IB 

Union Calendar No. 444 

114TH CONGRESS 

2D SESSION H. R. 4894 

[Report No. 114–574, Part I] 

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 

MAY 19, 2016 

Additional sponsor: Mr. ALLEN

MAY 19, 2016 

Reported from the Committee on Financial Services 

MAY 19, 2016 

The Committees on Agriculture, the Judiciary, and Ways and Means discharged; committed to the Committee of the Whole House on the State 

of the Union and ordered to be printed 


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•HR 4894 RH

A BILL 

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

and Consumer Protection Act. 


sradovich on DSK3TPTVN1PROD with BILLS
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•HR 4894 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. 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. 

10 (b) CONFORMING AMENDMENTS.— 

11 (1) DODD-FRANK WALL STREET REFORM AND

12 CONSUMER PROTECTION ACT.—The Dodd-Frank 

13 Wall Street Reform and Consumer Protection Act is 

14 amended— 

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

16 by striking all items relating to title II; 

17 (B) in section 151, by amending paragraph 

18 (2) to read as follows: 

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

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

21 organized under any provision of Federal law or 

22 the laws of any State; 

23 ‘‘(B) any company that is— 

24 ‘‘(i) a bank holding company, as de25 fined in section 2(a) of the Bank Holding 


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•HR 4894 RH

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

2 1841(a)); 

3 ‘‘(ii) a nonbank financial company su4 pervised by the Board of Governors; 

5 ‘‘(iii) any company that is predomi6 nantly engaged in activities that the Board 

7 of Governors has determined are financial 

8 in nature or incidental thereto for purposes 

9 of section 4(k) of the Bank Holding Com10 pany Act of 1956 (12 U.S.C. 1843(k)) 

11 other than a company described in clause 

12 (i) or (ii); or 

13 ‘‘(iv) any subsidiary of any company 

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

15 that is predominantly engaged in activities 

16 that the Board of Governors has deter17 mined are financial in nature or incidental 

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

19 Bank Holding Company Act of 1956 (12 

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

21 that is an insured depository institution or 

22 an insurance company); 

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

24 Credit System institution chartered under and 

25 subject to the provisions of the Farm Credit 


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•HR 4894 RH

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

2 seq.), a governmental entity, or a regulated en3 tity, as defined under section 1303(20) of the 

4 Federal Housing Enterprises Financial Safety 

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

6 4502(20)); and 

7 ‘‘(D) includes an insured depository insti8 tution and an insurance company;’’; 

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

10 receiver appointed under title II,’’; 

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

12 covered financial company under title II’’; 

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

14 ‘‘amount of any securities issued under that 

15 chapter 31 for such purpose shall be treated in 

16 the same manner as securities issued under sec17 tion 208(n)(5)(E)’’ and inserting ‘‘issuances of 

18 such securities under that chapter 31 for such 

19 purpose shall by treated as public debt trans20 actions of the United States, and the proceeds 

21 from the sale of any obligations acquired by the 

22 Secretary under this paragraph shall be depos23 ited into the Treasury of the United States as 

24 miscellaneous receipts’’; and 


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•HR 4894 RH

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

2 subparagraph (A) to read as follows: 

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

4 for bankruptcy under section 301 of title 11, 

5 United States Code; or’’. 

6 (2) FEDERAL DEPOSIT INSURANCE ACT.—Sec7 tion 10(b)(3) of the Federal Deposit Insurance Act 

8 (12 U.S.C. 1820(b)(3)) is amended by striking ‘‘, or 

9 of such nonbank financial company supervised by 

10 the Board of Governors or bank holding company 

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

12 Act of 2010, for the purpose of implementing its au13 thority to provide for orderly liquidation of any such 

14 company under title II of that Act’’. 

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

16 the Federal Reserve Act is amended— 

17 (A) in subparagraph (B)— 

18 (i) in clause (ii), by striking ‘‘, resolu19 tion under title II of the Dodd-Frank Wall 

20 Street Reform and Consumer Protection 

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

22 resolution under’’; and 

23 (ii) in clause (iii), by striking ‘‘, reso24 lution under title II of the Dodd-Frank 

25 Wall Street Reform and Consumer ProtecVerDate Sep 11 2014 21:15 May 19, 2016 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H4894.RH H4894

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•HR 4894 RH

1 tion Act, or’’ and inserting ‘‘or resolution 

2 under’’; and 

3 (B) by striking subparagraph (E). 


sradovich on DSK3TPTVN1PROD with BILLS
Union Calendar No. 444 

114TH CONGRESS 

2D SESSION H. R. 4894 

[Report No. 114–574, Part I] 

A BILL 

To repeal title II of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act. 

MAY 19, 2016 

Reported from the Committee on Financial Services 

MAY 19, 2016 

The Committees on Agriculture, the Judiciary, and Ways 

dered to be printed the Whole House on the State of the Union and orand Means discharged; committed to the Committee of 


sradovich on DSK3TPTVN1PROD with BILLS