PlainBillCongress, translated.Legislation. Context. Public interest.Sponsor introductory remarks on measure. (CR E448)
Congressional Research Service
Version 00 · Introduced in House · Apr 9, 2019
Return to Prudent Banking Act of 2019
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.
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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Kaptur, Marcy [D-OH-9] · D–OH
Legislative record
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Sponsor introductory remarks on measure. (CR E448)
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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