II 113th CONGRESS 1st Session S. 100 IN THE SENATE OF THE UNITED STATES January 23 (legislative day, January 3), 2013 Mr. Vitter introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Financial Stability Act of 2010 to repeal certain designation authority of the Financial Stability Oversight Council, to repeal the Payment, Clearing, and Settlement Supervision Act of 2010, and for other purposes.

1. Short title This Act may be cited as the Terminating the Expansion of Too-Big-To-Fail Act of 2013 . 2. Repeal of designation authority under the Financial Stability Act of 2010 (a) In general The Dodd Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) is amended— (1) in section 102 (12 U.S.C. 5311)— (A) in subsection (a)— (i) by striking paragraph (4); and (ii) by amending paragraph (7) to read as follows: (7) Significant bank holding company The term significant bank holding company has the meanings given to it by rule of the Board of Governors. ; and (B) by striking subsection (c); (2) in section 112 (12 U.S.C. 5322)— (A) in subsection (a)— (i) in paragraph (1)(A), by striking or nonbank financial companies ; and (ii) in paragraph (2)— (I) in subparagraph (A), by striking and nonbank financial companies ; (II) by striking subparagraphs (H) and (J); (III) by redesignating subparagraphs (I), (K), (L), (M), and (N) as subparagraphs (H), (I), (J), (K), and (L), respectively; (IV) in subparagraph (H), as so redesignated, by striking nonbank financial companies and ; (V) in subparagraph (I), as so redesignated, by striking , nonbank financial companies, ; and (VI) in subparagraph (L), as so redesignated— (aa) by striking clause (iv); and (bb) by redesignating clauses (v) and (vi) as clauses (iv) and (v), respectively; and (B) in subsection (d)— (i) in paragraph (3)— (I) in subparagraph (A), by striking nonbank financial company or each place such term appears; (II) in subparagraph (B), by striking nonbank financial company or ; and (III) in subparagraph (C), by striking foreign nonbank financial company or ; and (ii) by striking paragraph (4); (3) by striking sections 113 ( 12 U.S.C. 5323 ), 114 ( 12 U.S.C. 5324 ), 161 ( 12 U.S.C. 5361 ), 162 ( 12 U.S.C. 5362 ), 164 ( 12 U.S.C. 5364 ), 167 ( 12 U.S.C. 5367 ), 170 (12 U.S.C. 5370), 216 (124 Stat. 1519), and 217 (124 Stat. 1519); (4) in section 115 (12 U.S.C. 5325)— (A) in the heading for such section, by striking nonbank financial companies supervised by the Board of Governors and ; (B) in subsection (a)(1)— (i) by striking nonbank financial companies supervised by the Board of Governors and ; and (ii) in subparagraph (A), by striking nonbank financial companies and ; (C) in subsection (b)— (i) in paragraph (2)— (I) in the heading for such paragraph, by striking financial companies and inserting bank holding companies ; (II) by striking foreign nonbank financial companies supervised by the Board of Governors or ; and (III) in subparagraph (B), by striking foreign nonbank financial company or ; and (ii) in paragraph (3)— (I) in subparagraph (A)— (aa) by striking nonbank financial companies supervised by the Board of Governors and ; and (bb) in clause (i), by inserting before the semicolon the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2013 ) ; and (II) in subparagraph (B), by inserting after section 113 the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; (D) in subsection (c)— (i) in paragraph (1), by striking nonbank financial companies supervised by the Board of Governors and ; and (ii) in paragraph (3)— (I) in subparagraph (A), by striking any nonbank financial company supervised by the Board of Governors and ; and (II) in subparagraph (B)(iii), by striking a nonbank financial company supervised by the Board of Governors or ; (E) in subsection (d)— (i) in paragraph (1), by striking each nonbank financial company supervised by the Board of Governors and ; and (ii) in paragraph (2)— (I) by striking nonbank financial company supervised by the Board of Governors and ; and (II) by striking significant nonbank financial companies and each place such term appears; (F) in subsection (e), by striking nonbank financial companies supervised by the Board of Governors or ; (G) in subsection (f), by striking and by nonbank financial companies supervised by the Board of Governors ; and (H) in subsection (g), by striking , nonbank financial companies supervised by the Board of Governors, ; (5) in section 116 (12 U.S.C. 5326)— (A) in subsection (a), by striking or a nonbank financial company supervised by the Board of Governors ; and (B) in subsection (b)— (i) in paragraph (1)(A), by striking , nonbank financial company supervised by the Board of Governors, ; and (ii) in paragraph (2), by striking and nonbank financial company supervised by the Board of Governors ; (6) in section 117 (12 U.S.C. 5327)— (A) in subsection (b), by striking such entity shall be treated as a nonbank financial company supervised by the Board of Governors, as if the Council had made a determination under section 113 with respect to that entity and inserting for purposes of this title, such entity shall be treated as a bank holding company with total consolidated assets of $50,000,000,000 ; and (B) in subsection (c)— (i) in paragraph (1), by striking a nonbank financial company supervised by the Board of Governors and inserting a bank holding company with total consolidated assets of $50,000,000,000 ; and (ii) in paragraph (2), by striking subparagraph (C); (7) in section 119(a) ( 12 U.S.C. 5329(a) ), by striking , nonbank financial company, ; (8) in section 120 (12 U.S.C. 5330)— (A) in subsection (a)— (i) by striking or nonbank financial companies ; and (ii) by striking and nonbank financial companies ; and (B) in subsection (d)— (i) in paragraph (1), by adding and at the end; (ii) in paragraph (2), by striking ; and and inserting a period; and (iii) by striking paragraph (3); (9) in section 121 (12 U.S.C. 5331)— (A) in subsection (a), by striking , or a nonbank financial company supervised by the Board of Governors, ; (B) in subsection (c), by inserting after section 113 the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; and (C) in subsection (d)— (i) in the heading for such subsection, by striking Foreign financial companies and inserting Foreign-Based bank holding companies ; (ii) by striking foreign nonbank financial companies supervised by the Board of Governors and ; and (iii) by amending paragraph (2) to read as follows: (2) taking into account the extent to which the foreign-based bank holding company is subject on a consolidated basis to home country standards that are comparable to those applied to bank holding companies in the United States. ; (10) in the heading for subtitle C, by striking Certain nonbank financial companies and ; (11) in section 155(d) ( 12 U.S.C. 5345(d) ), by striking and nonbank financial companies supervised by the Board of Governors ; (12) in section 163 ( 12 U.S.C. 5363 )— (A) by striking subsection (a), (B) by redesignating subsection (b) as subsection (a); and (C) in subsection (a), as so redesignated, by striking or a nonbank financial company supervised by the Board of Governors each place such term appears; (13) in section 165 ( 12 U.S.C. 5365 )— (A) in the heading for such section, by striking nonbank financial companies supervised by the Board of Governors and ; (B) in subsection (a)(1)— (i) by striking nonbank financial companies supervised by the Board of Governors and ; and (ii) in subparagraph (A), by striking nonbank financial companies and ; (C) in subsection (b)— (i) in paragraph (1), by striking nonbank financial companies supervised by the Board of Governors and each place such term appears; (ii) in paragraph (2)— (I) in the heading for such paragraph, by striking foreign financial companies and inserting foreign-based bank holding companies ; (II) by striking foreign nonbank financial company supervised by the Board of Governors or ; and (III) in subparagraph (B)— (aa) by striking foreign financial company and inserting foreign-based bank holding company ; and (bb) by striking financial companies and inserting bank holding companies ; (iii) in paragraph (3)— (I) by inserting after section 113 each place such term appears the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; and (II) in subparagraph (A), by striking nonbank financial companies supervised by the Board of Governors and ; and (iv) in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; (D) in subsection (c)— (i) in paragraph (1)— (I) by striking nonbank financial company supervised by the Board of Governors and ; and (II) by striking bank holding companies and inserting bank holding company ; and (ii) in paragraph (2)(D), by striking nonbank financial company supervised by the Board of Governors or a ; (E) in subsection (d)— (i) by striking nonbank financial company supervised by the Board of Governors and each place such