Return to Prudent Banking Act of 2023

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 April 2023

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 19 April 2023

   Introduced

   Sponsor introductory remarks on measure. (CR H1875)

   Source: IntroReferral

3. 19 April 2023

   Introduced

   Introduced in House

   Source: IntroReferral

4. 19 April 2023

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 April 2023 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 April 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 April 2023

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 19 April 2023

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Kaptur, Marcy [D-OH-9] · D · Sponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Sponsor
• Rep. Omar, Ilhan [D-MN-5] · D · Sponsor
• Rep. Pingree, Chellie [D-ME-1] · D · Sponsor
• Rep. Wild, Susan [D-PA-7] · D · Sponsor
• Rep. Tlaib, Rashida [D-MI-12] · D · Sponsor
• Rep. Pocan, Mark [D-WI-2] · D · Sponsor
• Rep. Watson Coleman, Bonnie [D-NJ-12] · D · Sponsor
• Rep. Dingell, Debbie [D-MI-6] · D · Cosponsor
• Rep. Garamendi, John [D-CA-8] · D · Cosponsor
• Rep. Khanna, Ro [D-CA-17] · D · Cosponsor
• Rep. Tonko, Paul [D-NY-20] · D · Cosponsor
• Rep. DeLauro, Rosa L. [D-CT-3] · D · Cosponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Cosponsor
• Rep. Napolitano, Grace F. [D-CA-32] · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.