Sec. 1. Rulemaking authority under the Volcker rule
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Section 13(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851(b) ) is amended— in the subsection heading, by striking and inserting and Rulemaking ; , Rulemaking, Examinations, and Enforcement by amending paragraph
(2)to read as follows: The Board shall have sole authority to— issue regulations under this section after the date of the enactment of this paragraph; and amend any regulations issued under this section before, on, or after such date. ; and by adding at the end the following new paragraph: The primary Federal banking agency for a banking entity shall have sole authority to conduct examinations of all affiliates of the banking group to ensure compliance with this section and to enforce the requirements of this section. The primary Federal banking agency shall keep the Board informed of all examinations of and any proposed supervisory or enforcement actions against any affiliate of the banking entity and shall ensure that all actions taken against any affiliate of the banking group are consistent with the Board’s interpretation of this section and rules promulgated thereunder. For purposes of this paragraph, the term primary Federal banking agency means, with respect to any banking group, the appropriate Federal banking agency for an affiliate within the banking group with the highest amount of unconsolidated assets as of the most recent quarter. . Section 13 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851 ) is amended— by striking the appropriate Federal banking agencies, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, each place it appears and inserting the Board ; by striking appropriate Federal banking agencies, the Securities and Exchange Commission, and the Commodity Futures Trading Commission and inserting Board ; in subsection (c)(5), by striking Notwithstanding paragraph
(2)and all that follows through provided in subsection (b)(2), and inserting The Board shall have the authority ; in subsection (d)(1)— in subparagraph (F)(ii)— by striking the appropriate Federal banking agencies and inserting the Board ; and by striking have not jointly and inserting has not ; and in subparagraph (G)(viii), by striking appropriate Federal banking agencies, the Securities and Exchange Commission, or the Commodity Futures Trading Commission, each place it appears and inserting Board ; and in subsection (e)(2)— by striking an appropriate Federal banking agency, the Securities and Exchange Commission, or the Commodity Futures Trading Commission, as appropriate, and inserting the Board ; and by striking under the respective agency’s jurisdiction .
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Sec. 1
Rulemaking authority under the Volcker rule
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