HR 10 - Financial Modernization bill - National Key Vote


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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.