House Roll Call 771, 105th Congress · May 13, 1998

H.R.10 BY LEACH (R-IA) -- FINANCIAL SERVICES COMPETITIVENESS ACT OF 1997 (HOUSE AGREED TO THE BLILEY AMENDMENT THAT REQUIRES EACH FINANCIAL REGULATORY AUTHORITY TO REVIEW CONSUMER FEE DISCLOSURES FOR ACCURACY, SIMPLICITY, AND COMPLETENESS; PROVIDES THE SEC WITH BACKUP AUTHORITY TO INSPECT ANY WHOLESALE FINANCIAL HOLDING COMPANY; PRESERVES THE AUTHORITY OF THE COMMODITY FUTURES TRADING COMMISSION; ALLOWS FEDERAL REGULATORS TO JOINTLY PREEMPT STATE LAW THAT AFFORD LESS CONSUMER PROTECTION THAN FEDERAL REGULATIONS; CLARIFIES LANGUAGE TO PREEMPT STATE LAWS WHICH PREVENT OR SIGNIFICANTLY INTERFERE WITH NATIONAL BANK ACTIVITIES OR AFFILIATIONS TO MAKE IT MORE CONSISTENT WITH CURRENT LAW AND THE BARNETT BANK OF MARION COUNTY SUPREME COURT CASE; PRESERVES CURRENT LEGAL STANDARDS GOVERNING BANK INSURANCE SALES; PROVIDES FOR INTERAGENCY CONSULTATION TO ENCOURAGE COORDINATION AND SHARING OF CONFIDENTIAL INFORMATION TO IMPROVE THE SUPERVISION OF FINANCIAL HOLDING COMPANIES AND AFFILIATED INSTITUTIONS; PERMITS BANKS TO CHARGE UNLIMITED FEES FOR SERVICES IN THEIR TRUST DEPARTMENT INCLUDING STOCK PURCHASE PLANS AS LONG AS THERE ARE NO BROKERAGE COMMISSIONS; PRESERVES THE AUTHORITY OF THE FTC AND ATTORNEY GENERAL IN ANTITRUST REGULATION; CLARIFIES THE JURISDICTION OF THE FTC AND PRESERVES THE AUTHORITY OF FEDERAL BANKING AGENCIES; CLARIFIES THAT CERTAIN ACQUISITIONS OF INSURANCE COMPANIES AND SECURITIES FIRMS ARE SUBJECT TO THE HART-SCOTT-RODINO ANTITRUST REVIEW; REQUIRES AN ANNUAL GAO REPORT ON MARKET CONCENTRATION IN THE FINANCIAL SERVICES INDUSTRY AND ITS IMPACT ON CONSUMERS; CLARIFIES THE TYPE OF DERIVATIVE INSTRUMENTS THAT CAN BE SOLD BY BANKS; SPECIFIES THAT A QUALIFIED INVESTOR INCLUDES THE GOVERNMENT OF ANY FOREIGN COUNTRY; REQUIRES A STUDY BY THE SECRETARY OF THE TREASURY, FEDERAL BANKING AGENCIES, AND THE SEC ON THE EXTENT THAT SERVICES ARE BEING PROVIDED AS INTENDED BY THE COMMUNITY REINVESTMENT ACT; AND REQUIRES AN INTERIM REPORT FROM THE FTC ON ITS ONGOING STUDY ON PRIVACY ISSUES.)

Question before the chamber: On Agreeing to the Amendment

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