[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1912 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 1912

  To clarify that certain banking entities are not required to divest 
    from collateralized debt obligations backed by trust preferred 
                   securities under the Volcker Rule.


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                   IN THE SENATE OF THE UNITED STATES

                            January 9, 2014

Mr. Manchin (for himself and Mr. Wicker) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To clarify that certain banking entities are not required to divest 
    from collateralized debt obligations backed by trust preferred 
                   securities under the Volcker Rule.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. VOLCKER RULE CLARIFICATION RELATING TO COLLATERALIZED DEBT 
              OBLIGATIONS BACKED BY TRUST PREFERRED SECURITIES.

    Section 13(g) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1851(g)) is amended by adding at the end the following:
            ``(4) Trust preferred securities.--Nothing in this section 
        shall require or be construed to require a banking entity 
        having total consolidated assets of less than $50,000,000,000 
        or an organization that is a mutual holding company to divest 
        from any collateralized debt obligation issued before May 19, 
        2010, if--
                    ``(A) the primary purpose for any such obligation 
                was as a vehicle for trust preferred securities; and
                    ``(B) the investment in any such obligation was 
                made on or before December 10, 2013.''.
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