Accountability for Wall Street Executives Act

I 116TH CONGRESS 1ST SESSION H. R. 3643 To amend the Revised Statutes to grant State attorneys general the ability to issue subpoenas to investigate suspected violations of State laws that are applicable to national banks, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JULY 9, 2019 Ms. PORTER introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Revised Statutes to grant State attorneys general the ability to issue subpoenas to investigate sus- pected violations of State laws that are applicable to national banks, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Accountability for Wall 4 Street Executives Act’’. 5 SEC. 2. VISITORIAL POWERS. 6 The fifth undesignated paragraph of section 5240 of 7 the Revised Statutes of the United States (12 U.S.C. 484) 8 VerDate Sep 11 2014 21:34 Jul 16, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3643.IH H3643 pamtmann on DSKBFK8HB2PROD with BILLS 2 •HR 3643 IH is amended by striking subparagraph (B) and inserting 1 the following: 2 ‘‘(B) Notwithstanding subparagraph (A)— 3 ‘‘(i) lawfully authorized State auditors and 4 examiners may, at reasonable times and upon 5 reasonable notice to a bank, review the bank’s 6 records solely to ensure compliance with appli- 7 cable State unclaimed property or escheat laws 8 upon reasonable cause to believe that the bank 9 has failed to comply with such laws; 10 ‘‘(ii) an attorney general (or other chief 11 law enforcement officer) of a State may issue 12 subpoenas to national banks or officers of na- 13 tional banks based upon reasonable cause to be- 14 lieve that the national bank or an officer of a 15 national bank has failed to comply with applica- 16 ble State laws; and 17 ‘‘(iii) an attorney general (or other chief 18 law enforcement officer) of a State may require 19 a national bank to provide aggregate data on 20 loans and other financial products and services 21 provided by the national bank in such State.’’. 22 Æ VerDate Sep 11 2014 21:34 Jul 16, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3643.IH H3643 pamtmann on DSKBFK8HB2PROD with BILLS