(2) INCIDENTAL
TRANSFERS.—The Secretary 
of the Treasury, at such time or times as the Sec-
retary shall provide, may make such determinations 
as may be necessary with regard to the functions 
transferred by this section, and to make such addi-
tional incidental dispositions of personnel, assets, li-
abilities, grants, contracts, property, records, and 
unexpended balances of appropriations, authoriza-
tions, allocations, and other funds held, used, arising 
from, available to, or to be made available in connec-
tion with such functions, as may be necessary to 
carry out the provisions of this section. 
(j) SAVINGS PROVISIONS.— 
(1) 
AUTHORITY
REGARDING
OUTSTANDING 
COMMITMENTS.—Notwithstanding the repeals under 
subsection (b), the Secretary may insure any mort-
gage for which a commitment to insure was made 
before the effective date of such repeals under the 
provision of law repealed. Any such mortgage shall 
be subject to the terms of the provisions of law re-
pealed as in effect immediately before such repeal. 
(2) EFFECT ON OUTSTANDING MORTGAGE IN-
SURANCE.—Any mortgage insurance, funds, or ac-
tivities subject, before repeal, to a provision of law 
repealed by subsection (b) shall continue to be gov-
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erned by the provision as in effect immediately be-
fore repeal. 
(3) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS
NOT
AFFECTED.—Subsections (a) and (b) 
shall not affect the validity of any right, duty, or ob-
ligation of the United States, the Secretary of Hous-
ing and Urban Development, or any other person, 
which— 
(A) arises under any provision of law re-
pealed by subsection (b); and 
(B) existed immediately before the effective 
date of such repeals. 
(4) LEGAL
DOCUMENTS.—All orders, deter-
minations, rules, regulations, permits, grants, loans, 
contracts, agreements, certificates, licenses, and 
privileges— 
(A) that have been issued, made, granted, 
or allowed to become effective by the Secretary 
of Housing and Urban Development, any officer 
or employee of any office transferred by this 
section, or any other Government official, or by 
a court of competent jurisdiction, in the per-
formance of any function that is transferred by 
this section, and 
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(B) that are in effect upon the expiration 
of the period referred to in subsection (a) (or 
become effective after such date pursuant to 
their terms as in effect upon such expiration), 
shall continue in effect according to their terms 
until modified, terminated, superseded, set 
aside, or revoked in accordance with law by the 
President, any other authorized official, a court 
of competent jurisdiction, or operation of law. 
(5) PROCEEDINGS.—This section shall not af-
fect any proceedings or any application for any bene-
fits, service, license, permit, certificate, or financial 
assistance pending upon the expiration of the period 
referred to in subsection (a) before an office trans-
ferred by this section, but such proceedings and ap-
plications shall be continued. Orders shall be issued 
in such proceedings, appeals shall be taken there-
from, and payments shall be made pursuant to such 
orders, as if this section had not been enacted, and 
orders issued in any such proceeding shall continue 
in effect until modified, terminated, superseded, or 
revoked by a duly authorized official, by a court of 
competent jurisdiction, or by operation of law. Noth-
ing in this paragraph shall be considered to prohibit 
the discontinuance or modification of any such pro-
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ceeding under the same terms and conditions and to 
the same extent that such proceeding could have 
been discontinued or modified if this section had not 
been enacted. 
(6) NONABATEMENT OF ACTIONS.—No action 
or other proceeding commenced by or against the 
Secretary of Housing and Urban Development in 
connection with functions transferred to the Sec-
retary of the Treasury under subsection (c) shall 
abate by reason of the enactment of this section, ex-
cept that the Secretary of the Treasury shall be sub-
stituted for the Secretary of Housing and Urban De-
velopment as a party to any such action or pro-
ceeding. 
(7) SUITS.—This section shall not affect suits 
commenced before the expiration of the period re-
ferred to in subsection (a), and in all such suits, 
proceeding shall be had, appeals taken, and judg-
ments rendered in the same manner and with the 
same effect as if this section had not been enacted. 
If any Government officer in the official capacity of 
such officer is party to a suit with respect to a func-
tion of the officer, and under this section such func-
tion is transferred to any other officer or office, then 
such suit shall be continued with the other officer or 
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the head of such other office, as applicable, sub-
stituted or added as a party. 
