US Congress House Bill 4167 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Engrossed on April 30 2014 - 50% progression, died in committee
Action: 2014-04-30 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

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

Rep. Garland Barr [R-KY]

Rep. Brian Higgins [D-NY]

Date	Chamber	Action
2014-04-30	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2014-04-29	House	On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3257)
2014-04-29	House	DEBATE - The House proceeded with forty minutes of debate on H.R. 4167.
2014-04-29	House	Considered under suspension of the rules. (consideration: CR H3257-3261)
2014-04-29	House	Mr. Garrett moved to suspend the rules and pass the bill, as amended.
2014-03-14	House	Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 3.
2014-03-14	House	Committee Consideration and Mark-up Session Held.
2014-03-06	House	Referred to the House Committee on Financial Services.
2014-02-26	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.

SB1907 (Related) 2014-01-09 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB3819 (Related) 2014-01-08 - Referred to the House Committee on Financial Services.
HB5405 (Related) 2014-09-17 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB5461 (Related) 2014-09-17 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/4167/all-info
Text	https://www.congress.gov/113/bills/hr4167/BILLS-113hr4167ih.pdf
Text	https://www.congress.gov/113/bills/hr4167/BILLS-113hr4167eh.pdf