A bill to eliminate unnecessary barriers within the financial industry.

Summary

Title I: Bond Underwriting - Authorizes any national bank to deal in and underwrite bonds, notes, or similar securities. Retains current law limiting an association's dealings in stock to stock without recourse for the account of customers. Title II: Mutual Funds - Amends the Investment Company Act of 1940 to permit a bank, bank holding company, savings and loan association, mutual savings bank, or credit union to: (1) organize, operate, or render investment advice to an investment company; or (2) underwrite or issue securities of any investment company if the officers and employees selling the securities meet standards prescribed by the Comptroller of the Currency, the Federal Home Loan Bank Board, and the National Credit Union Administration Board. Title III: Reports to Congress - Directs the President, in consultation with certain Government officials and agencies overseeing the banking and finance industry, to report to Congress on the legal and regulatory provisions, structures, and procedures that differentiate the different types of financial corporations and to make recommendations for the modification of these barriers. Directs the Secretary of the Treasury to report annually to Congress on the effect of title I of this Act on the institutional distribution of the State and local government bond underwriting business. Title IV: Enactment - Makes this Act effective upon enactment.

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Documents

1 official file

• Introduced in House

  summary · EN · 26 June 1981

  Open at official source

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