dodd frank.pdf

H. R. 4173

One Hundred Eleventh Congress

of the

United States of America

AT THE SECOND SESSION

Begun and held at the City of Washington on Tuesday,

the fifth day of January, two thousand and ten

An Act

To promote the financial stability of the United States by improving accountability

and transparency in the financial system, to end ‘‘too big to fail’’, to protect

the American taxpayer by ending bailouts, to protect consumers from abusive

financial services practices, and for other purposes.

Be it enacted by the Senate and House of Representatives of

the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) S HORT T ITLE .—This Act may be cited as the ‘‘Dodd-Frank

Wall Street Reform and Consumer Protection Act’’.

(b) T ABLE OF C ONTENTS .—The table of contents for this Act

is as follows:

Sec. 1. Short title; table of contents.

Sec. 2. Definitions.

Sec. 3. Severability.

Sec. 4. Effective date.

Sec. 5. Budgetary effects.

Sec. 6. Antitrust savings clause.

TITLE I—FINANCIAL STABILITY

Sec. 101. Short title.

Sec. 102. Definitions.

Subtitle A—Financial Stability Oversight Council

Sec. 111. Financial Stability Oversight Council established.

Sec. 112. Council authority.

Sec. 113. Authority to require supervision and regulation of certain nonbank finan-

cial companies.

Sec. 114. Registration of nonbank financial companies supervised by the Board of

Governors.

Sec. 115. Enhanced supervision and prudential standards for nonbank financial

companies supervised by the Board of Governors and certain bank hold-

ing companies.

Sec. 116. Reports.

Sec. 117. Treatment of certain companies that cease to be bank holding companies.

Sec. 118. Council funding.

Sec. 119. Resolution of supervisory jurisdictional disputes among member agencies.

Sec. 120. Additional standards applicable to activities or practices for financial sta-

bility purposes.

Sec. 121. Mitigation of risks to financial stability.

Sec. 122. GAO Audit of Council.

Sec. 123. Study of the effects of size and complexity of financial institutions on cap-

ital market efficiency and economic growth.

Subtitle B—Office of Financial Research

Sec. 151. Definitions.

Sec. 152. Office of Financial Research established.

Sec. 153. Purpose and duties of the Office.

Sec. 154. Organizational structure; responsibilities of primary programmatic units.

Sec. 155. Funding.

Sec. 156. Transition oversight.

H. R. 4173—2

Subtitle C—Additional Board of Governors Authority for Certain Nonbank Financial

Companies and Bank Holding Companies

Sec. 161. Reports by and examinations of nonbank financial companies by the

Board of Governors.

Sec. 162. Enforcement.

Sec. 163. Acquisitions.

Sec. 164. Prohibition against management interlocks between certain financial

companies.

Sec. 165. Enhanced supervision and prudential standards for nonbank financial

companies supervised by the Board of Governors and certain bank hold-

ing companies.

Sec. 166. Early remediation requirements.

Sec. 167. Affiliations.

Sec. 168. Regulations.

Sec. 169. Avoiding duplication.

Sec. 170. Safe harbor.

Sec. 171. Leverage and risk-based capital requirements.

Sec. 172. Examination and enforcement actions for insurance and orderly liquida-

tion purposes.

Sec. 173. Access to United States financial market by foreign institutions.

Sec. 174. Studies and reports on holding company capital requirements.

Sec. 175. International policy coordination.

Sec. 176. Rule of construction.

TITLE II—ORDERLY LIQUIDATION AUTHORITY

Sec. 201. Definitions.

Sec. 202. Judicial review.

Sec. 203. Systemic risk determination.

Sec. 204. Orderly liquidation of covered financial companies.

Sec. 205. Orderly liquidation of covered brokers and dealers.

Sec. 206. Mandatory terms and conditions for all orderly liquidation actions.

Sec. 207. Directors not liable for acquiescing in appointment of receiver.