term appears; (ii) in paragraph (1), by striking bank holding companies and inserting bank holding company ; (iii) in paragraph (2)— (I) by striking significant nonbank financial companies and each place such term appears; and (II) by striking bank holding companies and inserting bank holding company ; (iv) in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; (v) in paragraph (5), by striking a nonbank financial company supervised by the Board of Governors or each place such term appears; and (vi) in paragraph (6), by striking the nonbank financial company supervised by the Board, any bank holding company, or any subsidiary or affiliate of the foregoing and inserting any bank holding company or any subsidiary or affiliate of the bank holding company ; (F) in subsection (e)— (i) in paragraph (1), by striking a nonbank financial company supervised by the Board of Governors or ; (ii) in paragraph (2), by striking nonbank financial company supervised by the Board of Governors and ; (iii) in paragraph (3), by striking the nonbank financial company supervised by the Board of Governors or each place such term appears; and (iv) in paragraph (4), by striking a nonbank financial company supervised by the Board of Governors or ; (G) in subsection (f), by striking nonbank financial companies supervised by the Board of Governors and ; (H) in subsection (g)(1), by striking and any nonbank financial company supervised by the Board of Governors ; (I) in subsection (h)— (i) by striking paragraph (1); (ii) by redesignating paragraphs (2) and (3) as paragraphs (1) and (2), respectively; (iii) in paragraph (1), as so redesignated, by striking paragraph (3) each place such term appears and inserting paragraph (2) ; and (iv) in paragraph (2), as so redesignated, by striking nonbank financial company supervised by the Board of Governors or each place such term appears; (J) in subsection (i)— (i) in paragraph (1)— (I) in subparagraph (A), by striking nonbank financial companies supervised by the Board of Governors and ; and (II) in subparagraph (B), by striking and nonbank financial companies ; and (ii) in paragraph (2)(A), by striking nonbank financial company supervised by the Board of Governors and a ; (K) in subsection (j)— (i) in paragraph (1), by striking or a nonbank financial company supervised by the Board of Governors ; and (ii) in paragraph (2), by inserting after section 113 the following: (as in effect on the day before the date of the enactment of the Terminating the Expansion of Too-Big-To-Fail Act of 2012) ; and (L) in subsection (k)(1), by striking or nonbank financial company supervised by the Board of Governors ; (14) in section 166 ( 12 U.S.C. 5366 ), by striking a nonbank financial company supervised by the Board of Governors or each place such term appears; (15) in section 169 ( 12 U.S.C. 5369 ), by striking and nonbank financial companies ; and (16) in section 171(b) ( 12 U.S.C. 5371(b) )— (A) by striking , depository institution holding companies, and nonbank financial companies supervised by the Board of Governors each place such term appears and inserting and depository institution holding companies ; (B) in paragraph (3)— (i) by striking or nonbank financial companies supervised by the Board of Governors ; and (ii) by striking or the primary financial regulatory agency in the case of nonbank financial companies supervised by the Board of Governors ; and (C) in paragraph (4)— (i) by striking or by nonbank financial companies supervised by the Board of Governors each place such term appears; and (ii) by adding a period at the end. (b) Conforming amendments (1) Bank Holding Company Act of 1956 The Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 et seq. ) is amended— (A) in section 13 (12 U.S.C. 1851)— (i) in subsection (a), by striking paragraph (2); (ii) in subsection (b)(2)(B)— (I) in clause (i)(II), by striking , any nonbank financial company supervised by the Board ; and (II) in clause (ii), by striking and nonbank financial companies supervised by the Board ; (iii) in subsection (c)(2)— (I) by striking or nonbank financial company supervised by the Board ; and (II) by striking or 2 years after the date on which the entity or company becomes a nonbank financial company supervised by the Board ; (iv) in subsection (e)(2), by striking or nonbank financial company supervised by the Board each place such term appears; (v) in subsection (g), by striking or nonbank financial