H. Rept. 115-306 1 (2017-09-12)

handle is hein.congrecreports/crptxaaph0001 and id is 1 raw text is: AUTHENTICATEO

                     115TH CONGRESS                                            REPORT
                         1st Session    HOUSE OF REPRESENTATIVES               115-306

                              MUNICIPAL FINANCE SUPPORT ACT OF 2017

                       SEPTEMBER 12, 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


                                               [To accompany H.R. 1624]

                                [Including cost estimate of the Congressional Budget Office]

                       The Committee on Financial Services, to whom was referred the
                     bill (H.R. 1624) to require the appropriate Federal banking agen-
                     cies to treat certain municipal obligations as level 2A liquid assets,
                     and for other purposes, having considered the same, report favor-
                     ably thereon with amendments and recommend that the bill as
                     amended do pass.
                       The amendments are as follows:
                       Strike all after the enacting clause and insert the following:

                     SECTION 1. SHORT TITLE.
                       This Act may be cited as the Municipal Finance Support Act of 2017.
                       (a) IN GENERAL.-Section 18 of the Federal Deposit Insurance Act (12 U.S.C.
                     1828) is amended-
                           (1) by moving subsection (z) so that it appears after subsection (y); and
                           (2) by adding at the end the following:
                           (1) IN GENERAL.-For purposes of the final rule titled 'Liquidity Coverage
                         Ratio: Liquidity Risk Measurement Standards; Final Rule' (79 Fed. Reg. 61439;
                         published October 10, 2014) (the 'Final Rule') and any other regulation which
                         incorporates a definition of the term 'high-quality liquid asset', the appropriate
                         Federal banking agencies shall treat a municipal obligation that is both liquid
                         and readily marketable (as defined in the Final Rule) and investment grade as
                         of the calculation date as a high-quality liquid asset that is no lower than a
                         level 2B liquid asset.
                           (2) DEFINITIONS.-For purposes of this subsection:
                              (A) INVESTMENT GRADE.-With respect to an obligation, the term 'invest-
                            ment grade' has the meaning given that term under part 1 of title 12, Code
                            of Federal Regulations.

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