(8) ADMINISTRATIVE
PROCEDURE
AND
JUDI-
CIAL REVIEW.—Except as otherwise provided by this 
section, any statutory requirements relating to no-
tice, hearings, action upon the record, or administra-
tive or judicial review that apply to any function 
transferred by this section shall apply to the exercise 
of such function by the head of the Federal agency, 
and other officers of the agency, to which such func-
tion is transferred by this section. 
(k) AVAILABILITY OF EXISTING FUNDS.—Existing 
appropriations and funds available for the performance of 
functions, programs, and activities terminated pursuant to 
this section shall remain available, for the duration of 
their period of availability, for necessary expenses in con-
nection with the termination and resolution of such func-
tions, programs, and activities. Upon the expiration of all 
contracts and agreements with respect to such functions, 
programs, and activities, any unexpended balances of the 
funds referred to in this subsection shall be deposited in 
the Treasury as miscellaneous receipts. 
(l) REFERENCES.—Any reference in any other Fed-
eral law, Executive order, rule, regulation, or delegation 
of authority, or any document of or pertaining to a depart-
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ment or office from which a function is transferred by this 
section— 
(1) to the head of such department or office is 
deemed to refer to the head of the department or of-
fice to which the function is transferred; or 
(2) to such department or office is deemed to 
refer to the department or office to which the func-
tion is transferred. 
(m) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) ASSOCIATION.—The term ‘‘Association’’ 
means the Government National Mortgage Associa-
tion. 
(2) FUNCTION.—The term ‘‘function’’ includes 
any duty, obligation, power, authority, responsibility, 
right, privilege, activity, or program. 
(3) OFFICE.—The term ‘‘office’’ includes any 
office, administration, agency, bureau, institute, 
council, unit, organizational entity, or component 
thereof. 
(4) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
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Subtitle D—Repealing Regulations 
That Promote Risky Lending 
SEC. 171. REPEAL OF THE COMMUNITY REINVESTMENT 
ACT OF 1977. 
The Community Reinvestment Act of 1977 (12 
U.S.C. 2901 et seq.) is hereby repealed. 
SEC. 172. REPEAL OF DODD-FRANK CREDIT RISK RETEN-
TION PROVISIONS. 
(a) CREDIT RISK RETENTION.—Section 15G of the 
Securities Exchange Act of 1934 (15 U.S.C. 78o–11) is 
hereby repealed. 
(b) STUDY.—Subsection (c) of section 941 of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act is hereby repealed. 
SEC. 173. REPEAL OF DODD-FRANK ABILITY TO REPAY AND 
QUALIFIED MORTGAGE PROVISIONS. 
Section 129C of the Truth in Lending Act (15 U.S.C. 
1639c) is amended— 
(1) by striking subsections (a) and (b); and 
(2) by redesignating subsections (c) through (i) 
as subsections (a) through (g), respectively. 
SEC. 174. REPEAL OF THE HOME MORTGAGE DISCLOSURE 
ACT OF 1975. 
The Home Mortgage Disclosure Act of 1975 (12 
U.S.C. 2801 et seq.) is hereby repealed. 
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SEC. 175. REPEAL OF FEDERAL HOME LOAN BANKS AF-
FORDABLE HOUSING PROGRAM AND HOUS-
ING GOALS. 
(a) AFFORDABLE HOUSING PROGRAM.—The Federal 
Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amend-
ed— 
(1) in section 10 (12 U.S.C. 1430), by striking 
subsections (g), (h), (i), (j), and (k); and 
(2) by repealing section 10b (12 U.S.C. 1430b). 
(b) HOUSING GOALS.—Section 10C of the Federal 
Home Loan Bank Act (12 U.S.C. 1430C) is hereby re-
pealed. 
SEC. 176. REPEAL OF FDIC AFFORDABLE HOUSING PRO-
GRAM. 
Section 40 of the Federal Deposit Insurance Act (12 
U.S.C. 1831q) is hereby repealed. 
Subtitle E—Stopping Subsidies for 
Certain Obstacles to Housing 
Construction 
SEC. 181. REPEAL OF TRANSPORTATION PLANNING PROVI-
SIONS; RESCISSION. 
(a) REPEALS.— 
(1) FEDERAL-AID
HIGHWAYS.—Sections 134 
and 135 of title 23, United States Code, and the 
items relating to such sections in the analysis for 
chapter 1 of that title, are repealed. 
