S. 3241 (111th): Safe, Accountable, Fair, and Efficient Banking Act of 2010

Introduced:
Apr 21, 2010 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee)
See Instead:

H.R. 5159 (same title)
Referred to Committee — Apr 28, 2010

Sponsor
Sherrod Brown
Senator from Ohio
Party
Democrat
Text
Read Text »
Last Updated
Apr 21, 2010
Length
20 pages
Related Bills
S. 3048 (112th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: May 09, 2012

H.R. 5159 (identical)

Referred to Committee
Last Action: Apr 28, 2010

 
Status

This bill was introduced on April 21, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 21, 2010
Referred to Committee Apr 21, 2010
 
Full Title

A bill to provide for a safe, accountable, fair, and efficient banking system, and for other purposes.

Summary

No summaries available.

Cosponsors
7 cosponsors (6D, 1I) (show)
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Citation

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


4/21/2010--Introduced.
Safe, Accountable, Fair, and Efficient Banking Act of 2010 or the SAFE Banking Act of 2010 - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from holding more than 10% of the total amount of deposits of insured depository institutions in the United States.
Directs the Board of Governors of the Federal Reserve System to require any bank holding company having a deposit concentration in violation of this Act to sell or transfer assets to unaffiliated firms to bring the company into compliance with this Act.
Prescribes minimum leverage ratios (6% of average total consolidated assets) and balance sheet leverage ratios (6% of tier 1 capital for all outstanding balance sheet liabilities) for tier 1 capital maintained by a bank holding company or financial company.
Authorizes the Board and other federal regulators to grant an emergency temporary exemption from such ratio requirements where necessary to prevent an imminent threat to the financial stability of the United States.
Directs the Board to: (1) establish a leverage ratio and a balance sheet leverage ratio for all operating subsidiaries of bank holding companies and financial companies; and (2) require a noncompliant bank holding company or financial company to raise capital, sell, or otherwise transfer assets or off-balance sheet items to unaffiliated firms (prompt corrective action).
Prohibits a bank holding company from possessing nondeposit liabilities exceeding 2% percent of the annual gross domestic product (GDP) of the United States.
Authorizes the Board to: (1) set a separate liability limit for certain bank holding companies primarily engaged in the business of insurance; and (2) exclude specified deposits from its calculation of nondeposit liabilities if necessary to ensure consistent and equitable treatment of institutions with international operations.
Prohibits a financial company from possessing nondeposit liabilities exceeding 3% of the U.S. annual GDP.
Requires the Board to conduct, and report to Congress on, an annual capital assessment to estimate losses, revenues, and reserve needs for bank holding companies and financial companies.
Amends the Securities Exchange Act of 1934 to instruct the Securities and Exchange Commission (SEC) to issue a rule requiring certain issuers of securities to record all assets and liabilities on their balance sheets and all financings of assets for which the issuer has more than minimal economic risks or rewards.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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