3.0.0 4167 2023-01-11T13:26:42Z 2023-01-11T13:26:42Z House H HR 2014-03-06 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BARR:H.R. 4167.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3[Page H2257]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2014-04-30T17:19:47Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2014-02-26T16:58:22Z Markup by 2014-03-14T15:58:47Z Referred to 2014-03-06T14:03:35Z Fairness for Community Job Creators Act 113 3819 HR 2014-01-08 Referred to the House Committee on Financial Services. Related bill CRS Promoting Job Creation and Reducing Small Business Burdens Act 113 5405 HR 2014-09-17 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes. 113 5461 HR 2014-09-17 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Fairness for Community Job Creators Act 113 1907 S 2014-01-09 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2014-04-30 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2014-04-29 13:21:02 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3257) Floor H37300 2 House floor actions 2014-04-29 13:21:02 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3257) Floor 8000 9 Library of Congress 2014-04-29 12:47:22 DEBATE - The House proceeded with forty minutes of debate on H.R. 4167. Floor H8D000 2 House floor actions 2014-04-29 12:47:21 Considered under suspension of the rules. (consideration: CR H3257-3261) Floor H30000 2 House floor actions 2014-04-29 12:47:09 Mr. Garrett moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2014-03-14 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 3. Committee 2014-03-14 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2014-03-06 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2014-03-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-03-06 Introduced in House IntroReferral 1000 9 Library of Congress 2014-02-26 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. Committee B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 N H001038 Rep. Higgins, Brian [D-NY-26] Brian Higgins D NY 26 2014-03-27 False Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Corporate finance and management Credit and credit markets Financial services and investments Securities Finance and Financial Sector 00 2014-03-06 Introduced in House 2014-04-16T16:50:20Z Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).

Prohibits the Volcker Rule from being construed to require divestiture of any debt securities of collateralized loan obligations issued before January 31, 2014.

Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it acquires or retains a debt security in it if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation.

Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans.

]]> 36 2014-04-29 Passed House amended 2014-06-19T21:34:35Z Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).

Prescribes rules of construction governing a collateralized loan obligation to prohibit the Volcker Rule from being construed to require divestiture, before July 21, 2017, of any debt securities of collateralized loan obligations issued before January 31, 2014.

Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it either acquires, has acquired, or retains a debt security in such obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation.

Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans.

Deems an investment manager or adviser to be removed "for cause" if the removal is a result of:

  • a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation;
  • the investment manager's or investment adviser's inability to continue to perform its obligations under any such agreement;
  • any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation, if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time; or
  • an event or circumstance which threatens, or could reasonably be expected to threaten, the interests of holders of the debt securities.
]]> Restoring Proven Financing for American Employers Act Display Title Restoring Proven Financing for American Employers Act Official Title as Introduced To amend section 13 of the Bank Holding Company Act of 1956, known as the Volcker Rule, to exclude certain debt securities of collateralized loan obligations from the prohibition against acquiring or retaining an ownership interest in a hedge fund or private equity fund. Introduced in House IH Short Titles as Introduced Restoring Proven Financing for American Employers Act Short Titles as Passed House Restoring Proven Financing for American Employers Act H House Referred in Senate 2014-04-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4167rfs/xml/BILLS-113hr4167rfs.xml Engrossed in House 2014-04-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4167eh/xml/BILLS-113hr4167eh.xml Introduced in House 2014-03-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr4167ih/xml/BILLS-113hr4167ih.xml 2014-04-30 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.