HR 10 - Financial Services Act of 1998 - National Key Vote


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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.