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HR 3248 103th Congress House Finance and Financial Sector American investments Bank holding companies Brokers Congressional reporting requirements Corporate mergers Financial services Foreign Trade and International Finance Foreign banks and banking Governmental investigations International banking International competitiveness Investment advisers Nontariff trade barriers Reciprocity Securities industry Securities regulation Trade agreements Trade negotiations

Fair Trade in Financial Services Act of 1993

Introduced: October 7, 1993 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 19 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 30, 1994
See H.R.4926.
Jul 12, 1994
Provisions Incorporated into H.R.3474.
Mar 9, 1994
Ordered to be Reported by Voice Vote.
Mar 9, 1994
Committee Consideration and Mark-up Session Held.
Mar 2, 1994
Forwarded by Subcommittee to Full Committee by Voice Vote.
Mar 2, 1994
Subcommittee Consideration and Mark-up Session Held.
Feb 1, 1994
Subcommittee Hearings Held.
Nov 19, 1993
Forwarded by Subcommittee to Full Committee.
Nov 19, 1993
Subcommittee Consideration and Mark-up Session Held.
Nov 9, 1993
Subcommittee Hearings Held.
Oct 21, 1993
Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
Oct 21, 1993
Referred to the Subcommittee on Telecommunications and Finance.
Oct 18, 1993
Referred to the Subcommittee on International Development, Finance, Trade and Monetary Policy.
Oct 18, 1993
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.
Oct 13, 1993
Referred to the Subcommittee on Trade.
Oct 7, 1993
Referred to the House Committee on Ways and Means.
Oct 7, 1993
Referred to the House Committee on Energy and Commerce.
Oct 7, 1993
Referred to the House Committee on Banking, Finance + Urban Affrs.
Oct 7, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Fair Trade in Financial Services Act of 1993 - Amends the International Banking Act of 1978 to direct the Secretary of the Treasury (the Secretary) to: (1) identify the extent to which a foreign country denies national treatment to U.S. banking and securities organizations; and (2) determine whether such denial has a significant adverse effect upon them.

Authorizes the Secretary to publish the determinations of adverse effect in the Federal Register. Authorizes Federal banking agencies and the Securities and Exchange Commission (SEC), upon concurrence and/or recommendation of the Secretary, to deny applications filed by entities of such identified countries. Prohibits a financial services organization of such a country from commencing any line of business in the United States in which, as of the Secretary's publication date, it was not engaged, or conduct business from any location at which the organization did not conduct business as of that date. Requires securities organizations from those countries to notify the SEC and gain its approval before acquiring control of any registered domestic securities organization. Prescribes guidelines for the Secretary to initiate negotiations with foreign countries that deny national treatment for U.S. banking and securities organizations. Requires the Secretary to submit a biennial status report to the Congress.

Amends the Omnibus Trade and Competitiveness Act of 1988 to direct the Secretary to investigate and report to the President and the Congress on: (1) the extent of the interdependence of U.S. financial services sectors and certain foreign countries; and (2) the economic and strategic consequences of that interdependence for the United States.

What's happening now September 30, 1994

See H.R.4926.

 Committees of jurisdiction 8