,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #dgij  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #ab1 #bjah,mr4
 ,hill introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d ! ,volck] 
rule to give ! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em sole rulemak+     
au?ority1 to exclude community banks f !
 requirem5ts ( ! ,volck] rule1 & = o!r  
purposes4  #a4 ,rulemak+ au?ority "u !  
,volck] rule  7a7 ,9 g5]al ,section     
#ac7;b7 ( ! ,bank ,hold+ ,company ,act (
 #aief 7#ab ,u4,s4,c4 #ahea7;b77 is     
am5d$-- 7#a7 9 ! subsection head+1 by   
/rik+ & ,rulemak+ & ins]t+ 1 ,rulemak+1 
,exam9ations1 & ,en=cem5t2  7#b7 by     
am5d+ p>agraph 7#b7 to read z foll[s3   
7#b7 ,rulemak+ ,! ,bo>d %all h sole     
au?ority to--  7,a7 issue regulations "u
 ?is section aft] ! date ( ! enactm5t ( 
?is p>agraph2 &  7,b7 am5d any          
regulations issu$ "u ?is section be=e1  
on1 or aft] su* date4  2 &  7#c7 by add+
 at ! end ! foll[+ new p>agraph3  7#c7  

,exam9ation & ,en=cem5t ,au?ority  7,a7 
,prim>y ,f$]al bank+ ag5cy ,! prim>y    
,f$]al bank+ ag5cy = a bank+ entity %all
 h sole au?ority to conduct exam9ations 
( all affiliates ( ! bank+ gr\p to      
ensure compliance ) ?is section & to    
en=ce ! requirem5ts ( ?is section4 ,!   
prim>y ,f$]al bank+ ag5cy %all keep !   
,bo>d in=m$ ( all exam9ations ( & any   
propos$ sup]visory or en=cem5t actions  
aga9/ any affiliate ( ! bank+ entity &  
%all ensure t all actions tak5 aga9/ any
 affiliate ( ! bank+ gr\p are consi/5t )
 ! ,bo>d's int]pretation ( ?is section &
 rules promulgat$ !reund]4  7,b7        
,def9itions ,= purposes ( ?is p>agraph1 
! t]m prim>y ,f$]al bank+ ag5cy means1 )
 respect to any bank+ gr\p1 !           
appropriate ,f$]al bank+ ag5cy = an     
affiliate )9 ! bank+ gr\p ) ! highe/    
am\nt ( unconsolidat$ assets z ( ! mo/  
rec5t qu>t]4  4  7b7 ,con=m+ am5dm5ts   
,section #ac ( ! ,bank ,hold+ ,company  
,act ( #aief 7#ab ,u4,s4,c4 #ahea7 is   
am5d$-- 7#a7 by /rik+ ! appropriate     

,f$]al bank+ ag5cies1 ! ,securities &   
,ex*ange ,commission1 & ! ,commodity    
,futures ,trad+ ,commission1 ea* place x
 appe>s & ins]t+ ! ,bo>d2  7#b7 by /rik+
 appropriate ,f$]al bank+ ag5cies1 !    
,securities & ,ex*ange ,commission1 & ! 
,commodity ,futures ,trad+ ,commission &
 ins]t+ ,bo>d2  7#c7 9 subsection       
7c77#e71 by /rik+ ,not)/&+ p>agraph 7#b7
 & all t foll[s ?r\gh provid$ 9         
subsection 7b77#b71 & ins]t+ ,! ,bo>d   
%all h ! au?ority2  7#d7 9 subsection   
7d77#a7--  7,a7 9 subp>agraph 7,f77ii7--
 7i7 by /rik+ ! appropriate ,f$]al bank+
 ag5cies & ins]t+ ! ,bo>d2 &  7ii7 by   
/rik+ h n jo9tly & ins]t+ has n2 &  7,b7
 9 subp>agraph 7,g77viii71 by /rik+     
appropriate ,f$]al bank+ ag5cies1 !     
,securities & ,ex*ange ,commission1 or !
 ,commodity ,futures ,trad+ ,commission1
 ea* place x appe>s & ins]t+ ,bo>d2 &   
7#e7 9 subsection 7e77#b7-- 7,a7 by     
/rik+ an appropriate ,f$]al bank+ ag5cy1
 ! ,securities & ,ex*ange ,commission1  
or ! ,commodity ,futures ,trad+         

,commission1 z appropriate1 & ins]t+ !  
,bo>d2 &  7,b7 by /rik+ "u ! respective 
ag5cy's jurisdiction4  #b4 ,exclusion ( 
community banks f ,volck] rule ,section 
#ac7;h77#a7 ( ! ,bank ,hold+ ,company   
,act ( #aief 7#ab ,u4,s4,c4             
#ahea7;h77#a77 is am5d$--  7#a7 9       
subp>agraph 7,d71 by r$esignat+ clauses 
7i7 & 7ii7 z subclauses 7,i7 & 7,,ii71  
respectively1 & mov+ su* subclauses #b  
ems to ! "r2  7#b7 by r$esignat+        
subp>agraphs 7,a71 7,b71 7,c71 & 7,d7 z 
clauses 7i71 7ii71 7iii71 & 7iv71       
respectively1 & mov+ su* clauses #b ems 
to ! "r2  7#c7 by /rik+ ,! t]m & ins]t+ 
! foll[+3  7,a7 ,9 g5]al ,! t]m  2 &    
7#d7 by add+ at ! end ! foll[+3  7,b7   
,exclusion ,not)/&+ subp>agraph 7,a71 ! 
t]m bank+ entity does n include any     
entity t has total consolidat$ assets ( 
#aj1jjj1jjj1jjj or less4  4