,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #abi  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #c1 #bjac ,ms4
 ,kaptur 7= h]self & ,mr4 ,jones7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to repeal c]ta9 provisions ( ! 
,gramm-,lea*-,bliley ,act & revive !    
sep>ation betwe5 comm]cial bank+ & !    
securities bus9ess1 9 ! mann] provid$ 9 
! ,bank+ ,act ( #aicc1 ! s-call$        
,glass-,/eagall ,act1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,return to ,prud5t ,bank+ ,act (      
#bjac4  #b4 ,glass-,/eagall reviv$  7a7 
,wall betwe5 comm]cial banks &          
securities activities ree/abli%$        
,section #ah ( ! ,f$]al ,deposit        
,insurance ,act 7#ab ,u4,s4,c4 #ahbh71 z
 am5d$ by section #fae7;a7 ( !          
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act1 is am5d$ by  
add+ at ! end ! foll[+ new subsection3  
7aa7 ,limitations on security           
affiliations  7#a7 ,prohibition on      

affiliation betwe5 insur$ depository    
in/itutions & inve/m5t banks or         
securities firms ,an insur$ depository  
in/itution may n be or become an        
affiliate ( any brok] or deal]1 any     
inve/m5t advis]1 any inve/m5t company1  
or any o!r p]son engag$ pr9cipally 9 !  
issue1 flotation1 und]writ+1 public     
sale1 or di/ribution at :olesale or     
retail or ?r\gh syndicate p>ticipation (
 /ocks1 bonds1 deb5tures1 notes1 or o!r 
securities4  7#b7 ,prohibition on       
(fic]s1 directors & employees (         
securities firms s]vice on bo>ds (      
depository in/itutions  7,a7 ,9 g5]al   
,an individual :o is an (fic]1 director1
 p>tn]1 or employee ( any brok] or      
deal]1 any inve/m5t advis]1 any inve/m5t
 company1 or any o!r p]son engag$       
pr9cipally 9 ! issue1 flotation1        
und]writ+1 public sale1 or di/ribution  
at :olesale or retail or ?r\gh syndicate
 p>ticipation ( /ocks1 bonds1 deb5tures1
 notes1 or o!r securities may n s]ve at 
! same "t z an (fic]1 director1         

employee1 or o!r in/itution-affiliat$   
p>ty ( any insur$ depository in/itution4
  7,b7 ,exception ,subp>agraph 7,a7 %all
 n apply ) respect to s]vice by any     
individual :i* is o!rwise prohibit$ "u  
su* subp>agraph if ! appropriate ,f$]al 
bank+ ag5cy det]m9es1 by regulation )   
respect to a limit$ numb] ( cases1 t    
s]vice by su* individual z an (fic]1    
director1 employee1 or o!r              
in/itution-affiliat$ p>ty ( any insur$  
depository in/itution w\ld n unduly     
influ5ce ! inve/m5t policies ( !        
depository in/itution or ! advice !     
in/itution provides to cu/om]s4  7,c7   
,t]m9ation ( s]vice ,subject to a       
det]m9ation "u subp>agraph 7,b71 any    
individual describ$ 9 subp>agraph 7,a7  
:o1 z ( ! date ( ! enactm5t ( ! ,return 
to ,prud5t ,bank+ ,act ( #bjac1 is s]v+ 
z an (fic]1 director1 employee1 or o!r  
in/itution-affiliat$ p>ty ( any insur$  
depository in/itution %all t]m9ate su*  
s]vice z soon z practicable aft] su*    
date ( enactm5t & no lat] ?an ! end ( ! 

#fj-;day p]iod beg9n+ on su* date4  7#c7
 ,t]m9ation ( exi/+ affiliation  7,a7   
,ord]ly w9d-d[n ( exi/+ affiliation ,any
 affiliation ( an insur$ depository     
in/itution ) any brok] or deal]1 any    
inve/m5t advis]1 any inve/m5t company1  
or any o!r p]son1 z ( ! date ( !        
enactm5t ( ! ,return to ,prud5t ,bank+  
,act ( #bjac1 :i* is prohibit$ "u       
p>agraph 7#a7 %all be t]m9at$ z soon z  
practicable & 9 any ev5t no lat] ?an !  
end ( ! #b-ye> p]iod beg9n+ on su* date 
( enactm5t4  7,b7 ,e>ly t]m9ation ,!    
appropriate ,f$]al bank+ ag5cy1 aft]    
opportunity = he>+1 may t]m9ate1 at any 
"t1 ! au?ority conf]r$ by ! prec$+      
subp>agraph to cont9ue any affiliation  
subject to su* subp>agraph until ! end (
 ! p]iod ref]r$ to 9 su* subp>agraph if 
! ag5cy det]m9es1 hav+ due reg>d = !    
purposes ( ?is subsection & ! ,return to
 ,prud5t ,bank+ ,act ( #bjac1 t su*     
action is necess>y to prev5t undue      
conc5tration ( res\rces1 decreas$ or    
unfair competition1 conflicts ( int]e/1 

