Return to Prudent Banking Act of 2013
Latest action · Jan 3, 2013 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 3, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Return to Prudent Banking Act of 2013 - 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.
Cosponsors 83
Members who signed on, in the order they did. Signatures ran from Jan 3, 2013 to Sep 8, 2014, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NC | Walter B. Jones | Original | Jan 3, 2013 |
| D-ME | Michael H. Michaud | Jan 14, 2013 | |
| D-MA | James P. McGovern | Jan 15, 2013 | |
| D-DC | Eleanor Holmes Norton | Jan 22, 2013 | |
| D-VA | James P. Moran | Jan 22, 2013 | |
| D-MA | Michael E. Capuano | Jan 22, 2013 | |
| D-TX | Lloyd Doggett | Jan 23, 2013 | |
| D-VT | Peter Welch | Jan 23, 2013 | |
| D-IL | Daniel Lipinski | Feb 6, 2013 | |
| D-RI | David N. Cicilline | Feb 6, 2013 | |
| D-CA | George Miller | Feb 6, 2013 | |
| D-CA | Judy Chu | Feb 6, 2013 | |
| D-MN | Collin C. Peterson | Feb 12, 2013 | |
| D-NY | Louise McIntosh Slaughter | Feb 13, 2013 | |
| D-CA | Susan A. Davis | Feb 13, 2013 |
Actions 2
Everything that happened, newest first.
- Jan 3, 2013Introduced in House
- Jan 3, 2013Referred to the House Committee on Financial Services.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 985 | Return to Prudent Banking Act of 2013 | Related bill | May 16, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Jan 3, 2013Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.