S 3497 ISCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

2d SessionCommentsClose CommentsPermalink

S. 3497CommentsClose CommentsPermalink

To amend the Financial Stability Act of 2010 to repeal certain designation authority of the Financial Stability Oversight Council, to repeal the Payment, Clearing, and Settlement Supervision Act of 2010, and for other purposes.CommentsClose CommentsPermalink

IN THE SENATE OF THE UNITED STATESCommentsClose CommentsPermalink

August 2, 2012CommentsClose CommentsPermalink

Mr. VITTER introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Financial Stability Act of 2010 to repeal certain designation authority of the Financial Stability Oversight Council, to repeal the Payment, Clearing, and Settlement Supervision Act of 2010, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Terminating the Expansion of Too-Big-To-Fail Act of 2012’.CommentsClose CommentsPermalink

SEC. 2. REPEAL OF DESIGNATION AUTHORITY UNDER THE FINANCIAL STABILITY ACT OF 2010.

(a) In General- The Dodd Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) is amended--CommentsClose CommentsPermalink





(1) in section 102 (12 U.S.C. 5311)--CommentsClose CommentsPermalink





(A) in subsection (a)--CommentsClose CommentsPermalink





(i) by striking paragraph (4); andCommentsClose CommentsPermalink





(ii) by amending paragraph (7) to read as follows:CommentsClose CommentsPermalink





‘(7) SIGNIFICANT BANK HOLDING COMPANY- The term ‘significant bank holding company’ has the meanings given to it by rule of the Board of Governors.’; andCommentsClose CommentsPermalink





(B) by striking subsection (c);CommentsClose CommentsPermalink





(2) in section 112 (12 U.S.C. 5322)--CommentsClose CommentsPermalink





(A) in subsection (a)--CommentsClose CommentsPermalink





(i) in paragraph (1)(A), by striking ‘or nonbank financial companies’; andCommentsClose CommentsPermalink





(ii) in paragraph (2)--CommentsClose CommentsPermalink





(I) in subparagraph (A), by striking ‘and nonbank financial companies’;CommentsClose CommentsPermalink





(II) by striking subparagraphs (H) and (J);CommentsClose CommentsPermalink





(III) by redesignating subparagraphs (I), (K), (L), (M), and (N) as subparagraphs (H), (I), (J), (K), and (L), respectively;CommentsClose CommentsPermalink





(IV) in subparagraph (H), as so redesignated, by striking ‘nonbank financial companies and’;CommentsClose CommentsPermalink





(V) in subparagraph (I), as so redesignated, by striking ‘, nonbank financial companies,’; andCommentsClose CommentsPermalink





(VI) in subparagraph (L), as so redesignated--CommentsClose CommentsPermalink

(aa) by striking clause (iv); andCommentsClose CommentsPermalink

(bb) by redesignating clauses (v) and (vi) as clauses (iv) and (v), respectively; andCommentsClose CommentsPermalink

(B) in subsection (d)--CommentsClose CommentsPermalink





(i) in paragraph (3)--CommentsClose CommentsPermalink





(I) in subparagraph (A), by striking ‘nonbank financial company or’ each place such term appears;CommentsClose CommentsPermalink





(II) in subparagraph (B), by striking ‘nonbank financial company or’; andCommentsClose CommentsPermalink





(III) in subparagraph (C), by striking ‘foreign nonbank financial company or’; andCommentsClose CommentsPermalink





(ii) by striking paragraph (4);CommentsClose CommentsPermalink





(3) 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);CommentsClose CommentsPermalink





(4) in section 115 (12 U.S.C. 5325)--CommentsClose CommentsPermalink





(A) in the heading for such section, by striking ‘nonbank financial companies supervised by the board of governors and’;CommentsClose CommentsPermalink





(B) in subsection (a)(1)--CommentsClose CommentsPermalink





(i) by striking ‘nonbank financial companies supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(ii) in subparagraph (A), by striking ‘nonbank financial companies and’;CommentsClose CommentsPermalink





(C) in subsection (b)--CommentsClose CommentsPermalink





(i) in paragraph (2)--CommentsClose CommentsPermalink





(I) in the heading for such paragraph, by striking ‘FINANCIAL COMPANIES’ and inserting ‘BANK HOLDING COMPANIES’;CommentsClose CommentsPermalink





(II) by striking ‘foreign nonbank financial companies supervised by the Board of Governors or’; andCommentsClose CommentsPermalink





(III) in subparagraph (B), by striking ‘foreign nonbank financial company or’; andCommentsClose CommentsPermalink





