instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Women's Health Research and 
Prevention Amendments of 1998''.

  TITLE I--PROVISIONS RELATING TO WOMEN'S HEALTH RESEARCH AT NATIONAL 
                          INSTITUTES OF HEALTH

    SEC. 101. RESEARCH ON DRUG DES; NATIONAL PROGRAM OF EDUCATION.
    (a) Research.--Section 403A(e) of the Public Health Service Act (42 
U.S.C. 283a(e)) is amended by striking ``1996'' and inserting ``2003''.
    (b) National Program for Education of Health Professionals and 
Public.--Title XVII of the Public Health Service Act (42 U.S.C. 300u et 
seq.) is amended by adding at the end the following:


                        ``education regarding des

    ``Sec. 1710. (a) In General.--The Secretary, acting through the 
heads of the appropriate agencies of the Public Health Service, shall 
carry out a national program for the education of health professionals 
and the public with respect to the drug diethylstilbestrol (commonly 
known as DES). To the extent appropriate, such national program shall 
use methodologies developed through the education demonstration program 
carried out under section 403A. In developing and carrying out the 
national program, the Secretary shall consult closely with 
representatives of nonprofit private entities that represent 
individuals who have been exposed to DES and that have expertise in 
community-based information campaigns for the public and for health 
care providers. The implementation of the national program shall begin 
during fiscal year 1999.
    ``(b) Authorization of Appropriations.--For the purpose of carrying 
out this section, there are authorized to be appropriated such sums as 
may be necessary for each of the fiscal years 1999 through 2003. The 
authorization of appropriations established in the preceding sentence 
is in addition to any other authorization of appropriation that is 
available for such purpose.''.
    SEC. 102. RESEARCH ON OSTEOPOROSIS, PAGET'S DISEASE, AND RELATED 
      BONE DISORDERS.
    Section 409A(d) of the Public Health Service Act (42 U.S.C. 
284e(d)) is amended by striking ``and 1996'' and inserting ``through 
2003''.

SEC. 103. RESEARCH ON CANCER.

    (a) Research on Breast Cancer.--Section 417B(b)(1) of the Public 
Health Service Act (42 U.S.C. 286a-8(b)(1)) is amended--
        (1) in subparagraph (A), by striking ``and 1996'' and inserting 
    ``through 2003''; and
        (2) in subparagraph (B), by striking ``and 1996'' and inserting 
    ``through 2003''.
    (b) Research on Ovarian and Related Cancer Research.--Section 
417B(b)(2) of the Public Health Service Act (42 U.S.C. 286a-8(b)(2)) is 
amended by striking ``and 1996'' and inserting ``through 2003''.
    SEC. 104. RESEARCH ON HEART ATTACK, STROKE, AND OTHER 
      CARDIOVASCULAR DISEASES IN WOMEN.
    Subpart 2 of part C of title IV of the Public Health Service Act 
(42 U.S.C. 285b et seq.) is amended by inserting after section 424 the 
following:


