,,ii #aadth ,,congress #ast ,session ,s4 #agji ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #g1 #bjae,ms4 ,warren 7for herself1 ,mr4 ,mc,cain1 ,mr4 ,king1 and ,ms4 ,cantwell7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to reduce risks to the financial system by limiting banks' ability to engage in certain risky activities and limiting conflicts of interest1 to reinstate certain ,glass-,steagall ,act protections that were repealed by the ,gramm-,leach-,bliley ,act1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the #bast ,century ,glass-,steagall ,act of #bjae4 #b4 ,findings and purpose 7a7 ,findings ,congress finds that-- 7#a7 in response to a financial crisis and the ensuing ,great ,depression1 ,congress enacted the ,banking ,act of #aicc1 known as the ,glass-,steagall ,act1 to prohibit commercial banks from offering investment banking and insurance services2 7#b7 a series of deregulatory decisions by the ,board of ,governors of the ,federal ,reserve ,system and the ,office of the ,comptroller of the ,currency1 in addition to decisions by ,federal courts1 permitted commercial banks to engage in an increasing number of risky financial activities that had previously been restricted under the ,glass-,steagall ,act1 and also vastly expanded the meaning of the business of banking and closely related activities in banking law2 7#c7 in #aiii1 ,congress enacted the ,gramm-,leach-,bliley ,act1 which repealed the ,glass-,steagall ,act separation between commercial and investment banking and allowed for complex cross-subsidies and interconnections between commercial and investment banks2 7#d7 former ,kansas ,city ,federal ,reserve ,president ,thomas ,hoenig observed that with the elimination of ,glass-,steagall1 the largest institutions with the greatest ability to leverage their balance sheets increased their risk profile by getting into trading1 market making1 and hedge fund activities1 adding ever greater complexity to their balance sheets42 7#e7 the ,financial ,crisis ,inquiry ,report issued by the ,financial ,crisis ,inquiry ,commission concluded that1 in the years between the passage of ,gramm-,leach ,bliley and the global financial crisis1 regulation and supervision of traditional banking had been weakened significantly1 allowing commercial banks and thrifts to operate with fewer constraints and to engage in a wider range of financial activities1 including activities in the shadow banking system4 ,the ,commission also concluded that this deregulation made the financial system especially vulnerable to the financial crisis and exacerbated its effects42 7#f7 a report by the ,financial ,stability ,oversight ,council pursuant to section #abc of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act states that increased complexity and diversity of financial activities at financial institutions may shift institutions towards more risk-taking1 increase the level of interconnectedness among financial firms1 and therefore may increase systemic default risk4 ,these potential costs may be exacerbated in cases where the market perceives diverse and complex financial institutions as #8too big to fail1' which may lead to excessive risk taking and concerns about moral hazard42 7#g7 the ,senate ,permanent ,subcommittee on ,investigations report1 ,wall ,street and the ,financial ,crisis3 ,anatomy of a ,financial ,collapse1 states that repeal of ,glass-,steagall made it more difficult for regulators to distinguish between activities intended to benefit customers versus the financial institution itself4 ,the expanded set of financial services investment banks were allowed to offer also contributed to the multiple and significant conflicts of interest that arose between some investment banks and their clients during the financial crisis42 7#h7 the ,senate ,permanent ,subcommittee on ,investigations report1 ,j,p,morgan ,chase ,whale ,trades3 ,a ,case ,history of ,derivatives ,risks and ,abuses1 describes how traders at ,j,p,morgan ,chase made risky bets using excess deposits that were partly insured by the ,federal ,government2 7#i7 in ,europe1 the ,vickers ,independent ,commission on ,banking 7for the ,united ,kingdom7 and the ,liikanen ,report 7for the ,euro area7 have both found that there is no inherent reason to bundle retail banking with investment banking or other forms of relatively high risk securities trading1 and ,european countries are set