Bill Sponsor
House Bill 790
115th Congress(2017-2018)
Return to Prudent Banking Act of 2017
Introduced
Introduced
Introduced in House on Feb 1, 2017
Overview
Text
Introduced
Feb 1, 2017
Latest Action
Feb 3, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
790
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Ohio
Democrat
California
Democrat
California
Democrat
California
Democrat
California
Democrat
California
Democrat
California
Democrat
California
Democrat
California
Republican
Colorado
Democrat
Connecticut
Democrat
District of Columbia
Democrat
Florida
Democrat
Illinois
Democrat
Kentucky
Democrat
Maryland
Democrat
Massachusetts
Democrat
Massachusetts
Democrat
Massachusetts
Democrat
Massachusetts
Democrat
Michigan
Democrat
Minnesota
Democrat
Minnesota
Democrat
Minnesota
Democrat
New York
Republican
North Carolina
Democrat
Northern Mariana Islands
Democrat
Pennsylvania
Democrat
Pennsylvania
Democrat
Rhode Island
Democrat
Tennessee
Democrat
Virginia
Democrat
Washington
Democrat
Wisconsin
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Return to Prudent Banking Act of 2017

This bill prohibits an insured depository institution from affiliating with any person or firm engaged principally in, among other things, issuing or selling stocks, bonds, notes, or other securities.

Officers, directors and employees of securities firms are prohibited from simultaneously serving as an officer, director, or employee of a depository institution, except in specified circumstances. Any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution must terminate such service as soon as practicable after enactment of this bill.

Any affiliation of an insured depository institution with any broker, dealer, investment adviser, or investment company must be terminated as soon as practicable.

No entity issuing or selling stocks, bonds, or other securities may engage in the business of receiving deposits, which includes the establishment and maintenance of transaction accounts, as defined in the Federal Reserve Act.

This bill declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in Investment Company Institute v. Camp (ICI) regarding permissible activities of banks and securities firms. It further declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations under the Federal Deposit Insurance Act as enacted by this bill. No federal banking agency or federal court shall issue an interpretation regarding such security affiliations that is narrower than that of the court in ICI.

This bill repeals certain provisions of the Gramm-Leach-Bliley Act, including those pertaining to regulation of financial holding companies and the conditions for engaging in financial activities.

Text (1)
February 1, 2017
Actions (3)
02/03/2017
Sponsor introductory remarks on measure. (CR E139)
02/01/2017
Referred to the House Committee on Financial Services.
02/01/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:35:02 PM