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 divestiture of collateralized debt obligations backed by trust-preferred securities or debt securities of collateralized loan obligations, if those collateralized debt obligations or collateralized loan obligations were issued before December 10, 2013.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1907 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 1907

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 or 
          debt securities of collateralized loan obligations.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 9, 2014

Mr. Kirk (for himself, Mr. Crapo, Mr. Moran, Mr. Toomey, Mr. Barrasso, 
Mr. Enzi, and Mr. Wicker) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 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 or 
          debt securities of collateralized loan obligations.

    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 backed by trust-preferred securities or debt securities of 
collateralized loan obligations, if such collateralized debt 
obligations or collateralized loan obligations were issued before 
December 10, 2013.''.
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