; and (3) by striking paragraph (6) and all that follows through the end of such subsection. (f) Definition of activities closely related to banking (1) In general Section 4(c)(8) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(c)(8) ) is amended by striking the day before the date of the enactment of the Gramm-Leach-Bliley Act and inserting January 1, 1970 . (2) Provision allowing for exceptions after report to the Congress Subsection (j) of section 4 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j) ) is amended to read as follows: (j) Approval for certain post-1970 subsection (c)(8) activities (1) In general Notwithstanding the limitation of the January 1, 1970, approval deadline in subsection (c)(8), the Board may determine an activity to be so closely related to banking as to be a proper incident thereto for purposes of such subsection, subject to the requirements of this subsection and such terms and conditions as the Board may require. (2) General standards In making any determination under paragraph (1), the Board shall consider whether performance of the activity by a bank holding company or a subsidiary of such company can reasonably be expected to result in a violation of section 18(aa) of the Federal Deposit Insurance Act, section 21 of the Banking Act of 1933, or the spirit of section 2(c) of the Return to Prudent Banking Act of 2017, and other possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interests, or unsound banking practices. (3) Report and wait No determination of the Board under paragraph (1) may take effect before the end of the 180-day period beginning on the date by which notice of the determination has been submitted to both Houses of the Congress together with a detailed explanation of the activities to which the determination relates and the basis for the determination, unless before the end of such period, such activities have been approved by an Act of Congress. . (g) Repeal of provision relating to