S.2886 - Banking Integrity Act of 2009

A bill to prohibit certain affiliations (between commercial banking and investment banking companies), and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to prohibit certain affiliations (between commercial banking and investment banking companies), and for other purposes. as introduced.
  • Short: Banking Integrity Act of 2009 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/16/09
 
 
 
 
 
 
 

OpenCongress Summary

A response to the recent financial crisis and the subsequent government bailouts, this bill would essentially reinstate the New Deal-era Glass-Steagall Act that, until its repeal in 1999, separated commercial banking from investment banking.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

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 oth

Official Summary

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.

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