legislation: 115-s-3070

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
115-s-3070 115 s 3070 Financial Institution Living Will Improvement Act of 2018 Finance and Financial Sector 2018-06-14 2018-06-14 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Senate Sen. Rounds, Mike [R-SD] SD R R000605 1 Financial Institution Living Will Improvement Act of 2018 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish the frequency with which certain nonbank financial companies and bank holding companies shall be required to submit a "living will" (i.e., the company's plan for rapid and orderly resolution in the event of financial distress or failure) to the Federal Reserve Board (FRB), the Financial Stability Oversight Council, and the Federal Deposit Insurance Corporation (FDIC). Specifically, such companies shall be required to do so once every two years. (Current regulations generally require annual submission of plans.) The FRB and the FDIC must provide feedback to a company regarding such a plan within six months. 2023-01-11T13:42:09Z https://www.congress.gov/bill/115th-congress/senate-bill/3070

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