US Congress House Bill 1489 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 81-4)
Status: Introduced on April 12 2011 - 25% progression, died in committee
Action: 2011-05-02 - Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Pending: House Subcommittee on Capital Markets and Government Sponsored Enterprises Committee
Text: Latest bill text (Introduced) [PDF]

Return to Prudent Banking Act of 2011 - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from being an affiliate of any broker or dealer, investment adviser, investment company, or any other person or entity engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes, or other securities. Prohibits officers, directors and employees of securities firms from simultaneous service on the boards of depository institutions, except in specified circumstances. Requires any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution to terminate such service as soon as practicable after enactment of this Act. Requires an insured depository institution to wind-down in an orderly manner and terminate any affiliation prohibited by this Act. Amends the Banking Act of 1933 (Glass-Steagall Act) to expand its prohibition against the transaction of banking activities by securities firms. Declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in the case of Investment Company Institute v. Camp ( ICI vs. Camp) regarding permissible activities of banks and securities firms. Declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations under the FDIA as enacted by this Act. Prohibits a federal banking agency or federal court from issuing an interpretation regarding such security affiliations that is narrower than that of Court in ICI vs. Camp. Makes technical and conforming changes to the Gramm-Leach-Bliley Act, the Revised Statutes of the United States, and specified federal law. Requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate federal banking agency to report to Congress a detailed description of the basis for its decision each time it makes a determination or grants an extension concerning an affiliation between insured depository institutions and investment banks or securities firms.

Return to Prudent Banking Act of 2011

Rep. Marcy Kaptur [D-OH]	Rep. Rodney Alexander [R-LA]	Sen. Tammy Baldwin [D-WI]	Rep. Roscoe Bartlett [R-MD]
Rep. Karen Bass [D-CA]	Rep. Earl Blumenauer [D-OR]	Rep. Robert Brady [D-PA]	Rep. Michael Capuano [D-MA]
Rep. Donna Christensen [D-VI]	Rep. Judy Chu [D-CA]	Rep. David Cicilline [D-RI]	Rep. Hansen Clarke [D-MI]
Rep. Yvette Clarke [D-NY]	Rep. Lacy Clay [D-MO]	Rep. Mike Coffman [R-CO]	Rep. John Conyers [D-MI]
Rep. Elijah Cummings [D-MD]	Rep. Danny Davis [D-IL]	Rep. Susan Davis [D-CA]	Rep. Peter DeFazio [D-OR]
Rep. Rosa DeLauro [D-CT]	Rep. Lloyd Doggett [D-TX]	Rep. Michael Doyle [D-PA]	Rep. Donna Edwards [D-MD]
Rep. Keith Ellison [D-MN]	Rep. Anna Eshoo [D-CA]	Rep. Eni Faleomavaega [D-AS]	Rep. Bob Filner [D-CA]
Rep. Marcia Fudge [D-OH]	Rep. John Garamendi [D-CA]	Rep. Al Green [D-TX]	Rep. Gene Green [D-TX]
Rep. Raul Grijalva [D-AZ]	Rep. Luis Gutierrez [D-IL]	Rep. Janice Hahn [D-CA]	Rep. Maurice Hinchey [D-NY]
Sen. Mazie Hirono [D-HI]	Rep. Tim Holden [D-PA]	Rep. Sheila Jackson-Lee [D-TX]	Rep. Jesse Jackson [D-IL]
Rep. Eddie Johnson [D-TX]	Rep. Henry Johnson [D-GA]	Rep. Walter Jones [R-NC]	Rep. Dale Kildee [D-MI]
Rep. Larry Kissell [D-NC]	Rep. Dennis Kucinich [D-OH]	Rep. Barbara Lee [D-CA]	Rep. John Lewis [D-GA]
Rep. Daniel Lipinski [D-IL]	Rep. Zoe Lofgren [D-CA]	Sen. Edward Markey [D-MA]	Rep. Jim McDermott [D-WA]
Rep. James McGovern [D-MA]	Rep. Michael Michaud [D-ME]	Rep. George Miller [D-CA]	Rep. James Moran [D-VA]
Rep. Eleanor Norton [D-DC]	Rep. John Olver [D-MA]	Rep. Frank Pallone [D-NJ]	Rep. Donald Payne [D-NJ]
Rep. Collin Peterson [D-MN]	Rep. Chellie Pingree [D-ME]	Rep. Charles Rangel [D-NY]	Rep. Silvestre Reyes [D-TX]
Rep. Steven Rothman [D-NJ]	Rep. Lucille Roybal-Allard [D-CA]	Rep. Tim Ryan [D-OH]	Rep. Gregorio Sablan [D-MP]
Rep. Loretta Sanchez [D-CA]	Rep. Janice Schakowsky [D-IL]	Rep. Kurt Schrader [D-OR]	Rep. Louise Slaughter [D-NY]
Rep. Jackie Speier [D-CA]	Rep. Fortney Stark [D-CA]	Rep. Betty Sutton [D-OH]	Rep. Bennie Thompson [D-MS]
Rep. John Tierney [D-MA]	Rep. Paul Tonko [D-NY]	Rep. Edolphus Towns [D-NY]	Rep. Peter Visclosky [D-IN]
Rep. Maxine Waters [D-CA]	Sen. Peter Welch [D-VT]	Rep. Frederica Wilson [D-FL]	Rep. Lynn Woolsey [D-CA]
Rep. John Yarmuth [D-KY]

Date	Chamber	Action
2011-05-02	House	Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
2011-05-02	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-04-12	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/1489/all-info
Text	https://www.congress.gov/112/bills/hr1489/BILLS-112hr1489ih.pdf