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Scott G.
Republican NJ 5

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  • Holding Company Registration Threshold Equalization Act of 2013

    by Representative Scott Garrett

    Posted on 2014-01-14

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    GARRETT. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 801) to amend the Securities Exchange Act of 1934 to make the shareholder threshold for registration of savings and loan holding companies the same as for bank holding companies.



    The Clerk read the title of the bill.

    The text of the bill is as follows: H.R. 801 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Holding Company Registration Threshold Equalization Act of 2013''.

    SEC. 2. REGISTRATION THRESHOLD FOR SAVINGS AND LOAN HOLDING COMPANIES.

    The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended-- (1) in section 12(g)-- (A) in paragraph (1)(B), by inserting after ``is a bank'' the following: ``, a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act),''; and (B) in paragraph (4), by inserting after ``case of a bank'' the following: ``, a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act),''; and (2) in section 15(d), by striking ``case of bank'' and inserting the following: ``case of a bank, a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act),''.

    The SPEAKER pro tempore (Mrs. Wagner). Pursuant to the rule, the gentleman from New Jersey (Mr. Garrett) and the gentleman from Connecticut (Mr. Himes) each will control 20 minutes.

    The Chair recognizes the gentleman from New Jersey.

    General Leave Mr. GARRETT. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and submit extraneous materials for the Record on H.R. 801, currently under consideration.

    Mr. GARRETT. Madam Speaker, I yield myself such time as I may consume.

    I rise today, as I did a moment ago as well, in support of this good, commonsense legislation, which is H.R. 801, the Holding Company Registration Threshold Equalization Act. I also, just like with the prior legislation, would like to commend the bipartisan nature of the legislation before us and the bipartisan nature of the sponsors of this legislation, Representatives Womack, Himes, Delaney, and Mrs. Wagner, as well, for their outstanding work on getting this important measure to the floor today.

    What does it do? H.R. 801 basically corrects a technical oversight from last Congress' JOBS Act, which was the Jumpstart Our Business Startups Act, and it does so by ensuring that savings and loans holding companies, or SLHCs, are able to take advantage of the law's provisions that modify the thresholds by which bank holding companies are forced to register or allowed to deregister with the SEC.

    Most savings and loan holding companies are organized very similarly to bank holding companies and are subject to similar regulatory oversight. Because this is the case, it is appropriate now for us to correct this technical oversight in the law and streamline the registration and deregistration thresholds of savings and loan and bank holding companies.

    I will end now where I began, and that is to thank the leadership for bringing up this very important legislation, and the sponsors as well for working in a bipartisan manner. I ask that all Members support this commonsense legislation and the Senate consider it without any delay.

    With that, I reserve the balance of my time.

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