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(2) 
RESEARCH, 
TECHNOLOGY, 
AND
EDU-
CATION.—Section 505 of title 23, United States 
Code, and the item relating to that section in the 
analysis for chapter 5 of that title, are repealed. 
(3) PUBLIC TRANSPORTATION.—Sections 5303, 
5304, and 5305 of title 49, United States Code, and 
the items relating to such sections in the analysis for 
chapter 53 of that title, are repealed. 
(b) RESCISSIONS.—Effective on the date of the enact-
ment of this Act, the unobligated balances available on 
such date of enactment of funds made available to carry 
out each of the sections repealed by this section are hereby 
rescinded. 
SEC. 182. TERMINATION OF HUD SUSTAINABLE COMMU-
NITIES INITIATIVES; RESCISSION. 
(a) TERMINATION.—The following programs, activi-
ties, and initiatives of the Department of Housing and 
Urban Development are hereby terminated: 
(1) SUSTAINABLE COMMUNITIES INITIATIVE.— 
The Sustainable Communities Initiative originally 
established under the heading ‘‘Community Planning 
and Development—Community Development Fund’’ 
of title II of division A of the Consolidated Appro-
priations Act, 2010 (Public Law 111–117; 123 Stat. 
3084). 
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(2) SUSTAINABLE
COMMUNITIES
REGIONAL 
PLANNING GRANTS.—The Regional Integrated Plan-
ning Grants program originally established under 
such heading. 
(3) 
COMMUNITY
CHALLENGE
PLANNING 
GRANTS.—The 
Community 
Challenge 
Planning 
Grants program originally established under such 
heading. 
(4) CAPACITY
BUILDING
FOR
SUSTAINABLE 
COMMUNITIES.—The program for capacity building 
for sustainable communities originally established 
under such heading. 
(b) RESCISSIONS.—Effective on the date of the enact-
ment of this Act, the unobligated balances available on 
such date of enactment of funds made available to carry 
out each of the programs and initiatives terminated by 
subsection (a) are hereby rescinded. 
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TITLE II—ENDING BANK BAIL-
OUTS AND RESTORING MAR-
KET DISCIPLINE 
Subtitle 
A—Reducing 
Risks 
to 
Bank 
Depositors 
and 
Other 
Creditors 
SEC. 201. CAPITAL REQUIREMENTS. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law, the appropriate Federal regulators shall set 
capital standards for financial companies as provided in 
this section. 
(b) MINIMUM CAPITAL REQUIREMENT.—Each finan-
cial company shall be required to maintain sufficient cap-
ital to remain adequately capitalized, as defined under 
subsection (c)(2). 
(c) CAPITAL CATEGORIES.— 
(1) WELL CAPITALIZED.—A financial company 
is ‘‘well capitalized’’ if the company maintains a cap-
ital level of 12 percent or more. 
(2) ADEQUATELY
CAPITALIZED.—A financial 
company is ‘‘adequately capitalized’’ if the company 
maintains a capital level of 10 percent or more. 
(3) UNDERCAPITALIZED.—A financial company 
is ‘‘undercapitalized’’ if the company maintains a 
capital level of less than 10 percent. 
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(4) SIGNIFICANTLY UNDERCAPITALIZED.—A fi-
nancial company is ‘‘significantly undercapitalized’’ 
if the company maintains a capital level of less than 
6 percent. 
(5) CRITICALLY UNDERCAPITALIZED.—A finan-
cial company is ‘‘critically undercapitalized’’ if the 
company maintains a capital level of 2 percent or 
less. 
(d) CAPITAL CALCULATION.—In computing a finan-
cial company’s capital for purposes of this section— 
(1) the value of capital shall be calculated based 
on the current market value of the capital, and not 
by reference to the book value of such capital; 
(2) the percentage of capital maintained by a 
company shall be based on the total consolidated as-
sets of the company; and 
(3) there shall be no risk-weighting of assets. 
(e) PHASE-IN PERIOD.—Notwithstanding subsection 
(c), during the 6-year period beginning on the date of the 
enactment of this Act, the percentages contained in para-
graphs (1) through (5) of subsection (c) shall be treated 
as follows: 
(1) During the 1-year period following the date 
of the enactment of this Act, 6 percent, 4 percent, 
4 percent, 3 percent, and 2 percent, respectively. 
