,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #dafg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #f1 #bjad ,mr4   
,b>r introduc$ ! foll[+ bill2 :i* 0     
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d section   
#ac ( ! ,bank ,hold+ ,company ,act (    
#aief1 kn[n z ! ,volck] ,rule1 to       
exclude c]ta9 debt securities (         
collat]aliz$ loan obligations f !       
prohibition aga9/ acquir+ or reta9+ an  
own]%ip int]e/ 9 a h$ge fund or private 
equity fund4  #a4 ,%ort title ,?is ,act 
may be cit$ z ! ,re/or+ ,prov5 ,f9anc+ =
 ,am]ican ,employ]s ,act4  #b4 ,rules ( 
con/ruction relat+ to collat]aliz$ loan 
obligations ,section #ac7;g7 ( ! ,bank  
,hold+ ,company ,act ( #aief 7#ab       
,u4,s4,c4 #ahea7;g77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraphs3  7#d7    
,collat]aliz$ loan obligations  7,a7    
,inapplicability to c]ta9 collat]aliz$  
loan obligations ,no?+ 9 ?is section    
%all be con/ru$ to require ! dive/iture 
( any debt securities ( collat]aliz$    

loan obligations1 if su* collat]aliz$   
loan obligations 7 issu$ be=e ,janu>y   
#ca1 #bjad4  7,b7 ,own]%ip int]e/ )     
respect to collat]aliz$ loan obligations
 ,a bank+ entity %all n be consid]$ to h
 an own]%ip int]e/ 9 a collat]aliz$ loan
 obligation because x acquires or reta9s
 a debt security 9 su* collat]aliz$ loan
 obligation if ! debt security has no   
indicia ( own]%ip o!r ?an ! "r ( ! bank+
 entity to p>ticipate 9 ! removal =     
cause1 or 9 ! selection ( a replacem5t  
aft] removal = cause or resignation1 (  
an inve/m5t manag] or inve/m5t advis] ( 
! collat]aliz$ loan obligation4  7,c7   
,def9itions ,= purposes ( ?is p>agraph3 
7i7 ,collat]aliz$ loan obligation ,! t]m
 collat]aliz$ loan obligation means any 
issu+ entity ( an asset-back$ security1 
z def9$ 9 section #c7;a77#gg7 ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#gg771 t is compris$ 
prim>ily ( comm]cial loans4  7ii7       
,removal = cause ,an inve/m5t manag] or 
inve/m5t advis] %all be deem$ to be     

remov$ = cause if ! inve/m5t manag] or  
inve/m5t advis] is remov$ z a result (--
  7,i7 a brea* ( a mat]ial t]m ( !      
applicable managem5t or advisory        
agreem5t or ! agreem5t gov]n+ !         
collat]aliz$ loan obligation2  7,,ii7 ! 
inability ( ! inve/m5t manag] or        
inve/m5t advis] to cont9ue to p]=m its  
obligations "u any su* agreem5t2 or     
7,,iii7 any o!r action or inaction by ! 
inve/m5t manag] or inve/m5t advis] t has
 or c\ld reasonably be expect$ to h a   
mat]ially adv]se effect on !            
collat]aliz$ loan obligation1 if !      
inve/m5t manag] or inve/m5t advis] fails
 to cure or take reasonable /eps to cure
 su* effect )9 a reasonable "t4  4