S.2144 - Foreign Bank Enforcement Act of 1996104th Congress (1995-1996)
|Sponsor:||Sen. D'Amato, Alfonse [R-NY] (Introduced 09/27/1996)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 09/27/1996 Read twice and referred to the Committee on Banking. (All Actions)|
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Text: S.2144 — 104th Congress (1995-1996)All Information (Except Text)
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Introduced in Senate (09/27/1996)
[Congressional Bills 104th Congress] [From the U.S. Government Printing Office] [S. 2144 Introduced in Senate (IS)] 104th CONGRESS 2d Session S. 2144 To enhance the supervision by Federal and State banking agencies of foreign banks operating in the United States, to limit participation in insured financial institutions by persons convicted of certain crimes, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 27, 1996 Mr. D'Amato (for himself, Mr. Kerry, Mr. Faircloth, Mr. Pressler, and Mr. Dodd) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To enhance the supervision by Federal and State banking agencies of foreign banks operating in the United States, to limit participation in insured financial institutions by persons convicted of certain crimes, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Foreign Bank Enforcement Act of 1996''. SEC. 2. UNAUTHORIZED PARTICIPATION BY CONVICTED PERSONS. Section 19 of the Federal Deposit Insurance Act (12 U.S.C. 1829) is amended-- (1) in subsection (a), by striking ``Corporation'' and inserting ``appropriate Federal banking authority''; and (2) by adding at the end the following new subsection: ``(c) Definition.--For purposes of this section-- ``(1) the term `appropriate Federal banking authority' means-- ``(A) the Corporation, in the case of any insured depository institution, except as specifically provided in subparagraphs (B), (C), and (D), or in the case of any insured branch of a foreign bank; ``(B) the Board of Governors of the Federal Reserve System, in the case of any bank holding company and any subsidiary thereof (other than a bank), uninsured State branch or agency of a foreign bank, or any organization organized and operated under section 25A of the Federal Reserve Act or operating under section 25 of the Federal Reserve Act; ``(C) the Comptroller of the Currency, in the case of any Federal agency or uninsured Federal branch of a foreign bank; and ``(D) the Office of Thrift Supervision, in the case of any savings and loan holding company and any subsidiary thereof (other than a bank or a savings association) or any institution that is treated as an insured bank under section 8(b)(9); and ``(2) the term `insured depository institution' shall be deemed to include any institution treated as an insured bank under paragraph (3), (4), or (5) of section 8(b) or as a savings association under section 8(b)(9).''. SEC. 3. REMOVAL ACTIONS AGAINST PERSONS CONVICTED OF FELONIES. Section 8(i)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1818(i)(3)) is amended-- (1) by inserting ``, or any order pursuant to subsection (g),'' after ``any notice''; and (2) by inserting ``or order'' after ``such notice''. SEC. 4. INTERNATIONAL COOPERATION. Section 15 of the International Banking Act of 1978 (12 U.S.C. 3109) is amended by adding at the end the following new subsections: ``(c) Information Obtained From Foreign Supervisors.-- ``(1) In general.--Except as provided in subsection (d), the Board, the Comptroller, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision shall not be compelled to disclose information obtained from a foreign supervisor if-- ``(A) the foreign supervisor has, in good faith, determined and represented to such agency that public disclosure of the information would violate the laws applicable to that foreign supervisor; and ``(B) the United States agency obtains such information pursuant to-- ``(i) such procedure as the agency may authorize for use in connection with the administration or enforcement of the banking laws; or ``(ii) a memorandum of understanding. ``(2) Treatment under title 5.--For purposes of section 552 of title 5, United States Code, this subsection shall be considered to be a statute described in subsection (b)(3)(B) of such section 552. ``(d) Savings Provision.--Nothing in this section authorizes the Board, the Comptroller, the Federal Deposit Insurance Corporation, or the Office of Thrift Supervision to withhold information from the Congress or to prevent such agency from complying with an order of a court of the United States in an action commenced by the United States or by such agency.''. SEC. 5. TERMINATION OF FOREIGN BANK OFFICES IN THE UNITED STATES. Section 7(e) of the International Banking Act of 1978 (12 U.S.C. 3105(e)) is amended by adding at the end the following new paragraph: ``(8) Provisions of a termination order.--An order issued by the Board under paragraph (1) or by the Comptroller under section 4(i) may contain such terms and conditions as the Board or the Comptroller, as the case may be, deems appropriate to carry out this subsection.''. SEC. 6. DISCLOSURE OF CERTAIN MATTERS OCCURRING BEFORE GRAND JURY. Section 3322(b) of title 18, United States Code, is amended-- (1) in paragraph (1), by inserting ``State or Federal'' before ``financial institution''; and (2) in paragraph (2), by inserting ``at any time during or after the completion of the investigation of the grand jury'' before ``upon''. <all>