This bill would codify into law current regulatory practices that require large financial institutions to submit resolution plans (aka living wills) to the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve every two years. Living wills describe a bank’s strategy for a rapid and orderly resolution if the bank experiences financial distress or fails. The bill would also require the FDIC and Federal Reserve to provide additional feedback to firms about their living wills, and to publicly disclose the framework they use to assess the living wills.
What is House Bill H.R. 4292?
Cost of House Bill H.R. 4292
In-Depth: Speaking from the House floor in support of his bill to reform the living will process, sponsoring Rep. Lee Zeldin (R-NY) said:
“This legislation would provide needed reforms to the living will submission process, would ensure that impacted financial institutions get needed feedback from their regulators, and would uphold sensible standards to protect the financial system.”
Summary by Eric Revell(Photo Credit: MBPROJEKT_Maciej_Biedkowski / iStock)
Financial Institution Living Will Improvement Act of 2017
To reform the living will process under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Not enactedThe President has not signed this bill
- The senate has not voted
Committee on Banking, Housing, and Urban Affairs
- senate Committees
- The house Passed January 30th, 2018Roll Call Vote 414 Yea / 0 Nay
Committee on Financial ServicesIntroducedNovember 7th, 2017
- house Committees