Prior to a Council vote on any proposed determination in non-emergency situations, the company under consideration will have an opportunity to submit written materials to the Council regarding the proposed determination. Council members will vote on a proposed determination only after they have reviewed that information, and the proposed determination will proceed only if approved by two-thirds of the Council, including the affirmative vote of the Chairperson. Upon a proposed determination, a company may request a hearing, and the determination will be finalized only after a subsequent two-thirds vote of the Council, including the affirmative vote of the Chairperson. Any final determination will be subject to judicial review, and the Council must submit a report to Congress on, among other things, all determinations made under Section 113 of the Dodd-Frank Act and the basis for such determinations.
Hearing Procedures for Proceedings Under Title I or Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act
These hearing procedures govern hearings to be conducted by the Council in connection with proposed determinations and emergency waivers or modifications made pursuant to Title I and Title VIII of the Dodd-Frank Act.
Hearing Procedures Notice of Availability and Response to Comments
The Council issued this notice, published in the Federal Register, to respond to the public comments received on the hearing procedures initially approved by the Council on May 22, 2012, and to provide guidance on the implementation of the hearing procedures.