank financial company 
                                supervised by the Board of Governors 
                                or'';
                    (E) in subsection (d)--
                            (i) in paragraph (1), by striking ``each 
                        nonbank financial company supervised by the 
                        Board of Governors and''; and
                            (ii) in paragraph (2)--
                                    (I) by striking ``nonbank financial 
                                company supervised by the Board of 
                                Governors and''; and
                                    (II) by striking ``significant 
                                nonbank financial companies and'' each 
                                place the term appears;
                    (F) in subsection (e), by striking ``nonbank 
                financial companies supervised by the Board of 
                Governors or'';
                    (G) in subsection (f), by striking ``and by nonbank 
                financial companies supervised by the Board of 
                Governors''; and
                    (H) in subsection (g), by striking ``, nonbank 
                financial companies supervised by the Board of 
                Governors,'';
            (5) in section 116 (12 U.S.C. 5326)--
                    (A) in subsection (a), by striking ``or a nonbank 
                financial company supervised by the Board of 
                Governors''; and
                    (B) in subsection (b)--
                            (i) in paragraph (1)(A), by striking ``, 
                        nonbank financial company supervised by the 
                        Board of Governors,''; and
                            (ii) in paragraph (2), by striking ``and 
                        nonbank financial company supervised by the 
                        Board of Governors'';
            (6) in section 117 (12 U.S.C. 5327)--
                    (A) in subsection (b), by striking ``such entity 
                shall be treated as a nonbank financial company 
                supervised by the Board of Governors, as if the Council 
                had made a determination under section 113 with respect 
                to that entity'' and inserting ``for purposes of this 
                title, such entity shall be treated as a bank holding 
                company with total consolidated assets of 
                $50,000,000,000''; and
                    (B) in subsection (c)--
                            (i) in paragraph (1), by striking ``a 
                        nonbank financial company supervised by the 
                        Board of Governors'' and inserting ``a bank 
                        holding company with total consolidated assets 
                        of $50,000,000,000''; and
                            (ii) in paragraph (2), by striking 
                        subparagraph (C);
            (7) in section 119(a)(1) (12 U.S.C. 5329(a)(1)), by 
        striking ``, nonbank financial company,'';
            (8) in section 120 (12 U.S.C. 5330)--
                    (A) in subsection (a)--
                            (i) by striking ``or nonbank financial 
                        companies''; and
                            (ii) by striking ``and nonbank financial 
                        companies''; and
                    (B) in subsection (d)--
                            (i) in paragraph (1), by adding ``and'' at 
                        the end;
                            (ii) in paragraph (2), by striking ``; 
                        and'' and inserting a period; and
                            (iii) by striking paragraph (3);
            (9) in section 121 (12 U.S.C. 5331)--
                    (A) in subsection (a), by striking ``, or a nonbank 
                financial company supervised by the Board of 
                Governors,'';
                    (B) in subsection (c), by inserting ``(as in effect 
                on the day before the date of the enactment of the 
                Terminating the Expansion of Too-Big-To-Fail Act of 
                2015)'' after ``section 113''; and
                    (C) in subsection (d)--
                            (i) in the heading, by striking ``Foreign 
                        Financial Companies'' and inserting ``Foreign-
                        Based Bank Holding Companies'';
                            (ii) in the matter preceding paragraph (1), 
                        by striking ``foreign nonbank financial 
                        companies supervised by the Board of Governors 
                        and''; and
                            (iii) by striking paragraph (2) and 
                        inserting the following:
            ``(2) taking into account the extent to which the foreign-
        based bank holding company is subject on a consolidated basis 
        to home country standards that are comparable to those applied 
        to bank holding companies in the United States.'';
            (10) in the heading for subtitle C, by striking ``Certain 
        Nonbank Financial Companies and'';
            (11) in section 155(d) (12 U.S.C. 5345(d)), by striking 
        ``and nonbank financial companies supervised by the Board of 
        Governors'';
            (12) in section 163 (12 U.S.C. 5363)--
                    (A) by striking subsection (a);
                    (B) by redesignating subsection (b) as subsection 
                (a); and
                    (C) in subsection (a), as so redesignated, by 
                striking ``or a nonbank financial company supervised by 
                the Board of Governors'' each place the term appears;
            (13) in section 165 (12 U.S.C. 5365)--
                    (A) in the section heading, by striking ``nonbank 
                financial companies supervised by the board of 
                governors and'';
                    (B) in subsection (a)(1)--
                            (i) by striking ``nonbank financial 
                        companies supervised by the Board of Governors 
                        and''; and
                            (ii) in subparagraph (A), by striking 
