H.R.3913 - 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.113th Congress (2013-2014)
|Sponsor:||Rep. Duffy, Sean P. [R-WI-7] (Introduced 01/16/2014)|
|Committees:||House - Financial Services|
|Latest Action:||House - 07/30/2014 Ordered to be Reported by the Yeas and Nays: 32 - 22. (All Actions)|
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Summary: H.R.3913 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (01/16/2014)
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.