or uns\nd bank+ practices & is 9 !      
public int]e/4  7,c7 ,ext5sion ,subject 
to a det]m9ation "u subp>agraph 7,b71 an
 appropriate ,f$]al bank+ ag5cy may     
ext5d ! #b-ye> p]iod ref]r$ to 9        
subp>agraph 7,a7 f "t to "t z to any    
p>ticul> insur$ depository in/itution = 
n m ?an #f mon?s at a "t1 if1 9 !       
judgm5t ( ! ag5cy1 su* an ext5sion w\ld 
n be detrim5tal to ! public int]e/1 b no
 su* ext5sions %all 9 ! aggregate exce$ 
#a ye>4  7#d7 ,def9itions ,= purposes ( 
?is subsection1 ! t]ms brok] & deal] h !
 same mean+s z 9 section #c7;a7 ( !     
,securities ,ex*ange ,act ( #aicd & !   
t]ms inve/m5t advis] & inve/m5t company 
h ! mean+ giv5 su* t]ms "u ! ,inve/m5t  
,advis]s ,act ( #aidj & ! ,inve/m5t     
,company ,act ( #aidj1 respectively4  4 
7b7 ,prohibition on bank+ activities by 
securities firms cl>ifi$ ,section #ba ( 
! ,bank+ ,act ( #aicc 7#ab ,u4,s4,c4    
#cgh7 is am5d$ by add+ at ! end ! foll[+
 new subsection3  7c7 ,bus9ess ( receiv+
 deposits ,= purposes ( ?is section1 !  

t]m bus9ess ( receiv+ deposits includes 
! e/abli%m5t & ma9t5ance ( any          
transaction acc\nt 7z def9$ 9 section   
#ai7;b77#a77;,c7 ( ! ,f$]al ,res]ve     
,act74  4  7c7 ,cont9u$ applicability ( 
,,ici vs4 ,camp  7#a7 ,9 g5]al ,!       
,congress ratifies ! int]pretation ( !  
p>agraph designat$ ! ,sev5? ( section   
#eacf ( ! ,revis$ ,/atutes ( ! ,unit$   
,/ates 7#ab ,u4,s4,c4 #bd1 z am5d$ by   
section #af ( ! ,bank+ ,act ( #aicc &   
subsequ5t am5dm5ts7 & section #ba ( !   
,bank+ ,act ( #aicc 7#ab ,u4,s4,c4 #cgh7
 by ! ,supreme ,c\rt ( ! ,unit$ ,/ates 9
 ! case ( ,inve/m5t ,company ,in/itute  
v4 ,camp 7#dja ,u4,s4 #fag et seq4      
7#aiga77 ) reg>d to ! p]missible        
activities ( banks & securities firms1  
except to ! ext5t expressly prescrib$   
o!rwise by ?is section4  7#b7           
,applicability ( reason+ ,! reason+ ( ! 
,supreme ,c\rt ( ! ,unit$ ,/ates 9 !    
case ref]r$ to 9 p>agraph 7#a7 ) respect
 to sections #bj & #cb ( ! ,bank+ ,act (
 #aicc 7z 9 effect prior to ! date ( !  

