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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-426
INVESTOR CLARITY AND BANK PARITY ACT
NOVEMBER 28, 2017.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 3093]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3093) to amend the Volcker Rule to permit certain invest-
ment advisers to share a similar name with a private equity fund,
subject to certain restrictions, and for other purposes, having con-
sidered the same, report favorably thereon without amendment and
recommend that the bill do pass.
PURPOSE AND SUMMARY
On June 28, 2017, Representative Michael Capuano introduced
the Investor Clarity and Bank Parity Act, which makes a modest
amendment to Section 619 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act-also known as the Volcker Rule.
This amendment to Section 619 corrects an unintended con-
sequence of the implementation of the Volcker Rule, as adopted by
the five federal regulators responsible for writing and imple-
menting the Rule (i.e., the Federal Reserve, the Securities and Ex-
change Commission, the Commodity Futures Trading Commission,
the Office of the Comptroller of the Currency, and the Federal De-
posit Insurance Corporation).
When the five federal regulators issued the final rule to imple-
ment the Volcker Rule in December 2013, the final rule imposed
severe limitations on the ability of bank holding companies and
their affiliates-including investment advisers-to sponsor hedge
funds and private equity funds (also known as covered funds). As
a result, a covered fund cannot use the name of a sponsor if the
sponsor is an affiliate of a bank holding company. H.R. 3093 elimi-
nates this prohibition and simply allows an affiliate of a bank hold-
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