H.R.3503 - Fair Trade in Financial Services Act of 1991102nd Congress (1991-1992)
|Sponsor:||Rep. Schumer, Charles E. [D-NY-10] (Introduced 10/03/1991)|
|Committees:||House - Banking, Finance, and Urban Affairs; Energy and Commerce; Ways and Means|
|Latest Action:||House - 10/15/1991 Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3503 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (10/03/1991)
Fair Trade in Financial Services Act of 1991 - Amends the International Banking Act of 1978, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 to direct the Secretary of the Treasury to: (1) submit biennial status reports to the Congress regarding foreign treatment of certain U.S. business interests; and (2) initiate negotiations with foreign countries to ensure that they offer U.S. banking and bank holding companies, securities brokers and dealers, and investment advisers the same competitive opportunities as are available to their foreign counterparts.
Authorizes the Secretary to publish in the Federal Register a determination that a foreign country does not accord national treatment to such U.S. business interests. Authorizes a Federal banking agency, or the Securities and Exchange Commission (SEC), after notice of such determination, to include such determination as a basis for denial of certain foreign trade applications (to conduct banking, securities, or investment advice activities in the United States) from such foreign country in reports required under the Omnibus Trade and Competitiveness Act of 1988. Directs the Secretary to review such determinations annually and rescind determinations, if appropriate.
Amends the International Banking Act of 1978 to preclude banking interests of such countries from commencing or conducting business in this country as of the date of the Secretary's determination unless prior approval has been obtained from a Federal banking agency (including, under certain circumstances, a State banking agency). Outlines the factors to be considered by the Secretary and the banking and securities regulatory agencies in their exercise of discretion with respect to existing foreign operations in the United States.
Amends the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to provide that, subsequent to the Secretary's determination in the Federal Register that a foreign country does not accord national treatment to U.S. securities or investment adviser interests, a person from such foreign country may not acquire control of a registered broker, dealer, or investment adviser unless the SEC has been duly notified and has not prohibited such acquisition.
Amends the Omnibus Trade and Competitiveness Act of 1988 to direct the Secretary of the Treasury, together with other appropriate agencies and representatives, to conduct an investigation to determine: (1) the extent of interdependence of U.S. financial services sectors and foreign countries whose financial services institutions provide financial services in the United States, or whose persons have substantial ownership interests in U.S. financial institutions; and (2) the economic, strategic, and other consequences of that interdependence for the United States. Directs the Secretary to report the results of this investigation within two years to the President, the Congress, and other specified commissions, departments, and agencies as deemed appropriate by the Secretary.