; and (2) the term gross domestic product means gross domestic product as calculated by the Bureau of Economic Analysis of the Department of Commerce. (b) Total exposure (1) Total exposure (A) In general On February 1, May 1, August 1, and November 1 of each year, no covered entity may have a total exposure, as reported by the covered entity on the Federal Reserve form required to monitor the systemic risk profile of financial institutions for the previous reporting period, equal to or greater than 3 percent of the most recent estimate for annual gross domestic product of the United States (in current dollars) for the previous calendar year. (B) Other reporting If a covered entity is not required to complete a Federal Reserve form required to monitor the systemic risk profile of financial institutions, the Financial Stability Oversight Council shall design and assign a quarterly reporting form as appropriate for each covered entity with total assets greater than $50,000,000,000 that reflects the total risk exposures of the financial institution, including off-balance sheet exposures and derivatives exposure within 18 months of the date of enactment of this Act. Once designated a reporting form, on February 1, May 1, August 1, and November 1 no covered entity may have a total exposure, as reported by the covered entity for the previous reporting period, equal to or greater than 3 percent of the most recent estimate for annual gross domestic product of the United States (in current dollars) for the previous calendar year. (2) Restructuring (A) In general (i) Designation Any covered entity that violates paragraph (1) shall immediately be designated as a Too Big to Exist Institution by the Financial Stability Oversight Council. (ii) Supervision The Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, or during any period in which that position is vacant, the Chair of the Board of Governors of the Federal Reserve System, shall require and supervise a Too Big to Exist Institution to