PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.
Congressional Research Service
Version 00 · Introduced in House · Jan 6, 1993
Financial Services Act of 1993 - 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.
People & committees
Rep. Hoagland, Peter [D-NE-2] · D–NE
Legislative record
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Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.
Referred to the House Committee on Banking, Finance + Urban Affrs.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.
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