[Congressional Record Volume 170, Number 50 (Thursday, March 21, 2024)]
[Senate]
[Page S2540]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1714. Mr. VANCE submitted an amendment intended to be proposed by 
him to the bill H.R. 2882, to reauthorize the Morris K. Udall and 
Stewart L. Udall Trust Fund, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. FAILED BANK MERGERS AND ACQUISITIONS.

       (a) Failed Bank Mergers.--Section 18(c)(13)(B) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1828(c)(13)(B)) is 
     amended by striking ``section 13.'' and inserting ``section 
     13, if--
       ``(i) at the time the responsible agency proposes to 
     approve the application, there is no application or proposed 
     application (other than an application that also would be 
     subject to the prohibition in subparagraph (A)) to acquire 
     the 1 or more insured depository institutions in default or 
     in danger of default pending before any appropriate Federal 
     banking agency that would, according to the responsible 
     agency for such application, meet all applicable standards 
     for approval by the responsible agency;
       ``(ii) the Corporation would provide assistance under 
     section 13 with respect to the interstate merger transaction; 
     and
       ``(iii) the Corporation has determined that the interstate 
     merger transaction that is the subject of the application to 
     the responsible agency is the only proposed transaction to 
     acquire, directly or indirectly, the 1 or more insured 
     depository institutions in default or in danger of default 
     pending before the Corporation (other than an interstate 
     merger transaction that also would be subject to the 
     prohibition in subparagraph (A)) that would permit the 
     Corporation to--

       ``(I) comply with the least-cost resolution requirements 
     set forth in section 13(c)(4); or
       ``(II) avoid the serious adverse effects on economic 
     conditions or financial stability that would occur absent 
     exercise of the authority in section 13(c)(4)(G), if a 
     systemic risk determination has been made under such section 
     with respect to the insured depository institution or 
     institutions that are the subject of the application.''.

       (b) Failed Bank Acquisitions.--Section 3(d)(5) of the Bank 
     Holding Company Act of 1956 (12 U.S.C. 1842(d)(5)) is 
     amended--
       (1) by redesignating subparagraphs (A) and (B) as clauses 
     (i) and (ii), respectively, and adjusting the margins 
     accordingly;
       (2) in the matter preceding clause (i), as so redesignated, 
     by striking ``The Board may approve'' and inserting the 
     following:
       ``(A) Except as provided in subparagraph (B), the Board may 
     approve''; and
       (3) by inserting at the end the following:
       ``(B) Notwithstanding subparagraph (A), the Board may 
     approve an application that would otherwise be subject to the 
     prohibition in subparagraph (A) or (B) of paragraph (2) if--
       ``(i) at the time the Board proposes to approve the 
     application, there is no application or proposed application 
     (other than an application that also would be subject to the 
     prohibitions in subparagraph (A) or (B) of paragraph (2)) to 
     acquire, directly or indirectly, the 1 or more banks in 
     default or in danger of default, or the acquisition with 
     respect to which assistance is provided under section 13(c) 
     of the Federal Deposit Insurance Act (12 U.S.C. 1823(c)), 
     pending before the Board that would meet all applicable 
     standards for approval under this section;
       ``(ii) the Federal Deposit Insurance Corporation would 
     provide assistance under section 13 of the Federal Deposit 
     Insurance Act (12 U.S.C. 1823) with respect to the 
     acquisition that is the subject of the application to the 
     Board; and
       ``(iii) the Federal Deposit Insurance Corporation has 
     determined that the acquisition is the only proposed 
     transaction to acquire, directly or indirectly, the 1 or more 
     banks in default or in danger of default pending before the 
     Corporation (other than an acquisition that also would be 
     subject to the prohibition in subparagraph (A) or (B) of 
     paragraph (2)) that would permit the Corporation to--

       ``(I) comply with the least-cost resolution requirements 
     set forth in section 13(c)(4) of the Federal Deposit 
     Insurance Act (12 U.S.C. 1823(c)(4)); or
       ``(II) avoid the serious adverse effects on economic 
     conditions or financial stability that would occur absent 
     exercise of the authority in section 13(c)(4)(G) of the 
     Federal Deposit Insurance Act (12 U.S.C. 1823(c)(4)(G)), if a 
     systemic risk determination has been made under such section 
     with respect to the bank or banks that are the subject of the 
     application.''.

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