To amend the Bank Holding Company Act of 1956 to require agencies to make considerations relating to the promotion of efficiency, competition, and capital formation before issuing or modifying certain regulations.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jan 16, 2014)
Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions against proprietary trading by banking entities and certain relationships of such entities with hedge funds and private equity funds (Volcker rule).
Directs the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the appropriate federal banking agencies, when issuing or modifying any regulation related to such prohibitions, to consider: (1) whether it is necessary or appropriate in the public interest; (2) whether it will promote efficiency, competition, and capital formation; and (3) the impact it would have on competition.
Prohibits such agencies from adopting a regulation that would impose a burden on competition neither necessary nor appropriate in furtherance of the Act.
Directs such agencies to include in the statement of basis and purpose incorporated in the regulation the reasons for determining that any burden on competition imposed by the regulation is necessary or appropriate in furtherance of this Act.
What just happenedJul 30, 2014
Ordered to be Reported by the Yeas and Nays: 32 - 22.
Who’s behind it
- Introduced in HouseJan 16, 2014
- Jul 30, 2014Committee
Ordered to be Reported by the Yeas and Nays: 32 - 22.
- Jul 30, 2014Committee
Committee Consideration and Mark-up Session Held.
- Jul 15, 2014Committee
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
- Jan 16, 2014IntroReferralH11100
Referred to the House Committee on Financial Services.
- Jan 16, 2014IntroReferralIntro-H
Introduced in House
- Jan 16, 2014IntroReferral1000
Introduced in House