G:\CMTE\FS\15\MISC\RCP3978.XMLXXXXXXXXXXXXXXXXXXXXXX2/6/2018 21:36XXXXXXXXXXX02/06/2018 19:36XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 685846|2 [Discussion Draft] [Discussion Draft] February 7, 2018 115th CONGRESS 2d Session Rules Committee Print 115–59 Text of H. R. 3978, TRID Improvement Act [Showing the text of H.R. 3978, H.R. 1645, and H.R. 4546 as reported and H.R. 3948, H.R. 2948, and H.R. 4061 as ordered reported; all by the Committee on Financial Services.]
1.
Table of contents
The table of contents for this Act is as follows: Sec. 1. Table of contents. Title I—TRID Improvement Sec. 101. Amendments to mortgage disclosure requirements. Title II—Protection of Source Code Sec. 201. Procedure for obtaining certain intellectual property. Title III—Fostering Innovation Sec. 301. Temporary exemption for low-revenue issuers. Title IV—National Securities Exchange Regulatory Parity Sec. 401. Nationally traded securities exemption. Title V—Eliminating barriers to jobs for loan originators Sec. 501. Eliminating barriers to jobs for loan originators. Sec. 502. Amendment to civil liability of the Bureau and other officials. Sec. 503. Effective date. Title VI—Financial Stability Oversight Council Improvement Sec. 601. SIFI designation process. Sec. 602. Rule of construction.
<enum>I</enum><header>TRID Improvement</header> <section id="H63F8E8C9EF9B4CC1B7CBE3AFFCCCE0FA"><enum>101.</enum><header>Amendments to mortgage disclosure requirements</header> <text display-inline="no-display-inline">Section 4(a) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603(a)) is amended—</text> <paragraph id="H95C04182057C44149BE52C31FB34DB55"><enum>(1)</enum><text>by striking <quote>itemize all charges</quote> and inserting <quote>itemize all actual charges</quote>;</text> </paragraph> <paragraph id="H0588E814856347B0938B412B3D753200"><enum>(2)</enum><text>by striking <quote>and all charges imposed upon the seller in connection with the settlement and</quote> and inserting <quote>and the seller in connection with the settlement. Such forms</quote>; and</text> </paragraph> <paragraph id="HD4C8C1294C744BCBACEDE76043364D77"><enum>(3)</enum><text>by inserting after <quote>or both.</quote> the following new sentence: <quote>Charges for any title insurance premium disclosed on such forms shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by State regulation or the title company rate filings.</quote>.</text> </paragraph></section> <enum>II</enum><header>Protection of Source Code</header> <section id="HBF827867E00B4A1D965E3FC2F6B6B046" section-type="subsequent-section"><enum>201.</enum><header>Procedure for obtaining certain intellectual property</header> <subsection id="H1240D76047EE4BF99827D8D58F85E790"><enum>(a)</enum><header>Persons under Securities Act of 1933</header><text>Section 8 of the Securities Act of 1933 (15 U.S.C. 77h) is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="H46C96DF7A51E4A259F4B337D2CB8A5C7" style="OLC"> <subsection id="H507F47E5469C45238361C3D922656B32"><enum>(g)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection> <subsection id="HDC42A5CDB09449F4A38AFD8611C00F5A"><enum>(b)</enum><header>Persons under the Securities Exchange Act of 1934</header><text display-inline="yes-display-inline">Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="HF9E9E09B889046A6A6B30235F1A62343" style="OLC"> <subsection id="HEF1DBB854C024DD2BDB94028EB5E9B9F"><enum>(e)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.</text> </subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection> <subsection id="H359B241AEB1543E890318EEB5F5F1255"><enum>(c)</enum><header>Investment Companies</header><text display-inline="yes-display-inline">Section 31 of the Investment Company Act of 1940 (15 U.S.C. 80a–30) is amended by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="H941578202724472D8B987F332A872820" style="OLC"> <subsection id="HDF37ADCE25EE4299A876D75453E28B92"><enum>(e)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title an investment company to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection> <subsection id="H40DD6C4027AB45C99804AC43F644655A"><enum>(d)</enum><header>Investment Advisers</header><text display-inline="yes-display-inline">Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4) is amended—</text> <paragraph id="H3F25239E273646C18A41282DDA266EDD"><enum>(1)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="HA32B869F89FC4D979D7A69A037BAF8DE" style="OLC"> <subsection id="HE1E14B5C3C184103910B16615789313A"><enum>(f)</enum><header>Procedure for obtaining certain intellectual property</header><text display-inline="yes-display-inline">The Commission is not authorized to compel under this title an investment adviser to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.</text></subsection><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph> <paragraph id="HE96478FBF2E442BA83C60864D191951F"><enum>(2)</enum><text display-inline="yes-display-inline">in the second subsection (d), by striking <quote>(d)</quote> and inserting <quote>(e)</quote>.</text> </paragraph></subsection></section> <enum>III</enum><header>Fostering Innovation</header> <section id="H254C141CE85341F5A1FA09C939763955"><enum>301.</enum><header>Temporary exemption for low-revenue issuers</header><text display-inline="no-display-inline">Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262) is amended by adding at the end the following:</text> <quoted-block id="H943853D88526441B922EC65D5481F6DD" style="OLC"> <subsection id="H9E15513118D146C8832CD96F64EB2505"><enum>(d)</enum><header>Temporary exemption for low-Revenue issuers</header> <paragraph id="H7F5ABCB473984D438E73C0B7DAFDE355"><enum>(1)</enum><header>Low-revenue exemption</header><text>Subsection (b) shall not apply with respect to an audit report prepared for an issuer that—</text> <subparagraph id="H8D724D775976436897D314C95718A426"><enum>(A)</enum><text>ceased to be an emerging growth company on the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933;</text> </subparagraph> <subparagraph id="H6D71248B3B254DF4A1613E9543B2CC9D"><enum>(B)</enum><text>had average annual gross revenues of less than $50,000,000 as of its most recently completed fiscal year; and</text> </subparagraph> <subparagraph id="H91CFCE9CF0A44A29A9C99F56521E98D0"><enum>(C)</enum><text>is not a large accelerated filer.