3.0.0 2714 2024-07-24T15:22:38Z 2024-07-24T15:22:38Z House H HR 2023-04-19 118 [Congressional Record Volume 169, Number 65 (Wednesday, April 19, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. KAPTUR:H.R. 2714.Congress has the power to enact this legislation pursuantto the following:``To regulate Commerce . . .''The single subject of this legislation is:Commerce[Page H1887]]]> hsba00 Financial Services Committee House Standing Referred to 2023-04-19T14:05:05Z 2023-04-19 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2023-04-19 Sponsor introductory remarks on measure. (CR H1875) IntroReferral B00100 9 Library of Congress 2023-04-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-04-19 Introduced in House IntroReferral 1000 9 Library of Congress K000009 Rep. Kaptur, Marcy [D-OH-9] MARCY KAPTUR D OH 9 N N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2023-04-19 True O000173 Rep. Omar, Ilhan [D-MN-5] Ilhan Omar D MN 5 2023-04-19 True P000597 Rep. Pingree, Chellie [D-ME-1] Chellie Pingree D ME 1 2023-04-19 True W000826 Rep. Wild, Susan [D-PA-7] Susan Wild D PA 7 2023-04-19 True T000481 Rep. Tlaib, Rashida [D-MI-12] Rashida Tlaib D MI 12 2023-04-19 True P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 2023-04-19 True W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 2023-04-19 True D000624 Rep. Dingell, Debbie [D-MI-6] Debbie Dingell D MI 6 2023-04-25 False G000559 Rep. Garamendi, John [D-CA-8] John Garamendi D CA 8 2023-04-25 False K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2023-04-25 False T000469 Rep. Tonko, Paul [D-NY-20] Paul Tonko D NY 20 2023-04-25 False D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 2023-05-15 False G000551 Rep. Grijalva, Raúl M. [D-AZ-7] Raúl Grijalva D AZ M. 7 2023-05-15 False N000179 Rep. Napolitano, Grace F. [D-CA-31] GRACE NAPOLITANO D CA F. 31 2023-05-24 False S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2023-05-24 False Finance and Financial Sector Finance and Financial Sector 2023-04-27T14:45:56Z 00 2023-04-19 Introduced in House 2023-12-12T20:47:59Z Return to Prudent Banking Act of 2023

This bill 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.

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Return to Prudent Banking Act of 2023 Display Title 45 Return to Prudent Banking Act of 2023 2024-07-24T15:22:38Z Short Title(s) as Introduced 101 Return to Prudent Banking Act of 2023 2024-05-24T13:40:47Z Introduced in House IH Official Title as Introduced 6 To repeal certain provisions of the Gramm-Leach-Bliley Act and revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so-called "Glass-Steagall Act", and for other purposes. 2024-03-18T20:38:30Z Introduced in House IH Introduced in House 2023-04-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr2714ih/xml/BILLS-118hr2714ih.xml 2023-04-19 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.