diff --git a/stl/inc/ostream b/stl/inc/ostream
index df2dd3f6b4..970cd37b73 100644
--- a/stl/inc/ostream
+++ b/stl/inc/ostream
@@ -493,8 +493,10 @@ public:
                 _TRY_BEGIN
                 _Meta = _Traits::eq_int_type(_Traits::eof(), _Meta) ? _Strbuf->sgetc() : _Strbuf->snextc();
                 _CATCH_ALL
-                _Myios::setstate(ios_base::failbit);
-                _RERAISE;
+                // N4971 [ostream.inserters]/9: "If an exception was thrown
+                // while extracting a character, the function sets failbit in the error state,
+                // and if failbit is set in exceptions() the caught exception is rethrown."
+                _Myios::setstate(ios_base::failbit, _Myios::exceptions() == ios_base::failbit);
                 _CATCH_END
 
                 if (_Traits::eq_int_type(_Traits::eof(), _Meta)) {
diff --git a/tests/std/tests/GH_001858_iostream_exception/test.cpp b/tests/std/tests/GH_001858_iostream_exception/test.cpp
index 9b9bc47ef2..5991d5e131 100644
--- a/tests/std/tests/GH_001858_iostream_exception/test.cpp
+++ b/tests/std/tests/GH_001858_iostream_exception/test.cpp
@@ -36,6 +36,8 @@ struct test_exception {};
 template <class CharT>
 class throwing_buffer : public basic_streambuf<CharT> {
 public:
+    using typename basic_streambuf<CharT>::int_type;
+
     streampos seekoff(streamoff, ios_base::seekdir, ios_base::openmode = ios_base::in | ios_base::out) override {
         throw test_exception{};
     }
@@ -48,6 +50,10 @@ class throwing_buffer : public basic_streambuf<CharT> {
         throw test_exception{};
     }
 
+    int_type underflow() override {
+        throw test_exception{};
+    }
+
     basic_streambuf<CharT>* to_buf() {
         return this;
     }
@@ -229,6 +235,32 @@ void test_ostream_exceptions() {
             // Expected case
         }
     }
+
+    { // operator<< (testing GH-4322 "<ostream>: Exception from streambuf should be caught and not rethrown")
+        basic_ostream<CharT> os(buffer.to_buf());
+
+        try {
+            os << &buffer;
+        } catch (const ios_base::failure&) {
+            assert(false);
+        } catch (const test_exception&) {
+            assert(false);
+        }
+    }
+
+    { // operator<< rethrows the caught exception if failbit is set in exceptions()
+        basic_ostream<CharT> os(buffer.to_buf());
+        os.exceptions(ios_base::failbit);
+
+        try {
+            os << &buffer;
+            assert(false);
+        } catch (const ios_base::failure&) {
+            assert(false);
+        } catch (const test_exception&) {
+            // Expected case
+        }
+    }
 }
 
 // Also test strengthened and mandatory exception specifications.