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S. 3111: Brokered Deposit Affiliate-Subsidiary Modernization Act of 2019

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The text of the bill below is as of Dec 19, 2019 (Introduced).

II

116th CONGRESS

1st Session

S. 3111

IN THE SENATE OF THE UNITED STATES

December 19, 2019

(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.

.