I 

111TH CONGRESS 

2D SESSION H. R. 4461 

To prohibit certain affiliations (between commercial banking and investment 

banking companies), and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 15, 2010 

Mr. DINGELL introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To prohibit certain affiliations (between commercial banking 

and investment banking companies), and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Banking Integrity Act 

5 of 2010’’. 

6 SEC. 2. RESTORING LIMITATIONS ON FINANCIAL INSTITU7 TION AFFILIATIONS. 

8 (a) LIMITATION ON AFFILIATION.—The Banking Act 

9 of 1933 (12 U.S.C. 221a et seq.) is amended by inserting 

10 before section 21 the following: 


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1 ‘‘SEC. 20. Beginning 1 year after the date of the en2 actment of the Banking Integrity Act of 2010, no member 

3 bank may be affiliated, in any manner described in section 

4 2(b), with any corporation, association, business trust, or 

5 other similar organization that is engaged principally in 

6 the issue, flotation, underwriting, public sale, or distribu7 tion at wholesale or retail or through syndicate participa8 tion stocks, bonds, debenture, notes, or other securities, 

9 except that nothing in this section shall apply to any such 

10 organization which shall have been placed in formal liq11 uidation and which shall transact no business, except such 

12 as may be incidental to the liquidation of its affairs.’’. 

13 (b) LIMITATION ON COMPENSATION.—The Banking 

14 Act of 1933 (12 U.S.C. 221 et seq.) is amended by insert15 ing after section 31 the following: 

16 ‘‘SEC. 32. Beginning 1 year after the date of the en17 actment of the Banking Integrity Act of 2010, no officer, 

18 director, or employee of any corporation or unincorporated 

19 association, no partner or employee of any partnership, 

20 and no individual, primarily engaged in the issue, flota21 tion, underwriting, public sale, or distribution, at whole22 sale or retail, or through syndicate participation, of stocks, 

23 bonds, or other similar securities, shall serve simulta24 neously as an officer, director, or employee of any member 

25 bank, except in limited classes of cases in which the Board 


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1 of Governors of the Federal Reserve System may allow 

2 such service by general regulations when, in the judgment 

3 of the Board of Governors, it would not unduly influence 

4 the investment policies of such member bank or the advice 

5 given to customers by the member bank regarding invest6 ments.’’. 

7 SEC. 3. PROHIBITING DEPOSITORY INSTITUTIONS FROM 

8 ENGAGING IN INSURANCE-RELATED ACTIVI9 TIES. 

10 (a) IN GENERAL.—Beginning 1 year after the date 

11 of the enactment of this Act, and notwithstanding any 

12 other provision of law, in no case may a depository institu13 tion engage in the business of insurance or any insurance14 related activity. 

15 (b) DEFINITION.—As used in this section, the term 

16 ‘‘business of insurance’’ means the writing of insurance 

17 or the reinsuring of risks by an insurer, including all acts 

18 necessary to such writing or reinsuring and the activities 

19 relating to the writing of insurance or the reinsuring of 

20 risks conducted by persons who act as, or are, officers, 

21 directors, agents, or employees of insurers or who are 

22 other persons authorized to act on behalf of such persons. 

Æ 


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