I
107TH CONGRESS
1ST SESSION
H. R. 2273
To amend banking laws with respect to offshore activities, investments, and
affiliations of national banks, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JUNE 21, 2001
Mr. CONYERS introduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To amend banking laws with respect to offshore activities,
investments, and affiliations of national banks, and for
other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘National Bank Off-
shore Activities Act of 2001’’.
SEC. 2. CLARIFICATION OF TERRITORIAL APPLICATION.
Section 14 of the Act entitled ‘‘An Act to amend the
national banking laws to clarify or eliminate ambiguities,
to repeal certain laws which have become obsolete, and for
other purposes’’ and approved September 8, 1959 (12
U.S.C. 42) is amended by inserting before the period at
the end ‘‘, except that sections 5156B and 5211(d) of the
Revised Statutes of the United States shall apply with re-
spect to activities, investments, and affiliations of national
banks without regard to any territorial limitation.’’.
SEC. 3. REPORTS ON OFFSHORE INTERESTS REQUIRED.
Section 5211 of the Revised Statutes of the United
States (12 U.S.C. 161) is amended by adding at the end
the following new subsection:
‘‘(d) REPORTS
ON
OFFSHORE
INTERESTS
RE-
QUIRED.—
‘‘(1) IN GENERAL.—If a national bank acquires,
directly or indirectly, a beneficial interest in any off-
shore company, the national bank shall submit a
written report on such acquisition to the Comptroller
of the Currency before the end of the 30-day period
beginning on the date the acquisition is con-
summated.
‘‘(2) CONTENTS
OF
REPORT.—A report sub-
mitted under paragraph (1) shall contain the fol-
lowing information:
‘‘(A) The names of all the shareholders,
principals, or holders of a beneficial interest in
the offshore company.
‘‘(B) The names of any directors, officers,
or managing agent of the offshore company.
‘‘(C) The purpose and business of the off-
shore company.
‘‘(D) The identity and value of any assets
held or owned by the offshore company.
‘‘(E) All criminal convictions, indictments
or similar formal legal accusations of criminal
offenses, and government or regulatory inves-
tigations of, and any complaints concerning,
any person identified in subparagraph (A) or
(B).
‘‘(F) Such other information as the Comp-
troller of the Currency may require by regula-
tion or order.
‘‘(3) UPDATE
OF
REPORT.—A national bank
which submits a report under paragraph (1) shall
submit a supplemental report whenever any change
occurs with regard to any information previously
submitted to the Comptroller of the Currency under
this subsection.
‘‘(4) OFFSHORE COMPANY DEFINED.—
‘‘(A) IN
GENERAL.—The term ‘offshore
company’ means any company (as defined in
section 2(b) of the Bank Holding Company Act
of 1956) which is a person of a foreign country
(as defined in section 3502(d) of the Primary
Dealers Act of 1988).
‘‘(B) EDGE
ACT
AND
AGREEMENT
COR-
PORATIONS
NOT
INCLUDED.—The term ‘off-
shore company’ shall not include a company or
corporation in which a national bank holds an
interest pursuant to section 25 or 25A of the
Federal Reserve Act.’’.
SEC. 4. PROHIBITION ON RELATIONS BETWEEN NATIONAL
BANKS AND CERTAIN VIOLATORS.
(a) IN GENERAL.—Chapter one of title LXII of the
Revised Statutes of the United States (12 U.S.C. 21 et
seq.) is amended by adding at the end the following new
section:
‘‘SEC. 5156B. PROHIBITION ON RELATIONS BETWEEN NA-
TIONAL BANKS AND CERTAIN VIOLATORS.
‘‘(a) NOTICE OF CERTAIN VIOLATIONS REQUIRED.—
A national bank shall submit a written notice in a timely
manner with the Comptroller of the Currency disclosing
any violation of any Federal, State, or foreign criminal
law, banking or financial services law, or labor law, or any
regulation prescribed under any such law, by any agent
or affiliate of the national bank, or any other entity with
which the national bank maintains a correspondent bank-