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(2) During the 1-year period following the pe-
riod described under paragraph (1), 7 percent, 5 
percent, 5 percent, 3.5 percent, and 2 percent, re-
spectively. 
(3) During the 1-year period following the pe-
riod described under paragraph (2), 8 percent, 6 
percent, 6 percent, 4 percent, and 2 percent, respec-
tively. 
(4) During the 1-year period following the pe-
riod described under paragraph (3), 9 percent, 7 
percent, 7 percent, 4.5 percent, and 2 percent, re-
spectively. 
(5) During the 1-year period following the pe-
riod described under paragraph (4), 10 percent, 8 
percent, 8 percent, 5 percent, and 2 percent, respec-
tively. 
(6) During the 1-year period following the pe-
riod described under paragraph (5), 11 percent, 9 
percent, 9 percent, 5.5 percent, and 2 percent, re-
spectively. 
(f) DEFINITIONS.—For purposes of this section: 
(1) APPROPRIATE FEDERAL REGULATOR.—The 
term ‘‘appropriate Federal regulator’’— 
(A) has the meaning given the term ‘‘ap-
propriate Federal banking agency’’ under sec-
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tion 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813); 
(B) means the Board of Governors of the 
Federal Reserve System, in the case of a 
nonbank financial company supervised by the 
Board of Governors; and 
(C) means the National Credit Union Ad-
ministration Board, in the case of a credit 
union. 
(2) CAPITAL.—The term ‘‘capital’’ means com-
mon equity tier 1 capital and additional tier 1 cap-
ital, as such terms are defined in the notice of final 
rulemaking published in the Federal Register on Oc-
tober 11, 2013 (78 Fed. Reg. 62173–74). 
(3) CREDIT UNION.—The term ‘‘credit union’’ 
includes a Federal credit union and a State credit 
union, as such terms are defined under section 101 
of the Federal Credit Union Act (12 U.S.C. 1752). 
(4) DEPOSITORY INSTITUTION.—The term ‘‘de-
pository institution’’ has the meaning given such 
term under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813). 
(5) DEPOSITORY INSTITUTION HOLDING COM-
PANY.—The term ‘‘depository institution holding 
company’’ has the meaning given such term under 
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section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813). 
(6) FINANCIAL COMPANY.—The term ‘‘financial 
company’’ means— 
(A) a credit union; 
(B) a depository institution; 
(C) a depository institution holding com-
pany; and 
(D) a nonbank financial company super-
vised by the Board of Governors. 
(7) NONBANK
FINANCIAL
COMPANY
SUPER-
VISED BY THE BOARD OF GOVERNORS.—The term 
‘‘nonbank financial company supervised by the 
Board of Governors’’ has the meaning given such 
term under section 102 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 
U.S.C. 5311). 
SEC. 202. FDIC INSURANCE. 
(a) 
REDUCTION
IN
MAXIMUM
INSURANCE 
AMOUNT.—Section 11(a)(1) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1821(a)(1)) is amended— 
(1) by amending subparagraph (E) to read as 
follows: 
‘‘(E) STANDARD
MAXIMUM
DEPOSIT
IN-
SURANCE AMOUNT DEFINED.—For purposes of 
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this Act, the term ‘standard maximum deposit 
insurance amount’ means $150,000, adjusted 
as provided under subparagraph (F).’’; and 
(2) in subparagraph (F), by striking ‘‘April 1 
of 2010,’’ and inserting ‘‘April 1, 2015,’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the day that is the end 
of the 1-year period beginning on the date of the enact-
ment of this Act. 
Subtitle B—Repeal of Bailout 
Authorities 
SEC. 211. REPEAL OF FDIC POWERS UNDER THE SYSTEMIC 
RISK DETERMINATION. 
The Federal Deposit Insurance Act (12 U.S.C. 1811 
et seq.) is amended— 
(1) 
in 
section 
11(a)(4)(C) 
(12 
U.S.C. 
1821(a)(4)(C)), by striking ‘‘other than section 
13(c)(4)(G)’’; and 
(2) 
in 
section 
13(c)(4) 
(12 
U.S.C. 
