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S 900 - Financial Services Modernization Bill - National Key Vote

Stage Details

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

NOTE: THIS VOTE PASSED BY UNANIMOUS CONSENT, MEANING NO MEMBER OBJECTED TO THE PASSAGE OF THE VOTE. THIS DOES NOT NECESSARILY INDICATE THAT ALL MEMBERS FAVORED THE VOTE'S OUTCOME.

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Title: Financial Services Modernization Bill

Vote Smart's Synopsis:

Vote to pass a bill that alters the set of rules and regulations that govern relationships between banks, securities firms and insurance companies.

Highlights:

  • Removes restrictions placed on associations between banking, securities and insurance industries by the 1933 Glass-Steagall Act.
  • Allows banks to sell insurance and operate in financial services, while also allowing insurance companies to purchase banks.
  • Grants the Treasury Department oversight responsibility of banks' financial services, excluding real estate activities and insurance underwriting.
  • Requires public disclosure of all financial agreements made under the 1977 Community Reinvestment (CRA) Act and all fees banks charge for use of automatic teller machines (ATMs).
  • Exempts rural banks with less than $100 million in assets from the Community Reinvestment Act (CRA).

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