Page 68 — Public Law 111-203 including PTFA amendments

124 STAT. 1442 PUBLIC LAW 111–203—JULY 21, 2010

Urban Affairs of the Senate and the Committee on Financial Serv-
ices of the House of Representatives summarizing the results of
the studies required under subsection (a). The reports shall include
specific recommendations for legislative or regulatory action
regarding the treatment of hybrid capital instruments, including
trust preferred shares, and shall explain the basis for such rec-
ommendations.

Consultation. SEC. 175. INTERNATIONAL POLICY COORDINATION.
12 USC 5373.
(a) BY THE PRESIDENT.—The President, or a designee of the
President, may coordinate through all available international policy
channels, similar policies as those found in United States law
relating to limiting the scope, nature, size, scale, concentration,
and interconnectedness of financial companies, in order to protect
financial stability and the global economy.
(b) BY THE COUNCIL.—The Chairperson of the Council, in con-
sultation with the other members of the Council, shall regularly
consult with the financial regulatory entities and other appropriate
organizations of foreign governments or international organizations
on matters relating to systemic risk to the international financial
system.
(c) BY THE BOARD OF GOVERNORS AND THE SECRETARY.—The
Board of Governors and the Secretary shall consult with their
foreign counterparts and through appropriate multilateral organiza-
tions to encourage comprehensive and robust prudential supervision
and regulation for all highly leveraged and interconnected financial
companies.

12 USC 5374. SEC. 176. RULE OF CONSTRUCTION.
No regulation or standard imposed under this title may be
construed in a manner that would lessen the stringency of the
requirements of any applicable primary financial regulatory agency
or any other Federal or State agency that are otherwise applicable.
This title, and the rules and regulations or orders prescribed pursu-
ant to this title, do not divest any such agency of any authority
derived from any other applicable law.

TITLE II—ORDERLY LIQUIDATION
AUTHORITY

12 USC 5381. SEC. 201. DEFINITIONS.
(a) IN GENERAL.—In this title, the following definitions shall
apply:
(1) ADMINISTRATIVE EXPENSES OF THE RECEIVER.—The term
‘‘administrative expenses of the receiver’’ includes—
(A) the actual, necessary costs and expenses incurred
by the Corporation as receiver for a covered financial com-
pany in liquidating a covered financial company; and
(B) any obligations that the Corporation as receiver
for a covered financial company determines are necessary
and appropriate to facilitate the smooth and orderly liq-
uidation of the covered financial company.
(2) BANKRUPTCY CODE.—The term ‘‘Bankruptcy Code’’

LAWS means title 11, United States Code. (3) BRIDGE FINANCIAL COMPANY.—The term ‘‘bridge finan- cial company’’ means a new financial company organized byPUBLIC with on anorris VerDate Nov 24 2008 00:54 Jul 29, 2010 Jkt 089139 PO 00203 Frm 00068 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203