    ``heart attack, stroke, and other cardiovascular diseases in women

    ``Sec. 424A. (a) In General.--The Director of the Institute shall 
expand, intensify, and coordinate research and related activities of 
the Institute with respect to heart attack, stroke, and other 
cardiovascular diseases in women.
    ``(b) Coordination With Other Institutes.--The Director of the 
Institute shall coordinate activities under subsection (a) with similar 
activities conducted by the other national research institutes and 
agencies of the National Institutes of Health to the extent that such 
Institutes and agencies have responsibilities that are related to heart 
attack, stroke, and other cardiovascular diseases in women.
    ``(c) Certain Programs.--In carrying out subsection (a), the 
Director of the Institute shall conduct or support research to expand 
the understanding of the causes of, and to develop methods for 
preventing, cardiovascular diseases in women. Activities under such 
subsection shall include conducting and supporting the following:
        ``(1) Research to determine the reasons underlying the 
    prevalence of heart attack, stroke, and other cardiovascular 
    diseases in women, including African-American women and other women 
    who are members of racial or ethnic minority groups.
        ``(2) Basic research concerning the etiology and causes of 
    cardiovascular diseases in women.
        ``(3) Epidemiological studies to address the frequency and 
    natural history of such diseases and the differences among men and 
    women, and among racial and ethnic groups, with respect to such 
    diseases.
        ``(4) The development of safe, efficient, and cost-effective 
    diagnostic approaches to evaluating women with suspected ischemic 
    heart disease.
        ``(5) Clinical research for the development and evaluation of 
    new treatments for women, including rehabilitation.
        ``(6) Studies to gain a better understanding of methods of 
    preventing cardiovascular diseases in women, including applications 
    of effective methods for the control of blood pressure, lipids, and 
    obesity.
        ``(7) Information and education programs for patients and 
    health care providers on risk factors associated with heart attack, 
    stroke, and other cardiovascular diseases in women, and on the 
    importance of the prevention or control of such risk factors and 
    timely referral with appropriate diagnosis and treatment. Such 
    programs shall include information and education on health-related 
    behaviors that can improve such important risk factors as smoking, 
    obesity, high blood cholesterol, and lack of exercise.
    ``(d) Authorization of Appropriations.--For the purpose of carrying 
out this section, there are authorized to be appropriated such sums as 
may be necessary for each of the fiscal years 1999 through 2003. The 
authorization of appropriations established in the preceding sentence 
is in addition to any other authorization of appropriation that is 
available for such purpose.''.

SEC. 105. AGING PROCESSES REGARDING WOMEN.

    Section 445H of the Public Health Service Act (42 U.S.C. 285e-10) 
is amended--
        (1) by striking ``The Director'' and inserting ``(a) The 
    Director''; and
        (2) by adding at the end the following subsection:
    ``(b) For the purpose of carrying out this section, there are 
authorized to be appropriated such sums as may be necessary for each of 
the fiscal years 1999 through 2003. The authorization of appropriations 
established in the preceding sentence is in addition to any other 
authorization of appropriation that is available for such purpose.''.

SEC. 106. OFFICE OF RESEARCH ON WOMEN'S HEALTH.

    Section 486(d)(2) of the Public Health Service Act (42 U.S.C. 
287d(d)(2)) is amended by striking ``Director of the Office'' and 
inserting ``Director of NIH''.

TITLE II--PROVISIONS RELATING TO WOMEN'S HEALTH AT CENTERS FOR DISEASE 
                         CONTROL AND PREVENTION

SEC. 201. NATIONAL CENTER FOR HEALTH STATISTICS.

    Section 306(n) of the Public Health Service Act (42 U.S.C. 242k(n)) 
is amended--
        (1) in paragraph (1), by striking ``through 1998'' and 
    inserting ``through 2003''; and
        (2) in paragraph (2), by striking ``through 1998'' and 
    inserting ``through 2003''.

SEC. 202. NATIONAL PROGRAM OF CANCER REGISTRIES.

