Sec. 926. Rulemaking authority under the Volcker rule
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Paragraph
(2)of section 13(b) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1851(b)(2) ) is amended to read as follows: The Board may, as appropriate, consult with the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, or the Commodity Futures Trading Commission to adopt rules or guidance to carry out this section, as provided in subparagraph (B). In adopting a rule or guidance under subparagraph (A), the Board— shall consider the findings of the report required in paragraph
(1)and, as appropriate, subsequent reports; shall assure, to the extent possible, that such rule or guidance provide for consistent application and implementation of the applicable provisions of this section to avoid providing advantages or imposing disadvantages to the companies affected by this subsection and to protect the safety and soundness of banking entities and nonbank financial companies supervised by the Board; and shall include requirements to ensure compliance with this section, such as requirements regarding internal controls and recordkeeping. The Board shall have sole authority to issue and amend rules under this section after the date of the enactment of this paragraph. Any rules or guidance issued under this section prior to the date of enactment of this paragraph shall continue in effect until the Board issues a successor rule or guidance, or amends such rule or guidance, pursuant to subparagraph (C). In performing examinations or other supervisory duties, the appropriate Federal banking agencies, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, as appropriate, shall update any applicable policies and procedures to ensure that such policies and procedures are consistent (to the extent practicable) with any rules or guidance issued pursuant to subparagraph (C). . 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’’ each place it appears 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 ; and 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, and inserting Board, .
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Sec. 926
Rulemaking authority under the Volcker rule
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