less than 4 percent of the most recent estimate for annual gross domestic product of the United States (in current dollars) for the previous calendar year, the Financial Stability Oversight Council may designate such covered entity as a Too Big To Exist Institution , if the Council determines such designation is appropriate. (iii) Designation of companies with total liability to U.S. persons over 4 percent of GDP If, on February 1, May 1, August 1, or November 1 of any year, a covered entity described under clause (i) has a total liability to U.S. persons, as reported by the covered entity on the form described under clause (i), greater than 4 percent of the most recent estimate for annual gross domestic product of the United States (in current dollars) for the previous calendar year, the Financial Stability Oversight Council may designate such covered entity as a Too Big To Exist Institution , if the Council determines such designation is appropriate. (iv) Exemptions when calculating liabilities In calculating a covered entity’s total liability to U.S. persons under this subparagraph, such calculation shall not include— (I) any assets under management by the covered entity