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112
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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2
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
9
INSURED DEPOSITORY INSTITUTIONS AND INVEST
-
10
MENT BANKS OR SECURITIES FIRMS
.An insured
11
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
16
retail or through syndicate participation of stocks,
17
bonds, debentures, notes, or other securities.
18
(2) P
ROHIBITION ON OFFICERS
,
DIRECTORS
19
AND EMPLOYEES OF SECURITIES FIRMS SERVICE ON
20
BOARDS OF DEPOSITORY INSTITUTIONS
.
21
(A) I
N GENERAL
.An individual who is
22
an officer, director, partner, or employee of any
23
broker or dealer, any investment adviser, any
24
investment company, or any other person en-
25
gaged principally in the issue, flotation, under-
26
VerDate Mar 15 2010 23:40 Apr 13, 2011Jkt 099200PO 00000Frm 00002Fmt 6652Sfmt 6201E:\BILLS\H1489.IHH1489
p w a l k e r o n D S K D 5 P 8 2 C 1 P R O D w i t h B I L L S
3
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-
4
ficer, director, employee, or other institution-af-
5
filiated party of any insured depository institu-
6
tion.
7
(B) E
XCEPTION
.Subparagraph (A)
8
shall not apply with respect to service by any
9
individual which is otherwise prohibited under
10
such subparagraph if the appropriate Federal
11
banking agency determines, by regulation with
12
respect to a limited number of cases, that serv-
13
ice by such individual as an officer, director,
14
employee, or other institution-affiliated party of
15
any insured depository institution would not un-
16
duly influence the investment policies of the de-
17
pository institution or the advice the institution
18
provides to customers.
19
(C) T
ERMINATION OF SERVICE
.Subject
20
to a determination under subparagraph (B),
21
any individual described in subparagraph (A)
22
who, as of the date of the enactment of the Re-
23
turn to Prudent Banking Act of 2011, is serv-
24
ing as an officer, director, employee, or other
25
VerDate Mar 15 2010 23:40 Apr 13, 2011Jkt 099200PO 00000Frm 00003Fmt 6652Sfmt 6201E:\BILLS\H1489.IHH1489
p w a l k e r o n D S K D 5 P 8 2 C 1 P R O D w i t h B I L L S
READ MORE Glass-Steagall Reintroduced (Basically) - HR.1489 in [Market-Ticker]
112
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
VerDate Mar 15 2010 23:40 Apr 13, 2011Jkt 099200PO 00000Frm 00001Fmt 6652Sfmt 6201E:\BILLS\H1489.IHH1489
p w a l k e r o n D S K D 5 P 8 2 C 1 P R O D w i t h B I L L S
2
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
9
INSURED DEPOSITORY INSTITUTIONS AND INVEST
-
10
MENT BANKS OR SECURITIES FIRMS
.An insured
11
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
16
retail or through syndicate participation of stocks,
17
bonds, debentures, notes, or other securities.
18
(2) P
ROHIBITION ON OFFICERS
,
DIRECTORS
19
AND EMPLOYEES OF SECURITIES FIRMS SERVICE ON
20
BOARDS OF DEPOSITORY INSTITUTIONS
.
21
(A) I
N GENERAL
.An individual who is
22
an officer, director, partner, or employee of any
23
broker or dealer, any investment adviser, any
24
investment company, or any other person en-
25
gaged principally in the issue, flotation, under-
26
VerDate Mar 15 2010 23:40 Apr 13, 2011Jkt 099200PO 00000Frm 00002Fmt 6652Sfmt 6201E:\BILLS\H1489.IHH1489
p w a l k e r o n D S K D 5 P 8 2 C 1 P R O D w i t h B I L L S
3
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-
4
ficer, director, employee, or other institution-af-
5
filiated party of any insured depository institu-
6
tion.
7
(B) E
XCEPTION
.Subparagraph (A)
8
shall not apply with respect to service by any
9
individual which is otherwise prohibited under
10
such subparagraph if the appropriate Federal
11
banking agency determines, by regulation with
12
respect to a limited number of cases, that serv-
13
ice by such individual as an officer, director,
14
employee, or other institution-affiliated party of
15
any insured depository institution would not un-
16
duly influence the investment policies of the de-
17
pository institution or the advice the institution
18
provides to customers.
19
(C) T
ERMINATION OF SERVICE
.Subject
20
to a determination under subparagraph (B),
21
any individual described in subparagraph (A)
22
who, as of the date of the enactment of the Re-
23
turn to Prudent Banking Act of 2011, is serv-
24
ing as an officer, director, employee, or other
25
VerDate Mar 15 2010 23:40 Apr 13, 2011Jkt 099200PO 00000Frm 00003Fmt 6652Sfmt 6201E:\BILLS\H1489.IHH1489
p w a l k e r o n D S K D 5 P 8 2 C 1 P R O D w i t h B I L L S
READ MORE Glass-Steagall Reintroduced (Basically) - HR.1489 in [Market-Ticker]
