Regional Financial Relief Act of 2014

Bill: 113-hr-4787
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2014-05-30
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Business records

Commodity Futures Trading Commission

Corporate finance and management

Department of the Treasury

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Securities and Exchange Commission (SEC)
Latest action: action_date: 2014-05-30
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-05-30
action_desc: Introduced in House
text: <p> Regional Financial Relief Act of 2014 - Amends the Bank Holding Company Act of 1956 regarding prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds.</p> <p>Directs the appropriate federal banking agencies, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) to promulgate, for banking entities with less than $50 billion in trading assets and liabilities, regulations regarding internal controls and recordkeeping whose requirements are less burdensome than those governing banking entities with $50 billion or more in trading assets and liabilities.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4787 IN THE HOUSE OF REPRESENTATIVES May 30, 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 reduce compliance burdens on certain banking entities.

1. Short title This Act may be cited as the Regional Financial Relief Act of 2014 . 2. Distinct and less burdensome requirements for certain banking entities Paragraph (1) of section 13(e) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851(e)(1) ) is amended by adding at the end the following: Such regulations shall include distinct requirements for banking entities with less than $50,000,000,000 in trading assets and liabilities that are less burdensome than the requirements for banking entities with $50,000,000,000 or more in trading assets and liabilities.