Summary: H.R.597 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.597. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/26/1993)

Management and Conflict of Interest Reform Amendments of 1993 - Amends the Depository Institution Management Interlocks Act to include foreign banks within the administrative and enforcement purview of the Board of Governors of the Federal Reserve System.

Prohibits an outside counsel or outside accountant of a depository institution or a depository holding company from serving as a member of the board of directors of such institution, holding company, or any of its subsidiaries, affiliates, or holding companies.

Requires each depository institution and depository holding company to provide to each member of its board of directors and each member of the board of directors of any depository institution or depository holding company it controls: (1) a list of the names and principal places of business of each individual or company which directly or indirectly owns, controls, or has power to vote five percent or more of any class of voting securities of such institution or holding company; and (2) a notice of any proposed change in control of the parent depository institution or depository holding company.

Requires a majority of the voting members of the board of directors of depository institutions and depository holding companies to be outside directors.