Sec. 2. Repeal of designation authority under the Financial Stability Act of 2010

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Dodd Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) is amended— in section 102 (12 U.S.C. 5311)— in subsection (a)— by striking paragraph (4); and by amending paragraph

(7)to read as follows: The term significant bank holding company has the meanings given to it by rule of the Board of Governors. ; and by striking subsection (c); in section 112 (12 U.S.C. 5322)— in subsection (a)— in paragraph (1)(A), by striking or nonbank financial companies ; and in paragraph (2)— in subparagraph (A), by striking and nonbank financial companies ; by striking subparagraphs

(H)and (J); by redesignating subparagraphs (I), (K), (L), (M), and

(N)as subparagraphs (H), (I), (J), (K), and (L), respectively; in subparagraph (H), as so redesignated, by striking nonbank financial companies and ; in subparagraph (I), as so redesignated, by striking , nonbank financial companies, ; and in subparagraph (L), as so redesignated— by striking clause (iv); and by redesignating clauses

(v)and

(vi)as clauses

(iv)and (v), respectively; and in subsection (d)— in paragraph (3)— in subparagraph (A), by striking nonbank financial company or each place such term appears; in subparagraph (B), by striking nonbank financial company or ; and in subparagraph (C), by striking foreign nonbank financial company or ; and by striking paragraph (4); 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 ), 170 (12 U.S.C. 5370), 216 (124 Stat. 1519), and 217 (124 Stat. 1519); in section 115 (12 U.S.C. 5325)— in the heading for such section, by striking ; nonbank financial companies supervised by the Board of Governors and in subsection (a)(1)— by striking nonbank financial companies supervised by the Board of Governors and ; and in subparagraph (A), by striking nonbank financial companies and ; in subsection (b)— in paragraph (2)— in the heading for such paragraph, by striking and inserting financial companies ; bank holding companies by striking foreign nonbank financial companies supervised by the Board of Governors or ; and in subparagraph (B), by striking foreign nonbank financial company or ; and in paragraph (3)— in subparagraph (A)— by striking nonbank financial companies supervised by the Board of Governors and ; and in clause (i), by inserting before the semicolon the following: (as in effect on the day before the date of the enactment of the ; and Terminating the Expansion of Too-Big-To-Fail Act of 2013 ) in subparagraph (B), by inserting after section 113 the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; in subsection (c)— in paragraph (1), by striking nonbank financial companies supervised by the Board of Governors and ; and in paragraph (3)— in subparagraph (A), by striking any nonbank financial company supervised by the Board of Governors and ; and in subparagraph (B)(iii), by striking a nonbank financial company supervised by the Board of Governors or ; in subsection (d)— in paragraph (1), by striking each nonbank financial company supervised by the Board of Governors and ; and in paragraph (2)— by striking nonbank financial company supervised by the Board of Governors and ; and by striking significant nonbank financial companies and each place such term appears; in subsection (e), by striking nonbank financial companies supervised by the Board of Governors or ; in subsection (f), by striking and by nonbank financial companies supervised by the Board of Governors ; and in subsection (g), by striking , nonbank financial companies supervised by the Board of Governors, ; in section 116 (12 U.S.C. 5326)— in subsection (a), by striking or a nonbank financial company supervised by the Board of Governors ; and in subsection (b)— in paragraph (1)(A), by striking , nonbank financial company supervised by the Board of Governors, ; and in paragraph (2), by striking and nonbank financial company supervised by the Board of Governors ; in section 117 (12 U.S.C. 5327)— 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 in subsection (c)— 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 in paragraph (2), by striking subparagraph (C); in section 119(a) ( 12 U.S.C. 5329(a) ), by striking , nonbank financial company, ; in section 120 (12 U.S.C. 5330)— in subsection (a)— by striking or nonbank financial companies ; and by striking and nonbank financial companies ; and in subsection (d)— in paragraph (1), by adding and at the end; in paragraph (2), by striking ; and and inserting a period; and by striking paragraph (3); in section 121 (12 U.S.C. 5331)— in subsection (a), by striking , or a nonbank financial company supervised by the Board of Governors, ; in subsection (c), by inserting after section 113 the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; and in subsection (d)— in the heading for such subsection, by striking and inserting Foreign financial companies ; Foreign-Based bank holding companies by striking foreign nonbank financial companies supervised by the Board of Governors and ; and by amending paragraph

