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tion in lieu of otherwise applicable Federal or 
State insolvency law.’’. 
Subtitle E—Preservation of FTC 
Authority 
SEC. 141. AMENDMENT TO THE BANK HOLDING COMPANY 
ACT OF 1956 TO MODIFY NOTIFICATION AND 
POST-APPROVAL WAITING PERIOD FOR SEC-
TION 3 TRANSACTIONS. 
Section 11(b)(1) of the Bank Holding Company Act 
of 1956 (12 U.S.C. 1849(b)(1)) is amended by inserting 
‘‘and, if the transaction also involves an acquisition under 
section 4 or section 6, the Board shall also notify the Fed-
eral Trade Commission of such approval’’ before the pe-
riod at the end of the first sentence. 
SEC. 142. INTERAGENCY DATA SHARING. 
To the extent not prohibited by other law, the Comp-
troller of the Currency, the Director of the Office of Thrift 
Supervision, the Federal Deposit Insurance Corporation, 
and the Board of Governors of the Federal Reserve Sys-
tem shall make available to the Attorney General and the 
Federal Trade Commission any data in the possession of 
any such banking agency that the antitrust agency deems 
necessary for antitrust review of any transaction requiring 
notice to any such antitrust agency or the approval of such 
agency under section 3, 4, or 6 of the Bank Holding Com-
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pany Act of 1956, section 18(c) of the Federal Deposit 
Insurance Act, the National Bank Consolidation and 
Merger Act, section 10 of the Home Owners’ Loan Act, 
or the antitrust laws. 
SEC. 143. CLARIFICATION OF STATUS OF SUBSIDIARIES 
AND AFFILIATES. 
(a) CLARIFICATION OF FEDERAL TRADE COMMIS-
SION JURISDICTION.—Any person which directly or indi-
rectly controls, is controlled directly or indirectly by, or 
is directly or indirectly under common control with, any 
bank or savings association (as such terms are defined in 
section 3 of the Federal Deposit Insurance Act) and is 
not itself a bank or savings association shall not be 
deemed to be a bank or savings association for purposes 
of the Federal Trade Commission Act or any other law 
enforced by the Federal Trade Commission. 
(b) SAVINGS PROVISION.—No provision of this sec-
tion shall be construed as restricting the authority of any 
Federal banking agency (as defined in section 3 of the 
Federal Deposit Insurance Act) under any Federal bank-
ing law, including section 8 of the Federal Deposit Insur-
ance Act. 
(c) HART–SCOTT–RODINO AMENDMENTS.— 
(1) BANKS.—Section 7A(c)(7) of the Clayton 
Act (15 U.S.C. 18a(c)(7)) is amended by inserting 
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before the semicolon at the end the following: ‘‘, ex-
cept that a portion of a transaction is not exempt 
under this paragraph if such portion of the trans-
action (A) is subject to section 6 of the Bank Hold-
ing Company Act of 1956; and (B) does not require 
agency approval under section 3 of the Bank Hold-
ing Company Act of 1956’’. 
(2) 
BANK
HOLDING
COMPANIES.—Section 
7A(c)(8) of the Clayton Act (15 U.S.C. 18a(c)(8)) is 
amended by inserting before the semicolon at the 
end the following: ‘‘, except that a portion of a 
transaction is not exempt under this paragraph if 
such portion of the transaction (A) is subject to sec-
tion 6 of the Bank Holding Company Act of 1956; 
and (B) does not require agency approval under sec-
tion 4 of the Bank Holding Company Act of 1956’’. 
SEC. 144. ANNUAL GAO REPORT. 
(a) IN GENERAL.—By the end of the 1-year period 
beginning on the date of the enactment of this Act and 
annually thereafter, the Comptroller General of the United 
States shall submit a report to the Congress on market 
concentration in the financial services industry and its im-
pact on consumers. 
