A bill to reform the living will process under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Financial Institution Living Will Improvement Act of 2018
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.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230.
Placed on the Union Calendar, Calendar No. 612.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line