    Section 399L(a) of the Public Health Service Act (42 U.S.C. 280e-
4(a)) is amended by striking ``through 1998'' and inserting ``through 
2003''.
    SEC. 203. NATIONAL BREAST AND CERVICAL CANCER EARLY DETECTION 
      PROGRAM.
    (a) Services.--Section 1501(a)(2) of the Public Health Service Act 
(42 U.S.C. 300k(a)(2)) is amended by inserting before the semicolon the 
following: ``and support services such as case management''.
    (b) Providers of Services.--Section 1501(b) of the Public Health 
Service Act (42 U.S.C. 300k(b)) is amended--
        (1) in paragraph (1), by striking ``through grants'' and all 
    that follows and inserting the following: ``through grants to 
    public and nonprofit private entities and through contracts with 
    public and private entities.''; and
        (2) by striking paragraph (2) and inserting the following:
        ``(2) Certain applications.--If a nonprofit private entity and 
    a private entity that is not a nonprofit entity both submit 
    applications to a State to receive an award of a grant or contract 
    pursuant to paragraph (1), the State may give priority to the 
    application submitted by the nonprofit private entity in any case 
    in which the State determines that the quality of such application 
    is equivalent to the quality of the application submitted by the 
    other private entity.''.
    (c) Authorizations of Appropriations.--
        (1) Supplemental grants for additional preventive health 
    services.--Section 1509(d)(1) of the Public Health Service Act (42 
    U.S.C. 300n-4a(d)(1)) is amended by striking ``through 1998'' and 
    inserting ``through 2003''.
        (2) General program.--Section 1510(a) of the Public Health 
    Service Act (42 U.S.C. 300n-5(a)) is amended by striking ``through 
    1998'' and inserting ``through 2003''.
    SEC. 204. CENTERS FOR RESEARCH AND DEMONSTRATION OF HEALTH 
      PROMOTION.
    Section 1706(e) of the Public Health Service Act (42 U.S.C. 300u-
5(e)) is amended by striking ``through 1998'' and inserting ``through 
2003''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
answer:
TABLE OF CONTENTS: 
     Title I:  Provisions Relating to Women's Health Research at 
          National Institutes of Health 
     Title II:  Provisions Relating to Women's Health at Centers 
          for Disease Control and Prevention 
Women's Health Research and Prevention Amendments of 1998 - 
Title I:  Provisions Relating to Women's Health Research at National Institutes of Health
 - Amends the Public Health Service Act to extend the authorization of appropriations for programs regarding diethylstilbestrol (DES). 
Mandates a program of education of health professionals and the public concerning DES.  Authorizes appropriations. 
(Sec. 102) Extends the authorizations of appropriations for:  (1) research on osteoporosis, Paget's disease, and related bone disorders; (2) breast cancer programs; and (3) programs on ovarian and other cancers of the reproductive system of women. 
(Sec. 104) Mandates expansion, intensification, and coordination of research and related activities of the National Heart, Lung, and Blood Institute regarding heart attack, stroke, and other cardiovascular diseases in women.  Authorizes appropriations. 
(Sec. 105) Extends the authorization of appropriations for research on the aging processes of women. 
(Sec. 106) Requires that the Director of the National Institutes of Health (currently, the Director of the Office of Research on Women's Health) appoint members of the Advisory Committee on Women's Health. 
Title II:  Provisions Relating to Women's Health at Centers for Disease Control and Prevention
 - Extends the authorization of appropriations for the National Center for Health Statistics and the National Program of Cancer Registries. 
(Sec. 203) Authorizes grants to States to ensure the provision to women screened for breast or cervical cancer of support services such as case management.  Allows certain breast and cervical cancer programs to be carried out through grants to public and nonprofit private entities and contracts with public or private entities (currently, through grants and contracts with public or nonprofit private entities).  Allows a State to give priority to a nonprofit entity over an entity that is not a nonprofit if the quality of the entities' applications are equivalent.  Extends authorizations of appropriations for:  (1) annual evaluations of programs relating to preventive health measures regarding breast and cervical cancers; and (2) various breast and cervical cancer preventive health measures. 
(Sec. 204) Extends the authorization of appropriations for centers for research and demonstration regarding health promotion and disease prevention.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Public Voice Campaign Finance Reform 
Act of 1997''.

SEC. 2. PROMOTING DISCLOSURE OF CAMPAIGN SPENDING.

    (a) Requiring Intermediaries and Conduits To Report on Bundled 
Contributions.--Section 315(a)(8) of the Federal Election Campaign Act 
of 1971 (2 U.S.C. 441a(a)(8)) is amended--
            (1) by striking ``(8)'' and inserting ``(8)(A)''; and
            (2) by adding at the end the following new subparagraph:
    ``(B) Any person acting as an intermediary or conduit for the 
collection or delivery of contributions on behalf of a candidate shall 
file reports with the Commission (at the same time and in the same 
manner as a political committee which is not an authorized committee of 
a candidate is required to file reports under section 304(a)(4)) on the 
contributions collected or delivered and on related activities 
conducted on the candidate's behalf.''.
    (b) Treatment of Certain Communications as Independent Expenditures 
for Reporting Purposes.--Section 301(17) of such Act (2 U.S.C. 431(17)) 
is amended by striking ``identified candidate'' and inserting the 
following: ``identified candidate, or any payment for any communication 
made during the 90-day period ending on the date of an election which 
includes the name or likeness of a candidate,''.
    (c) Mandatory Electronic Filing for Persons Meeting Certain 
Threshold.--Section 304(a)(11)(A) of such Act (2 U.S.C. 434(a)(11)(A)) 
is amended by striking the period at the end and inserting the 
following: ``, except that in the case of any person reporting an 
amount of contributions, expenditures, or disbursements in an amount 
exceeding a threshold established by the Commission, the person shall 
file all reports required under this Act by such electronic means, 
format, or method.''.

