Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Volcker Rule Regulatory 
Harmonization Act’’. 
SEC. 2. RULEMAKING AUTHORITY UNDER THE VOLCKER 
RULE. 
(a) IN GENERAL.—Paragraph (2) of section 13(b) of 
the Bank Holding Company Act of 1956 (12 U.S.C. 
1851(b)(2)) is amended to read as follows: 
‘‘(2) RULEMAKING.— 
‘‘(A) IN GENERAL.—The Board may, as ap-
propriate, consult with the Comptroller of the 
Currency, the Federal Deposit Insurance Cor-
poration, the Securities and Exchange Commis-
sion, or the Commodity Futures Trading Com-
mission to adopt rules or guidance to carry out 
this section, as provided in subparagraph (B). 
‘‘(B) 
RULEMAKING
REQUIREMENTS.—In 
adopting a rule or guidance under subparagraph 
(A), the Board— 
‘‘(i) shall consider the findings of the 
report required in paragraph (1) and, as 
appropriate, subsequent reports; 
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‘‘(ii) shall assure, to the extent possible, 
that such rule or guidance provide for con-
sistent application and implementation of 
the applicable provisions of this section to 
avoid providing advantages or imposing 
disadvantages to the companies affected by 
this subsection and to protect the safety and 
soundness of banking entities and nonbank 
financial companies supervised by the 
Board; and 
‘‘(iii) shall include requirements to en-
sure compliance with this section, such as 
requirements regarding internal controls 
and recordkeeping. 
‘‘(C) AUTHORITY.—The Board shall have 
sole authority to issue and amend rules under 
this section after the date of the enactment of this 
paragraph. 
‘‘(D) CONFORMING AUTHORITY.— 
‘‘(i) CONTINUITY OF REGULATIONS.— 
Any rules or guidance issued under this sec-
tion prior to the date of enactment of this 
paragraph shall continue in effect until the 
Board issues a successor rule or guidance, 
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or amends such rule or guidance, pursuant 
to subparagraph (C). 
‘‘(ii) APPLICABLE GUIDANCE.—In per-
forming examinations or other supervisory 
duties, the appropriate Federal banking 
agencies, the Securities and Exchange Com-
mission, and the Commodity Futures Trad-
ing Commission, as appropriate, shall up-
date any applicable policies and procedures 
to ensure that such policies and procedures 
are consistent (to the extent practicable) 
with any rules or guidance issued pursuant 
to subparagraph (C).’’. 
(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 banking 
agencies, the Securities and Exchange Commission, 
and the Commodity Futures Trading Commission,’’ 
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’’ 
each place it appears and inserting ‘‘Board’’; 
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(3) in subsection (c)(5), by striking ‘‘Notwith-
standing paragraph (2)’’ and all that follows through 
‘‘provided in subsection (b)(2),’’ and inserting ‘‘The 
Board shall have the authority’’; and 
(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 Secu-
rities and Exchange Commission, or the Com-
modity Futures Trading Commission,’’ and in-
serting ‘‘Board,’’. 
SEC. 3. ENFORCEMENT; ANTI-EVASION. 
(a) IN GENERAL.—Subsection (e) of section 13 of the 
Bank Holding Company Act of 1956 (12 U.S.C. 1851(e)) 
is amended to read as follows: 
‘‘(e) ENFORCEMENT; ANTI-EVASION.— 
‘‘(1) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—Notwithstanding any other provision of law ex-
cept for any rules or guidance issued under subsection 
(b)(2), whenever the appropriate Federal banking 
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agency has reasonable cause to believe that a banking 
entity or nonbank financial company supervised by 
the Board has made an investment or engaged in an 
activity in a manner that either violates the restric-
tions under this section, or that functions as an eva-
sion of the requirements of this section (including 
through an abuse of any permitted activity), such ap-
propriate Federal banking agency shall order, after 
due notice and opportunity for hearing, the banking 
entity or nonbank financial company supervised by 
the Board to terminate the activity and, as relevant, 
dispose of the investment. 
‘‘(2) SECURITIES
AND
EXCHANGE
COMMISSION 
AND COMMODITY FUTURES TRADING COMMISSION.— 
‘‘(A) IN
GENERAL.—Notwithstanding any 
other provision of law except for any rules or 
guidance issued under subsection (b)(2), when-
ever the Securities and Exchange Commission or 
the Commodity Futures Trading Commission, as 
appropriate, has reasonable cause to believe that 
a covered nonbank financial company for which 
the respective agency is the primary Federal reg-
ulator has made an investment or engaged in an 
activity in a manner that either violates the re-
strictions under this section, or that functions as 
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an evasion of the requirements of this section 
(including through an abuse of any permitted 
activity), the Securities and Exchange Commis-
sion or the Commodity Futures Trading Com-
mission, as appropriate, shall order, after due 
notice and opportunity for hearing, the covered 
nonbank financial company to terminate the ac-
tivity and, as relevant, dispose of the investment. 
‘‘(B) COVERED NONBANK FINANCIAL COM-
PANY
DEFINED.—In this paragraph, the term 
‘covered nonbank financial company’ means a 
nonbank financial company (as defined in sec-
tion 102 of the Financial Stability Act of 2010) 
supervised by the Securities and Exchange Com-
mission or the Commodity Futures Trading 
Commission, as appropriate.’’. 
(b) RULE OF CONSTRUCTION.—Nothing in this section 
shall be construed to abrogate, reduce, or eliminate the 
backup authority of the Federal Deposit Insurance Corpora-
tion authority under the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5301 et seq.), the 
Federal Deposit Insurance Act (12 U.S.C. 1811), or Federal 
Deposit Insurance Corporation Improvement Act of 1991. 
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