Sec. 2. Amendments to the Bank Holding Company Act of 1956
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Section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 ) is amended— by redesignating subsection
(h)as subsection
(i)and by inserting after subsection
(g)the following new subsection: 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— 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 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. 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. The effective date of the provisions, rules, and regulations described under paragraph
(1)shall be postponed pending judicial review. ; and in subsection (i), as redesignated in paragraph (1)— by redesignating paragraphs
(2)through
(7)as paragraphs
(3)through (8), respectively; and inserting after paragraph
(1)the following new paragraph: 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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