[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4894 Reported in House (RH)]
<DOC>
Union Calendar No. 444
114th CONGRESS
2d Session
H. R. 4894
[Report No. 114-574, Part I]
To repeal title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 11, 2016
Mr. Westmoreland introduced the following bill; which was referred to
the Committee on Financial Services, and in addition to the Committees
on Agriculture, the Judiciary, and Ways and Means, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
May 19, 2016
Additional sponsor: Mr. Allen
May 19, 2016
Reported from the Committee on Financial Services
May 19, 2016
The Committees on Agriculture, the Judiciary, and Ways and Means
discharged; committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
_______________________________________________________________________
A BILL
To repeal title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. REPEAL OF LIQUIDATION AUTHORITY.
(a) In General.--Title II of the Dodd-Frank Wall Street Reform and
Consumer Protection Act is hereby repealed and any Federal law amended
by such title shall, on and after the effective date of this Act, be
effective as if title II of the Dodd-Frank Wall Street Reform and
Consumer Protection Act had not been enacted.
(b) Conforming Amendments.--
(1) Dodd-frank wall street reform and consumer protection
act.--The Dodd-Frank Wall Street Reform and Consumer Protection
Act is amended--
(A) in the table of contents for such Act, by
striking all items relating to title II;
(B) in section 151, by amending paragraph (2) to
read as follows:
``(2) the term `financial company' means--
``(A) any company that is incorporated or organized
under any provision of Federal law or the laws of any
State;
``(B) any company that is--
``(i) a bank holding company, as defined in
section 2(a) of the Bank Holding Company Act of
1956 (12 U.S.C. 1841(a));
``(ii) a nonbank financial company
supervised by the Board of Governors;
``(iii) any company that is predominantly
engaged in activities that the Board of
Governors has determined are financial in
nature or incidental thereto for purposes of
section 4(k) of the Bank Holding Company Act of
1956 (12 U.S.C. 1843(k)) other than a company
described in clause (i) or (ii); or
``(iv) any subsidiary of any company
described in any of clauses (i) through (iii)
that is predominantly engaged in activities
that the Board of Governors has determined are
financial in nature or incidental thereto for
purposes of section 4(k) of the Bank Holding
Company Act of 1956 (12 U.S.C. 1843(k)) (other
than a subsidiary that is an insured depository
institution or an insurance company);
``(C) any company that is not a Farm Credit System
institution chartered under and subject to the
provisions of the Farm Credit Act of 1971, as amended
(12 U.S.C. 2001 et seq.), a governmental entity, or a
regulated entity, as defined under section 1303(20) of
the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992 (12 U.S.C. 4502(20)); and
``(D) includes an insured depository institution
and an insurance company;'';
(C) in section 165(d)(6), by striking ``, a
receiver appointed under title II,'';
(D) in section 716(g), by striking ``or a covered
financial company under title II'';
(E) in section 1105(e)(5), by striking ``amount of
any securities issued under that chapter 31 for such
purpose shall be treated in the same manner as
securities issued under section 208(n)(5)(E)'' and
inserting ``issuances of such securities under that
chapter 31 for such purpose shall by treated as public
debt transactions of the United States, and the
proceeds from the sale of any obligations acquired by
the Secretary under this paragraph shall be deposited
into the Treasury of the United States as miscellaneous
receipts''; and
(F) in section 1106(c)(2), by amending subparagraph
(A) to read as follows:
``(A) require the company to file a petition for
bankruptcy under section 301 of title 11, United States
Code; or''.
(2) Federal deposit insurance act.--Section 10(b)(3) of the
Federal Deposit Insurance Act (12 U.S.C. 1820(b)(3)) is amended
by striking ``, or of such nonbank financial company supervised
by the Board of Governors or bank holding company described in
section 165(a) of the Financial Stability Act of 2010, for the
purpose of implementing its authority to provide for orderly
liquidation of any such company under title II of that Act''.
(3) Federal reserve act.--Section 13(3) of the Federal
Reserve Act is amended--
(A) in subparagraph (B)--
(i) in clause (ii), by striking ``,
resolution under title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act,
or'' and inserting ``or is subject to
resolution under''; and
(ii) in clause (iii), by striking ``,
resolution under title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act,
or'' and inserting ``or resolution under''; and
(B) by striking subparagraph (E).
Union Calendar No. 444
114th CONGRESS
2d Session
H. R. 4894
[Report No. 114-574, Part I]
_______________________________________________________________________
A BILL
To repeal title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act.
_______________________________________________________________________
May 19, 2016
Reported from the Committee on Financial Services
May 19, 2016
The Committees on Agriculture, the Judiciary, and Ways and Means
discharged; committed to the Committee of the Whole House on the State
of the Union and ordered to be printed