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Union Calendar No. 345 

115TH CONGRESS 

1ST SESSION H. R. 4292 

[Report No. 115–465] 

To reform the living will process under the Dodd-Frank Wall Street Reform 

and Consumer Protection Act. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 7, 2017 

Mr. ZELDIN (for himself and Mrs. CAROLYN B. MALONEY of New York) introduced the following bill; which was referred to the Committee on Financial Services 

DECEMBER 14, 2017 

Additional sponsors: Mr. ROYCE of California and Ms. SINEMA

DECEMBER 14, 2017 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on November 7, 2017] 


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•HR 4292 RH

A BILL 

To reform the living will process under the Dodd-Frank 

Wall Street Reform and Consumer Protection Act. 


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•HR 4292 RH

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 ‘‘Financial Institution 

5 Living Will Improvement Act of 2017’’. 

6 SEC. 2. LIVING WILL REFORMS. 

7 (a) IN GENERAL.—Section 165(d) of the Dodd-Frank 

8 Wall Street Reform and Consumer Protection Act (12 

9 U.S.C. 5365(d)) is amended— 

10 (1) in paragraph (1), by striking ‘‘periodically’’ 

11 and inserting ‘‘every 2 years’’; and 

12 (2) in paragraph (3)— 

13 (A) by striking ‘‘The Board’’ and inserting 

14 the following: 

15 ‘‘(A) IN GENERAL.—The Board’’; 

16 (B) by striking ‘‘shall review’’ and inserting 

17 the following: ‘‘shall— 

18 ‘‘(i) review’’; 

19 (C) by striking the period and inserting ‘‘; 

20 and’’; and 

21 (D) by adding at the end the following: 

22 ‘‘(ii) not later than the end of the 6- 

23 month period beginning on the date the 

24 company submits the resolution plan, pro25 vide feedback to the company on such plan. 


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1 ‘‘(B) DISCLOSURE OF ASSESSMENT FRAME2 WORK.—The Board of Governors and the Cor3 poration shall publicly disclose the assessment 

4 framework that is used to review information 

5 under this paragraph.’’. 

6 (b) TREATMENT OF OTHER RESOLUTION PLAN RE7 QUIREMENTS.— 

8 (1) IN GENERAL.—With respect to an appro9 priate Federal banking agency that requires a bank10 ing organization to submit to the agency a resolution 

11 plan not described under section 165(d) of the Dodd12 Frank Wall Street Reform and Consumer Protection 

13 Act— 

14 (A) the respective agency shall ensure that 

15 the review of such resolution plan is consistent 

16 with the requirements contained in the amend17 ments made by this Act; 

18 (B) the agency may not require the submis19 sion of such a resolution plan more often than 

20 every 2 years; and 

21 (C) paragraphs (6) and (7) of such section 

22 165(d) shall apply to such a resolution plan. 

23 (2) DEFINITIONS.—For purposes of this sub24 section: 


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1 (A) APPROPRIATE FEDERAL BANKING AGEN2 CY.—The term ‘‘appropriate Federal banking 

3 agency’’— 

4 (i) has the meaning given such term 

5 under section 3 of the Federal Deposit In6 surance Act; and 

7 (ii) means the National Credit Union 

8 Administration, in the case of an insured 

9 credit union. 

10 (B) BANKING ORGANIZATION.—The term 

11 ‘‘banking organization’’ means— 

12 (i) an insured depository institution; 

13 (ii) an insured credit union; 

14 (iii) a depository institution holding 

15 company; 

16 (iv) a company that is treated as a 

17 bank holding company for purposes of sec18 tion 8 of the International Banking Act; 

19 and 

20 (v) a U.S. intermediate holding com21 pany established by a foreign banking orga22 nization pursuant to section 252.153 of title 

23 12, Code of Federal Regulations. 

24 (C) INSURED CREDIT UNION.—The term 

25 ‘‘insured credit union’’ has the meaning given 


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1 that term under section 101 of the Federal Credit 

2 Union Act. 

3 (D) OTHER BANKING TERMS.—The terms 

4 ‘‘depository institution holding company’’ and 

5 ‘‘insured depository institution’’ have the mean6 ing given those terms, respectively, under section 

7 3 of the Federal Deposit Insurance Act. 

8 (c) RULE OF CONSTRUCTION.—Nothing in this Act, or 

9 any amendment made by this Act, shall be construed as 

10 limiting the authority of an appropriate Federal banking 

11 agency (as defined under subsection (b)(2)) to obtain infor12 mation from an institution in connection with such agen13 cy’s authority to examine or require reports from the insti14 tution. 


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Union Calendar No. 345 

115TH CONGRESS 

1ST SESSION H. R. 4292 

[Report No. 115–465] 

A BILL 

To reform the living will process under the Doddtion Act. Frank Wall Street Reform and Consumer ProtecDECEMBER 14, 2017 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


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