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Systemically Important Financial Institution Monitoring and Identification (SIFIMI) Act
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Short Title Systemically Important Financial Institution Monitoring and Identification (SIFIMI) Act
Long Title A Law to maintain a system for identification and monitoring of systemically important financial institutions.
Enacted June 10, 2015
Codification
Law Number 2015-II-6
UTC Parts(s) Amended 14 UTC
Legislative History
  • Framer(s): Charles Sessions; Leonard Misset
  • Cosponsor(s): Andrew Hester, Henry Gobar, Allison Braugh, Anna Antoniou; Luke Cannon, Howard Coleson

The Systemically Important Financial Institution Monitoring and Identification Act was a law passed in 2015-II that set up a system to identify, monitor, and regulate institutions that were deemed "systemically important" (in that they were A) excessively interconnected; B) massive; or C) that financial collapse would occur if the institution failed). It authorized the Department of Commerce to impose restrictions on these institutions such as capital requirements, raising the reserve ratio, and requiring consistent financial records to be delivered to the Department by the institution. It was Charles Sessions first significant legislative advancement as Major Executive and delivered on what he'd stated in State of the Union XV.

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