on a path of separating various activities that are currently bundled together in the business of banking2 7#aj7 private sector actors prefer having access to underpriced public sector insurance1 whether explicit 7for insured deposits7 or implicit 7for too big to fail financial institutions71 to subsidize dangerous levels of risk-taking1 which1 from a broader social perspective1 is not an advantageous arrangement2 and 7#aa7 the financial crisis1 and the regulatory response to the crisis1 has led to more mergers between financial institutions1 creating greater financial sector consolidation and increasing the dominance of a few large1 complex financial institutions that are generally considered to be too big to fail1 and therefore are perceived by the markets as having an implicit guarantee from the ,federal ,government to bail them out in the event of their failure4 7b7 ,purposes ,the purposes of this ,act are-- 7#a7 to reduce risks to the financial system by limiting the ability of banks to engage in activities other than socially valuable core banking activities2 7#b7 to protect taxpayers and reduce moral hazard by removing explicit and implicit government guarantees for high-risk activities outside of the core business of banking2 and 7#c7 to eliminate any conflict of interest that arises from banks engaging in activities from which their profits are earned at the expense of their customers or clients4 #c4 ,safe and sound banking 7a7 ,insured depository institutions ,section #ah7s7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7s77 is amended by adding at the end the following3 7#f7 ,limitations on banking affiliations 7,a7 ,prohibition on affiliations with nondepository entities ,an insured depository institution may not-- 7i7 be or become an affiliate of any insurance company1 securities entity1 or swaps entity2 7ii7 be in common ownership or control with any insurance company1 securities entity1 or swaps entity2 or 7iii7 engage in any activity that would cause the insured depository institution to qualify as an insurance company1 securities entity1 or swaps entity4 7,b7 ,individuals eligible to serve on boards of depository institutions 7i7 ,in general ,an individual who is an officer1 director1 partner1 or employee of any securities entity1 insurance company1 or swaps entity may not serve at the same time as an officer1 director1 employee1 or other institution-affiliated party of any insured depository institution4 7ii7 ,exception ,clause 7i7 shall not apply with respect to service by any individual which is otherwise prohibited under clause 7i71 if the appropriate ,federal banking agency determines1 by regulation with respect to a limited number of cases1 that service by such an individual as an officer1 director1 employee1 or other institution-affiliated party of an insured depository institution would not unduly influence-- 7,i7 the investment policies of the depository institution2 or 7,,ii7 the advice that the institution provides to customers4 7iii7 ,termination of service ,subject to a determination under clause 7i71 any individual described in clause 7i7 who1 as of the date of enactment of the #bast ,century ,glass-,steagall ,act of #bjae1 is serving as an officer1 director1 employee1 or other institution-affiliated party of any insured depository institution shall terminate such service as soon as is practicable after such date of enactment1 and in no event1 later than the end of the #fj-;day period beginning on that date of enactment4 7,c7 ,termination of existing affiliations and activities 7i7 ,orderly termination of existing affiliations and activities ,any affiliation1 common ownership or control1 or activity of an insured depository institution with any securities entity1 insurance company1 swaps entity1 or any other person1 as of the date of enactment of the #bast ,century ,glass-,steagall ,act of #bjae1 which is prohibited under subparagraph 7,a7 shall be terminated as soon as is practicable1 and in no event later than the end of the #e-year period beginning on that date of enactment4 7ii7 ,early termination ,the appropriate ,federal banking agency1 at any time after opportunity for hearing1 may order termination of an affiliation1 common ownership or control1 or activity prohibited by clause 7i7 before the end of the #e-year period described in clause 7i71 if the agency determines that such action-- 7,i7 is necessary to