Financial Services Competitive Enhancement Act

Summary

Financial Services Competitive Enhancement Act - Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal its prohibition against: (1) bank affiliation with any entity principally engaged in securities transactions; and (2) securities transaction personnel serving simultaneously as national bank personnel. Amends the Bank Holding Company Act of 1956 to permit a bank holding company to acquire shares in nonbanking organizations if such shares have been determined to be either financial in nature, or incidental to financial activities, by the Board of Governors of the Federal Reserve System. States that after enactment of this Act it shall be financial in nature to provide insurance as principal, agent or broker in any State. Shields bank holding companies from State restrictions against insurance affiliates of banking companies. Cites circumstances permitting a bank holding company to acquire or control shares, assets, or ownership interests of previously proscribed entities.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 November 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 8 November 1997

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• Introduced in House

  summary · EN · 8 November 1997

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