Amends the Investment Company Act of 1940 to permit a bank, a bank holding company or a subsidiary thereof, or a savings and loan association to: (1) organize, sponsor, operate, or render investment advice to an investment company; or (2) underwrite, distribute, sell, or issue securities of any such investment company which is organized, sponsored, operated, controlled, or so advised by a bank, a bank holding company or a subsidiary thereof, or a savings and loan association.
Requires officers and employees of banks or savings and loan associations who sell such securities to meet such standards with respect to training, experience, and sales practices as the Comptroller of the Currency and the Federal Home Loan Bank Board shall prescribe.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on Energy and Commerce.
Referred to Subcommittee on Telecommunications, Consumer Protection and Finance.
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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