PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Congressional Research Service
Version 00 · Introduced in House · Nov 8, 1997
Financial Services Competitive Enhancement Act - Amends the Banking Act of 1933 (Glass-Steagall Act) to repeal its prohibition against: (1) bank affiliation with any entity principally engaged in securities transactions; and (2) securities transaction personnel serving simultaneously as national bank personnel. Amends the Bank Holding Company Act of 1956 to permit a bank holding company to acquire shares in nonbanking organizations if such shares have been determined to be either financial in nature, or incidental to financial activities, by the Board of Governors of the Federal Reserve System. States that after enactment of this Act it shall be financial in nature to provide insurance as principal, agent or broker in any State. Shields bank holding companies from State restrictions against insurance affiliates of banking companies. Cites circumstances permitting a bank holding company to acquire or control shares, assets, or ownership interests of previously proscribed entities.
People & committees
Rep. Dreier, David [R-CA-28] · R–CA
Legislative record
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Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the Subcommittee on Capital Markets, Securities and Government Sponsored Enterprises.
Referred to the Subcommittee on Finance and Hazardous Materials.
Referred to House Commerce
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Commerce, 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.
Referred to House Banking and Financial Services
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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