Sec. 208. Dismissal and exclusion of other actions.

Sec. 209. Rulemaking; non-conflicting law.

Sec. 210. Powers and duties of the Corporation.

Sec. 211. Miscellaneous provisions.

Sec. 212. Prohibition of circumvention and prevention of conflicts of interest.

Sec. 213. Ban on certain activities by senior executives and directors.

Sec. 214. Prohibition on taxpayer funding.

Sec. 215. Study on secured creditor haircuts.

Sec. 216. Study on bankruptcy process for financial and nonbank financial institu-

tions

Sec. 217. Study on international coordination relating to bankruptcy process for

nonbank financial institutions

TITLE III—TRANSFER OF POWERS TO THE COMPTROLLER OF THE

CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS

Sec. 300. Short title.

Sec. 301. Purposes.

Sec. 302. Definition.

Subtitle A—Transfer of Powers and Duties

Sec. 311. Transfer date.

Sec. 312. Powers and duties transferred.

Sec. 313. Abolishment.

Sec. 314. Amendments to the Revised Statutes.

Sec. 315. Federal information policy.

Sec. 316. Savings provisions.

Sec. 317. References in Federal law to Federal banking agencies.

Sec. 318. Funding.

Sec. 319. Contracting and leasing authority.

Subtitle B—Transitional Provisions

Sec. 321. Interim use of funds, personnel, and property of the Office of Thrift Su-

pervision.

Sec. 322. Transfer of employees.

Sec. 323. Property transferred.

Sec. 324. Funds transferred.

Sec. 325. Disposition of affairs.

Sec. 326. Continuation of services.

H. R. 4173—3

Sec. 327. Implementation plan and reports.

Subtitle C—Federal Deposit Insurance Corporation

Sec. 331. Deposit insurance reforms.

Sec. 332. Elimination of procyclical assessments.

Sec. 333. Enhanced access to information for deposit insurance purposes.

Sec. 334. Transition reserve ratio requirements to reflect new assessment base.

Sec. 335. Permanent increase in deposit and share insurance.

Sec. 336. Management of the Federal Deposit Insurance Corporation.

Subtitle D—Other Matters

Sec. 341. Branching.

Sec. 342. Office of Minority and Women Inclusion.

Sec. 343. Insurance of transaction accounts.

Subtitle E—Technical and Conforming Amendments

Sec. 351. Effective date.

Sec. 352. Balanced Budget and Emergency Deficit Control Act of 1985.

Sec. 353. Bank Enterprise Act of 1991.

Sec. 354. Bank Holding Company Act of 1956.

Sec. 355. Bank Holding Company Act Amendments of 1970.

Sec. 356. Bank Protection Act of 1968.

Sec. 357. Bank Service Company Act.

Sec. 358. Community Reinvestment Act of 1977.

Sec. 359. Crime Control Act of 1990.

Sec. 360. Depository Institution Management Interlocks Act.

Sec. 361. Emergency Homeowners’ Relief Act.

Sec. 362. Federal Credit Union Act.

Sec. 363. Federal Deposit Insurance Act.

Sec. 364. Federal Home Loan Bank Act.

Sec. 365. Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

Sec. 366. Federal Reserve Act.

Sec. 367. Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

Sec. 368. Flood Disaster Protection Act of 1973.

Sec. 369. Home Owners’ Loan Act.

Sec. 370. Housing Act of 1948.

Sec. 371. Housing and Community Development Act of 1992.

Sec. 372. Housing and Urban-Rural Recovery Act of 1983.

Sec. 373. National Housing Act.

Sec. 374. Neighborhood Reinvestment Corporation Act.

Sec. 375. Public Law 93–100.

Sec. 376. Securities Exchange Act of 1934.

Sec. 377. Title 18, United States Code.

Sec. 378. Title 31, United States Code.

TITLE IV—REGULATION OF ADVISERS TO HEDGE FUNDS AND OTHERS

Sec. 401. Short title.