</text> </subparagraph></paragraph> <paragraph id="HA59D7FB882294DC386965F21101FF780"><enum>(2)</enum><header>Expiration of temporary exemption</header><text>An issuer ceases to be eligible for the exemption described under paragraph (1) at the earliest of—</text> <subparagraph id="H21B206FE1FE746AA9E6062798096A3BD"><enum>(A)</enum><text>the last day of the fiscal year of the issuer following the tenth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933;</text> </subparagraph> <subparagraph id="H21BB59BA0BA74D6290661EE4ECD518ED"><enum>(B)</enum><text>the last day of the fiscal year of the issuer during which the average annual gross revenues of the issuer exceed $50,000,000; or</text> </subparagraph> <subparagraph id="HA7023BFD8EA847EF8CBBAF340EF4241C"><enum>(C)</enum><text>the date on which the issuer becomes a large accelerated filer.</text> </subparagraph></paragraph> <paragraph commented="no" id="H1E49941EC38A47F599FE2A26EA2FAE11"><enum>(3)</enum><header>Definitions</header><text>For purposes of this subsection:</text> <subparagraph commented="no" id="HA3D6CCE86EB3402F95236EE8B4C77A43"><enum>(A)</enum><header>Average annual gross revenues</header><text>The term <term>average annual gross revenues</term> means the total gross revenues of an issuer over its most recently completed three fiscal years divided by three.</text> </subparagraph> <subparagraph commented="no" id="H371395A0D5764103B5D4B20EF45F9804"><enum>(B)</enum><header>Emerging growth company</header><text display-inline="yes-display-inline">The term <quote>emerging growth company</quote> has the meaning given such term under section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c).</text> </subparagraph> <subparagraph commented="no" id="H64DE4B79E2274DA89C3FA45002F03CE8"><enum>(C)</enum><header>Large accelerated filer</header><text display-inline="yes-display-inline">The term <quote>large accelerated filer</quote> has the meaning given that term under section 240.12b–2 of title 17, Code of Federal Regulations, or any successor thereto.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </section> <enum>IV</enum><header>National Securities Exchange Regulatory Parity</header> <section id="H58D0D02828CD4069BF8DA468913C01A6"><enum>401.</enum><header>Nationally traded securities exemption</header><text display-inline="no-display-inline">Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) is amended—</text> <paragraph id="H5476EA8DFA394480B4E79BD6CC5C279E"><enum>(1)</enum><text>by striking subparagraph (A);</text> </paragraph> <paragraph id="HD973A299825A4C7EB52B5C758BEA4B0B"><enum>(2)</enum><text>in subparagraph (B)—</text> <subparagraph id="H8BA7AC8E979D422A9D068BE612FA1C55"><enum>(A)</enum><text>by inserting <quote>a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 that is</quote> before <quote>listed</quote>; and</text> </subparagraph> <subparagraph id="H94716FBC7E39413F83CA31EE8BF74F39"><enum>(B)</enum><text>by striking <quote>that has listing standards that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A)</quote>;</text> </subparagraph></paragraph> <paragraph id="HD107E431845C413E99B4CFEC497A2AE3"><enum>(3)</enum><text>in subparagraph (C), by striking <quote>or (B)</quote>; and</text> </paragraph> <paragraph id="H2687512FD72E41C0A0E449E1F0B9EF74"><enum>(4)</enum><text>by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.</text> </paragraph></section> <enum>V</enum><header>Eliminating barriers to jobs for loan originators</header> <section id="HE55BBC49CF2C41B6B3AE8E03F395AD1A" section-type="subsequent-section"><enum>501.</enum><header>Eliminating barriers to jobs for loan originators</header> <subsection id="HA5D31EBBD0DD41F99C905717BB939558"><enum>(a)</enum><header>In general</header><text>The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended by adding at the end the following:</text> <quoted-block id="H34DA2CFF470F4B74A5248464E48C5BC2" style="OLC"> <section id="H69EADA50CC8E484AA66EF40C56A20E14"><enum>1518.</enum><header>Employment transition of loan originators</header> <subsection id="HF9F98506449A4DDEAE3414A5E501930D"><enum>(a)</enum><header>Temporary authority To originate loans for loan originators moving from a depository institution to a non-Depository institution</header> <paragraph id="HB18E6FB65D6645338FB9AB557623482B"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Upon employment by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual—</text> <subparagraph id="H1CACB99BA8A84459B43EB91C79872E68"><enum>(A)</enum><text>has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction;</text></subparagraph> <subparagraph id="HFB7E42B80FAD43F0A2E12CEEEBD128F2"><enum>(B)</enum><text>has not been subject to or served with a cease and desist order in any governmental jurisdiction or as described in section 1514(c);</text></subparagraph> <subparagraph id="H3080AD8059794D329C99D8A60CBC9736"><enum>(C)</enum><text>has not been convicted of a felony that would preclude licensure under the law of the application State;</text></subparagraph> <subparagraph id="H37C5398937204A6E8CCC8CFBA19E9771"><enum>(D)</enum><text>has submitted an application to be a State-licensed loan originator in the application State; and</text></subparagraph> <subparagraph id="HA903E2D064FD472B92C1EE3C44C086FC"><enum>(E)</enum><text>was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of submission of the information required under section 1505(a).