118th Congress Finance and Financial Sector
H.R. 2714: Return to Prudent Banking Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill generally separates the activities of commercial banks and investment banks.
Specifically, the bill prohibits an insured depository institution from affiliating with any person or firm engaged principally in, among other things, issuing or selling stocks, bonds, notes, or other securities.
Officers, directors and employees of securities firms are prohibited from simultaneously serving as an officer, director, or employee of a depository institution, except in specified circumstances.
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No entity issuing or selling stocks, bonds, or other securities may engage in the business of receiving deposits, which includes the establishment and maintenance of transaction accounts.
The bill declares that Congress ratifies the interpretation by the Supreme Court in Investment Company Institute v. Camp (ICI) of specified statutory language regarding permissible activities of banks and securities firms. It further declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations as enacted by this bill. No federal banking agency or federal court shall issue an interpretation regarding such security affiliations that is narrower than that of the Court in ICI.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Eleanor Norton D-DCOriginal
- Ilhan Omar D-MNOriginal
- Chellie Pingree D-MEOriginal
- Mark Pocan D-WIOriginal
- Rashida Tlaib D-MIOriginal
- Bonnie Watson Coleman D-NJOriginal
- Susan Wild D-PAOriginal
- Debbie Dingell D-MI
- John Garamendi D-CA
- Ro Khanna D-CA
- Paul Tonko D-NY
- Rosa DeLauro D-CT
- Raúl Grijalva D-AZ
- Grace Napolitano D-CA
- Janice Schakowsky D-IL
Who scored on this bill
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History
- Introduced in the House by Marcy Kaptur.
Show the full action history (3 actions)
- Introduced in House
- Sponsor introductory remarks on measure. (CR H1875)
- Referred to the House Committee on Financial Services.