I 

116TH CONGRESS 

1ST SESSION H. R. 4966 

To require the chief executive officers of global systemically important bank 

holding companies to provide annual testimony to Congress, and for 

other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 31, 2019 

Ms. PRESSLEY introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the chief executive officers of global systemically 

important bank holding companies to provide annual testimony to Congress, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Greater Supervision 

5 In Banking Act of 2019’’ or the ‘‘GSIB Act of 2019’’. 

6 SEC. 2. ANNUAL TESTIMONY OF GSIB CEOS. 

7 The Bank Holding Company Act of 1956 (12 U.S.C. 

8 1841 et seq.) is amended by adding at the end the fol9 lowing: 


jbell on DSKJLSW7X2PROD with BILLS
2 

•HR 4966 IH

1 ‘‘SEC. 15. ANNUAL TESTIMONY OF GSIB CEOS. 

2 ‘‘(a) ANNUAL REPORT.—Each global systemically 

3 important bank holding company shall issue an annual re4 port to the Committee on Banking, Housing, and Urban 

5 Affairs of the Senate and the Committee on Financial 

6 Services of the House of Representatives containing a de7 scription of the activities of the company during the pre8 vious year and a description of the company’s objectives 

9 and goals for the following year. 

10 ‘‘(b) SPECIFIC CONTENTS.—Each report required 

11 under subsection (a) shall include a description of— 

12 ‘‘(1) the company’s size and complexity, includ13 ing a listing of all company subsidiaries and their re14 lationship to specified company business lines; 

15 ‘‘(2) the current rating of the company and 

16 each depository bank subsidiary of the company 

17 under CAMELS or the LFI Ratings System, or any 

18 subsequent summary supervisory ratings system, 

19 and, if applicable, a general description of any out20 standing issues that have led to the downgrading of 

21 such a rating, and how long such issues have been 

22 outstanding without being adequately addressed; 

23 ‘‘(3) with respect to each depository institution 

24 subsidiary of the company, the number and geo25 graphic distribution of the branches of such sub26 sidiary; 


jbell on DSKJLSW7X2PROD with BILLS
3 

•HR 4966 IH

1 ‘‘(4) any enforcement actions, including any 

2 consent orders and settlements, against the company 

3 (including any affiliate or subsidiary of the com4 pany), including enforcement actions related to labor 

5 and health and safety law violations (in addition to 

6 consumer protection); 

7 ‘‘(5) with respect to each enforcement action 

8 described under paragraph (3), the total number of 

9 consumers or investors harmed by the conduct that 

10 was the basis for such enforcement action; 

11 ‘‘(6) the number of employees dismissed for 

12 misconduct, and whether any such employees were 

13 company executives; 

14 ‘‘(7) the company’s capital market activities, in15 cluding with respect to securities (including under16 writing, trading, and securitization) and derivatives, 

17 including— 

18 ‘‘(A) the trading desk structure of the 

19 company, identifying each desk and the instru20 ments traded or held at each desk; 

21 ‘‘(B) the average and standard deviation of 

22 a metric of inventory, constructed using data on 

23 individual trading desk positions, for long secu24 rities positions, short securities positions, and 

25 derivatives, at each individual trading desk for 


jbell on DSKJLSW7X2PROD with BILLS
4 

•HR 4966 IH

1 a quarterly period six months prior to the re2 porting date; and 

3 ‘‘(C) how the company complies with re4 strictions under section 13 of the Bank Holding 

5 Company Act of 1956 (commonly referred to as 

6 the ‘Volcker Rule’) at each trading desk, includ7 ing a general description of the methodology for 

8 determining reasonably expected near term cus9 tomer demand and for designing compensation 

10 practices at the desk so as not to create incen11 tives for proprietary trading; 

12 ‘‘(8) the extent to which the company utilizes 

13 forced arbitration clauses in contracts with con14 sumers, employees, investors, and contractors; 

15 ‘‘(9) the company’s compensation and clawback 

16 policies, including how these policies are designed to 

17 promote accountability of company executives and 

18 how the compensation of the chief executive officer 

19 and other senior executives compares to the median 

20 compensation of an employee of the company; 

21 ‘‘(10) with respect to compensation paid by the 

22 company— 

23 ‘‘(A) the average amount of compensation 

24 received by each decile of employees; and 


jbell on DSKJLSW7X2PROD with BILLS
5 

•HR 4966 IH

1 ‘‘(B) a break down of the base pay and in2 centive pay for each decile, including a descrip3 tions of metrics, sales goals, or cross selling re4 quired to be met in order to qualify for the in5 centive or bonus pay; 

6 ‘‘(11) the diversity of the directors of the com7 pany’s board and senior executives, the policies and 

8 practices implemented at the company to promote 

9 diversity and inclusion among the company’s work10 force, and the policies implemented by the company 

11 to promote the use of diverse contractors, including 

12 diverse asset managers, brokers and underwriters; 

13 ‘‘(12) the company’s approach to cybersecurity 

14 and protecting consumer data; 

15 ‘‘(13) the total number of whistleblower and 

16 ethics complaints made by employees through inter17 nal company protocols over the past year, what 

18 issues were involved in the complaints, and what the 

19 resolutions of the complaints were; and 

20 ‘‘(14) a comparison of how the company’s re21 sponses to paragraphs (1) through (13) have 

22 changed over the last ten years. 

23 ‘‘(c) TESTIMONY.—The chief executive officer of each 

24 global systemically important bank holding company shall 

25 appear before the Committee on Banking, Housing, and 


jbell on DSKJLSW7X2PROD with BILLS
6 

•HR 4966 IH

1 Urban Affairs of the Senate and the Committee on Finan2 cial Services of the House of Representatives at an annual 

3 hearing to testify with respect to the contents of the report 

4 required under subsection (a). 

5 ‘‘(d) GLOBAL SYSTEMICALLY IMPORTANT BANK

6 HOLDING COMPANY DEFINED.—In this section, the term 

7 ‘global systemically important bank holding company’ 

8 means a global systemically important bank holding com9 pany, as such term is defined under section 217.402 of 

10 title 12, Code of Federal Regulations.’’. 

Æ 


jbell on DSKJLSW7X2PROD with BILLS