H.R.6524 - U.S. Financial Services Global Viability Act

To make improvements to provisions of the Bank Holding Company Act of 1956 relating to proprietary trading by banking entities. view all titles (2)

All Bill Titles

  • Official: To make improvements to provisions of the Bank Holding Company Act of 1956 relating to proprietary trading by banking entities. as introduced.
  • Short: U.S. Financial Services Global Viability Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
09/21/12
 
 
 
 
 
 
 

Official Summary

U.S. Financial Services Global Viability Act - Amends the Bank Holding Company Act of 1956 to delay the effective date for prohibitions or the mandate for related rulemaking against proprietary trading by a banking entity and any equity, partnership, or other ownership interest of a banking

Official Summary

U.S. Financial Services Global Viability Act - Amends the Bank Holding Company Act of 1956 to delay the effective date for prohibitions or the mandate for related rulemaking against proprietary trading by a banking entity and any equity, partnership, or other ownership interest of a banking entity in or sponsorship of hedge funds or private equity funds. (Currently the effective date of such prohibitions and the mandate to make related regulations is the earlier of 12 months after the date of the issuance of final rules or 2 years after the date of enactment [July 21, 2010].) Delays the effective date of such prohibitions and regulatory mandate until the Secretary of the Treasury:
(1) identifies the foreign countries having foreign banks chartered and headquartered in them that compete significantly with banking entities subject to such Act, and
(2) certifies that such countries have applied to such foreign banks (including subsidiaries and affiliates) requirements equivalent to those set forth under such Act.

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