prevent undue concentration of resources1 decreased or unfair competition1 conflicts of interest1 or unsound banking practices2 and 7,,ii7 is in the public interest4 7iii7 ,extension ,subject to a determination under clause 7ii71 an appropriate ,federal banking agency may extend the #e-year period described in clause 7i7 as to any particular insured depository institution for not more than an additional #f months at a time1 if-- 7,i7 the agency certifies that such extension would promote the public interest and would not pose a significant threat to the stability of the banking system or financial markets in the ,united ,states2 and 7,,ii7 such extension1 in the aggregate1 does not exceed #a year for any single insured depository institution4 7iv7 ,requirements for entities receiving an extension ,upon receipt of an extension under clause 7iii71 the insured depository institution shall notify shareholders of the insured depository institution and the general public that it has failed to comply with the requirements of clause 7i74 7,d7 ,definitions ,for purposes of this paragraph1 the following definitions shall apply3 7i7 ,insurance company ,the term insurance company has the meaning given the term in section #b7q7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda7q774 7ii7 ,insured depository institution ,the term insured depository institution-- 7,i7 has the meaning given the term in section #c7;c77#b72 and 7,,ii7 does not include a savings association controlled by a savings and loan holding company1 as described in section #aj7;c77#i77;,c7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7c77#i77;,c774 7iii7 ,securities entity ,except as provided in clause 7iii71 the term securities entity-- 7,i7 includes any entity engaged in-- 7aa7 the issue1 flotation1 underwriting1 public sale1 or distribution of stocks1 bonds1 debentures1 notes1 or other securities2 7bb7 market making2 7cc7 activities of a broker or dealer1 as those terms are defined in section #c7;a7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7dd7 activities of a futures commission merchant2 7ee7 activities of an investment adviser or investment company1 as those terms are defined in section #bjb7;a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a77 and section #c7;a77#a7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;a77#a771 respectively2 or 7ff7 hedge fund or private equity investments in the securities of either privately or publicly held companies2 and 7,,ii7 does not include a bank that1 pursuant to its authorized trust and fiduciary activities-- 7aa7 purchases and sells investments for the account of its customers2 or 7bb7 provides financial or investment advice to its customers4 7iv7 ,swaps entity ,the term swaps entity means any swap dealer1 security-based swap dealer1 major swap participant1 or major security-based swap participant1 that is registered under-- 7,i7 the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a et seq472 or 7,,ii7 the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq474 4 7b7 ,limitation on banking activities ,section #ba of the ,banking ,act of #aicc 7#ab ,u4,s4,c4 #cgh7 is amended by adding at the end the following3 7c7 ,business of receiving deposits ,for purposes of this section1 the term business of receiving deposits includes the establishment and maintenance of any transaction account 7as defined in section #ai7;b77#a77;,c7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa7;b77#a77;,c774 4 7c7 ,permitted activities of national banks ,the paragraph designated as ,seventh of section #bd of the ,revised ,statutes 7#ab ,u4,s4,c4 #bd7 is amended to read as follows3 ,seventh4 7,a7 ,to exercise by its board of directors or duly authorized officers or agents1 subject to law1 all such powers as are necessary to carry on the business of banking4 7,b7 ,as used in this paragraph1 the term business of banking shall be limited to the following core banking services3 7i7 ,receiving deposits ,a national banking association may engage in the business of receiving deposits4 7ii7 ,extensions of credit ,a national banking association may-- 7,i7 extend credit to individuals1 businesses1 not for profit organizations1 and other entities2 7,,ii7 discount and negotiate promissory notes1 drafts1 bills of exchange1 and other evidences of debt2 and 7,,iii7 loan money on personal security4 7iii7 ,payment systems ,a national banking association