Summary: H.R.3248 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.3248. Bill summaries are authored by CRS.

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Introduced in House (10/07/1993)

Fair Trade in Financial Services Act of 1993 - Amends the International Banking Act of 1978 to direct the Secretary of the Treasury (the Secretary) to: (1) identify the extent to which a foreign country denies national treatment to U.S. banking and securities organizations; and (2) determine whether such denial has a significant adverse effect upon them.

Authorizes the Secretary to publish the determinations of adverse effect in the Federal Register. Authorizes Federal banking agencies and the Securities and Exchange Commission (SEC), upon concurrence and/or recommendation of the Secretary, to deny applications filed by entities of such identified countries. Prohibits a financial services organization of such a country from commencing any line of business in the United States in which, as of the Secretary's publication date, it was not engaged, or conduct business from any location at which the organization did not conduct business as of that date. Requires securities organizations from those countries to notify the SEC and gain its approval before acquiring control of any registered domestic securities organization. Prescribes guidelines for the Secretary to initiate negotiations with foreign countries that deny national treatment for U.S. banking and securities organizations. Requires the Secretary to submit a biennial status report to the Congress.

Amends the Omnibus Trade and Competitiveness Act of 1988 to direct the Secretary to investigate and report to the President and the Congress on: (1) the extent of the interdependence of U.S. financial services sectors and certain foreign countries; and (2) the economic and strategic consequences of that interdependence for the United States.