S.Amdt. 3874

SA 3874. Mr. PRYOR (for himself, Mr. Baucus, Mr. Tester, Mrs.
Shaheen, Mr. Johnson, Mr. Bennet, and Mr. Warner) submitted an
amendment intended to be proposed to amendment SA 3739 proposed by Mr.
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217,
to promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end ``too
big to fail'', to protect the American taxpayer by ending bailouts, to
protect consumers from abusive financial services practices, and for
other purposes; which was ordered to lie on the table; as follows:

On page 304, strike line 3 and all that follows though page
313, line 21, and insert the following:
(c) Certain Functions of the Board of Governors.--
(1) Comptroller of the currency.--Except as provided in
paragraph (3), there are transferred to the Office of the
Comptroller of the Currency all functions of the Board of
Governors (including any Federal reserve bank) relating to
the supervision of--
(A) any bank holding company (other than a foreign bank)--
(i) having less than $50,000,000,000 in total consolidated
assets; and
(ii) having--

(I) a subsidiary that is an insured depository institution,
if all such insured depository institutions are Federal
depository institutions; or

[[Page S3367]]

(II) a subsidiary that is a Federal depository institution
and a subsidiary that is a State depository institution, if
the total consolidated assets of all subsidiaries that are
Federal depository institutions--

(aa) exceed the total consolidated assets of all subsidiary
State depository institutions that are State member banks;
and
(bb) exceed the total consolidated assets of all subsidiary
State depository institutions that are State nonmember
insured banks and State savings associations; and
(B) any subsidiary (other than a depository institution) of
a bank holding company that is described in subparagraph (A).
(2) Corporation.--Except as provided in paragraph (3),
there are transferred to the Corporation all functions of the
Board of Governors (including any Federal reserve bank)
relating to the supervision of--
(A) any bank holding company (other than a foreign bank)--
(i) having less than $50,000,000,000 in total consolidated
assets; and
(ii) having--

(I) a subsidiary that is an insured depository institution,
if all such insured depository institutions are State
nonmember insured banks or State savings associations; or
(II) a subsidiary that is a State nonmember insured bank or
a State savings association and a subsidiary that is not a
State nonmember insured bank or State savings association, if
the total consolidated assets of all such subsidiaries that
are State nonmember insured banks or State savings
associations--

(aa) exceeds the total consolidated assets of all
subsidiaries that are Federal depository institutions; and
(bb) exceeds the total consolidated assets of all
subsidiaries that are State member banks; and
(B) any subsidiary (other than a depository institution) of
a bank holding company that is described in subparagraph (A).
(3) Rulemaking authority.--No rulemaking authority of the
Board of Governors is transferred to the Office of the
Comptroller of the Currency or the Corporation under this
subsection.
(4) Rule of construction.--Nothing in this subsection may
be construed to transfer to the Office of the Comptroller of
the Currency or the Corporation any functions of the Board of
Governors (including any Federal reserve bank) relating to
the supervision of--
(A) any State member bank;
(B) any bank holding company (other than a foreign bank)--
(i) having less than $50,000,000,000 in total consolidated
assets; and
(ii) having--

(I) a subsidiary that is an insured depository institution,
if all such insured depository institutions are State member
banks; or
(II) a subsidiary that is a State member bank and a
subsidiary that is not a State member bank, if the total
consolidated assets of all subsidiaries that are State member
banks--

(aa) exceed the total consolidated assets of all
subsidiaries that are Federal depository institutions; and
(bb) exceed the total consolidated assets of all
subsidiaries that are State nonmember insured banks and State
savings associations; or
(C) any subsidiary (other than a depository institution) of
a bank holding company that is described in subparagraph (B).
(d) Conforming Amendments.--
(1) Federal deposit insurance act.--Section 3(q) of the
Federal Deposit Insurance Act (12 U.S.C. 1813(q)) is amended
by striking paragraphs (1) through (4) and inserting the
following:
``(1) the Office of the Comptroller of the Currency, in the
case of--
``(A) any national banking association;
``(B) any Federal branch or agency of a foreign bank;
``(C) any bank holding company (other than a foreign
bank)--
``(i) having less than $50,000,000,000 in total
consolidated assets; and
``(ii) having--

``(I) a subsidiary that is an insured depository
institution, if all such insured depository institutions are
Federal depository institutions; or
``(II) a subsidiary that is a Federal depository
institution and a subsidiary that is a State depository
institution, if the total consolidated assets of all
subsidiaries that are Federal depository institutions--

``(aa) exceed the total consolidated assets of all
subsidiary State depository institutions that are State
member banks; and
``(bb) exceed the total consolidated assets of all
subsidiary State depository institutions that are State
nonmember insured banks and State savings associations;
``(D) any subsidiary (other than a depository institution)
of a bank holding company that is described in subparagraph
(C);
``(E) any Federal savings association;
``(F) any savings and loan holding company (other than a
foreign bank)--
``(i) having less than $50,000,000,000 in total
consolidated assets; and
``(ii) having--