Sec. 402. Definitions.

Sec. 403. Elimination of private adviser exemption; limited exemption for foreign

private advisers; limited intrastate exemption.

Sec. 404. Collection of systemic risk data; reports; examinations; disclosures.

Sec. 405. Disclosure provision amendment.

Sec. 406. Clarification of rulemaking authority.

Sec. 407. Exemption of venture capital fund advisers.

Sec. 408. Exemption of and record keeping by private equity fund advisers.

Sec. 409. Family offices.

Sec. 410. State and Federal responsibilities; asset threshold for Federal registration

of investment advisers.

Sec. 411. Custody of client assets.

Sec. 412. Adjusting the accredited investor standard.

Sec. 413. GAO study and report on accredited investors.

Sec. 414. GAO study on self-regulatory organization for private funds.

Sec. 415. Commission study and report on short selling.

Sec. 416. Transition period.

TITLE V—INSURANCE

Subtitle A—Office of National Insurance

Sec. 501. Short title.

Sec. 502. Federal Insurance Office.

Subtitle B—State-Based Insurance Reform

Sec. 511. Short title.

H. R. 4173—4

Sec. 512. Effective date.

PART I—N ONADMITTED I NSURANCE

Sec. 521. Reporting, payment, and allocation of premium taxes.

Sec. 522. Regulation of nonadmitted insurance by insured’s home State.

Sec. 523. Participation in national producer database.

Sec. 524. Uniform standards for surplus lines eligibility.

Sec. 525. Streamlined application for commercial purchasers.

Sec. 526. GAO study of nonadmitted insurance market.

Sec. 527. Definitions.

PART II—R EINSURANCE

Sec. 531. Regulation of credit for reinsurance and reinsurance agreements.

Sec. 532. Regulation of reinsurer solvency.

Sec. 533. Definitions.

PART III—R ULE OF C ONSTRUCTION

Sec. 541. Rule of construction.

Sec. 542. Severability.

TITLE VI—IMPROVEMENTS TO REGULATION OF BANK AND SAVINGS

ASSOCIATION HOLDING COMPANIES AND DEPOSITORY INSTITUTIONS

Sec. 601. Short title.

Sec. 602. Definition.

Sec. 603. Moratorium and study on treatment of credit card banks, industrial loan

companies, and certain other companies under the Bank Holding Com-

pany Act of 1956.

Sec. 604. Reports and examinations of holding companies; regulation of functionally

regulated subsidiaries.

Sec. 605. Assuring consistent oversight of permissible activities of depository insti-

tution subsidiaries of holding companies.

Sec. 606. Requirements for financial holding companies to remain well capitalized

and well managed.

Sec. 607. Standards for interstate acquisitions.

Sec. 608. Enhancing existing restrictions on bank transactions with affiliates.

Sec. 609. Eliminating exceptions for transactions with financial subsidiaries.

Sec. 610. Lending limits applicable to credit exposure on derivative transactions,

repurchase agreements, reverse repurchase agreements, and securities

lending and borrowing transactions.

Sec. 611. Consistent treatment of derivative transactions in lending limits.

Sec. 612. Restriction on conversions of troubled banks.

Sec. 613. De novo branching into States.

Sec. 614. Lending limits to insiders.

Sec. 615. Limitations on purchases of assets from insiders.

Sec. 616. Regulations regarding capital levels.

Sec. 617. Elimination of elective investment bank holding company framework.

Sec. 618. Securities holding companies.

Sec. 619. Prohibitions on proprietary trading and certain relationships with hedge

funds and private equity funds.

Sec. 620. Study of bank investment activities.

Sec. 621. Conflicts of interest.

Sec. 622. Concentration limits on large financial firms.

Sec. 623. Interstate merger transactions.

Sec. 624. Qualified thrift lenders.

Sec. 625. Treatment of dividends by certain mutual holding companies.

Sec. 626. Intermediate holding companies.

