1. Short title This Act may be cited as the Systemic Risk Mitigation Act of 2020 . 2. Member agency financial stability mandate (a) In general Subtitle A of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 et seq.) is amended by adding at the end the following: 124. Member agency financial stability mandate Each member agency shall have, as part of the agency’s mission, a mandate to ensure the financial stability of the United States. . (b) Clerical amendment The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 123 the following: Sec. 124. Member agency financial stability mandate. . 3. Automatic designation of certain large nonbank financial companies (a) In general The Financial Stability Act of 2010 ( 12 U.S.C. 5311 et seq.) is amended by inserting after section 113 the following: 113A. Automatic designation of certain large nonbank financial companies (a) Notice of automatic designation If a nonbank financial company meets the criteria described in subsection (b), the Council shall notify such nonbank financial company that if, on the date that is 9 months after the date on which the notice is sent, such nonbank financial company meets the criteria described in subsection (b), such nonbank financial company shall be deemed to be designated as systemically important. (b) Criteria (1) In general A nonbank financial company meets the criteria described in this subsection if such nonbank financial company satisfies— (A) the asset criteria in paragraph (2) and the other criteria in paragraph (3)