(b) ANALYSIS.—Each report submitted under sub-
section (a) shall contain an analysis of— 
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(1) the positive and negative effects of affili-
ations between various types of financial companies, 
and of acquisitions pursuant to this Act and the 
amendments made by this Act to other provisions of 
law, including any positive or negative effects on 
consumers, area markets, and submarkets thereof or 
on registered securities brokers and dealers which 
have been purchased by depository institutions or 
depository institution holding companies; 
(2) the changes in business practices and the 
effects of any such changes on the availability of 
venture capital, consumer credit, and other financial 
services or products and the availability of capital 
and credit for small businesses; and 
(3) the acquisition patterns among depository 
institutions, depository institution holding compa-
nies, securities firms, and insurance companies in-
cluding acquisitions among the largest 20 percent of 
firms and acquisitions within regions or other lim-
ited geographical areas. 
(c) SUNSET.—This section shall not apply after the 
end of the 5-year period beginning on the date of the en-
actment of this Act. 
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Subtitle F—National Treatment 
SEC. 151. FOREIGN BANKS THAT ARE FINANCIAL HOLDING 
COMPANIES. 
Section 8(c) of the International Banking Act of 
1978 (12 U.S.C. 3106(c)) is amended by adding at the 
end the following new paragraph: 
‘‘(3) 
TERMINATION
OF
GRANDFATHERED 
RIGHTS.— 
‘‘(A) IN GENERAL.—If any foreign bank or 
foreign company files a declaration under sec-
tion 6(b)(1)(D) or receives a determination 
under section 10(d)(1) of the Bank Holding 
Company Act of 1956, any authority conferred 
by this subsection on any foreign bank or com-
pany to engage in any activity which the Board 
has determined to be permissible for financial 
holding companies under section 6 of such Act 
shall terminate immediately. 
‘‘(B) RESTRICTIONS AND REQUIREMENTS 
AUTHORIZED.—If a foreign bank or company 
that engages, directly or through an affiliate 
pursuant to paragraph (1), in an activity which 
the Board has determined to be permissible for 
financial holding companies under section 6 of 
the Bank Holding Company Act of 1956 has 
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not filed a declaration with the Board of its sta-
tus as a financial holding company under such 
section or received a determination under sec-
tion 10(d)(1) by the end of the 2-year period 
beginning on the date of the enactment of the 
Financial Services Act of 1999, the Board, giv-
ing due regard to the principle of national 
treatment and equality of competitive oppor-
tunity, may impose such restrictions and re-
quirements on the conduct of such activities by 
such foreign bank or company as are com-
parable to those imposed on a financial holding 
company organized under the laws of the 
United States, including a requirement to con-
duct such activities in compliance with any pru-
dential safeguards established under section 
114 of the Financial Services Act.’’. 
SEC. 152. FOREIGN BANKS AND FOREIGN FINANCIAL INSTI-
TUTIONS THAT ARE WHOLESALE FINANCIAL 
INSTITUTIONS. 
Section 8A of the Federal Deposit Insurance Act (as 
added by section 136(c)(2) of this Act) is amended by add-
ing at the end the following new subsection: 
‘‘(i) VOLUNTARY TERMINATION OF DEPOSIT INSUR-
ANCE.—The provisions on voluntary termination of insur-
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ance in this section shall apply to an insured branch of 
a foreign bank (including a Federal branch) in the same 
manner and to the same extent as they apply to an insured 
State bank or a national bank.’’. 
SEC. 153. REPRESENTATIVE OFFICES. 
(a) DEFINITION OF ‘‘REPRESENTATIVE OFFICE’’.— 
Section 1(b)(15) of the International Banking Act of 1978 
(12 U.S.C. 3101(15)) is amended by striking ‘‘State agen-
cy, or subsidiary of a foreign bank’’ and inserting ‘‘or 
State agency’’. 
(b) EXAMINATIONS.—Section 10(c) of the Inter-
national Banking Act of 1978 (12 U.S.C. 3107(c)) is 
amended by adding at the end the following: ‘‘The Board 
may also make examinations of any affiliate of a foreign 
bank conducting business in any State if the Board deems 
it necessary to determine and enforce compliance with this 
Act, the Bank Holding Company Act of 1956 (12 U.S.C. 
1841 et seq.), or other applicable Federal banking law.’’. 
SEC. 154. RECIPROCITY. 