(ii) in paragraph (3)--CommentsClose CommentsPermalink





(I) in subparagraph (A)--CommentsClose CommentsPermalink

(aa) by striking ‘nonbank financial companies supervised by the Board of Governors and’; andCommentsClose CommentsPermalink

(bb) in clause (i), by inserting before the semicolon 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)’; andCommentsClose CommentsPermalink

(II) 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)’;CommentsClose CommentsPermalink





(D) in subsection (c)--CommentsClose CommentsPermalink





(i) in paragraph (1), by striking ‘nonbank financial companies supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(ii) in paragraph (3)--CommentsClose CommentsPermalink





(I) in subparagraph (A), by striking ‘any nonbank financial company supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(II) in subparagraph (B)(iii), by striking ‘a nonbank financial company supervised by the Board of Governors or’;CommentsClose CommentsPermalink





(E) in subsection (d)--CommentsClose CommentsPermalink





(i) in paragraph (1), by striking ‘each nonbank financial company supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(ii) in paragraph (2)--CommentsClose CommentsPermalink





(I) by striking ‘nonbank financial company supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(II) by striking ‘significant nonbank financial companies and’ each place such term appears;CommentsClose CommentsPermalink





(F) in subsection (e), by striking ‘nonbank financial companies supervised by the Board of Governors or’;CommentsClose CommentsPermalink





(G) in subsection (f), by striking ‘and by nonbank financial companies supervised by the Board of Governors’; andCommentsClose CommentsPermalink





(H) in subsection (g), by striking ‘, nonbank financial companies supervised by the Board of Governors,’;CommentsClose CommentsPermalink





(5) in section 116 (12 U.S.C. 5326)--CommentsClose CommentsPermalink





(A) in subsection (a), by striking ‘or a nonbank financial company supervised by the Board of Governors’; andCommentsClose CommentsPermalink





(B) in subsection (b)--CommentsClose CommentsPermalink





(i) in paragraph (1)(A), by striking ‘, nonbank financial company supervised by the Board of Governors,’; andCommentsClose CommentsPermalink





(ii) in paragraph (2), by striking ‘and nonbank financial company supervised by the Board of Governors’;CommentsClose CommentsPermalink





(6) in section 117 (12 U.S.C. 5327)--CommentsClose CommentsPermalink





(A) 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’; andCommentsClose CommentsPermalink





(B) in subsection (c)--CommentsClose CommentsPermalink





(i) 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’; andCommentsClose CommentsPermalink





(ii) in paragraph (2), by striking subparagraph (C);CommentsClose CommentsPermalink





(7) in section 119(a) (12 U.S.C. 5329(a)), by striking ‘, nonbank financial company,’;CommentsClose CommentsPermalink





(8) in section 120 (12 U.S.C. 5330)--CommentsClose CommentsPermalink





(A) in subsection (a)--CommentsClose CommentsPermalink





(i) by striking ‘or nonbank financial companies’; andCommentsClose CommentsPermalink





(ii) by striking ‘and nonbank financial companies’; andCommentsClose CommentsPermalink





(B) in subsection (d)--CommentsClose CommentsPermalink





(i) in paragraph (1), by adding ‘and’ at the end;CommentsClose CommentsPermalink





(ii) in paragraph (2), by striking ‘; and’ and inserting a period; andCommentsClose CommentsPermalink





(iii) by striking paragraph (3);CommentsClose CommentsPermalink





(9) in section 121 (12 U.S.C. 5331)--CommentsClose CommentsPermalink





(A) in subsection (a), by striking ‘, or a nonbank financial company supervised by the Board of Governors,’;CommentsClose CommentsPermalink





(B) 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)’; andCommentsClose CommentsPermalink





(C) in subsection (d)--CommentsClose CommentsPermalink





(i) in the heading for such subsection, by striking ‘Foreign Financial Companies’ and inserting ‘Foreign-Based Bank Holding Companies’;CommentsClose CommentsPermalink





(ii) by striking ‘foreign nonbank financial companies supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(iii) by amending paragraph (2) to read as follows:CommentsClose CommentsPermalink





‘(2) 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.’;CommentsClose CommentsPermalink





(10) in the heading for subtitle C, by striking ‘Certain Nonbank Financial Companies and’;CommentsClose CommentsPermalink





(11) in section 155(d) (12 U.S.C. 5345(d)), by striking ‘and nonbank financial companies supervised by the Board of Governors’;CommentsClose CommentsPermalink





