I 

113TH CONGRESS 

1ST SESSION H. R. 3701 

To make improvements to provisions of the Bank Holding Company Act 

of 1956 relating to proprietary trading by banking entities. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 11, 2013 

Mr. KING of New York (for himself, Mr. HUIZENGA of Michigan, Mr. GRIMM, 

and Mr. GARY G. MILLER of California) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To make improvements to provisions of the Bank Holding 

Company Act of 1956 relating to proprietary trading 

by banking entities. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘U.S. Financial Services 

5 Global Viability Act’’. 

6 SEC. 2. AMENDMENTS TO THE BANK HOLDING COMPANY 

7 ACT OF 1956. 

8 Section 13 of the Bank Holding Company Act of 

9 1956 (12 U.S.C. 1851) is amended— 


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1 (1) by redesignating subsection (h) as sub2 section (i) and by inserting after subsection (g) the 

3 following new subsection: 

4 ‘‘(h) IDENTIFICATION AND CERTIFICATION.— 

5 ‘‘(1) IN GENERAL.—Subsections (a) and (c) 

6 and any rule or regulation prescribed pursuant to 

7 subsection (b)(2), or any other regulatory action to 

8 enforce or implement any provision of this section, 

9 shall not be effective until the Secretary of the 

10 Treasury— 

11 ‘‘(A) identifies the foreign countries (in12 cluding the United Kingdom, France, Germany, 

13 Switzerland, Japan, Brazil, China, Canada, and 

14 Mexico) that have foreign banks chartered and 

15 headquartered in such countries that compete 

16 significantly with banking entities subject to the 

17 provisions of this section; and 

18 ‘‘(B) certifies that such countries have ap19 plied to such foreign banks, including the sub20 sidiaries and affiliates of such banks, require21 ments equivalent to those set forth under this 

22 section. 

23 ‘‘(2) HEARING; JUDICIAL REVIEW.—The certifi24 cation under paragraph (1)(B) shall be determined 

25 after interested parties are given the opportunity for 


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1 a hearing on the record in accordance with the pro2 cedures set forth under section 554 of title 5, United 

3 States Code, and such parties are entitled to judicial 

4 review in accordance with chapter 7 of such title in 

5 the United States Court of Appeals for the District 

6 of Columbia Circuit. 

7 ‘‘(3) POSTPONEMENT OF EFFECTIVE DATE.— 

8 The effective date of the provisions, rules, and regu9 lations described under paragraph (1) shall be post10 poned pending judicial review.’’; and 

11 (2) in subsection (i), as redesignated in para12 graph (1)— 

13 (A) by redesignating paragraphs (2) 

14 through (7) as paragraphs (3) through (8), re15 spectively; and 

16 (B) inserting after paragraph (1) the fol17 lowing new paragraph: 

18 ‘‘(2) FOREIGN BANK; FOREIGN COUNTRY.—The 

19 terms ‘foreign bank’ and ‘foreign country’ shall have 

20 the same meanings as are given such terms in sec21 tion 1 of the International Banking Act of 1978 (12 

22 U.S.C. 3101).’’. 

Æ 


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