(2)to read as follows: 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. ; in the heading for subtitle C, by striking ; Certain nonbank financial companies and in section 155(d) ( 12 U.S.C. 5345(d) ), by striking and nonbank financial companies supervised by the Board of Governors ; in section 163 ( 12 U.S.C. 5363 )— by striking subsection (a), by redesignating subsection

(b)as subsection (a); and in subsection (a), as so redesignated, by striking or a nonbank financial company supervised by the Board of Governors each place such term appears; in section 165 ( 12 U.S.C. 5365 )— in the heading for such section, by striking ; nonbank financial companies supervised by the Board of Governors and in subsection (a)(1)— by striking nonbank financial companies supervised by the Board of Governors and ; and in subparagraph (A), by striking nonbank financial companies and ; in subsection (b)— in paragraph (1), by striking nonbank financial companies supervised by the Board of Governors and each place such term appears; in paragraph (2)— in the heading for such paragraph, by striking and inserting foreign financial companies ; foreign-based bank holding companies by striking foreign nonbank financial company supervised by the Board of Governors or ; and in subparagraph (B)— by striking foreign financial company and inserting foreign-based bank holding company ; and by striking financial companies and inserting bank holding companies ; in paragraph (3)— by inserting after section 113 each place such term appears the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; and in subparagraph (A), by striking nonbank financial companies supervised by the Board of Governors and ; and in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; in subsection (c)— in paragraph (1)— by striking nonbank financial company supervised by the Board of Governors and ; and by striking bank holding companies and inserting bank holding company ; and in paragraph (2)(D), by striking nonbank financial company supervised by the Board of Governors or a ; in subsection (d)— by striking nonbank financial company supervised by the Board of Governors and each place such term appears; in paragraph (1), by striking bank holding companies and inserting bank holding company ; in paragraph (2)— by striking significant nonbank financial companies and each place such term appears; and by striking bank holding companies and inserting bank holding company ; in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; in paragraph (5), by striking a nonbank financial company supervised by the Board of Governors or each place such term appears; and 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 ; in subsection (e)— in paragraph (1), by striking a nonbank financial company supervised by the Board of Governors or ; in paragraph (2), by striking nonbank financial company supervised by the Board of Governors and ; in paragraph (3), by striking the nonbank financial company supervised by the Board of Governors or each place such term appears; and in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; in subsection (f), by striking nonbank financial companies supervised by the Board of Governors and ; in subsection (g)(1), by striking and any nonbank financial company supervised by the Board of Governors ; in subsection (h)— by striking paragraph (1); by redesignating paragraphs

(2)and

(3)as paragraphs

(1)and (2), respectively; in paragraph (1), as so redesignated, by striking paragraph

