Sec. 221. Repeal of the orderly liquidation authority
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Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act is hereby repealed and any Federal law amended by such title shall, on and after the effective date of this Act, be effective as if title II of the Dodd-Frank Wall Street Reform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. The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended— in the table of contents for such Act, by striking all items relating to title II; in section 151, by amending paragraph
(2)to read as follows: the term financial company means— any company that is incorporated or organized under any provision of Federal law or the laws of any State; any company that is— a bank holding company, as defined in section 2(a) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841(a) ); a nonbank financial company supervised by the Board of Governors; 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 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); 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 includes an insured depository institution and an insurance company; ; in section 165(d)(6), by striking , a receiver appointed under title II, ; and in section 716(g), by striking or a covered financial company under title II . 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 . Section 13(3) of the Federal Reserve Act is amended— in subparagraph (B)— 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 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 by striking subparagraph (E).
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Sec. 221
Repeal of the orderly liquidation authority
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