Depository Institution Equity Act of 1983

Summary

Depository Institution Equity Act of 1983 - Title I: Amendments to the Bank Holding Company Act - Amends the Bank Holding Company Act of 1956 to include within the definition of 'bank' any insured bank as defined in the Federal Deposit Insurance Act and any institution eligible to become so insured. Title II: Amendments to the Federal Deposit Insurance Act - Amends the Federal Deposit Insurance Act to apply to every nonmember insured bank the provisions of the Banking Act of 1933 relating to affiliations between member banks and organizations engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes or other securities. Provides that a nonmember insured bank which prior to enactment of this Act was affiliated with such an organization is not prohibited from continuing such affiliation for no more than two years. Excludes dealers in securities from serving as officers, directors, or employees of State nonmember banks. Title III: Amendments to the National Housing Act - Amends the National Housing Act to prohibit a savings and loan holding company, or any subsidiary which is not an insured institution, from commencing or continuing any business activity other than those specified for multiple savings and loan holding companies and their subsidiaries. Permits a company existing as a savings and loan holding company on the date of enactment of this Act whose activities become subject to such restrictions to continue such activities for not more than five years after such enactment. Applies to every insured institution the provisions of the Banking Act of 1933 relating to affiliations between banks that are members of the Federal Reserve System and organizations engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes, or other securities. Permits an insured institution which prior to the date of enactment of this Act was affiliated with such an organization to continue that affiliation for no more than two years. Excludes dealers in securities from serving as officers, directors, or employees of insured institutions. Applies the civil and criminal provisions of the Banking Act of 1933 relating to dealers in securities engaging in banking business to insured institutions' activities and uninsured institutions' activities in the same manner and to the same extent as if the institutions were banks that engaged in the business of receiving deposits. Title IV: Effective Date - Makes this Act effective upon enactment.

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

Timeline

1. 3 August 1983

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 3 August 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 August 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 August 1983

   Referred

   Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 3 August 1983

  Open at official source

Sponsors

• Rep. St Germain, Fernand J. [D-RI-1] · D · Sponsor
• Rep. Wylie, Chalmers P. [R-OH-15] · R · Sponsor
• · hsba00 · Standing

Related records

• related to ← Depository Institution Equity Act of 1983