To repeal title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Summary: .  (Sec. 1) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal Title II (Orderly Liquidation Authority), concerning the bankruptcy of financial institutions, and makes conforming amendments to the Federal Deposit Insurance Act and the Federal Reserve Act. 

SECTION 1. REPEAL OF LIQUIDATION AUTHORITY.

    (a) In General.--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Consumer Protection Act is hereby repealed and any Federal law amended 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.
    (b) Conforming Amendments.--
            (1) Dodd-frank wall street reform and consumer protection 
        act.--The Dodd-Frank Wall Street Reform and Consumer Protection 
        Act is amended--
                    (A) in the table of contents for such Act, by 
                striking all items relating to title II;
                    (B) in section 151, by amending paragraph (2) to 
                read as follows:
            ``(2) the term `financial company' means--
                    ``(A) any company that is incorporated or organized 
                under any provision of Federal law or the laws of any 
                State;
                    ``(B) any company that is--
                            ``(i) a bank holding company, as defined in 
                        section 2(a) of the Bank Holding Company Act of 
                        1956 (12 U.S.C. 1841(a));
                            ``(ii) a nonbank financial company 
                        supervised by the Board of Governors;
                            ``(iii) 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
                            ``(iv) 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);
                    ``(C) 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
                    ``(D) includes an insured depository institution 
                and an insurance company;'';
                    (C) in section 165(d)(6), by striking ``, a 
                receiver appointed under title II,'';
                    (D) in section 716(g), by striking ``or a covered 
                financial company under title II'';
                    (E) in section 1105(e)(5), by striking ``amount of 
                any securities issued under that chapter 31 for such 
                purpose shall be treated in the same manner as 
                securities issued under section 208(n)(5)(E)'' and 
                inserting ``issuances of such securities under that 
                chapter 31 for such purpose shall by treated as public 
                debt transactions of the United States, and the 
                proceeds from the sale of any obligations acquired by 
                the Secretary under this paragraph shall be deposited 
                into the Treasury of the United States as miscellaneous 
                receipts''; and
                    (F) in section 1106(c)(2), by amending subparagraph 
                (A) to read as follows:
                    ``(A) require the company to file a petition for 
                bankruptcy under section 301 of title 11, United States 
                Code; or''.
            (2) Federal deposit insurance act.--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''.
            (3) Federal reserve act.--Section 13(3) of the Federal 
        Reserve Act is amended--
                    (A) in subparagraph (B)--
                            (i) 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
                            (ii) 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
                    (B) by striking subparagraph (E).