may participate in payment systems1 defined as instruments1 banking procedures1 and interbank funds transfer systems that ensure the circulation of money4 7iv7 ,coin and bullion ,a national banking association may buy1 sell1 and exchange coin and bullion4 7v7 ,investments in securities 7,i7 ,in general ,a national banking association may invest in investment securities1 defined as marketable obligations evidencing indebtedness of any person1 copartnership1 association1 or corporation in the form of bonds1 notes1 or debentures 7commonly known as investment securities71 obligations of the ,federal ,government1 or any ,state or subdivision thereof1 and includes the definition of investment securities1 as may be jointly prescribed by regulation by-- 7aa7 the ,comptroller of the ,currency2 7bb7 the ,federal ,deposit ,insurance ,corporation2 and 7cc7 the ,board of ,governors of the ,federal ,reserve ,system4 7,,ii7 ,limitations ,the business of dealing in securities and stock by the association shall be limited to-- 7aa7 purchasing and selling such securities and stock without recourse1 solely upon the order1 and for the account of1 customers1 and in no case for its own account1 and the association shall not underwrite any issue of securities or stock2 and 7bb7 purchasing for its own account investment securities under such limitations and restrictions as the ,comptroller of the ,currency1 the ,federal ,deposit ,insurance ,corporation1 and the ,board of ,governors of the ,federal ,reserve ,system may jointly prescribe1 by regulation4 7,,iii7 ,prohibition on amount of investment ,in no event shall the total amount of the investment securities of any single obligor or maker1 held by the association for its own account1 exceed #aj percent of its capital stock actually paid in and unimpaired and #aj percent of its unimpaired surplus fund1 except that such limitation shall not require any association to dispose of any securities lawfully held by it on ,august #bc1 #aice4 7,c7 ,prohibition against transactions involving structured or synthetic products ,a national banking association may not-- 7i7 invest in a structured or synthetic product1 a financial instrument in which a return is calculated based on the value of1 or by reference to the performance of1 a security1 commodity1 swap1 other asset1 or an entity1 or any index or basket composed of securities1 commodities1 swaps1 other assets1 or entities1 other than customarily determined interest rates2 or 7ii7 otherwise engage in the business of receiving deposits or extending credit for transactions involving structured or synthetic products4 4 7d7 ,permitted ,activities of ,federal ,savings ,associations ,section #e7;c77#a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfd7;c77#a77 is amended-- 7#a7 by striking subparagraph 7,q72 and 7#b7 by redesignating subparagraphs 7,r7 through 7,u7 as subparagraphs 7,q7 through 7,t71 respectively4 7e7 ,closely related activities ,section #d7;c7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7;c77 is amended-- 7#a7 in paragraph 7#h71 by striking had been determined and all that follows through the end and inserting the following3 8are so closely related to banking so as to be a proper incident thereto1 as provided under this paragraph or any rule or regulation issued by the ,board under this paragraph1 provided that the following shall not be considered closely related for purposes of this paragraph3 7,a7 ,serving as an investment adviser 7as defined in section #b7;a77#bj7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a77#bj777 to an investment company registered under that ,act1 including sponsoring1 organizing1 and managing a closed-end investment company4 7,b7 ,agency transactional services for customer investments1 except that this subparagraph may not be construed as prohibiting purchases and sales of investments for the account of customers conducted by a bank 7or subsidiary thereof7 pursuant to the bank's trust and fiduciary powers4 7,c7 ,investment transactions as principal1 except for activities specifically allowed by paragraph 7#ad74 7,d7 ,management consulting and counseling activities4 2 7#b7 in paragraph 7#ac71 by striking or at the end2 7#c7 by redesignating paragraph 7#ad7 as paragraph 7#ae72 and 7#d7 by inserting after paragraph 7#ac7 the following3 7#ad7 purchasing1 as an end user1 any swap1 to the extent that-- 7,a7 the purchase of any