(12) in section 163 (12 U.S.C. 5363)--CommentsClose CommentsPermalink





(A) by striking subsection (a),CommentsClose CommentsPermalink





(B) by redesignating subsection (b) as subsection (a); andCommentsClose CommentsPermalink





(C) in subsection (a), as so redesignated, by striking ‘or a nonbank financial company supervised by the Board of Governors’ each place such term appears;CommentsClose CommentsPermalink





(13) in section 165 (12 U.S.C. 5365)--CommentsClose CommentsPermalink





(A) in the heading for such section, by striking ‘nonbank financial companies supervised by the board of governors and’;CommentsClose CommentsPermalink





(B) in subsection (a)(1)--CommentsClose CommentsPermalink





(i) by striking ‘nonbank financial companies supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(ii) in subparagraph (A), by striking ‘nonbank financial companies and’;CommentsClose CommentsPermalink





(C) in subsection (b)--CommentsClose CommentsPermalink





(i) in paragraph (1), by striking ‘nonbank financial companies supervised by the Board of Governors and’ each place such term appears;CommentsClose CommentsPermalink





(ii) in paragraph (2)--CommentsClose CommentsPermalink





(I) in the heading for such paragraph, by striking ‘FOREIGN FINANCIAL COMPANIES’ and inserting ‘FOREIGN-BASED BANK HOLDING COMPANIES’;CommentsClose CommentsPermalink





(II) by striking ‘foreign nonbank financial company supervised by the Board of Governors or’; andCommentsClose CommentsPermalink





(III) in subparagraph (B)--CommentsClose CommentsPermalink

(aa) by striking ‘foreign financial company’ and inserting ‘foreign-based bank holding company’; andCommentsClose CommentsPermalink

(bb) by striking ‘financial companies’ and inserting ‘bank holding companies’;CommentsClose CommentsPermalink

(iii) in paragraph (3)--CommentsClose CommentsPermalink





(I) 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)’; andCommentsClose CommentsPermalink





(II) in subparagraph (A), by striking ‘nonbank financial companies supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(iv) in paragraph (4), by striking ‘a nonbank financial company supervised by the Board of Governors or’;CommentsClose CommentsPermalink





(D) in subsection (c)--CommentsClose CommentsPermalink





(i) in paragraph (1)--CommentsClose CommentsPermalink





(I) by striking ‘nonbank financial company supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(II) by striking ‘bank holding companies’ and inserting ‘bank holding company’; andCommentsClose CommentsPermalink





(ii) in paragraph (2)(D), by striking ‘nonbank financial company supervised by the Board of Governors or a’;CommentsClose CommentsPermalink





(E) in subsection (d)--CommentsClose CommentsPermalink





(i) by striking ‘nonbank financial company supervised by the Board of Governors and’ each place such term appears;CommentsClose CommentsPermalink





(ii) in paragraph (1), by striking ‘bank holding companies’ and inserting ‘bank holding company’;CommentsClose CommentsPermalink





(iii) in paragraph (2)--CommentsClose CommentsPermalink





(I) by striking ‘significant nonbank financial companies and’ each place such term appears; andCommentsClose CommentsPermalink





(II) by striking ‘bank holding companies’ and inserting ‘bank holding company’;CommentsClose CommentsPermalink





(iv) in paragraph (4), by striking ‘a nonbank financial company supervised by the Board of Governors or’;CommentsClose CommentsPermalink





(v) in paragraph (5), by striking ‘a nonbank financial company supervised by the Board of Governors or’ each place such term appears; andCommentsClose CommentsPermalink





(vi) 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’;CommentsClose CommentsPermalink





(F) in subsection (e)--CommentsClose CommentsPermalink





(i) in paragraph (1), by striking ‘a nonbank financial company supervised by the Board of Governors or’;CommentsClose CommentsPermalink





(ii) in paragraph (2), by striking ‘nonbank financial company supervised by the Board of Governors and’;CommentsClose CommentsPermalink





(iii) in paragraph (3), by striking ‘the nonbank financial company supervised by the Board of Governors or’ each place such term appears; andCommentsClose CommentsPermalink





(iv) in paragraph (4), by striking ‘a nonbank financial company supervised by the Board of Governors or’;CommentsClose CommentsPermalink





(G) in subsection (f), by striking ‘nonbank financial companies supervised by the Board of Governors and’;CommentsClose CommentsPermalink





(H) in subsection (g)(1), by striking ‘and any nonbank financial company supervised by the Board of Governors’;CommentsClose CommentsPermalink





