IIB 
115TH CONGRESS 
2D SESSION 
H. R. 4790 
IN THE SENATE OF THE UNITED STATES 
APRIL 16, 2018 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
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, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Volcker Rule Regu-
latory 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 
appropriate, 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 subpara-
graph (A), the Board— 
‘‘(i) shall consider the findings of the 
report required in paragraph (1) and, as 
appropriate, subsequent reports; 
‘‘(ii) shall assure, to the extent pos-
sible, that such rule or guidance provide 
for consistent application and implementa-
tion of the applicable provisions of this sec-
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tion to avoid providing advantages or im-
posing disadvantages to the companies af-
fected by this subsection and to protect the 
safety and soundness of banking entities 
and nonbank financial companies super-
vised 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 
section prior to the date of enactment of 
this paragraph shall continue in effect 
until the Board issues a successor rule or 
guidance, 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 
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agencies, the Securities and Exchange 
Commission, and the Commodity Futures 
Trading Commission, as appropriate, shall 
update any applicable policies and proce-
dures to ensure that such policies and pro-
cedures are consistent (to the extent prac-
ticable) 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 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’’ 
each place it appears and inserting ‘‘Board’’; 
(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’’; and 
(4) in subsection (d)(1)— 
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(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,’’ 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 sub-
section (b)(2), whenever the appropriate Federal 
banking agency has reasonable cause to believe that 
a banking entity or nonbank financial company su-
pervised by the Board has made an investment or 
engaged in an activity in a manner that either vio-
lates the restrictions under this section, or that 
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