H.R. 6524: U.S. Financial Services Global Viability Act

112th Congress · introduced 2012-09-21 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2012-09-21 · official record
Who proposed it: Rep. King, Peter T. [R-NY-3] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

U.S. Financial Services Global Viability Act

Plain summary

U.S. Financial Services Global Viability Act - Amends the Bank Holding Company Act of 1956 to delay the effective date for prohibitions or the mandate for related rulemaking against proprietary trading by a banking entity and any equity, partnership, or other ownership interest of a banking entity in or sponsorship of hedge funds or private equity funds. (Currently the effective date of such prohibitions and the mandate to make related regulations is the earlier of 12 months after the date of the issuance of final rules or 2 years after the date of enactment [July 21, 2010].) Delays the effective date of such prohibitions and regulatory mandate until the Secretary of the Treasury: (1) identifies the foreign countries having foreign banks chartered and headquartered in them that compete significantly with banking entities subject to such Act, and (2) certifies that such countries have applied to such foreign banks (including subsidiaries and affiliates) requirements equivalent to those set forth under such Act.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

U.S. Financial Services Global Viability Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. King, Peter T. [R-NY-3] · 5 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Bill Huizenga (R-MI)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr6524.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr6524 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112