SEC. 3. ENHANCING ENFORCEMENT ABILITIES OF FEDERAL ELECTION COMMISSION.

    (a) Permitting FEC To Impose Filing Fee for Reports.--Section 307 
of the Federal Election Campaign Act of 1971 (2 U.S.C. 437d) is amended 
by adding at the end the following new subsection:
    ``(f)(1) The Commission shall require each political committee 
filing a report under this title to include with the report a payment 
(in an amount established by the Commission) if the amount of 
contributions, expenditures, or disbursements covered by the report 
exceeds a threshold established by the Commission.
    ``(2) In establishing the amount of payment required to be included 
with a report under paragraph (1), the Commission shall take into 
account the costs to the Commission which are associated with the 
submission of reports under this title.
    ``(3) The Commission may waive the application of paragraph (1) 
with respect to a political committee if the Commission determines that 
the payment required would result in a financial hardship to the 
committee.
    ``(4) The Commission may charge a nominal fee for the distribution 
of documents to the public.
    ``(5) The amount appropriated to the Commission for a fiscal year 
pursuant to the authorization under section 314 may not be adjusted to 
take into account any amounts anticipated to be received by the 
Commission during the year pursuant to this subsection.''.
    (b) Revised Standard for Referral of Certain Violations to Attorney 
General.--Section 309(a)(5)(C) of such Act (2 U.S.C. 437g(a)(5)(C)) is 
amended by striking ``by an affirmative vote of 4 of its members, 
determined that there is probable cause to believe'' and inserting 
``believes''.
    (c) Permitting Random Audits.--Section 311(b) of such Act (2 U.S.C. 
438(b)) is amended--
            (1) by striking ``(b)'' and inserting ``(b)(1)''; and
            (2) by adding at the end the following new paragraph:
    ``(2) Notwithstanding paragraph (1), the Commission shall conduct 
random audits of the reports of political committees during the 1-year 
period which begins on the date of a general election, in accordance 
with such criteria as the Commission may establish.''.

SEC. 4. REDUCED BROADCAST RATES FOR CANDIDATES.

    (a) In General.--Section 315(b)(1) of the Communications Act of 
1934 (47 U.S.C. 315(b)(1)) is amended by striking ``the lowest unit 
charge'' and inserting ``the applicable percentage of the lowest unit 
charge''.
    (b) Applicable Percentage Defined.--Section 315(c) of such Act (47 
U.S.C. 315(c)) is amended--
            (1) by striking ``and'' at the end of paragraph (1);
            (2) by striking the period at the end of paragraph (2) and 
        inserting ``; and''; and
            (3) by adding at the end the following new paragraph:
            ``(3) the term `applicable percentage' means--
                    ``(A) 70 percent, in the case of a small broadcast 
                station (as determined by the Commission in accordance 
                with ratings, market area analysis, and such other 
                criteria as the Commission may establish), or
                    ``(B) 50 percent, in the case of any other 
                candidate and any other broadcast station.''.

SEC. 5. RESTRICTIONS ON USE OF NON-FEDERAL FUNDS.

    Title III of the Federal Election Campaign Act of 1971 (2 U.S.C. 
431 et seq.) is amended by adding at the end the following new section:

               ``restrictions on use of non-federal funds

    ``Sec. 323. (a) In General.--Except as provided in subsection (b), 
no funds which are not subject to the limitations and prohibitions of 
this Act may be expended or disbursed by any person for any activity 
which significantly affects an election for Federal office or which 
promotes or identifies (in whole or in part) any candidate for election 
for Federal office, including any get-out-the-vote drive which 
identifies or targets supporters of a candidate for election for 
Federal office, or any voter registration drive or development or 
maintenance of voter files which occurs during an even-numbered year.
    ``(b) Exceptions.--Subsection (a) shall not apply with respect to 
any of the following activities:
            ``(1) The construction, maintenance, or operation of 
        buildings or broadcast facilities for political parties.
            ``(2) State or local political party conventions.
            ``(3) State or local political party administration.
            ``(4) Generic campaign activity to promote a political 
        party.
            ``(5) Any activity which would be described in clause (i), 
        (iii), or (v) of section 301(9)(B) if payment for the activity 
        were an expenditure under such section.''.

