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

handle is hein.congrecreports/crptxaaph0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
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                     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


                                               REPORT

                                               [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.
                     SEC. 2. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.
                       (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:
                       (aa) TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.-
                           (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.
                         69-006

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