Skip to main content
HR 4167 113th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Corporate finance and management Credit and credit markets Financial services and investments Securities

Restoring Proven Financing for American Employers Act

Introduced: March 6, 2014 Introduced by: Barr, Andy Republican · Kentucky See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 11 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 30, 2014
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 29, 2014
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3257)
Apr 29, 2014
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H3257)
Apr 29, 2014
DEBATE - The House proceeded with forty minutes of debate on H.R. 4167.
Apr 29, 2014
Considered under suspension of the rules. (consideration: CR H3257-3261)
Apr 29, 2014
Mr. Garrett moved to suspend the rules and pass the bill, as amended.
Mar 14, 2014
Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 3.
Mar 14, 2014
Committee Consideration and Mark-up Session Held.
Mar 6, 2014
Referred to the House Committee on Financial Services.
Mar 6, 2014
Introduced in House
Feb 26, 2014
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.
 Plain-English summary Congressional Research Service

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.
What's happening now April 30, 2014

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 3