(c) PUBLICATION.—The Secretary may publish a no-
tice in the Federal Register of—
(1) any assessment made under subsection (b)(1)
with respect to any country; and
(2) any change made with respect to any assess-
ment under such subsection which was previously
published in the Federal Register.
(d) DEFINITIONS.—The following definitions shall
apply for purposes of this section:
(1) BANKING ORGANIZATION.—
(A) IN GENERAL.—The term ‘‘banking orga-
nization’’ means any bank, any bank holding
company (including any company required to
file reports pursuant to section 4(f)(6) of the
Bank Holding Company Act of 1956), and any
savings and loan holding company (as such term
is defined in section 10(a)(1)(D) of the Home
Owners’ Loan Act).
(B) BANKING TERMS.—For purposes of this
paragraph, the terms ‘‘bank’’ and ‘‘bank holding
company’’ have the same meaning as in section
2 of the Bank Holding Company Act of 1956.
(2) FEDERAL
BANKING
AGENCIES.—The term
‘‘Federal banking agencies’’ has the same meaning as
in section 3(z) of the Federal Deposit Insurance Act.
(3) NATIONAL TREATMENT.—The term ‘‘national
treatment’’ means, with respect to any foreign coun-
try, treatment that offers United States banking orga-
nizations the same competitive opportunities (includ-
ing effective market access) in such country as are
available to the foreign country’s domestic banking
organizations in like circumstances.
(4) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of the Treasury.
SEC. 3. APPLICATIONS BY FOREIGN BANKS AND OTHER
PERSONS OF A FOREIGN COUNTRY.
(a) APPLICATIONS UNDER THE INTERNATIONAL BANK-
ING ACT OF 1978.—Section 7(d) of the International Bank-
ing Act of 1978 (12 U.S.C. 3105(d)) is amended by adding
at the end the following new paragraph:
‘‘(6) ADDITIONAL STANDARD.—In acting on any
application under paragraph (1), the Board shall
take into account whether the Secretary of the Treas-
ury has published a notice, in accordance with section
2(c) of the National Treatment in Banking Act of
1994, that the possible denial of national treatment to
United States banking organizations by the foreign
bank’s home country identified under section 2(a) of
such Act may be having a significant adverse effect
on such organizations.’’.
(b) APPLICATIONS UNDER THE BANK HOLDING COM-
PANY ACT OF 1956.—Section 5 of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1844) is amended by adding
at the end the following new subsection:
‘‘(g) APPLICATIONS BY A FOREIGN BANK.—In consid-
ering any application or notice under section 3 or 4 by
any foreign bank (as defined in section 1(b) of the Inter-
national Banking Act of 1978), the Board shall take into
account whether the Secretary of the Treasury has published
a notice, in accordance with section 2(c) of the National
Treatment in Banking Act of 1994, that the possible denial
of national treatment to United States banking organiza-
tions by the foreign bank’s home country identified under
section 2(a) of such Act may be having a significant adverse
effect on such organizations.’’.
(c) AMENDMENT
TO CHANGE
IN BANK CONTROL
ACT.—Section 7(j) of the Federal Deposit Insurance Act (12
U.S.C. 1817(j)) is amended by adding at the end the follow-
ing new paragraph:
‘‘(19) NOTICE BY A PERSON OF A FOREIGN COUN-
TRY.—
‘‘(A) IN GENERAL.—In considering a notice
under this subsection by a person of a foreign
country, the appropriate Federal banking agency
shall take into account whether the Secretary of
the Treasury has published a notice, in accord-
ance with section 2(c) of the National Treatment
in Banking Act of 1994, that the possible denial
of national treatment to United States banking
organizations by such person’s home country
identified under section 2(a) of such Act may be
having a significant adverse effect on such orga-
nizations.
‘‘(B) PERSON OF A FOREIGN COUNTRY DE-
FINED.—For purposes of this paragraph, the
term ‘person of a foreign country’ means—
‘‘(i) any entity that—
‘‘(I) is organized under the laws
of the foreign country, or
‘‘(II) has the entity’s principal
place of business in the foreign coun-
try;
‘‘(ii) an individual who—
‘‘(I) is a citizen of the foreign
country, or
‘‘(II) is domiciled in the foreign
country; and
‘‘(iii) any person that is, directly or
indirectly, under the control of any entity
or individual described in clause (i) or
(ii).’’.
(d) AMENDMENT TO NATIONAL BANK ACT.—Section
5155 of the Revised Statutes (12 U.S.C. 36) is amended
by adding at the end the following new subsection:
‘‘(i) APPLICATION BY A BANK WHICH IS A PERSON
OF A FOREIGN COUNTRY.—In considering any application
under this section by any bank which is a person of a for-
eign country (as defined in section 7(j)(19)(B) of the Fed-
eral Deposit Insurance Act), the Comptroller of the Cur-
rency shall take into account whether the Secretary of the
Treasury has published a notice, in accordance with section
2(c) of the National Treatment in Banking Act of 1994,
that the possible denial of national treatment to United
States banking organizations by such person’s home coun-
try identified under section 2(a) of such Act may be having
a significant adverse effect on such organizations.’’.
(e) AMENDMENT TO FEDERAL DEPOSIT INSURANCE
ACT.—Section 18(c) of the Federal Deposit Insurance Act
(12 U.S.C. 1828(c)) is amended by adding at the end the
following new paragraph:
‘‘(12) APPLICATION BY A BANK WHICH IS A PER-
SON OF A FOREIGN COUNTRY.—In considering any
merger transaction under this subsection involving
any bank which is a person of a foreign country (as
defined in section 7(j)(19)(B)), the responsible agency
shall take into account whether the Secretary of the
Treasury has published a notice, in accordance with
section 2(c) of the National Treatment in Banking
Act of 1994, that the possible denial of national treat-
ment to United States banking organizations by such
person’s home country identified under section 2(a) of
such Act may be having a significant adverse effect
on such organizations.’’.
(f) AMENDMENT TO FEDERAL RESERVE ACT.—The 3d
undesignated paragraph of section 9 of the Federal Reserve
Act (12 U.S.C. 321) is amended in the proviso by inserting
‘‘, including section 5155(i) of the Revised Statutes,’’ after
‘‘limitations and restrictions’’.
Amend the title so as to read: ‘‘A bill to require the
Secretary of the Treasury to identify foreign countries
which may be denying national treatment to United
States banking organizations and to assess whether any
such denial may be having a significant adverse effect on
such organizations, and to require Federal banking agen-
cies to take such assessments into account in considering
certain applications and notices by foreign banks and
other persons of a foreign country.’’.