(I) in subsection (h)--CommentsClose CommentsPermalink





(i) by striking paragraph (1);CommentsClose CommentsPermalink





(ii) by redesignating paragraphs (2) and (3) as paragraphs (1) and (2), respectively;CommentsClose CommentsPermalink





(iii) in paragraph (1), as so redesignated, by striking ‘paragraph (3)’ each place such term appears and inserting ‘paragraph (2)’; andCommentsClose CommentsPermalink





(iv) in paragraph (2), as so redesignated, by striking ‘nonbank financial company supervised by the Board of Governors or’ each place such term appears;CommentsClose CommentsPermalink





(J) in subsection (i)--CommentsClose CommentsPermalink





(i) in paragraph (1)--CommentsClose CommentsPermalink





(I) in subparagraph (A), by striking ‘nonbank financial companies supervised by the Board of Governors and’; andCommentsClose CommentsPermalink





(II) in subparagraph (B), by striking ‘and nonbank financial companies’; andCommentsClose CommentsPermalink





(ii) in paragraph (2)(A), by striking ‘nonbank financial company supervised by the Board of Governors and a’;CommentsClose CommentsPermalink





(K) in subsection (j)--CommentsClose CommentsPermalink





(i) in paragraph (1), by striking ‘or a nonbank financial company supervised by the Board of Governors’; andCommentsClose CommentsPermalink





(ii) 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)’; andCommentsClose CommentsPermalink





(L) in subsection (k)(1), by striking ‘or nonbank financial company supervised by the Board of Governors’;CommentsClose CommentsPermalink





(14) 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;CommentsClose CommentsPermalink





(15) in section 169 (12 U.S.C. 5369), by striking ‘and nonbank financial companies’;CommentsClose CommentsPermalink





(16) in section 171(b) (12 U.S.C. 5371(b))--CommentsClose CommentsPermalink





(A) 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’;CommentsClose CommentsPermalink





(B) in paragraph (3)--CommentsClose CommentsPermalink





(i) by striking ‘or nonbank financial companies supervised by the Board of Governors’; andCommentsClose CommentsPermalink





(ii) by striking ‘or the primary financial regulatory agency in the case of nonbank financial companies supervised by the Board of Governors’; andCommentsClose CommentsPermalink





(C) in paragraph (4)--CommentsClose CommentsPermalink





(i) by striking ‘or by nonbank financial companies supervised by the Board of Governors’ each place such term appears; andCommentsClose CommentsPermalink





(ii) by adding a period at the end.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) BANK HOLDING COMPANY ACT OF 1956- The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended--CommentsClose CommentsPermalink





(A) in section 13 (12 U.S.C. 1851)--CommentsClose CommentsPermalink





(i) in subsection (a), by striking paragraph (2);CommentsClose CommentsPermalink





(ii) in subsection (b)(2)(B)--CommentsClose CommentsPermalink





(I) in clause (i)(II), by striking ‘, any nonbank financial company supervised by the Board’; andCommentsClose CommentsPermalink





(II) in clause (ii), by striking ‘and nonbank financial companies supervised by the Board’;CommentsClose CommentsPermalink





(iii) in subsection (c)(2)--CommentsClose CommentsPermalink





(I) by striking ‘or nonbank financial company supervised by the Board’; andCommentsClose CommentsPermalink





(II) by striking ‘or 2 years after the date on which the entity or company becomes a nonbank financial company supervised by the Board’;CommentsClose CommentsPermalink





(iv) in subsection (e)(2), by striking ‘or nonbank financial company supervised by the Board’ each place such term appears;CommentsClose CommentsPermalink





(v) in subsection (g), by striking ‘or nonbank financial company supervised by the Board’ each place such term appears; andCommentsClose CommentsPermalink





(vi) in subsection (h)--CommentsClose CommentsPermalink





(I) by striking paragraph (3);CommentsClose CommentsPermalink





(II) by redesignating paragraphs (4), (5), (6), and (7) as paragraphs (3), (4), (5), and (6), respectively; andCommentsClose CommentsPermalink





(III) in paragraph (3), as so redesignated, by striking ‘or nonbank financial company supervised by the Board’ each place such term appears;CommentsClose CommentsPermalink





(B) in section 14(a) (12 U.S.C. 1852(a))--CommentsClose CommentsPermalink





(i) in paragraph (2)--CommentsClose CommentsPermalink





(I) by striking subparagraph (E); andCommentsClose CommentsPermalink





(II) by redesignating subparagraph (F) as subparagraph (E); andCommentsClose CommentsPermalink