(3)each place such term appears and inserting paragraph

(2); and in paragraph (2), as so redesignated, by striking nonbank financial company supervised by the Board of Governors or each place such term appears; in subsection (i)— in paragraph (1)— in subparagraph (A), by striking nonbank financial companies supervised by the Board of Governors and ; and in subparagraph (B), by striking and nonbank financial companies ; and in paragraph (2)(A), by striking nonbank financial company supervised by the Board of Governors and a ; in subsection (j)— in paragraph (1), by striking or a nonbank financial company supervised by the Board of Governors ; and in paragraph (2), by inserting after section 113 the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; and in subsection (k)(1), by striking or nonbank financial company supervised by the Board of Governors ; in section 166 ( 12 U.S.C. 5366 ), by striking a nonbank financial company supervised by the Board of Governors or each place such term appears; in section 169 ( 12 U.S.C. 5369 ), by striking and nonbank financial companies ; and in section 171(b) ( 12 U.S.C. 5371(b) )— by striking , depository institution holding companies, and nonbank financial companies supervised by the Board of Governors each place such term appears and inserting and depository institution holding companies ; in paragraph (3)— by striking or nonbank financial companies supervised by the Board of Governors ; and by striking or the primary financial regulatory agency in the case of nonbank financial companies supervised by the Board of Governors ; and in paragraph (4)— by striking or by nonbank financial companies supervised by the Board of Governors each place such term appears; and by adding a period at the end. The Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 et seq. ) is amended— in section 13 (12 U.S.C. 1851)— in subsection (a), by striking paragraph (2); in subsection (b)(2)(B)— in clause (i)(II), by striking , any nonbank financial company supervised by the Board ; and in clause (ii), by striking and nonbank financial companies supervised by the Board ; in subsection (c)(2)— by striking or nonbank financial company supervised by the Board ; and by striking or 2 years after the date on which the entity or company becomes a nonbank financial company supervised by the Board ; in subsection (e)(2), by striking or nonbank financial company supervised by the Board each place such term appears; in subsection (g), by striking or nonbank financial company supervised by the Board each place such term appears; and in subsection (h)— by striking paragraph (3); by redesignating paragraphs (4), (5), (6), and

(7)as paragraphs (3), (4), (5), and (6), respectively; and in paragraph (3), as so redesignated, by striking or nonbank financial company supervised by the Board each place such term appears; in section 14(a) ( 12 U.S.C. 1852(a) )— in paragraph (2)— by striking subparagraph (E); and by redesignating subparagraph

(F)as subparagraph (E); and in paragraph (3)(C), by striking or other nonbank financial company supervised by the Board . F rank Wall Street Reform and Consumer Protection Act The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) is amended— in the table of contents for such Act under section 1(b)— by striking the items relating to sections 113, 114, 161, 162, 164, 167, 170, 216, and 217; in the item relating to section 115, by striking nonbank financial companies supervised by the Board of Governors and ; in the item relating to subtitle C of title II, by striking certain nonbank financial companies and ; and in the item relating to section 165, by striking nonbank financial companies supervised by the Board of Governors and ; in section 201(a) ( 12 U.S.C. 5381(a) )— in paragraph (11)(B)— by striking clause (ii); and by redesignating clauses

(iii)and

(iv)as clauses

(ii)and (iii), respectively; by striking paragraphs

(14)and (15); and by redesignating paragraph

(16)as paragraph (14); 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 ; in section 618(a)(4)(B) ( 12 U.S.C. 1850a(a)(4)(B) )— by striking clause (i); and by redesignating clauses (ii), (iii), (iv), (v), and

(vi)as clauses (i), (ii), (iii), (iv), and (v), respectively; in section 716(i)(1) ( 15 U.S.C. 8305(i)(1) )— by striking subparagraph (B); by redesignating subparagraph

(C)as subparagraph (B); and in subparagraph (B), as so redesignated— in the heading for such subparagraph, by striking and inserting , non-systemically significant institutions not subject to heightened prudential supervision as regulated under section 113 ; and swaps entities by striking , non-systemically significant institutions not subject to heightened prudential supervision as regulated under section 113 ; and in section 726(a) ( 15 U.S.C. 8323(i) ), 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 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, . Section 10(b)(3) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(b)(3) ) is amended— in subparagraph (A)— by striking or nonbank financial company supervised by the Board of Governors ; and by striking or of such nonbank financial company supervised by the Board of Governors ; and in subparagraph (B), by striking a nonbank financial company supervised by the Board of Governors or . Section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended— by redesignating the second subsection (s), as added by section 318(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as subsection (t); and in paragraph

(2)of subsection (t), as so redesignated— in subparagraph (A), by adding and at the end; in subparagraph (B), by striking ; and and inserting a period; and by striking subparagraph (C); Section 313(c)(1) of title 31, United States Code, is amended— by striking subparagraph (C); and by redesignating subparagraphs (D), (E), (F), (G), and

(H)as subparagraphs (C), (D), (E), (F), and (G), respectively.

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