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Alleviating Stress Test Burdens to Help Investors Act
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to: (1) eliminate the Federal Reserve Board's authority to conduct stress tests of nonbank financial companies more than once annually, and (2) exempt certain financial companies not primarily regulated by either a federal banking agency or the Federal Housing Finance Agency from requirements to conduct stress tests.
The Securities and Exchange Commission and the Commodity Futures Trading Commission may issue separate regulations requiring specified financial companies with more than $10 billion in total consolidated assets to conduct financial-condition analyses.
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide relief to nonbanks from certain stress test requirements under such Act.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Alleviating Stress Test Burdens to Help Investors Act”.
Section 165(i) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5365(i)) is amended—
(A) by redesignating clauses (ii) through (v) as clauses (iii) through (vi), respectively;
(B) by inserting after clause (i) the following:
“(ii) may conduct the evaluation required by this subsection utilizing alternatives to the capital adequacy test described in subparagraph (A), as the Board may determine appropriate;”;
“(I) are requested by a majority vote of the Council;
“(II) are conducted in accordance with the company’s business model, including by utilizing alternatives to the capital adequacy test described in subparagraph (A), as the Board may determine appropriate; and
“(III) are not already required by the company’s Federal primary financial regulatory agency”; and
(D) in clause (vi), as so redesignated, by striking “clause (ii)” and inserting “clause (iii)”; and
(A) in subparagraph (A), by striking “are regulated by a primary Federal financial regulatory agency” and inserting: “whose primary financial regulatory agency is a Federal banking agency or the Federal Housing Finance Agency”;
(B) in subparagraph (C), by striking “Each Federal primary financial regulatory agency” and inserting “Each Federal banking agency and the Federal Housing Finance Agency”; and
(C) by adding at the end the following:
“(D) SEC AND CFTC.—The Securities and Exchange Commission and the Commodity Futures Trading Commission may each issue regulations requiring financial companies with respect to which they are the primary financial regulatory agency to conduct periodic analyses of the financial condition, including available liquidity, of such companies under adverse economic conditions.”.
Nothing in this Act shall be construed to limit the authority of the Financial Stability Oversight Council under section 120 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5330).
Passed the House of Representatives March 20, 2018.
|Attest:||karen l. haas,|