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HR 1347 102th Congress House Foreign Trade and International Finance Financial services Foreign trade promotion Government Operations and Politics Securities industry Telecommunication industry

Fair Trade in Services Act of 1991

Introduced: March 7, 1991 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
Mar 25, 1991
Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
Mar 25, 1991
Referred to the Subcommittee on Telecommunications and Finance.
Mar 7, 1991
Referred to the House Committee on Energy and Commerce.
Mar 7, 1991
Introduced in House
 Plain-English summary Congressional Research Service

Fair Trade in Services Act of 1991 - Title I: Financial Services - Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to direct the Secretary of the Treasury to: (1) submit biennial status reports to the Congress regarding foreign treatment of certain U.S. business interests; and (2) initiate negotiations with foreign countries to ensure that they offer U.S. securities brokers and dealers and investment advisers the same competitive opportunities as are available to their foreign counterparts.

Authorizes Federal securities agencies to deny applications filed by foreign persons to conduct securities or investment advice activities in the United States if the Secretary has published a determination in the Federal Register that the relevant foreign country does not accord national treatment to such U.S. business interests. Directs the Secretary to review such determination annually.

Provides that subsequent to the Secretary's determination in the Federal Register that a foreign country does not accord national treatment to U.S. securities or investment adviser interests, a person from such foreign country may not acquire control of a registered broker, dealer, or investment adviser unless the Securities and Exchange Commission (SEC) has been duly notified and has not prohibited such acquisition.

Directs the SEC to conduct an investigation to determine the extent of interdependence of U.S. financial services sectors and foreign countries and the economic, strategic, and other consequences of that interdependence for the United States. Directs the SEC to report the results of this investigation within two years to the President, the Congress, and the Secretary.

Title II: Telecommunications Products and Services - Amends the Communications Act of 1934 to direct the United States Trade Representative to publish a notice in the Federal Register identifying any foreign country that has failed to reach a telecommunications trade agreement with the United States or has violated an existing agreement.

Directs the Federal Communications Commission to deny applications filed by such countries. Directs the U.S. Trade Representative to review annually notices in the Federal Register regarding non-complying countries.

What's happening now March 25, 1991

Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.

 Committees of jurisdiction 3