H.R. 2714 · 118th Congress
Return to Prudent Banking Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KapturSponsor15 cosponsors · 15 D
D
Norton
IO
D
Omar
CP
D
Pingree
MP
D
Pocan
RT
D
Tlaib
BW
D
Watson Coleman
SW
D
Wild
DD
D
Dingell
JG
D
Garamendi
RK
D
Khanna
PT
D
Tonko
RD
D
DeLauro
RG
D
Grijalva
GN
D
Napolitano
JS
D
Schakowsky7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill generally separates the activities of commercial banks and investment banks. Specifically, the 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.
What it does: CRS summary · Introduced in House · Apr 19, 2023
Return to Prudent Banking Act of 2023
This bill generally separates the activities of commercial banks and investment banks.
Specifically, the 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.
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.
The bill declares that Congress ratifies the interpretation by the Supreme Court in Investment Company Institute v. Camp (ICI) of specified statutory language 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 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Return to Prudent Banking Act of 2023
Latest action (Apr 19, 2023): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 19, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.