Too Big to Fail, Too Big to Exist Act

Bill: 113-hr-1450
Sponsor: full_name: Rep. Sherman, Brad [D-CA-30]
Introduced: 2013-04-09
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Congressional oversight

Financial crises and stabilization

Financial services and investments

Insurance industry and regulation
Latest action: action_date: 2013-04-09
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-04-09
action_desc: Introduced in House
text: <p>Too Big to Fail, Too Big to Exist Act - Instructs the Secretary of the Treasury to: (1) submit to Congress, within 90 days after enactment of this Act, a list of all commercial banks, investment banks, hedge funds, and insurance companies that the Secretary believes are too big to fail (&quot;Too Big To Fail List&quot;), including, but not limited to, any U.S. bank holding companies identified by the Financial Stability Board as systemically important banks; and (2) break up entities on the list so that their failure would no longer cause a catastrophic effect on the U.S. or global economy without a taxpayer bailout.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1450 IN THE HOUSE OF REPRESENTATIVES April 9, 2013 Mr. Sherman introduced the following bill; which was referred to the Committee on Financial Services A BILL To address the concept of Too Big To Fail with respect to certain financial entities.

1. Short title This Act may be cited as the Too Big to Fail, Too Big to Exist Act . 2. Report to Congress on institutions that are too big to fail Notwithstanding any other provision of law, not later than 90 days after the date of enactment of this Act, the Secretary of the Treasury shall submit to Congress a list of all commercial banks, investment banks, hedge funds, and insurance companies that the Secretary believes are too big to fail, which shall include, but is not limited to, any United States bank holding companies that have been identified as systemically important banks by the Financial Stability Board (in this Act referred to as the Too Big to Fail List ). 3. Breaking-up too big to fail institutions Notwithstanding any other provision of law, beginning 1 year after the date of enactment of this Act, the Secretary of the Treasury shall break up entities included on the Too Big To Fail List, so that their failure would no longer cause a catastrophic effect on the United States or global economy without a taxpayer bailout. 4. Definition For purposes of this Act, the term Too Big to Fail means any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial Government assistance.