PlainBillCongress, translated.Legislation. Context. Public interest.Placed on Senate Legislative Calendar under General Orders. Calendar No. 385.
Congressional Research Service
Version 00 · Introduced in Senate · Oct 7, 1993
Fair Trade in Financial Services Act of 1993 - Amends the International Banking Act of 1978 to direct the Secretary of the Treasury (the Secretary) to: (1) identify the extent to which a foreign country denies national treatment to U.S. banking and securities organizations; and (2) determine whether such denial has a significant adverse effect upon them. Authorizes the Secretary to publish the determinations of adverse effect in the Federal Register. Authorizes Federal banking agencies and the Securities and Exchange Commission (SEC), upon concurrence and/or recommendation of the Secretary, to deny applications filed by entities of such identified countries. Prohibits a financial services organization of such a country from commencing any line of business in the United States in which, as of the Secretary's publication date, it was not engaged, or conduct business from any location at which the organization did not conduct business as of that date. Requires securities organizations from those countries to notify the SEC and gain its approval before acquiring control of any registered domestic securities organization. Prescribes guidelines for the Secretary to initiate negotiations with foreign countries that deny national treatment for U.S. banking and securities organizations. Requires the Secretary to submit a biennial status report to the Congress. Amends the Omnibus Trade and Competitiveness Act of 1988 to direct the Secretary to investigate and report to the President and the Congress on: (1) the extent of the interdependence of U.S. financial services sectors and certain foreign countries; and (2) the economic and strategic consequences of that interdependence for the United States.
People & committees
Sen. Riegle, Donald W., Jr. [D-MI] · D–MI
Legislative record
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Placed on Senate Legislative Calendar under General Orders. Calendar No. 385.
Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 103-235.
Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 103-235.
Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Banking. Hearings held. Hearings printed: S.Hrg. 103-396.
Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S13272-13275)
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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