U.S. Financial Services Global Viability Act

Bill: 113-hr-3701
Sponsor: full_name: Rep. King, Peter T. [R-NY-2]
Introduced: 2013-12-11
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Commodity Futures Trading Commission

Corporate finance and management

Department of the Treasury

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Financial services and investments

Foreign and international banking

Securities and Exchange Commission (SEC)
Latest action: action_date: 2013-12-11
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-12-11
action_desc: Introduced in House
text: <p>U.S. Financial Services Global Viability Act - Amends the Bank Holding Company Act of 1956 to delay the effective date for prohibitions or the mandate for related rulemaking against proprietary trading by a banking entity and any equity, partnership, or other ownership interest of a banking entity in or sponsorship of hedge funds or private equity funds. (Currently the effective date of such prohibitions and the mandate to make related regulations is the earlier of 12 months after the date of the issuance of final rules or 2 years after the date of enactment [July 21, 2010].)</p> <p> Delays the effective date of such prohibitions and regulatory mandate until the Secretary of the Treasury: (1) identifies the foreign countries having foreign banks chartered and headquartered in them that compete significantly with banking entities subject to such Act, and (2) certifies that such countries have applied to such foreign banks (including subsidiaries and affiliates) requirements equivalent to those set forth under such Act.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3701 IN THE HOUSE OF REPRESENTATIVES December 11, 2013 Mr. King of New York (for himself, Mr. Huizenga of Michigan , Mr. Grimm , and Mr. Gary G. Miller of California ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To make improvements to provisions of the Bank Holding Company Act of 1956 relating to proprietary trading by banking entities.

1. Short title This Act may be cited as the U.S. Financial Services Global Viability Act . 2. Amendments to the Bank Holding Company Act of 1956 Section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 ) is amended— (1) by redesignating subsection (h) as subsection (i) and by inserting after subsection (g) the following new subsection: (h) Identification and certification (1) In general Subsections (a) and (c) and any rule or regulation prescribed pursuant to subsection (b)(2), or any other regulatory action to enforce or implement any provision of this section, shall not be effective until the Secretary of the Treasury— (A) identifies the foreign countries (including the United Kingdom, France, Germany, Switzerland, Japan, Brazil, China, Canada, and Mexico) that have foreign banks chartered and headquartered in such countries that compete significantly with banking entities subject to the provisions of this section; and (B) certifies that such countries have applied to such foreign banks, including the subsidiaries and affiliates of such banks, requirements equivalent to those set forth under this section. (2) Hearing; judicial review The certification under paragraph (1)(B) shall be determined after interested parties are given the opportunity for a hearing on the record in accordance with the procedures set forth under section 554 of title 5, United States Code, and such parties are entitled to judicial review in accordance with chapter 7 of such title in the United States Court of Appeals for the District of Columbia Circuit. (3) Postponement of effective date The effective date of the provisions, rules, and regulations described under paragraph (1) shall be postponed pending judicial review. ; and (2) in subsection (i), as redesignated in paragraph (1)— (A) by redesignating paragraphs (2) through (7) as paragraphs (3) through (8), respectively; and (B) inserting after paragraph (1) the following new paragraph: (2) Foreign bank; foreign country The terms foreign bank and foreign country shall have the same meanings as are given such terms in section 1 of the International Banking Act of 1978 ( 12 U.S.C. 3101 ). .