(a) NATIONAL TREATMENT REPORTS.— 
(1) REPORT REQUIRED IN THE EVENT OF CER-
TAIN ACQUISITIONS.— 
(A) IN
GENERAL.—Whenever a person 
from a foreign country announces its intention 
to acquire or acquires a bank, a securities un-
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derwriter, broker, or dealer, an investment ad-
viser, or insurance company that ranks within 
the top 50 firms in that line of business in the 
United States, the Secretary of Commerce, in 
the case of an insurance company, or the Sec-
retary of the Treasury, in the case of a bank, 
a securities underwriter, broker, or dealer, or 
an investment adviser, shall, within the earlier 
of 6 months of such announcement or such ac-
quisition and in consultation with other appro-
priate Federal and State agencies, prepare and 
submit to the Congress a report on whether a 
United States person would be able, de facto or 
de jure, to acquire an equivalent sized firm in 
the country in which such person from a foreign 
country is located. 
(B) ANALYSIS AND RECOMMENDATIONS.— 
If a report submitted under subparagraph (A) 
states that the equivalent treatment referred to 
in such subparagraph, de facto and de jure, is 
not provided in the country which is the subject 
of the report, the Secretary of Commerce or the 
Secretary of the Treasury, as the case may be 
and in consultation with other appropriate Fed-
eral and State agencies, shall include in the re-
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port analysis and recommendations as to how 
that country’s laws and regulations would need 
to be changed so that reciprocal treatment 
would exist. 
(2) REPORT
REQUIRED
BEFORE
FINANCIAL 
SERVICES
NEGOTIATIONS
COMMENCE.—The Sec-
retary of Commerce, with respect to insurance com-
panies, and the Secretary of the Treasury, with re-
spect to banks, securities underwriters, brokers, 
dealers, and investment advisers, shall, not less than 
6 months before the commencement of the financial 
services negotiations of the World Trade Organiza-
tion and in consultation with other appropriate Fed-
eral and State agencies, prepare and submit to the 
Congress a report containing— 
(A) an assessment of the 30 largest finan-
cial services markets with regard to whether re-
ciprocal access is available in such markets to 
United States financial services providers; and 
(B) with respect to any such financial serv-
ices markets in which reciprocal access is not 
available to United States financial services 
providers, an analysis and recommendations as 
to what legislative, regulatory, or enforcement 
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changes would be required to ensure full reci-
procity for such providers. 
(3) PERSON
OF
A
FOREIGN
COUNTRY
DE-
FINED.—For purposes of this subsection, the term 
‘‘person of a foreign country’’ means a person, or a 
person which directly or indirectly owns or controls 
that person, that is a resident of that country, is or-
ganized under the laws of that country, or has its 
principal place of business in that country. 
(b) PROVISIONS APPLICABLE TO SUBMISSIONS.— 
(1) NOTICE.—Before preparing any report re-
quired under subsection (a), the Secretary of Com-
merce or the Secretary of the Treasury, as the case 
may be, shall publish notice that a report is in prep-
aration and seek comment from United States per-
sons. 
(2) PRIVILEGED SUBMISSIONS.—Upon the re-
quest of the submitting person, any comments or re-
lated communications received by the Secretary of 
Commerce or the Secretary of the Treasury, as the 
case may be, with regard to the report shall, for the 
purposes of section 552 of title 5, of the United 
States Code, be treated as commercial information 
obtained from a person that is privileged or con-
fidential, regardless of the medium in which the in-
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formation is obtained. This confidential information 
shall be the property of the Secretary and shall be 
privileged from disclosure to any other person. How-
ever, this privilege shall not be construed as pre-
venting access to that confidential information by 
the Congress. 
(3) PROHIBITION OF UNAUTHORIZED DISCLO-
SURES.—No person in possession of confidential in-
formation, provided under this section may disclose 
that information, in whole or in part, except for dis-
closure made in published statistical material that 
does not disclose, either directly or when used in 
conjunction with publicly available information, the 
confidential information of any person. 
Subtitle G—Federal Home Loan 
Bank System Modernization 
SEC. 161. SHORT TITLE. 
This subtitle may be cited as the ‘‘Federal Home 
Loan Bank System Modernization Act of 1999’’. 
SEC. 162. DEFINITIONS. 
Section 2 of the Federal Home Loan Bank Act (12 
U.S.C. 1422) is amended— 
(1) in paragraph (1), by striking ‘‘term ‘Board’ 
means’’ and inserting ‘‘terms ‘Finance Board’ and 
‘Board’ mean’’; 
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