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HR 3882 109th Congress House Finance and Financial Sector Bank holding companies Commerce Corporate divestiture Nonbank banks

Financial Safety and Equity Act of 2005

Introduced: September 22, 2005 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 17, 2005
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Sep 22, 2005
Referred to the House Committee on Financial Services.
Sep 22, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Financial Safety and Equity Act of 2005 - Amends the Bank Holding Company Act of 1956 regarding interests in nonbanking organizations to provide that any company that controls an industrial loan company, industrial bank, or similar institution shall become a financial holding company.

Requires such entity to comply with all federal conditions, requirements, restrictions and limitations applicable to a financial holding company.

Grants a five-year divestiture period for nonconforming activities to an entity that: (1) owned or controlled an industrial loan company, industrial bank, or similar institution on January 1, 2005; and (2) was not a bank holding company or a foreign bank on that date.

What's happening now October 17, 2005

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Independent 1