                        ``nonbank financial companies and'';
                    (C) in subsection (b)--
                            (i) in paragraph (1), by striking ``nonbank 
                        financial companies supervised by the Board of 
                        Governors and'' each place the term appears;
                            (ii) in paragraph (2)--
                                    (I) in the paragraph heading, by 
                                striking ``foreign financial 
                                companies'' and inserting ``foreign-
                                based bank holding companies'';
                                    (II) by striking ``foreign nonbank 
                                financial company supervised by the 
                                Board of Governors or''; and
                                    (III) in subparagraph (B)--
                                            (aa) by striking ``foreign 
                                        financial company'' and 
                                        inserting ``foreign-based bank 
                                        holding company''; and
                                            (bb) by striking 
                                        ``financial companies'' and 
                                        inserting ``bank holding 
                                        companies'';
                            (iii) in paragraph (3)--
                                    (I) by inserting ``(as in effect on 
                                the day before the date of the 
                                enactment of the Terminating the 
                                Expansion of Too-Big-To-Fail Act of 
                                2015)'' after ``section 113'' each 
                                place the term appears; and
                                    (II) in subparagraph (A), by 
                                striking ``nonbank financial companies 
                                supervised by the Board of Governors 
                                and''; and
                            (iv) in paragraph (4), by striking ``a 
                        nonbank financial company supervised by the 
                        Board of Governors or'';
                    (D) in subsection (c)--
                            (i) in paragraph (1)--
                                    (I) by striking ``nonbank financial 
                                company supervised by the Board of 
                                Governors and''; and
                                    (II) by striking ``bank holding 
                                companies'' and inserting ``bank 
                                holding company''; and
                            (ii) in paragraph (2)(D), by striking 
                        ``nonbank financial company supervised by the 
                        Board of Governors or a'';
                    (E) in subsection (d)--
                            (i) by striking ``nonbank financial company 
                        supervised by the Board of Governors and'' each 
                        place the term appears;
                            (ii) in paragraph (1), by striking ``bank 
                        holding companies'' and inserting ``bank 
                        holding company'';
                            (iii) in paragraph (2)--
                                    (I) by striking ``significant 
                                nonbank financial companies and'' each 
                                place the term appears; and
                                    (II) by striking ``bank holding 
                                companies'' and inserting ``bank 
                                holding company'';
                            (iv) in paragraph (4), by striking ``a 
                        nonbank financial company supervised by the 
                        Board of Governors or'';
                            (v) in paragraph (5), by striking ``a 
                        nonbank financial company supervised by the 
                        Board of Governors or'' each place the term 
                        appears; and
                            (vi) in paragraph (6), by striking ``the 
                        nonbank financial company supervised by the 
                        Board, any bank holding company, or any 
                        subsidiary or affiliate of the foregoing'' and 
                        inserting ``any bank holding company or any 
                        subsidiary or affiliate of the bank holding 
                        company'';
                    (F) in subsection (e)--
                            (i) in paragraph (1), by striking ``a 
                        nonbank financial company supervised by the 
                        Board of Governors or'';
                            (ii) in paragraph (2), by striking 
                        ``nonbank financial company supervised by the 
                        Board of Governors and'';
                            (iii) in paragraph (3), by striking ``the 
                        nonbank financial company supervised by the 
                        Board of Governors or'' each place the term 
                        appears; and
                            (iv) in paragraph (4), by striking ``a 
                        nonbank financial company supervised by the 
                        Board of Governors or'';
                    (G) in subsection (f), by striking ``nonbank 
                financial companies supervised by the Board of 
                Governors and'';
                    (H) in subsection (g)(1), by striking ``and any 
                nonbank financial company supervised by the Board of 
                Governors'';
                    (I) in subsection (h)--
                            (i) by striking paragraph (1);
                            (ii) by redesignating paragraphs (2) and 
                        (3) as paragraphs (1) and (2), respectively;
                            (iii) in paragraph (1) (as redesignated), 
                        by striking ``paragraph (3)'' each place the 
