Accountability for Wall Street Executives Act

II 116TH CONGRESS 1ST SESSION S. 2098 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. IN THE SENATE OF THE UNITED STATES JULY 11, 2019 Mr. SCHUMER (for Ms. HARRIS (for herself, Ms. HIRONO, Mr. BLUMENTHAL, Mrs. FEINSTEIN, Ms. WARREN, Mrs. GILLIBRAND, and Mr. MERKLEY)) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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. 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 VerDate Sep 11 2014 03:13 Jul 17, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2098.IS S2098 kjohnson on DSK79L0C42 with BILLS 2 •S 2098 IS SEC. 2. VISITORIAL POWERS. 1 The sixth undesignated paragraph of section 5240 of 2 the Revised Statutes (12 U.S.C. 484) is amended by strik- 3 ing subparagraph (B) and inserting the following: 4 ‘‘(B) Notwithstanding subparagraph (A)— 5 ‘‘(i) lawfully authorized State auditors and 6 examiners may, at reasonable times and upon 7 reasonable notice to a bank, review their 8 records solely to ensure compliance with appli- 9 cable State unclaimed property or escheat laws 10 upon reasonable cause to believe that the bank 11 has failed to comply with such laws; 12 ‘‘(ii) an attorney general (or other chief 13 law enforcement officer) of a State may issue 14 subpoenas to national banks or officers of na- 15 tional banks based upon reasonable cause to be- 16 lieve that the national bank or an officer of a 17 national bank has failed to comply with applica- 18 ble State laws; and 19 ‘‘(iii) an attorney general (or other chief 20 law enforcement officer) of a State may require 21 a national bank to provide aggregate data on 22 loans and other financial products and services 23 provided by the national bank in such State.’’. 24 Æ VerDate Sep 11 2014 03:13 Jul 17, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S2098.IS S2098 kjohnson on DSK79L0C42 with BILLS