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                                                        Calendar No. 94

106th CONGRESS

  1st Session

                                 S. 900

                          [Report No. 106-44]

_______________________________________________________________________

                                 A BILL

To enhance competition in the financial services industry by providing 
a prudential framework for the affiliation of banks, securities firms, 
  insurance companies, and other financial service providers, and for 
                            other purposes.

_______________________________________________________________________

                             April 28, 1999

                 Read twice and placed on the calendar





                                                        Calendar No. 94
106th CONGRESS
  1st Session
                                 S. 900

                          [Report No. 106-44]

To enhance competition in the financial services industry by providing 
a prudential framework for the affiliation of banks, securities firms, 
  insurance companies, and other financial service providers, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 28, 1999

 Mr. Gramm, from the Committee on Banking, Housing, and Urban Affairs, 
 reported the following original bill, which was read twice and placed 
                            on the calendar

_______________________________________________________________________

                                 A BILL


 
To enhance competition in the financial services industry by providing 
a prudential framework for the affiliation of banks, securities firms, 
  insurance companies, and other financial service providers, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial Services 
Modernization Act of 1999''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
 TITLE I--FACILITATING AFFILIATION AMONG BANKS, SECURITIES FIRMS, AND 
                          INSURANCE COMPANIES

                        Subtitle A--Affiliations

Sec. 101. Glass-Steagall Act repealed.
Sec. 102. Financial activities.
Sec. 103. Conforming amendments. 
Sec. 104. Operation of State law.
     Subtitle B--Streamlining Supervision of Bank Holding Companies

Sec. 111. Streamlining bank holding company supervision.
Sec. 112. Authority of State insurance regulator and Securities and 
                            Exchange Commission.
Sec. 113. Role of the Board of Governors of the Federal Reserve System.
Sec. 114. Examination of investment companies.
Sec. 115. Equivalent regulation and supervision.
Sec. 116. Interagency consultation.
Sec. 117. Preserving the integrity of FDIC resources.
                Subtitle C--Activities of National Banks

Sec. 121. Authority of national banks to underwrite municipal revenue 
                            bonds.
Sec. 122. Subsidiaries of national banks.
Sec. 123. Agency activities.
Sec. 124. Prohibiting fraudulent representations.
Sec. 125. Insurance underwriting by national banks.
    Subtitle D--National Treatment of Foreign Financial Institutions

Sec. 151. National treatment of foreign financial institutions.
Sec. 152. Representative offices.
                TITLE II--INSURANCE CUSTOMER PROTECTIONS

Sec. 201. Functional regulation of insurance.
Sec. 202. Insurance customer protections.
Sec. 203. Federal and State dispute resolution.
                   TITLE III--REGULATORY IMPROVEMENTS

Sec. 301. Elimination of SAIF and DIF special reserves.
Sec. 302. Expanded small bank access to S corporation treatment.
Sec. 303. Meaningful CRA examinations.
Sec. 304. Temporary extension of Bank Insurance Fund member FICO 
                            assessment rates.
Sec. 305. Cross marketing restriction; limited purpose bank relief; 
                            divestiture.
Sec. 306. ``Plain language'' requirement for Federal banking agency 
                            rules.
Sec. 307. Retention of ``Federal'' in name of converted Federal savings 
                            association.
Sec. 308. Community Reinvestment Act exemption.
Sec. 309. Bank officers and directors as officers and directors of 
                            public utilities.
Sec. 310. Control of bankers banks.
Sec. 311. Multistate licensing and interstate insurance sales 
                            activities.
         TITLE IV--FEDERAL HOME LOAN BANK SYSTEM MODERNIZATION

Sec. 401. Short title.
Sec. 402. Definitions.
Sec. 403. Savings association membership.
Sec. 404. Advances to members; collateral.
Sec. 405. Eligibility criteria.
Sec. 406. Management of banks.
Sec. 407. Resolution Funding Corporation.
Sec. 408. GAO study on Federal Home Loan Bank System capital.
         TITLE V--FUNCTIONAL REGULATION OF BROKERS AND DEALERS

Sec. 501. Definition of broker.
Sec. 502. Definition of dealer.
Sec. 503. Definition and treatment of banking products.
Sec. 504. Qualified investor defined.
Sec. 505. Government securities defined.
Sec. 506. Effective date.
Sec. 507. Rule of construction.
          TITLE VI--UNITARY SAVINGS AND LOAN HOLDING COMPANIES

Sec. 601. Prohibition on new unitary savings and loan holding 
                            companies.

 TITLE I--FACILITATING AFFILIATION AMONG BANKS, SECURITIES FIRMS, AND 
                          INSURANCE COMPANIES

                        Subtitle A--Affiliations

SEC. 101. GLASS-STEAGALL ACT REPEALED.

    (a) Section 20 Repealed.--Section 20 of the Banking Act of 1933 (12 
U.S.C. 377) (commonly referred to as the ``Glass-Steagall Act'') is 
repealed.
    (b) Section 32 Repealed.--Section 32 of the Banking Act of 1933 (12 
U.S.C. 78) is repealed.

SEC. 102. FINANCIAL ACTIVITIES.

