S. 3111 — Introduced in Senate

II 116th CONGRESS 1st Session S. 3111 IN THE SENATE OF THE UNITED STATES December 19, 2019Mr. Perdue (for himself, Mr. Jones, and Mr. Moran) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Deposit Insurance Act to exclude affiliates and subsidiaries of insured depository institutions from the definition of deposit broker, and for other purposes. 1. Short title This Act may be cited as the Brokered Deposit Affiliate-Subsidiary Modernization Act of 2019. 2. Brokered deposits Section 29(g) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(g)) is amended— (1) in paragraph (2)— (A) in subparagraph (A), by inserting or any affiliate or subsidiary of that insured depository institution, after an insured depository institution,; and (B) in subparagraph (B), by inserting or any affiliate or subsidiary of the insured depository institution, after an insured depository institution,; and (2) by striking paragraph (4) and inserting the following: (4) Employee For purposes of this subsection, the term employee— (A) means an individual who receives compensation in any form from— (i) an insured depository institution; or (ii) any affiliate or subsidiary of an insured depository institution; and (B) includes a registered representative of a broker or dealer that is an affiliate or subsidiary of an insured depository institution. .