US Congress House Bill 2660 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on June 2 2009 - 25% progression, died in committee
Action: 2009-06-02 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Regulatory Capital Enhancement Act of 2009 - Amends the Federal Deposit Insurance Act to require each appropriate federal banking agency to prescribe capital standards, including a leverage limit and a risk-based capital requirement, for special purpose entities, or similar types of vehicles or entities, that are sponsored by insured depository institutions it regulates. Requires such capital standards to conform, to the extent practicable, with the capital standards prescribed under the Act. Authorizes an appropriate federal banking agency, by regulation, to establish any additional relevant capital measures for such entities or vehicles necessary to guard against the risk that they become undercapitalized. Requires the appropriate federal banking agencies to define jointly a "special purpose entity," with a focus on trusts and other legal entities established by or for an insured depository institution to fulfill narrow, specific, or temporary objectives, including: (1) the holding of financial assets transferred during a securitization process; (2) issuing applicable securities representing claims on such assets; (3) receiving and reinvesting cash flows from such assets; and (4) distributing proceeds to holders of the securities.

Regulatory Capital Enhancement Act of 2009

Rep. Keith Ellison [D-MN]

Date	Chamber	Action
2009-06-02		Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/2660/all-info
Text	https://www.congress.gov/111/bills/hr2660/BILLS-111hr2660ih.pdf