</text></subparagraph></paragraph> <paragraph id="HB05821EFB4EF41A485B0B79080A2A10C"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in paragraph (1) shall begin on the date that the individual submits the information required under section 1505(a) and shall end on the earliest of—</text> <subparagraph id="H31764E2321BE431DABA884C64391D948"><enum>(A)</enum><text display-inline="yes-display-inline">the date that the individual withdraws the application to be a State-licensed loan originator in the application State;</text></subparagraph> <subparagraph id="HE1996176FE664F02B65032B6995BF791"><enum>(B)</enum><text display-inline="yes-display-inline">the date that the application State denies, or issues a notice of intent to deny, the application;</text></subparagraph> <subparagraph id="H22B37556647549549F49EFA749293742"><enum>(C)</enum><text display-inline="yes-display-inline">the date that the application State grants a State license; or</text></subparagraph> <subparagraph id="H7DACA5A983CA4DC1966EBA5F95BB8428"><enum>(D)</enum><text display-inline="yes-display-inline">the date that is 120 days after the date on which the individual submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text></subparagraph></paragraph></subsection> <subsection id="HAA879776651A4306AF0902FFC891BF54"><enum>(b)</enum><header>Temporary authority To originate loans for State-Licensed loan originators moving interstate</header> <paragraph id="HD2C5CCA45C9F4504B84BB7A457F226F4"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">A State-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the State-licensed loan originator—</text> <subparagraph id="HE58ACACBD17D41C88E49D2180C9D651D"><enum>(A)</enum><text>meets the requirements of subparagraphs (A), (B), (C), and (D) of subsection (a)(1);</text></subparagraph> <subparagraph id="H4626A68BF83C41528DC150BBAF9B61DF"><enum>(B)</enum><text>is employed by a State-licensed mortgage company in the application State; and</text></subparagraph> <subparagraph id="H397B19AB4E45431ABEEF1B3F6317F118"><enum>(C)</enum><text>was licensed in a State that is not the application State during the 30-day period preceding the date of submission of the information required under section 1505(a) in connection with the application submitted to the application State.</text></subparagraph></paragraph> <paragraph id="H7E22AE55F3314BD8960528AC25FBD4B1"><enum>(2)</enum><header>Period</header><text display-inline="yes-display-inline">The period described in paragraph (1) shall begin on the date that the State-licensed loan originator submits the information required under section 1505(a) in connection with the application submitted to the application State and end on the earliest of—</text> <subparagraph id="H2EB3D2CB638F46FE99DC32A60C6838A6"><enum>(A)</enum><text display-inline="yes-display-inline">the date that the State-licensed loan originator withdraws the application to be a State-licensed loan originator in the application State;</text></subparagraph> <subparagraph id="H89A9E48367B243A0BD57911158A3BFBD"><enum>(B)</enum><text display-inline="yes-display-inline">the date that the application State denies, or issues a notice of intent to deny, the application;</text></subparagraph> <subparagraph id="H6A46C9BB0CF1483EA180305220961421"><enum>(C)</enum><text display-inline="yes-display-inline">the date that the application State grants a State license; or</text></subparagraph> <subparagraph id="HDAC8AD19C9CC49E1810AEC9D16D1E31F"><enum>(D)</enum><text display-inline="yes-display-inline">the date that is 120 days after the date on which the State-licensed loan originator submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.</text></subparagraph></paragraph></subsection> <subsection id="HA1E6A6C665154B71BF8AC055B1A36704"><enum>(c)</enum><header>Applicability</header> <paragraph id="H9260A8B602E44054ABEF2111205DF8BD"><enum>(1)</enum><text display-inline="yes-display-inline">Any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application State pursuant to this section shall be subject to the requirements of this title and to applicable State law to the same extent as if such individual was a State-licensed loan originator licensed by the application State.</text></paragraph> <paragraph id="H24F64AF4F0394F1BA0A524F4346B8AA8"><enum>(2)</enum><text display-inline="yes-display-inline">Any individual who is deemed to have temporary authority to act as a loan originator in an application State pursuant to this section and who engages in residential mortgage loan origination activities shall be subject to the requirements of this title and to applicable State law to the same extent as if such individual was a State-licensed loan originator licensed by the application State.</text></paragraph></subsection> <subsection id="H61DC0D4E97AE4254AD04D36A4DD0A9E1"><enum>(d)</enum><header>Definitions</header><text>In this section, the following definitions shall apply:</text> <paragraph id="HB8F1283B820A4456953DE9EF1936A28C" commented="no"><enum>(1)</enum><header>State-licensed mortgage company</header><text display-inline="yes-display-inline">The term <term>State-licensed mortgage company</term> means an entity licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities.</text></paragraph> <paragraph id="HBE44C28352804A0C9D2DAF94302DD873"><enum>(2)</enum><header>Application State</header><text display-inline="yes-display-inline">The term <term>application State</term> means a State in which a registered loan originator or a State-licensed loan originator seeks to be licensed.</text></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection> <subsection id="H4ECF67BC353D4619AE9758FB7D1A9AB3" commented="no"><enum>(b)</enum><header>Table of contents amendment</header><text display-inline="yes-display-inline">The table of contents in section 1(b) of the Housing and Economic Recovery Act of 2008 (42 U.S.C. 4501 note) is amended by inserting after the item relating to section 1517 the following:</text> <quoted-block style="OLC" id="H09381704B1254FDF9416B6881E875559" display-inline="no-display-inline"> <toc regeneration="no-regeneration"> <toc-entry level="section">Sec. 1518. Employment transition of loan originators.</toc-entry></toc><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section> <section id="H118DF6F027D043929D40DAE0ACE09F80"><enum>502.</enum><header>Amendment to civil liability of the Bureau and other officials</header><text display-inline="no-display-inline">Section 1513 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking <quote>are loan originators or are applying for licensing or registration as loan originators.</quote> and inserting <quote>have applied, are applying, or are currently licensed or registered through the Nationwide Mortgage Licensing System and Registry. The previous sentence shall only apply to persons in an industry with respect to which persons were licensed or registered through the Nationwide Mortgage Licensing System and Registry on the date of the enactment of this sentence.</quote>.</text></section> <section id="H8ED6E47C859F47248EB70E2C44D3017F"><enum>503.