TO REPEAL TITLE II OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT Including Cost Estimate of the Congressional Budget Office

The Committee on Financial Services, to whom was referred the bill (H.R. 4894) to repeal title II of the Dodd-Frank Wall Street Re- form and Consumer Protection Act, having considered the same, re- port favorably thereon without amendment and recommend that the bill do pass. P URPOSE AND S UMMARY H.R. 4894 repeals Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act to ensure that taxpayers will not pay the costs of bailing out large financial institutions or their credi- tors. Title II establishes an Orderly Liquidation Authority (OLA) that grants the Federal Deposit Insurance Corporation (FDIC) the authority to resolve certain non-bank financial institutions in the event of their failure and the authority to borrow from the Treas- ury to capitalize an ''orderly liquidation fund'' that it is authorized to be used to pay off the creditors of a failed firm.