Page 76

124 STAT. 1450 PUBLIC LAW 111–203—JULY 21, 2010

(3) REPORT TO COUNCIL.—Not later than 1 year after the
date of enactment of this Act, the Comptroller General shall
submit a report to the Council on the results of the study
conducted under this subsection.
(4) COUNCIL REPORT OF ACTION.—Not later than 6 months
after the date of receipt of the report from the Comptroller
General under paragraph (3), the Council shall submit a report
to the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services of
the House of Representatives on actions taken in response
to the report, including any recommendations made to the
Federal primary financial regulatory agencies under section
120.

12 USC 5383. SEC. 203. SYSTEMIC RISK DETERMINATION.
(a) WRITTEN RECOMMENDATION AND DETERMINATION.—
(1) VOTE REQUIRED.—
(A) IN GENERAL.—On their own initiative, or at the
request of the Secretary, the Corporation and the Board
of Governors shall consider whether to make a written
recommendation described in paragraph (2) with respect
to whether the Secretary should appoint the Corporation
as receiver for a financial company. Such recommendation
shall be made upon a vote of not fewer than 2⁄3 of the
members of the Board of Governors then serving and 2⁄3
of the members of the board of directors of the Corporation
then serving.
(B) CASES INVOLVING BROKERS OR DEALERS.—In the
case of a broker or dealer, or in which the largest United
States subsidiary (as measured by total assets as of the
end of the previous calendar quarter) of a financial com-
pany is a broker or dealer, the Commission and the Board
of Governors, at the request of the Secretary, or on their
own initiative, shall consider whether to make the written
recommendation described in paragraph (2) with respect
to the financial company. Subject to the requirements in
paragraph (2), such recommendation shall be made upon
a vote of not fewer than 2⁄3 of the members of the Board
of Governors then serving and 2⁄3 of the members of the
Commission then serving, and in consultation with the
Corporation.
(C) CASES INVOLVING INSURANCE COMPANIES.—In the
case of an insurance company, or in which the largest
United States subsidiary (as measured by total assets as
of the end of the previous calendar quarter) of a financial
company is an insurance company, the Director of the
Federal Insurance Office and the Board of Governors, at
the request of the Secretary or on their own initiative,
shall consider whether to make the written recommenda-
tion described in paragraph (2) with respect to the financial
company. Subject to the requirements in paragraph (2),
such recommendation shall be made upon a vote of not
fewer than 2⁄3 of the Board of Governors then serving
and the affirmative approval of the Director of the Federal

LAWS Insurance Office, and in consultation with the Corporation. (2) RECOMMENDATION REQUIRED.—Any written rec- ommendation pursuant to paragraph (1) shall contain—PUBLIC with on anorris VerDate Nov 24 2008 00:54 Jul 29, 2010 Jkt 089139 PO 00203 Frm 00076 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203