such swap occurs contemporaneously with the underlying hedged item or hedged transaction2 7,b7 there is formal documentation identifying the hedging relationship with particularity at the inception of the hedge2 and 7,c7 the swap is being used to hedge against exposure to-- 7i7 changes in the value of an individual recognized asset or liability or an identified portion thereof that is attributable to a particular risk2 7ii7 changes in interest rates2 or 7iii7 changes in the value of currency2 or 4 7f7 ,prohibited activities ,section #d7;a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7;a77 is amended-- 7#a7 in paragraph 7#a71 by striking or at the end and inserting a semicolon2 7#b7 in paragraph 7#b71 by striking the period at the end and inserting 2 or2 and 7#c7 by inserting before the undesignated matter following paragraph 7#b7 the following3 7#c7 with the exception of the activities permitted under subsection 7c71 engage in the business of a securities entity or a swaps entity1 as those terms are defined in section #ah7s77#f77;,d7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7s77#f77;,d771 including dealing or making markets in securities1 repurchase agreements1 exchange traded and over-the-counter swaps1 as defined by the ,commodity ,futures ,trading ,commission and the ,securities and ,exchange ,commission1 or structured or synthetic products1 as defined in the paragraph designated as ,seventh of section #bd of the ,revised ,statutes 7#ab ,u4,s4,c4 #bd71 or any other over-the-counter securities1 swaps1 contracts1 or any other agreement that derives its value from1 or takes on the form of1 such securities1 derivatives1 or contracts2 7#d7 engage in proprietary trading1 as provided by section #ac1 or any rule or regulation under that section2 7#e7 own1 sponsor1 or invest in a hedge fund1 or private equity fund1 or any other fund1 as provided by section #ac1 or any rule or regulation under that section1 or any other fund which exhibits the characteristics of a fund that takes on proprietary trading activities or positions2 7#f7 hold ineligible securities or derivatives2 7#g7 engage in market-making2 or 7#h7 engage in prime brokerage activities4 4 7g7 ,anti-,evasion 7#a7 ,in general ,any attempt to structure any contract1 investment1 instrument1 or product in such a manner that the purpose or effect of such contract1 investment1 instrument1 or product is to evade or attempt to evade the prohibitions described in section #ah7s77#f7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7s77#f771 section #ba7;c7 of the ,banking ,act of #aicc 7#ab ,u4,s4,c4 #cgh7;c771 the paragraph designated as ,seventh of section #bd of the ,revised ,statutes1 section #e7;c77#a7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfd7;c77#a771 or section #d7;a7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7;a771 as added or amended by this section1 shall be considered a violation of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq471 the ,banking ,act of #aicc 7,public ,law #gc-ff2 #dh ,stat4 #afb71 section #bd of the ,revised ,statutes 7#ab ,u4,s4,c4 #bd71 the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq471 and the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda et seq471 respectively4 7#b7 ,termination 7,a7 ,in general ,notwithstanding any other provision of law1 if a ,federal agency has reasonable cause to believe that an insured depository institution1 securities entity1 swaps entity1 insurance company1 bank holding company1 or other entity over which that agency has regulatory authority has made an investment or engaged in an activity in a manner that functions as an evasion of the prohibitions described in paragraph 7#a7 7including through an abuse of any permitted activity7 or otherwise violates such prohibitions1 the agency shall-- 7i7 order1 after due notice and opportunity for hearing1 the entity to terminate the activity and1 as relevant1 dispose of the investment2 7ii7 order1 after the procedures described in clause 7i71 the entity to pay a penalty equal to #aj percent of the entity's net profits1 averaged over the previous #c years1 into the ,united ,states ,treasury2 and 7iii7 initiate proceedings described in section #h7;e7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahah7;e77 for individuals involved in evading the prohibitions described in paragraph 7#a74 7,b7 ,construction ,nothing in this paragraph shall be