John J. Faso: “I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is…”

“I have an amendment at the desk. The Acting CHAIR. The Clerk will designate the amendment. The text of the amendment is as follows: Add at the end of title V the following new subtitle: Subtitle T--Dividend Waiver Authority for Mutual Holding Companies SEC. 596. DIVIDEND WAIVER AUTHORITY FOR MUTUAL HOLDING COMPANIES. Section 10(o)(11) of the Home Owners' Loan Act (12 U.S.C. 1467a(o)(11)) is amended-- (1) in subparagraph (D)-- (A) in clause (i), by adding ``and'' at the end; (B) in clause (ii), by striking ``; and'' and inserting a period; and (C) by striking clause (iii); (2) by amending subparagraph (E) to read as follows: ``(E) Valuation.--The appropriate Federal banking agency may not consider waived dividends in determining an appropriate exchange ratio in the event of a full conversion to stock form.''; and (3) by adding at the end the following new subparagraph: ``(F) Rule of construction.--Nothing in this paragraph shall be construed to authorize the appropriate Federal banking agency to require a vote of members of a mutual holding company to approve one or more dividend waivers or to place any additional restrictions on dividend waivers by mutual holding companies that are inconsistent with or exceed the requirements set forth in this paragraph.''. The Acting CHAIR. Pursuant to House Resolution 375, the gentleman from New York (Mr. Faso) and a Member opposed each will control 5 minutes. The Chair recognizes the gentleman from New York.”