Text: H.R.4142 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (11/19/2009)


111th CONGRESS
1st Session
H. R. 4142


To address the concept of “Too Big To Fail” with respect to certain financial entities.


IN THE HOUSE OF REPRESENTATIVES

November 19, 2009

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


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 (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 the 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.