The Board of Governors of the Federal Reserve System ("FRB") released the annual determination of the aggregate consolidated liabilities of all financial companies.
The determination was made in accordance with Section 622 of the Dodd-Frank Act ("Concentration Limits on Large Financial Firms"), which prohibits mergers or consolidations "if the total consolidated liabilities of the acquiring financial company . . . would exceed 10 percent of the aggregate consolidated liabilities of all financial companies." The current aggregate financial sector liability calculation (which will be deemed to remain in effect until June 30, 2018) is equal to $21,010,053,985,500.
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