[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4375 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4375

  To restore certain provisions of the Banking Act of 1933, commonly 
   referred to as the ``Glass-Steagall Act'', and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           December 16, 2009

  Mr. Hinchey (for himself, Mr. Inslee, Mr. Tierney, Mr. DeFazio, Ms. 
  Kaptur, and Mr. McDermott) introduced the following bill; which was 
            referred to the Committee on Financial Services

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                                 A BILL


 
  To restore certain provisions of the Banking Act of 1933, commonly 
   referred to as the ``Glass-Steagall Act'', 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.

    This Act may be cited as the ``Glass-Steagall Restoration Act''.

SEC. 2. RESTORING PROVISIONS OF THE GLASS STEAGALL ACT.

    (a) Limitation on Affiliation.--The Banking Act of 1933 (12 U.S.C. 
221a et seq.) is amended by inserting before section 21 the following 
section:

``SEC. 20. LIMITATION ON AFFILIATION.

    ``After the end of the 1-year period beginning on the date of the 
enactment of the Glass-Steagall Restoration Act of 2009, no member bank 
shall be affiliated in any manner described in section 2(b) with any 
corporation, association, business trust, or other similar organization 
engaged principally in the issue, flotation, underwriting, public sale, 
or distribution at wholesale or retail or through syndicate 
participation stocks, bonds, debenture, notes, or other securities: 
except that nothing in this section shall apply to any such 
organization which shall have been placed in formal liquidation and 
which shall transact no business except such as may be incidental to 
the liquidation of its affairs.''.
    (b) Limitation on Compensation.--The Banking Act of 1933 (12 U.S.C. 
221 et seq.) is amended by inserting after section 31 the following 
section:

``SEC. 32. LIMITATION ON COMPENSATION.

    ``No officer, director, or employee of any corporation or 
unincorporated association, no partner or employee of any partnership, 
and no individual, primarily engaged in the issue, flotation, 
underwriting, public sale, or distribution, at wholesale or retail, or 
through syndicate participation, of stocks, bonds, or other similar 
securities, shall serve the same time as an officer, director, or 
employee of any member bank except in limited classes of cases in which 
the Board of Governors of the Federal Reserve System may allow such 
service by general regulations when in the judgment of the said Board 
it would not unduly influence the investment policies of such member 
bank or the advice it gives its customers regarding investments.''.
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