I 
116TH CONGRESS 
2D SESSION 
H. R. 6501 
To strengthen the Financial Stability Oversight Council, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 14, 2020 
Mr. GARCI´A of Illinois (for himself, Ms. PORTER, Mr. GRIJALVA, Ms. SCHA-
KOWSKY, Mr. MCGOVERN, Ms. NORTON, and Mr. DANNY K. DAVIS of 
Illinois) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
A BILL 
To strengthen the Financial Stability Oversight Council, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Systemic Risk Mitiga-
tion Act of 2020’’. 
SEC. 2. MEMBER AGENCY FINANCIAL STABILITY MANDATE. 
(a) IN GENERAL.—Subtitle A of the Financial Sta-
bility Act of 2010 (12 U.S.C. 5321 et seq.) is amended 
by adding at the end the following: 
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‘‘SEC. 124. MEMBER AGENCY FINANCIAL STABILITY MAN-
DATE. 
‘‘Each member agency shall have, as part of the 
agency’s mission, a mandate to ensure the financial sta-
bility of the United States.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Dodd-Frank Wall Street Reform and Consumer 
Protection Act is amended by inserting after the item re-
lating to section 123 the following: 
‘‘Sec. 124. Member agency financial stability mandate.’’. 
SEC. 3. AUTOMATIC DESIGNATION OF CERTAIN LARGE 
NONBANK FINANCIAL COMPANIES. 
(a) IN GENERAL.—The Financial Stability Act of 
2010 (12 U.S.C. 5311 et seq.) is amended by inserting 
after section 113 the following: 
‘‘SEC. 113A. AUTOMATIC DESIGNATION OF CERTAIN LARGE 
NONBANK FINANCIAL COMPANIES. 
‘‘(a) NOTICE OF AUTOMATIC DESIGNATION.—If a 
nonbank financial company meets the criteria described in 
subsection (b), the Council shall notify such nonbank fi-
nancial company that if, on the date that is 9 months after 
the date on which the notice is sent, such nonbank finan-
cial company meets the criteria described in subsection 
(b), such nonbank financial company shall be deemed to 
be designated as systemically important. 
‘‘(b) CRITERIA.— 
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‘‘(1) IN GENERAL.—A nonbank financial com-
pany meets the criteria described in this subsection 
if such nonbank financial company satisfies— 
‘‘(A) the asset criteria in paragraph (2) 
and the other criteria in paragraph (3); or 
‘‘(B) the criteria for an investment adviser 
that is registered with the Commission under 
the Investment Advisers Act of 1940 in para-
graph (4). 
‘‘(2) ASSET
CRITERIA.—A nonbank financial 
company satisfies the asset criteria in this para-
graph if such nonbank financial company has— 
‘‘(A) in the case of a company that would 
be an investment company (as defined in the 
Investment Company Act of 1940) but for sec-
tion 
3(c)(1) 
or 
3(c)(7) 
of 
that 
Act, 
$400,000,000,000 or more in gross notional ex-
posure (as defined in Form PF) individually or 
in combination with any feeder funds, parallel 
funds, or dependent parallel managed accounts 
of the company; or 
‘‘(B) in the case of any nonbank financial 
company not described under subparagraph (A) 
or paragraph (4), $50,000,000,000 or more in 
consolidated assets. 
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