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Financial Stability Improvement Discussion Draft 10.27.09

Financial Stability Improvement Discussion Draft 10.27.09

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Published by LogisticsMonster
Barney Frank's bill to stabilize the financial markets - discussion draft only!
Barney Frank's bill to stabilize the financial markets - discussion draft only!

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Published by: LogisticsMonster on Oct 30, 2009
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10/21/2011

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[DISCUSSION DRAFT]
1OCTOBER 27, 200923
TITLE I—FINANCIAL STABILITY
4
IMPROVEMENT
56
SEC. 1. SHORT TITLE.
7This title may be cited as the “Financial Stability Improvement Act of 2009.”8
SEC. 2. DEFINITIONS.
9For purposes of this Act, the following definitions apply:10(1) “Board” means the Board of Governors of the Federal Reserve System.11(2) “Council” means the Financial Services Oversight Council established under section121001 of this Act.13(3) “Federal financial regulatory agency” means any agency that has a voting member of 14the Council as set forth in section 1001(b)(1).15(4) “Financial company” means a company or other entity–16(A) that is—17(i) incorporated or organized under the laws of the United States or any18State, territory, or possession of the United States, the District of Columbia,19Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands,20Guam, American Samoa, or the United States Virgin Islands;21(ii) a Federal or State branch or agency of a foreign bank as such terms are22defined in the International Banking Act of 1978 (12 U.S.C. 3101(b)); or23
 
DISCUSSION DRAFT – 10/27/2009
2(iii) a United States affiliate or other United States operating entity of a1company that is incorporated or organized in a country other than the United2States; and3(B) that is, in whole or in part, directly or indirectly, engaged in financial4activities.5(5) “Identified financial holding company” means a financial company that the Council6has identified for heightened prudential standards under subtitle B of this Act, unless such7financial company is required to establish an intermediate holding company under section 6 of 8the Bank Holding Company Act, in which case the “identified financial holding company” is9such section 6 holding company through which the financial company is required to conduct its10financial activities.11(6) “Primary financial regulatory agency” means the following—12(A) The Office of the Comptroller of the Currency, with respect to any national13bank, any Federal branch or Federal agency of a foreign bank, and, after the date on14which the functions of the Office of Thrift Supervision are transferred under subtitle C, a15Federal savings association.16(B) The Board, with respect to—17(i) a State member bank;18(ii) any bank holding company and any subsidiary of such company (as19such terms are defined in the Bank Holding Company Act), other than a20subsidiary that is described in any other subparagraph of this paragraph to the21extent that the subsidiary is engaged in an activity described in such22subparagraph;23
 
DISCUSSION DRAFT – 10/27/2009
3(iii) any identified financial holding company and any subsidiary (as such1term is defined in the Bank Holding Company Act) of such company, other than a2subsidiary that is described in any other subparagraph of this paragraph to the3extent that the subsidiary is engaged in an activity described in such4subparagraph;5(iv) after the date on which the functions of the Office of Thrift6Supervision are transferred under subtitle C, any savings and loan holding7company (as defined in section 10(a)(1)(D) of the Home Owners’ Loan Act) and8any subsidiary (as such term is defined in the Bank Holding Company Act) of a9such company, other than a subsidiary that is described in any other subparagraph10of this paragraph, to the extent that the subsidiary is engaged in an activity11described in such subparagraph;12(v) any organization organized and operated under section 25 or 25A of 13the Federal Reserve Act (12 U.S.C. § 601 et seq. or § 611 et seq.); and14(vi) any foreign bank or company that is treated as a bank holding15company under subsection (a) of section 8 of the International Banking Act of 161978 applies and any subsidiary (other than a bank or other subsidiary that is17described in any other subparagraph of this paragraph) of any such foreign bank 18or company.19(C) The Federal Deposit Insurance Corporation, with respect to a State20nonmember bank, any insured State branch of a foreign bank (as such terms are defined21in section 3 of the Federal Deposit Insurance Act), and, after the date on which the22

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