See How Your Politicians Voted
Title: Financial Services Act of 1998
Vote Smart's Synopsis:
Vote to pass a bill that allows partnerships in services between banks, securities firms, and other financial providers to increase competition within the sector.
- Repeals past restrictions that prohibit cross-ownership of banks, brokerages and insurance companies.
- Prevents banks from engaging in investment activities.
- Allows nationally chartered banks to continue to sell insurance and states to retain jurisdiction over those sales.
- Gives community banks access to low-cost funds through the Home Loan Bank System.
- Phases out the unitary thrift charters, institutions originally created to offer home loans and has allowed commercial companies to open savings banks.