Sec. 3. 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 as of the date of enactment of this Act, any affiliation 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 2-year period beginning on that date of enactment.

The Board of Governors of the Federal Reserve System (in this Act referred to as the Board ), after opportunity for hearing, may terminate, at any time, the authority conferred by subparagraph

(A)to continue any affiliation subject to such subparagraph until the end of the period referred to in such subparagraph, if the Board determines, having due regard to 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 Board may extend the 2-year period referred to in subparagraph

(A)from time to time as to any particular bank holding company for not more than 6 months at a time, if, in the judgment of the Board, such an extension would not be detrimental to the public interest, except that no such extensions shall in the aggregate exceed 1 year. 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 ( 12 U.S.C. 1844 )— in subsection (c)— in paragraph (2), by striking subparagraph (E); and by striking paragraphs (3), (4), and (5); and by striking subsection (g); and by striking section 10A ( 12 U.S.C. 1848a ). The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by striking section 45 ( 12 U.S.C. 1831v ) and inserting the following: . Subtitle B of title I of the Gramm-Leach-Bliley Act is amended— by striking section 114 ( 12 U.S.C. 1828a ) and inserting the following: ; and by striking section 115 ( 12 U.S.C. 1820a ) and inserting the following: . Section 5136A of the Revised Statutes of the United States ( 12 U.S.C. 24a ) is amended to read as follows: . In the case of a national bank which, pursuant to the amendments 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 shall be terminated as soon as is practicable, and in no event later than the end of the 2-year period beginning on that date of enactment. The Comptroller of the Currency, after opportunity for hearing, may terminate, at any time, the authority conferred by subparagraph

(A)to continue any affiliation subject to such subparagraph until the end of the period referred to in such subparagraph, 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 of the Currency may extend the 2-year period referred to in subparagraph

(A)from time to time as to any particular national bank for not more than 6 months at a time, if, in the judgment of the Comptroller, such an extension would not be detrimental to the public interest, except that no such extensions shall in the aggregate exceed 1 year. 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 Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by striking section 46 ( 12 U.S.C. 1831w ) and inserting the following: . 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 3(a)(4)(B) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(4)(B) ) is amended— by striking clauses (i), (iii), (v), (vii), (x), and (xi); and by redesignating clauses (ii), (iv), (vi), (viii), and

(ix)as clauses (i), (ii), (iii), (iv), and (v), respectively. Section 3(a)(5)(C) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(5)(C) ) is amended— by striking clauses

(i)and (iii); and by redesignating clauses

(ii)and

(iv)as clauses

(i)and (ii), respectively. Section 206(a) of the Gramm-Leach-Bliley Act ( 15 U.S.C. 78c note) is amended— in paragraph (4), by inserting and after the semicolon at the end; in paragraph (5)(B)(ii), by striking ; or and inserting a period; and by striking paragraph

(6)and all that follows through the end of the subsection. Section 4(c)(8) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(c)(8) ) is amended by striking the day before the date of the enactment of the Gramm-Leach-Bliley Act and inserting January 1, 1970 . Section 4(j) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j) ) is amended to read as follows: (c)(8) activities Notwithstanding the limitation of the January 1, 1970, approval deadline in subsection (c)(8), the Board may determine an activity to be so closely related to banking as to be a proper incident thereto for purposes of such subsection, subject to the requirements of this subsection and such terms and conditions as the Board may require. In making any determination under paragraph (1), the Board shall consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to result in a violation of section 18(aa) of the Federal Deposit Insurance Act, section 21 of the Banking Act of 1933, or the spirit of section 2(c) of the Return to Prudent Banking Act of 2013, and other possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices. No determination of the Board under paragraph

(1)may take effect before the end of the 180-day period beginning on the date by which notice of the determination has been submitted to both Houses of the Congress together with a detailed explanation of the activities to which the determination relates and the basis for the determination, unless before the end of such period, such activities have been approved by an Act of Congress. . 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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