Glass-Steagall Reintroduced (Basically) - HR.1489

Discussion in 'Law and Justice System' started by hvactec, Dec 24, 2011.

  1. hvactec
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    hvactec VIP Member

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    TH
    CONGRESS1
    ST
    S
    ESSION

    H. R. 1489
    To repeal certain provisions of the Gramm-Leach-Bliley Act and revive theseparation between commercial banking and the securities business, inthe manner provided in the Banking Act of 1933, the so-called ‘‘Glass-Steagall Act’’, and for other purposes.
    IN THE HOUSE OF REPRESENTATIVES
    A
    PRIL
    12, 2011Ms. K
    APTUR
    (for herself, Mr. M
    ORAN
    , and Mr. J
    ONES
    ) introduced thefollowing bill; which was referred to the Committee on Financial Services
    A BILL
    To repeal certain provisions of the Gramm-Leach-Bliley Actand revive the separation between commercial bankingand the securities business, in the manner provided inthe Banking Act of 1933, the so-called ‘‘Glass-Steagall Act’’, and for other purposes.
    Be it enacted by the Senate and House of Representa-
    1
    tives of the United States of America in Congress assembled,
    2
    SECTION 1. SHORT TITLE.
    3
    This Act may be cited as the ‘‘Return to Prudent
    4
    Banking Act of 2011’’.
    5
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    •
    HR 1489 IH
    SEC. 2. GLASS-STEAGALL REVIVED.
    1
    (a) W
    ALL
    B
    ETWEEN
    C
    OMMERCIAL
    B
    ANKS AND
    S
    E
    -
    2
    CURITIES
    A
    CTIVITIES
    R
    EESTABLISHED
    .—Section 18 of
    3
    the Federal Deposit Insurance Act (12 U.S.C. 1828), as
    4
    amended by section 615(a) of the Dodd-Frank Wall Street
    5
    Reform and Consumer Protection Act, is amended by add-
    6
    ing at the end the following new subsection:
    7
    ‘‘(aa) L
    IMITATIONS ON
    S
    ECURITY
    A
    FFILIATIONS

    8
    ‘‘(1) P
    ROHIBITION ON AFFILIATION BETWEEN

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    INSURED DEPOSITORY INSTITUTIONS AND INVEST
    -
    10
    MENT BANKS OR SECURITIES FIRMS
    .—An insured
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    depository institution may not be or become an affil-
    12
    iate of any broker or dealer, any investment adviser,
    13
    any investment company, or any other person en-
    14
    gaged principally in the issue, flotation, under-
    15
    writing, public sale, or distribution at wholesale or
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    retail or through syndicate participation of stocks,
    17
    bonds, debentures, notes, or other securities.
    18
    ‘‘(2) P
    ROHIBITION ON OFFICERS
    ,
    DIRECTORS

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    AND EMPLOYEES OF SECURITIES FIRMS SERVICE ON

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    BOARDS OF DEPOSITORY INSTITUTIONS

    21
    ‘‘(A) I
    N GENERAL
    .—An individual who is
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    an officer, director, partner, or employee of any
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    broker or dealer, any investment adviser, any
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    investment company, or any other person en-
    25
    gaged principally in the issue, flotation, under-
    26
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    •
    HR 1489 IH
    writing, public sale, or distribution at wholesale
    1
    or retail or through syndicate participation of
    2
    stocks, bonds, debentures, notes, or other secu-
    3
    rities may not serve at the same time as an of-
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    ficer, director, employee, or other institution-af-
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    filiated party of any insured depository institu-
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    tion.
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    ‘‘(B) E
    XCEPTION
    .—Subparagraph (A)
    8
    shall not apply with respect to service by any
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    individual which is otherwise prohibited under
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    such subparagraph if the appropriate Federal
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    banking agency determines, by regulation with
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    respect to a limited number of cases, that serv-
    13
    ice by such individual as an officer, director,
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    employee, or other institution-affiliated party of
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    any insured depository institution would not un-
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    duly influence the investment policies of the de-
    17
    pository institution or the advice the institution
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    provides to customers.
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    ‘‘(C) T
    ERMINATION OF SERVICE
    .—Subject
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    to a determination under subparagraph (B),
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    any individual described in subparagraph (A)
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    who, as of the date of the enactment of the Re-
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    turn to Prudent Banking Act of 2011, is serv-
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    ing as an officer, director, employee, or other
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    READ MORE Glass-Steagall Reintroduced (Basically) - HR.1489 in [Market-Ticker]
     
  2. Big Fitz
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    Big Fitz User Quit *****

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    Nice. Too bad it's DOA. The libs and RINOs who love big govt/corporatist agendas will never let it pass. It would destroy them.
     

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