enactm5t ( ! ,gramm-,lea*-,bliley ,act7 
%all cont9ue to apply to subsection 7aa7
 ( section #ah ( ! ,f$]al ,deposit      
,insurance ,act 7z add$ by subsection   
7a7 ( ?is section7 except to ! ext5t !  
scope & application ( su* subsection z  
enact$ exce$ ! scope & application ( su*
 sections #bj & #cb4  7#c7 ,limitation  
on ag5cy int]pretation or judicial      
con/ruction ,no appropriate ,f$]al bank+
 ag5cy1 by regulation1 ord]1            
int]pretation1 or o!r action1 & no c\rt 
)9 ! ,unit$ ,/ates may con/rue !        
p>agraph designat$ ! ,sev5? ( section   
#eacf ( ! ,revis$ ,/atutes ( ! ,unit$   
,/ates 7#ab ,u4,s4,c4 #bd1 z am5d$ by   
section #af ( ! ,bank+ ,act ( #aicc &   
subsequ5t am5dm5ts71 section #ba ( !    
,bank+ ,act ( #aicc1 or section #ah7;aa7
 ( ! ,f$]al ,deposit ,insurance ,act m  
n>r[ly ?an ! reason+ ( ! ,supreme ,c\rt 
( ! ,unit$ ,/ates 9 ! case ( ,inve/m5t  
,company ,in/itute v4 ,camp 7#dja ,u4,s4
 #fag et seq4 7#aiga77 z to !           
con/ruction & ! purposes ( su*          

provisions4  #c4 ,repeal (              
,gramm-,lea*-,bliley ,act provisions    
7a7 ,f9ancial hold+ company  7#a7 ,9    
g5]al ,section #d ( ! ,bank ,hold+      
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahdc7 is am5d$ by /rik+ subsections    
7k71 7l71 7m71 7n71 & 7o74  7#b7        
,transition  7,a7 ,ord]ly w9d-d[n (     
exi/+ affiliation ,9 ! case ( a bank    
hold+ company :i*1 pursuant to !        
am5dm5ts made by p>agraph 7#a71 is no   
long] au?oriz$ to control or be         
affiliat$ ) any entity t 0 p]missible = 
a f9ancial hold+ company1 any           
affiliation by ! bank hold+ company :i* 
is n p]mitt$ = a bank hold+ company %all
 be t]m9at$ z soon z practicable & 9 any
 ev5t no lat] ?an ! end ( ! #b-ye> p]iod
 beg9n+ on su* date ( enactm5t4  7,b7   
,e>ly t]m9ation ,! ,bo>d ( ,gov]nors ( !
 ,f$]al ,res]ve ,sy/em1 aft] opportunity
 = he>+1 may t]m9ate1 at any "t1 !      
au?ority conf]r$ by ! prec$+ subp>agraph
 to cont9ue any affiliation subject to  
su* subp>agraph until ! end ( ! p]iod   

ref]r$ to 9 su* subp>agraph if ! ,bo>d  
det]m9es1 hav+ due reg>d to ! purposes (
 ?is ,act1 t su* action is necess>y to  
prev5t undue conc5tration ( res\rces1   
decreas$ or unfair competition1         
conflicts ( int]e/1 or uns\nd bank+     
practices1 & is 9 ! public int]e/4  7,c7
 ,ext5sion ,subject to a det]m9ation "u 
subp>agraph 7,b71 ! ,bo>d ( ,gov]nors ( 
! ,f$]al ,res]ve ,sy/em may ext5d !     
#b-ye> p]iod ref]r$ to 9 subp>agraph    
7,a7 above f "t to "t z to any p>ticul> 
bank hold+ company = n m ?an #f mon?s at
 a "t1 if1 9 ! judgm5t ( ! ,bo>d1 su* an
 ext5sion w\ld n be detrim5tal to !     
public int]e/1 b no su* ext5sions %all 9
 ! aggregate exce$ #a ye>4  7#c7        
,te*nical & con=m+ am5dm5ts  7,a7       
,section #b ( ! ,bank ,hold+ ,company   
,act ( #aief 7#ab ,u4,s4,c4 #ahda7 is   
am5d$ by /rik+ subsection 7p74  7,b7    
,section #e7;c7 ( ! ,bank ,hold+        
,company ,act ( #aief 7#ab ,u4,s4,c4    
#ahdd7;c77 is am5d$--  7i7 by /rik+     
subp>agraph 7,e7 ( p>agraph 7#b72 &     

