Sec. 3. Special allowance for financial institutions investing in renewable energy companies
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Section 4 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843 ) is amended— in subsection (c)— in paragraph (13), by striking or at the end; by redesignating paragraph
(14)as paragraph (15); and by inserting after paragraph
(13)the following: shares of any company engaged solely in qualified renewable energy activities if such shares do not exceed 20 per centum of the outstanding voting shares of such company; or ; and in subsection (j)— in paragraph (1)(A), by inserting , (c)(14), after (c)(8) ; in paragraph (2), by striking subparagraph
(A)and inserting the following: In connection with a notice under this subsection, 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 produce benefits to the public, such as greater convenience, increased competition, or gains in efficiency, that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, unsound banking practices, or risk to the stability of the United States banking or financial system. In connection with a notice related to an exemption under subsection (c)(14), the Board shall, in addition to the criteria listed under clause (i), consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to produce a positive outcome for environmental protection, ecological sustainability, or technology advancement. ; in paragraph (4)— in subparagraph (C)(i), by inserting or (c)(14) after (c)(8) ; and in subparagraph (D)(i), by inserting (determined without regard to 50 percent of the value of any asset acquired under subsection (c)(14)) before the period at the end; and in paragraph (5)(A), by inserting or (c)(14) after (c)(8) . Section 206 of the Bank Export Services Act ( 12 U.S.C. 635a–4 ) is amended, in the matter preceding paragraph (1), by striking section 4(c)(14)(F)(i) and inserting section 4(c)(15)(F)(i) . The amendments made under this section shall not apply after the date that is 30 years after the date of enactment of this Act unless Congress enacts a joint resolution of approval.
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- 12 USC 635a–4
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Sec. 3
Special allowance for financial institutions investing in renewable energy companies
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