Financial Institution Living Will Improvement Act of 2017

Bill: 115-hr-4292
Sponsor: Rep. Zeldin, Lee M. [R-NY-1]
Introduced: 2017-11-07 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Financial crises and stabilization
Government information and archives

Summary:
action_date: 2017-11-07
text: 

Financial Institution Living Will Improvement Act of 2017

 
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to limit the frequency with which certain nonbank financial companies and bank holding companies shall be required to submit a "living will" (i.e., the company's plan for rapid and orderly resolution in the event of financial distress or failure) to the Federal Reserve Board (FRB), the Financial Stability Oversight Council, and the Federal Deposit Insurance Corporation (FDIC). Specifically, such companies shall be required to do so no more than once every two years. 
 
 The FRB and the FDIC must provide feedback to a company regarding such a plan within six months.

action_date: 2017-12-14
text: 

Financial Institution Living Will Improvement Act of 2017

 
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish the frequency with which certain nonbank financial companies and bank holding companies shall be required to submit a "living will" (i.e., the company's plan for rapid and orderly resolution in the event of financial distress or failure) to the Federal Reserve Board (FRB), the Financial Stability Oversight Council, and the Federal Deposit Insurance Corporation (FDIC). Specifically, such companies shall be required to do so once every two years. (Current regulations generally require annual submission of plans.)
 
 The FRB and the FDIC must provide feedback to a company regarding such a plan within six months.

action_date: 2018-01-30
text: 

Financial Institution Living Will Improvement Act of 2017

 
(Sec. 2) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish the frequency with which certain nonbank financial companies and bank holding companies shall be required to submit a "living will" (i.e., the company's plan for rapid and orderly resolution in the event of financial distress or failure) to the Federal Reserve Board (FRB), the Financial Stability Oversight Council, and the Federal Deposit Insurance Corporation (FDIC). Specifically, such companies shall be required to do so once every two years. (Current regulations generally require annual submission of plans.)
 
 The FRB and the FDIC must provide feedback to a company regarding such a plan within six months.


Legislative actions:
action_date: 2018-02-05
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2018-01-30
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-01-30
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 0 (Roll no. 50).
action_date: 2018-01-30
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 414 - 0 (Roll no. 50).
action_date: 2018-01-30
text: Considered as unfinished business. (consideration: CR H725)
action_date: 2018-01-29
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2018-01-29
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4292.
action_date: 2018-01-29
text: Considered under suspension of the rules. (consideration: CR H650-652; text: CR H650-651)
action_date: 2018-01-29
text: Mr. Tipton moved to suspend the rules and pass the bill, as amended.
action_date: 2017-12-14
text: Placed on the Union Calendar, Calendar No. 345.
action_date: 2017-12-14
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-465.
action_date: 2017-12-14
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 115-465.
action_date: 2017-11-15
text: Ordered to be Reported (Amended) by the Yeas and Nays: 60 - 0.
action_date: 2017-11-15
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-11-07
text: Referred to the House Committee on Financial Services.
action_date: 2017-11-07
text: Introduced in House
action_date: 2017-11-07
text: Introduced in House