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HR 2557 100th Congress House Finance and Financial Sector Bank holding companies Brokers National banks Savings and loan associations Savings banks Securities Securities and Investments Securities regulation

Bank Broker-Dealer Act of 1987

Introduced: May 28, 1987 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 13, 1988
Subcommittee Hearings Held.
Jun 8, 1987
Referred to Subcommittee on Telecommunications and Finance.
May 28, 1987
Referred to House Committee on Energy and Commerce.
May 28, 1987
Introduced in House
 Plain-English summary Congressional Research Service

Bank Broker-Dealer Act of 1987 - Title I: Definitions of Broker and Dealer - Amends the Securities Exchange Act of 1934 to revise the definition of "broker" to include any bank that: (1) publicly solicits brokerage business; (2) receives transaction-related compensation for providing brokerage services to trust, managed-agency, or other advised accounts; or (3) underwrites securities on an agency basis.

Revises the definition of "dealer" to include any bank that: (1) publicly solicits securities transactions to be effected on a principal basis, whether in a riskless principal capacity or otherwise; (2) receives transaction-related compensation for effecting transactions in securities on a principal basis for trust, managing agency, or other advised accounts; or (3) deals in or underwrites securities.

Declares that a bank is not a broker or a dealer if it restricts its activities to transactions in exempted securities.

Authorizes the Securities and Exchange Commission to exempt banks from the definitions of "broker" or "dealer" if the Commission finds that such exemption is consistent with the public interest, the protection of investors, or the purposes of the Securities Exchange Act.

Prohibits any bank, but not a bank subsidiary or holding company affiliate, from acting as a broker or dealer, except on an exclusively intrastate basis or in transactions in exempted securities, municipal securities, or commercial paper, bankers' acceptances, or commercial bills.

Title II: Savings Provisions and Effective Dates - Specifies that nothing in this Act shall affect the provisions of the Glass-Steagall Act or the jurisdiction of the Comptroller of the Currency or the Federal Reserve Board.

What's happening now April 13, 1988

Subcommittee Hearings Held.

 Committees of jurisdiction 2