118th Congress Finance and Financial Sector
S. 817: SVB Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases the oversight of certain nonbank financial companies and bank holding companies by repealing Title IV of the Economic Growth, Regulatory Relief, and Consumer Protection Act (P.L. 115-174). (A nonbank financial company is a financial institution without a banking license that may be subject to supervision due to the company's size or risk profile. A bank holding company owns a controlling interest in one or more banks.)
Specifically, the bill decreases from $250 billion to $50 billion the asset threshold at which enhanced prudential standards become mandatory, thereby requiring more companies to comply with these standards. These standards include stress testing, leverage limits, liquidity requirements, and resolution plan requirements (i.e., living will requirements). Under current law, the Federal Reserve has the discretion to determine the applicability of these standards to bank holding companies with assets between $100 billion and $250 billion.
The bill also expands stress testing by
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- increasing the number of board-run stress test scenarios from two to three;
- decreasing the asset threshold at which company-run stress tests are required from $250 billion to $10 billion; and
- requiring company-run stress tests to be performed annually or semiannually, depending on the amount of assets held.
The bill also decreases from $50 billion to $10 billion the asset threshold for mandatory risk committees.
Finally, the bill revises the supplemental leverage ratio applied to custodial banks and the asset treatment of certain municipal obligations.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Tammy Baldwin D-WIOriginal
- Richard Blumenthal D-CTOriginal
- Cory Booker D-NJOriginal
- Robert Casey D-PAOriginal
- Richard Durbin D-ILOriginal
- Tammy Duckworth D-ILOriginal
- John Fetterman D-PAOriginal
- Mazie Hirono D-HIOriginal
- Martin Heinrich D-NMOriginal
- Ben Luján D-NMOriginal
- Edward Markey D-MAOriginal
- Robert Menendez D-NJOriginal
- Christopher Murphy D-CTOriginal
- Bernard Sanders I-VTOriginal
- Brian Schatz D-HIOriginal
- Peter Welch D-VTOriginal
- Sheldon Whitehouse D-RIOriginal
- Jeff Merkley D-OR
- Dianne Feinstein D-CA
Who scored on this bill
- 1Elizabeth Warren SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by Elizabeth Warren
History
- Introduced in the Senate by Elizabeth Warren.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.