S.2886 - Banking Integrity Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Cantwell, Maria [D-WA] (Introduced 12/16/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 12/16/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.2886 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in Senate (12/16/2009)
Banking Integrity Act of 2009 - Amends the Banking Act of 1933 (Glass-Steagall Act) to prohibit a member bank from being affiliated with specified organizations engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debenture, notes, or other securities.
Prohibits the staff and personnel of corporations and partnerships (as well as any individual) primarily engaged in the issue, flotation, underwriting, public sale, or distribution, of stocks, bonds, or other similar securities, from serving simultaneously as an officer, director, or employee of any member bank of the Federal Reserve System. Authorizes the Board of Governors of the Federal Reserve System to grant limited exceptions.
Prohibits a depository institution from engaging in the business of insurance or any insurance-related activity.