Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
II
116TH CONGRESS
1ST SESSION
S. 3111
To amend the Federal Deposit Insurance Act to exclude affiliates and subsidi-
aries of insured depository institutions from the definition of deposit
broker, and for other purposes.
IN THE SENATE OF THE UNITED STATES
DECEMBER 19, 2019
Mr. PERDUE (for himself, Mr. JONES, and Mr. MORAN) introduced the fol-
lowing bill; which was read twice and referred to the Committee on Bank-
ing, Housing, and Urban Affairs
A BILL
To amend the Federal Deposit Insurance Act to exclude
affiliates and subsidiaries of insured depository institu-
tions from the definition of deposit broker, 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 ‘‘Brokered Deposit Af-
4
filiate-Subsidiary Modernization Act of 2019’’.
5
SEC. 2. BROKERED DEPOSITS.
6
Section 29(g) of the Federal Deposit Insurance Act
7
(12 U.S.C. 1831f(g)) is amended—
8
VerDate Sep 11 2014
15:53 Dec 28, 2019
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\S3111.IS
S3111
pamtmann on DSKBC07HB2PROD with BILLS
2
•S 3111 IS
(1) in paragraph (2)—
1
(A) in subparagraph (A), by inserting ‘‘or
2
any affiliate or subsidiary of that insured de-
3
pository institution,’’ after ‘‘an insured deposi-
4
tory institution,’’; and
5
(B) in subparagraph (B), by inserting ‘‘or
6
any affiliate or subsidiary of the insured deposi-
7
tory institution,’’ after ‘‘an insured depository
8
institution,’’; and
9
(2) by striking paragraph (4) and inserting the
10
following:
11
‘‘(4) EMPLOYEE.—For purposes of this sub-
12
section, the term ‘employee’—
13
‘‘(A) means an individual who receives
14
compensation in any form from—
15
‘‘(i) an insured depository institution;
16
or
17
‘‘(ii) any affiliate or subsidiary of an
18
insured depository institution; and
19
‘‘(B) includes a registered representative of
20
a broker or dealer that is an affiliate or sub-
21
sidiary of an insured depository institution.’’.
22
Æ
VerDate Sep 11 2014
15:53 Dec 28, 2019
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\S3111.IS
S3111
pamtmann on DSKBC07HB2PROD with BILLS