; 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) Limitations (1) In general (A) In general On February 1, May 1, August 1, and November 1 of each year, no covered entity may be a Too Big To Exist Institution . (B) Entities required to file Federal Reserve systemic risk profile form If, on February 1, May 1, August 1, or November 1 of any year, a covered entity has 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, the Financial Stability Oversight Council may designate such covered entity as a Too Big To Exist Institution . (C) Other reporting (i) In general If a covered entity is not required to complete the 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 liability to U.S. persons of the financial institution, within 18 months of the date of enactment of this Act. (ii) Designation of companies with total liability to U.S. persons between 3 to 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), equal to or greater than 3 percent but 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