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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Fair Trade in Financial Services Act of 1991

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To encourage the establishment and implementation of the principle of fair trade in financial services in the delivery of financial services, and for other purposes.


Actions Overview (1)

Date
10/03/1991Introduced in House

All Actions (9)

Date
10/15/1991Referred to the Subcommittee on Commerce, Consumer Protection and Competitiveness.
Action By: Committee on Energy and Commerce
10/15/1991Referred to the Subcommittee on Telecommunications and Finance.
Action By: Committee on Energy and Commerce
10/15/1991Referred to the Subcommittee on International Development, Finance, Trade and Monetary Policy.
Action By: Committee on Banking, Finance, and Urban Affairs
10/15/1991Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Action By: Committee on Banking, Finance, and Urban Affairs
10/08/1991Referred to the Subcommittee on Trade.
Action By: Committee on Ways and Means
10/03/1991Referred to the House Committee on Ways and Means.
Action By: House of Representatives
10/03/1991Referred to the House Committee on Energy and Commerce.
Action By: House of Representatives
10/03/1991Referred to the House Committee on Banking, Finance + Urban Affrs.
Action By: House of Representatives
10/03/1991Introduced in House
Action By: House of Representatives

Committees (3)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Banking, Finance, and Urban Affairs10/03/1991 Referred to
House Banking, Finance, and Urban Affrs Subcommittee on Financial Institutions Supervision, Regulation and Insurance10/15/1991 Referred to
House Banking, Finance, and Urban Affrs Subcommittee on International Development, Finance, Trade and Monetary Policy10/15/1991 Referred to
House Energy and Commerce10/03/1991 Referred to
House Energy and Commerce Subcommittee on Commerce, Consumer Protection, and Competitiveness10/15/1991 Referred to
House Energy and Commerce Subcommittee on Telecommunications and Finance10/15/1991 Referred to
House Ways and Means10/03/1991 Referred to
House Ways and Means Subcommittee on Trade10/08/1991 Referred to

No related bill information was received for H.R.3503.


Latest Summary (1)

There is one summary for H.R.3503. View summaries

Shown Here:
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.