I 
115TH CONGRESS 
2D SESSION 
H. R. 4790 
To amend the Volcker rule to give the Board of Governors of the Federal 
Reserve System sole rulemaking authority, to exclude community banks 
from the requirements of the Volcker rule, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 12, 2018 
Mr. HILL introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To amend the Volcker rule to give the Board of Governors 
of the Federal Reserve System sole rulemaking authority, 
to exclude community banks from the requirements of 
the Volcker rule, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 
1. 
RULEMAKING 
AUTHORITY 
UNDER 
THE 
VOLCKER RULE. 
(a) IN GENERAL.—Section 13(b) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1851(b)) is amend-
ed— 
VerDate Sep 11 2014 
22:09 Jan 12, 2018
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4790.IH
H4790
sradovich on DSK3GMQ082PROD with BILLS
(1) in the subsection heading, by striking ‘‘AND 
RULEMAKING’’ and inserting ‘‘, RULEMAKING, EX-
AMINATIONS, AND ENFORCEMENT’’; 
(2) by amending paragraph (2) to read as fol-
lows: 
‘‘(2) RULEMAKING.—The Board shall have sole 
authority to— 
‘‘(A) issue regulations under this section 
after the date of the enactment of this para-
graph; and 
‘‘(B) amend any regulations issued under 
this section before, on, or after such date.’’; and 
(3) by adding at the end the following new 
paragraph: 
‘‘(3) EXAMINATION
AND
ENFORCEMENT
AU-
THORITY.— 
‘‘(A) PRIMARY FEDERAL BANKING AGEN-
CY.—The primary Federal banking agency for a 
banking entity shall have sole authority to con-
duct examinations of all affiliates of the bank-
ing group to ensure compliance with this sec-
tion and to enforce the requirements of this sec-
tion. The primary Federal banking agency shall 
keep the Board informed of all examinations of 
and any proposed supervisory or enforcement 
VerDate Sep 11 2014 
22:09 Jan 12, 2018
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4790.IH
H4790
sradovich on DSK3GMQ082PROD with BILLS
actions against any affiliate of the banking enti-
ty and shall ensure that all actions taken 
against any affiliate of the banking group are 
consistent with the Board’s interpretation of 
this section and rules promulgated thereunder. 
‘‘(B) DEFINITIONS.—For purposes of this 
paragraph, the term ‘primary Federal banking 
agency’ means, with respect to any banking 
group, the appropriate Federal banking agency 
for an affiliate within the banking group with 
the highest amount of unconsolidated assets as 
of the most recent quarter.’’. 
(b) CONFORMING AMENDMENTS.—Section 13 of the 
Bank Holding Company Act of 1956 (12 U.S.C. 1851) 
is amended— 
(1) by striking ‘‘the appropriate Federal bank-
ing agencies, the Securities and Exchange Commis-
sion, and the Commodity Futures Trading Commis-
sion,’’ each place it appears and inserting ‘‘the 
Board’’; 
(2) by striking ‘‘appropriate Federal banking 
agencies, the Securities and Exchange Commission, 
and the Commodity Futures Trading Commission’’ 
and inserting ‘‘Board’’; 
VerDate Sep 11 2014 
22:09 Jan 12, 2018
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H4790.IH
H4790
sradovich on DSK3GMQ082PROD with BILLS
(3) in subsection (c)(5), by striking ‘‘Notwith-
standing paragraph (2)’’ and all that follows 
through ‘‘provided in subsection (b)(2),’’ and insert-
ing ‘‘The Board shall have the authority’’; 
(4) in subsection (d)(1)— 
(A) in subparagraph (F)(ii)— 
(i) by striking ‘‘the appropriate Fed-
eral banking agencies’’ and inserting ‘‘the 
Board’’; and 
(ii) by striking ‘‘have not jointly’’ and 
inserting ‘‘has not’’; and 
(B) in subparagraph (G)(viii), by striking 
‘‘appropriate Federal banking agencies, the Se-
curities and Exchange Commission, or the Com-
modity Futures Trading Commission,’’ each 
place it appears and inserting ‘‘Board’’; and 
(5) in subsection (e)(2)— 
(A) by striking ‘‘an appropriate Federal 
banking agency, the Securities and Exchange 
Commission, or the Commodity Futures Trad-
ing Commission, as appropriate,’’ and inserting 
‘‘the Board’’; and 
(B) by striking ‘‘under the respective agen-
cy’s jurisdiction’’. 
VerDate Sep 11 2014 
22:09 Jan 12, 2018
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H4790.IH
H4790
sradovich on DSK3GMQ082PROD with BILLS