,i #aafth ,,congress #ast ,session ,h4 ,r4 #eahj ,,in ,,the ,,house ,,of ,,representatives ,november #ai1 #bjai ,mr4 ,garca of ,illinois 7for himself1 ,ms4 ,tlaib1 and ,ms4 ,jackson ,lee7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to amend the ,bank ,holding ,company ,act of #aief to restore the separation between banking and commerce by prohibiting bank holding company ownership of non-financial assets1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,protecting ,consumers from ,market ,manipulation ,act4 #b4 ,limitation on certain large non-financial companies with respect to activities that are financial in nature 7a7 ,in general ,a large non-financial company that is not registered as a bank holding company may not 7either directly or indirectly1 or through a subsidiary7 engage in activities that are financial in nature if engaging in such activities would result in such activities producing the lower of-- 7#a7 #e percent of the revenue of the large non-financial company2 or 7#b7 #a1jjj1jjj1jjj in revenue4 7b7 ,definitions ,in this section3 7#a7 ,activities that are financial in nature ,the term activities that are financial in nature has the meaning given that term under section #d7k77#d7 of the ,bank ,holding ,company ,act of #aief4 7#b7 ,bank holding company ,the term bank holding company has the meaning given that term under section #b of the ,bank ,holding ,company ,act of #aief4 7#c7 ,large non-financial company ,the term large non-financial company means a company that-- 7,a7 has annual revenues of more than #e1jjj1jjj1jjj2 and 7,b7 is not predominantly engaged in financial activities 7as such term is defined under section #ajb of the ,financial ,stability ,act of #bjaj74 7#d7 ,subsidiary ,the term subsidiary has the meaning given that term under section #b of the ,bank ,holding ,company ,act of #aief4 #c4 ,limitations on commodity ownership and repeal of the merchant banking authority 7a7 ,in general ,section #d of the ,bank ,holding ,company ,act of #aief 7#ab ,u4,s4,c4 #ahdc7 is amended-- 7#a7 in subsection 7k7-- 7,a7 in paragraph 7#a71 by striking 7by regulation or order7 and inserting 1 by regulation2 7,b7 in paragraph 7#b7-- 7i7 in the heading1 by inserting and the ,federal ,deposit ,insurance ,corporation after treasury2 and 7ii7 by adding at the end the following3 7,c7 ,joint determination with the ,federal ,deposit ,insurance ,corporation ,for purposes of paragraph 7#a71 the ,board may only make a determination that an activity is complementary to a financial activity and does not pose a substantial risk to the safety or soundness of depository institutions or the financial system generally1 if such determination is made jointly1 by rule1 with the ,federal ,deposit ,insurance ,corporation4 2 7,c7 in paragraph 7#d7-- 7i7 by striking subparagraph 7,h72 and 7ii7 by redesignating subparagraph 7,i7 as subparagraph 7,h72 and 7,d7 by striking paragraph 7#g72 7#b7 in subsection 7l7-- 7,a7 in paragraph 7#a71 by striking subsection 7k71 7n71 or 7o7 each place such term appears and inserting subsection 7k7 or 7n72 and 7,b7 in paragraph 7#b77;,b71 by striking subparagraph 7,h7 or 7,i7 and inserting subparagraph 7,h72 7#c7 in subsection 7m77#a77;,a71 by striking subsection 7k71 7n71 or 7o7 and inserting subsection 7k7 or 7n72 7#d7 in subsection 7n77#e71 by striking subparagraph 7,h7 or 7,i7 each place such term appears and inserting subparagraph 7,h72 and 7#e7 by striking subsection 7o74 7b7 ,conforming amendment ,section #c7;a77#d77;,b77vi7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#d77;,b77vi77 is amended by striking other than and all that follows through the end and inserting other than a registered broker or dealer44 7c7 ,rulemaking ,the ,board of ,governors of the ,federal ,reserve ,system shall-- 7#a7 issue rules to carry out the amendments made by this section2 and 7#b7 provide for an appropriate transition period before persons are required to comply with the amendments made by this section1 including allowing for the divestment of shares1 assets1 and ownership interests affected by such amendments4 #d4 ,digital currency studies 7a7 ,,fsoc study ,the ,financial ,stability ,oversight ,council shall carry out a study1 and issue a report to ,congress that-- 7#a7 examines the financial stability implications of digital currency2 and 7#b7 determines whether digital currencies should be designated as designated financial market utilities under title ,,viii of the ,payment1 ,clearing1 and ,settlement ,supervision ,act of #bjaj4 7b7 ,federal ,reserve study ,the ,board of ,governors of the ,federal ,reserve ,system shall carry out a study and issue a report to ,congress that-- 7#a7 examines the monetary policy and monetary sovereignty implications of digital currency2 and 7#b7 proposes a framework for supervising any digital currency that is designated as a designated financial market utility under title ,,viii of the ,payment1 ,clearing1 and ,settlement ,supervision ,act of #bjaj4 7c7 ,digital currency defined ,in this section1 the term digital currency means a digital representation of value that-- 7#a7 can be digitally traded2 7#b7 functions as-- 7,a7 a medium of exchange2 7,b7 a unit of account2 or 7,c7 a store of value2 7#c7 does not have legal tender status 7i4e41 when tendered to a creditor1 is a valid and legal offer of payment7 in any jurisdiction2 7#d7 is not issued nor guaranteed by any jurisdiction2 7#e7 fulfils the functions described under paragraph 7#b7 only by agreement within the community of users of the virtual currency2 7#f7 is not sovereign currency 7also known as real currency1 real money1 or national currency71 which is the coin and paper money of a country that is designated as its legal tender1 circulates1 and is customarily used and accepted as a medium of exchange in the issuing country2 and 7#g7 is not e-money1 which is a digital representation of sovereign currency used to electronically transfer value denominated in sovereign currency and is a digital transfer mechanism for sovereign currency 7meaning that it electronically transfers value that has legal tender status74