S.Amdt. 2106

SA 2106. Mr. MERKLEY submitted an amendment intended to be proposed
by him to the bill S. 2155, to promote economic growth, provide
tailored regulatory relief, and enhance consumer protections, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. LIMITATIONS ON COMMODITIES.

(a) In General.--Section 4 of the Bank Holding Company Act
of 1956 (12 U.S.C. 1843) is amended --
(1) in subsection (k)--
(A) in paragraph (4)--
(i) by striking subparagraph (H); and
(ii) by redesignating subparagraph (I) as subparagraph (H);
and
(B) by striking paragraph (7); and
(2) by striking subsection (o) and inserting the following:
``(o) Limitations on Commodities.--
``(1) In general.--Notwithstanding any provision of
subsection (k), a financial holding company, or any affiliate
or subsidiary of a financial holding company, may not engage
in the trading, sale, or investment in any current or future
ownership interest, whether direct or indirect, in
commodities (including copper) that are to be physically
settled or the underlying physical properties related to such
commodities, if an insured depository institution is not
otherwise permitted to engage in such trading, selling, or
investment.
``(2) Rule of construction.--Nothing in this subsection
shall be construed to--
``(A) prohibit the exercise of any right of a financial
holding company, or any affiliate or subsidiary of a
financial holding company, as creditor of any loan
collateralized by a commodity subject to the limitation set
forth under paragraph (1); or
``(B) preempt or otherwise supercede any provision of
section 716 of the Wall Street Transparency and
Accountability Act of 2010 (15 U.S.C. 8305).''.
(b) Effective Date.--
(1) In general.--The amendment made by subsection (a) shall
take effect on December 31, 2016.
(2) Conformance period.--
(A) In general.--Except as provided in subparagraph (B), a
financial holding company, or any affiliate or subsidiary of
a financial holding company, shall comply with the amendment
made by subsection (a) not later than the effective date
described in paragraph (1).
(B) Extension.--To ensure an orderly implementation of the
limitations set forth in the amendment made by subsection
(a), upon the application of a financial holding company, or
any affiliate or subsidiary of the financial holding company,
the Board of Governors of the Federal Reserve System may, by
rule or order, provide to the financial holding company, or
any affiliate or subsidiary of the financial holding company,
a one-time extension of the conformance period set forth
under subparagraph (A) for a period not to exceed more than 2
years.
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