[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6158 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6158

 To amend the Federal Deposit Insurance Act to exclude affiliates and 
 subsidiaries of insured depository institutions in the definition of 
                deposit broker, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2018

   Mr. Tipton (for himself, Mr. Clay, and Mr. Meeks) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

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                                 A BILL


 
 To amend the Federal Deposit Insurance Act to exclude affiliates and 
 subsidiaries of insured depository institutions in the definition of 
                deposit broker, 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 ``Brokered Deposit Affiliate-
Subsidiary Modernization Act of 2018''.

SEC. 2. EXCLUSION OF AFFILIATES AND SUBSIDIARIES OF INSURED DEPOSITORY 
              INSTITUTIONS IN THE DEFINITION OF DEPOSIT BROKER.

    Section 29(g) of the Federal Deposit Insurance Act (12 U.S.C. 
1831f(g)) is amended--
            (1) in paragraph (2)--
                    (A) in subparagraph (A), by inserting ``or any 
                affiliate or subsidiary of such insured depository 
                institution'' after ``insured depository institution''; 
                and
                    (B) in subparagraph (B), by inserting ``or any 
                affiliate or subsidiary of such insured depository 
                institution'' after ``insured depository institution''; 
                and
            (2) by striking paragraph (4) and inserting the following:
            ``(4) Employee.--For purposes of this subsection, the term 
        `employee'--
                    ``(A) means an individual who receives compensation 
                in any form from an insured depository institution or 
                an affiliate or subsidiary of such insured depository 
                institution; and
                    ``(B) includes a registered representative of a 
                broker or dealer that is an affiliate or subsidiary of 
                an insured depository institution.''.
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