1. Short title This Act may be cited as the Too Big To Fail, Too Big To Exist Act . 2. Too big to fail, too big to exist (a) Definitions In this section— (1) the term covered entity — (A) means a financial institution, as defined in section 803 of the Payment, Clearing, and Settlement Supervision Act of 2010 ( 12 U.S.C. 5462 ); and (B) does not include— (i) a Farm Credit System institution chartered under and subject to the provisions of the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.); (ii) a governmental entity; or (iii) a regulated entity, as defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4502 )