Text: S.2098 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in Senate (07/11/2019)


116th CONGRESS
1st Session
S. 2098


To amend the Revised Statutes to grant State attorneys general the ability to issue subpoenas to investigate suspected violations of State laws that are applicable to national banks.


IN THE SENATE OF THE UNITED STATES

July 11, 2019

Mr. Schumer (for Ms. Harris (for herself, Ms. Hirono, Mr. Blumenthal, Mrs. Feinstein, Ms. Warren, Mrs. Gillibrand, and Mr. Merkley)) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

To amend the Revised Statutes to grant State attorneys general the ability to issue subpoenas to investigate suspected violations of State laws that are applicable to national banks.

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 “Accountability for Wall Street Executives Act”.

SEC. 2. Visitorial powers.

The sixth undesignated paragraph of section 5240 of the Revised Statutes (12 U.S.C. 484) is amended by striking subparagraph (B) and inserting the following:

“(B) Notwithstanding subparagraph (A)—

“(i) lawfully authorized State auditors and examiners may, at reasonable times and upon reasonable notice to a bank, review their records solely to ensure compliance with applicable State unclaimed property or escheat laws upon reasonable cause to believe that the bank has failed to comply with such laws;

“(ii) an attorney general (or other chief law enforcement officer) of a State may issue subpoenas to national banks or officers of national banks based upon reasonable cause to believe that the national bank or an officer of a national bank has failed to comply with applicable State laws; and

“(iii) an attorney general (or other chief law enforcement officer) of a State may require a national bank to provide aggregate data on loans and other financial products and services provided by the national bank in such State.”.