H.R.3389 - Depository Institution Mutual Fund Sales Act103rd Congress (1993-1994)
|Sponsor:||Rep. Neal, Richard E. [D-MA-2] (Introduced 10/27/1993)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||10/28/1993 Sponsor introductory remarks on measure. (CR E2720) (All Actions)|
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Summary: H.R.3389 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in House (10/27/1993)
Depository Institution Mutual Fund Sales Act - Amends the Federal Deposit Insurance Act to provide that an insured depository institution shall require a registered investment company conducting business on its premises to disclose in writing to prospective clients that the securities are not deposits and are not insured by the Federal Deposit Insurance Corporation or the Federal Government.
Mandates that such disclosures also be included in any advertising and promotional materials issued by the depository institution with respect to such securities.