United States 113th Congress Status: Died 1 R cosponsors

HR 4167 — Restoring Proven Financing for American Employers Act

Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule). Prescribes rules of construction governing a collateralized loan obligation to prohibit the Volcker Rule from being construed to require divestiture, before July 21, 2017, of any debt securities of collateralized loan obligations issued before January 31, 2014. Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it either acquires, has acquired, or retains a debt security in such obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation. Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans. Deems an investment manager or adviser to be removed "for cause" if the removal is a result of: a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation; the investment manager's or investment adviser's inability to continue to perform its obligations under any such agreement; any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation, if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time; or an event or circumstance which threatens, or could reasonably be expected to threaten, the interests of holders of the debt securities.

Bill Text

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Read HR 4167 on the official United States source →

Action History

  1. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3257)

  3. DEBATE - The House proceeded with forty minutes of debate on H.R. 4167.

  4. Considered under suspension of the rules. (consideration: CR H3257-3261)

  5. Mr. Garrett moved to suspend the rules and pass the bill, as amended.

  6. Ordered to be Reported (Amended) by the Yeas and Nays: 53 - 3.

  7. Committee Consideration and Mark-up Session Held.

  8. Referred to the House Committee on Financial Services.

  9. Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 4167 do?
Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule). Prescribes rules of construction governing a collateralized loan obligation to prohibit the Volcker Rule from being construed to require divestiture, before July 21, 2017, of any debt securities of collateralized loan obligations issued before January 31, 2014. Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it either acquires, has acquired, or retains a debt security in such obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation. Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans. Deems an investment manager or adviser to be removed "for cause" if the removal is a result of: a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation; the investment manager's or investment adviser's inability to continue to perform its obligations under any such agreement; any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation, if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time; or an event or circumstance which threatens, or could reasonably be expected to threaten, the interests of holders of the debt securities.
Who sponsors HR 4167?
HR 4167 is sponsored by Garland Barr (R).
What is the current status of HR 4167?
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 4167?
Track HR 4167 free on One Click Politics — get push/email alerts when it moves.

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