summary
Introduced
01/12/2018
01/12/2018
In Committee
03/21/2018
03/21/2018
Crossed Over
04/16/2018
04/16/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Volcker Rule Regulatory Harmonization Act (Sec. 2) This bill amends the Bank Holding Company Act of 1956 to grant exclusive rulemaking authority under the Volcker Rule to the Federal Reserve Board. (Currently, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission also have regulatory authority under the Volcker Rule. The Volcker Rule prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds.) (Sec. 4) The bill exempts from the Volcker Rule banks with total assets: (1) of $10 billion or less, and (2) comprised of 5% or less of trading assets and liabilities.
AI Summary
This bill amends the Bank Holding Company Act of 1956 to grant the Federal Reserve Board sole rulemaking authority under the Volcker Rule, which prohibits banking agencies from engaging in proprietary trading or entering certain relationships with hedge funds and private-equity funds. The bill also exempts banks with total assets of $10 billion or less and trading assets and liabilities comprising 5% or less of total consolidated assets from the Volcker Rule requirements.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (4)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 04/16/2018)
Official Document
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bill summary
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bill summary
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bill summary
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