Volcker Rule Relief Act of 2105

Bill: 114-hr-4049
Sponsor: full_name: Rep. Love, Mia B. [R-UT-4]
Introduced: 2015-11-17
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Securities
Latest action: action_date: 2015-11-17
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-11-17
action_desc: Introduced in House
text: <p><b>Volcker Rule Relief Act of 2015</b></p> <p>This bill amends the Bank Holding Company Act of 1956 with respect to the prohibition ("Volcker Rule") against a banking entity's: (1) engaging in proprietary trading; or (2) acquiring or retaining any equity, partnership, or other ownership interest in, or sponsoring, hedge funds or private equity funds.</p> <p>"Banking entity" shall not include (and so the Volcker Rule shall not apply to) any entity that:</p> <ul> <li>is not predominantly engaged in financial activities, nor is a bank holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System, nor a direct or indirect subsidiary of a bank holding company or a nonbank financial company supervised by the Board; or</li> <li>would be a banking entity solely owing to its control of such an entity.</li> </ul> <p>The bill also exempts from the Volcker Rule any banking entity with total consolidated assets of $10 billion or less.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 4049 IN THE HOUSE OF REPRESENTATIVES November 17, 2015 Mrs. Love (for herself, Mr. Neugebauer , and Mr. Huizenga of Michigan ) 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 exempt certain non-financial companies and smaller banking entities from the application of the Volcker Rule.

1. Short Title This Act may be cited as the Volcker Rule Relief Act of 2105 . 2. Treatment of certain non-financial companies Section 13(h)(1) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851(h)(1) ) is amended— (1) in subparagraph (D), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and moving such subclauses 2 ems to the right; (2) by redesignating subparagraphs (A), (B), (C), and (D) as clauses (i), (ii), (iii), and (iv), respectively, and moving such clauses 2 ems to the right; (3) by striking The term and inserting the following: (A) In general The term ; and (4) by adding at the end the following: (B) Certain non-financial companies Notwithstanding subparagraph (A), the term banking entity does not include any entity that— (i) (I) is not predominantly engaged in financial activities, as defined under section 102 of the Financial Stability Act of 2010 ( 12 U.S.C. 5311 ); (II) is not a bank holding company or a nonbank financial company supervised by the Board; and (III) is not a direct or indirect subsidiary of a bank holding company or a nonbank financial company supervised by the Board; or (ii) would be a banking entity solely due to its control of an entity described under clause (i). . 3. Exemption for smaller banking entities 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) Exemption for smaller banking entities This section shall not apply to a banking entity with total consolidated assets of $10,000,000,000 or less. .