Sec. 4. Repeal of Gramm-Leach-Bliley Act provisions

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Section 4 of the Bank Holding Company Act of 1956 (12 U.S.C. 1843) is amended by striking subsections (k), (l), (m), (n), and (o). In the case of a bank holding company which, pursuant to the amendments made by paragraph (1), is no longer authorized to control or be affiliated with any entity that was permissible for a financial holding company on the day before the date of enactment of this Act, any affiliation, ownership or control, or activity by the bank holding company which is not permitted for a bank holding company shall be terminated as soon as is practicable, and in no event later than the end of the 5-year period beginning on the date of enactment of this Act.

The Board of Governors of the Federal Reserve System (in this section referred to as the Board ), after opportunity for hearing, at any time, may terminate an affiliation prohibited by subparagraph

(A)before the end of the 5-year period described in subparagraph (A), if the Board determines that such action— is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices; and is in the public interest. Subject to a determination under subparagraph (B), the Board may extend the 5-year period described in subparagraph (A), as to any particular bank holding company, for not more than an additional 6 months at a time, if— the Board certifies that such extension would promote the public interest and would not pose a significant risk to the stability of the banking system or financial markets of the United States; and such extension, in the aggregate, does not exceed 1 year for any one bank holding company. Upon receipt of an extension under subparagraph (C), the bank holding company shall notify its shareholders and the general public that it has failed to comply with the requirements of subparagraph (A). The Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) is amended— in section 2 ( 12 U.S.C. 1841 )— by striking subsection (p); and by redesignating subsection

(q)as subsection (p); in section 5(c) ( 12 U.S.C. 1844(c) ), by striking paragraphs (3), (4), and (5); and in section 5 ( 12 U.S.C. 1844 ), by striking subsection (g). The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq. ) is amended— by striking sections 45 and 46 ( 12 U.S.C. 1831v , 1831w); and by redesignating sections 47 through 50 as sections 45 through 48, respectively. Subtitle B of title I of the Gramm-Leach-Bliley Act is amended by striking section 115 ( 12 U.S.C. 1820a ). Section 5136A of the Revised Statutes of the United States ( 12 U.S.C. 24a ) is repealed. In the case of a national bank which, pursuant to the amendment made by paragraph (1), is no longer authorized to control or be affiliated with a financial subsidiary as of the date of enactment of this Act, such affiliation, ownership or control, or activity shall be terminated as soon as is practicable, and in no event later than the end of the 5-year period beginning on the date of enactment of this Act. The Comptroller of the Currency (in this section referred to as the Comptroller ), after opportunity for hearing, at any time, may terminate an affiliation prohibited by subparagraph

(A)before the end of the 5-year period described in subparagraph (A), if the Comptroller determines, having due regard for the purposes of this Act, that— such action is necessary to prevent undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices; and is in the public interest. Subject to a determination under subparagraph (B), the Comptroller may extend the 5-year period described in subparagraph

(A)as to any particular national bank for not more than an additional 6 months, if— the Comptroller certifies that such extension would promote the public interest and would not pose a significant risk to the stability of the banking system or financial markets of the United States; and such extension, in the aggregate, does not exceed 1 year for any single national bank. Upon receipt of an extension under subparagraph (C), the national bank shall notify its shareholders and the general public that it has failed to comply with the requirements described in subparagraph (A). The 20th undesignated paragraph of section 9 of the Federal Reserve Act ( 12 U.S.C. 335 ) is amended by striking the last sentence. The table of sections for chapter one of title LXII of the Revised Statutes of the United States is amended by striking the item relating to section 5136A. Section 8(c) of the International Banking Act of 1978 ( 12 U.S.C. 3106(c) ) is amended by striking paragraph (3).

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