</enum><header>Effective date</header><text display-inline="no-display-inline">This title and the amendments made by this title shall take effect on the date that is 18 months after the date of the enactment of this Act.</text></section> <enum>VI</enum><header>Financial Stability Oversight Council Improvement</header> <section id="H5F3556F341FD4711B11A7BBB634E7FB2"><enum>601.</enum><header>SIFI designation process</header><text display-inline="no-display-inline">Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) is amended—</text> <paragraph id="HBDA3ED0E16DF400D9E117115D18D3C8E"><enum>(1)</enum><text>in subsection (a)(2)—</text> <subparagraph id="H33334F2190D04637935BF866AD51354A"><enum>(A)</enum><text>in subparagraph (J), by striking <quote>and</quote> at the end;</text> </subparagraph> <subparagraph id="H8D3EB45FE83F4678A8E625FC33B5CC71"><enum>(B)</enum><text>by redesignating subparagraph (K) as subparagraph (L); and</text> </subparagraph> <subparagraph id="H4C39DDE1F1184E498ADC026B05E2C8D0"><enum>(C)</enum><text>by inserting after subparagraph (J) the following:</text> <quoted-block display-inline="no-display-inline" id="H5E8B111EB4A74955B58E4423BB966E9F" style="OLC"> <subparagraph id="H118834C7229F4D3F904EB820B56875F6"><enum>(K)</enum><text display-inline="yes-display-inline">the appropriateness of the imposition of prudential standards as opposed to other forms of regulation to mitigate the identified risks; and</text></subparagraph><after-quoted-block>;</after-quoted-block></quoted-block> </subparagraph></paragraph> <paragraph id="H9E787E187F494537B6A9BBF35AEEAF1B"><enum>(2)</enum><text>in subsection (b)(2)—</text> <subparagraph id="H784D694939BD458D97306919F7F32DBC"><enum>(A)</enum><text>in subparagraph (J), by striking <quote>and</quote> at the end;</text> </subparagraph> <subparagraph id="H1E2F4C18436048EB96FF83566292B467"><enum>(B)</enum><text>by redesignating subparagraph (K) as subparagraph (L);</text> </subparagraph> <subparagraph id="HD67A28130FF348989B0EED0AF385DCCC"><enum>(C)</enum><text>by inserting after subparagraph (J) the following:</text> <quoted-block display-inline="no-display-inline" id="H085E8499B48740B581296EF60129E5AB" style="OLC"> <subparagraph id="HA9B43CA244104335B4A95D95866D9C00"><enum>(K)</enum><text display-inline="yes-display-inline">the appropriateness of the imposition of prudential standards as opposed to other forms of regulation to mitigate the identified risks; and</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block> </subparagraph></paragraph> <paragraph id="H4F90DBCB622D4496A97B9B86AFA37DA1"><enum>(3)</enum><text>by amending subsection (d) to read as follows:</text> <quoted-block display-inline="no-display-inline" id="H9B84D7D172184EA6897219D9BD3BCE20" style="OLC"> <subsection id="H692725A71FF846009F9EA7190C5F5A82"><enum>(d)</enum><header>Reevaluation and Rescission</header> <paragraph id="H511B8853FCDB4C8AADA7FDB48354537F"><enum>(1)</enum><header>Annual reevaluation</header><text display-inline="yes-display-inline">Not less frequently than annually, the Council shall reevaluate each determination made under subsections (a) and (b) with respect to a nonbank financial company supervised by the Board of Governors and shall—</text> <subparagraph id="HBC894DE3AECB42E0B3D02A94B8F3D19D"><enum>(A)</enum><text display-inline="yes-display-inline">provide written notice to the nonbank financial company being reevaluated and afford such company an opportunity to submit written materials, within such time as the Council determines to be appropriate (but which shall be not less than 30 days after the date of receipt by the company of such notice), to contest the determination, including materials concerning whether, in the company’s view, material financial distress at the company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the company could pose a threat to the financial stability of the United States;</text> </subparagraph> <subparagraph id="H58D99FDF971A472AB38854150AF4B924"><enum>(B)</enum><text display-inline="yes-display-inline">provide an opportunity for the nonbank financial company to meet with the Council to present the information described in subparagraph (A); and</text> </subparagraph> <subparagraph id="H9FCE2FAE5E2B46E59BAB4B359C22BDC7"><enum>(C)</enum><text>if the Council does not rescind the determination, provide notice to the nonbank financial company, its primary financial regulatory agency and the primary financial regulatory agency of any of the company’s significant subsidiaries of the reasons for the Council’s decision, which notice shall address with specificity how the Council assessed the material factors presented by the company under subparagraphs (A) and (B).</text> </subparagraph></paragraph> <paragraph id="H5FB6DDBC57F04FB590C3A1A2E54A0C06"><enum>(2)</enum><header>Periodic reevaluation</header> <subparagraph id="H425C6AD8AFF040C89F5ED10256E5D740"><enum>(A)</enum><header>Review</header><text>Every 5 years after the date of a final determination with respect to a nonbank financial company under subsection (a) or (b), as applicable, the nonbank financial company may submit a written request to the Council for a reevaluation of such determination. Upon receipt of such a request, the Council shall conduct a reevaluation of such determination and hold a vote on whether to rescind such determination.</text> </subparagraph> <subparagraph id="H7388C14537014C5482539FC8D9899307"><enum>(B)</enum><header>Procedures</header><text>Upon receipt of a written request under paragraph (A), the Council shall fix a time (not earlier than 30 days after the date of receipt of the request) and place at which such company may appear, personally or through counsel, to—</text> <clause id="H466F2E822F7C4EDD89B24CD55053E0BD"><enum>(i)</enum><text>submit written materials (which may include a plan to modify the company’s business, structure, or operations, which shall specify the length of the implementation period); and</text> </clause> <clause id="H32EE9EB03648460E971295A47CBC1ACE"><enum>(ii)</enum><text>provide oral testimony and oral argument before the members of the Council.