U.S. Financial Services Global Viability Act

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.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3701 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3701

 To make improvements to provisions of the Bank Holding Company Act of 
       1956 relating to proprietary trading by banking entities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 11, 2013

Mr. King of New York (for himself, Mr. Huizenga of Michigan, Mr. Grimm, 
 and Mr. Gary G. Miller of California) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To make improvements to provisions of the Bank Holding Company Act of 
       1956 relating to proprietary trading by banking entities.

    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 ``U.S. Financial Services Global 
Viability Act''.

SEC. 2. AMENDMENTS TO THE BANK HOLDING COMPANY ACT OF 1956.

    Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851) 
is amended--
            (1) by redesignating subsection (h) as subsection (i) and 
        by inserting after subsection (g) the following new subsection:
    ``(h) Identification and Certification.--
            ``(1) In general.--Subsections (a) and (c) and any rule or 
        regulation prescribed pursuant to subsection (b)(2), or any 
        other regulatory action to enforce or implement any provision 
        of this section, shall not be effective until the Secretary of 
        the Treasury--
                    ``(A) identifies the foreign countries (including 
                the United Kingdom, France, Germany, Switzerland, 
                Japan, Brazil, China, Canada, and Mexico) that have 
                foreign banks chartered and headquartered in such 
                countries that compete significantly with banking 
                entities subject to the provisions of this section; and
                    ``(B) certifies that such countries have applied to 
                such foreign banks, including the subsidiaries and 
                affiliates of such banks, requirements equivalent to 
                those set forth under this section.
            ``(2) Hearing; judicial review.--The certification under 
        paragraph (1)(B) shall be determined after interested parties 
        are given the opportunity for a hearing on the record in 
        accordance with the procedures set forth under section 554 of 
        title 5, United States Code, and such parties are entitled to 
        judicial review in accordance with chapter 7 of such title in 
        the United States Court of Appeals for the District of Columbia 
        Circuit.
            ``(3) Postponement of effective date.--The effective date 
        of the provisions, rules, and regulations described under 
        paragraph (1) shall be postponed pending judicial review.''; 
        and
            (2) in subsection (i), as redesignated in paragraph (1)--
                    (A) by redesignating paragraphs (2) through (7) as 
                paragraphs (3) through (8), respectively; and
                    (B) inserting after paragraph (1) the following new 
                paragraph:
            ``(2) Foreign bank; foreign country.--The terms `foreign 
        bank' and `foreign country' shall have the same meanings as are 
        given such terms in section 1 of the International Banking Act 
        of 1978 (12 U.S.C. 3101).''.
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