The introduction of the bill would coincide with a House Financial Services hearing scheduled for Thursday on systemic regulation, resolution authority and other financial reform hot topics.
Viable resolution plans will require systemic institutions to conduct a strategic analysis on how they could be resolved under the Bankruptcy Code as well as evaluate significant credit exposures and other key information across the entities and their affiliates.
As I've advocated, a similar systemic risk levy to finance a "resolution fund" is being considered in Congress as a way to internalize potential bailout costs stemming from too-big-to-fail institutions.
Mr Frank said the Fed would almost certainly have some role in whatever is created, but it may be necessary to create the resolution authority first, and endow it on a group of agencies, and decide later who the systemic risk regulator will be.