1823(c)(4))— 
(A) by striking subparagraph (G); and 
(B) by redesignating subparagraph (H) as 
subparagraph (G). 
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SEC. 212. REPEAL OF UNUSUAL AND EXIGENT AUTHORITY 
OF THE FEDERAL RESERVE. 
Section 13(3) of the Federal Reserve Act (12 U.S.C. 
343(3)) is repealed. 
SEC. 213. EXCHANGE STABILIZATION FUND. 
(a) IN GENERAL.—Section 5302 of title 31, United 
States Code, is amended by striking ‘‘stabilization fund’’ 
each place such term appears and inserting ‘‘Special 
Drawing Rights Fund’’. 
(b) CONFORMING AMENDMENTS.— 
(1) BALANCED BUDGET AND EMERGENCY DEF-
ICIT CONTROL ACT OF 1985.—Section 255(g)(1)(A) 
of the Balanced Budget and Emergency Deficit Con-
trol Act of 1985 (2 U.S.C. 905(g)(1)(A)) is amended 
by striking ‘‘Exchange Stabilization Fund’’ and in-
serting ‘‘Special Drawing Rights Fund’’. 
(2) EMERGENCY ECONOMIC STABILIZATION ACT 
OF
2008.—The Emergency Economic Stabilization 
Act of 2008 (12 U.S.C. 5211 et seq.) is amended— 
(A) in section 131 (12 U.S.C. 5236), by 
striking ‘‘Exchange Stabilization Fund’’ each 
place such term appears in headings and text 
and inserting ‘‘Special Drawing Rights Fund’’; 
and 
(B) in the item relating to section 131 in 
the table of contents of such Act, by striking 
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‘‘Exchange Stabilization Fund’’ and inserting 
‘‘Special Drawing Rights Fund’’. 
(3) INTERNATIONAL FINANCIAL INSTITUTIONS 
ACT.—Section 1704 of the International Financial 
Institutions Act (22 U.S.C. 262r–3) is amended by 
striking ‘‘stabilization fund’’ each place such term 
appears and inserting ‘‘Special Drawing Rights 
Fund’’. 
(4) SPECIAL DRAWING RIGHTS ACT.—The Spe-
cial Drawing Rights Act (22 U.S.C. 286n et seq.) is 
amended by striking ‘‘Exchange Stabilization Fund’’ 
each place such term appears and inserting ‘‘Special 
Drawing Rights Fund’’. 
(c) REFERENCES.—Any reference in a law, regula-
tion, document, paper, or other record of the United 
States to the ‘‘Exchange Stabilization Fund’’ shall be 
deemed a reference to the ‘‘Special Drawing Rights 
Fund’’. 
(d) FUNDS USED TO REDUCE THE DEBT.—The Sec-
retary of the Treasury shall liquidate all property in the 
Special Drawing Rights Fund (as so renamed under sub-
section (a)), other than Special Drawing Rights, and use 
all such amounts to reduce the public debt. 
(e) LIMITATION ON FUND.—Section 5302 of title 31, 
United States Code, is amended— 
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(1) in subsection (a)(1)— 
(A) by striking ‘‘is available to carry out’’ 
and inserting ‘‘is only available to carry out’’; 
and 
(B) by striking ‘‘, and for investing in obli-
gations of the United States Government those 
amounts in the fund the Secretary of the Treas-
ury, with the approval of the President, decides 
are not required at the time to carry out this 
section. Proceeds of sales and investments, 
earnings, and interest shall be paid into the 
fund and are available to carry out this section. 
However, the fund is not available to pay ad-
ministrative expenses’’; and 
(2) by striking subsection (b) and inserting the 
following: 
‘‘(b) FUND ONLY TO HOLD SPECIAL DRAWING 
RIGHTS.—Notwithstanding any other provision of law, 
only Special Drawing Rights may be deposited into the 
Special Drawing Rights Fund.’’. 
(f) CONFORMING AMENDMENTS.— 
(1) BRETTON WOODS AGREEMENTS ACT.—Sec-
tion 18 of the Bretton Woods Agreements Act (22 
U.S.C. 286e–3) is hereby repealed. 
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(2) SUPPORT FOR EAST EUROPEAN DEMOCRACY 
(SEED) ACT OF 1989.—The Support for East Euro-
pean Democracy (SEED) Act of 1989 (22 U.S.C. 
