119th Congress Finance and Financial Sector
H.R. 5291: Merchant Banking Modernization Act
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires financial holding companies to be allowed to hold merchant banking investments for a minimum of 15 years.
Currently, financial holding companies are generally prohibited from holding interests in nonfinancial companies, however, there are statutory exemptions for merchant banking activities—financial services for private commercial entities. As a result of these financial services, the financial holding company may gain equity in these private commercial entities through portfolio holdings. Under current regulations, these holdings are subject to certain limitations, including a holding limit of 10 years, with the option of extending the period subject to review by the Federal Reserve Board.
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
- Josh Gottheimer D-NJ
Who scored on this bill
- 1Roger Williams SponsorIntroduced, drew cross-party cosponsors, marked up, reported4 events+38
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Roger Williams
History
- Introduced in the House by Roger Williams.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-368.
- Placed on the Union Calendar, Calendar No. 320.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 35 - 17.
- Introduced in House
- Referred to the House Committee on Financial Services.