``(I) a subsidiary that is an insured depository
institution, if all such insured depository institutions are
Federal depository institutions; or
``(II) a subsidiary that is a Federal depository
institution and a subsidiary that is a State depository
institution, if the total consolidated assets of all
subsidiaries that are Federal depository institutions exceed
the total consolidated assets of all such subsidiaries that
are State depository institutions; and

``(G) any subsidiary (other than a depository institution)
of a savings and loan holding company that is described in
subparagraph (F);
``(2) the Federal Deposit Insurance Corporation, in the
case of--
``(A) any State nonmember insured bank;
``(B) any foreign bank having an insured branch;
``(C) any State savings association;
``(D) any bank holding company (other than a foreign
bank)--
``(i) having less than $50,000,000,000 in total
consolidated assets; and
``(ii) having--

``(I) a subsidiary that is an insured depository
institution, if all such insured depository institutions are
State nonmember insured banks or State savings associations;
or
``(II) a subsidiary that is a State nonmember insured bank
or a State savings association and a subsidiary that is not a
State nonmember insured bank or State savings association, if
the total consolidated assets of all subsidiaries that are
State nonmember insured banks or State savings associations--

``(aa) exceeds the total consolidated assets of all
subsidiaries that are Federal depository institutions; and
``(bb) exceeds the total consolidated assets of all
subsidiaries that are State member banks;
``(E) any subsidiary (other than a depository institution)
of a bank holding company that is described in subparagraph
(D);
``(F) any savings and loan holding company (other than a
foreign bank)--
``(i) having less than $50,000,000,000 in total
consolidated assets; and
``(ii) having--

``(I) a subsidiary that is an insured depository
institution, if all such insured depository institutions are
State depository institutions; or
``(II) a subsidiary that is a Federal depository
institution and a subsidiary that is a State depository
institution, if the total consolidated assets of all
subsidiaries that are State depository institutions exceed
the total consolidated assets of all subsidiaries that are
Federal depository institutions; and

``(G) any subsidiary (other than a depository institution)
of a savings and loan holding company that is described in
subparagraph (F);
``(3) the Board of Governors of the Federal Reserve System,
in the case of--
``(A) any State member bank;
``(B) any branch or agency of a foreign bank with respect
to any provision of the Federal Reserve Act which is made
applicable under the International Banking Act of 1978;
``(C) any foreign bank which does not operate an insured
branch;
``(D) any agency or commercial lending company other than a
Federal agency;
``(E) supervisory or regulatory proceedings arising from
the authority given to the Board of Governors under section
7(c)(1) of the International Banking Act of 1978, including
such proceedings under the Financial Institutions Supervisory
Act of 1966;
``(F) any bank holding company having total consolidated
assets of $50,000,000,000 or more, any bank holding company
that is a foreign bank, and any subsidiary (other than a
depository institution) of such a bank holding company;
``(G) any savings and loan holding company having total
consolidated assets of $50,000,000,000 or more, any savings
and loan holding company that is a foreign bank, and any
subsidiary (other than a depository institution) of such a
savings and loan holding company;
``(H) any bank holding company (other than a foreign
bank)--
``(i) having less than $50,000,000,000 in total
consolidated assets; and
``(ii) having--

``(I) a subsidiary that is an insured depository
institution, if all such insured depository institutions are
State member banks; or
``(II) a subsidiary that is a State member bank and a
subsidiary that is not a State member bank, if the total
consolidated assets of all subsidiaries that are State member
banks--

``(aa) exceed the total consolidated assets of all
subsidiaries that are Federal depository institutions; and
``(bb) exceed the total consolidated assets of all
subsidiaries that are State nonmember insured banks and State
savings associations; and
``(I) any subsidiary (other than a depository institution)
of a bank holding company that is described in subparagraph
(H).''.
(2) Certain references in the bank holding company act of
1956.--
(A) Comptroller of the currency.--On or after the transfer
date, in the case of a bank holding company described in
section 3(q)(1)(C) of the Federal Deposit Insurance Act, as
amended by this Act, any reference in the Bank Holding
Company Act of 1956 (12 U.S.C. 1841 et seq.) to the Board of
Governors shall be deemed to be a reference to the Office of
the Comptroller of the Currency.
(B) Corporation.--On or after the transfer date, in the
case of a bank holding company described in section
3(q)(2)(D) of the Federal Deposit Insurance Act, as amended
by this Act, any reference in the Bank Holding Company Act of
1956 (12 U.S.C. 1841 et seq.) to the Board of Governors shall
be deemed to be a reference to the Corporation.

[[Page S3368]]

(C) Rule of construction.--Notwithstanding subparagraph (A)
or (B), the Board of Governors shall retain all rulemaking
authority under the Bank Holding Company Act of 1956 (12
U.S.C. 1841 et seq.).
(3) Consultation in holding company rulemaking.--
(A) Bank holding companies.--Section 5 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1844) is amended by adding at
the end the following:
``(h) Consultation in Rulemaking.--Before proposing or
adopting regulations under this Act that apply to bank
holding companies having less than $50,000,000,000 in total
consolidated assets, the Board of Governors shall consult
with the Comptroller of the Currency and the Federal Deposit
Insurance Corporation as to the terms of such regulations.''.
______