[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Page S1482]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2106. Mr. MERKLEY submitted an amendment intended to be proposed 
by him to the bill S. 2155, to promote economic growth, provide 
tailored regulatory relief, and enhance consumer protections, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. LIMITATIONS ON COMMODITIES.

       (a) In General.--Section 4 of the Bank Holding Company Act 
     of 1956 (12 U.S.C. 1843) is amended --
       (1) in subsection (k)--
       (A) in paragraph (4)--
       (i) by striking subparagraph (H); and
       (ii) by redesignating subparagraph (I) as subparagraph (H); 
     and
       (B) by striking paragraph (7); and
       (2) by striking subsection (o) and inserting the following:
       ``(o) Limitations on Commodities.--
       ``(1) In general.--Notwithstanding any provision of 
     subsection (k), a financial holding company, or any affiliate 
     or subsidiary of a financial holding company, may not engage 
     in the trading, sale, or investment in any current or future 
     ownership interest, whether direct or indirect, in 
     commodities (including copper) that are to be physically 
     settled or the underlying physical properties related to such 
     commodities, if an insured depository institution is not 
     otherwise permitted to engage in such trading, selling, or 
     investment.
       ``(2) Rule of construction.--Nothing in this subsection 
     shall be construed to--
       ``(A) prohibit the exercise of any right of a financial 
     holding company, or any affiliate or subsidiary of a 
     financial holding company, as creditor of any loan 
     collateralized by a commodity subject to the limitation set 
     forth under paragraph (1); or
       ``(B) preempt or otherwise supercede any provision of 
     section 716 of the Wall Street Transparency and 
     Accountability Act of 2010 (15 U.S.C. 8305).''.
       (b) Effective Date.--
       (1) In general.--The amendment made by subsection (a) shall 
     take effect on December 31, 2016.
       (2) Conformance period.--
       (A) In general.--Except as provided in subparagraph (B), a 
     financial holding company, or any affiliate or subsidiary of 
     a financial holding company, shall comply with the amendment 
     made by subsection (a) not later than the effective date 
     described in paragraph (1).
       (B) Extension.--To ensure an orderly implementation of the 
     limitations set forth in the amendment made by subsection 
     (a), upon the application of a financial holding company, or 
     any affiliate or subsidiary of the financial holding company, 
     the Board of Governors of the Federal Reserve System may, by 
     rule or order, provide to the financial holding company, or 
     any affiliate or subsidiary of the financial holding company, 
     a one-time extension of the conformance period set forth 
     under subparagraph (A) for a period not to exceed more than 2 
     years.
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