construed to limit the inherent authority of any ,federal agency or ,state regulatory authority to further restrict any investments or activities under otherwise applicable provisions of law4 7#c7 ,reporting requirement 7,a7 ,in general ,not later than #a year after the date of enactment of this ,act1 and every year thereafter1 each ,federal agency having regulatory authority over any entity described in paragraph 7#b77;,a7 shall submit to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives and make available to the public a report1 which shall identify-- 7i7 the number and character of any activities that took place in the preceding year that function as an evasion of the prohibitions described in paragraph 7#a72 7ii7 the names of the particular entities engaged in those activities2 and 7iii7 the actions of the ,federal agency taken under paragraph 7#b74 7h7 ,attestation ,section #d of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc71 as amended by section #d7;a77#a7 of this ,act1 is amended by adding at the end the following3 7k7 ,attestation ,executives of any bank holding company or its affiliate shall attest in writing1 under penalty of perjury1 that the bank holding company or affiliate is not engaged in any activity that is prohibited under subsection 7a71 except to the extent that such activity is permitted under subsection 7c74 4 #d4 ,repeal of ,gramm-,leach-,bliley ,act provisions 7a7 ,termination of financial holding company designation 7#a7 ,in general ,section #d of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7 is amended by striking subsections 7k71 7l71 7m71 7n71 and 7o74 7#b7 ,transition 7,a7 ,orderly termination of existing affiliation ,in the case of a bank holding company which1 pursuant to the amendments made by paragraph 7#a71 is no longer authorized to control or be affiliated with any entity that was permissible for a financial holding company on the day before the date of enactment of this ,act1 any affiliation1 ownership or control1 or activity by the bank holding company which is not permitted for a bank holding company shall be terminated as soon as is practicable1 and in no event later than the end of the #e-year period beginning on the date of enactment of this ,act4 7,b7 ,early termination ,the ,board of ,governors of the ,federal ,reserve ,system 7in this section referred to as the ,board71 after opportunity for hearing1 at any time1 may terminate an affiliation prohibited by subparagraph 7,a7 before the end of the #e-year period described in subparagraph 7,a71 if the ,board determines that such action-- 7i7 is necessary to prevent undue concentration of resources1 decreased or unfair competition1 conflicts of interest1 or unsound banking practices2 and 7ii7 is in the public interest4 7,c7 ,extension ,subject to a determination under subparagraph 7,b71 the ,board may extend the #e-year period described in subparagraph 7,a71 as to any particular bank holding company1 for not more than an additional #f months at a time1 if-- 7i7 the ,board certifies that such extension would promote the public interest and would not pose a significant risk to the stability of the banking system or financial markets of the ,united ,states2 and 7ii7 such extension1 in the aggregate1 does not exceed #a year for any single bank holding company4 7,d7 ,requirements for entities receiving an extension ,upon receipt of an extension under subparagraph 7,c71 the bank holding company shall notify the shareholders of the bank holding company and the general public that it has failed to comply with the requirements of subparagraph 7,a74 7b7 ,financial subsidiaries of national banks disallowed 7#a7 ,in general ,section #eacf;,a of the ,revised ,statutes 7#ab ,u4,s4,c4 #bd;a7 is repealed4 7#b7 ,transition 7,a7 ,orderly termination of existing affiliation ,in the case of a national bank which1 pursuant to the amendment made by paragraph 7#a71 is no longer authorized to control or be affiliated with a financial subsidiary as of the date of enactment of this ,act1 such affiliation1 ownership or control1 or activity shall be terminated as soon as is practicable1 and in no event later than the end of the #e-year period beginning on the date of enactment of this ,act4 7,b7 ,early termination ,the ,comptroller of the ,currency 7in this section referred to as the ,comptroller71 after opportunity for hearing1 at any time1 may terminate an