US Congress House Bill 381 (Prior Session Legislation)

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Sponsorship: Strong Partisan Bill (Democrat 69-4)
Status: Introduced on January 14 2015 - 25% progression, died in committee
Action: 2015-01-14 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Return to Prudent Banking Act of 2015 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) 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 the Court in ICI. 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 2015

Rep. Marcy Kaptur [D-OH]	Rep. Walter Jones [R-NC]	Rep. Earl Blumenauer [D-OR]	Rep. Elijah Cummings [D-MD]
Rep. Eddie Johnson [D-TX]	Rep. Michael Capuano [D-MA]	Rep. Alan Lowenthal [D-CA]	Rep. Stephen Lynch [D-MA]
Rep. James McGovern [D-MA]	Rep. Eleanor Norton [D-DC]	Rep. Charles Rangel [D-NY]	Rep. Louise Slaughter [D-NY]
Rep. Paul Tonko [D-NY]	Rep. Niki Tsongas [D-MA]	Rep. John Garamendi [D-CA]	Sen. Peter Welch [D-VT]
Rep. Gene Green [D-TX]	Rep. Daniel Lipinski [D-IL]	Rep. Tim Ryan [D-OH]	Rep. Collin Peterson [D-MN]
Rep. Peter Visclosky [D-IN]	Rep. Sheila Jackson-Lee [D-TX]	Rep. Richard Nolan [D-MN]	Rep. Lloyd Doggett [D-TX]
Rep. Chellie Pingree [D-ME]	Rep. John Yarmuth [D-KY]	Rep. Alan Grayson [D-FL]	Rep. Loretta Sanchez [D-CA]
Rep. Mike Coffman [R-CO]	Rep. Jackie Speier [D-CA]	Rep. Jim McDermott [D-WA]	Rep. Timothy Walz [D-MN]
Rep. Kurt Schrader [D-OR]	Rep. John Conyers [D-MI]	Rep. Ann Kirkpatrick [D-AZ]	Rep. Janice Hahn [D-CA]
Rep. Peter DeFazio [D-OR]	Rep. Tulsi Gabbard [D-HI]	Rep. Raul Grijalva [D-AZ]	Rep. Michael Honda [D-CA]
Rep. Barbara Lee [D-CA]	Rep. Ted Yoho [R-FL]	Rep. Grace Napolitano [D-CA]	Rep. Suzan DelBene [D-WA]
Rep. Janice Schakowsky [D-IL]	Rep. Marcia Fudge [D-OH]	Rep. David Cicilline [D-RI]	Sen. Cynthia Lummis [R-WY]
Rep. Mark Pocan [D-WI]	Rep. Karen Bass [D-CA]	Rep. Zoe Lofgren [D-CA]	Rep. Robert Brady [D-PA]
Rep. Alcee Hastings [D-FL]	Rep. Michael Doyle [D-PA]	Rep. Mark DeSaulnier [D-CA]	Rep. Judy Chu [D-CA]
Rep. Danny Davis [D-IL]	Rep. Luis Gutierrez [D-IL]	Rep. Bennie Thompson [D-MS]	Rep. Rosa DeLauro [D-CT]
Rep. Donna Edwards [D-MD]	Rep. Lucille Roybal-Allard [D-CA]	Rep. Bonnie Coleman [D-NJ]	Rep. Steve Cohen [D-TN]
Rep. Keith Ellison [D-MN]	Rep. Gregorio Sablan [D-MP]	Rep. Corrine Brown [D-FL]	Rep. Jose Serrano [D-NY]
Rep. Chaka Fattah [D-PA]	Rep. Don Beyer [D-VA]	Rep. Al Green [D-TX]	Rep. Ted Lieu [D-CA]
Rep. Frederica Wilson [D-FL]

Date	Chamber	Action
2015-01-14	House	Referred to the House Committee on Financial Services.
2015-01-14	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/381/all-info
Text	https://www.congress.gov/114/bills/hr381/BILLS-114hr381ih.pdf