Page:United States Statutes at Large Volume 124.djvu/1436

 124 STAT. 1410 PUBLIC LAW 111–203—JULY 21, 2010 recommendations for legislation that would prevent such activi- ties or practices from threatening the stability of the financial system of the United States. (e) EFFECT OF RESCISSION OF IDENTIFICATION.— (1) NOTICE.—The Council may recommend to the relevant primary financial regulatory agency that a financial activity or practice no longer requires any standards or safeguards implemented under this section. (2) DETERMINATION OF PRIMARY FINANCIAL REGULATORY AGENCY TO CONTINUE.— (A) IN GENERAL.—Upon receipt of a recommendation under paragraph (1), a primary financial regulatory agency that has imposed standards under this section shall deter- mine whether such standards should remain in effect. (B) APPEAL PROCESS.—Each primary financial regu- latory agency that has imposed standards under this sec- tion shall promulgate regulations to establish a procedure under which entities under its jurisdiction may appeal a determination by such agency under this paragraph that standards imposed under this section should remain in effect. SEC. 121. MITIGATION OF RISKS TO FINANCIAL STABILITY. (a) MITIGATORY ACTIONS.—If the Board of Governors deter- mines that a bank holding company with total consolidated assets of $50,000,000,000 or more, or a nonbank financial company super- vised by the Board of Governors, poses a grave threat to the financial stability of the United States, the Board of Governors, upon an affirmative vote of not fewer than 2⁄3 of the voting members of the Council then serving, shall— (1) limit the ability of the company to merge with, acquire, consolidate with, or otherwise become affiliated with another company; (2) restrict the ability of the company to offer a financial product or products; (3) require the company to terminate one or more activities; (4) impose conditions on the manner in which the company conducts 1 or more activities; or (5) if the Board of Governors determines that the actions described in paragraphs (1) through (4) are inadequate to miti- gate a threat to the financial stability of the United States in its recommendation, require the company to sell or otherwise transfer assets or off-balance-sheet items to unaffiliated enti- ties. (b) NOTICE AND HEARING.— (1) IN GENERAL.—The Board of Governors, in consultation with the Council, shall provide to a company described in subsection (a) written notice that such company is being consid- ered for mitigatory action pursuant to this section, including an explanation of the basis for, and description of, the proposed mitigatory action. (2) HEARING.—Not later than 30 days after the date of receipt of notice under paragraph (1), the company may request, in writing, an opportunity for a written or oral hearing before the Board of Governors to contest the proposed mitigatory action. Upon receipt of a timely request, the Board of Governors shall fix a time (not later than 30 days after the date of Deadlines. 12 USC 5331. Regulations.