legislation: 102-hr-6087

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
102-hr-6087 102 hr 6087 Financial Services Act of 1992 Finance and Financial Sector 1992-10-01 1992-10-07 Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance. House Rep. Hoagland, Peter [D-NE-2] NE D H000652 0 Financial Services Act of 1992 - Amends the Revised Statutes of the United States to permit national banks to engage in mutual fund dealing, underwriting, distribution, and sponsorship, if such activities are conducted through nonbank subsidiaries. Amends the Federal Reserve Act to set forth certain disclosure requirements for nonbank subsidiaries of State or national member banks engaged in mutual fund activities, including a one-time written disclosure to each customer that neither the subsidiary nor its investment products are insured. Amends the Banking Act of 1933 (Glass-Steagall Act) to permit: (1) a member bank, including a national bank, to be affiliated with a company engaged in investment company activities; and (2) management interlocks between either a member bank, or a bank holding company, and their respective affiliates engaged in investment company activities. (Current law proscribes such interlocks.) Amends the Bank Holding Company Act of 1956 to permit a bank holding company to acquire investment company securities. (Current law prohibits such acquisition.) Sets forth one-time disclosure requirements regarding such acquisitions which reflect the disclosure requirements applicable to national and state banks under this Act. 2025-08-26T15:16:41Z  

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