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Treasury intends to issue a Notice of Proposed Rulemaking in order to implement section 401(c)(1)(D) of the Economic Growth, Regulatory Relief, and Consumer Protection Act, Pub. L. 115-174 (the Act), which was signed into law on May 24, 2018.

The Act amends section 155(d) of the Dodd-Frank Act, 12 U.S.C. 5345(d), pursuant to which assessments equal to the total expenses of the Office of Financial Research (OFR).  Included in the OFR’s expenses are the expenses of the Financial Stability Oversight Council and certain expenses of the Federal Deposit Insurance Corporation, as provided under sections 118 and 210, respectively, of the Dodd-Frank Act.  Section 155(d) of the Dodd-Frank Act, as amended by the Act, requires the Secretary of the Treasury to establish, by regulation, and with the approval of the Financial Stability Oversight Council, an assessment schedule applicable to bank holding companies (BHCs) with total consolidated assets of $250,000,000,000 or greater and nonbank financial companies supervised by the Board of Governors of the Federal Reserve System.  In addition, under the Act, any BHC, regardless of asset size, that has been identified as a global systemically important BHC under section 217.402 of title 12, Code of Federal Regulations (G-SIBs), shall be considered a BHC with total consolidated assets equal to or greater than $250,000,000,000 with respect to the application of standards or requirements under section 155(d) of the Dodd-Frank Act.