II
116th CONGRESS
1st Session
S. 3111
IN THE SENATE OF THE UNITED STATES
December 19, 2019
Mr. 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.
Short title
This Act may be cited as the Brokered Deposit Affiliate-Subsidiary Modernization Act of 2019
.
Brokered deposits
Section 29(g) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(g)) is amended—
in paragraph (2)—
in subparagraph (A), by inserting or any affiliate or subsidiary of that insured depository institution,
after an insured depository institution,
; and
in subparagraph (B), by inserting or any affiliate or subsidiary of the insured depository institution,
after an insured depository institution,
; and
by striking paragraph (4) and inserting the following:
Employee
For purposes of this subsection, the term employee—
means an individual who receives compensation in any form from—
an insured depository institution; or
any affiliate or subsidiary of an insured depository institution; and
includes a registered representative of a broker or dealer that is an affiliate or subsidiary of an insured depository institution.
.