H.R.4049 - Volcker Rule Relief Act of 2105114th Congress (2015-2016)
|Sponsor:||Rep. Love, Mia B. [R-UT-4] (Introduced 11/17/2015)|
|Committees:||House - Financial Services|
|Latest Action:||House - 11/17/2015 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.4049 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (11/17/2015)
Volcker Rule Relief Act of 2015
This bill amends the Bank Holding Company Act of 1956 with respect to the prohibition ("Volcker Rule") against a banking entity's: (1) engaging in proprietary trading; or (2) acquiring or retaining any equity, partnership, or other ownership interest in, or sponsoring, hedge funds or private equity funds.
"Banking entity" shall not include (and so the Volcker Rule shall not apply to) any entity that:
- is not predominantly engaged in financial activities, nor is a bank holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System, nor a direct or indirect subsidiary of a bank holding company or a nonbank financial company supervised by the Board; or
- would be a banking entity solely owing to its control of such an entity.
The bill also exempts from the Volcker Rule any banking entity with total consolidated assets of $10 billion or less.