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HR 2585 115th Congress House Finance and Financial Sector Banking and financial institutions regulation Bankruptcy Congressional oversight Contracts and agency Financial services and investments Insurance industry and regulation Securities

21st Century Glass-Steagall Act of 2017

Introduced: May 22, 2017 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
Jun 23, 2017
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
May 22, 2017
Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
May 22, 2017
Introduced in House
 Plain-English summary Congressional Research Service

21st Century Glass-Steagall Act of 2017

This bill amends the Federal Deposit Insurance Act, the Bank Holding Company Act of 1956, the Home Owner's Loan Act, the International Banking Act of 1978, the federal bankruptcy code, and other laws to:

  • limit affiliations between an insured depository institution and any insurance company, securities entity, or swaps entity;
  • restrict the authority of a national banking association to purchase or sell investment securities or stock, invest in certain structured or synthetic products, control or hold an interest in financial subsidiaries, or otherwise engage in nonbanking activities;
  • restrict the authority of a federal savings association to invest in, redeem, or hold shares or certificates issued by an open-end management investment company; 
  • limit the authority of a financial holding company to engage in nonfinancial activities;
  • disallow certain foreign banks from engaging in nonbanking activities in the United States;
  • repeal bankruptcy code provisions related to the contractual right to liquidate, terminate, or accelerate certain types of financial instruments; and
  • establish various enforcement and penalty provisions.
What's happening now June 23, 2017

Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

 Committees of jurisdiction 3
 Cosponsors 4
All 4 Democratic 4