A bill to amend the Bank Holding Company Act of 1956 to provide for the regulation of the issuance and sale of debt obligations by bank holding companies and their subsidiaries.

Makes it unlawful, except with prior approval given as provided in this Act, for any action to be taken after July 10, 1974, that causes a bank holding company or any of its subsidiaries or affiliates to issue, distribute, or sell directly or indirectly to the general public any notes, debentures, bonds, or other debt obligations or securities which would mature, or which could be fully redeemed or repaid at par, in ten years or less; or otherwise arrange to borrow funds from the general public for periods of ten years or less.

Provides that a determination that such issuance, distribution, and sale or such arrangements should be approved may be made only if the Board of Governors of the Federal Reserve System finds (by order or regulation) that such action by the applicant is necessary to maintain its effective operation and financial soundness; and the issuance, distribution, and sale of such obligations or securities, or the arrangements for such borrowings, can reasonably be expected to produce benefits to the public.

Provides for final approval of Board decisions under this Act by a committee consisting of the Board, the Board of Directors of the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the Secretary of the Treasury.