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House Bill 4206
118th Congress(2023-2024)
Bank Safety Act of 2024
Introduced
Introduced
Introduced in House on Jun 20, 2023
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H. R. 4206 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 4206


To amend the Financial Stability Act of 2010 to require covered financial institutions to include elements of accumulated other comprehensive income when calculating capital for purposes of meeting capital requirements, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

June 20, 2023

Mr. Sherman introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Financial Stability Act of 2010 to require covered financial institutions to include elements of accumulated other comprehensive income when calculating capital for purposes of meeting capital requirements, 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.

This Act may be cited as the “Bank Safety Act of 2023”.

SEC. 2. Inclusion of elements of accumulated other comprehensive income in capital requirements for covered financial institutions.

(a) In general.—Section 165 of the Financial Stability Act of 2010 (12 U.S.C. 5365) is amended by adding at the end the following new subsection:

“(l) Inclusion of elements of accumulated other comprehensive income.—

“(1) IN GENERAL.—The computation of capital for purposes of meeting capital requirements for a covered financial institution shall include all accumulated other comprehensive income components, except for accumulated net gains and losses on cash flow hedges related to items that are not recognized at fair value.

“(2) COVERED FINANCIAL INSTITUTION DEFINED.—In this subsection, the term ‘covered financial institution’ means—

“(A) a bank holding company (as defined in section 2(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(a))) with total consolidated assets greater than $100,000,000,000;

“(B) a insured depository institution over which a bank holding company does not have control with total consolidated assets greater than $100,000,000,000; or

“(C) any other bank holding company or insured depository institution, as determined by the appropriate Federal banking agencies.”.

(b) Applicability.—A covered financial institution (as defined in section 165(l) of the Financial Stability Act of 2010, as added by this Act) that elected to opt out of the requirement to report accumulated other comprehensive income components pursuant to the rule titled “Changes to Applicability Thresholds for Regulatory Capital and Liquidity Requirements” (84 Fed. Reg. 59230; November 1, 2019) shall be subject to the requirements of subsection (l) of section 165 of the Financial Stability Act of 2010, as added by this Act, on the effective date described in subsection (c).

(c) Effective date.—The appropriate Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) shall issue final rules to carry out this Act and the amendments made by this Act that shall take effect on a date not earlier than 60 days after the date of the enactment of this Act and not later than December 31, 2024.