Restoring Proven Financing for American Employers Act
Latest action · Apr 30, 2014 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedMar 6, 2014
- Passed HouseApr 29, 2014
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).
Prescribes rules of construction governing a collateralized loan obligation to prohibit the Volcker Rule from being construed to require divestiture, before July 21, 2017, of any debt securities of collateralized loan obligations issued before January 31, 2014.
Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it either acquires, has acquired, or retains a debt security in such obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation.
Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans.
Deems an investment manager or adviser to be removed "for cause" if the removal is a result of:
- a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation;
- the investment manager's or investment adviser's inability to continue to perform its obligations under any such agreement;
- any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation, if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time; or
- an event or circumstance which threatens, or could reasonably be expected to threaten, the interests of holders of the debt securities.
Cosponsors 1
Members who signed on, in the order they did. All signed on Mar 27, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Brian Higgins | Mar 27, 2014 |
Actions 11
Everything that happened, newest first.
- Apr 30, 2014Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Apr 29, 2014Considered under suspension of the rules. (consideration: CR H3257-3261)
- Apr 29, 2014DEBATE - The House proceeded with forty minutes of debate on H.R. 4167.
- Apr 29, 2014Mr. Garrett moved to suspend the rules and pass the bill, as amended.
- Apr 29, 2014On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3257)
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1907 | Fairness for Community Job Creators Act | Related bill | Jan 9, 2014 |
| HR 3819 | Fairness for Community Job Creators Act | Related bill | Jan 8, 2014 |
| HR 5405 | Promoting Job Creation and Reducing Small Business Burdens Act | Related bill | Sep 17, 2014 |
| HR 5461 | To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for | Related bill | Sep 17, 2014 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 3
Each version as it was printed, newest first.
- Apr 30, 2014Referred in Senate
- Apr 29, 2014Engrossed in House
- Mar 6, 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.