US Congress House Bill 4516 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 26 2010 - 25% progression, died in committee
Action: 2010-01-26 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Financial Services Industry Stability Act of 2010 - Directs the Chairman of the Board of Governors of the Federal Reserve System to review all programs administered by the Board and utilize them in furtherance of this Act. Directs each federal department, agency, and independent establishment in the executive branch to utilize its authority to: (1) implement programs to promote transparency, simplicity, fairness, accountability, and equal access in the market for consumer financial products or services; and (2) take necessary steps to ensure that no financial company is able to pose a systemic risk to the health of the U.S. economy by becoming too large to fail. Requires the Board Chairperson to define the terms "systemic risk" and "too large to fail" and enumerate procedures that specify when and how the Chairperson and the head of any other federal department, agency, or independent executive branch establishment shall: (1) cause financial companies that are determined to be too large to fail to restructure in size and scope of operations so as not to pose a systemic risk to the health of the U.S. economy; and (2) impose increased capital reserve requirements upon any financial company which has been ordered to restructure. Requires the Chairperson to: (1) define criteria for causing the restructuring of financial companies; and (2) establish a fund composed of annual levies on financial companies to finance restructurings.

Financial Services Industry Stability Act of 2010

Rep. John Dingell [D-MI]

Date	Chamber	Action
2010-01-26		Referred to the House Committee on Financial Services.
2010-01-26		Sponsor introductory remarks on measure. (CR H336)

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/4516/all-info
Text	https://www.congress.gov/111/bills/hr4516/BILLS-111hr4516ih.pdf