A bill to amend section 23A of the Federal Reserve Act to revise the restrictions on transactions between banks and their affiliates.
Banking Affiliates Act - Amends the Federal Reserve Act to revise restrictions on transactions between member banks and affiliates by allowing any member bank and its subsidiaries to engage in specified transactions with, or for the benefit of an affiliate, if each transaction is made at fair market value and if the aggregate amount of covered transactions does not exceed stated limits.
Prohibits a member bank and its subsidiaries from purchasing any low quality assets.
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, Comptroller of the Currency.
Committee on Banking received executive comment from Comptroller of the Currency. Favorable.
Committee on Banking received executive comment from Federal Deposit Insurance Corporation. Favorable.
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