US Congress House Bill 2176 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 31-0)
Status: Introduced on April 9 2019 - 25% progression, died in chamber
Action: 2019-04-10 - Sponsor introductory remarks on measure. (CR E448)
Text: Latest bill text (Introduced) [PDF]

Generally separates the activities of commercial banks and investment banks. Specifically, the 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. 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. The bill declares that Congress ratifies the interpretation by the Supreme Court in Investment Company Institute v. Camp (ICI) of specified statutory language 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 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.

Return to Prudent Banking Act of 2019

Rep. Marcy Kaptur [D-OH]	Rep. Stephen Lynch [D-MA]	Rep. Ro Khanna [D-CA]	Rep. Jackie Speier [D-CA]
Rep. Bonnie Coleman [D-NJ]	Rep. Janice Schakowsky [D-IL]	Rep. Peter DeFazio [D-OR]	Rep. Eleanor Norton [D-DC]
Rep. James McGovern [D-MA]	Rep. Tulsi Gabbard [D-HI]	Rep. Steve Cohen [D-TN]	Rep. Pramila Jayapal [D-WA]
Rep. Chellie Pingree [D-ME]	Rep. David Cicilline [D-RI]	Rep. Anna Eshoo [D-CA]	Rep. Paul Tonko [D-NY]
Rep. Rosa DeLauro [D-CT]	Sen. Peter Welch [D-VT]	Rep. Barbara Lee [D-CA]	Rep. Grace Napolitano [D-CA]
Rep. Mark Pocan [D-WI]	Rep. Raul Grijalva [D-AZ]	Rep. John Yarmuth [D-KY]	Rep. Lucille Roybal-Allard [D-CA]
Rep. Ilhan Omar [D-MN]	Rep. Susan Wild [D-PA]	Rep. Alexandria Ocasio-Cortez [D-NY]	Rep. Rashida Tlaib [D-MI]
Rep. John Garamendi [D-CA]	Rep. Mark DeSaulnier [D-CA]	Rep. Peter Visclosky [D-IN]

Date	Chamber	Action
2019-04-10	House	Sponsor introductory remarks on measure. (CR E448)
2019-04-09	House	Referred to the House Committee on Financial Services.
2019-04-09	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/2176/all-info
Text	https://www.congress.gov/116/bills/hr2176/BILLS-116hr2176ih.pdf