</text> </clause></subparagraph> <subparagraph id="HCD67BD2F9715430C8CC984E417EE81B5"><enum>(C)</enum><header>Treatment of plan</header><text>If the company submits a plan in accordance with subparagraph (B)(i), the Council shall consider whether the plan, if implemented, would cause the company to no longer meet the standards for a final determination under subsection (a) or (b), as applicable. The Council shall provide the nonbank financial company an opportunity to revise the plan after consultation with the Council.</text> </subparagraph> <subparagraph id="H4F1C62A41D9944E1B45BA4093AEDF744"><enum>(D)</enum><header>Explanation for certain companies</header><text display-inline="yes-display-inline">With respect to a reevaluation under this paragraph where the determination being reevaluated was made before the date of enactment of this paragraph, the nonbank financial company may require the Council, as part of such reevaluation, to explain with specificity the basis for such determination.</text> </subparagraph></paragraph> <paragraph id="HF58984097D3040D688476D7492B9E3CD"><enum>(3)</enum><header>Rescission of determination</header> <subparagraph id="H0A292091D26E4880A05A5428B7C498ED"><enum>(A)</enum><header>In general</header><text>If the Council, by a vote of not fewer than <fraction>2/3</fraction> of the voting members then serving, including an affirmative vote by the Chairperson, determines under this subsection that a nonbank financial company no longer meets the standards for a final determination under subsection (a) or (b), as applicable, the Council shall rescind such determination.</text> </subparagraph> <subparagraph id="H9E9A6589F09B470B902A6B14556FD087"><enum>(B)</enum><header>Approval of company plan</header><text>Approval by the Council of a plan submitted or revised in accordance with paragraph (2) shall require a vote of not fewer than <fraction>2/3</fraction> of the voting members then serving, including an affirmative vote by the Chairperson. If such plan is approved by the Council, the company shall implement the plan during the period identified in the plan, except that the Council, in its sole discretion and upon request from the company, may grant one or more extensions of the implementation period. After the end of the implementation period, including any extensions granted by the Council, the Council shall proceed to a vote as described under subparagraph (A).</text></subparagraph></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph> <paragraph id="H11EF92E8E7544D8B8CACBC63B11D9E5A"><enum>(4)</enum><text>by amending subsection (e) to read as follows:</text> <quoted-block display-inline="no-display-inline" id="H7642F46675B1466C9AEF876D4272A153" style="OLC"> <subsection id="H721DAEC9B73849DEA02B1D94BB5F28DF"><enum>(e)</enum><header>Requirements for proposed determination, notice and opportunity for hearing, and final determination</header> <paragraph id="H552486B24E414479A1F4E43FCE6EB56D"><enum>(1)</enum><header>Notice of identification for initial evaluation and opportunity for voluntary submission</header><text display-inline="yes-display-inline">Upon identifying a nonbank financial company for comprehensive analysis of the potential for the nonbank company to pose a threat to the financial stability of the United States, the Council shall provide the nonbank financial company with—</text> <subparagraph id="HE87C10FA99204F35B41C29C787EF7BAF"><enum>(A)</enum><text display-inline="yes-display-inline">written notice that explains with specificity the basis for so identifying the company, a copy of which shall be provided to the company’s primary financial regulatory agency;</text> </subparagraph> <subparagraph id="H81E8A0E000414B2090B1055CA01D5D7C"><enum>(B)</enum><text>an opportunity to submit written materials for consideration by the Council as part of the Council’s initial evaluation of the risk profile and characteristics of the company;</text> </subparagraph> <subparagraph id="H21F070A44743448B8E93A3FD21C1C1DA"><enum>(C)</enum><text display-inline="yes-display-inline">an opportunity to meet with the Council to discuss the Council’s analysis; and</text> </subparagraph> <subparagraph id="H621A542D036349CD8A2F1463DDA4F974"><enum>(D)</enum><text>a list of the public sources of information being considered by the Council as part of such analysis.</text> </subparagraph></paragraph> <paragraph id="H2208404DDAE44F5884ED9A89C251EE93"><enum>(2)</enum><header>Requirements before making a proposed determination</header><text display-inline="yes-display-inline">Before making a proposed determination with respect to a nonbank financial company under paragraph (3), the Council shall—</text> <subparagraph id="HA62A253F750A4DC7A91778C26A67B42D"><enum>(A)</enum><text display-inline="yes-display-inline">by a vote of not fewer than <fraction>2/3</fraction> of the voting members then serving, including an affirmative vote by the Chairperson, approve a resolution that identifies with specificity any risks to the financial stability of the United States the Council has identified relating to the nonbank financial company;</text> </subparagraph> <subparagraph id="HCCE64B7E3F42473BAA510DB2532A965F"><enum>(B)</enum><text display-inline="yes-display-inline">with respect to nonbank financial company with a primary financial regulatory agency, provide a copy of the resolution described under subparagraph (A) to the primary financial regulatory agency and provide such agency with at least 180 days from the receipt of the resolution to—</text> <clause id="H55B05E920B29455AB33751BD1600AF9D"><enum>(i)</enum><text>consider the risks identified in the resolution; and</text> </clause> <clause id="H607469450AAA42E3844CF13DC4FB47BF"><enum>(ii)</enum><text display-inline="yes-display-inline">provide a written response to the Council that includes its assessment of the risks identified and the degree to which they are or could be addressed by existing regulation and, as appropriate, issue proposed regulations or undertake other regulatory action to mitigate the identified risks;</text> </clause></subparagraph> <subparagraph id="HEDAE3F9EDA584A2084198F1DAAF58EFA"><enum>(C)</enum><text>provide the nonbank financial company with written notice that the Council—</text> <clause id="H83EC3F917AC84D62810E96D4D6821C20"><enum>(i)</enum><text display-inline="yes-display-inline">is considering whether to make a proposed determination with respect to the nonbank financial company under subsection (a) or (b), as