To amend the Bank Holding Company Act of 1956 to require agencies to make considerations relating to the promotion of efficiency, competition, and capital formation before issuing or modifying certain regulations.

Bill: 113-hr-3913
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2014-01-16
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Commodity Futures Trading Commission

Competition and antitrust

Department of the Treasury

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Financial services and investments

National Credit Union Administration

Securities and Exchange Commission (SEC)
Latest action: action_date: 2014-07-30
text: Ordered to be Reported by the Yeas and Nays: 32 - 22.

Summaries:
action_date: 2014-01-16
action_desc: Introduced in House
text: <p>Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions against proprietary trading by banking entities and certain relationships of such entities with hedge funds and private equity funds (Volcker rule).</p> <p>Directs the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the appropriate federal banking agencies, when issuing or modifying any regulation related to such prohibitions, to consider: (1) whether it is necessary or appropriate in the public interest; (2) whether it will promote efficiency, competition, and capital formation; and (3) the impact it would have on competition.</p> <p>Prohibits such agencies from adopting a regulation that would impose a burden on competition neither necessary nor appropriate in furtherance of the Act.</p> <p>Directs such agencies to include in the statement of basis and purpose incorporated in the regulation the reasons for determining that any burden on competition imposed by the regulation is necessary or appropriate in furtherance of this Act.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 3913 IN THE HOUSE OF REPRESENTATIVES January 16, 2014 Mr. Duffy introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Bank Holding Company Act of 1956 to require agencies to make considerations relating to the promotion of efficiency, competition, and capital formation before issuing or modifying certain regulations.

1. Rulemaking considerations Section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 ) is amended by adding at the end the following: (i) Consideration of Promotion of Efficiency, Competition, and Capital Formation In issuing or modifying any regulation under this section, the appropriate Federal banking agencies, the Commodity Futures Trading Commission, and the Securities and Exchange Commission— (1) shall consider whether the regulation is necessary or appropriate in the public interest; (2) shall consider whether the regulation will promote efficiency, competition, and capital formation; (3) shall consider, among other matters, the impact the regulation would have on competition; (4) may not adopt the regulation if it would impose a burden on competition not necessary or appropriate in furtherance of the purposes of this section; and (5) shall include in the statement of basis and purpose incorporated in the regulation adopted under this section, the reasons for the determination under paragraph (4) that any burden on competition imposed by the regulation is necessary or appropriate in furtherance of the purposes of this section. .