,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #ahda  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #af1 #bjae ,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;c77#b7 ( !    
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahea7;c77#b77 is am5d$--     
7#a7 by /rik+ ,a bank+ entity or nonbank
 f9ancial company sup]vis$ by ! ,bo>d & 
ins]t+ ! foll[+3  7,a7 ,g5]al con=mance 
p]iod ,a bank+ entity or nonbank        
f9ancial company sup]vis$ by ! ,bo>d  2 
&  7#b7 by add+ at ! end ! foll[+3  7,b7

 ,con=mance p]iod = c]ta9 collat]aliz$  
loan obligations  7i7 ,9 g5]al ,not)/&+ 
subp>agraph 7,a71 a bank+ entity or     
nonbank f9ancial company sup]vis$ by !  
,bo>d %all br+ its activities relat$ to 
or inve/m5ts 9 a debt security ( a      
collat]aliz$ loan obligation issu$ be=e 
,janu>y #ca1 #bjad1 into compliance ) ! 
requirem5ts ( subsection 7a77#a77;,b7 & 
any applicable rules relat+ to          
subsection 7a77#a77;,b7 n lat] ?an ,july
 #ba1 #bjai4  7ii7 ,collat]aliz$ loan   
obligation ,= purposes ( ?is            
subp>agraph1 ! 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  4