Proposed resolution:

Insert new paragraph after paragraph 2 in section [string.io]:

If the function extracts no characters, it calls is.setstate(ios::failbit) which may throw ios_base::failure (27.4.4.3).

The description of the stream extraction operator for std::string (section 21.3.7.9 [lib.string.io]) does not contain a requirement that failbit be set in the case that the operator fails to extract any characters from the input stream.

This implies that the typical construction

std::istream is;
std::string str;
...
while (is >> str) ... ;

(which tests failbit) is not required to terminate at EOF.

Furthermore, this is inconsistent with other extraction operators, which do include this requirement. (See sections [istream.formatted] and [istream.unformatted]), where this requirement is present, either explicitly or implicitly, for the extraction operators. It is also present explicitly in the description of getline (istream&, string&, charT) in section [string.io] paragraph 8.)