To clarify exclusions from the definition of a deposit broker.

I 116TH CONGRESS 1ST SESSION H. R. 907 To clarify exclusions from the definition of a deposit broker. IN THE HOUSE OF REPRESENTATIVES JANUARY 30, 2019 Mr. LAHOOD (for himself and Mrs. BUSTOS) introduced the following bill; which was referred to the Committee on Financial Services A BILL To clarify exclusions from the definition of a deposit broker. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. DEFINITION OF A DEPOSIT BROKER. 3 Section 29(g)(2)(I) of the Federal Deposit Insurance 4 Act (12 U.S.C. 1831f(g)(2)(I)) is amended to read as fol- 5 lows: 6 ‘‘(I) an agent or nominee— 7 ‘‘(i) whose primary purpose is not the 8 placement of funds with depository institu- 9 tions; or 10 ‘‘(ii) who is— 11 ‘‘(I) an exclusive agent of— 12 VerDate Sep 11 2014 04:31 Feb 09, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H907.IH H907 kjohnson on DSK79L0C42 with BILLS 2 •HR 907 IH ‘‘(aa) an insurance company; 1 and 2 ‘‘(bb) an insured depository 3 institution affiliated with such in- 4 surance company; and 5 ‘‘(II) is contractually prohibited 6 by agreement with such depository in- 7 stitution from placing funds with any 8 other unaffiliated depository institu- 9 tion and from acting as an agent of 10 any other person with respect to any 11 deposit or deposit account.’’. 12 Æ VerDate Sep 11 2014 04:31 Feb 09, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H907.IH H907 kjohnson on DSK79L0C42 with BILLS