    (a) In General.--Section 4 of the Bank Holding Company Act of 1956 
(12 U.S.C. 1843) is amended by adding at the end the following new 
subsections:
    ``(k) Engaging in Activities That Are Financial in Nature.--
            ``(1) In general.--Notwithstanding subsection (a), a bank 
        holding company may engage in any activity, and may acquire and 
        retain the shares of any company engaged in any activity, that 
        the Board, in coordination with the Secretary of the Treasury, 
        determines (by regulation or order) to be financial in nature 
        or incidental to such financial activities.
            ``(2) Coordination between the board and the secretary of 
        the treasury.--
                    ``(A) Proposals raised before the board.--
                            ``(i) Consultation.--The Board shall notify 
                        the Secretary of the Treasury of, and consult 
                        with the Secretary of the Treasury concerning, 
                        any request, proposal, or application under 
                        this subsection for a determination of whether 
                        an activity is financial in nature or 
                        incidental to such a financial activity.
                            ``(ii) Treasury view.--The Board shall not 
                        determine that any activity is financial in 
                        nature or incidental to a financial activity 
                        under this subsection if the Secretary of the 
                        Treasury notifies the Board in writing, not 
                        later than 30 days after the date of receipt of 
                        the notice described in clause (i) (or such 
                        longer period as the Board determines to be 
                        appropriate in light of the circumstances) that 
                        the Secretary of the Treasury believes that the 
                        activity is not financial in nature or 
                        incidental to a financial activity.
                    ``(B) Proposals raised by the treasury.--
                            ``(i) Treasury recommendation.--The 
                        Secretary of the Treasury may, at any time, 
                        recommend in writing that the Board find an 
                        activity to be financial in nature or 
                        incidental to a financial activity.
                            ``(ii) Time period for board action.--Not 
                        later than 30 days after the date of receipt of 
                        a written recommendation from the Secretary of 
                        the Treasury under clause (i) (or such longer 
                        period as the Secretary of the Treasury and the 
                        Board determine to be appropriate in light of 
                        the circumstances), the Board shall determine 
                        whether to initiate a public rulemaking 
                        proposing that the subject recommended activity 
                        be found to be financial in nature or 
                        incidental to a financial activity under this 
                        subsection, and shall notify the Secretary of 
                        the Treasury in writing of the determination of 
                        the Board and, in the event that the Board 
                        determines not to seek public comment on the 
                        proposal, the reasons for that determination.
            ``(3) Factors to be considered.--The Board shall determine 
        that an activity is financial in nature or incidental to 
        financial activities, if the Board finds that such activity is 
        consistent with--
                    ``(A) the purposes of this Act and the Financial 
                Services Modernization Act of 1999;
                    ``(B) changes or reasonably expected changes in the 
                marketplace in which bank holding companies compete;
                    ``(C) changes or reasonably expected changes in the 
                technology for delivering financial services; and
                    ``(D) fostering--
                            ``(i) effective competition with any 
                        company seeking to provide financial services 
                        in the United States;
                            ``(ii) the efficient delivery of 
                        information and services that are financial in 
                        nature through the use of technological means, 
                        including any application necessary to protect 
                        the security or efficacy of systems for the 
                        transmission of data or financial transactions; 
                        and
                            ``(iii) the provision to customers of any 
                        available or emerging technological means for 
                        using financial services.
            ``(4) Activities that are financial in nature.--For 
        purposes of this subsection, the following activities shall be 
        considered to be financial in nature:
                    ``(A) Lending, exchanging, transferring, investing 
                for others, or safeguarding money or securities.
                    ``(B) Insuring, guaranteeing, or indemnifying 
                against loss, harm, damage, illness, disability, or 
                death, or providing and issuing annuities, and acting 
                as principal, agent, or broker for purposes of the 
                foregoing, in any State, in full compliance with the 
                laws and regulations of that State that apply to each 
                type of insurance license or authorization in that 
                State.
                    ``(C) Providing financial, investment, or economic 
                advisory services, including advising an investment 
                company (as defined in section 3 of the Investment 
                Company Act of 1940).
                    ``(D) Issuing or selling instruments representing 
                interests in pools of assets permissible for a bank to 
                hold directly.
                    ``(E) Underwriting, dealing in, or making a market 
                in securities.
                    ``(F) Engaging in any activity that the Board has 
                determined, by order or regulation that is in effect on 
                the date of enactment of the Financial Services 
                Modernization Act of 1999, to be so closely related to 
                banking or managing or controlling banks as to be a 
                proper incident thereto (subject to the same terms and 
                conditions contained in such order or regulation, 
                unless modified by the Board).
                    ``(G) Engaging, in the United States, in any 
                activity that--
                            ``(i) a bank holding company may engage in 
                        outside of the United States; and
                            ``(ii) the Board has determined, under 
                        regulations issued pursuant to subsection 
                        (c)(13) (as in effect on the day before the 
                        date of enactment of the Financial Services 
                        Modernization Act of 1999) to be usual in 
                        connection with the transaction of banking or 
                        other financial operations abroad.
                    ``(H) Directly or indirectly acquiring or 
                controlling, whether as principal, on behalf of 1 or 
                more entities (including entities, other than a 
                depository institution or subsidiary of a depository 
                institution that the bank holding company controls), or 
                otherwise, shares, assets, or ownership interests 
                (including debt or equity securities, partnership 

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