HR 3721 IH
101st CONGRESS
1st Session
 H. R. 3721
To amend the Federal Deposit Insurance Act to prohibit the sale of securities
issued by insured depository institutions or their affiliates on the premises
of insured depository institutions which are accessible to the general public.
IN THE HOUSE OF REPRESENTATIVES
November 17, 1989
Mr. MCMILLEN of Maryland introduced the following bill; which was referred
to the Committee on Banking, Finance and Urban Affairs
A BILL
To amend the Federal Deposit Insurance Act to prohibit the sale of securities
issued by insured depository institutions or their affiliates on the premises
of insured depository institutions which are accessible to the general public.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Depository Institutions Consumer Protection
  Act of 1989'.
SEC. 2. PROHIBITION ON THE SALE OF SECURITIES IN LOBBIES OR DEPOSIT TAKING
AREAS OF INSURED DEPOSITORY INSTITUTIONS.
  Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended
  by adding at the end the following new subsection:
  `(o) PROHIBITION ON SALE OF CERTAIN SECURITIES- No insured depository
  institution may sell, offer for sale, or allow any other person to sell
  or offer for sale any security (as defined in section 3(a)(10) of the
  Securities Exchange Act of 1934), other than an instrument which is evidence
  of a deposit, which was issued by such institution or any affiliate of the
  institution in any part of any office of such institution which is commonly
  accessible to the general public for the purpose of accepting deposits.'.