(ii) in paragraph (3)(C), by striking ‘or other nonbank financial company supervised by the Board’.CommentsClose CommentsPermalink





(2) Dodd-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT- The Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) is amended--CommentsClose CommentsPermalink





(A) in the table of contents for such Act under section 1(b)--CommentsClose CommentsPermalink





(i) by striking the items relating to sections 113, 114, 161, 162, 164, 167, 170, 216, and 217;CommentsClose CommentsPermalink





(ii) in the item relating to section 115, by striking ‘nonbank financial companies supervised by the Board of Governors and’;CommentsClose CommentsPermalink





(iii) in the item relating to subtitle C of title II, by striking ‘certain nonbank financial companies and’; andCommentsClose CommentsPermalink





(iv) in the item relating to section 165, by striking ‘nonbank financial companies supervised by the Board of Governors and’;CommentsClose CommentsPermalink





(B) in section 201(a) (12 U.S.C. 5381(a))--CommentsClose CommentsPermalink





(i) in paragraph (11)(B)--CommentsClose CommentsPermalink





(I) by striking clause (ii); andCommentsClose CommentsPermalink





(II) by redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively;CommentsClose CommentsPermalink





(ii) by striking paragraphs (14) and (15); andCommentsClose CommentsPermalink





(iii) by redesignating paragraph (16) as paragraph (14);CommentsClose CommentsPermalink





(C) 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’;CommentsClose CommentsPermalink





(D) in section 618(a)(4)(B) (12 U.S.C. 1850a(a)(4)(B))--CommentsClose CommentsPermalink





(i) by striking clause (i); andCommentsClose CommentsPermalink





(ii) by redesignating clauses (ii), (iii), (iv), (v), and (vi) as clauses (i), (ii), (iii), (iv), and (v), respectively;CommentsClose CommentsPermalink





(E) in section 716(i)(1) (15 U.S.C. 8305(i)(1))--CommentsClose CommentsPermalink





(i) by striking subparagraph (B);CommentsClose CommentsPermalink





(ii) by redesignating subparagraph (C) as subparagraph (B); andCommentsClose CommentsPermalink





(iii) in subparagraph (B), as so redesignated--CommentsClose CommentsPermalink





(I) in the heading for such subparagraph, by striking ‘, NON-SYSTEMICALLY SIGNIFICANT INSTITUTIONS NOT SUBJECT TO HEIGHTENED PRUDENTIAL SUPERVISION AS REGULATED UNDER SECTION 113’ and inserting ‘SWAPS ENTITIES’; andCommentsClose CommentsPermalink





(II) by striking ‘, non-systemically significant institutions not subject to heightened prudential supervision as regulated under section 113’; andCommentsClose CommentsPermalink





(F) 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,’; andCommentsClose CommentsPermalink





(G) 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,’.CommentsClose CommentsPermalink





(3) FEDERAL DEPOSIT INSURANCE ACT- Section 10(b)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1820(b)(3)) is amended--CommentsClose CommentsPermalink





(A) in subparagraph (A)--CommentsClose CommentsPermalink





(i) by striking ‘or nonbank financial company supervised by the Board of Governors’; andCommentsClose CommentsPermalink





(ii) by striking ‘or of such nonbank financial company supervised by the Board of Governors’; andCommentsClose CommentsPermalink





(B) in subparagraph (B), by striking ‘a nonbank financial company supervised by the Board of Governors or’.CommentsClose CommentsPermalink





(4) FEDERAL RESERVE ACT- Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended--CommentsClose CommentsPermalink





(A) 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); andCommentsClose CommentsPermalink





(B) in paragraph (2) of subsection (t), as so redesignated--CommentsClose CommentsPermalink





(i) in subparagraph (A), by adding ‘and’ at the end;CommentsClose CommentsPermalink





(ii) in subparagraph (B), by striking ‘; and’ and inserting a period; andCommentsClose CommentsPermalink





(iii) by striking subparagraph (C);CommentsClose CommentsPermalink





(5) TITLE 31- Section 313(c)(1) of title 31, United States Code, is amended--CommentsClose CommentsPermalink





(A) by striking subparagraph (C); andCommentsClose CommentsPermalink





(B) by redesignating subparagraphs (D), (E), (F), (G), and (H) as subparagraphs (C), (D), (E), (F), and (G), respectively.CommentsClose CommentsPermalink

SEC. 3. REPEAL OF THE PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION ACT OF 2010.

Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5461 et seq.), and the item relating to that title in the table of contents in section 1(b) of such Act, are hereby repealed.CommentsClose CommentsPermalink