US HB3913 | 2013-2014 | 113th Congress

US Congress House Bill 3913 (Prior Session Legislation)

Status

Sponsorship: Partisan Bill (Republican 2)
Status: Introduced on January 16 2014 - 25% progression, died in chamber
Action: 2014-07-30 - Ordered to be Reported by the Yeas and Nays: 32 - 22.
Text: Latest bill text (Introduced) [PDF]

Summary

Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions against proprietary trading by banking entities and certain relationships of such entities with hedge funds and private equity funds (Volcker rule). Directs the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the appropriate federal banking agencies, when issuing or modifying any regulation related to such prohibitions, to consider: (1) whether it is necessary or appropriate in the public interest; (2) whether it will promote efficiency, competition, and capital formation; and (3) the impact it would have on competition. Prohibits such agencies from adopting a regulation that would impose a burden on competition neither necessary nor appropriate in furtherance of the Act. Directs such agencies to include in the statement of basis and purpose incorporated in the regulation the reasons for determining that any burden on competition imposed by the regulation is necessary or appropriate in furtherance of this Act.

Title

To amend the Bank Holding Company Act of 1956 to require agencies to make considerations relating to the promotion of efficiency, competition, and capital formation before issuing or modifying certain regulations.

History

Date	Chamber	Action
2014-07-30	House	Ordered to be Reported by the Yeas and Nays: 32 - 22.
2014-07-30	House	Committee Consideration and Mark-up Session Held.
2014-07-15	House	Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
2014-01-16	House	Referred to the House Committee on Financial Services.