applicable, which notice explains with specificity the basis for the Council’s consideration, including any aspects of the company’s operations or activities that are a primary focus for the Council; or</text> </clause> <clause id="H86AB1A6F0CA6427FB3520B238FD776F7"><enum>(ii)</enum><text display-inline="yes-display-inline">has determined not to subject the company to further review, which action shall not preclude the Council from issuing a notice to the company under subparagraph (1)(A) at a future time; and</text> </clause></subparagraph> <subparagraph id="H2D18C6DC329E4948BDABE38BF2CB1AF7"><enum>(D)</enum><text display-inline="yes-display-inline">in the case of a notice to the nonbank financial company under subparagraph (C)(i), provide the company with—</text> <clause id="HF0B61FB8B1444A479520F2DC255E6E62"><enum>(i)</enum><text>an opportunity to meet with the Council to discuss the Council’s analysis;</text> </clause> <clause id="H56C27FC5153F48D5B707A60402E83B23"><enum>(ii)</enum><text>an opportunity to submit written materials, within such time as the Council deems appropriate (but not less than 30 days after the date of receipt by the company of the notice described under clause (i)), to the Council to inform the Council’s consideration of the nonbank financial company for a proposed determination, including materials concerning the company’s views as to whether it satisfies the standard for determination set forth in subsection (a) or (b), as applicable;</text> </clause> <clause id="H3323B80BE4E54FCBB5EB717D152D5C60"><enum>(iii)</enum><text display-inline="yes-display-inline">an explanation of how any request by the Council for information from the nonbank financial company relates to potential risks to the financial stability of the United States and the Council’s analysis of the company;</text> </clause> <clause id="H0DD5F8CB961E4E39BB850C4D2C44B67C"><enum>(iv)</enum><text>written notice when the Council deems its evidentiary record regarding such nonbank financial company to be complete; and</text> </clause> <clause id="H6777D2CB33264B36BD962399D68CD574"><enum>(v)</enum><text display-inline="yes-display-inline">an opportunity to meet with the members of the Council.</text> </clause></subparagraph></paragraph> <paragraph id="H210FE6C8C6334E5984140CBB0B90BF16"><enum>(3)</enum><header>Proposed determination</header> <subparagraph id="HD1C6FD1A45E64E209E0FC5001BD4FDEA"><enum>(A)</enum><header>Voting</header><text display-inline="yes-display-inline">The Council may, by a vote of not fewer than <fraction>2/3</fraction> of the voting members then serving, including an affirmative vote by the Chairperson, propose to make a determination in accordance with the provisions of subsection (a) or (b), as applicable, with respect to a nonbank financial company.</text> </subparagraph> <subparagraph id="H4E519D1DB6AC4336B035350A4539536D"><enum>(B)</enum><header>Deadline for making a proposed determination</header><text display-inline="yes-display-inline">With respect to a nonbank financial company provided with a written notice under paragraph (2)(C)(i), if the Council does not provide the company with the written notice of a proposed determination described under paragraph (4) within the 180-day period following the date on which the Council notifies the company under paragraph (2)(C) that the evidentiary record is complete, the Council may not make such a proposed determination with respect to such company unless the Council repeats the procedures described under paragraph (2).</text> </subparagraph> <subparagraph id="HC3B7BB4F0A894521BC2EDFA3913F21F6"><enum>(C)</enum><header>Review of actions of primary financial regulatory agency</header><text>With respect to a nonbank financial company with a primary financial regulatory agency, the Council may not vote under subparagraph (A) to make a proposed determination unless—</text> <clause id="H388117C3E9A64C8DA970CB63FFF24426"><enum>(i)</enum><text>the Council first determines that any proposed regulations or other regulatory actions taken by the primary financial regulatory agency after receipt of the resolution described under paragraph (2)(A) are insufficient to mitigate the risks identified in the resolution;</text> </clause> <clause id="H0B2102A4D94C40B6883532E9B91E97C5"><enum>(ii)</enum><text display-inline="yes-display-inline">the primary financial regulatory agency has notified the Council that the agency has no proposed regulations or other regulatory actions to mitigate the risks identified in the resolution; or</text> </clause> <clause id="H6DCA248DBA6D44E2ADF0FCA4B9AF5C38"><enum>(iii)</enum><text display-inline="yes-display-inline">the period allowed by the Council under paragraph (2)(B) has elapsed and the primary financial regulatory agency has taken no action in response to the resolution.</text> </clause></subparagraph></paragraph> <paragraph id="HB55E2E47C55040688D79D1FC15ED230D"><enum>(4)</enum><header>Notice of proposed determination</header><text display-inline="yes-display-inline">The Council shall—</text> <subparagraph id="H7003D3C13CAC48C9A49409476FC8FDF3"><enum>(A)</enum><text>provide to a nonbank financial company written notice of a proposed determination of the Council, including an explanation of the basis of the proposed determination of the Council, that a nonbank financial company shall be supervised by the Board of Governors and shall be subject to prudential standards in accordance with this title, an explanation of the specific risks to the financial stability of the United States presented by the nonbank financial company, and a detailed explanation of why existing regulations or other regulatory action by the company’s primary financial regulatory agency, if any, is insufficient to mitigate such risk; and</text> </subparagraph> <subparagraph id="HE0154BBCEBDE44A6814075A8E9764E6C"><enum>(B)</enum><text display-inline="yes-display-inline">provide the primary financial regulatory agency of the nonbank financial company a copy of the nonpublic written explanation of the Council’s proposed determination.