SEC. 6. APPOINTMENT AND SERVICE OF MEMBERS OF FEDERAL ELECTION 
              COMMISSION.

    (a) Appointment of Additional, Independent Commissioner.--
            (1) In general.--Section 306(a)(1) of the Federal Election 
        Campaign Act of 1971 (2 U.S.C. 437c(a)(1)) is amended--
                    (A) by striking ``(a)(1)'' and inserting 
                ``(a)(1)(A)'';
                    (B) in the first sentence, by striking ``6 members 
                appointed by the President,'' and inserting the 
                following: ``7 members appointed by the President, of 
                whom one shall be a political independent nominated for 
                appointment by the other members serving on the 
                Commission,''; and
                    (C) by adding at the end the following new 
                subparagraph:
    ``(B) In subparagraph (A), the term `political independent' means 
an individual who at no time after January 1992--
            ``(i) has held elective office as a member of the 
        Democratic or Republican party;
            ``(ii) has received any wages or salary from the Democratic 
        or Republican party or from a Democratic or Republican party 
        office-holder or candidate; or
            ``(iii) has provided substantial volunteer services or made 
        any substantial contribution to the Democratic or Republican 
        party or to a Democratic or Republican party office-holder or 
        candidate.''.
            (2) Deadline for initial appointment.--The members of the 
        Federal Election Commission shall provide the President with a 
        nominee for appointment to the Commission under section 
        306(a)(1)(A) of the Federal Election Campaign Act of 1971 (as 
        amended by paragraph (1)) not later than 90 days after the date 
        of the enactment of this Act.
    (b) Limiting Commissioners to Single Term.--Section 306(a)(2)(A) of 
such Act (2 U.S.C. 437c(a)(2)(A)) is amended by striking ``terms'' and 
inserting ``a single term''.

SEC. 7. EFFECTIVE DATE.

    The amendments made by this Act shall apply with respect to 
elections occurring after January 1999.
answer:
Public Voice Campaign Finance Reform Act of 1997 - Amends the Federal Election Campaign Act of 1971 (FECA) to provide for:  (1) intermediaries and conduits to report on bundled contributions in the same time and manner as a political committee which is not an authorized committee of the candidate; (2) certain communications to be treated as independent expenditures; and (3) mandatory electronic filing for persons reporting contributions, expenditures, or disbursements in an amount exceeding a threshold established by the Federal Election Commission. 
(Sec. 3) Directs the Commission to require each political committee filing a report to include with the report a filing fee when the amount of contributions, expenditures, or disbursements covered by the report exceeds a threshold established by the Commission. 
Revises the standard for referral of certain violations to the Attorney General. 
Requires the Commission to conduct random audits of the reports of political committees. 
(Sec. 4) Amends the Communications Act of 1934 to provide for reduced broadcast media rates for candidates. 
(Sec. 5) Amends FECA to set forth restrictions on the use of non-Federal funds. 
(Sec. 6) Revises requirements for the composition of the Commission and terms of Commissioners and replaces them with new requirements, including one that Commissioners serve no more than a single term.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Services Act of 1993''.

SEC. 2. AUTHORIZATION FOR A SUBSIDIARY OF A NATIONAL BANK TO UNDERWRITE 
              SHARES OF AND SPONSOR INVESTMENT COMPANIES.

    Section 5136 of the Revised Statutes of the United States (12 
U.S.C. 24) is amended by adding at the end the following new paragraph:
            ``(11) Mutual funds.--
                    ``(A) In general.--Notwithstanding the restrictions 
                and limitations in the paragraph designated `Seventh', 
                to engage in the business of dealing in, underwriting, 
                and distributing the shares of any investment company 
                (as defined in section 3 of the Investment Company Act 
                of 1940) and to organize, sponsor, manage, or control 
                such an investment company if such activities are 
                conducted through a nonbank subsidiary of the bank.
                    ``(B) Coordination with other provisions.--The 
                activities authorized by this paragraph are in addition 
                to any other activity in which a national bank may 
                engage directly pursuant to another provision of law, 
                or as otherwise authorized by the Comptroller of the 
                Currency, and this paragraph shall not be construed as 
                prohibiting a national bank from engaging in such other 
                activity directly.
                    ``(C) Subsidiary defined.--For purposes of this 
                paragraph, the term `subsidiary' means a corporation 
                more than 25 percent of the voting stock of which is 
                owned by a national bank. Such a corporation may be a 
                subsidiary of more than 1 national bank.''.

