(b) DEFINITIONS.—For purposes of this Act, the fol-
lowing definitions shall apply: 
(1) CHAIRPERSON.—The term ‘‘Chairperson’’ 
means the Chairman of the Board of Governors of 
the Federal Reserve System. 
(2) FINANCIAL COMPANY.—The term ‘‘financial 
company’’ means a company or other entity— 
(A) that is— 
(i) incorporated or organized under 
the laws of the United States or any State, 
territory, or possession of the United 
States, the District of Columbia, Common-
wealth of Puerto Rico, Commonwealth of 
Northern Mariana Islands, Guam, Amer-
ican Samoa, or the United States Virgin 
Islands; or 
(ii) a company incorporated in or or-
ganized in a country other than the United 
States that has significant operations in 
the United States through— 
(I) a Federal or State branch or 
agency of a foreign bank (as such 
terms are defined in the International 
Banking Act of 1978 (12 U.S.C. 3101 
et seq.)); or 
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(II) a United States affiliate or 
other United States operating entity 
of a company that is incorporated or 
organized in a country other than the 
United States; and 
(B) that is, in whole or in part, directly or 
indirectly, engaged in financial activities. 
SEC. 2. FEDERAL AGENCY ACTIONS AND CONSULTATIONS; 
REPORT. 
(a) REVIEW OF PROGRAMS TO PROMOTE THE PUB-
LIC INTEREST.— 
(1) FEDERAL RESERVE BOARD REVIEW.—The 
Chairperson shall— 
(A) review all programs administered by 
the Board of Governors of the Federal Reserve 
System; and 
(B) utilize such programs in furtherance of 
the purposes of this Act. 
(2) OTHER AGENCY ACTION.—Each Federal de-
partment, agency, and independent establishment in 
the Executive branch shall, in consultation with, and 
with the assistance of, the Chairperson, utilize any 
authority of such department, agency, or establish-
ment, under any provision of law, in furtherance of 
the purposes of this Act by carrying out programs 
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to promote transparency, simplicity, fairness, ac-
countability, and equal access in the market for con-
sumer financial products or services. 
(b) ENSURE NO FINANCIAL COMPANY BECOMES TOO 
BIG TO FAIL.—The head of each Federal department, 
agency, and independent establishment in the Executive 
branch shall, in consultation with, and with the assistance 
of, the Chairperson, take such steps as may be necessary 
to ensure that no financial company is able to pose a sys-
temic risk to the health of the United States economy by 
becoming too large to fail. 
(c) DEFINITIONS AND RULEMAKING.— 
(1) IN
GENERAL.—The Chairperson shall, in 
accordance with section 553 of title 5, United States 
Code, and in consultation with all departments, 
agencies, and independent establishments in the Ex-
ecutive branch, prescribe regulations which, at a 
minimum, shall— 
(A) define the terms ‘‘systemic risk’’ and 
‘‘too large to fail’’, consistent with the best fi-
nancial and commercial data available; 
(B) enumerate procedures that specify 
when and how the Chairperson and the head of 
any other Federal department, agency, or inde-
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pendent establishment in the Executive branch 
shall— 
(i) cause financial companies that, in 
accordance with such regulations, are de-
termined to be too large to fail to restruc-
ture themselves in size and scope of oper-
ations so as not to pose a systemic risk to 
the health of the United States economy; 
and 
(ii) impose increased capital reserve 
requirements upon any financial company 
which has been ordered to restructure 
under clause (i), the appropriate levels of 
which shall be determined by regulations 
prescribed under this section; 
(C) define the criteria to be used by the 
Chairperson and the head of any other Federal 
department, agency, or independent establish-
ment in the Executive branch in causing the re-
structuring of financial companies under sub-
paragraph (B)(i); and 
(D) establish a fund comprised of annual 
levies on financial companies at levels deemed 
appropriate by the Chairperson and the head of 
each Federal department, agency, or inde-
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pendent establishment in the Executive branch 
for the purpose of financing restructurings pur-
suant to subparagraph (B)(i). 
(2) REGULATIONS.—The Chairperson shall 
commence the process for prescribing the regulations 
required under this subsection before the end of the 
30-day period beginning on the date of the enact-
ment of this Act. 
(d) REPORT TO THE CONGRESS.—The Chairperson 
and the head of each Federal department, agency, and 
independent establishment in the Executive branch shall 
submit an annual report to the Congress not later than 
January 1st of each year detailing the activities of the 
Board of Governors of the Federal Reserve System or such 
department, agency, or establishment in carrying out the 
requirements of this section. 
Æ 
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