</text> </subparagraph></paragraph> <paragraph id="H2BB1ED48949E49F1BCF1FA001DFEAA5A"><enum>(5)</enum><header>Hearing</header> <subparagraph id="H429FB44F3AEF4A038C977DCC5F9F29AC"><enum>(A)</enum><header>In general</header><text>Not later than 30 days after the date of receipt of any notice of a proposed determination under paragraph (4), the nonbank financial company may request, in writing, an opportunity for a written or oral hearing before the Council to contest the proposed determination, including the opportunity to present a plan to modify the company’s business, structure, or operations in order to mitigate the risks identified in the notice, and which plan shall also include any steps the company expects to take during the implementation period to mitigate such risks.</text> </subparagraph> <subparagraph id="H0C7C8CDE071E4835A99D56476ADE0BD3"><enum>(B)</enum><header>Grant of hearing</header><text>Upon receipt of a timely request, the Council shall fix a time (not earlier than 30 days after the date of receipt of the request) and place at which such company may appear, personally or through counsel, to—</text> <clause id="HCD93B6AD18314566B6717C78AB97DDC7"><enum>(i)</enum><text>submit written materials (which may include a plan to modify the company’s business, structure, or operations); or</text> </clause> <clause id="H1C48085DD258475BB08BD4CBB9EC6E4B"><enum>(ii)</enum><text>provide oral testimony and oral argument to the members of the Council.</text> </clause></subparagraph></paragraph> <paragraph id="H845E404073BA471BA0D4A7B41465E5E3"><enum>(6)</enum><header>Council consideration of company plan</header> <subparagraph id="H0A7DDC7C2FFF4AF89DAAA641A9A1D289"><enum>(A)</enum><header>In general</header><text>If a nonbank financial company submits a plan in accordance with paragraph (5), the Council shall, prior to making a final determination—</text> <clause id="HC5826AC52F904FE9B9110CF6000A1242"><enum>(i)</enum><text display-inline="yes-display-inline">consider whether the plan, if implemented, would mitigate the risks identified in the notice under paragraph (4); and</text> </clause> <clause id="H4B229E5D9C8B46ECAF0EA3767CC66093"><enum>(ii)</enum><text>provide the nonbank financial company an opportunity to revise the plan after consultation with the Council.</text> </clause></subparagraph> <subparagraph id="H77BDEB5FAF0442518126CCF0D5A51949"><enum>(B)</enum><header>Voting</header><text display-inline="yes-display-inline">Approval by the Council of a plan submitted under paragraph (5) or revised under subparagraph (A)(ii) shall require a vote of not fewer than <fraction>2/3</fraction> of the voting members then serving, including an affirmative vote by the Chairperson.</text> </subparagraph> <subparagraph id="H93171ED746094959858F9B84BDFFE922"><enum>(C)</enum><header>Implementation of approved plan</header><text>With respect to a nonbank financial company’s plan approved by the Council under subparagraph (B), the company shall have one year to implement the plan, except that the Council, in its sole discretion and upon request from the nonbank financial company, may grant one or more extensions of the implementation period.</text> </subparagraph> <subparagraph id="H533FFF6D174F40F889256747F0926655"><enum>(D)</enum><header>Oversight of implementation</header> <clause id="H35DCAE90CA864A7C822DA9ECA9C52172"><enum>(i)</enum><header>Periodic reports</header><text>The Council, acting through the Office of Financial Research, may require the submission of periodic reports from a nonbank financial company for the purpose of evaluating the company’s progress in implementing a plan approved by the Council under subparagraph (B).</text> </clause> <clause id="HDA84E36FACED4C2897C9B38B263C6A1B"><enum>(ii)</enum><header>Inspections</header><text display-inline="yes-display-inline">The Council may direct the primary financial regulatory agency of a nonbank financial company or its subsidiaries (or, if none, the Board of Governors) to inspect the company or its subsidiaries for the purpose of evaluating the implementation of the company’s plan.</text> </clause></subparagraph> <subparagraph id="HE027F26B33CE4103832A2E9C7F77148A"><enum>(E)</enum><header>Authority to rescind approval</header> <clause id="H1EC384EE149E4491A3F43185816297FB"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">During the implementation period described under subparagraph (C), including any extensions granted by the Council, the Council shall retain the authority to rescind its approval of the plan if the Council finds, by a vote of not fewer than <fraction>2/3</fraction> of the voting members then serving, including an affirmative vote by the Chairperson, that the company’s implementation of the plan is no longer sufficient to mitigate or prevent the risks identified in the resolution described under paragraph (2)(A).</text> </clause> <clause id="H229923E220674369A8029319E6326C5D"><enum>(ii)</enum><header>Final determination vote</header><text>The Council may proceed to a vote on final determination under subsection (a) or (b), as applicable, not earlier than 10 days after providing the nonbank financial company with written notice that the Council has rescinded the approval of the company’s plan pursuant to clause (i).</text> </clause></subparagraph> <subparagraph id="HD9B34D0E6C4D4788BB9D46D6779043B8"><enum>(F)</enum><header>Actions after implementation</header> <clause id="HF6E0A84F78E142718C1DB98BB44462FF"><enum>(i)</enum><header>Evaluation of implementation</header><text>After the end of the implementation period described under subparagraph (C), including any extensions granted by the Council, the Council shall consider whether the plan, as implemented by the nonbank financial company, adequately mitigates or prevents the risks identified in the resolution described under paragraph (2)(A).</text> </clause> <clause id="HB6117008B1C648C08ED70EFF9839C317"><enum>(ii)</enum><header>Voting</header><text display-inline="yes-display-inline">If, after performing an evaluation under clause (i), not fewer than <fraction>2/3</fraction> of the voting members of the Council then serving, including an affirmative vote by the Chairperson, determine that the plan, as implemented, adequately mitigates or prevents the identified risks, the Council shall not make a final determination under subsection (a) or (b), as applicable, with respect to the nonbank financial company and shall notify the company of the Council’s decision to take no further action.