affiliation prohibited by subparagraph 7,a7 before the end of the #e-year period described in subparagraph 7,a71 if the ,comptroller determines1 having due regard for the purposes of this ,act1 that-- 7i7 such action is necessary to prevent undue concentration of resources1 decreased or unfair competition1 conflicts of interest1 or unsound banking practices2 and 7ii7 is in the public interest4 7,c7 ,extension ,subject to a determination under subparagraph 7,b71 the ,comptroller may extend the #e-year period described in subparagraph 7,a7 as to any particular national bank for not more than an additional #f months1 if-- 7i7 the ,comptroller certifies that such extension would promote the public interest and would not pose a significant risk to the stability of the banking system or financial markets of the ,united ,states2 and 7ii7 such extension1 in the aggregate1 does not exceed #a year for any single national bank4 7,d7 ,requirements for entities receiving an extension ,upon receipt of an extension under subparagraph 7,c71 the national bank shall notify its shareholders and the general public that it has failed to comply with the requirements described in subparagraph 7,a74 7#c7 ,clerical amendment ,the table of sections for chapter one of title ,,lxii of the ,revised ,statutes is amended by striking the item relating to section #eacf;,a4 7c7 ,repeal of provision relating to foreign banks filing as financial holding companies ,section #h7;c7 of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #cajf7;c77 is amended by striking paragraph 7#c74 #e4 ,repeal of bankruptcy provisions ,title #aa1 ,united ,states ,code1 is amended by repealing sections #eee1 #eei1 #efj1 and #efb4 #f4 ,technical and conforming amendments 7a7 ,bank ,holding ,company ,act of #aief ,the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahda et seq47 is amended-- 7#a7 in section #b 7#ab ,u4,s4,c4 #ahda7-- 7,a7 by striking subsection 7p72 and 7,b7 by redesignating subsection 7q7 as subsection 7p72 and 7#b7 in section #e 7#ab ,u4,s4,c4 #ahdd7-- 7,a7 in subsection 7a71 by striking the last sentence2 7,b7 in subsection 7c71 by striking paragraphs 7#c71 7#d71 and 7#e72 and 7,c7 by striking subsection 7g74 7b7 ,bank ,holding ,company ,act ,amendments of #aigj ,section #ajf7;a7 of the ,bank ,holding ,company ,act ,amendments of #aigj 7#ab ,u4,s4,c4 #aiga7;a77 is amended by striking the last sentence4 7c7 ,clayton ,act ,section #g;,a7c7 of the ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7c77 is amended-- 7#a7 in paragraph 7#g71 by striking 1 except that and all that follows and inserting a semicolon2 and 7#b7 in paragraph 7#h71 by striking 1 except that and all that follows and inserting a semicolon4 7d7 ,commodity ,exchange ,act ,section #b7;h77#g77;,c77i77,,viii7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;h77#g77;,c77i77,,viii77 is amended by striking 1 as defined in section #d7k7 of the ,bank ,holding ,company ,act of #aief4 7e7 ,community ,reinvestment ,act of #aigg ,section #hjd of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bijc7 is amended-- 7#a7 by striking subsection 7c72 and 7#b7 by redesignating subsection 7d7 as subsection 7c74 7f7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act ,section #bja7;a77#aa77;,b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #echa7;a77#aa77;,b77 is amended by striking for purposes of section #d7k7 of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7k77 each place that term appears4 7g7 ,federal ,deposit ,insurance ,act ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is amended-- 7#a7 in section #h7;b77#c7 7#ab ,u4,s4,c4 #ahah7;b77#c771 by striking section #ej and inserting section #dh2 7#b7 in section #ah7u77#a77;,b7 7#ab ,u4,s4,c4 #ahbh7u77#a77;,b771 by striking or section #de of this ,act2 7#c7 by striking sections #de and #df 7#ab ,u4,s4,c4 #ahcav and #ahcaw72 and 7#d7 by redesignating sections #dg through #ej as sections #de through #dh1 respectively4 7h7 ,federal ,reserve ,act ,the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bba et seq47 is amended-- 7#a7 in the #bjth undesignated paragraph of section #i 7#ab ,u4,s4,c4 #cce71 by striking the last sentence2 and 7#b7 in section #bc;,a 7#ab ,u4,s4,c4 #cga;c7-- 7,a7 in subsection 7b77#aa71 by striking subparagraph 7,h7 or 7,i7 of section #d7k77#d7 of the ,bank ,holding ,company ,act of #aief or2 7,b7 by striking subsection 7e72 and 7,c7 by