To preserve competitive equity in financial services.
Financial Safety and Equity Act of 2005 - Amends the Bank Holding Company Act of 1956 regarding interests in nonbanking organizations to provide that any company that controls an industrial loan company, industrial bank, or similar institution shall become a financial holding company.
Requires such entity to comply with all federal conditions, requirements, restrictions and limitations applicable to a financial holding company.
Grants a five-year divestiture period for nonconforming activities to an entity that: (1) owned or controlled an industrial loan company, industrial bank, or similar institution on January 1, 2005; and (2) was not a bank holding company or a foreign bank on that date.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line