US Congress House Bill 1478 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 32-4)
Status: Engrossed on November 17 2015 - 50% progression, died in committee
Action: 2015-11-17 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

Policyholder Protection Act of 2015 (Sec. 2) This bill amends the Federal Deposit Insurance Act to declare that any action of the Federal Deposit Insurance Corporation (FDIC) that requires a bank holding company to provide funds or other assets to a subsidiary depository institution is neither effective nor enforceable with respect to a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and directly or indirectly controls an insured depository institution (entities) if: such funds or assets are to be provided by the entity, and the relevant state insurance authority determines that such an action would have a materially adverse effect on the entity's financial condition. The bill declares that requiring a bank holding company that is an insurance company to serve as a source of financial strength shall be deemed the kind of action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution for specified purposes of the Bank Holding Company Act of 1956. The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, with respect to systemic risk determination and the treatment of insurance companies and their subsidiaries, to authorize the FDIC to stand in the place of the appropriate regulatory agency and file a judicial action to place such companies into orderly rehabilitation under state law if the appropriate regulatory agency has not done so. The FDIC, when funding the orderly liquidation of an insurance company or its subsidiary, shall notify the relevant state insurance authority promptly of its intention to take a lien on the company's assets. The FDIC may take such a lien only: to secure repayment of funds made available to such covered financial company or covered subsidiary; and if it determines that the lien will neither unduly impede nor delay the liquidation or rehabilitation of the insurance company, or the recovery by its policyholders.

Policyholder Protection Act of 2015

Rep. Bill Posey [R-FL]	Rep. Brad Sherman [D-CA]	Rep. Madeleine Bordallo [D-GU]	Rep. John Duncan [R-TN]
Rep. Dennis Ross [R-FL]	Rep. Steve Stivers [R-OH]	Rep. Bradley Byrne [R-AL]	Rep. Stephen Fincher [R-TN]
Rep. Joseph Heck [R-NV]	Rep. Walter Jones [R-NC]	Rep. Joe Wilson [R-SC]	Rep. Bill Huizenga [R-MI]
Rep. Ann Wagner [R-MO]	Rep. Mick Mulvaney [R-SC]	Rep. Stevan Pearce [R-NM]	Rep. Glenn Grothman [R-WI]
Rep. Rod Blum [R-IA]	Rep. Scott Tipton [R-CO]	Rep. Sean Duffy [R-WI]	Rep. Brett Guthrie [R-KY]
Rep. Kristi Noem [R-SD]	Rep. Randy Hultgren [R-IL]	Rep. Mark Amodei [R-NV]	Rep. Paul Gosar [R-AZ]
Rep. Daniel Webster [R-FL]	Rep. David Joyce [R-OH]	Rep. Martha Roby [R-AL]	Rep. Bruce Poliquin [R-ME]
Sen. Kevin Cramer [R-ND]	Rep. Garland Barr [R-KY]	Rep. Andy Harris [R-MD]	Rep. Robert Pittenger [R-NC]
Rep. Tom Emmer [R-MN]	Rep. Denny Heck [D-WA]	Rep. Frank Lucas [R-OK]	Rep. John Delaney [D-MD]

Date	Chamber	Action
2015-11-17	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2015-11-16	House	Motion to reconsider laid on the table Agreed to without objection.
2015-11-16	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8217)
2015-11-16	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 1478.
2015-11-16	House	Considered under suspension of the rules. (consideration: CR H8217-8219)
2015-11-16	House	Mr. Posey moved to suspend the rules and pass the bill, as amended.
2015-11-16	House	Placed on the Union Calendar, Calendar No. 260.
2015-11-16	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 114-338.
2015-11-04	House	Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0.
2015-11-04	House	Committee Consideration and Mark-up Session Held.
2015-11-04	House	Committee Consideration and Mark-up Session Held.
2015-11-03	House	Committee Consideration and Mark-up Session Held.
2015-03-19	House	Referred to the House Committee on Financial Services.
2015-03-19	House	Introduced in House

SB798 (Same As) 2015-04-30 - Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held.
SB1910 (Related) 2015-07-30 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 176.
HB2029 (Related) 2015-12-18 - Became Public Law No: 114-113. (TXT | PDF)
SB2132 (Related) 2015-10-06 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 251.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1478/all-info
Text	https://www.congress.gov/114/bills/hr1478/BILLS-114hr1478ih.pdf
Text	https://www.congress.gov/114/bills/hr1478/BILLS-114hr1478rh.pdf
Text	https://www.congress.gov/114/bills/hr1478/BILLS-114hr1478eh.pdf