Too Big To Fail, Too Big To Exist Act
Latest action · Jun 1, 2015 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 1, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Too Big to Fail, Too Big to Exist Act
This bill directs the Financial Stability Oversight Council to compile and submit to the Secretary of the Treasury a list of entities that the Council deems Too Big To Fail (List), including U.S. bank holding companies the Financial Stability Board has identified as systemically important banks.
The Secretary of the Treasury shall: (1) submit the List to Congress and the President, and (2) break up entities on the List so that their failure would no longer cause a catastrophic effect upon the U.S. or global economy without a taxpayer bailout.
Any entity on the List may not use or have access to advances from any Federal Reserve credit facility, the Federal Reserve discount window, or any program or facility made available under the Federal Reserve Act, including asset purchases, temporary or bridge loans, government investments in debt or equity, or capital injections from any federal institution.
No insured depository institution on the List, nor any entity that owns one, may use insured deposit amounts to fund:
- any activity relating to hedging that is not directly related to commercial banking activity at the insured bank,
- any use of derivatives for speculative purposes,
- any activity related to the dealing of derivatives, or
- any other form of speculative activity specified by regulators.
Nor may any entity on the List conduct such activities in a manner that either: (1) puts insured deposits at risk, or (2) creates a risk of loss to the Deposit Insurance Fund.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Jun 1, 2015 to Dec 8, 2016, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-FL | Alan Grayson | Original | Jun 1, 2015 |
| D-CA | Ted Lieu | Dec 8, 2016 |
Actions 2
Everything that happened, newest first.
- Jun 1, 2015Introduced in House
- Jun 1, 2015Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1206 | Too Big To Fail, Too Big To Exist Act | Identical bill | May 6, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jun 1, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.