H.R. 5659 – Reading Mode

115th CONGRESS

2d Session

H. R. 5659

IN THE HOUSE OF REPRESENTATIVES

April 27, 2018

Mrs. Love (for herself and Mr. Huizenga) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Bank Holding Company Act of 1956 to provide relief from the Volcker Rule for community banks.

Short title

This Act may be cited as the Volcker Rule Relief Act of 2018.

Community bank relief

Section 13(h)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1851(h)(1)) is amended—

(1)

in subparagraph (D), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and adjusting the margins accordingly;

(2)

by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively, and adjusting the margins accordingly;

(3)

in the matter preceding clause (i), as so redesignated, in the second sentence, by striking institution that functions solely in a trust or fiduciary capacity, if— and inserting the following:

institution—

(A)

that functions solely in a trust or fiduciary capacity, if—

;

(4)

in clause (iv)(II), as so redesignated, by striking the period at the end and inserting ; or; and

(5)

by adding at the end the following:

(B)

that does not have, and is not controlled by a covered fund or a bank holding company that has—

(i)

more than $10,000,000,000 in total consolidated assets; and

(ii)

total trading assets and trading liabilities, as reported on the most recent applicable regulatory filing filed by the institution, that are more than 5 percent of total consolidated assets.