I 

114TH CONGRESS 

2D SESSION H. R. 4894 

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

Protection Act. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 11, 2016 

Mr. WESTMORELAND introduced the following bill; which was referred to the 

Committee on Financial Services, and in addition to the Committees on 

Agriculture, the Judiciary, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of 

such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To repeal title II of the Dodd-Frank Wall Street Reform 

and Consumer Protection Act. 

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

3 SECTION 1. REPEAL OF LIQUIDATION AUTHORITY. 

4 (a) IN GENERAL.—Title II of the Dodd-Frank Wall 

5 Street Reform and Consumer Protection Act is hereby re6 pealed and any Federal law amended by such title shall, 

7 on and after the effective date of this Act, be effective 

8 as if title II of the Dodd-Frank Wall Street Reform and 

9 Consumer Protection Act had not been enacted. 


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1 (b) CONFORMING AMENDMENTS.— 

2 (1) DODD-FRANK WALL STREET REFORM AND

3 CONSUMER PROTECTION ACT.—The Dodd-Frank 

4 Wall Street Reform and Consumer Protection Act is 

5 amended— 

6 (A) in the table of contents for such Act, 

7 by striking all items relating to title II; 

8 (B) in section 151, by amending paragraph 

9 (2) to read as follows: 

10 ‘‘(2) the term ‘financial company’ means— 

11 ‘‘(A) any company that is incorporated or 

12 organized under any provision of Federal law or 

13 the laws of any State; 

14 ‘‘(B) any company that is— 

15 ‘‘(i) a bank holding company, as de16 fined in section 2(a) of the Bank Holding 

17 Company Act of 1956 (12 U.S.C. 

18 1841(a)); 

19 ‘‘(ii) a nonbank financial company su20 pervised by the Board of Governors; 

21 ‘‘(iii) any company that is predomi22 nantly engaged in activities that the Board 

23 of Governors has determined are financial 

24 in nature or incidental thereto for purposes 

25 of section 4(k) of the Bank Holding ComVerDate Sep 11 2014 20:29 Apr 11, 2016 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H4894.IH H4894

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1 pany Act of 1956 (12 U.S.C. 1843(k)) 

2 other than a company described in clause 

3 (i) or (ii); or 

4 ‘‘(iv) any subsidiary of any company 

5 described in any of clauses (i) through (iii) 

6 that is predominantly engaged in activities 

7 that the Board of Governors has deter8 mined are financial in nature or incidental 

9 thereto for purposes of section 4(k) of the 

10 Bank Holding Company Act of 1956 (12 

11 U.S.C. 1843(k)) (other than a subsidiary 

12 that is an insured depository institution or 

13 an insurance company); 

14 ‘‘(C) any company that is not a Farm 

15 Credit System institution chartered under and 

16 subject to the provisions of the Farm Credit 

17 Act of 1971, as amended (12 U.S.C. 2001 et 

18 seq.), a governmental entity, or a regulated en19 tity, as defined under section 1303(20) of the 

20 Federal Housing Enterprises Financial Safety 

21 and Soundness Act of 1992 (12 U.S.C. 

22 4502(20)); and 

23 ‘‘(D) includes an insured depository insti24 tution and an insurance company;’’; 


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1 (C) in section 165(d)(6), by striking ‘‘, a 

2 receiver appointed under title II,’’; 

3 (D) in section 716(g), by striking ‘‘or a 

4 covered financial company under title II’’; 

5 (E) in section 1105(e)(5), by striking 

6 ‘‘amount of any securities issued under that 

7 chapter 31 for such purpose shall be treated in 

8 the same manner as securities issued under sec9 tion 208(n)(5)(E)’’ and inserting ‘‘issuances of 

10 such securities under that chapter 31 for such 

11 purpose shall by treated as public debt trans12 actions of the United States, and the proceeds 

13 from the sale of any obligations acquired by the 

14 Secretary under this paragraph shall be depos15 ited into the Treasury of the United States as 

16 miscellaneous receipts’’; and 

17 (F) in section 1106(c)(2), by amending 

18 subparagraph (A) to read as follows: 

19 ‘‘(A) require the company to file a petition 

20 for bankruptcy under section 301 of title 11, 

21 United States Code; or’’. 

22 (2) FEDERAL DEPOSIT INSURANCE ACT.—Sec23 tion 10(b)(3) of the Federal Deposit Insurance Act 

24 (12 U.S.C. 1820(b)(3)) is amended by striking ‘‘, or 

25 of such nonbank financial company supervised by 


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1 the Board of Governors or bank holding company 

2 described in section 165(a) of the Financial Stability 

3 Act of 2010, for the purpose of implementing its au4 thority to provide for orderly liquidation of any such 

5 company under title II of that Act’’. 

6 (3) FEDERAL RESERVE ACT.—Section 13(3) of 

7 the Federal Reserve Act is amended— 

8 (A) in subparagraph (B)— 

9 (i) in clause (ii), by striking ‘‘, resolu10 tion under title II of the Dodd-Frank Wall 

11 Street Reform and Consumer Protection 

12 Act, or’’ and inserting ‘‘or is subject to 

13 resolution under’’; and 

14 (ii) in clause (iii), by striking ‘‘, reso15 lution under title II of the Dodd-Frank 

16 Wall Street Reform and Consumer Protec17 tion Act, or’’ and inserting ‘‘or resolution 

18 under’’; and 

19 (B) by striking subparagraph (E). 

Æ 


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