Fairness for Community Job Creators Act

Fairness for Community Job Creators Act - Amends the Bank Holding Company Act of 1956 relating to prohibitions on proprietary trading and certain relationships with hedge and private equity funds (Volcker Rule).

Prohibits any construction of these prohibitions to require the divestiture of collateralized debt obligations that were issued before December 10, 2013, if, as of that date, those obligations are predominantly backed by trust-preferred securities.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3819 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 3819

To amend a provision of the Bank Holding Company Act of 1956 regarding 
   prohibitions on investments in certain funds to clarify that such 
provision shall not be construed to require the divestiture of certain 
 collateralized debt obligations backed by trust-preferred securities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 8, 2014

Mrs. Capito (for herself, Mr. Hensarling, Mr. Bachus, Mr. Garrett, Mr. 
 Neugebauer, and Mr. McHenry) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend a provision of the Bank Holding Company Act of 1956 regarding 
   prohibitions on investments in certain funds to clarify that such 
provision shall not be construed to require the divestiture of certain 
 collateralized debt obligations backed by trust-preferred securities.

    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 ``Fairness for Community Job Creators 
Act''.

SEC. 2. RULE OF CONSTRUCTION RELATING TO DEBT INSTRUMENTS.

    Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851) 
is amended by adding at the end the following new subsection:
    ``(i) Rule of Construction.--Nothing in this section shall be 
construed to require the divestiture of any collateralized debt 
obligations issued before December 10, 2013, that as of December 10, 
2013, are predominantly backed by trust-preferred securities.''.
                                 <all>