SEC. 3. AUTHORIZATION FOR A SUBSIDIARY OF A STATE MEMBER BANK TO 
              UNDERWRITE SHARES OF AND SPONSOR INVESTMENT COMPANIES.

    The 20th undesignated paragraph of section 9 of the Federal Reserve 
Act (12 U.S.C. 335) is amended by inserting before the period at the 
end the following: ``, and to the same exception to such limitations 
and conditions as is applicable to national banks under paragraph (11) 
of such section''.

SEC. 4. DISCLOSURE REQUIREMENTS APPLICABLE TO SUBSIDIARIES OF NATIONAL 
              AND STATE MEMBER BANKS.

    The Federal Reserve Act is amended by inserting after section 9A of 
the Federal Reserve Act (12 U.S.C. 339) the following new section:

``SEC. 9B. DISCLOSURE REQUIREMENTS.

    ``(a) In General.--If a nonbank subsidiary of a national bank or 
State member bank engages in activities pursuant to section 5136(11) of 
the Revised Statutes of the United States or the 20th undesignated 
paragraph of section 9 of this Act, the subsidiary shall--
            ``(1) provide a 1-time written disclosure to each customer 
        that--
                    ``(A) the subsidiary is not an insured depository 
                institution;
                    ``(B) the subsidiary is a separate corporate entity 
                from any insured depository institution which is an 
                affiliate of the subsidiary; and
                    ``(C) any product sold, offered, or recommended by 
                the subsidiary is not insured by the Federal Deposit 
                Insurance Corporation, is not guaranteed by an insured 
                depository institution, and is not otherwise an 
                obligation of an insured depository institution; and
            ``(2) obtain a 1-time written acknowledgement from each 
        customer that the disclosures described in paragraph (1) have 
        been received.
    ``(b) Regulation of Method of Disclosures.--Any disclosures under 
subsection (a) shall be made in accordance with such regulations as may 
be prescribed--
            ``(1) by the Comptroller of the Currency, in the case of a 
        subsidiary of a national bank; or
            ``(2) by the Board, in the case of a subsidiary of a State 
        member bank.
    ``(c) Exceptions and Additional Information.--The Comptroller of 
the Currency, in the case of a subsidiary of a national bank, and the 
Board, in the case of a subsidiary of a State member bank, may--
            ``(1) require additional information to be disclosed under 
        subsection (a) by the subsidiary; and
            ``(2) grant any exception to the disclosure requirement 
        under subsection (a) which is consistent with the purposes of 
        such subsection.''.

SEC. 5. AUTHORIZATION FOR A MEMBER BANK TO BE AFFILIATED WITH A COMPANY 
              WHICH UNDERWRITES SHARES OF AND SPONSORS INVESTMENT 
              COMPANIES.

    The 1st sentence of section 20 of the Banking Act of 1933 (12 
U.S.C. 377) is amended by striking ``securities: Provided, That nothing 
in this paragraph'' and inserting ``, except to the extent such 
affiliate is engaged in activities in accordance with section 5136(11) 
of the Revised Statutes of the United States, the 20th undesignated 
paragraph of section 9 of the Federal Reserve Act, or section 4(c)(15) 
of the Bank Holding Company Act of 1956. Nothing in this paragraph''.

SEC. 6. AUTHORIZATION FOR A MEMBER BANK AND AN AFFILIATE ENGAGED IN 
              INVESTMENT COMPANY ACTIVITIES TO HAVE MANAGEMENT 
              INTERLOCKS.

