A bill to amend the Securities Exchange Act of 1934 to ensure that all participants in the Nation's securities markets are equally regulated, to promote fair competition among those providing essentially identical services, and to ensure adequate protection for all investors.

Title I: Definitions of Broker and Dealer - Amends the Securities Exchange Act of 1934 to revise the definition of "broker" to include any bank that: (1) publicly solicits brokerage business; (2) receives transaction-related compensation for providing brokerage services to trust, managed-agency, or other advised accounts; or (3) underwrites securities on an agency basis.

Revises the definition of "dealer" to include any bank that: (1) publicly solicits securities transactions to be effected on a principal basis, whether in a riskless principal capacity or otherwise; (2) receives transaction-related compensation for effecting transactions in securities on a principal basis for trust, managing agency, or other advised accounts; or (3) deals in or underwrites securities.

Declares that a bank is not a broker or a dealer if it restricts its activities to transactions in exempted securities.

Authorizes the Securities and Exchange Commission to exempt banks from the definitions of "broker" or "dealer" if the Commission finds that such exemption is consistent with the public interest, the protection of investors, or the purposes of the Securities Exchange Act.

Prohibits any bank, but not a bank subsidiary or holding company affiliate, from acting as a broker or dealer, except on an exclusively intrastate basis or in transactions in exempted securities, municipal securities, or commercial paper, bankers' acceptances, or commercial bills.

Title II: Savings Provisions and Effective Dates - Specifies that nothing in this Act shall affect the provisions of the Glass-Steagall Act or the jurisdiction of the Comptroller of the Currency or the Federal Reserve Board.