                        term appears and inserting ``paragraph (2)''; 
                        and
                            (iv) in paragraph (2) (as redesignated), by 
                        striking ``nonbank financial company supervised 
                        by the Board of Governors or'' each place the 
                        term appears;
                    (J) in subsection (i)--
                            (i) in paragraph (1)--
                                    (I) in subparagraph (A), by 
                                striking ``nonbank financial companies 
                                supervised by the Board of Governors 
                                and''; and
                                    (II) in subparagraph (B), by 
                                striking ``and nonbank financial 
                                companies''; and
                            (ii) in paragraph (2)(A), by striking 
                        ``nonbank financial company supervised by the 
                        Board of Governors and a'';
                    (K) in subsection (j)--
                            (i) in paragraph (1), by striking ``or a 
                        nonbank financial company supervised by the 
                        Board of Governors''; and
                            (ii) in paragraph (2), by inserting ``(as 
                        in effect on the day before the date of the 
                        enactment of the Terminating the Expansion of 
                        Too-Big-To-Fail Act of 2015)'' after ``section 
                        113''; and
                    (L) in subsection (k)(1), by striking ``or nonbank 
                financial company supervised by the Board of 
                Governors'';
            (14) in section 166 (12 U.S.C. 5366), by striking ``a 
        nonbank financial company supervised by the Board of Governors 
        or'' each place the term appears;
            (15) in section 169 (12 U.S.C. 5369), by striking ``and 
        nonbank financial companies''; and
            (16) in section 171(b) (12 U.S.C. 5371(b))--
                    (A) by striking ``, depository institution holding 
                companies, and nonbank financial companies supervised 
                by the Board of Governors'' each place the term appears 
                and inserting ``and depository institution holding 
                companies'';
                    (B) in paragraph (3)--
                            (i) by striking ``or nonbank financial 
                        companies supervised by the Board of 
                        Governors''; and
                            (ii) by striking ``or the primary financial 
                        regulatory agency in the case of nonbank 
                        financial companies supervised by the Board of 
                        Governors''; and
                    (C) in paragraph (4)--
                            (i) by striking ``or by nonbank financial 
                        companies supervised by the Board of 
                        Governors'' each place the term appears; and
                            (ii) in subparagraph (D), by adding a 
                        period at the end.
    (b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--
Sections 216 and 217 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Public Law 111-203; 124 Stat. 1519) are repealed.
    (c) Conforming Amendments.--
            (1) Bank holding company act of 1956.--The Bank Holding 
        Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended--
                    (A) in section 13 (12 U.S.C. 1851)--
                            (i) in subsection (a), by striking 
                        paragraph (2);
                            (ii) in subsection (b)(2)(B)--
                                    (I) in clause (i)(II), by striking 
                                ``, any nonbank financial company 
                                supervised by the Board''; and
                                    (II) in clause (ii), by striking 
                                ``and nonbank financial companies 
                                supervised by the Board'';
                            (iii) in subsection (c)(2)--
                                    (I) by striking ``or nonbank 
                                financial company supervised by the 
                                Board''; and
                                    (II) by striking ``or 2 years after 
                                the date on which the entity or company 
                                becomes a nonbank financial company 
                                supervised by the Board'';
                            (iv) in subsection (e)(2), by striking ``or 
                        nonbank financial company supervised by the 
                        Board'' each place the term appears;
                            (v) in subsection (g), by striking ``or 
                        nonbank financial company supervised by the 
                        Board'' each place the term appears; and
                            (vi) in subsection (h)--
                                    (I) by striking paragraph (3);
                                    (II) by redesignating paragraphs 
                                (4) through (7) as paragraphs (3) 
                                through (6), respectively; and
                                    (III) in paragraph (3), as so 
                                redesignated, by striking ``or nonbank 
                                financial company supervised by the 
                                Board'' each place the term appears; 
                                and
                    (B) in section 14(a) (12 U.S.C. 1852(a))--
                            (i) in paragraph (2)--
                                    (I) by striking subparagraph (E); 
                                and
                                    (II) by redesignating subparagraph 
                                (F) as subparagraph (E); and
                            (ii) in paragraph (3)(C), by striking ``or 
                        other nonbank financial company supervised by 
                        the Board''.