    Section 32 of the Banking Act of 1933 (12 U.S.C. 78) is amended--
            (1) by inserting ``(a) General Prohibition and Exception.--
        '' before ``No officer,''; and
            (2) by adding at the end the following new subsection:
    ``(b) Exception for Affiliates Engaged in Investment Company 
Activities.--Subsection (a) shall not apply so as to prohibit an 
officer, director, or employee of a nonbank subsidiary of a national 
bank, State member bank, or bank holding company which is engaged in 
activities in accordance with section 5136(11) of the Revised Statutes 
of the United States, the 20th undesignated paragraph of section 9 of 
the Federal Reserve Act, or section 4(c)(15) of the Bank Holding 
Company Act of 1956 from serving at the same time as an officer, 
director, or employee of such bank, the bank holding company, a member 
bank which is an affiliate of such bank, or an investment company that 
is organized, sponsored, managed, or controlled by a subsidiary of such 
bank or holding company.''.

SEC. 7. AUTHORIZATION FOR A BANK HOLDING COMPANY TO ESTABLISH A COMPANY 
              WHICH UNDERWRITES SHARES OF AND SPONSORS INVESTMENT 
              COMPANIES.

    (a) In General.--Section 4(c) of the Bank Holding Company Act of 
1956 (12 U.S.C. 1843(c)) is amended--
            (1) by striking ``or'' at the end of paragraph (13);
            (2) by striking the period at the end of paragraph 
        (14)(H)(ii) and inserting ``; or''; and
            (3) by inserting after paragraph (14)(H)(ii) the following 
        new paragraph:
            ``(15) shares of any company engaged in dealing in, 
        underwriting, or distributing the shares of any investment 
        company (as defined in section 3 of the Investment Company Act 
        of 1940), or organizing, sponsoring, managing, or controlling 
        such investment company.''.
    (b) Disclosure Requirements.--Section 4 of the Bank Holding Company 
Act of 1956 (12 U.S.C. 1843) is amended by adding at the end the 
following new subsection:
    ``(j) Disclosure Requirements for Subsection (c)(15) Activities.--
            ``(1) In general.--Any bank holding company which controls 
        a company described in subsection (c)(15) shall require such 
        company to--
                    ``(A) provide a 1-time written disclosure to each 
                customer that--
                            ``(i) the company is not an insured 
                        depository institution;
                            ``(ii) the company is a separate corporate 
                        entity from any insured depository institution 
                        which is an affiliate of the company; and
                            ``(iii) any product sold, offered, or 
                        recommended by the company is not insured by 
                        the Federal Deposit Insurance Corporation, is 
                        not guaranteed by an insured depository 
                        institution, and is not otherwise an obligation 
                        of an insured depository institution; and
                    ``(B) obtain a 1-time written acknowledgement from 
                each customer that the disclosures described in 
                subparagraph (A) have been received.
            ``(2) Regulation of method of disclosures.--Any disclosures 
        under paragraph (1) shall be made in accordance with such 
        regulations as the Board may prescribe.
            ``(3) Exceptions and additional information.--The Board 
        may--
                    ``(A) require additional information to be 
                disclosed by the company under paragraph (1); and
                    ``(B) grant any exception to the disclosure 
                requirement under paragraph (1) which is consistent 
                with the purposes of such subsection.''.
answer:

Financial Services Act of 1993 - Amends the Revised Statutes of the United States to permit national banks to engage in mutual fund dealing, underwriting, distribution, and sponsorship, if such activities are conducted through nonbank subsidiaries. 
Amends the Federal Reserve Act to set forth certain disclosure requirements for nonbank subsidiaries of State or national member banks engaged in mutual fund activities, including a one-time written disclosure to each customer that neither the subsidiary nor its investment products are insured. 
Amends the Banking Act of 1933 (Glass-Steagall Act) to permit:  (1) a member bank, including a national bank, to be affiliated with a company engaged in investment company activities; and (2) management interlocks between either a member bank, or a bank holding company, and their respective affiliates engaged in investment company activities.  (Current law proscribes such interlocks.) 
Amends the Bank Holding Company Act of 1956 to permit a bank holding company to acquire investment company securities.  (Current law prohibits such acquisition.)  Sets forth one-time disclosure requirements regarding such acquisitions which reflect the disclosure requirements applicable to national and State banks under this Act.