[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4206 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4206

    To amend the Financial Stability Act of 2010 to require covered 
    financial institutions to include elements of accumulated other 
 comprehensive income when calculating capital for purposes of meeting 
             capital requirements, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2023

 Mr. Sherman introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Financial Stability Act of 2010 to require covered 
    financial institutions to include elements of accumulated other 
 comprehensive income when calculating capital for purposes of meeting 
             capital requirements, 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 ``Bank Safety Act of 2023''.

SEC. 2. INCLUSION OF ELEMENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME 
              IN CAPITAL REQUIREMENTS FOR COVERED FINANCIAL 
              INSTITUTIONS.

    (a) In General.--Section 165 of the Financial Stability Act of 2010 
(12 U.S.C. 5365) is amended by adding at the end the following new 
subsection:
    ``(l) Inclusion of Elements of Accumulated Other Comprehensive 
Income.--
            ``(1) In general.--The computation of capital for purposes 
        of meeting capital requirements for a covered financial 
        institution shall include all accumulated other comprehensive 
        income components, except for accumulated net gains and losses 
        on cash flow hedges related to items that are not recognized at 
        fair value.
            ``(2) Covered financial institution defined.--In this 
        subsection, the term `covered financial institution' means--
                    ``(A) a bank holding company (as defined in section 
                2(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 
                1841(a))) with total consolidated assets greater than 
                $100,000,000,000;
                    ``(B) a insured depository institution over which a 
                bank holding company does not have control with total 
                consolidated assets greater than $100,000,000,000; or
                    ``(C) any other bank holding company or insured 
                depository institution, as determined by the 
                appropriate Federal banking agencies.''.
    (b) Applicability.--A covered financial institution (as defined in 
section 165(l) of the Financial Stability Act of 2010, as added by this 
Act) that elected to opt out of the requirement to report accumulated 
other comprehensive income components pursuant to the rule titled 
``Changes to Applicability Thresholds for Regulatory Capital and 
Liquidity Requirements'' (84 Fed. Reg. 59230; November 1, 2019) shall 
be subject to the requirements of subsection (l) of section 165 of the 
Financial Stability Act of 2010, as added by this Act, on the effective 
date described in subsection (c).
    (c) Effective Date.--The appropriate Federal banking agencies (as 
defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
1813)) shall issue final rules to carry out this Act and the amendments 
made by this Act that shall take effect on a date not earlier than 60 
days after the date of the enactment of this Act and not later than 
December 31, 2024.
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