company supervised by the Board each place such term appears; and (vi) in subsection (h)— (I) by striking paragraph (3); (II) by redesignating paragraphs (4), (5), (6), and (7) as paragraphs (3), (4), (5), and (6), respectively; and (III) in paragraph (3), as so redesignated, by striking or nonbank financial company supervised by the Board each place such term appears; (B) in section 14(a) ( 12 U.S.C. 1852(a) )— (i) in paragraph (2)— (I) by striking subparagraph (E); and (II) by redesignating subparagraph (F) as subparagraph (E); and (ii) in paragraph (3)(C), by striking or other nonbank financial company supervised by the Board . (2) Dodd- F rank Wall Street Reform and Consumer Protection Act The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) is amended— (A) in the table of contents for such Act under section 1(b)— (i) by striking the items relating to sections 113, 114, 161, 162, 164, 167, 170, 216, and 217; (ii) in the item relating to section 115, by striking nonbank financial companies supervised by the Board of Governors and ; (iii) in the item relating to subtitle C of title II, by striking certain nonbank financial companies and ; and (iv) in the item relating to section 165, by striking nonbank financial companies supervised by the Board of Governors and ; (B) in section 201(a) ( 12 U.S.C. 5381(a) )— (i) in paragraph (11)(B)— (I) by striking clause (ii); and (II) by redesignating clauses (iii) and (iv) as clauses (ii) and (iii), respectively; (ii) by striking paragraphs (14) and (15); and (iii) by redesignating paragraph (16) as paragraph (14); (C) in section 210(o)(1)(A) ( 12 U.S.C. 5390(o)(1)(A) ), by striking and any nonbank financial company supervised by the Board of Governors ; (D) in section 618(a)(4)(B) ( 12 U.S.C. 1850a(a)(4)(B) )— (i) by striking clause (i); and (ii) by redesignating clauses (ii), (iii), (iv), (v), and (vi) as clauses (i), (ii), (iii), (iv), and (v), respectively; (E) in section 716(i)(1) ( 15 U.S.C. 8305(i)(1) )— (i) by striking subparagraph (B); (ii) by redesignating subparagraph (C) as subparagraph (B); and (iii) in subparagraph (B), as so redesignated— (I) in the heading for such subparagraph, by striking , non-systemically significant institutions not subject to heightened prudential supervision as regulated under section 113 and inserting swaps entities ; and (II) by striking , non-systemically significant institutions not subject to heightened prudential supervision as regulated under section 113 ; and (F) in section 726(a) ( 15 U.S.C. 8323(i) ), by striking a nonbank financial company (as defined in section 102) supervised by the Board, an affiliate of such a bank holding company or nonbank financial company, and inserting an affiliate of such a bank holding company, ; and (G) in section 765(a) ( 15 U.S.C. 8343(a) ), by striking a nonbank financial company (as defined in section 102) supervised by the Board of Governors of the Federal Reserve System, affiliate of such a bank holding company or nonbank financial company, and inserting affiliate of such a bank holding company, . (3) Federal Deposit Insurance Act Section 10(b)(3) of the Federal Deposit Insurance Act ( 12 U.S.C. 1820(b)(3) ) is amended— (A) in subparagraph (A)— (i) by striking or nonbank financial company supervised by the Board of Governors ; and (ii) by striking or of such nonbank financial company supervised by the Board of Governors ; and (B) in subparagraph (B), by striking a nonbank financial company supervised by the Board of Governors or . (4) Federal Reserve Act Section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended— (A) by redesignating the second subsection (s), as added by section 318(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as subsection (t); and (B) in paragraph (2) of subsection (t), as so redesignated— (i) in subparagraph (A), by adding and at the end; (ii) in subparagraph (B), by striking ; and and inserting a period; and (iii) by striking subparagraph (C); (5) Title 31 Section 313(c)(1) of title 31, United States Code, is amended— (A) by striking subparagraph (C); and (B) by redesignating subparagraphs (D), (E), (F), (G), and (H) as subparagraphs (C), (D), (E), (F), and (G), respectively. 3. Repeal of the Payment, Clearing, and Settlement Supervision Act of 2010 Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5461 et seq. ), and the item relating to that title in the table of contents in section 1(b) of such Act, are hereby repealed.