,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #dgij  ,,in ,,the ,,house ,,of  
,,representatives  ,january #ab1        
#bjah,mr4 ,hill introduced the following
 bill2 which was referred to the        
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,volcker rule to  
give the ,board of ,governors of the    
,federal ,reserve ,system sole          
rulemaking authority1 to exclude        
community banks from the requirements of
 the ,volcker rule1 and for other       
purposes4  #a4 ,rulemaking authority    
under the ,volcker rule  7a7 ,in general
 ,section #ac7;b7 of the ,bank ,holding 
,company ,act of #aief 7#ab ,u4,s4,c4   
#ahea7;b77 is amended-- 7#a7 in the     
subsection heading1 by striking and     
,rulemaking and inserting 1 ,rulemaking1
 ,examinations1 and ,enforcement2  7#b7 
by amending paragraph 7#b7 to read as   
follows3  7#b7 ,rulemaking ,the ,board  
shall have sole authority to--  7,a7    
issue regulations under this section    
after the date of the enactment of this 

paragraph2 and  7,b7 amend any          
regulations issued under this section   
before1 on1 or after such date4  2 and  
7#c7 by adding at the end the following 
new paragraph3  7#c7 ,examination and   
,enforcement ,authority  7,a7 ,primary  
,federal banking agency ,the primary    
,federal banking agency for a banking   
entity shall have sole authority to     
conduct examinations of all affiliates  
of the banking group to ensure          
compliance with this section and to     
enforce the requirements of this        
section4 ,the primary ,federal banking  
agency shall keep the ,board informed of
 all examinations of and any proposed   
supervisory or enforcement actions      
against any affiliate of the banking    
entity and shall ensure that all actions
 taken against any affiliate of the     
banking group are consistent with the   
,board's interpretation of this section 
and rules promulgated thereunder4  7,b7 
,definitions ,for purposes of this      
paragraph1 the term primary ,federal    

banking agency means1 with respect to   
any banking group1 the appropriate      
,federal banking agency for an affiliate
 within the banking group with the      
highest amount of unconsolidated assets 
as of the most recent quarter4  4  7b7  
,conforming amendments ,section #ac of  
the ,bank ,holding ,company ,act of     
#aief 7#ab ,u4,s4,c4 #ahea7 is amended--
 7#a7 by striking the appropriate       
,federal banking agencies1 the          
,securities and ,exchange ,commission1  
and the ,commodity ,futures ,trading    
,commission1 each place it appears and  
inserting the ,board2  7#b7 by striking 
appropriate ,federal banking agencies1  
the ,securities and ,exchange           
,commission1 and the ,commodity ,futures
 ,trading ,commission and inserting     
,board2  7#c7 in subsection 7c77#e71 by 
striking ,notwithstanding paragraph 7#b7
 and all that follows through provided  
in subsection 7b77#b71 and inserting    
,the ,board shall have the authority2   
7#d7 in subsection 7d77#a7--  7,a7 in   

subparagraph 7,f77ii7-- 7i7 by striking 
the appropriate ,federal banking        
agencies and inserting the ,board2 and  
7ii7 by striking have not jointly and   
inserting has not2 and  7,b7 in         
subparagraph 7,g77viii71 by striking    
appropriate ,federal banking agencies1  
the ,securities and ,exchange           
,commission1 or the ,commodity ,futures 
,trading ,commission1 each place it     
appears and inserting ,board2 and  7#e7 
in subsection 7e77#b7-- 7,a7 by striking
 an appropriate ,federal banking agency1
 the ,securities and ,exchange          
,commission1 or the ,commodity ,futures 
,trading ,commission1 as appropriate1   
and inserting the ,board2 and  7,b7 by  
striking under the respective agency's  
jurisdiction4  #b4 ,exclusion of        
community banks from ,volcker rule      
,section #ac7;h77#a7 of the ,bank       
,holding ,company ,act of #aief 7#ab    
,u4,s4,c4 #ahea7;h77#a77 is amended--   
7#a7 in subparagraph 7,d71 by           
redesignating clauses 7i7 and 7ii7 as   

subclauses 7,i7 and 7,,ii71             
respectively1 and moving such subclauses
 #b ems to the right2  7#b7 by          
redesignating subparagraphs 7,a71 7,b71 
7,c71 and 7,d7 as clauses 7i71 7ii71    
7iii71 and 7iv71 respectively1 and      
moving such clauses #b ems to the right2
  7#c7 by striking ,the term and        
inserting the following3  7,a7 ,in      
general ,the term  2 and  7#d7 by adding
 at the end the following3  7,b7        
,exclusion ,notwithstanding subparagraph
 7,a71 the term banking entity does not 
include any entity that has total       
consolidated assets of #aj1jjj1jjj1jjj  
or less4  4