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A bill to reduce risks to the financial system by limiting banks' ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act, and for other purposes.

USA115th CongressS-881| Senate 
| Updated: 5/18/2017
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (8)
Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Angus S. King (Independent)John McCain (Republican)Bernard Sanders (Independent)Maria Cantwell (Democratic)Tammy Baldwin (Democratic)Jeff Merkley (Democratic)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
21st Century Glass-Steagall Act of 2017 This bill amends the Federal Deposit Insurance Act, the Bank Holding Company Act of 1956, the Home Owner's Loan Act, the International Banking Act of 1978, the federal bankruptcy code, and other laws to: limit affiliations between an insured depository institution and any insurance company, securities entity, or swaps entity ; restrict the authority of a national banking association to purchase or sell investment securities or stock, invest in certain structured or synthetic products, control or hold an interest in financial subsidiaries, or otherwise engage in nonbanking activities; restrict the authority of a federal savings association to invest in, redeem, or hold shares or certificates issued by an open-end management investment company; limit the authority of a financial holding company to engage in nonfinancial activities; disallow certain foreign banks from engaging in nonbanking activities in the United States; repeal bankruptcy code provisions related to the contractual right to liquidate, terminate, or accelerate certain types of financial instruments; and establish various enforcement and penalty provisions.
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Timeline
Apr 6, 2017
Introduced in Senate
Apr 6, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 18, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-57.
Jun 23, 2017

Latest Companion Bill Action

HR 115-2585
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
  • April 6, 2017
    Introduced in Senate


  • April 6, 2017
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • May 18, 2017
    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-57.


  • June 23, 2017

    Latest Companion Bill Action

    HR 115-2585
    Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

Finance and Financial Sector

Related Bills

  • HR 115-2585: To reduce risks to the financial system by limiting banks' ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act, and for other purposes.
Banking and financial institutions regulationBankruptcyCongressional oversightContracts and agencyFinancial services and investmentsInsurance industry and regulationSecurities

A bill to reduce risks to the financial system by limiting banks' ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act, and for other purposes.

USA115th CongressS-881| Senate 
| Updated: 5/18/2017
21st Century Glass-Steagall Act of 2017 This bill amends the Federal Deposit Insurance Act, the Bank Holding Company Act of 1956, the Home Owner's Loan Act, the International Banking Act of 1978, the federal bankruptcy code, and other laws to: limit affiliations between an insured depository institution and any insurance company, securities entity, or swaps entity ; restrict the authority of a national banking association to purchase or sell investment securities or stock, invest in certain structured or synthetic products, control or hold an interest in financial subsidiaries, or otherwise engage in nonbanking activities; restrict the authority of a federal savings association to invest in, redeem, or hold shares or certificates issued by an open-end management investment company; limit the authority of a financial holding company to engage in nonfinancial activities; disallow certain foreign banks from engaging in nonbanking activities in the United States; repeal bankruptcy code provisions related to the contractual right to liquidate, terminate, or accelerate certain types of financial instruments; and establish various enforcement and penalty provisions.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 6, 2017
Introduced in Senate
Apr 6, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 18, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-57.
Jun 23, 2017

Latest Companion Bill Action

HR 115-2585
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
  • April 6, 2017
    Introduced in Senate


  • April 6, 2017
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • May 18, 2017
    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-57.


  • June 23, 2017

    Latest Companion Bill Action

    HR 115-2585
    Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (8)
Edward J. Markey (Democratic)Kirsten E. Gillibrand (Democratic)Angus S. King (Independent)John McCain (Republican)Bernard Sanders (Independent)Maria Cantwell (Democratic)Tammy Baldwin (Democratic)Jeff Merkley (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 115-2585: To reduce risks to the financial system by limiting banks' ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Banking and financial institutions regulationBankruptcyCongressional oversightContracts and agencyFinancial services and investmentsInsurance industry and regulationSecurities