</text> </clause></subparagraph></paragraph> <paragraph id="HB642EFC4CB17440198064690DA049C8E"><enum>(7)</enum><header>Final council decisions</header> <subparagraph id="H453A5FB0D7DE4EA286DC27EB11510A95"><enum>(A)</enum><header>In general</header><text>Not later than 90 days after the date of a hearing under paragraph (5), the Council shall notify the nonbank financial company of—</text> <clause id="H0BEA5A2BF1EC44D18EADDC2BCBD8466B"><enum>(i)</enum><text>a final determination under subsection (a) or (b), as applicable;</text> </clause> <clause id="HB97F167611404212AF17CB77ADB0829E"><enum>(ii)</enum><text>the Council’s approval of a plan submitted by the nonbank financial company under paragraph (5) or revised under paragraph (6); or</text> </clause> <clause id="H24487F32113D4535AFBA14EDEBA3F681"><enum>(iii)</enum><text>the Council’s decision to take no further action with respect to the nonbank financial company.</text> </clause></subparagraph> <subparagraph id="H8311091299D747CA80C1EB5D3ECF2F61"><enum>(B)</enum><header>Explanatory statement</header><text display-inline="yes-display-inline">A final determination of the Council, under subsection (a) or (b), shall contain a statement of the basis for the decision of the Council, including the reasons why the Council rejected any plan by the nonbank financial company submitted under paragraph (5) or revised under paragraph (6).</text> </subparagraph> <subparagraph id="H156E2CDB8D3A449699E77A04FE6D5C6A"><enum>(C)</enum><header>Notice to primary financial regulatory agency</header><text display-inline="yes-display-inline">In the case of a final determination under subsection (a) or (b), the Council shall provide the primary financial regulatory agency of the nonbank financial company a copy of the nonpublic written explanation of the Council’s final determination.</text></subparagraph></paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block> </paragraph> <paragraph id="HFD0409DCA84D4352AE4170EDC16D5357"><enum>(5)</enum><text display-inline="yes-display-inline">in subsection (g), strike <quote>before the Council makes any final determination</quote> and insert <quote>from the outset of the Council’s consideration of the company, including before the Council makes any proposed or final determination</quote>; and</text> </paragraph> <paragraph id="H7BDB9792F6FF4C5E952866AED86843B6"><enum>(6)</enum><text>by adding at the end the following:</text> <quoted-block display-inline="no-display-inline" id="HF12727EF42974EF4B84FE3156EC0A714" style="OLC"> <subsection id="H86E4A20A6A7C4E42AEDEA34142B85AB2"><enum>(j)</enum><header>Public disclosure requirement</header><text display-inline="yes-display-inline">The Council shall—</text> <paragraph id="HE6E809CCD3054E9EACA1A2C0530ABD7F"><enum>(1)</enum><text display-inline="yes-display-inline">in each case where a nonbank financial company has been notified that it is subject to the Council’s review and the company has publicly disclosed such fact, confirm that the nonbank financial company is subject to the Council’s review, in response to a request from a third party;</text> </paragraph> <paragraph id="HB38A2054B4FE4CC59533BE46F1EB348B"><enum>(2)</enum><text>upon making a final determination, publicly provide a written explanation of the basis for its decision with sufficient detail to provide the public with an understanding of the specific bases of the Council’s determination, including any assumptions related thereof, subject to the requirements of section 112(d)(5);</text> </paragraph> <paragraph id="HD1891822C5E147BA99E32E49AC264FB1"><enum>(3)</enum><text>include, in the annual report required by section 112, the number of nonbank financial companies from the previous year subject to preliminary analysis, further review, and subject to a proposed or final determination; and</text> </paragraph> <paragraph id="H180C088005AD489FBE4486D8F10D87BF"><enum>(4)</enum><text>within 90 days after the enactment of this subsection, publish information regarding its methodology for calculating any quantitative thresholds or other metrics used to identify nonbank financial companies for analysis by the Council.</text> </paragraph></subsection> <subsection id="H62CB1681F2144E2EB86F2A5579F315DB"><enum>(k)</enum><header>Periodic assessment of the impact of designations</header> <paragraph id="H04A061931B62477E993019E7D61D3516"><enum>(1)</enum><header>Assessment</header><text display-inline="yes-display-inline">Every five years after the date of enactment of this section, the Council shall—</text> <subparagraph id="HA9D82E18FEEB4A4ABE8727DCA7E36ABF"><enum>(A)</enum><text>conduct a study of the Council’s determinations that nonbank financial companies shall be supervised by the Board of Governors and shall be subject to prudential standards; and</text> </subparagraph> <subparagraph id="HDA9A1F7C7CE844E0AA4419CBD792BC92"><enum>(B)</enum><text>comprehensively assess the impact of such determinations on the companies for which such determinations were made and the wider economy, including whether such determinations are having the intended result of improving the financial stability of the United States.</text> </subparagraph></paragraph> <paragraph id="H4C8D54646E9D45E88C196608E8BE8996"><enum>(2)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than 90 days after completing a study required under paragraph (1), the Council shall issue a report to the Congress that—</text> <subparagraph id="H74E34DC0A5364AC8B9CAAA45925F9794"><enum>(A)</enum><text>describes all findings and conclusions made by the Council in carrying out such study; and</text> </subparagraph> <subparagraph id="HEE3C23AE746A4930BFF26A805F0782A0"><enum>(B)</enum><text>identifies whether any of the Council’s determinations should be rescinded or whether related regulations or regulatory guidance should be modified, streamlined, expanded, or repealed.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section> <section id="H191F2DEB47D94333930D41196568DCC0"><enum>602.</enum><header>Rule of construction</header><text display-inline="no-display-inline">None of the amendments made by this title may be construed as limiting the Financial Stability Oversight Council’s emergency powers under section 113(f) of the Financial Stability Act of 2010 (12 U.S.C. 5323(f)).</text> </section>