5401 et seq.) is amended— 
(A) in section 101(b)(1) (22 U.S.C. 
5411(b)(1)), by striking ‘‘such as—’’ and all 
that follows through the end of the paragraph 
and inserting ‘‘such as the authority provided in 
section 102(c) of this Act.’’; and 
(B) in section 102(a) (22 U.S.C. 5412(a)), 
by striking ‘‘section 101(b)—’’ and all that fol-
lows through the end of the subsection and in-
serting ‘‘section 101(b), should work closely 
with the European Community and inter-
national financial institutions to determine the 
extent of emergency assistance required by Po-
land for the fourth quarter of 1989.’’. 
(g) TREATMENT OF CERTAIN FUNDS.—Funds that 
would otherwise have been deposited into the Special 
Drawing Rights Fund (as so renamed under subsection 
(a)), but for the amendments made by this section, shall 
instead be paid to the Secretary of the Treasury, and the 
Secretary of the Treasury shall use such funds to reduce 
the public debt. 
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(h) WIND-DOWN PERIOD
FOR CERTAIN TRANS-
ACTIONS.—Notwithstanding any other provision of this 
section, during the 3-year period beginning on the date 
of the enactment of this Act, property other than Special 
Drawing Rights may be deposited, and maintained, in the 
Special Drawing Rights Fund as needed to fulfill any out-
standing obligations on the Fund. 
Subtitle C—Bankruptcy, Not Bail-
outs, for Complex Financial In-
stitutions 
SEC. 221. REFORMING THE BANKRUPTCY CODE TO ACCOM-
MODATE FAILING FINANCIAL INSTITUTIONS. 
(a) FINDINGS.—The Congress finds the following: 
(1) Bailouts undermine market discipline and 
the rule of law, resulting in doubt about property 
rights and insulating recipients from the con-
sequences of their mistakes. 
(2) A number of complex financial institutions 
are widely considered to be ‘‘too big to fail’’. 
(3) An aggravating factor in the 2008 financial 
crisis was uncertainty about the security and priority 
of claims stemming from cross-border resolution of 
complex financial institutions. 
(4) The Federal Deposit Insurance Corporation 
(FDIC) has historically resolved most failing U.S. 
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depository institutions and has the necessary exper-
tise and discretionary authority to conduct such res-
olutions quickly. 
(5) The FDIC’s authority did not extend to all 
components of very large, complex financial institu-
tions, such as insurance, stockbroker, and com-
modity broker operations. 
(6) The U.S. Constitution authorizes Congress 
to establish ‘‘uniform laws on the subject of Bank-
ruptcies through the United States’’. 
(7) Bankruptcy provides predictable priority for 
claims under the rule of law through the jurisdiction 
of an Article III court. 
(8) The lengthy adjudication of claims to en-
sure equality under the law of similarly situated 
creditors under bankruptcy can be problematic in 
the case of financial institutions but can be amended 
to preserve and protect value. 
(9) The Dodd-Frank Wall Street Reform and 
Consumer Protection Act did not establish a non- 
discretionary, rule-of-law-based resolution process to 
provide certainty for creditors of failing institutions. 
(10) A credible resolution process could elimi-
nate the use of bailouts and other political interven-
tions. 
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(11) Additional reforms are necessary to bring 
certainty and predictability to the failure of large, 
complex, multinational financial institutions. 
(b) SENSE OF CONGRESS.—It is the sense of Con-
gress that the Committees on the Judiciary and Financial 
Services of the House of Representatives and the Commit-
tees on the Judiciary and Banking, Housing, and Urban 
Affairs of the Senate should each report legislation pro-
posing changes to existing law within each committee’s ju-
risdiction with provisions to accommodate bankruptcy pro-
ceedings for failing multinational financial institutions. 
Such committees should consider reforms that— 
(1) establish a new chapter of the bankruptcy 
code specifically for financial institutions, to be used 
in conjunction with the existing chapter 7 liquidation 
or chapter 11 reorganization process; 
(2) replace or supplement existing resolution 
authorities for certain kinds of institutions; 
(3) clarify that such resolution proceedings 
occur at the holding company level; 
(4) designate particular judges in the Second 
and D.C. Circuits who will hear these cases and who 
may appoint special masters with technical expertise 
to aid in the resolution; 
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