redesignating subsection 7f7 as subsection 7e74 7i7 ,financial ,stability ,act of #bjaj ,the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7#a7 in section #aac7;c77#e7 7#ab ,u4,s4,c4 #ecbc7;c77#e771 by striking 7as defined in section #d7k7 of the ,bank ,holding ,company ,act of #aief72 7#b7 in section #afc 7#ab ,u4,s4,c4 #ecfc7-- 7,a7 by striking subsection 7b72 and 7,b7 in subsection 7a71 by striking 7a7 and all that follows through ,for purposes and inserting ,for purposes2 7#c7 in section #afg7;b7 7#ab ,u4,s4,c4 #ecfg7;b771 by striking under section #d7k7 of the ,bank ,holding ,company ,act of #aief each place that term appears2 and 7#d7 in section #aga7;b7 7#ab ,u4,s4,c4 #ecga7;b77-- 7,a7 by striking paragraph 7#c72 and 7,b7 by redesignating paragraphs 7#d7 through 7#g7 as paragraphs 7#c7 through 7#f71 respectively4 7j7 ,gramm-,leach-,bliley ,act ,the ,gramm-,leach-,bliley ,act 7,public ,law #ajf-ajb2 #aac ,stat4 #acch7 is amended-- 7#a7 by striking section #aae 7#ab ,u4,s4,c4 #ahbj;a72 7#b7 in section #eje7;c7 7#ae ,u4,s4,c4 #fhje7;c77-- 7,a7 by striking section #dg7;g77#b77;,b77iii7 of the ,federal ,deposit ,insurance ,act and inserting section #de7;g77#b77;,b77iii7 of the ,federal ,deposit ,insurance ,act2 and 7,b7 by striking section #dg7;a7 and inserting section #de7;a72 and 7#c7 in section #eji7c77;,a7 7#ae ,u4,s4,c4 #fhji7c77;,a771 by striking as described in section #d7k7 of the ,bank ,holding ,company ,act of #aief4 7k7 ,home ,owners' ,loan ,act ,section #aj7;c7 of the ,home ,owners' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7c77 is amended-- 7#a7 in paragraph 7#b71 by striking subparagraph 7,h72 and 7#b7 in paragraph 7#i77;,a71 by striking permitted and all that follows and inserting permitted under paragraph 7#a77;,c7 or 7#b7 of this subsection44 7l7 ,payment1 ,clearing1 and ,settlement ,supervision ,act of #bjaj ,section #hjc7e77;,a7 of the ,payment1 ,clearing1 and ,settlement ,supervision ,act of #bjaj 7#ab ,u4,s4,c4 #edfb7e77;,a77 is amended-- 7#a7 in clause 7viii71 by adding and at the end2 7#b7 in clause 7ix71 by striking 2 and and inserting a period2 and 7#c7 by striking clause 7x74 7m7 ,securities ,exchange ,act of #aicd ,the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is amended-- 7#a7 in section #c7;a77#d77;,b77vi77,,ii7 7#ae ,u4,s4,c4 #gh;c7a77#d77;,b77vi77,,ii771 by striking other than and all that follows and inserting other than a registered broker or dealer42 and 7#b7 in section #c;,c7g77#c77;,a7 7#ae ,u4,s4,c4 #gh;c-#c7;g77#c77;,a77-- 7,a7 in clause 7vi71 by adding and at the end2 7,b7 in clause 7vii71 by striking the semicolon and inserting a period2 and 7,c7 by striking clause 7viii74 7n7 ,title #aa ,title #aa1 ,united ,states ,code1 is amended-- 7#a7 in section #aja-- 7,a7 in paragraph 7#be77;,e71 by striking 1 measured in accordance with section #efb2 7,b7 in paragraph 7#dg77;,a77v71 by striking 1 measured in accordance with section #efb of this title2 and 7,c7 in paragraph 7#ec;,b77,a77vi71 by striking 1 measured in accordance with section #efb2 7#b7 in section #ajc7;a71 by striking #eee through #eeg1 and #eei through #efb and inserting and #eee2 7#c7 in section #cfb7;b7-- 7,a7 in paragraph 7#f71 by striking #eee or each place that term appears2 7,b7 in paragraph 7#g71 by striking 7as defined in section #eei7 each place that term appears2 7,c7 in paragraph 7#ag71 by striking 7as defined in section #efj7 each place that term appears2 and 7,d7 in paragraph 7#bg71 by striking 7as defined in section #eee1 #eef1 #eei1 or #efj7 each place that term appears and inserting 7as defined in section #eef72 7#d7 in section #ejb7;g7-- 7,a7 by striking 7#a7 before ,a claim2 and 7,b7 by striking paragraph 7#b72 7#e7 in section #eec-- 7,a7 in subsection 7a7-- 7i7 in paragraph 7#b77;,b77ii71 by striking #eee1 #eef1 #eei1 #efj1 or #efa and inserting or #eef2 and 7ii7 in paragraph 7#c77;,c71 by striking #eee1 #eef1 #eei1 #efj1 or #efa and inserting or #eef2 and 7,b7 in subsection 7b77#a71 by striking #eee1 #eef1 #eei1 #efj1 #efa and inserting #eef2 7#f7 in section #efa7;b77#a71 by striking #eee1 #eef1 #eei1 or #efj and inserting #eef2 7#g7 in section #gda7g77;,a77xi71 by striking 1 measured in accordance with section #efb2 7#h7 in section #gfa7d77;,j71 by striking 1 measured in accordance with section #efb2 and 7#i7 in section #ija7;a71 by striking #eee1 #eef1 #eeg1 #eei1 #efj1 #efa1 #efb and inserting #eef1 #eeg4