Sec. 627. Interest-bearing transaction accounts authorized.

Sec. 628. Credit card bank small business lending.

TITLE VII—WALL STREET TRANSPARENCY AND ACCOUNTABILITY

Sec. 701. Short title.

Subtitle A—Regulation of Over-the-Counter Swaps Markets

PART I—R EGULATORY A UTHORITY

Sec. 711. Definitions.

Sec. 712. Review of regulatory authority.

Sec. 713. Portfolio margining conforming changes.

Sec. 714. Abusive swaps.

Sec. 715. Authority to prohibit participation in swap activities.

H. R. 4173—5

Sec. 716. Prohibition against Federal Government bailouts of swaps entities.

Sec. 717. New product approval CFTC—SEC process.

Sec. 718. Determining status of novel derivative products.

Sec. 719. Studies.

Sec. 720. Memorandum.

PART II—R EGULATION OF S WAP M ARKETS

Sec. 721. Definitions.

Sec. 722. Jurisdiction.

Sec. 723. Clearing.

Sec. 724. Swaps; segregation and bankruptcy treatment.

Sec. 725. Derivatives clearing organizations.

Sec. 726. Rulemaking on conflict of interest.

Sec. 727. Public reporting of swap transaction data.

Sec. 728. Swap data repositories.

Sec. 729. Reporting and recordkeeping.

Sec. 730. Large swap trader reporting.

Sec. 731. Registration and regulation of swap dealers and major swap participants.

Sec. 732. Conflicts of interest.

Sec. 733. Swap execution facilities.

Sec. 734. Derivatives transaction execution facilities and exempt boards of trade.

Sec. 735. Designated contract markets.

Sec. 736. Margin.

Sec. 737. Position limits.

Sec. 738. Foreign boards of trade.

Sec. 739. Legal certainty for swaps.

Sec. 740. Multilateral clearing organizations.

Sec. 741. Enforcement.

Sec. 742. Retail commodity transactions.

Sec. 743. Other authority.

Sec. 744. Restitution remedies.

Sec. 745. Enhanced compliance by registered entities.

Sec. 746. Insider trading.

Sec. 747. Antidisruptive practices authority.

Sec. 748. Commodity whistleblower incentives and protection.

Sec. 749. Conforming amendments.

Sec. 750. Study on oversight of carbon markets.

Sec. 751. Energy and environmental markets advisory committee.

Sec. 752. International harmonization.

Sec. 753. Anti-manipulation authority.

Sec. 754. Effective date.

Subtitle B—Regulation of Security-Based Swap Markets

Sec. 761. Definitions under the Securities Exchange Act of 1934.

Sec. 762. Repeal of prohibition on regulation of security-based swap agreements.

Sec. 763. Amendments to the Securities Exchange Act of 1934.

Sec. 764. Registration and regulation of security-based swap dealers and major se-

curity-based swap participants.

Sec. 765. Rulemaking on conflict of interest.

Sec. 766. Reporting and recordkeeping.

Sec. 767. State gaming and bucket shop laws.

Sec. 768. Amendments to the Securities Act of 1933; treatment of security-based

swaps.

Sec. 769. Definitions under the Investment Company Act of 1940.

Sec. 770. Definitions under the Investment Advisers Act of 1940.

Sec. 771. Other authority.

Sec. 772. Jurisdiction.

Sec. 773. Civil penalties.

Sec. 774. Effective date.

TITLE VIII—PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION

Sec. 801. Short title.

Sec. 802. Findings and purposes.

Sec. 803. Definitions.

Sec. 804. Designation of systemic importance.

Sec. 805. Standards for systemically important financial market utilities and pay-

ment, clearing, or settlement activities.

Sec. 806. Operations of designated financial market utilities.

Sec. 807. Examination of and enforcement actions against designated financial

market utilities.

Sec. 808. Examination of and enforcement actions against financial institutions

subject to standards for designated activities.

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