            (2) Dodd-frank wall street reform and consumer protection 
        act.--The Dodd-Frank Wall Street Reform and Consumer Protection 
        Act (Public Law 111-203) is amended--
                    (A) in the table of contents in section 1(b)--
                            (i) by striking the items relating to 
                        sections 113, 114, 161, 162, 164, 167, 170, 
                        216, and 217;
                            (ii) in the item relating to section 115, 
                        by striking ``nonbank financial companies 
                        supervised by the Board of Governors and'';
                            (iii) in the item relating to subtitle C of 
                        title I, by striking ``certain nonbank 
                        financial companies and''; and
                            (iv) in the item relating to section 165, 
                        by striking ``nonbank financial companies 
                        supervised by the Board of Governors and'';
                    (B) in section 201(a) (12 U.S.C. 5381(a))--
                            (i) in paragraph (11)(B)--
                                    (I) by striking clause (ii); and
                                    (II) by redesignating clauses (iii) 
                                and (iv) as clauses (ii) and (iii), 
                                respectively;
                            (ii) by striking paragraphs (14) and (15); 
                        and
                            (iii) by redesignating paragraph (16) as 
                        paragraph (14);
                    (C) in section 210(o)(1)(A) (12 U.S.C. 
                5390(o)(1)(A)), by striking ``and any nonbank financial 
                company supervised by the Board of Governors'';
                    (D) in section 618(a)(4)(B) (12 U.S.C. 
                1850a(a)(4)(B))--
                            (i) by striking clause (i); and
                            (ii) by redesignating clauses (ii) through 
                        (vi) as clauses (i) through (v), respectively;
                    (E) in section 716(i)(1) (15 U.S.C. 8305(i)(1))--
                            (i) by striking subparagraph (B);
                            (ii) by redesignating subparagraph (C) as 
                        subparagraph (B); and
                            (iii) in subparagraph (B), as so 
                        redesignated--
                                    (I) in the heading, by striking ``, 
                                non-systemically significant 
                                institutions not subject to heightened 
                                prudential supervision as regulated 
                                under section 113'' and inserting 
                                ``swaps entities''; and
                                    (II) by striking ``, non-
                                systemically significant institutions 
                                not subject to heightened prudential 
                                supervision as regulated under section 
                                113'';
                    (F) in section 726(a) (15 U.S.C. 8323(a)), by 
                striking ``a nonbank financial company (as defined in 
                section 102) supervised by the Board, an affiliate of 
                such a bank holding company or nonbank financial 
                company,'' and inserting ``an affiliate of such a bank 
                holding company,''; and
                    (G) in section 765(a) (15 U.S.C. 8343(a)), by 
                striking ``a nonbank financial company (as defined in 
                section 102) supervised by the Board of Governors of 
                the Federal Reserve System, affiliate of such a bank 
                holding company or nonbank financial company,'' and 
                inserting ``affiliate of such a bank holding 
                company,''.
            (3) Federal deposit insurance act.--Section 10(b)(3) of the 
        Federal Deposit Insurance Act (12 U.S.C. 1820(b)(3)) is 
        amended--
                    (A) in subparagraph (A)--
                            (i) by striking ``or nonbank financial 
                        company supervised by the Board of Governors''; 
                        and
                            (ii) by striking ``or of such nonbank 
                        financial company supervised by the Board of 
                        Governors''; and
                    (B) in subparagraph (B), by striking ``a nonbank 
                financial company supervised by the Board of Governors 
                or''.
            (4) Federal reserve act.--Section 11 of the Federal Reserve 
        Act (12 U.S.C. 248) is amended--
                    (A) by redesignating the second subsection (s), as 
                added by section 318(c) of the Enhancing Financial 
                Institution Safety and Soundness Act of 2010 (124 Stat. 
                1527), as subsection (t); and
                    (B) in paragraph (2) of subsection (t) (as 
                redesignated)--
                            (i) in subparagraph (A), by striking the 
                        semicolon and inserting ``; and'';
                            (ii) in subparagraph (B), by striking ``; 
                        and'' and inserting a period; and
                            (iii) by striking subparagraph (C).
            (5) Title 31.--Section 313(c)(1) of title 31, United States 
        Code, is amended--
                    (A) by striking subparagraph (C); and
                    (B) by redesignating subparagraphs (D) through (H) 
                as subparagraphs (C) through (G), respectively.

SEC. 3. REPEAL OF THE PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION ACT 
              OF 2010.

    (a) In General.--The Payment, Clearing, and Settlement Supervision 
Act of 2010 (12 U.S.C. 5461 et seq.) is repealed.
    (b) Technical and Conforming Amendment.--The table of contents in 
section 1(b) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Public Law 111-203) is amended by striking--
            (1) the item relating to title VIII; and
            (2) the items relating to sections 801 through 814.
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