[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3111 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 3111

 To amend the Federal Deposit Insurance Act to exclude affiliates and 
subsidiaries of insured depository institutions from the definition of 
                deposit broker, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           December 19, 2019

   Mr. Perdue (for himself, Mr. Jones, and Mr. Moran) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Federal Deposit Insurance Act to exclude affiliates and 
subsidiaries of insured depository institutions from the definition of 
                deposit broker, and for other purposes.

    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 ``Brokered Deposit Affiliate-
Subsidiary Modernization Act of 2019''.

SEC. 2. BROKERED DEPOSITS.

    Section 29(g) of the Federal Deposit Insurance Act (12 U.S.C. 
1831f(g)) is amended--
            (1) in paragraph (2)--
                    (A) in subparagraph (A), by inserting ``or any 
                affiliate or subsidiary of that insured depository 
                institution,'' after ``an insured depository 
                institution,''; and
                    (B) in subparagraph (B), by inserting ``or any 
                affiliate or subsidiary of the insured depository 
                institution,'' after ``an insured depository 
                institution,''; and
            (2) by striking paragraph (4) and inserting the following:
            ``(4) Employee.--For purposes of this subsection, the term 
        `employee'--
                    ``(A) means an individual who receives compensation 
                in any form from--
                            ``(i) an insured depository institution; or
                            ``(ii) any affiliate or subsidiary of an 
                        insured depository institution; and
                    ``(B) includes a registered representative of a 
                broker or dealer that is an affiliate or subsidiary of 
                an insured depository institution.''.
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