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United States · Bill · HR

H.R. 790 (115th)

Return to Prudent Banking Act of 2017

openUnited States· United States Congress· EN

Introduced

1 February 2017

Last action

3 February 2017 · Introduced

Status

Sponsor introductory remarks on measure. (CR E139)

Sponsors

Rep. Kaptur, Marcy [D-OH-9], Rep. Lynch, Stephen F. [D-MA-8], Rep. Ryan, Tim [D-OH-13], Rep. Pocan, Mark [D-WI-2], Rep. DeLauro, Rosa L. [D-CT-3], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Doyle, Michael F. [D-PA-14], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. Jones, Walter B., Jr. [R-NC-3], Sen. Welch, Peter [D-VT], Rep. Watson Coleman, Bonnie [D-NJ-12], Rep. Serrano, Jose E. [D-NY-15], Rep. Lipinski, Daniel [D-IL-3], Rep. Garamendi, John [D-CA-8], Rep. Speier, Jackie [D-CA-14], Rep. Ellison, Keith [D-MN-5], Rep. Conyers, John, Jr. [D-MI-13], Rep. Gabbard, Tulsi [D-HI-2], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Tonko, Paul [D-NY-20], Rep. McGovern, James P. [D-MA-2], Rep. DeFazio, Peter A. [D-OR-4], Rep. Lee, Barbara [D-CA-12], Rep. Capuano, Michael E. [D-MA-8], Rep. Pingree, Chellie [D-ME-1], Rep. Fudge, Marcia L. [D-OH-11], Rep. Cohen, Steve [D-TN-9], Rep. Lowenthal, Alan S. [D-CA-47], Rep. Davis, Danny K. [D-IL-7], Rep. Khanna, Ro [D-CA-17], Rep. Yarmuth, John A. [D-KY-3], Rep. Jayapal, Pramila [D-WA-7], Rep. Schrader, Kurt [D-OR-5], ROBERT BRADY, Rep. Blumenauer, Earl [D-OR-3], Rep. Tsongas, Niki [D-MA-3], Rep. Visclosky, Peter J. [D-IN-1], Rep. Walz, Timothy J. [D-MN-1], Rep. Doggett, Lloyd [D-TX-37], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Napolitano, Grace F. [D-CA-32], Rep. Peterson, Collin C. [D-MN-7], Rep. Roybal-Allard, Lucille [D-CA-40], Rep. Coffman, Mike [R-CO-6], Rep. Raskin, Jamie [D-MD-8], Rep. Nolan, Richard M. [D-MN-8], Rep. Nadler, Jerrold [D-NY-12]

Subjects

Discovery layer

Source updated

11 August 2025

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Summary

Return to Prudent Banking Act of 2017 This 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. Any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution must terminate such service as soon as practicable after enactment of this bill. Any affiliation of an insured depository institution with any broker, dealer, investment adviser, or investment company must be terminated as soon as practicable. 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, as defined in the Federal Reserve Act. This bill declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in Investment Company Institute v. Camp (ICI) 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 under the Federal Deposit Insurance Act 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 bill repeals certain provisions of the Gramm-Leach-Bliley Act, including those pertaining to regulation of financial holding companies and the conditions for engaging in financial activities.

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

Timeline

  1. 1 February 2017

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 1 February 2017

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 1 February 2017

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 3 February 2017

    Introduced

    Sponsor introductory remarks on measure. (CR E139)

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 1 February 2017

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  • Introduced in House (PDF)

    Introduced in House · EN · 1 February 2017

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  • Introduced in House

    summary · EN · 1 February 2017

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Sponsors

Showing 48 of 61 sponsors and actors.

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Sources

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