S.Amdt. 2079

SA 2079. Mr. BROWN submitted an amendment intended to be proposed by
him to the bill S. 2155, to promote economic growth, provide tailored
regulatory relief, and enhance consumer protections, and for other
purposes; which was ordered to lie on the table; as follows:

Strike sections 401 and 402 and insert the following:

SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR
CERTAIN BANK HOLDING COMPANIES.

(a) In General.--Section 165 of the Financial Stability Act
of 2010 (12 U.S.C. 5365) is amended--
(1) in subsection (a)--
(A) in paragraph (1), in the matter preceding subparagraph
(A), by striking ``$50,000,000,000'' and inserting
``$250,000,000,000''; and
(B) in paragraph (2)--
(i) by striking subparagraph (B); and
(ii) by adding at the end the following:
``(B) Risks to financial stability and safety and
soundness.--The Board of Governors may by order or rule
promulgated pursuant to section 553 of title 5, United States
Code, apply any prudential standard established under this
section to any bank holding company or bank holding companies
with total consolidated assets equal to or greater than
$100,000,000,000 to which the prudential standard does not
otherwise apply provided that the Board of Governors--
``(i) determines that application of the prudential
standard is appropriate--

``(I) to prevent or mitigate risks to the financial
stability of the United States, as described in paragraph
(1); or
``(II) to promote the safety and soundness of the bank
holding company or bank holding companies; and

``(ii) takes into consideration the bank holding company's
or bank holding companies' capital structure, riskiness,
complexity, financial activities (including financial
activities of subsidiaries), size, and any other risk-related
factors that the Board of Governors deems appropriate.'';
(2) in subsection (h)(2), by striking ``$10,000,000,000''
each place that term appears and inserting
``$50,000,000,000''; and
(3) in subsection (i)--
(A) in paragraph (1)--
(i) in subparagraph (A), by striking ``described in
subsection (a)'' and inserting ``with total consolidated
assets equal to or greater than $50,000,000,000''; and
(ii) by adding at the end the following:
``(C) Publication.--The Board of Governors shall each year,
as part of the summary of results of tests required under
this paragraph, publish a report detailing the changes the
Board of Governors has made to the elements and assumptions
used in the stress tests for that year.''; and
(B) in paragraph (2)(A)--
(i) in the first sentence, by striking ``described in
subsection (a)'' and inserting ``with total consolidated
assets equal to or greater than $100,000,000,000'';
(ii) in the second sentence, by striking
``$10,000,000,000'' and inserting ``$50,000,000,000''; and
(iii) by inserting ``Nothing in this section shall limit
the ability of Federal financial regulatory agencies to
require annual stress tests under this subparagraph for a
financial company that has total consolidated assets of more
than $10,000,000,000 and is regulated by a primary Federal
financial regulatory agency if the Federal financial
regulatory

[[Page S1466]]

agency finds that the stress tests are warranted by the risk
profile or condition of the financial company.'' after the
end of the second sentence.
(b) Rule of Construction.--Nothing in subsection (a) shall
be construed to limit--
(1) the authority of the Board of Governors of the Federal
Reserve System, in prescribing prudential standards under
section 165 of the Financial Stability Act of 2010 (12 U.S.C.
5365) or any other law, to tailor or differentiate among
companies on an individual basis or by category, taking into
consideration their capital structure, riskiness, complexity,
financial activities (including financial activities of their
subsidiaries), size, and any other risk-related factors that
the Board of Governors deems appropriate; or
(2) the supervisory, regulatory, or enforcement authority
of an appropriate Federal banking agency to further the safe
and sound operation of an institution under the supervision
of the appropriate Federal banking agency.
(c) Technical and Conforming Amendments.--Section 115(a)(2)
of the Financial Stability Act of 2010 (12 U.S.C. 5325(a)(2))
is amended--
(1) by striking ``may--'' and all that follows through
``differentiate'' and inserting ``may differentiate''; and
(2) by striking ``; or'' and all that follows through
``(g)''.
(d) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall take effect on the date
that is 18 months after the date of enactment of this Act.
(2) Exception.--Notwithstanding paragraph (1), the
amendments made by this section shall take effect on the date
of enactment of this Act with respect to any bank holding
company with total consolidated assets of less than
$100,000,000,000.
(3) Additional authority.--Before the effective date
described in paragraph (1), the Board of Governors of the
Federal Reserve System may by order exempt any bank holding
company with total consolidated assets of less than
$250,000,000,000 from any prudential standard under section
165 of the Financial Stability Act of 2010 (12 U.S.C. 5365).
(4) Rule of construction.--Nothing in this section shall be
construed to prohibit the Board of Governors of the Federal
Reserve System from issuing an order or rule making under
section 165(a)(2)(C) of the Financial Stability Act of 2010
(12 U.S.C. 5365(a)(2)(C)), as added by this section, before
the effective date described in paragraph (1).
(e) Global Systemically Important Bank Holding Companies.--
Any bank holding company, regardless of asset size, that has
been identified as a global systemically important BHC under
section 217.402 of title 12, Code of Federal Regulations,
shall be considered a bank holding company with total
consolidated assets equal to or greater than $250,000,000,000
with respect to the application of standards or requirements
under section 165 of the Financial Stability Act of 2010 (12
U.S.C. 5365).
______