Volcker Rule Relief Act of 2018

Bill: 115-hr-5659
Sponsor: full_name: Rep. Love, Mia B. [R-UT-4]
Introduced: 2018-04-27
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Banking and financial institutions regulation

Financial services and investments

Securities
Latest action: action_date: 2018-04-27
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-04-27
action_desc: Introduced in House
text: <p><b>Volcker Rule Relief Act of 2018</b></p> <p>This bill amends the Bank Holding Company Act of 1956 to exempt from the "Volcker Rule" banks with: (1) total assets valued at less than $10 billion, and (2) trading assets and liabilities&nbsp;comprising not more than 5% of total assets. (The Volcker Rule prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds.) </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5659 IN THE HOUSE OF REPRESENTATIVES April 27, 2018 Mrs. Love (for herself and Mr. Huizenga ) 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 provide relief from the Volcker Rule for community banks.

1. Short title This Act may be cited as the Volcker Rule Relief Act of 2018 . 2. Community bank relief 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 adjusting the margins accordingly; (2) by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively, and adjusting the margins accordingly; (3) in the matter preceding clause (i), as so redesignated, in the second sentence, by striking institution that functions solely in a trust or fiduciary capacity, if— and inserting the following: institution— (A) that functions solely in a trust or fiduciary capacity, if— ; (4) in clause (iv)(II), as so redesignated, by striking the period at the end and inserting ; or ; and (5) by adding at the end the following: (B) that does not have, and is not controlled by a covered fund or a bank holding company that has— (i) more than $10,000,000,000 in total consolidated assets; and (ii) total trading assets and trading liabilities, as reported on the most recent applicable regulatory filing filed by the institution, that are more than 5 percent of total consolidated assets. .