[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1841 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1841

 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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 16, 2015

   Mr. Barr introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
 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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Restoring Proven Financing for 
American Employers Act''.

SEC. 2. RULES OF CONSTRUCTION RELATING TO COLLATERALIZED LOAN 
              OBLIGATIONS.

    Section 13(c)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1851(c)(2)) is amended--
            (1) by striking ``A banking entity or nonbank financial 
        company supervised by the Board'' and inserting the following:
                    ``(A) General conformance period.--A banking entity 
                or nonbank financial company supervised by the Board''; 
                and
            (2) by adding at the end the following:
                    ``(B) Conformance period for certain collateralized 
                loan obligations.--
                            ``(i) In general.--Notwithstanding 
                        subparagraph (A), a banking entity or nonbank 
                        financial company supervised by the Board shall 
                        bring its activities related to or investments 
                        in a debt security of a collateralized loan 
                        obligation issued before January 31, 2014, into 
                        compliance with the requirements of subsection 
                        (a)(1)(B) and any applicable rules relating to 
                        subsection (a)(1)(B) not later than July 21, 
                        2019.
                            ``(ii) Collateralized loan obligation.--For 
                        purposes of this subparagraph, the term 
                        `collateralized loan obligation' means any 
                        issuing entity of an asset-backed security, as 
                        defined in section 3(a)(77) of the Securities 
                        Exchange Act of 1934 (15 U.S.C. 78c(a)(77)), 
                        that is comprised primarily of commercial 
                        loans.''.
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