111th Congress (2009-2010)
H.R.4375.IH
H.R.4375 -- Glass-Steagall Restoration Act (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.
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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