summary
Introduced
11/03/2017
11/03/2017
In Committee
11/15/2017
11/15/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Restoring Financial Market Freedom Act of 2017 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal the authority of the Financial Stability Oversight Council to designate financial market utilities (i.e., payment, clearing, and settlement systems) as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions.
AI Summary
This bill, the Restoring Financial Market Freedom Act of 2017, repeals Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Title VIII gave the Financial Stability Oversight Council the authority to designate certain financial market utilities (payment, clearing, and settlement systems) as "systemically important" or "too big to fail," subjecting them to additional regulatory restrictions. This bill removes that designation authority, restoring the previous regulatory framework for these financial market utilities.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Placed on the Union Calendar, Calendar No. 886. (on 01/02/2019)
Official Document
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