Hill Introduces Bill to Promote Regulatory Harmonization for Arkansas Banks
WASHINGTON – Today, Congressman French Hill (AR-02) introduced the Volcker Rule Regulatory Harmonization Act of 2018, H.R. 4790, to increase enhanced coordination among the federal banking regulatory agencies as it relates to the Volcker Rule. Congressman Hill, the Majority Whip of the House Committee on Financial Services, issued the following statement:
“As a former community banker, I have dealt with the confusion associated with regulatory inconsistencies across the federal banking agencies, the Volcker Rule having become being one of the most indecipherable. Given the Rule has over 270 federal register pages and names four different agencies as regulatory authorities, my bill attempts to streamline the regulatory rulemaking and enforcement process. This simple clarification will not only ease the regulatory burden for our local banks, it will enhance capital formation and financing options.”
The Volcker Rule Regulatory Harmonization Act of 2018 would do the following:
- Amends Section 619 of the Dodd-Frank Act to streamline the regulatory authority over the Volcker Rule by granting the Federal Reserve the exclusive rulemaking authority and providing the primary federal banking agency for a banking entity the sole examination and enforcement authority.
- Excludes community banks with $10 billion or less in consolidated assets from the Volcker Rule Requirements.