Fairness for Community Job Creators Act

Bill: 113-s-1907
Sponsor: full_name: Sen. Kirk, Mark Steven [R-IL]
Introduced: 2014-01-09
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Securities
Latest action: action_date: 2014-01-09
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2014-01-09
action_desc: Introduced in Senate
text: <p>Fairness for Community Job Creators Act - Amends the Bank Holding Company Act of 1956 relating to prohibitions on proprietary trading and certain relationships with hedge and private equity funds (Volcker Rule).</p> <p>Prohibits any construction of these prohibitions to require divestiture of collateralized debt obligations backed by trust-preferred securities or debt securities of collateralized loan obligations, if those collateralized debt obligations or collateralized loan obligations were issued before December 10, 2013.</p>

tv_txt: II 113th CONGRESS 2d Session S. 1907 IN THE SENATE OF THE UNITED STATES January 9, 2014 Mr. Kirk (for himself, Mr. Crapo , Mr. Moran , Mr. Toomey , Mr. Barrasso , Mr. Enzi , and Mr. Wicker ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend a provision of the Bank Holding Company Act of 1956 regarding prohibitions on investments in certain funds to clarify that such provision shall not be construed to require the divestiture of certain collateralized debt obligations backed by trust-preferred securities or debt securities of collateralized loan obligations.

1. Short title This Act may be cited as the Fairness for Community Job Creators Act . 2. Rule of construction relating to debt instruments Section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 ) is amended by adding at the end the following new subsection: (i) Rule of construction Nothing in this section shall be construed to require the divestiture of any collateralized debt obligations backed by trust-preferred securities or debt securities of collateralized loan obligations, if such collateralized debt obligations or collateralized loan obligations were issued before December 10, 2013. .