Amends the Investment Company Act of 1940 to permit a bank, a bank holding company or a subsidiary thereof, a savings and loan association, a savings bank, or a credit union to: (1) organize, sponsor, operate, control, or render investment advice to an investment company; or (2) underwrite, distribute, sell, or issue securities of any investment company if certain standards are met. Sets forth procedures to ensure compliance with such standards.
Introduced in Senate
Read second time and referred to Senate Committee on Banking.
Committee on Banking requested executive comment from Federal Reserve System; Federal Deposit Insurance Corporation; Federal Home Loan Bank Board; Comptroller of the Currency.
Committee on Banking requested executive comment from National Credit Union Administration; Securities and Exchange Commission.
Committee on Banking received executive comment from National Credit Union Administration. Unfavorable.
Committee on Banking received executive comment from Federal Home Loan Bank Board. Unfavorable.
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