H.R. 4167 · 113th Congress
Restoring Proven Financing for American Employers Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 113th Congress ended.
R
BarrSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Mar 6, 2014
- House Passed Apr 29, 2014
Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).
What it does: CRS summary · Passed House amended · Apr 29, 2014
Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).
Prescribes rules of construction governing a collateralized loan obligation to prohibit the Volcker Rule from being construed to require divestiture, before July 21, 2017, of any debt securities of collateralized loan obligations issued before January 31, 2014.
Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it either acquires, has acquired, or retains a debt security in such obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation.
Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans.
Deems an investment manager or adviser to be removed "for cause" if the removal is a result of:
- a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation;
- the investment manager's or investment adviser's inability to continue to perform its obligations under any such agreement;
- any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation, if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time; or
- an event or circumstance which threatens, or could reasonably be expected to threaten, the interests of holders of the debt securities.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Restoring Proven Financing for American Employers Act
Latest action (Apr 30, 2014): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 6, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Mar 6, 2014
- House Passed Apr 29, 2014
No recorded floor vote found.