7ii7 by /rik+ p>agraphs 7#c71 7#d71 &   
7#e74  7,c7 ,section #e ( ! ,bank ,hold+
 ,company ,act ( #aief 7#ab ,u4,s4,c4   
#ahdd7 is am5d$ by /rik+ subsection 7g74
  7,d7 ,! ,f$]al ,deposit ,insurance    
,act 7#ab ,u4,s4,c4 #ahaa et seq47 is   
am5d$ by /rik+ section #de4  7,e7 ,!    
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahda et seq47 is am5d$ by    
/rik+ section #aj;,a4  7,f7 ,subtitle ,b
 ( title ,i ( ! ,gramm-,lea*-,bliley    
,act is am5d$ by /rik+ section #aad 7#ab
 ,u4,s4,c4 #ahbh;a7 & section #aae 7#ab 
,u4,s4,c4 #ahbj;a74  7b7 ,f9ancial      
subsidi>ies repeal$  7#a7 ,9 g5]al      
,section #eacf;,a ( ! ,revis$ ,/atutes (
 ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #bd;a7  
is am5d$ to read z foll[s3  #eacf;,a4   
repeal$  4  7#b7 ,transition  7,a7      
,ord]ly w9d-d[n ( exi/+ affiliation ,9 !
 case ( a national bank :i*1 pursuant to
 ! am5dm5ts made by p>agraph 7#a71 is no
 long] au?oriz$ to control or be        
affiliat$ ) a f9ancial subsidi>y z ( !  
date ( ! enactm5t ( ?is ,act1 su*       

affiliation %all be t]m9at$ z soon z    
practicable & 9 any ev5t no lat] ?an !  
end ( ! #b-ye> p]iod beg9n+ on su* date 
( enactm5t4  7,b7 ,e>ly t]m9ation ,!    
,comptroll] ( ! ,curr5cy1 aft]          
opportunity = he>+1 may t]m9ate1 at any 
"t1 ! au?ority conf]r$ by ! prec$+      
subp>agraph to cont9ue any affiliation  
subject to su* subp>agraph until ! end (
 ! p]iod ref]r$ to 9 su* subp>agraph if 
! ,comptroll] det]m9es1 hav+ due reg>d =
 ! purposes ( ?is ,act1 t su* action is 
necess>y to prev5t undue conc5tration ( 
res\rces1 decreas$ or unfair            
competition1 conflicts ( int]e/1 or     
uns\nd bank+ practices & is 9 ! public  
int]e/4  7,c7 ,ext5sion ,subject to a   
det]m9ation "u subp>agraph 7,b71 !      
,comptroll] ( ! ,curr5cy may ext5d !    
#b-ye> p]iod ref]r$ to 9 subp>agraph    
7,a7 above f "t to "t z to any p>ticul> 
national bank = n m ?an #f mon?s at a   
"t1 if1 9 ! judgm5t ( ! ,comptroll]1 su*
 an ext5sion w\ld n be detrim5tal to !  
public int]e/1 b no su* ext5sions %all 9

 ! aggregate exce$ #a ye>4  7#c7        
,te*nical & con=m+ am5dm5t  7,a7 ,! #bj?
 undesignat$ p>agraph ( section #i ( !  
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cce7
 is am5d$ by /rik+ ! la/ s5t5ce4  7,b7  
,! ,f$]al ,deposit ,insurance ,act is   
am5d$ by /rik+ section #df 7#ab         
,u4,s4,c4 #ahcaw74  7#d7 ,cl]ical       
am5dm5t ,! table ( sections = *apt] "o (
 title ,,lxii ( ! ,revis$ ,/atutes ( !  
,unit$ ,/ates is am5d$ by /rik+ ! item  
relat+ to section #eacf;,a4  7c7        
,def9ition ( brok] ,section             
#c7;a77#d77;,b7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4            
#gh;c7a77#d77;,b77 is am5d$--  7#a7 by  
/rik+ clauses 7i71 7iii71 7v71 7vii71   
7x71 & 7xi72 &  7#b7 by r$esignat+      
clauses 7ii71 7iv71 7vi71 7viii71 & 7ix7
 z clauses 7i71 7ii71 7iii71 7iv71 &    
7v71 respectively4  7d7 ,def9ition (    
deal] ,section #c7;a77#e77;,c7 ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#e77;,c77 is am5d$-- 
7#a7 by /rik+ clauses 7i7 & 7iii72 &    

