To amend section 584 of the Internal Revenue Code of 1954, relating to common trust funds maintained by banks.

Redefines part of the definition of the term "common trust fund" pursuant to the Internal Revenue Code as a fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank maintaining the fund, or by any other bank which is a member of an affiliated group (as defined in 26 U.S.C. 1504) of which the bank maintaining the fund is a member, in the capacity of the contributing bank as trustee, executor, administrator, or guardian. (Amends 26 U.S.C. 584 (a)(l))