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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3210 Introduced in House (IH)]

  2d Session
                                H. R. 3210

To amend the Bank Holding Company Act of 1956 to clarify that the Board 
  of Governors of the Federal Reserve System has full discretion with 
regard to the type and amount of information required to be included in 
 an application to become a bank holding company or to acquire a bank, 
                        and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 1996

 Mr. Campbell introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL

 
To amend the Bank Holding Company Act of 1956 to clarify that the Board 
  of Governors of the Federal Reserve System has full discretion with 
regard to the type and amount of information required to be included in 
 an application to become a bank holding company or to acquire a bank, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bank Holding Company Application Act 
of 1996''.

SEC. 2. DISCRETION OF FEDERAL RESERVE BOARD.

    Section 3 of the Bank Holding Company Act of 1956 (12 U.S.C. 1842) 
is amended by adding at the end the following new subsection:
    ``(h) Discretion With Regard to Applications.--Except as provided 
in subsections (b) and (c), no provision of this section shall be 
construed as limiting the discretion of the Board with regard to the 
manner in which the Board may require any company to seek the Board's 
approval under subsection (a) for a proposed action or the manner in 
which the Board reviews any such proposed action, including the 
discretion of the Board with regard to--
            ``(1) the types and amount of information which the Board 
        may require to be included in any type of application or 
        proposal submitted for the Board's approval under subsection 
        (a); and
            ``(2) waiving any requirement for an application, or 
        reducing the scope of an application, (including an application 
        by a corporation of a central or provincial government) in any 
        case in which the Board determines that--
                    ``(A) an applicant bank holding company does not 
                and will not exercise significant managerial control 
                over, or otherwise holds a purely passive investment in 
                the voting securities of, a bank or another bank 
                holding company, notwithstanding the fact that the 
                applicant bank holding company directly or indirectly 
                owns, controls, or has the power to vote more than 5 
                percent of any class of voting securities of such bank 
                or other bank holding company; or
                    ``(B) requiring an application, or requiring an 
                extensive application, by a bank holding company, in 
                connection with the application by a bank holding 
                company subsidiary of such bank holding company to 
                acquire a bank, would not serve any legitimate 
                regulatory need of the Board in rendering a decision 
                with regard to the application of such bank holding 
                company subsidiary.''.
                                 <all>
```