7#b7 by r$esignat+ clauses 7ii7 & 7iv7 z
 clauses 7i7 & 7ii71 respectively4  7e7 
,def9ition ( id5tifi$ bank+ product     
,subsection 7a7 ( section #bjf ( !      
,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4
 #gh;c note7 is am5d$--  7#a7 by ins]t+ 
& aft] ! semicolon at ! end ( p>agraph  
7#d72  7#b7 9 p>agraph 7#e77;,b77ii71 by
 /rik+ 2 or & ins]t+ a p]iod2 &  7#c7 by
 /rik+ p>agraph 7#f7 & all t foll[s     
?r\gh ! end ( su* subsection4  7f7      
,def9ition ( activities closely relat$  
to bank+  7#a7 ,9 g5]al ,section        
#d7;c77#h7 ( ! ,bank ,hold+ ,company    
,act ( #aief 7#ab ,u4,s4,c4             
#ahdc7;c77#h77 is am5d$ by /rik+ ! day  
be=e ! date ( ! enactm5t ( !            
,gramm-,lea*-,bliley ,act & ins]t+      
,janu>y #a1 #aigj4  7#b7 ,provision     
all[+ = exceptions aft] report to !     
,congress ,subsection 7j7 ( section #d (
 ! ,bank ,hold+ ,company ,act ( #aief   
7#ab ,u4,s4,c4 #ahdc7;j77 is am5d$ to   
read z foll[s3  7j7 ,approval = c]ta9   
po/-#aigj subsection 7c77#h7 activities 

7#a7 ,9 g5]al ,not)/&+ ! limitation ( ! 
,janu>y #a1 #aigj1 approval deadl9e 9   
subsection 7c77#h71 ! ,bo>d may det]m9e 
an activity to be s closely relat$ to   
bank+ z to be a prop] incid5t !reto =   
purposes ( su* subsection1 subject to ! 
requirem5ts ( ?is subsection & su* t]ms 
& conditions z ! ,bo>d may require4     
7#b7 ,g5]al /&>ds ,9 mak+ any           
det]m9ation "u p>agraph 7#a71 ! ,bo>d   
%all consid] :e!r p]=mance ( ! activity 
by a bank hold+ company or a subsidi>y (
 su* company c reasonably be expect$ to 
result 9 a violation ( section #ah7;aa7 
( ! ,f$]al ,deposit ,insurance ,act1    
section #ba ( ! ,bank+ ,act ( #aicc1 or 
! _s ( section #b7;c7 ( ! ,return to    
,prud5t ,bank+ ,act ( #bjac1 & o!r      
possible adv]se effects1 su* z undue    
conc5tration ( res\rces1 decreas$ or    
unfair competition1 conflicts ( int]e/s1
 or uns\nd bank+ practices4  7#c7       
,report & wait ,no det]m9ation ( ! ,bo>d
 "u p>agraph 7#a7 may take effect be=e !
 end ( ! #ahj-;day p]iod beg9n+ on !    

date by :i* notice ( ! det]m9ation has  
be5 submitt$ to bo? ,h\ses ( ! ,congress
 toge!r ) a detail$ explanation ( !     
activities to :i* ! det]m9ation relates 
& ! basis = ! det]m9ation1 unless be=e !
 end ( su* p]iod1 su* activities h be5  
approv$ by an ,act ( ,congress4  4  7g7 
,repeal ( provision relat+ to =eign     
banks fil+ z f9ancial hold+ companies   
,section #h7;c7 ( ! ,int]national ,bank+
 ,act ( #aigh 7#ab ,u4,s4,c4 #cajf7;c77 
is am5d$ by /rik+ p>agraph 7#c74  #d4   
,reports to ! ,congress  7a7 ,reports   
requir$ ,ea* "t ! ,bo>d ( ,gov]nors ( ! 
,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( !
 ,curr5cy1 or ano!r appropriate ,f$]al  
bank+ ag5cy makes a det]m9ation or an   
ext5sion "u subp>agraph 7,b7 or 7,c7 (  
p>agraph 7#b7 or 7#c7 ( section #ah7;aa7
 ( ! ,f$]al ,deposit ,insurance ,act 7z 
add$ by section #b7;a77 or subp>agraph  
7,b7 or 7,c7 ( subsection 7a77#b7 or    
7b77#b7 ( section #c1 z ! case may be1 !
 ,bo>d1 ,comptroll]1 or ag5cy %all      
promptly submit a report ( su*          

det]m9ation or ext5sion to ! ,congress4 
7b7 ,cont5ts ,ea* report submitt$ to !  
,congress "u subsection 7a7 %all conta9 
a detail$ description ( ! basis = !     
det]m9ation or ext5sion4