See How Your Politicians Voted
Title: Financial Modernization bill
Vote Smart's Synopsis:
Vote to pass a bill that allows for mergers between banks, insurance companies, securities firms and other financial services.
- Allows merging companies to form as a financial holding company or an operating subsidiary.
- Prohibits a wholesale financial institution, an uninsured bank, from receiving deposits of less than $100,000.
- Requires banks to disclose any fees for use of their automated teller machines (ATMs).
- Prohibits states from enacting laws and regulations that impede a company's ability to sell insurance.
- Prohibits insurance companies from discriminating against domestic violence victims.
- Prohibits financial companies from releasing a customer's financial information to third parties without the customer's approval.
- Stipulates that the Federal Reserve must hold hearings in certain cities affected by the merging of banks that possess over $1 billion in assets.