A bill to reduce financing cost to cities, counties, and States by amending section 5136 of the Revised Statutes to permit national banks to underwrite and deal in revenue bonds issued by State and local governments, and for other purposes.

Summary

Excludes from the Federal law limiting and restricting the corporate powers of national banking associations to deal in, and underwrite, investment securities specified dealings in, and underwriting of, all other nongeneral obligations issued or guaranteed by or on behalf of a State or any political subdivision thereof (except special assessment obligations and industrial revenue bonds) which are at the time eligible for purchase by a national bank for its own account, subject to specified limitations. Requires the Secretary of the Treasury to submit an annual report to the Congress showing the extent to which the business of underwriting and dealing in State and local obligations is being carried on by commercial banks as compared with other banking institutions with a view to determining the effect of the provisions of this Act on the institutional distribution of such business.

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Timeline

1. 25 June 1981

   Introduced

   Read second time and referred to Senate Committee on Banking.

   Source: IntroReferral

2. 25 June 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 6 July 1981

   Committee

   Committee on Banking requested executive comment from Federal Reserve System; Federal Deposit Insurance Corporation; Comptroller of the Currency; Treasury Department.

   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 Senate

  summary · EN · 25 June 1981

  Open at official source

Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Jepsen, Roger W. [R-IA] · R · Cosponsor
• Sen. Sasser, Jim [D-TN] · D · Cosponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Hawkins, Paula [R-FL] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → A bill to assist cities, counties, and States by amending section 5136 of the Revised Statutes, as amended, with respect to the authority of national banks to underwrite and deal in securities issued by State and local governments, and for other purposes.