To require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets, and for other purposes.

Bill: 114-hr-2209
Sponsor: full_name: Rep. Messer, Luke [R-IN-6]
Introduced: 2015-05-01
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Department of the Treasury

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Securities

State and local finance
Latest action: action_date: 2016-02-11
text: Committee on Banking, Housing, and Urban Affairs. Hearings held.

Summaries:
action_date: 2015-05-01
action_desc: Introduced in House
text: <p>This bill amends the Federal Deposit Insurance Act with respect to the treatment of certain municipal obligations to direct the federal banking agencies to treat as a high-quality level 2A liquid asset any municipal obligation that is liquid, readily marketable, and investment grade as of the calculation date. </p> <p>The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency are directed to amend the rule titled &quot;Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule&quot; to implement this Act. </p>

action_date: 2016-02-01
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p>(Sec. 1) This bill amends the Federal Deposit Insurance Act with respect to the treatment of certain municipal obligations to direct the federal banking agencies to treat as a high-quality level 2A liquid asset any municipal obligation that is liquid, readily marketable, and investment grade as of the calculation date. </p> <p>The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency are directed to amend the rule titled &quot;Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule&quot; to implement this Act. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 2209 IN THE HOUSE OF REPRESENTATIVES May 1, 2015 Mr. Messer (for himself, Mr. King of New York , Ms. Sewell of Alabama , Mr. Stivers , Mr. Hultgren , Mrs. Carolyn B. Maloney of New York , Mr. Capuano , Mr. Cleaver , Ms. Moore , and Mr. Neugebauer ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets, and for other purposes.

1. Treatment of certain municipal obligations (a) In general Section 18 of the Federal Deposit Insurance Act ( 12 U.S.C. 1828 ) is amended— (1) by moving subsection (z) so that it appears after subsection (y); and (2) by adding at the end the following: (aa) Treatment of certain municipal obligations (1) In general For purposes of the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) (the Final Rule ) and any other regulation which incorporates a definition of the term high-quality liquid asset , the appropriate Federal banking agencies shall treat a municipal obligation that is both liquid and readily marketable (as defined in the Final Rule) and investment grade as of the calculation date as a high-quality liquid asset that is a level 2A liquid asset. (2) Definitions For purposes of this subsection: (A) Investment grade With respect to an obligation, the term investment grade has the meaning given that term under part 1 of title 12, Code of Federal Regulations. (B) Municipal obligation The term municipal obligation means an obligation of a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof. . (b) Amendment to liquidity coverage ratio regulations Not later than the end of the 3-month period beginning on the date of the enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) to implement the amendments made by this Act.

tv_txt: I 114th CONGRESS 2d Session H. R. 2209 IN THE HOUSE OF REPRESENTATIVES AN ACT To require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets, and for other purposes.

1. Treatment of certain municipal obligations (a) In general Section 18 of the Federal Deposit Insurance Act ( 12 U.S.C. 1828 ) is amended— (1) by moving subsection (z) so that it appears after subsection (y); and (2) by adding at the end the following: (aa) Treatment of certain municipal obligations (1) In general For purposes of the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) (the Final Rule ) and any other regulation which incorporates a definition of the term high-quality liquid asset , the appropriate Federal banking agencies shall treat a municipal obligation that is both liquid and readily marketable (as defined in the Final Rule) and investment grade as of the calculation date as a high-quality liquid asset that is a level 2A liquid asset. (2) Definitions For purposes of this subsection: (A) Investment grade With respect to an obligation, the term investment grade has the meaning given that term under part 1 of title 12, Code of Federal Regulations. (B) Municipal obligation The term municipal obligation means an obligation of a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof. . (b) Amendment to liquidity coverage ratio regulations Not later than the end of the 3-month period beginning on the date of the enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) to implement the amendments made by this Act.

Passed the House of Representatives February 1, 2016. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 310 114th CONGRESS 2d Session H. R. 2209 [Report No. 114–407] IN THE HOUSE OF REPRESENTATIVES May 1, 2015 Mr. Messer (for himself, Mr. King of New York , Ms. Sewell of Alabama , Mr. Stivers , Mr. Hultgren , Mrs. Carolyn B. Maloney of New York , Mr. Capuano , Mr. Cleaver , Ms. Moore , and Mr. Neugebauer ) introduced the following bill; which was referred to the Committee on Financial Services February 1, 2016 Additional sponsors: Ms. Sinema , Mr. Veasey , Mr. Poliquin , Ms. Norton , Mr. Meeks , Mr. Israel , Mr. Vargas , Mr. Pittenger , Mr. Sherman , Mr. Barr , Mr. Ross , Mr. Brooks of Alabama , Ms. Kelly of Illinois , Mr. Hudson , Mrs. Ellmers of North Carolina , Mr. Smith of Texas , Mr. Rouzer , Mr. Kind , Mr. Latta , and Mr. Kildee February 1, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets, and for other purposes.

1. Treatment of certain municipal obligations (a) In general Section 18 of the Federal Deposit Insurance Act ( 12 U.S.C. 1828 ) is amended— (1) by moving subsection (z) so that it appears after subsection (y); and (2) by adding at the end the following: (aa) Treatment of certain municipal obligations (1) In general For purposes of the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) (the Final Rule ) and any other regulation which incorporates a definition of the term high-quality liquid asset , the appropriate Federal banking agencies shall treat a municipal obligation that is both liquid and readily marketable (as defined in the Final Rule) and investment grade as of the calculation date as a high-quality liquid asset that is a level 2A liquid asset. (2) Definitions For purposes of this subsection: (A) Investment grade With respect to an obligation, the term investment grade has the meaning given that term under part 1 of title 12, Code of Federal Regulations. (B) Municipal obligation The term municipal obligation means an obligation of a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof. . (b) Amendment to liquidity coverage ratio regulations Not later than the end of the 3-month period beginning on the date of the enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) to implement the amendments made by this Act.

February 1, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IIB 114th CONGRESS 2d Session H. R. 2209 IN THE SENATE OF THE UNITED STATES February 2, 2016 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets, and for other purposes.

1. Treatment of certain municipal obligations (a) In general Section 18 of the Federal Deposit Insurance Act ( 12 U.S.C. 1828 ) is amended— (1) by moving subsection (z) so that it appears after subsection (y); and (2) by adding at the end the following: (aa) Treatment of certain municipal obligations (1) In general For purposes of the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) (the Final Rule ) and any other regulation which incorporates a definition of the term high-quality liquid asset , the appropriate Federal banking agencies shall treat a municipal obligation that is both liquid and readily marketable (as defined in the Final Rule) and investment grade as of the calculation date as a high-quality liquid asset that is a level 2A liquid asset. (2) Definitions For purposes of this subsection: (A) Investment grade With respect to an obligation, the term investment grade has the meaning given that term under part 1 of title 12, Code of Federal Regulations. (B) Municipal obligation The term municipal obligation means an obligation of a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof. . (b) Amendment to liquidity coverage ratio regulations Not later than the end of the 3-month period beginning on the date of the enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule (79 Fed. Reg. 61439; published October 10, 2014) to implement the amendments made by this Act.

Passed the House of Representatives February 1, 2016. Karen L. Haas, Clerk