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.
Latest action · Jul 30, 2014 Ordered to be Reported by the Yeas and Nays: 32 - 22.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 16, 2014
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Feb 6, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-TN | Stephen Lee Fincher | Feb 6, 2014 |
Actions 5
Everything that happened, newest first.
- Jul 30, 2014Committee Consideration and Mark-up Session Held.
- Jul 30, 2014Ordered to be Reported by the Yeas and Nays: 32 - 22.
- Jul 15, 2014Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
- Jan 16, 2014Introduced in House
- Jan 16, 2014Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Commodity Futures Trading Commission
- Competition and antitrust
- Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Financial services and investments
- National Credit Union Administration
- Securities and Exchange Commission (SEC)
Text 1
Each version as it was printed, newest first.
- Jan 16, 2014Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.